Search Results for: loan loss
- Phuket News
Phuket scam victims rise to 5,500, losses hit 413 million baht
Over 5,500 people in Phuket were victims of scam calls and online fraud last year, with losses escalating to 413 million baht, as confirmed by Police Colonel Kritsada Manawongsakun, Director of the Technology Crime Suppression Division (TCSD) Region 5. Pol. Col. Kritsada stated that while the trend has been rising since 2022, there was a significant increase in scam calls…
- Business News
Banking on stability: Thailand hits a high note despite loan flatlining
The Bank of Thailand is striking a confident note, assuring everyone that the nation’s banking system is rock solid despite some worrying dips in loan growth. Their latest statement paints a picture of moderately strained resilience, with banking capital, liquidity, and loan-loss provisions standing firm. Loan growth took a hit in the third quarter of 2024, shrinking by 2% compared…
- Business News
Krungthai Bank loan growth: No contraction in confidence
Krungthai Bank (KTB) remains confident in meeting its loan growth target for this year, despite a lending contraction during the initial six months. The bank focuses on achieving a 3% total loan growth throughout 2024, according to its President, Payong Srivanich. The Thai economy’s uneven recovery in the first half of the year and persistent uncertainties in the latter half…
- Thailand News
Ex-bank loan officer arrested for embezzlement and forgery
Officers from the Public Sector Anti-Corruption Commission (PACC) and the National Anti-Corruption Commission (NACC) arrested a former senior bank loan officer on charges of document forgery and embezzlement, leading to a loss of over one million baht. Commander of the PACC, Police Major General Prasong Chelimphanth, directed an operation alongside NACC Region 6 Director, Suphap Siri to apprehend 43 year…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Business News
Oil Fuel Fund in Thailand faces 84.3 billion baht loss
A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…
- Thailand News
Royal project scam exposed with six arrests and 270 million baht loss
An illicit operation, exploiting the name of royal projects to defraud unsuspecting investors, has been exposed. Six individuals implicated in the scheme have been apprehended, with damages resulting from the con estimated at a staggering 270 million baht (US$7.6 million). The arrests followed a comprehensive search operation spanning Bangkok, Lop Buri, Chachoengsao, Songkhla, and Nakhon Si Thammarat, confirmed Police Major…
- Thailand News
Indian national arrested in Ang Thong over illegal loans in Thai baht
An Indian national has been arrested for operating an illegal daily loan scheme in Ang Thong. The arrest followed complaints by residents to the local Justice Centre about the extortionate interest rates and violent threats from the loan shark. The investigation, conducted today, November 30, found that an Indian man, identified only as Harinda, had loaned amounts ranging from 2,000…
- Crime News
Online fraud cases in Thailand soar to 365,000 with 45 billion baht loss
Over the past one and a half years, a staggering 365,000 online fraud cases have been reported, inflicting a massive loss of 45 billion baht, revealed Deputy Government Spokesperson, Karom Phonphonklang. This was in reference to the cumulative data gathered from the thaipoliceonline.com website, available from March 1 of last year until September 30 this year, provided by the Royal…
- Transport News
Thai Airways Q4 loss narrows
Thai Airways Q4 profit almost tripled as tourists started to return to the holiday kingdom. The carrier’s net income for the three months ending December 31 rose to 11.2 billion baht (US$300 million) from 4 billion baht a year earlier, chief executive officer Chai Eamsiri said on Friday. Thai Airways Q4 profit to support strong growth in 2023 Operating income…
- Bangkok News
Cash-strapped BMTA gets green light for 7.5 billion baht loan
The Thai Cabinet approved a more than 7.5 billion baht loan to the debt-ridden Bangkok Mass Transit Authority. Deputy Government Spokesperson, Trisuree Trisaranakul, yesterday reported that the cash-strapped BMTA would borrow 7.516 billion baht from the next year’s budget because it lacked financial liquidity. Trisuree added that BMTA has been facing cash-flow problems due to operational losses and lack of…
