Thailand’s central bank held its benchmark rate unchanged on Wednesday, signaling a need to preserve policy space as the country grapples with its biggest wave of Covid cases and a weakening outlook for the tourism-reliant economy, Bloomberg News reported. The Bank of Thailand’s rate setting committee unanimously decided to hold rates at a record low of 0.5% for a ninth straight meeting, as expected by all 25 economists in a Bloomberg survey. The committee “stands ready to use limited policy space at the most-effective timing,” Bank of Thailand Assistant Governor Titanun Mallikamas said.
Borgward will file for bankruptcy, which will be announced at the beginning of July, Sina Tech reported today, according to Gasgoo.com. In 2014, BAIC Foton acquired the iconic German brand and in March, 2019, Ucar, a chauffeured car service provider in China, bought 67% stake of the company with 4.109 billion yuan. Many former employees of Borgward revealed that in order to help Borgward enter into high-end vehicle market, Foton has been marketing Borgward as a brand with German origin, but its heavy investment seems to be a failure.