Chiwit Thai

[Yamato]

Hope I did not over do it this year 😂😂😂

 

 

 

[Yamato]

I heard from my friend that there is a new branch of the Old Airport Road Food Centre's lormee at Holland Drive block 43 coffeeshop. I always like this Old Airport Road lormee so I went to try.

 

The coffeeshop

 

The stall

 

The prices and choices

 

My breakfast: lormee S$8 and kopiO S$1.20

 

Pretty ya

 

 

My verdict is this is very nice too

 

 

 

 

 

[Yamato]

Visited Bangkok's Chinatown, Yaowarat last week to do some last minute Chinese New Year shopping. I was very early arriving there about 6.30am so the streets are rather quiet. 

 

Here's the scene of the streets

 

 

Visited the Chinatown market

 

 

[Yamato]

Some photos of life at Yaowarat in the morning mostly opening of shops

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Yamato]

A friend drove me to Beo Crescent for the famous Hainanese curry rice there.

 

A long queue as always even thought its almost 2pm

 

Queued for 25mins

 

The dishes

 

Lunch is ready

 

Costs S$27 

 

 

 

[Yamato]

Last night a friend brought me to a tzechar restaurant in Tiong Bahru - Ting Hing Seafood

 

 

 

See indoor and outdoor sitting of this restaurant

 

 

 

Live seafood

 

Started with these

 

Claypot liver

 

Kailan

 

Chicken

 

Dry oysters with cabbage

 

Sweet and sour ribs

 

Tofu

 

Hokkien noodle

 

[Yamato]

https://asia.nikkei.com/Business/Business-Spotlight/Thailand-and-Indonesia-gear-up-for-return-of-Chinese-tourists?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230120190000&seq_num=3&si=44594

 

Foreign tourists at the Temple of the Emerald Buddha, one of Bangkok's most popular attractions, on Jan. 10.   © EPA/Jiji 

 

Thailand and Indonesia gear up for return of Chinese tourists
After a three-year lull, is Southeast Asia's travel sector ready for a rush?

 

NANA SHIBATA, PAK YIU and FRANCESCA REGALADO, Nikkei staff writersJanuary 20, 2023 06:00 JST

 

JAKARTA/HONG KONG/BANGKOK -- When Beijing decided to drop the COVID-era border controls that had shut China off from the rest of the world for three years, Komang, a souvenir seller at the traditional tourist haunts of Sanur beach in Bali, could not have been happier.

 

"I'm excited and looking forward to Chinese tourists coming to Bali again," the 36-year-old, who goes by only one name, told Nikkei Asia. "Most importantly, always having a group of tourists around means we'll have income."

 

Komang is not worried about the coronavirus spreading, either, despite reports of cases surging in China. "Not at all. As long as they are healthy when they come to Bali, it should be fine," he said. "I'm vaccinated, so I'm not worried about interacting with tourists."

 

He is not alone in his optimism. Across Southeast Asia, hotels, restaurants, airlines and others are looking forward to the impending return of Chinese travelers for the Lunar New Year holiday.

 

The question is whether the industry is ready to receive them.

 

In Thailand -- the most popular destination in the region for Chinese travelers pre-pandemic -- the first direct flight from China since the pandemic arrived on Jan. 9, carrying over 200 passengers. Thailand's health, transportation and tourism ministers were at the airport to greet them with smiles and garlands of flowers.

 

"It's a good signal for Thailand's tourism sector," said Anutin Charnvirakul, the health minister. "It's an opportunity for Thais to [recover] from the damage of the past three years."

 

Members of the media swarm travelers from China at Suvarnabhumi Airport in Bangkok on Jan. 9.   © AFP/Jiji

 

That same morning, Thai officials announced they would not impose vaccine and insurance requirements on arrivals from China, citing sufficient vaccination rates in both countries, low COVID incidence in Thailand and "inconvenience." More than a dozen countries, including Japan, Australia and the U.S., began imposing testing and quarantine restrictions on travelers from China following the reopening, while South Korea suspended the issuance of short-term visas for them.

