debt
- Thailand News
Shark tale: Thai PM warns loan sharks not to test government waters as they target debt-relief participant
The Prime Minister of Thailand, Srettha Thavisin, warned loan sharks not to challenge government power after two loan sharks threatened a debtor who participated in a government debt relief programme. A Thai woman named Som sought protection from the police and the government after the loan sharks came to her restaurant in the Sankaburi district in the central province of…
- Thailand News
Overwhelmed businesswoman registers for Thai government’s debt relief scheme
A businesswoman, burdened with an overwhelming debt, registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on resolving out-of-system debt issues for citizens…
- Thailand News
Thai government invites citizens to register debts for resolution
The Thai government is inviting citizens to register their debts, both within and outside the formal system, to alleviate the burden of unregulated debt. This move by Prime Minister Settha Thaweesin and the Ministry of Finance is seen as a national issue, aiming to restore dignity, hope, and stability to Thai citizens suffering from the detrimental effects of unregulated debt.…
- Thailand News
Thai Ministry of Interior launches online registration for debt assistance
The Ministry of Interior has initiated a programme to assist citizens struggling with off-system debt, inviting them to enrol either online or in-person from today, December 1, until February 24 next year. This scheme is part of the government’s efforts to alleviate the impact of high-interest-rate debts on the populace. For online registration, individuals can visit the website https://debt.dopa.go.th. The…
- Thailand News
Thai toddler rescued from debtors in central Thailand
Chalida Palamart, also known as Ton Aor, from the One Foundation, yesterday coordinated with police and local officials to rescue a one year old Thai toddler girl from a tense situation in a house in Chachoengsao province. The child’s mother, 38 year old Pern, had contacted the foundation from abroad for help, as the toddler was being held by a…
- Thailand News
Prime time relief: Govt’s debt deal targets students, teachers, and small-biz owners
A fresh debt relief package aimed at several demographics, including past students embroiled in student loan repayments, teachers, and owners of small-to-medium businesses, is set to be unveiled by the government, according to Prime Minister Srettha Thavisin‘s announcement yesterday. The Bangkok-born Thai PM added that this package, which will also extend to individuals making repayments to non-banking lenders, is expected…
- Thailand News
Couple escapes multi-million baht debt after performing rituals in Thai cemetery
A couple, grappling with a multi-million-baht debt, successfully revitalised their business by conducting rituals in a cemetery. The subsequent success prompted them to host a lavish feast for the spirits, featuring 23 Chinese banquet tables and movie screenings in the graveyard. The event took place today, in the cemetery of Sa Wang Het, Thung Hiang, Phanat Nikhom, and Chon Buri.…
- Thailand News
Debt dodger’s fake ‘theft’ tale backfires: Thai woman faces charges for false report
A Thai woman is facing charges after faking a theft and filing a fake police report to escape a 48,000 baht debt. The 45 year old woman, whose identity remains undisclosed, made the complaint to officers at Mueang Trat Police Station by phone yesterday, October 18. She explained that four thieves in a pickup with no number plate cut off…
- Business News
Thai farmers offered debt suspension to regain good debtor status
Farmers with outstanding debts at the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand can now enter a debt suspension scheme without the need for prior debt restructuring, according to Paopoom Rojanasakul, the secretary to the finance minister. The move aims to help these farmers regain their good debtor status and is applicable to all BAAC debtors whose total…
- World News
Under the magnifying glass: China Evergrande’s billionaire chairman under police watch
China Evergrande Group‘s billionaire chairman has been placed under police surveillance, sources with knowledge of the situation disclosed. Earlier this month Hui Ka Yan was escorted by Chinese law enforcement and is currently under observation at an undisclosed location. The reasons for the residential surveillance, which is not tantamount to formal detention or arrest, remain unclear. Under China’s Criminal Procedure Law, this…
- Business News
Thai govt dives into action: Plans to flood fields with innovation and debt suspension
Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions. These suggestions were made by Nipon Puapongsakorn, a distinguished fellow at the Thailand Development Research Institute (TDRI), who highlighted…
- Business News
Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
- Thailand News
Thai government employees struggle with debt, support higher graduate pay
A recent survey by the National Institute for Development Administration (NIDA) revealed that a significant number of government officials and state enterprise employees are burdened with debt. Moreover, the same group of respondents expressed their support for the government’s policy to set the starting monthly salary for bachelor’s degree graduates at 25,000 baht. The NIDA Poll, carried out from September…
- Thailand News
Debt debate: Thailand’s teachers face scrutiny over financial discipline
The financial discipline of Thailand’s teachers has come under scrutiny, with calls for strict regulations to curb inappropriate debt. Narin Chamanadou, Director of Kanchanaphisek School and President of the Association of Secondary School Administrators in Thailand revealed that the country’s teachers collectively owe over 1.4 trillion baht. The majority of this debt, approximately 64%, is owed to the Teacher’s Savings…
- Business News
Debt moratorium to benefit 7 million farmers and SMEs
Deputy Finance Minister Julapun Amornvivat announced that no more than seven million farmers and small and medium-sized enterprises (SMEs) will qualify for the initial phase of the debt moratorium. The breakdown of this figure is expected to be around four million small-scale farmers and three million SMEs. The Deputy Finance Minister refrained from providing specifics on the scope and limit…
