Search Results for: financial crisis
- Business News
Thailand faces investment challenge post-1997 financial crisis
Thailand faces investment challenges post-1997 financial crisis despite natural gas discovered in the Gulf of Thailand around 40 years ago sparked nationwide excitement, marking the beginning of a golden era. This period saw the launch of the Eastern Seaboard Development Project aimed at developing the eastern coastal region. Foreign investment surged, propelling the economy to expand at double-digit rates, and…
- Economy News
Covid-19 could lead to a crisis worse than the 1997 Asian financial crisis
With debt relief measures set to expire this month, Thailand’s financial woes, brought on by the Covid-19 pandemic, might end up being worse that the 1997 Asian financial crisis, known in Thailand as the Tom Yam Kung crisis, according to the Bangkok Commercial Asset Management. The 1997 Asian financial crisis started in Thailand with the financial collapse of the Thai…
- World News
World News: Huge cuts at Citigroup as financial crisis still bites
PHUKET MEDIA WATCH – World news selected by Gazette editors for Phuket’s international community Citigroup to cut more than 11,000 jobs worldwide Phuket Gazette / News Wires PHUKET: Global financial conglomerate Citigroup yesterday announced it plans to cut more than 11,000 jobs, or about four percent of its global workforce, in a bold move by the company’s new chief executive…
- Thailand News
Thailand faces ‘invisible time bomb’ population crisis
Thailand’s population crisis, described as an “invisible time bomb,” requires urgent government intervention, according to Varawut Silpa-archa, the Minister of Social Development and Human Security (MSDHS). Varawut stated the following during a forum on national strategies hosted by the National Press Council of Thailand on Thursday, July 4. “Environmental issues are visible, but this [population crisis] is an invisible time…
- Thailand News
Thailand imports shrimp from Ecuador amid local production crisis
Thailand, once the world’s leading shrimp exporter, now finds itself importing shrimp from Ecuador. Prime Minister Srettha Thavisin directed the Department of Fisheries to investigate and report back in the next Cabinet meeting. The nation, which used to produce and export 600,000 tonnes of shrimp annually, now produces only 200,000 tonnes. This significant decline has necessitated the importation of shrimp,…
- Thailand News
Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
- Thailand News
Thailand faces mental health crisis with nearly 10 million affected
Nearly 10 million individuals in Thailand are grappling with mental health issues, with almost 11% of the population at risk of suicide, according to the National Economic and Social Development Council (NESDC). Additionally, around 16% of the population experiences regular stress. Secretary-General of NESDC, Danucha Pichayanan highlighted the gravity of the situation as the agency released its first-quarter report on…
- Business News
Gold trading in the era of financial regulatory changes
The gold market has undergone significant changes in recent years due to evolving financial regulations across the globe. With increased oversight and restrictions, gold traders have had to adapt to this new environment. This article explores how gold trading has been impacted by financial regulatory changes and what traders need to know going forward. Increased Capital Requirements One of the…
- Business News
Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
- Business News
Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
- Business News
Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
- Thailand News
Experts warn of looming crisis for Thai economy
Dr Pipat Leungnamritchai, the chief economist at Kiatnakin Phatra Bank warned that the Thai economy is treading on thin ice, relying on unsustainable factors for growth. According to a recent exposé by Krungthep Thurakij on January 20, the nation’s financial stability is hanging by a thread. Dr Pipat highlighted the precarious reliance on low-interest rates, fiscal stimuli, and the booming tourism…
- Thailand News
Climate crisis: Thailand promises to cut carbon emissions by 40%
Thailand has pledged a whopping 40% cut in carbon emissions, up from its initial 30%, following the resounding success of the 2023 United Nations Climate Change Conference (COP28) in Dubai. At a riveting COP28 debriefing event yesterday, December 20, Phirun Saiyasitpanich, Chief of the Department of Climate Change and Environment, declared that a serious study based on social, environmental, and…
- Business News
SMK facing liquidity crisis as liabilities surpass assets
The Syn Mun Kong Insurance Plc (SMK), overseen by the Office of the Insurance Commission (OIC), is facing significant liquidity issues and has been given 60 days to solve these problems and raise capital. However, the OIC suggests that SMK is unlikely to comply within the given timeframe. SMK’s total liabilities have surpassed its assets, amounting to 30 billion baht, according…
- Economy News
Thailand tackles household debt crisis: doubts over effectiveness
To tackle the escalating household debt crisis in Thailand, the government has launched a series of measures aimed at combatting informal debt and loan sharks. However, researchers and industry leaders have voiced concerns about the effectiveness of these measures, urging the government to address the root cause of the problem by ensuring fair income distribution and creating high-income employment opportunities.…
- Economy News
Debt dilemma: Households in a financial bind as debt soars, Thai PM pledges change
Thailand is in the grips of a financial crisis, with household debt skyrocketing to a staggering 16.07 trillion baht, a 3.6% surge compared to last year. Thai Prime Minister Srettha Thavisin vowed to address the problem of what he calls debt slavery. The National Economic and Social Development Council (NESDC) yesterday dropped a bombshell, revealing that Thailand’s household debt is…
- Thailand News
Thai’ed down: Fertility crisis set to halve Thailand’s population in six decades