 

China stuck to its strict zero-COVID approach longer than any other major country. While travelers from elsewhere in the world have been trickling back to Southeast Asia for some time, without China back in the picture the region's tourism industry had little hope of regaining its pre-pandemic heights.

 

Chinese tourists spent $254 billion during their travels abroad in 2019, according to Statista, much of it in Southeast Asia. That same year, Chinese travelers to Indonesia spent an average of $1,114 per visit, while in Thailand they spent around $1,467. When that inflow of money stopped, it left a hole that other travelers have not been able to fill.

 

 

That is partly because Chinese travelers accounted for 22% of all visitors to the region before the pandemic, and their spending helped create jobs. The hospitality sector employs almost 11 million people in Indonesia, nearly 8 million in the Philippines and about 7 million in Thailand, according to the latest statistics from the World Travel and Tourism Council.

 

Budget hotel chain RedDoorz, like souvenir seller Komang, is excited about the return of Chinese tourists even though its customers are primarily domestic travelers.

 

"Chinese tourists are important," Amit Saberwal, who started the chain in Indonesia, told Nikkei Asia. "They are big drivers of the travel economy and they will certainly lift the overall sentiment of the industry."

 

Travelers arriving at Ngurah Rai International Airport in Bali pose for a photo on Jan. 5.   © EPA/Jiji

 

Airlines are also seeking opportunities in the reopening.

 

VietJet Air plans to fully resume its Vietnam-China flights by June 2023.

 

"After China's pandemic prevention measures are removed and the tourist visa policy between the two countries is restored, VietJet will prioritize reopening the Vietnam-China flight network, starting with flights from Vietnam's major economic and tourist cities to China's populous cities in 2023," VietJet Vice President Nguyen Thanh Son said in early January.

 

The company plans to increase the flight network by 20% to 30% compared to pre-pandemic levels by year-end, Nguyen added.

 

Before the pandemic, the airline operated the most flights between Vietnam and China, comprising up to 50% of total flight capacity between the two countries.

 

In Indonesia, Minister of Tourism and Creative Economy Sandiaga Uno said Chinese airlines, including Air China, China Southern and Chinese Eastern, have requested permission to offer direct flights to Bali.

 

Malaysia Airlines, meanwhile, hopes to recover capacity over its entire network for China and North Asia by the first half of 2023.

 

Malaysia Airlines hopes to increase capacity as demand from China shows signs of bouncing back.   © Reuters

 

But some businesses are tempering expectations of a Lunar New Year boom. The suddenness of China's reopening before a major holiday left little time to issue visas, renew passports, and ramp up flight and hotel capacity.

 

"Stakeholders are demanding more than we can supply," said Punnaporn Wongjunpen, a Thai travel agency owner. "Some hotels focused on Chinese visitors have not yet reopened. Bus operators and tour guides who speak Chinese found work as teachers or other jobs."

 

Several members of the Association of Thai Travel Agents who cater exclusively to the Chinese market shut down during the pandemic and are "in wait-and-see mode," Punnaporn added.

 

At Central Group shopping malls, the Thai retail group had planned for Lunar New Year promotions before Beijing decided to allow international travel.

 

"We weren't counting on Chinese tourists as early as we expect them now. We were expecting recovery to start in [the second quarter] of 2023," said Olivier Bron, CEO of Central and Robinson department stores. The company aims to double sales to Chinese tourists and increase overall sales by 20% from the previous year in 2023.

 

Jane Sun, CEO of China's Trip.com Group, said companies in the travel industry have reduced headcount over the past three years after restrictions hammered revenue. "Capacity is not back at the 2019 level yet. Even if we fill all the planes and all the hotels, it won't be at 2019 levels," she said.

 

 

Trip.com Group's data shows that searches for trips during the holiday travel period -- covering early January to mid-February -- to pre-pandemic hot spots have grown significantly, with Japan, Thailand, South Korea, the U.S., U.K., Singapore, Malaysia and Australia being the most-searched destinations. Searches for package tours during the Lunar New Year break soared sixfold.

 

Though the industry is still struggling to keep up with surging demand, Trip.com's Chinese-language platform Ctrip launched a campaign to reconnect Chinese travelers with international destinations last year in anticipation of an outbound travel rebound. The company distributed 1 billion yuan ($147 million) worth of travel spending vouchers across 20 countries.

