Search Results for: bailout
- Business News
Thaksin wades into Thailand debt storm with bold bailout plan
Former Thailand Prime Minister Thaksin Shinawatra has reignited debate over the country’s mounting debt crisis, urging the government to buy up bad loans to help struggling households. The 75 year old’s proposal? The state should step in, purchase non-performing loans (NPLs) from financial institutions, and wipe debt-ridden individuals off the National Credit Bureau’s blacklist. But not everyone is convinced by…
- Bangkok News
Bangkok’s 14 billion baht bailout for BTS debt moves forward
Bangkok is scrambling to settle a colossal 14-billion-baht debt to the Bangkok Mass Transit System (BTSC). The Bangkok Council has taken a crucial step, setting up a special committee to scrutinise a draft ordinance allowing the Bangkok Metropolitan Administration (BMA) to access emergency funds. Council president Surajit Pongsingwitthaya convened an extraordinary meeting today, putting the spotlight on the hefty repayment…
- Thailand News
6.2 billion baht earmarked by Exim Bank for bailout for airlines
Local airlines are getting a cash injection as the Export-Import Bank of Thailand has given over 6.2 billion baht to keep them afloat and planes in the sky. The financial assistance is aimed to increase liquidity and restructure airline debt to stay solvent through the long-lasting Covid-19 pandemic, according to the Exim Bank president. The bank is starting out by…
- Business News
No government bailout for Thai Airways
A final meeting for a vote on the Thai Airways debt restructure program is set for this Wednesday after being postponed last week. Meanwhile, a source close to those managing Thai Airways’ debt rehab plan, says the state is not obliged to provide a bailout for the national carrier. The Bangkok Post reports that Chansin Treenuchagron, acting president for Thai…
- Business News
Prayut warns Thai Airways that the latest government bailout will be the last
The Thai PM has issued a stern warning to the executives of Thai Airways that the latest bailout is the last from the government. Last week the Finance Ministry agreed to guarantee a 54 billion baht bailout loan for the ailing airline and a further 80 billion baht recovery loan – both massive amounts of money being given to an…
- World News
Greece defies creditors, seeking credit but no bailout
PHUKET MEDIA WATCH – World news selected by Gazette editors for Phuket’s international community Greece defies creditors, seeking credit but no bailout Reuters / Phuket Gazette PHUKET: Talks between Greece and euro zone finance ministers over the country’s debt crisis broke down on Monday when Athens rejected a proposal to request a six-month extension of its international bailout package as…
- World News
Phuket Gazette World News: Putin gambles on Ukraine bailout; White House curbs NSA; South Sudan strife spreads; Tokyo Governor resigns amid money scandal
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community White House review panel proposes curbs on some NSA programs Reuters / Phuket GazettePHUKET: A White House-appointed panel on Wednesday proposed curbs on some key National Security Agency surveillance operations, recommending limits on a program to collect records of billions of telephone calls and new tests before…
- World News
Phuket Gazette World News: Arafat poisoned, say Swiss; Ireland heads for bailout exit; Germany probes new meat scandal; Philippines braces for super typhoon
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community Ireland heads for bailout exit in final review Reuters / Phuket GazettePHUKET: Three years after going cap in hand to international lenders for a bail out, Ireland is set to step out on its own again.The European Union and International Monetary Fund are due to sign off…
- World News
Phuket Gazette World News: Cyprus bailout clinched; Israel opens fire on Syria; China’s Xi tells Russia no meddling
PHUKET MEDIA WATCH– World news compiled by Gazette editors for Phuket’s international community Revamped Cyprus deal to close bank, force losses Reuters /Phuket GazettePHUKET: Cyprus clinched a last-ditch deal with international lenders today for a 10 billion euro bailout (379.8bn baht) that will shut down its second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians.The agreement…
- Phuket News
Asean+3 bailout fund raised to US$120b
