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 video news
Thailand video news | Thai opposition urges house dissolution as leaked call deepens political crisis, Thailand approves 5-year crypto tax break to spur growth
In today’s Thailand video news, Alex and Jay present key developments from across the region, spotlighting political tensions, diplomatic fallout, and shifting expat sentiments. Thailand’s government faces mounting pressure after a leaked call with Cambodia’s Hun Sen triggered coalition fractures and calls for new elections. Meanwhile, Phuket eyes cannabis zoning to protect its tourism image, and police crack down on…
- Thailand News
Thai pig farms face closure risk amid pork oversupply crisis
The Swine Raisers Association of Thailand (SRAT) expressed growing concern that small pig farms could face closure due to an increasing oversupply of pigs, as larger farms aggressively expand their production capabilities. This oversupply issue arises from major pig farms in Thailand continuously boosting their production without aligning with the actual market demand for pork, according to SRAT President Sitthiphan…
- Thailand News
Labour crisis in Chon Buri as 20,000 workers face unemployment
A significant labour crisis looms in Chon Buri as 20,000 workers face potential unemployment due to financial strain on 16 subcontractor companies. This situation has put 60,000 family members at risk, with unpaid wages persisting for six months. The Federation of Refinery Contractors TOP Clean Fuel Project (CFP) gathered yesterday, October 15, at the Holiday Inn & Suites Si Racha…
- Thailand News
Asia-Pacific to tackle Thailand’s ageing population crisis
Governments across the Asia-Pacific region are being urged to formulate strategies to address their ageing populations, with older people expected to make up nearly 20% of the region’s population by 2050. Around 500 delegates from 38 countries have gathered on the Indonesian island of Bali for the 2024 Asia-Pacific Regional Conference (APRC) on Population Ageing. These delegates include experts, policymakers,…
- Business News
Thailand aims to become global financial hub
Thailand is making strides towards becoming a global financial hub by focusing on five key industries: banking, securities, derivatives, digital assets, and insurance. This move comes in the wake of the 1997 Asian financial crisis, as the nation aims to build a resilient financial infrastructure and elevate its status on the global stage. Caretaker Finance Minister Pichai Chunhavajira highlighted the…
- Thailand video news
Thailand Video News | Thailand resumes sending farm workers to Israel amid local production crisis, Wikileaks founder Julian Assange passes through Thailand on path to freedom
On Thailand Video News, Alex talks about the latest occurrences happening locally and globally. Thailand resumes sending agriculture workers to Israel during a local production crisis. Wikileaks founder Julian Assange may stopover in Thailand on his way to freedom in Australia. A Thai woman has escaped arrest with the assistance of her boyfriend, only to be apprehended again in Rayong…
- 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…
- Environment News
Chiang Mai to declare PM2.5 crisis areas as disaster relief zones
Chiang Mai Governor Nirat Phongsitthithawon announced that any area experiencing a PM2.5 dust pollution crisis of Level 2 or higher would be declared a disaster relief area, entitling it to emergency aid. He explained that a Level 2 crisis is declared when the average amount of fine particulate matter smaller than 2.5 micrometres exceeds 150 microgrammes per cubic metre for…
- 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
Mental health crisis: NHSO petitions Thai health minister for urgent treatment reforms
Thailand‘s National Health Security Office (NHSO) has taken a bold step by submitting a compelling petition to Public Health Minister Cholnan Srikaew. Faced with an alarming surge in patients struggling to access timely treatment and medication, the NHSO is demanding a radical policy change to save lives. The petition implores Thai Health Minister Cholnan to address the dire shortage of…
- 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.…
- Business News
Thai economy in crisis: Government seeks foreign investment and tackles debt
The economy in Thailand is in crisis and needs some significant stimulation, according to the nation’s Prime Minister Srettha Thavisin, who also acts as the Thai Finance Minister. The nation’s reliance on tourism has been heavily impacted by lower-than-expected foreign arrivals, resulting in a need to prioritise foreign investment and tackle household debt. The 61 year old prime minister made…
- 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
Evergrande wealth management staff detained amid ongoing debt crisis
China Evergrande Group, the world’s most heavily indebted property developer, finds itself under increased scrutiny as staff from its wealth management unit have been detained by the police in southern China. Shenzhen City Police said in a social media statement on Saturday night that public security organs took criminal compulsory measures against China Evergrande general manager Du Liang and other…
- 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…
- Thailand News
Thai school aids 11 year old’s return amid pandemic-driven dropout crisis
An 11-year-old Thai boy, Anirut Thongdech, also known as Saming, has been given the opportunity to return to school after being forced to leave when his family could no longer afford his education. Saming’s family struggled financially due to the Covid-19 pandemic, which caused his parents to become unemployed and resort to collecting recyclables for a living. Wat Trangkhapum Putthawat…
- 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…