 

With flights still limited, high airfares are discouraging some Chinese from venturing overseas during the holiday.

 

"We will stay put, perhaps visit nearby scenic locations," said Cao Lingna, a homemaker in Shenzhen who, along with her family members, has recently recovered from COVID. "Overseas travel is out of the question as airfares are still high."

 

Many other Chinese also plan to stay home or travel in-country this year. China's domestic new year travel is set to double to 2 billion trips after the easing of coronavirus restrictions. The Ministry of Transport said in early January that it expects the number of trips to reach 70.3% of 2019 levels this year.

 

Tourists take photos in Bangkok's Chinatown district. Thailand is a popular destination for travelers from China.    © AP

 

Meanwhile, weekly seat availability for flights from China to Southeast Asia is still down more than 30% compared with the same period in 2019, according to aviation data provider OAG.

 

But if travelers like Jasper, a 27-year-old from China, are any indication, Southeast Asia can look forward to more tourism once capacity catches up with demand. He booked one of the first available flights to Thailand from southern China, spending over $1,000 on an air ticket -- about three times the pre-pandemic price.

 

"It feels kind of scary after not being out for three years," Jasper said, adding that he and his partner planned to spend a few days in Bangkok to "get their bearings" before making any out-of-town trips.

 

Their last trip before the pandemic was to Japan in December 2019. But this time they opted for the Thai capital, where Jasper used to live, due to COVID-related restrictions on travel to Japan. And after three years of being unable to leave the country, he is not complaining.

 

"To be honest," he said, "I'm excited to use cash again."

 

Additional reporting by Lien Hoang in Ho Chi Minh City, Ismi Damayanti in Jakarta, CK Tan in Shanghai and Hakimie Amrie Hisamudin in Kuala Lumpur.

[Yamato]

First of all I would like to wish everyone in this forum a Happy & Healthy & Prosperous Lunar New Year. Have a Great Rabbit Year!

 

Every eve of lunar new year Chinese all over the world will try their best to have reunion dinner with the family. So every year I will try my best to come back to Singapore to have my reunion dinner with my mom. I'd like to share my reunion dinner photos with all of you here.

 

The spread of 10 dishes

 

Lorbak

 

Brocoli 

 

Roast chicken

 

Meatballs

 

Chapchai

 

Fried noodles

 

Roast pork belly

 

Prawns

 

Steamed golden pomfret

 

Fish maw pig stomach pepper soup

 

Happy holidays

 

[Yamato]

Fried noodles for my family Chinese New Year party

 

 

 

[Yamato]

Today is the second day of the Lunar New Year. Time passes quickly and tomorrow is time to go back to Thailand to join my fellow Thai salesmen in selling screws. 

 

Had a great dinner tonight, all home cooked (except the yu-sheng)

 

Started with yu-sheng lo-hei bought this from Putian restaurant

 

 

 

The its the actual dinner

 

 

Braised abalone, fish maw, sea cucumber, chicken, shiitake mushrooms, broccoli, scallops etc

 

 

Pork meatballs

 

Treadfin steamed with soya sauce

 

Prawns

 

Cabbage soup with fish maw and abalone

 

Great meal with the family
 

[aaur4man]

jin satki man all the food

[Yamato]

This year’s cold spell in Bangkok is most unusually long I believe it’s almost 2 months now, usually it lasts only 2 weeks.

It’s 7.32am now

 

But I’m not complaining 😂

[Yamato]

https://www.straitstimes.com/asia/se-asia/former-pm-thaksin-says-daughter-paetongtarn-will-announce-his-return-to-thailand-this-year

Former PM Thaksin says daughter Paetongtarn will announce his return to Thailand this year 

 

Pheu Thai Party leader Paetongtarn Shinawatra (right) during a visit to a community in Chinatown, Bangkok, Thailand, on Jan 21. PHOTO: EPA-EFE

 

BANGKOK - Fugitive former prime minister Thaksin Shinawatra insists his return to Thailand will come without help from Pheu Thai or the ruling Palang Pracharath Party and will be announced by his daughter Paetongtarn.

