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At least four Thai insurance companies have gone bankrupt after suffering losses from selling low-cost COVID-19 policies, raising fears of a domino effect that could weigh on the country's non-life insurance sector, Nikkei Asia reported. Syn Mun Kong Insurance is looking to raise capital and find new partners to stay afloat as it navigates a court-supervised rehabilitation. "Some foreign investors have expressed interest in joining us. We are in talks," said a source close to deals that could affect Syn Mun Kong's ability to retain its business license.
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Thai AirAsia X, the long-haul budget airline under the AirAsia group, said its application for bankruptcy protection was accepted by Thailand’s Central Bankruptcy Court, Forbes reported. "Thai AirAsia X has entered into rehabilitation at an appropriate time with tourism recovering and the nation reopening”, Patima Jeerapaet, chief executive of Thai AirAsia X said in a statement released on Thursday.
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Syn Mun Kong Insurance (SMK) has filed for protection with the Central Bankruptcy Court after it failed to pay a whopping THB164 billion to 1.95 million people who purchased its Covid insurance, The Nation (Thailand) reported. SMK managing director Reungdej Dusdeesurapoj informed the Stock Exchange of Thailand that the company filed for bankruptcy protection on Tuesday in accordance with the decision of its board of directors.
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Thailand's leading joint business group on Tuesday trimmed its economic growth forecast for this year to 2.5%-4.0% from a previous forecast of 2.5%-4.5% due to the impact of the Russia-Ukraine war on global growth and energy prices, Reuters reported. The inflation forecast was raised to 3.5%-5.5% this year from a previous projection of 2.0%-3.0%, the group, which includes representatives from industry, banking and commerce, said in a statement. It maintained its export growth outlook of 3.0%-5.0% this year.
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Japan's Nippon Steel Corp. has completed its acquisition of majority stakes in two electric arc furnace steelmakers in Thailand, paying about $477 million in total, it said on Monday, Reuters reported. The company, Japan's biggest steelmaker, said in January that it will buy Thai steelmakers G Steel PCL and G J Steel PCL in a deal worth up to $763 million, seeking to cut its reliance on blast furnaces that use coking coal and emit carbon dioxide.
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Thailand's economic activity in March came under pressure from rising coronavirus infections and higher inflation driven by increasing energy prices, after a recovery in the previous month, the central bank said on Thursday, Reuters reported. Overall business activity was steady in March, while the baht depreciated following an escalation of the Russia-Ukraine conflict, the Bank of Thailand (BOT) said. Southeast Asia's second-largest economy should, however, remain on the recovery path, senior BOT director Chayawadee Chai-Anant told a news conference.
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Thailand has issued rules to ban digital assets from being used to pay for goods and services from April 1, the market regulator said on Wednesday, Reuters reported. The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country's financial stability and overall economy, the SEC said in a statement.
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Thailand’s unemployment rose to its highest level in more than 16 years after the worst wave of Covid-19 outbreak to hit the nation decimated jobs in the third quarter, Bloomberg News reported. The Southeast Asian nation had 870,000 unemployed people at the end of September, representing a 2.25% jobless rate, according to the National Economic and Social Development Council. It’s the worst showing since 2005 and is higher than the 1.89% posted in the second quarter, official data showed.
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Thai Airways International Pcl will sell 42 planes and cut nearly a third of its workforce as part of a plan to slim down the fleet and cut costs, the head of its restructuring committee said on Monday, Reuters reported. The airline, which was in difficulty well before the pandemic struck, is going through a bankruptcy-protected restructuring. Piyasvasti Amranand, who is leading the effort, said that the planes being sold are old and not energy efficient. He said 16 jets on lease will be returned. After the sale, the airline will have 58 planes across four types.
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Asia Aviation Pcl, the operator of Thailand’s biggest budget carrier Thai AirAsia Co., plans to raise as much as 17.9 billion baht ($535 million) from new loans, share sales and convertible-debt offerings as it attempts to restock coffers depleted by the worst crisis in aviation history, Bloomberg News reported. A revised financial restructuring plan for the company has been put forward and Asia Aviation is consulting with new investors, shareholders and creditors, Asia Aviation said in an exchange filing late Tuesday.
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