debt

  • Business News

    Biden and McCarthy near deal to avoid US debt default

    United States President Joe Biden and leading congressional Republican Kevin McCarthy moved closer to striking a deal to avert the impending US debt default yesterday. Despite the two sides remaining far apart on an agreement to increase the debt ceiling, McCarthy expressed optimism that a deal could be reached by the end of the week. While Democrats were less positive…

  • Business News

    Funding populist policies: borrowing or tax hikes?

    During the general election, political parties presented various populist pledges aimed at attracting voters. Among these were the controversial 10,000-baht digital wallet handout for individuals aged 16 and over, increasing minimum daily wages, raising minimum monthly salaries for university graduates, suspending debts for farmers, cutting electricity tariffs, and increasing the monthly allowance for people aged 60 and over. The Thailand…

  • World News

    Biden administration warns of catastrophic consequences if US defaults on debt

    The United States government is facing a potential economic catastrophe if a debt deal is not reached in the coming days. The possibility of the country’s first-ever default is causing concern, as negotiations between Democrats and Republicans are expected to continue this week. The two parties have been unable to come to an agreement, despite warnings from officials and bankers…

  • World News

    Biden optimistic about avoiding US debt default despite impasse with Republicans

    Tensions continue to rise over the US debt limit, with President Joe Biden expressing optimism about reaching an agreement with Republican counterparts while acknowledging that no deal has been struck yet. The ongoing deadlock has raised the spectre of a first-ever US default, which could bring potentially disastrous consequences, including a possible recession and global financial contagion. Republicans in Congress…

  • Business News

    Biden and senior Republicans meeting postponed for further staff discussions

    Crunch negotiations between US President Joe Biden and senior Republicans have been delayed until early next week, allowing staff to continue their discussions, according to a statement from the White House yesterday. An insider familiar with the talks between the Democratic and Republican leaders described this as a positive development, implying that it was not the right time for the…

  • World News

    G7 finance leaders gather amid US debt ceiling standoff and recession fears

    A standoff over raising the US debt ceiling overshadowed a meeting of Group of Seven (G7) finance leaders, heightening US recession fears as central banks seek a soft landing for the global economy. President Joe Biden recently urged Republican lawmakers to move quickly to raise the limit on the government’s permitted borrowing from the current US$31.4 trillion or risk throwing…

  • Thailand News

    Debt plagues even Thailand’s lucky lottery jackpot winners

    A Thai woman who sells eggs at a market in Prachin Buri province, central Thailand, won the first prize of six million baht in the government lottery yesterday, but it’s still not enough to pay off her 10 million baht debt. Upon realising she won the lottery, Siriphan aka “Amy” gave away 500 trays of chicken and duck eggs at Kong…

  • Thailand News

    Loan shark claims debtor shot herself in the head at his house in Thailand

    A loan shark in northern Thailand informed the police on Tuesday that a debtor – who is also his ex-girlfriend – committed suicide in front of him by shooting herself in the head due to financial stress. Her relatives are not convinced by the claim and insist that she never had a gun. At 8.30pm, 58 year old Somkiat rang…

  • Hot News

    Thai woman accuses couple of forcing her to have threesome in exchange for debt forgiveness

    A woman contacted police after she says a couple forced her to have a threesome with them in exchange for forgiving a 500,000 baht debt. But, the husband of the couple says the woman was actually having an affair with his wife. The 32-year-old woman’s lawyer took her to the complaint centre at the Central Investigation Bureau to seek legal…

  • Thailand News

    Bank repossesses the wrong house in central Thailand

    A woman from Pathum Thani, just north of Bangkok, couldn’t believe her eyes when she returned home to her locks changed, all her belongings seized, and a ‘for sale’ sign outside her house. Thailand’s “Government Savings Bank” (the pink one) sent bailiffs to repossess a house in Wanasiri Park View Village on September 5. The bailiffs changed all the locks…

  • Pattaya News

    Pattaya loan shark threatens to cut off debtor’s finger

    A department store employee from Pattaya in Chon Buri province is terrified because a loan shark threatened to cut off her finger for missing some debt repayments. The woman secretly voice recorded the creditor and took the evidence to the police. Yesterday, 35 year old Angumalee Suriya from Pattaya revealed that a loan shark offered to deduct 10,000 from her…

  • Pattaya News

    Loan sharks steal Pattaya mother’s electrical items

    Cruel loan sharks have stolen a single mother’s electrical appliances after she failed to keep up with repayments on a high-interest loan. The woman from Chon Buri now can’t cook for her children, store food in a fridge or watch television because they were stolen by the heartless thugs. Orawan Chunaka reported the burglary to the police and confessed she…

