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Thai Airways Q3 losses free falling to 21.5 billion baht

Adding to the 28 billion llion baht loss for the first semester of this year, Thai Airways losses are now close to 50 billion illion bahts.

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The national carrier Thai Airways International (THAI) reported a net loss of Bt21.53 billion in the third quarter ending September, compared to a 4.68 billion baht loss in the same period last year.

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Added to the 28 billion baht loss for the first semester of this year, Thai Airways losses are now close to 50 billion bahts.

Thai Airways losses for this year (2563) should stand over 50 billion bahts.

The company, which had total liabilities of 332.2 billion baht at the end of June, faces one of the biggest challenges in its 60-year history as the Central Bankruptcy Court in Bangkok digs further into the airline’s accounts.

As Reuters reported last month , the national airline company appointed auditors, firm Deloitte Touche Tohmatsu Jaiyos Co Ltd, said it could not reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults and declined to sign off on the accounts.

Trading in THAI shares was suspended today after auditors refused to comment on its balance sheet to the end of last month, the Stock Exchange of Thailand announced. THAI shares closed on Wednesday at 3.20 baht, down 2.44% on the previous day.

The airline had defaulted on loans and bonds totalling 85 billion baht, or 33.1% of its total assets, according to its latest statement on July 22. It reported a net loss of 28 billion baht in the first half of this year, a more-than-fourfold jump from 6.44 billion baht during the same time a year ago.

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Ecommerce

Disrupted by Covid-19, will South-east Asia’s super apps join forces?

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Disrupted by Covid-19, will South-east Asia's super apps join forces?
– Super apps explore inorganic growth options
– Gojek in talks with e-commerce company Tokopedia over $18bn merger
– Grab reported to be preparing for a public listing in the US
– Food delivery and financial services increasingly important segments

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After a year of external expansion and internal reorganisation due to Covid-19, South-east Asia’s super apps appear to be looking towards mergers and public listings as a strategy for future development.

In early January international media reported that Indonesian ride-hailing and payments giant Gojek was in advanced talks about merging with local e-commerce company Tokopedia, in a deal estimated to be worth $18bn.

Any potential merger between the two would be significant for Indonesia. The two local unicorns could create a digital powerhouse, with integrated services ranging from ride-hailing to digital payments, e-commerce and delivery.

A tie-up would also create numerous synergies, such as Gojek’s fleet being able to serve Tokopedia’s online shopping orders. However, there is also some overlap in the digital payments space, where Gojek’s GoPay platform competes with Ovo, which is 35% owned by Tokopedia, although there is speculation that Tokopedia may look to sell its stake in Ovo.

The news was followed by separate reports in late January that Grab, Gojek’s biggest competitor in South-east Asia, had selected investment banks Morgan Stanley and JP Morgan to help work on an initial public offering (IPO) in the US, set to take place in the second half of the year.

The Singapore-headquartered company, which operates ride-hailing, food delivery, e-payment and insurance services in around 400 cities across eight South-east Asian countries, is valued at around $16bn. Its IPO is expected to raise at least $2bn, which would make it the largest overseas share offering by a South-east Asian company.

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Economics

Thailand’s economic outlook for 2021

The government expects inbound tourism to be at around 8 million by the second half of 2021, well below 40 million in 2019

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The Thai economy will grow next year after contracting by almost 10% this year. Next year, the Thai economy is expected to expand 3 to 4% from this year. It will not be until the end of 2022 before the Thai economy returns to its pre-Covid level of 2019.

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Vietnam

How Vietnamese goods entered into foreign distribution channels

Consumers around the world are interested in many Vietnamese agricultural products, such as mango, banana, lychee, longan, and dragon fruit. However, in order to get into foreign supermarkets like Aeon or Lotte, it was quite difficult, said experts.

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Hanoi (VNS/VNA) – For Vietnamese products to enter foreign distribution channels, it was necessary to be more professional and stable in product quality, said experts. 

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