debt
- Thailand News
EconThai urges government: Debt-lift measures needed for all, not just farmers
EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads. EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in…
- 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
Tisco ESU advises focus shift to debt instruments amid market instability
Amid global stock market turbulence, financial analysts at Tisco’s Economic Strategy Unit (Tisco ESU) are advocating that investors pivot their focus towards debt instruments for potential high-yield returns. The ongoing pressures from elevated bond yields, coupled with the weakening economies in the US and Europe, are some of the contributing factors exerting pressure on the financial markets. The ongoing macroeconomic…
- 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
Woman faces 4 million baht debt without receiving truck from failed purchase deal
A shocking turn of events left a 39 year old woman from Kamphaeng Phet province with a staggering debt of 4 million baht (US$115,107) without possession of a vehicle she attempted to purchase. Nam Aoy Aiemviboon had agreed to pay 67,892 baht (US$1,954) per month over 60 installments for a second-hand Hino S700 truck and a trailer, but she never…
- 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…
- Business News
Thai stock market suffers as Stark Corporation defaults
Investors were cautioned by stock market regulators regarding Stark Corporation’s shares, as the company is expected to default on payments for corporate bonds valued at nearly 9.2 billion baht. Following a bondholders’ meeting, Stark announced its intention to “call default” on two bond series worth 2.24 billion baht within a month, raising concerns about the company’s ability to pay for…
- 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…
- Business News
Biden and McCarthy hold productive talks on US debt ceiling deal
Negotiations between Democratic President Joe Biden and top congressional Republican Kevin McCarthy have progressed as both parties aim to reach a deal to raise the United States’ US$31.4 trillion debt ceiling and prevent a catastrophic default. Following a four-hour meeting at the White House, McCarthy stated that negotiations had improved and would continue. Although several issues remain unresolved, he predicted…
- Business News
Rising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring
In the first quarter of this year, non-performing mortgage loans (NPLs) experienced an increase due to rising interest rates, prompting the Bank of Thailand (BoT) to encourage banks to assist borrowers through debt restructuring. The central bank recently revealed a housing loan NPL ratio of 3.16% in the commercial banking system, up from 3.01% in the previous quarter. The primary…
- Business News
Thailand’s soaring household debt risks economic slowdown, warns NESDC
The National Economic and Social Development Council (NESDC) issued a warning concerning Thailand’s mounting household debt, stating that it could become a significant issue if the economy and employment rates decline. NESDC Secretary-General Danucha Pichayanan emphasised the need for debt restructuring alongside financial and fiscal discipline at both individual and corporate levels. During a press conference discussing the economic outlook…
- World News
Biden, McCarthy in debt ceiling talks as US default risk looms
US President Joe Biden and House Speaker Kevin McCarthy met at the White House yesterday to discuss raising the US government’s US$31.4 trillion debt ceiling, with the US economy at risk if no agreement is reached within 10 days. The Democratic president and the top congressional Republican have struggled to make progress on a deal, as McCarthy pressures the White…
- 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…
- 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
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…
- 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…
