financial
- Business News
High demand for GSB soft loan scheme reaching 80 billion baht
A government-administered soft loan scheme through the Government Savings Bank (GSB) has seen significant initial interest, with demand reaching 70-80 billion baht out of a total of 100 billion baht, according to Finance Minister Pichai Chunhavajira. During the signing ceremony for the memorandum of understanding for the GSB Boost Up scheme aimed at supporting small and medium-sized enterprises (SMEs), Pichai…
- Thailand News
Thai banks fuel Myanmar’s bloodshed: UN
Thai banks have become the main financial lifeline for Myanmar’s military government, enabling it to buy goods and equipment for its brutal campaign against pro-democracy resistance and ethnic minority groups. This revelation comes from a UN report released yesterday, June 26, by Tom Andrews, the UN special rapporteur on the situation of human rights in Myanmar. The report details how…
- Lifestyle
Don’t carry cash in Thailand
Are you planning a trip to Thailand? With the many temples, beaches, and other attractions Thailand offers, you will definitely have a memorable experience. However, before your trip, there is an important factor that you should consider other than your passport/visa issues and that’s money. Recent modifications in policies have established that a sufficient amount of cash must be on…
- Business News
Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
- Guides
Navigate debt guide: Laws and strategies for financial recovery
Navigating through debt in Thailand presents a considerable challenge, particularly when confronted with language barriers, cultural nuances, and the complexities of its legal framework. For individuals seeking to address financial difficulties, acquiring a comprehensive understanding of the effective strategies for debt recovery within this Southeast Asian country is imperative. With proper guidance, not only is surmounting debt achievable, but it…
- Business News
GIF expedites Covid-19 payouts amid financial strain
The General Insurance Fund (GIF) proposed an expedited payment option for Covid-19 policyholders, where they can avail of an immediate reduced payout rather than wait for a decade for the full claim. This could mean receiving 60 baht now instead of 100 baht in the future, according to Finance Permanent Secretary Lavaron Sangsnit. Governmental body GIF was formed to safeguard…
- Business News
Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
- Thailand News
Prosecutor seeks mystery Thai musician captivating netizens
In a heartwarming display of community and official concern, Director-General of the Prosecutor, Office of the Rights Protection and Legal Assistance to the Public (NCPO), Kosonwat Inthuchanyong, has issued a public appeal seeking a young pianist whose piano playing in a local market has captured the attention of netizens. The boy, who has been performing to financially support his household,…
- Guides
10 Signs you’re spending money wrong
In a world where the allure of instant gratification often overshadows the virtue of financial prudence, it’s alarmingly easy to fall into the trap of mismanaging one’s finances. The subtle art of spending money wisely is lost on many, leading to a cycle of financial strain that seems inescapable. Recognising the signs of poor spending habits is the first step…
- Thailand News
Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
- Business News
Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
- Business News
Stark Corporation’s interim CEO detained amid corporate scandal investigations
Stark Corporation interim CEO Vonnarat Tangkaravakoon has been apprehended amidst ongoing investigations into a series of corporate scandals. Vonnarat, presently detained in a private hospital under the authority of the Department of Special Investigation (DSI), was initially taken into custody at the hospital where he was receiving medical care. A warrant issued by the Criminal Court facilitated his arrest yesterday,…
- Thailand News
Community rallies to fund funeral for Thai grandmother
A heart-wrenching tragedy unfolded in the small community of Khao Kuba in Thailand, as 62 year old Pranom succumbed to the challenges of caring for her bedridden 12 year old grandchild, Nong Tong. Nong Tong, who has been disabled since birth, grapples with severe muscular weakness. The grieving family, already burdened by sorrow, encountered the additional challenge of lacking the…
- Thailand News
Experts warn of looming crisis for Thai economy
Dr Pipat Leungnamritchai, the chief economist at Kiatnakin Phatra Bank warned that the Thai economy is treading on thin ice, relying on unsustainable factors for growth. According to a recent exposé by Krungthep Thurakij on January 20, the nation’s financial stability is hanging by a thread. Dr Pipat highlighted the precarious reliance on low-interest rates, fiscal stimuli, and the booming tourism…
- Business News
Vietnam cuts bank stake limits to curb market manipulation risks
Vietnam’s legislature passed a resolution to decrease the maximum stake investors can own in domestic banks. Coming into force in July, the law will limit the equity held by institutional investors, such as pension or investment funds, to 10%, down from the current 15%. The adjustment has been made in an attempt to mitigate the risk of market manipulation. This…
- Business News
Finance Ministry proposes joint venture asset management companies to aid debtors
The Finance Ministry is advocating for collaborative investments between Specialised Financial Institutions (SFIs) and Asset Management Companies (AMCs), proposing the formation of joint venture asset management companies (JV-AMCs). This initiative aims to aid debtors who collectively hold three million accounts amounting to a total value of 230 billion baht, stated Paopoom Rojanasakul, the secretary to the finance minister. Rojanasakul explained…
- Business News
Thailand’s Central Retail eyes potential investment in Selfridges
Central Retail Corp., a leading retailer in Thailand, indicated potential interest in investing in Selfridges, the renowned department store, given the right circumstances. The company outlined their investment criteria in a recent statement to the Thai stock exchange, stating that any new venture must align with its strategic business plan, be reasonably priced, and have optimal timing. The company made…
- Economy News