- Thailand News
Thailand’s tiger and elephant attractions call for support after two years of losses
After a two-year hit on tourism, elephant and tiger attractions in Thailand have run low on money and are asking the government for financial assistance. Zoo operators met with the Tourism Commission yesterday at Tiger Kingdom in Chiang Mai, citing their struggles during the Covid-19 pandemic. The daily income for Tiger Kingdom in Chiang Mai, as well as the location…
- Thailand News
Phuket Gazette Thailand News: Protest whistles still blow; Call for Bt140bn urgent rice loan; Thai English ‘among the worst’
PHUKET MEDIA WATCH– Thailand news compiled by Gazette editors for Phuket’s international community Protesters refuse to back down until bill is dropped The Nation / Phuket GazettePHUKET: Several groups of protesters said they would not stop rallying against the government’s blanket amnesty bill even if the Senate rejects the draft.This declaration came despite the fact that Prime Minister Yingluck Shinawatra…
- Thailand News
Phuket Gazette Thailand News: Man jailed for lese majeste; Deep South peace dialogue stumbles; B2trn loan under fire
PHUKET MEDIA WATCH – Thailand news compiled by Gazette editors for Phuket’s international community Man jailed for 3 years and 4 months for lese majeste The Nation / Phuket GazettePHUKET: A man who was arrested in March 2011 for selling pirated copies of an Australian documentary critical of the Thai monarchy, as well as WikiLeaks papers, was sentenced to three…
- Phuket News
Bangkok Bank posts huge first-half loss
BANGKOK (AFP): Thailand’s biggest bank, Bangkok Bank Plc, today posted a huge first-half net loss of 26.98 billion baht, compared with a loss of 16.34 billion baht in the same period last year. Bank president Chartsiri Sophonpanich said that the result reflected the continued negative effect of massive non-performing loans on the banking system. “While the economic conditions of the…
- Business News
Banking on gains: Thai banks ‘interest’ed in profit uptick for 2024
Thai banking sector profits have seen a modest uptick for the first nine months of 2024, buoyed by rising interest and fee incomes. Yet, the backdrop of swirling economic uncertainties has kept banks on their toes, continuing to stash away hefty reserves for potential loan losses. The pack of 10 Stock Exchange of Thailand (SET) listed banks and their subsidiaries…
- Phuket News
Report casts gloom on Thai banks
BANGKOK, June 23 (AFP) – Thailand’s banking sector plunged into fresh gloom Wednesday as US ratings agency Moody’s Investors Service said the crisis-hit industry remained “deeply impaired.” The judgment came at a time when many investors had been expecting ratings upgrades from foreign agencies for debt-laden Thai banks which have been struggling to recapitalise. In a report received here Wednesday,…
- Crime News
Pomelo vendor loses 300,000 baht to dating app scammer
A 52 year old pomelo vendor has reported being deceived by a 60 year old man, whom she met on a dating app. Over a month-long interaction, they fell in love, married, and invested in a business, leading to substantial financial losses. Suthasinee, who originally sold pomelos, coconuts, and drinks, encountered the alleged fraudster online. After exchanging contact details, Paramee expressed…
- Business News
Dusit International eyes 16 billion baht revenue boost this year
Dusit International is set to bounce back in 2025, with the company projecting a revenue of 16 billion baht from its residential properties and reduced interest burdens. The company is confident in its recovery, as it moves closer to turning a profit, despite challenges faced in previous years. “Dusit International is on track for a strong turnaround,” said Suphajee Suthumpun,…
- Pattaya News
Chon Buri police arrest suspects in BMW cloning scam
A slick car fraud ring has been smashed by Chon Buri highway police after a victim’s BMW was illegally cloned and used to rack up fines, prompting a high-stakes investigation and arrests. On Wednesday, May 21, officers led by Police Lieutenant General Jirabhop Bhuridej, Commissioner of the Central Investigation Bureau (CIB), swooped on suspects involved in a sophisticated car forgery…
- Finance
Trump’s 36% tax on Thailand: Impact on exports & survival tips