 

Thaksin made the latest declaration on returning to his homeland during a discussion on the Clubhouse social media app on Tuesday night.

 

It came amid rumours that Palang Pracharat and Pheu Thai have done a deal for Thaksin to return after the general election, scheduled for May.

 

The former PM was answering questions from supporters in a live session held by the CARE Kid Kluan Thai (Think and Move Thailand) Facebook page.

 

Asked when he would return to Thailand, Thaksin revealed that he suffered an illness last year that disrupted his plans to come back.

 

“I intended to do so and I sped up oxygen treatment before the year-end. But the situation remained dangerous and my children had concerns over my safety,” he said. The ex-PM did not reveal why he needed oxygen therapy, though he reportedly caught Covid-19 last year.

 

“Anyway, I can confirm that I’ll definitely return and I want to emphasise here that I won’t be seeking help from any political party, including Pheu Thai. I’ll depend on my own heart, so don’t worry about me.”

 

Thaksin asked supporters to listen out for an announcement by his youngest daughter, Ms Paetongtarn, who is set to be unveiled as Pheu Thai’s candidate for prime minister at the next election.

 

“Ing (Paetongtarn) will announce when I’ll be back,” Thaksin added.

 

The former prime minister said no amnesty law would be enacted to pardon him and Pheu Thai would not seek compromise with Palang Pracharath over an amnesty.

 

“I depend on myself. I won’t beg for help from (Palang Pracharath). I can help myself and I’ll definitely return,” he declared.

 

Complaining of persecution by Thai authorities during his exile, he said he would return to his homeland to defend himself.

 

Thaksin was ousted in a military coup on Sept 19, 2006 while attending a United Nations meeting in New York. He returned in April 2008 to a hero’s welcome only to flee from a corruption trial in August 2008. He was eventually sentenced to a total of 10 years in jail.

 

An amnesty push by the government of his sister, Yingluck Shinawatra, sparked street protests that culminated in the 2014 coup led by then Army chief Gen Prayut Chan-o-cha.

 

On Tuesday, former red-shirt leader Jatuporn Prompan alleged that Thaksin had betrayed his supporters before the coup by compromising with Mr Prayut to block red shirts from protesting.

 

Mr Jatuporn said Mr Prayut had been able to stage the coup only because Thaksin had done a deal with him to halt any red-shirt mass protests.

 

Mr Jatuporn also claimed that Thaksin had neutralised the red-shirt movement after it helped his proxy Pheu Thai party to win power.

 

He added that including Thaksin as a beneficiary of the amnesty push had triggered its failure, leaving many of the red shirts who should have been pardoned for political offences in jail.

 

Asked to comment on Mr Jatuporn’s claims, Thaksin shrugged off the allegations.

 

“It’s okay. It’s natural. I want to tell red shirts that humanity does matter and all understand it, including the love for democracy,” he replied.

 

“People seek many ways to survive and I don’t mind if they attack me.”

 

Thaksin said he was confident that the “pro-democracy side”, or Pheu Thai and the Move Forward Party, would win over 300 House seats at the election, citing recent opinion polls.

 

As a result, the pro-democracy faction would definitely win the election and form the next coalition government, he added. THE NATION/ASIA NEWS NETWORK

[Yamato]

On second day of Chinese New Year I took a chance to have bnreakfast at Redhill market and was surprised to see some good stalls opened

 

 

 

This is the popular vegetarian beehoon in Redhill who happened to have the same name as the one in Tanglin Halt (now in Margaret Drive)

 

 

I'll say its so-so only

 

This fishball noodle is much better

 

 

 

[Yamato]

Dinner on second day of Chinese New Year

 

Clams so fresh

 

Crab fried rice

 

Steamed crab

 

with glass noodles

 

Goby steamed in green Thai sauce

 

Meat is so smooth and fresh

 

Tiger

 

[Yamato]

On my last day in Singapore I had roast duck for lunch at a coffeeshop stall 

 

Tha stall

 

Beautiful roasts

 

My $15.50 lunch

 

Delicious roasts

 

Big wantons

 

[Yamato]