- 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…
- Thailand News
Thai government plans central budget use for farmers’ debt relief
The Ministry of Agriculture is planning to utilise the central budget to support farmers’ debt relief in case next year’s budget is delayed. The ministry is aligning its plans with the government’s policies, especially Prime Minister Srettha Thavisin’s strategy of reducing production costs. In an interview before announcing the policy, Deputy Ministers of Agriculture and Cooperatives Chaiya Phromma stated that…
- 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
JKN Global reassures investors after bond payment rescheduling
JKN Global Group Plc (JKN), the owner of the Miss Universe Organization (MUO), reassured investors that its financial status is robust, despite a recent bond payment rescheduling caused by a liquidity mismatch. Jakkaphong Jakrajutatip, the chief executive and managing director, said at a briefing that the company is set to meet its revenue target of over 3 billion baht this…
- Economy News
CardX braces for regulatory change raising customer debt repayment 3%
CardX, a credit card service provider operating under SCB X Group, anticipates a potential issue with customer compliance linked to an upcoming regulatory change from the Bank of Thailand. The central bank presently permits credit card users to repay their debt at a minimum rate of 5% of the overall credit balance each month, a measure introduced to aid consumers…
- Phuket News
Blue Flag market unveiled by Phuket to combat rising costs
Phuket is preparing to host a monthly special market dubbed the “Blue Flag.” The market is hoped to bring an economic lifeline to the less affluent residents of the city as they struggle with the inflating prices of common household essentials. The Phuket Provincial Commerce Office has taken the initiative of kick-starting the Blue Flag market beginning from the first week…
- Central Thailand News
Elderly Samut Prakan trader clears debts after land sale for over 10 million baht
A 65 year old merchant from Samut Prakan pulled out all the stops to repay her debts. She successfully managed to sell her land for more than 10 million baht after praying to a monk. The money was subsequently donated to a temple. The community curiously questioned her age and other numerologies, hoping it would prove lucky for them too. The…
- Thailand News
Bangkok’s Green Line railway debt passed onto incoming government
Citing a Government House authority, it was disclosed yesterday that the existing Thai Cabinet has chosen to pass the responsibility of resolving the debt affiliated with the Bangkok Metropolitan Administration’s (BMA) contract with Bangkok Mass Transit System Plc (BTSC) onto the incoming government. The obligation arose from assigning BTSC to oversee the operations of the Green Line extension. Interior Minister…
- Thailand News
Mother behind fake kidnapping: Police swoop to rescue captive kids
Police swooped to rescue two children held captive and abused by their mother in a dramatic fake kidnapping scenario. The truth later emerged that the woman had huge debts and concocted the scene to extort money from her ex-husband. On June 28, a Thai man named Mayakee reached out to the public and police for help on social media after…
- Economy News
Household debt in Thailand soars to 86.9% of GDP, dampening consumer spending
Thailand’s mounting household debt is raising concerns, as it continues to hinder consumer spending, affecting various industries and impeding economic growth. The latest data from the National Economic and Social Development Council shows debt in the nation reached 15.1 trillion baht in the fourth quarter of 2022, a 3.5% increase year on year, and accounting for 86.9% of GDP. Debt…
- Transport News
Green Line extensions: Operator anticipates 20 billion baht debt repayment
Bangkok Mass Transit System Plc (BTSC) Chairman Keeree Kanjanapas expressed optimism regarding the repayment of overdue debts by the Bangkok Metropolitan Administration (BMA) for the operation and maintenance of the Green Line extensions. Following a meeting with Bangkok Governor Chadchart Sittipunt yesterday, Keeree said the discussions were encouraging, and he anticipates a 20 billion baht repayment from the BMA. Keeree…
- Business News
SEC offers guidance for investors amid Stark’s potential bond default
The Securities and Exchange Commission (SEC) has issued guidelines for investors as Stark Corporation faces the possibility of defaulting on bond payments worth nearly 9.2 billion baht. The SEC has emphasised that investing in debt securities carries high risks and that investors could lose both principal and interest. The guidelines aim to clarify the roles and functions of bond representatives…
- World News
Telegraph Media Group faces sale over £1bn unpaid debt
The Telegraph Media Group, which owns The Daily and Sunday Telegraph newspapers and The Spectator magazine, is facing potential sale due to unpaid debt, according to a recent statement. Bank of Scotland, the lender, explained that it had no choice but to appoint a receiver over B.UK. Limited, the Bermuda-based holding company for the Telegraph Media Group, as the debt…
- World News
US House passes bill to suspend US$31.4tn debt ceiling, averts default
The US House of Representatives has passed a bill to suspend the US$31.4 trillion debt ceiling, with both Democrats and Republicans supporting the measure to avoid a catastrophic default. The legislation now moves to the Senate, which must enact it and get it to President Joe Biden‘s desk before the government runs out of funds to pay its bills. The…
- Pattaya News
Pattaya bar owner faces loan shark threats forcing staff to undress for debt money
A bar owner in Pattaya reported a violent debt-collecting gang to the local police after facing harassment and threats from 14 different loan providers. The 31 year old woman was forced to borrow money from various lenders for financial troubles, accumulating around 800,000 baht (US$23,100) in debt, with a daily interest payment of 30,000 baht (US$870). The bar owner, Daranee…