CHERNG TALAY, PHUKET: East Asian finance ministers will finalize the upgrading of the region’s bilateral currency-swap arrangement into a US$120 billion multilateral facility at their next meeting in May. “In order to ensure regional market stability and to foster confidence in the markets, we stress the importance of ‘operationalizing’ the multilateralization of the Chiang Mai Initiative,” Finance Minister Korn Chatikavanij…
- Thailand News
Rural Roads demands BMA pave the way with late 197.9m baht fee
The Rural Roads Department urged the Bangkok Metropolitan Administration (BMA) to settle an outstanding payment of 197.9 million baht in land lease fees. These fees cover the use of three specific areas, including a portion of Ratchaphruek Road, and for the construction of two electric railway lines. Pichit Hoonsiri, the department’s deputy director-general, mentioned that the department sent a formal…
- Thailand News
BMA assesses Thon Buri historical sites to boost tourism
The Bangkok Metropolitan Administration (BMA) embarked on a comprehensive assessment of historical sites in Thon Buri to promote tourism and bolster the city development plan. Thaiwut Khankaew, director of the BMA’s City Planning and Development Department, stated that his team, alongside A-Seven Corporation, a consultancy firm, recently visited numerous communities and landmarks. Their objective is to enhance land use potential…
- Thailand News
Thailand to give digital money to vulnerable groups via PromptPay
Thailand announced a significant economic stimulus package targeting vulnerable groups, including those with disabilities and state welfare cardholders. Starting Wednesday, September 25, the government will distribute 10,000 baht per person through the PromptPay system. The initiative, approved by the Cabinet for the 2024 economic stimulus plan, aims to support 14.55 million recipients. The distribution will be managed by the Comptroller…
- Crime News
3 victims report vehicle theft and conning involving nearly 2 million baht
Three people reported a case of fraud and vehicle theft to the Central Investigation Bureau (CIB) today. The case involved a hustler who claimed to be associated with local law enforcement in the Pak Chong district of the northeast Nakhon Ratchasima province. The accused is alleged to have borrowed vehicles since 2020 under various pretences before running away with the…
- World News
Pakistan welcomes first Russian crude oil shipment amid economic crisis
Pakistan has welcomed its first shipment of Russian crude oil, marking a new chapter in the relationship between the two nations. The cargo, containing 45,000 metric tonnes of crude oil, arrived in Karachi, with an additional 50,000 metric tonnes expected later this week. Prime Minister Shehbaz Sharif hailed the arrival as a “transformative day” for the economically troubled country. As…
- World News
Pakistan targets 6.54% deficit with $50.45bn budget to unlock IMF funds
Pakistan’s finance minister has announced a budget deficit target of 6.54% of economic output for the upcoming fiscal year, starting July 1. This figure is slightly lower than the current year’s revised estimate of 7%. The budget aims to satisfy the International Monetary Fund (IMF) to secure the release of bailout funds for the crisis-stricken country, which is due to…
- World News
Greece’s political earthquake: Mitsotakis wins, Tsipras suffers huge setback
Greece experienced a “political earthquake” as the conservative Prime Minister Kyriakos Mitsotakis and his centre-right New Democracy party secured a significant electoral victory. With nearly 41% of the vote, the party was just five seats short of a majority. Alexis Tsipras, the centre-left rival and leader of the Syriza party, congratulated Mitsotakis as Syriza only managed to secure 20% of…
- Business News
Pakistan inflation reaches record high due to soaring food prices
Inflation in Pakistan escalated to a record 36.4% in the year to April, primarily driven by food prices, making it the highest rate in South Asia and marking an increase from March’s 35.4%, according to the country’s statistics bureau. In rural areas, food inflation reached 40.2%, while for both rural and urban regions, it climbed to 48.1% – the highest…
- Economy News
US govt reassure finanical world there’ll be no banking crisis after SVB collapse
The US government moved to reassure the financial world there is no new banking crisis on the horizon after telling customers of the failed Silicon Valley Bank (SVB) that their deposits will be guaranteed. The US government did insist, however, that there will be no taxpayer-funded bailout for the lender. The announcement was made jointly by the US Treasury Department,…
- Events