  • Crime News

    Loan shark avenges debtor with fermented fish in northern Thailand

    A loan creditor broke into a woman’s home in Phetchabun province, northern Thailand, and spread fermented fish all over her house and belongings. Police say the “loan gang” could be prosecuted for breaking and entering if they are found gill-ty of the crime. A 45 year old single mother filed a complaint at Bueng Sam Phan Police Station yesterday after…

  • Thailand News

    Thai Airways to auction off Boeing 737-400 Airframe via Facebook Live

    After reporting a net loss of nearly 3.4 billion baht on revenue in Q1, cash-strapped Thai Airways are continuing their online yard sale in a bid to make some extra money. This time, the airline is auctioning off an entire Boeing 737-400 airframe via Facebook Live on their page TG Warehouse Sale this Wednesday, May 25, at 3pm. A TG…

  • Phuket News

    Thai officials vow to solve household debt problem at Phuket event

    Thai officials held a ‘Household Debt Reconciliation Fair’ in Phuket yesterday. At the event, Thailand’s Minister of Justice Somsak Thepsutin said the government has designated 2022 as the “Year of Solving Household Debt”. He said that 2,810 people had registered for the event. Somsak said that several government departments have organised events to “facilitate the mediation process of household debts…

  • Economy News

    Survey says Thailand’s worker’s debt has hit a high after over a decade

    A survey by the University of the Thai Chamber of Commerce says the average debt of each worker’s household in Thailand is 217,000 baht this year. This is a 14 year high for Thailand. At the end of 2021, the country’s overall household debt was 14.6 trillion baht, one of the highest in Asia, per capita. Most service sector workers…

  • Northern Thailand News

    Young Thai woman missing for 1 year makes contact with family

    A Thai woman who was filed as a missing person over a year ago made contact with her elder sister on Friday. The 23 year old, from the northeast province of Buriram, reportedly said she broke off contact with her family because she didn’t want them to find out that a Phuket debt collector was chasing her for 100,000 baht.…

  • Phuket News

    How did the Phuket man, who won 18 million baht in the lottery, receive his winnings?

    The Phuket man who won 18 million baht in the lottery on Friday has now been officially presented with his winnings. In cash! Lottery organisers arrived at the man’s house in a red Ferrari yesterday with his cash, and also a hard copy of his winning ticket, which is numbered 970618. The man’s friends and family were at his house…

  • Phuket News

    Phuket man wins 18 million baht from lottery, plans to pay off debts

    After praying at several temples with high hopes, one Phuket man’s dream of winning the lottery has come true! The man, who lives in Ratsada on Phuket’s east coast, won 18 million baht yesterday, which just happened to be April Fool’s day. The national Thai lottery is drawn twice a month. But the winning was no joke. The man, Panuwat,…

  • Thailand News

    Farmers sleep on the streets of Bangkok for 42 days calling for action on debt

    Farmers from all over Thailand are sleeping under a busy expressway in Bangkok to call on the government to solve the problem of farmers’ debt. So far, the protestors have slept on the streets for 42 nights. The farmers request that their debt be transferred from central government banks, which charge high interest rates, to the Farmers’ Rehabilitation and Development…

  • Thailand News

    Anonymous complaint against Bangkok governor candidate causes probe

    The House committee on corruption and misconduct prevention and suppression plans to probe a Bangkok candidate for governor after an anonymous party sent a complaint to the House committee chairman last month. The complaint said the candidate’s wealth was unusual, and he had committed wrongdoing. A committee spokesperson said the probe will start soon. The candidate, Suchatvee Suwansawat, said he…

  • Northern Thailand News

    Family attempts to sell eyes and kidneys to save home and farm

    After signing as a guarantor for a lifelong friend’s tractor purchase who defaulted, a man and his family in Ubon Ratchathani are trying to sell their eyes and kidneys to save his home and farm. The man, along with his wife and 2 sons, is currently walking 100 kilometres in the rain from their home to the provincial capital where…

  • Thailand News

    Central Bankruptcy Court approves Thai Airways debt restructuring plan

    The high profile restructuring plan to tackle Thai Airways International’s around 400 billion baht debt was approved by the Central Bankruptcy Court today. While the pandemic hit airlines across the globe, Thai Airways has been recording losses for nearly a decade. The record loss of 141.2 billion baht posted last year prompted the struggling airline to file for bankruptcy protection.…

  • Thailand News

    Nok Air submits business rehabilitation plan, now up for creditor approval

    Nok Air handed in its business rehabilitation plan after extending the deadline twice. The airline’s creditors will meet to discuss the plan and decide whether to approve the plan. It would then need to be approved by Thailand’s Central Bankruptcy Court. Nok Air is the second national carrier to file a rehabilitation petition with the Central Bankruptcy Court over the past…