World bank and ADB downgrade Thai GDP growth predictions for 2024
The economic forecast for Thailand in 2024 is uncertain as the World Bank reduces the country’s GDP growth estimate from 3.4% to 2.5%. Factors influencing this include weak exports and fiscal consolidation. Furthermore, the Asian Development Bank (ADB) also downgraded its Thai GDP growth prediction from 3.5% to 2.5% for the same reasons. Looking towards 2024, GDP is expected to…
- Economy News
Thailand’s fiscal position geared to absorb potential economic shocks
According to Pornchai Thiraveja, the director-general of the Fiscal Policy Office, Thailand’s robust fiscal position is well-equipped to buffer any potential economic shocks. The country boasts a fiscal space substantial enough to absorb crises equating to 10% of the GDP. The Thai financial institutions are stable economically, with a 19.9% Bank for International Settlements ratio, which is well above the…
- Thailand News
Thai economy set to boom with 106 billion baht splash with new year expenses
The University of the Thai Chamber of Commerce (UTCC) predicts a staggering 106 billion baht surge in consumer spending during the upcoming New Year festivities – a four-year high that could inject new life into the nation’s financial veins. President Thanavath Phonvichai, the maestro behind this optimistic symphony, attributes the spending spree to the government’s strategic new year’s gift measures.…
- Economy News
Debt dilemma: Households in a financial bind as debt soars, Thai PM pledges change
Thailand is in the grips of a financial crisis, with household debt skyrocketing to a staggering 16.07 trillion baht, a 3.6% surge compared to last year. Thai Prime Minister Srettha Thavisin vowed to address the problem of what he calls debt slavery. The National Economic and Social Development Council (NESDC) yesterday dropped a bombshell, revealing that Thailand’s household debt is…
- Thailand News
Rice and shine: Thai government dishes out financial aid to farmers through BAAC
The Thai government initiated a financial aid programme for rice farmers, channelling through the Bank for Agriculture and Agricultural Cooperatives (BAAC). Rice farmers will receive 1,000 baht per rai, capped at 20 rai (32,000 squared metres) per household, or a maximum of 20,000 baht per household. This scheme, part of the Rice Farmer Management and Quality Improvement project for the…
- Thailand News
December horoscope: Astrologer reveals fortune in Thai baht
As the year-end approaches, astrologer Thosporn cautions zodiac signs to stay vigilant during the final month of this year. The warning comes as he unveils the horoscope for December, highlighting the signs that will enjoy good fortune, those set to receive a significant monetary windfall, and those expected to experience luck in their relationships. However, some signs may face deception.…
- Business News
Thailand’s 2023 financial growth predictions revised down due to GDP data
Economic analysts have recently revised their predictions for Thailand’s 2023 financial growth, due to disappointing third quarter GDP expansion data and uncertainties surrounding the contentious digital wallet policy. For the initial nine months of 2023, the economy grew by 1.9%. Maybank Securities, based in Malaysia, has reduced its 2023 Thai growth prediction from 2.9% to 2.3%. This decision was influenced…
- Press Room
Super Satang: Revolutionizing Youth Financial Literacy in Thailand
The crisis of financial literacy in Thailand has reached crisis proportions, with startling statistics revealing a perilous landscape. Alarmingly, household debt has risen to 85% of the nation’s GDP, and an astounding 76% of the population plays the lottery, frequently at the expense of their financial stability. Against this bleak backdrop, Bangkok Patana School senior 17 year old Krishaan Phlaphongphanich,…
- Business News
World Bank’s growth forecast dips in East Asia: A downward spiral
The World Bank‘s most recent semi-annual report reveals a downward revision in growth predictions for developing economies across East Asia and the Pacific for the years 2023 and 2024. This downward adjustment can be attributed to various factors, including the constraints imposed by tighter financial conditions and the ongoing challenges within the global economic environment. According to the report, the…
- Economy News
UOB report uncovers economic concerns and investment trends in ASEAN nations
The United Overseas Bank (UOB) released a significant report revealing the current economic sentiments of citizens and businesses across five ASEAN nations – Singapore, Malaysia, Indonesia, Vietnam, and Thailand. Two days ago, Yuthchai Tayaratchakul, the Executive Vice President of UOB, provided a statement regarding the ASEAN Consumer Sentiment Study (ACSS). The UOB report aimed to shed light on the top…
- Phuket News
Phuket Airport taxi turmoil: Grab’s entry drives cabbies to complain
Phuket’s International Airport taxi drivers filed an official complaint about reduced income following the inclusion of Grab as an authorized service at the airport, effective from last Friday, September 1. The complaint was submitted by Chukiat Panyawai, President of Phuket Business Car Service Cooperative Limited, to Rewat Areerob, President of Phuket Provincial Administration Organisation (PPAO), on September 6. Members of…
- Economy News
Tisco ESU advises focus shift to debt instruments amid market instability
Amid global stock market turbulence, financial analysts at Tisco’s Economic Strategy Unit (Tisco ESU) are advocating that investors pivot their focus towards debt instruments for potential high-yield returns. The ongoing pressures from elevated bond yields, coupled with the weakening economies in the US and Europe, are some of the contributing factors exerting pressure on the financial markets. The ongoing macroeconomic…
- Thailand News
Emergency services funding delay leads to Thai rescue groups suspending operations
In the northeast of Thailand, numerous rescue organisations have decided to halt their complimentary emergency services, attributing this drastic measure to the absence of financial backing from the National Institute for Emergency Medicine (Niem). The organisations report that they have been unable to access emergency services funding for a continuous span of eight months. Pisit Pongsirisupakul, the vice-chairman and secretary-general…
