debt
- 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…
- Politics News
White House reports progress in talks to avert US debt default
The White House has reported some progress in the ongoing discussions with Republican negotiators to prevent a catastrophic US debt default before the June 1 deadline. White House Press Secretary Karine Jean-Pierre stated that both sides must understand that they won’t get everything they want. The talks between US President Joe Biden and Republicans in Congress are set to continue,…
- 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…
- 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…
- 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…
- 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…
- 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
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…
- 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.” …
- 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…
