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Political turmoil affects Thailand’s credit ratings

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The chairman of the Stock Exchange of Thailand (SET) on Wednesday said Thailand’s credit ratings outlook if downgraded by two credit rating agencies will erode confidence among foreign investors.

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SET chairman Sompol Kiatphaibool said that Moody’s Investors Service and Standard & Poor’s credit ratings companies are likely to lower Thailand’s ratings due to the country’s political chaos, which has now become an important indicator to Thailand’s credibility. That means it will become more expensive for Thailand to borrow money from overseas. In addition, the interest rate on both government and corporate bonds would have to become higher in order to accompany the higher-risk premium.

via SET: Bourse chief concedes political turmoil affects Thailand’s credit ratings.

hailand’s equity market bounced back strongly from the global crisis in 2009, with a total shareholder return (TSR) of 90.8% for the year against a 36% decline the year before. Ultra-lax monetary policies and massive public spending across the globe helped spur a quick turnaround from the worst global downturn since the Great Depression.

With economic pundits forecasting that Asian economies will lead global growth over the next few years, led by emerging giants China and India, it seems logical that investors will shift their funds to Thai and Asian equity markets in search of higher yields. Yet a glance through the 2009 Post/ AWR Lloyd-PYI Shareholder Scorecard shows that some sectors clearly benefited more than others.Homeand office products led all sectors with a 267% gain in 2009, followed by agribusiness at 238% and property development at 132%. Lagging the chart was paper and printing materials, with a -1.3% TSR for 2009, professional services with a meagre 4.5% gain, and property funds up 31%.

Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

National News Bureau of Thailand

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BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

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Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

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The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

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Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

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BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

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