debt
- 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…
- Economy News
Covid-19 could lead to a crisis worse than the 1997 Asian financial crisis
With debt relief measures set to expire this month, Thailand’s financial woes, brought on by the Covid-19 pandemic, might end up being worse that the 1997 Asian financial crisis, known in Thailand as the Tom Yam Kung crisis, according to the Bangkok Commercial Asset Management. The 1997 Asian financial crisis started in Thailand with the financial collapse of the Thai…
- 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…
- 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…
- Business News
Battered Thai Airways seeks government protection from creditors
Struggling national flag carrier Thai Airways is seeking government support in 4 key areas, including negotiating with foreign creditors and renegotiating contracts with other state enterprises. The director-general of the State Enterprise Policy Office said yesterday that the airline is seeking state help after the Central Bankruptcy Court accepted its request for rehabilitation. The airline also wants the government to…
- 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…
- 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…
- Business News
Prayut warns Thai Airways that the latest government bailout will be the last
The Thai PM has issued a stern warning to the executives of Thai Airways that the latest bailout is the last from the government. Last week the Finance Ministry agreed to guarantee a 54 billion baht bailout loan for the ailing airline and a further 80 billion baht recovery loan – both massive amounts of money being given to an…
- 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…
- 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…
- Politics News
Government unveils 12 policies – BKK street food return and a higher minimum wage
One of the new parliament’s first debates, when it sits on July 25 and 26, is over a formal policy listing 12 living standard priorities. The list laid out in a briefing paper lists surprisingly progressive policies for the new coalition. The government says it wants to reduce obstacles blocking people from earning a decent living and would utilise digital…
- 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…