  • Thailand News

    Thai Airways restructuring plan approved by creditors

    The restructuring plan to tackle Thai Airways International’s more than 300 billion baht debt, one of Thailand’s most high profile bankruptcy cases, was approved by the airline’s creditors, its legal advisor told Reuters reporters this afternoon. The plan was approved by 90% of the creditors. It will be reviewed by the Central Bankruptcy Court on May 28. In a previous report,…

  • Economy News

    Bank of Thailand announcing 3rd phase case-by-case debt aid

    Today the Bank of Thailand will announce the third phase of their plan to reduce debt strain on people affected by the third wave of Covid-19. The phase is part of a continued effort to help individual borrowers cope with their debts by implementing restructuring measures. Financial aid is planned to be given to those in need after evaluation on…

  • Economy News

    2 emergency decrees provide businesses financial help

    Thailand enacted 2 new emergency decrees today aimed at providing assistance to businesses and reducing default interest rates to help people affected by Covid-19. A deputy government spokeswoman confirmed the needed action was critical to protect and aid entrepreneurs and small and medium-sized enterprises during the time of pandemic-driven economic crisis. The goal was to combat unfair interest rates on…

  • Thailand News

    Young Chon Buri couple in debt win 12 million baht in Thai lottery

    A young couple in Chonburi, who say they are in debt, has won 12 million baht in the Thai national lottery. The couple won the 1st prize yesterday which is equivalent to US$360,000. 32 year old Saweng Norabut and 29 year old Kotchakorn Norabut went to the Nongkham Police Station yesterday with the set of 2 lottery tickets. The winning…

  • Thailand News

    Cash-strapped Thai Airways plans to buy 20 to 30 aircraft in 2025

    UPDATE: The acting president for Thai Airways says the company does not plan to buy more airplanes in 2025 and if flight demand goes up, the company will consider renting first. A source told Nation Thailand that the airline plans to buy more planes when the aviation industry recovers, but acting president Chansin Treenuchagron says that is just a “rumour.” …

  • Bangkok News

    BTS gives city officials an ultimatum: Pay its debt or Skytrain’s Green Line will shut down

    The Bangkok Mass Transit System is giving city officials an ultimatum: Pay off its more than 30 billion baht debt or the Skytrain’s Green Line will shut down. They are giving the Bangkok Metropolitan Administration 60 days to get its finances in order. The administration owes more than 9.6 billion baht in wages related to operating the Green Line, adding up…

  • Thailand News

    Thai police officers crippled by accumulated 270 billion baht debt

    Thailand’s police officers have amassed a total of 270 billion baht in debts. The staggering accumulated debt trap of the country’s individual police officers was revealed yesterday by the national police chief Suwat Jangyodsuk. During Covid there has been fewer hours and overtime for duty policeman. And in the popular tourist areas there have been fewer tourists to ‘police’ and…

  • Politics News

    Companies pull out from Trump brand after storming of Capitol incident

    Corporate America is adding its weight in response to the insurgency at the Capitol building on January 6, and are pulling out from any association with the Trump brand after the storming of the capitol incident which economists say will have a profound medium and long-term effect on his business interests. Recently, Signature Bank closed Trump’s personal accounts and the…

  • Business News

    Thai Airways delays take off in 2021 | VIDEO

    Due to the current outbreak of Covid-19, Thai Airways, Thailand’s flagship airline, is reducing its international flight schedule until at least March 27. A limited schedule of domestic flights are still operating as normal under the airline’s domestic carrier Thai Smile. Thai Airways will reduce international flights to the following destinations: Asia •Hong Kong: One daily return flight – TG638/TG639…

  • Thailand News

    Thailand News Today | Thai Airways corruption, Southern floods, Border Covid outbreak | Dec 3

    Thursday’s edition of Thailand News Today, including the latest in the local cases popping up in Northern Thailand. Thailand’s most watched English language news. 20 more people suspected of being involved in corruption at Thai Airways 20 people are now under suspicion of corruption and mismanagement within Thai Airways as accountants unravel the massive losses for the airline, spanning a…

  • Thailand News

    Thailand News Today | More Thai Airways debt, Korean soldier, TripAdvisor warning | November 12

    Today’s Thailand News Today coming to you from the 17th floor of The Thaiger Bangkok offices. Thai Airways adds another 21.5 billion baht in 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…

  • 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

    Domestic tourism survey indicates long road to recovery

    “Entrepreneurs in the tourism industry need to adjust their strategy to suit consumer behaviour in the new normal era.” A government survey looking at the travel habits of domestic tourists indicates an uphill struggle for the tourism industry’s recovery. Pimchanok Vonkorpon, from the Commerce Ministry’s Trade Policy and Strategy Office says around a quarter of those surveyed travelled during weekends…