Too big to fail: Full Moon Party revives Koh Pha Ngan
In the US, the phrase “too big to fail” is applied to financial institutions whose defaulting would cause the national or even global economy to collapse. So these institutions receive bailouts to keep them afloat in times of economic crisis. In Thailand, our too-big-to-fail institution might be the Full Moon Party. The legendary party, running for nearly 40 years on…
- Politics News
Thai Civilised Party requests committee for legalising prostitution
One party in Thailand’s government has set its sights on legalising prostitution. The Thai Civilised Party has requested to create a House committee to examine and analyse the prospect of prostitution being legalised in Thailand. The push to decriminalise is at least in part an effort to cut down on corruption as if sex for money was legal, government officials…
- World News
Pakistan: Citizens reel under high inflation as Khan’s popularity nosedives
Abid Hussain, 40, a factory worker in Faisalabad city, says he is planning to send his two children to an Islamic madrassa as he cannot afford to pay their fee for a private school. The madrassa offers free education, boarding and meals, he said. “My wife is not in favor of the children’s madrassa education,” he told DW. “But I…
- World News
Pakistan: Rampant inflation piles on the pressure
Abid Hussain, 40, a factory worker in Faisalabad city, says he is planning to send his two children to an Islamic madrassa as he cannot afford to pay their fee for a private school. The madrassa offers free education, boarding and meals, he said. “My wife is not in favor of the children’s madrassa education,” he told DW. “But I…
- Thailand News
Thai Airways selling 10 properties to raise capital
With deepening debt and the Covid-19 pandemic dragging on and flattening the tourism and travel industry, Thai Airways International is looking to sell off some large assets like buildings and properties to stabilise the struggling airline. The airline has been in the throes of bankruptcy and debt rehabilitation for months now after failing to secure a bailout from the government.…
- Food
Thai Airways food landing in 7-Eleven next month
Warning. Some low-altitude turbulence is coming to a 7-Eleven near you. Thai Airways has cooked up a new money-making scheme during Covid-19 to sell its airline food in 7-Eleven. Set to take off on April 15, the mostly grounded and indebted airline will attempt to offset its losses during the pandemic by selling food in the ubiquitous convenience store and…
- Business News
Thai Airways adds another 21.5 billion baht debt in Q3 report
Thai Airways has accumulated more losses, on top of a decade of annual losses, for the latest quarter. At the moment the national airline’s debt is four times higher than last year’s debt. The airline, already struggling, has been mostly grounded since the end of March. At the end of last week Thai Airways put 34 of its old planes…
- Tourism News
Nearly 5,000 Thai Airways staff to deplane in voluntary resignations
Officially, 4,977 staff at Thai Airways have applied for different stages of its Mutual Separation Plan for the survival of the airline. In other words they’ve been politely asked to resign. The airline employs about 20,000 people. The beleaguered national carrier has endured a decade of substantial losses, endless headlines about systemic corruption, padded senior staff contracts and executive perks.…
- Thailand News
Thailand News Today – Tuesday, May 19
Thailand’s new Covid-19 cases – May 19 Today the Centre for Covid-19 Situation Administration, reported 2 additional cases of Covid-19 bringing the total number of cases in Thailand to 3,033. No further deaths have been confirmed today, leaving the accumulated toll at 56. The 2 new cases were the daughter and son in law of a previously confirmed Covid-19 patient…
- Covid-19 News
Global aviation in acute crisis
by Andrew J Wood “…by the end of May 2020 most airlines in the world will be bankrupt.” Global aviation has been battered and commercial scheduled air traffic remains mostly grounded as countries enforce their lockdowns and travel restrictions. There are few signs that the end is in sight. For the largest of carriers like IAG (British Airways), United, American…
- Transport News
Thai Airways ponders bankruptcy as it enters rehab
Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. As the airline contemplates getting its grounded planes back in the air, it’s now confronted with a PR disaster at home as the government ponders a bailout valued around 60 billion baht, around US$1.8…
