finance
- Thailand News
Covid-19 brings surge in gold and cryptocurrency investment
In the uncertain times of the Covid-19 pandemic, investors are leaning towards safe investments like gold and also the emerging cryptocurrency market. Gold prices hit a 7 week high at over 55,000 baht on Thursday and around April 15 online gold transactions in Thailand doubled. One reason for the rise in gold price is uncertainty, with tensions growing between the…
- Economy News
Thai baht performs worst of all Southeast Asian currencies
Among common currencies in Southeast Asia, the Thai baht was the worst performing in the first quarter of 2021, mostly due to Covid-19’s effect on tourism in Thailand. This week the baht hit its lowest point in half a year, falling 4% against the US dollar to 31.24. The decline was the sharpest in all of the Southeast Asian nations.…
- Thailand News
Bank of Thailand wrestles with cryptocurrency adoption
The Bank of Thailand is wrestling with cryptocurrency – how to adopt its usage and how to regulate it in the face of growing popularity, along with all the dynamics surrounding the new ‘currencies’.. The BOT admits they’re struggling with balancing the innovation in the financial world and protecting investors in a volatile and unstable market. Digital currency fluctuates much…
- 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…
- Economy News
“I already lost heart years ago” – Thailand’s economic Tzar ponders his fate
Thailand’s Deputy PM and leading economic advisor, Somkid Jatusripitak, has acknowledged his fate if PM Prayut Chan-o-cha decides to reshuffle the cabinet. “A decision to shake up the cabinet is the prerogative of the prime minister.” “I have been prepared for a long time. I am old now. I already lost heart years ago.” Mr Somkid has long been proclaimed…
- Economy News
Somkid outlines a bright future for Thai economy
Thailand is poised to soar in the global market with heightened investment attraction and a massive budget earmarked to rejuvenate the economy in the fourth quarter, as the Covid-19 pandemic eases, according to Deputy Prime Minister Somkid Jatusripitak. Mr Somkid says the government also plans to enhance financial cooperation with China and Hong Kong that will lead to business expansion…
- Tourism News
Covid-19 crisis sees nearly 100 Koh Samui hotels put up for sale
The economic devastation of the Covid-19 pandemic on Thailand’s tourism and hospitality sectors has been inestimable, with foreign arrivals banned since March and hotels nationwide ordered shut in April. Some around the country have since re-opened but nearly 100 hotels on the tourist island of Koh Samui are now for sale. The president of the Tourism Association of Koh Samui…
- Transport News
Thai Airways should file for bankruptcy: former finance minister
A former Finance Minister is proposing that Thai Airways formally file for bankruptcy, so the troubled national flag carrier can use the protection of the country’s bankruptcy law to begin rehabilitation. Kla party leader Korn Chatikavanich maintains that this is a “golden opportunity” for the financially battered airline to enter administration, under the bankruptcy process, and clear the way for real,…
- 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
Computer says no. Finance ministry refuses two-thirds of stimulus applicants.
Only 9 million Thais have been considered eligible in the latest package rolled out by the Finance Ministry. About 27 million registered for the emergency aid program to provide 5,000 baht per month for at least three month. Now the two-thirds who were initially refused the package after initial computer screening are asking why and fronting up to the Finance Ministry…
- Covid-19 News
Government doubles cash stimulus period for informal workers
The Thai government is doubling the period of monthly cash handouts for “informal workers,” from 3 months to 6. Finance Minister Uttama Savanayana made the announcement after yesterday’s weekly Cabinet meeting. The government initially only planned to provide cash to 3 million people for 3 months. The new stimulus marks a huge investment by the Thai government to keep the…
- Covid-19 News
Government says they won’t allow Thai Airways to collapse
“All rumours about a lay-off aren’t true. News involving Thai Airways that didn’t come from the Finance Ministry should be considered false.” Thailand’s deputy PM Somkid Jatusripitak says the government won’t allow its struggling national airline Thai Airways to collapse. He dismissed rumours of impending lay-offs due to the virus outbreak. Thai Airways has been a financial basket-case for the…
- Covid-19 News
Thailand’s airlines line up for 16 billion baht lifeline
Thai airlines are mostly grounded, basically due to lack of traffic from government restrictions to stop people from travelling. But they still have staff and regulations that require them to be paid. So 7 Thai airlines are seeking a 16 billion baht lifeline from the Thai Finance Ministry so they can keep employees whist their planes remain on the ground.…
- Economy News
Thai exports figures rise in January
Whilst there’s been plenty of economic challenges around for Thailand, including the high Thai baht and a levelling out of tourist arrivals, exports for January 2020 unexpectedly rose according to ministry figures. It’s the first rise in six months, and an increase of 3.35% from the exports 12 months earlier. The customs-cleared export numbers have been boosted by higher shipments…
- World News
Grab creates finance and payments revolution in Southeast Asia
PHOTO: Grab.com While Southeast Asia’s economy shows huge potential for growth, around 73% of the population still doesn’t have a bank account, severely limiting the upward mobility of both individuals and organisations. Enter Grab, the ride-hailing app, which is introducing a range of financial services in Singapore, including micro-insurance for small to medium sized companies, and post-paid products. Instead of…
- Politics News
Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
