BANGKOK (NNT) – The northern extension of the Green Line train service in Bangkok is making good progress, with stations now scheduled to be open for public trial on 4th June.

The Bangkok Metropolitan Administration (BMA) will be opening four more stations along the Green Line’s Mo Chit – Saphan Mai – Khu Khot extension, according to the BMA’s executive meeting chaired by Bangkok Governor Pol Gen Aswin Kwanmuang yesterday.

The four stations will extend the northbound service of the BTS Skytrain which currently terminates at Kasetsat University station, to Royal Forest Department station, Bang Bua station, and 11th Infantry Regiment station, before terminating at Wat Phra Sri Mahathat station. The opening ceremony of the public trial will be presided over by the Prime Minister on 4th June.

Also in early June, the BMA is scheduled to open the Chao Phraya Sky Park, an elevated park constructed between lanes of the road over Phra Pok Klao Bridge across the Chao Phraya River. This 280-meter long sky park will allow the general public to walk or cycle across the river between Thonburi and the Phra Nakhon side of Bangkok.

Final inspections of the park will be made on 29th May, while the official opening ceremony is expected to take place in late June.

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Even before the outbreak of COVID-19, the level of global debt was high by historic standards. According to the Institute of International Finance, by late 2019 global debt (including private and public debt) was more than US$250 trillion.

Public debt, in particular, has increased everywhere since the global financial crisis of 2008.

IMF calculations show that public debt ratios in almost 90 per cent of advanced economies are higher than before 2008. Emerging markets on average have seen such ratios increase to levels similar to those seen during the crises of the 1980s and 1990s. Public debt has also built up in low-income countries with two-fifths at high risk of debt distress.

How much global debt has been added on the back of the COVID-19 health emergency? Focusing only on low-income and emerging economies, IMF Managing Director Kristalina Georgieva reckoned that US$2.5 trillion was a ‘very conservative, low-end estimate’ of their financing needs.

Where does Asia stand in all this?

The two largest Asian economies, China and Japan, have some of the highest levels of debt in the world — at the end of 2017 Japan’s total debt stood at 395 per cent of GDP and China’s at 254 per cent. But there are some significant differences in their debt composition.

In Japan debt is mainly public — approximately 237 per cent of GDP in 2019 — and is mostly held domestically.

Around 70 per cent of this debt is held by the Bank of Japan. Under normal conditions the combination of domestic–public debt holdings and very low interest rates considerably reduces the risk of default.

But will things change now? Japan’s…

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BANGKOK(NNT) – In an effort to help shop operators affected by the COVID-19, MBK Center has launched another assistance measure for store tenants, by increasing the maximum rental discount to as much as 70 percent for three months.

Mr. Suwet Theerawachirakul, Chief Executive Officer and Managing Director of MBK Center, and MBK Center executives convened a meeting recently with store operators to hear their problems and jointly discuss ways to help them. Short-term contract tenants, including operators of small and medium sized shops, will be offered a 70 percent discount in June, a 60 percent discount in July and a 50 percent discount in August. Other store operators will be offered a 30 percent rental discount, effective from June 1st to August 31st, 2020.

Long-term contract tenants will be offered a 50 percent discount on rental and service fees for three months from June to August. Vendors wishing to change product types can notify the MBK Center for consideration by the end of August. Most of MBK’s vendors are small and medium enterprises, and SME entrepreneurs; the company is willing to support Thai entrepreneurs in creating their own brands and distribution channels. MBK Center will open a promotional space free of charge for three months from 1st June – 31st August, 2019, to allow vendors to take turns selling their products at special prices.

Mr Suwet said he has reduced rental fees to help the store operators since the beginning of the COVID-19 situation. Today, another assistance measure was launched because he doesn’t know how long the situation will persist. The MBK Center itself has various expenses such as rental fees and salaries for its staff, but understands the suffering of store operators especially those with tourists as a target group because Thai airspace is still closed. Therefore, it is necessary to assess the situation day by day and find ways out, to help everyone survive together.

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BANGKOK (NNT) – The Cabinet has acknowledged the appointment of DPM Wissanu Krea-ngam as the chairman of the supervising committee on Thai Airways’ rehabilitation via the Bankruptcy Court, reporting periodically to the Cabinet.

The Government Spokesperson Narumon Pinyosinwat has disclosed that in a meeting today the Cabinet appointed a committee to supervise the rehabilitation of Thai Airways via the Bankrupcy Court, with Deputy Prime Minister Wissanu Krea-ngam sitting as the chairman.

The Superboard consists of nine members from the Ministry of Finance, the Ministry of Transport, the Ministry of Justice, and the Stock Exchange of Thailand.

The Cabinet last week adopted a plan for Thai Airways to enter rehabilitation via the Bankruptcy Court, according to the Bankrupcy Act BE 2483.

Subsequently, the Ministry of Finance reduced its shareholding in Thai Airways to 48 percent, making the airline effectively lose its status as a state enterprise. This process gives the company full authority to pursue its rehabilitation.

The Cabinet-appointed Superboard will be supervising every step taken in the rehabilitation of the airline, and providing guidance for government agencies in matters related to Thai Airways, excluding court-related procedures.

The Superboard will be making inspections, conducting scrutiny, and facilitating related entities for the purposes of rehabilitation, as well as performing other tasks assigned by the Prime Minister or appointed Cabinet members. It is also tasked with making regular reports on the process to the Cabinet.

Despite no longer being a state enterprise, the Ministry of Finance as a major shareholder still has the authority to manage Thai Airways’ businesses according to the shares it is holding. The Ministry of Finance can exercise its power directly, or through the new Superboard.

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