debt
- 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…
- 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…
- 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…
- 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…
- 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…
- 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
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…
- 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 | 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…
