debt
- 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…
- Thailand News
Thailand News Today | Visa amnesty, sealing Burmese border, Thai airways creditors | September 24
Latest update for September 26 deadline of visa amnesty. Deadline set for THAI creditors A date has now been set for creditors to recover their money from Thai Airways. Applications for debt repayment through corporate bonds started yesterday. Applications filed by private individuals are being received at the Securities and Exchange Commission office in Bangkok. The deadline for applications is…
- Economy News
Bankruptcy Court approves Thai Airways debt restructuring plan
The Central Bankruptcy Court approved Thai Airways International’s debt restructuring plan. An official says the approval is just a “tiny step” in the process estimated to take years. With the approval, the international airline company can now start discussions with debt holders. The 60 year company is reportedly facing its biggest challenge: bankruptcy during a global pandemic with international travel…
- Northern Thailand News
Family’s home seized over unpaid 17,000 baht student loan
A family’s home was seized for failing to pay back a 17,000 baht student debt. Not only were they kicked out of their home, but it was sold swiftly with little or no consultation with the family. The Phrae home in Northern Thailand was seized over the unpaid student loans. The family was later notified in a letter by the…
- Business News
Thai Airways petitions overseas creditors not to confiscate its aircraft
Thailand’s beloved but beleaguered national carrier is appealing to creditors in Switzerland, Japan and Germany not to seize its aircraft, while a similar request is being prepared for US creditors. If each country’s court approves the petition, Thai Airways assets will be protected against seizure when they fly into their jurisdictions. In particular, the airline will not risk having its…
- Economy News
PM assures MPs that government knows how to handle trillion baht loan
“Don’t worry, we got this…” Following the Finance Ministry’s securing of a trillion baht loan, PM Prayut Chan-o-cha spoke up to address concerns over how the funds will be administered. Answering questions raised by opposition parties, the PM said the government has clear rules in place on how the funds will be distributed, with the priority being small and medium…
- Transport News
Thai Airways has officially lost its state enterprise status
The State Enterprise Policy Committee announced that Thai Airways has lost its state enterprise status after the Vayupak Fund bought a 3.17% stake from the Finance Ministry yesterday. The purchase was undertaken at a price of 4.90 baht per share, with a trade worth 285.2 million baht, leaving the national carrier owning 48% of its own shares and stripping its…
- Transport News
Thai Airways ponders bankruptcy as it enters rehab
Thai Airways, which turns 60 years old this month, recorded a net loss of US$66 million in 2017, US$361 million in 2018 and US$374 million last year. As the airline contemplates getting its grounded planes back in the air, it’s now confronted with a PR disaster at home as the government ponders a bailout valued around 60 billion baht, around US$1.8…
- Tourism News
Thailand’s hotels face more pain after European tour group asks to defer debt
Hotels in Thailand, particularly in Phuket and some surrounding regions, have been hit with a double whammy. First the whole Covid-19-related wipe-out, now a cash-flow problem brought about after the TUI Group – an Anglo-German multinational travel and tourism company – has stalled repayments for hotel rooms. The amount owed to Thailand hotels is believed to exceed 2 billion baht. TUI is…
- Covid-19 News
New plans for managing Thailand’s 2020 public debt
The Thai Cabinet has approved new plans for managing the fiscal 2020 public debt that was previously proposed by the Ministry of Finance. Deputy Government spokesperson Traisulee Traisaranakul announced that… “according to the new plans, the amount of ‘new’ debt has been adjusted up to 1.497 trillion baht from 894.005 billion baht.” “The plan for the management of ‘existing’ debt has…
- Covid-19 News
Thai banks report they can handle the impacts of the virus
As the Covid-19 coronavirus continues to spread in Thailand, authorities have temporarily shut off shopping malls, entertainment and sporting venues while allowing food stalls and restaurants to open, but only for take-out and delivery services. The measures have led to social disruption, unemployment, leave without pay and salary cuts. However, a senior official at the Bank of Thailand reports, “Thailand’s…
- News
Hotel guest in Chiang Mai runs up bill of nearly 50,000 baht before fleeing
A man who claims to be a doctor stayed in a Chiang Mai hotel for 21 nights, running up a bill of nearly 50,000 baht, before instructing the hotel to invoice the Ministry for the Interior and then fleeing the premises. Employees of the hotel say they didn’t expect the man to abscond as he has stayed there on three…
- Transport News
Executives at Thai Airways asked to take pay cut
PHOTO: Thai Airways and Thai PBS World “An unnamed source in the Transport Ministry says the airline’s financial predicament is very serious and puts it at risk of bankruptcy.” The country’s national flag carrier, Thai Airways, could be in deep financial trouble and may need to delay repaying its debt or seek new loans. Thai PBS World reports tat the…
- Bangkok News
Three-quarters of Bangkokians in debt
An estimated 77.5 per cent of Bangkokians are in debt and 53 per cent admit to have fallen behind in repayments. This, from a survey by Bansomdej Poll in collaboration with the Foundation for Consumers (FFC)’s Chaladsue (Smart Buyer) magazine. The poll of 1,171 people conducted between August 24-28 this year found that out of the indebted respondents (most of…
- Thailand News
Thailand’s household debt
Thailand’s household debt has been on the rise over the past decade, up from an average of 116,681 baht in 2007 to 178,994 baht in 2017, but should be measured with commensurate growth in wages, inflation and the country’s GDP. The figures show that Thailand’s debt for farming is around 16% of the total debt bill. 36% is spent on…