The America First policy under President Donald Trump has sent shockwaves through the global economy once again. This follows the announcement of a baseline tariff of 10% on imports from all countries, along with a reciprocal tariff aimed at countries with which the US has a large trade deficit. With this, Thailand has been hit with a 36% tax from Trump’s new…
- Travel Guides
The cost of not having the right insurance
Having the right insurance, especially in a country like Thailand, is important in today’s unpredictable world. Medical emergencies, trip cancellations, and lost belongings can happen anytime, leading to unexpected expenses. Without proper coverage, these costs can put a heavy strain on finances and even affect long-term stability. Insurance acts as a safety net, helping people avoid major financial setbacks. With…
- Thailand News
High-ranking police accused of drug use, theft, and gambling
A Thai woman accused her police officer ex-boyfriend in Samut Prakan province near Bangkok of using a drug and stealing 500,000 baht from her to fund his gambling habit. The 38 year old woman, Fah, sought help from lawyer Nathatpong Boonkird after her complaint to the Royal Thai Police (RTP) failed to progress. Fah insisted she had evidence of her…
- Thailand News
Heroic officer sells fermented fish online after losing legs
A 36 year old explosives ordnance disposal officer from Narathiwat has been selling fermented fish online to support his family following a tragic bombing incident that resulted in the loss of both his legs. Despite the change in his physical condition, Sergeant Worawit Naratna remains undeterred in his efforts to earn a living. On May 20 last year, Worawit, known…
- Thailand News
Maid to misbehave: Cleaner caught red-handed in CCTV sting
In a crooked web of betrayal within the private confines of a family home, a Thai housemaid was arrested by police after her secret life of crime was laid bare by unforgiving lens of CCTV. Naphonthip “Kan” a 46 year old housemaid from Phitsanulok, faces charges of theft after swiping a fortune in gold and jewellery from her employer to…
- Phuket News
4 foreign hackers behind 560 million baht malware scam arrested in Phuket
Royal Thai Police (RTP) arrested four foreign hackers who fled Switzerland to evade arrest warrants to hide in Phuket after operating a malware scam that defrauded more than 1,000 victims, causing total losses of over US$16 million, or approximately 560 million baht. Swiss officials sought cooperation from the RTP to extradite the four malware scammers back to Switzerland for further legal…
- Thailand News
Thailand approves US$9.8 billion high-speed rail expansion
Thailand is racing ahead with its high-speed rail ambitions as the Cabinet greenlights the second phase of the Thailand-China High-Speed Rail Project, extending the line from Nakhon Ratchasima to Nong Khai. The colossal 341.35 billion baht (US$9.8 billion) project will span 357 kilometres and take eight years to complete, from 2025 to 2032. Once operational, it will provide a direct link between Bangkok and Nong…
- Thailand News
Thai Airways: Ministry’s bid for more administrators rejected
The Central Bankruptcy Court has thrown out the Ministry of Finance’s bid to tighten its grip on Thai Airways’ rehabilitation, ruling that the current administrators are steering the airline’s recovery effectively. In a hearing yesterday, the court dismissed a proposal by the Ministry of Finance to appoint two additional administrators to oversee the struggling carrier’s rehabilitation. The bid aimed to…
- Bangkok News
Bangkok woman arrested for call centre scam impersonating police
A 63 year old woman was recently arrested in Bangkok for allegedly participating in a call centre scam that impersonated police officers from the Surin City Police Station. The scam involved video calls to victims, convincing them to transfer money for “verification” purposes, resulting in losses exceeding 1 million baht. The arrest was made yesterday by the Metropolitan Police Bureau,…
- Business News
Thai baht to fall to 35.50 against US dollar by 2025
Kasikorn Research Centre (K-Research) forecasts that the Thai baht will depreciate, reaching 34.50 to the US dollar by the end of this year and sliding further to 35.50 in 2025. This prediction comes as new US government policies are expected to exert pressure on the Chinese yuan next year. The baht recently hit a three-month low of 34.61 against the…