Thailand’s population is predicted to plummet by half over the ensuing six decades due to a mounting fertility crisis. This alarming situation has spurred the Ministry of Public Health to instigate measures to encourage pregnancy and subsequently manage the drastic demographic shift that the country is poised to face. The Public Health Minister, Cholnan Srikaew, highlighted yesterday, October 30 that…
- Thailand News
Thai PM accuses Israeli employers of exploiting Thai workers amidst crisis
Thailand Prime Minister Srettha Thavisin called on Israeli employers to stop exploiting their Thai workers during this perilous period. He alleges that salary payments are being deliberately postponed as a means to retain Thai workers in Israel amidst growing safety concerns. In a press interaction preceding the weekly Cabinet meeting, the 61 year old prime minister revealed he had contacted…
- Press Room
Super Satang: Revolutionizing Youth Financial Literacy in Thailand
The crisis of financial literacy in Thailand has reached crisis proportions, with startling statistics revealing a perilous landscape. Alarmingly, household debt has risen to 85% of the nation’s GDP, and an astounding 76% of the population plays the lottery, frequently at the expense of their financial stability. Against this bleak backdrop, Bangkok Patana School senior 17 year old Krishaan Phlaphongphanich,…
- Business News
China SCE Group defaults on dollar bonds, triggers financial turmoil
China SCE Group, a Xiamen-based property developer, announced today that it defaulted on its dollar bonds following a non-payment on a syndicated loan, triggering an event of default. The company joins numerous other Chinese property developers who are undergoing a similar financial crisis, defaulting on their offshore debt and kicking off a restructuring process. In its official filing, SCE stated…
- World News
Forest City’s future uncertain amid Chinese property giant’s financial struggles
Forest City, the Malaysian island megaproject backed by Chinese investment, is facing an uncertain future due to the financial struggles of Chinese property giant Country Garden. The US$100 billion artificial city, which has been built in the middle of palm oil trees, remains largely vacant despite being aimed at middle-class Chinese buyers. The project, which includes condos, roads and shops,…
- China News
Chinese developer Country Garden secures bond repayment delay amid liquidity crisis
Chinese developer, Country Garden, has successfully secured creditor approval to postpone a critical bond repayment deadline, narrowly dodging a potential default. This agreement provides temporary relief amidst a liquidity crisis that has significantly impacted the nation’s financial markets. Country Garden gained enough support in a vote concluded yesterday to extend payments on the 3.9 billion yuan (18 billion baht) outstanding…
- Business News
Fuelling the future: Thailand’s gas giant gears up production to avert power crisis
Efforts to prevent a second power crisis in Thailand are underway as the nation’s primary gas producer, PTT Exploration and Production (PTTEP) Public Company Limited, looks to increase its output substantially. With plans to double gas production in the Erawan field, Thailand’s largest, Montri Rawanchaikul, the Chief Executive Officer, confirmed plans to scale up production to as high as 800…
- Northern Thailand News
Umphang Hospital grapples with 40 million baht deficit due to Myanmar crisis
The Thai-Burmese frontier healthcare services face a financial crisis as a result of the current political turmoil in Myanmar. It has been reported that Umphang Hospital, situated in Thailand’s Tak province, has been hit by a considerable deficit of 40 million baht. The hospital has been forced to turn to the Ministry of Public Health for assistance. Umphang Hospital has…
- 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
Armed Forces personnel resort to food banks amid cost of living crisis
Military personnel and their families in the United Kingdom have increasingly turned to food banks due to the rising cost of living and high inflation rates, according to Sky News. One such food bank, initially set up by an aviator to support the local community, is now being used by Royal Air Force (RAF) personnel at RAF Coningsby in Lincolnshire.…
- World News
Pakistan aims for $50bn budget to tackle economic crisis, unlock IMF funds
Pakistan’s government is set to present its annual budget, focusing on the nation’s precarious economic situation and the upcoming national elections. Finance Minister Ishaq Dar plans to propose a budget exceeding 14 trillion rupees (US$50bn), aiming for a 3.5% growth and a reduction in inflation to 21% from a record 38%. The government also hopes to generate over 9 trillion…
- World News
Biden, McCarthy hold productive call amid US debt ceiling crisis
In an effort to resolve the impasse over the US debt ceiling, President Joe Biden and top Republican Kevin McCarthy engaged in a productive phone conversation. The two leaders are scheduled to meet on Monday, with the deadline to lift the debt ceiling fast approaching. Failure to reach an agreement could lead to the US defaulting on its debt, causing…
- Crime News
Taliban’s poppy ban hits Afghan farmers amid humanitarian crisis
In a remote compound in southern Afghanistan, Bibi Hazrato, a distressed 60 year old, watches as a group of men destroy her poppy crop, adhering to a Taliban government order to eradicate the narcotic plant from the country. Hazrato confronts the men, but one of them simply says… “God says crush this.” The profitable trade of poppy tar, which is…
- World News
JPMorgan Chase swoops in to buy US crisis bank First Republic
US financial authorities seized California’s struggling First Republic Bank on Monday and sold it to JPMorgan Chase, hoping to bring stability to a banking crisis that has rattled the financial system. First Republic, following the disclosure of a loss of over US$100 billion in deposits in the first quarter, became the second-largest bank by assets to collapse in US history.…