Finally it was time to go home. At Changi Airport SQ lounge

 

 

 

 

Very nice nasi lemak

 

and laksa

 

[Yamato]

Taking off Changi Airport for Bangkok

 

 

Fish curry with rice meal

 

Fish was really good

 

Salad

 

Cheeses

 

Dessert

 

[Yamato]

Night landing in Bangkok, beautiful

 

 

 

[Yamato]

This is crazy. Unbelievable. It’s almost February and tomorrow morning expect to be 17 degC 😂

 

 

[Yamato]

Monday felt like having mutton curry so went to the supermarket bought 1.5kg of lamb to cook

 

 

 

 

I ate with roti prata

 

 

 

 

 

[Yamato]

Moon tonight - Last day of Chinese New Year

 

 

[Yamato]

https://asia.nikkei.com/Business/Travel-Leisure/Thai-tourism-struggles-to-find-workers-as-visitor-numbers-swell?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230206190000&seq_num=18&si=44594

 

Thai tourism struggles to find workers as visitor numbers swell
Labor shortage creates headwind in sector that once comprised 18% of GDP

Since Thailand fully reopened for tourism in July 2022, the country has welcomed more than 11 million foreign visitors.   © Reuters
APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writerFebruary 6, 2023 12:00 JST

 

BANGKOK -- Thailand's tourism industry is struggling to recover from the COVID-19 pandemic, with the sector now facing a labor shortage that could hinder a quick bounce back.

 

Since the government reopened the country in July 2022, Thailand has welcomed more than 11 millionforeign tourists, well above the target of 10 million forecast by the Tourism Authority of Thailand (TAT).

 

However, it is still unclear whether the surge in arrivals will be able to effect a quick turnaround in the industry, which once accounted for about 18% of Thailand's gross domestic product due to a shortage of workers.

 

Data from the Labor Ministry shows that the frequently visited southern beach town of Phuket is facing the most serious labor crunch. The tourism sector there needs to fill more than 17,000 positions, while the northern city of Chiangmai is about 9,000 workers short. Chonburi, just south of the capital Bangkok, is still trying to fill about 3,000 jobs.

 

"It's getting worse as more tourists come, and we don't have a large enough workforce to serve them," said Krisda Tansakul, adviser to the Thai Hotel Association. "We badly need more workers, from bellboys and cashiers to hotel managers."

 

TAT expected the number of foreign tourists to reach 25 million in 2023.

 

However, the Tourism Council of Thailand (TCT) -- a grouping of hotel operators and other related businesses -- was more optimistic, expecting up to 30 million foreign tourists this year, with total tourism revenue hitting three trillion baht ($91 billion).

 

"If this problem drags on, we may not be able to meet the demands of those 25 to 30 million tourists coming into Thailand," said TCT President Chamnan Srisawat in comments to Nikkei Asia. "This means we would miss tourism-based revenue targets."

 

But even if the industry finds enough workers, profits could be smaller than expected due to rising costs.

"Hotels need to pay higher electricity bills and find more manpower, resulting in higher labor costs. Even our bus drivers need to pay higher fuel prices," Ekkasit Ngamphichet, president of the Pattaya Business and Tourism Association, told Nikkei. "[Both] are unlikely to profit much."

 

The COVID pandemic adversely affected around 3.9 million employees in the tourism sector, according to a study by the National Institute of Development Administration.   © Reuters

 

Thai tourism peaked in 2019, when the country welcomed nearly 40 million foreign tourists.

 

Then COVID struck, plunging the number of foreign tourists to 6.7 million in 2020, which dwindled to 427,869 in 2021. Since then, the number has jumped to 11 million as of the second half of 2022 after the country reopened.

 

But the steep drop-off in tourism hammered some 3.9 million workers in the sector, according to a study by the National Institute of Development Administration. Data from the Labor Ministry indicates that around 7.7 million workers were in the tourism industry before the pandemic.

 

Around 60% of people laid off returned to hometowns to work in the agriculture sector. Another 20% looked for new jobs in other industries while the remaining 20% started their own business.

 

"Those who found new jobs with higher incomes -- and particularly those who started their own business -- are feeling much safer after having moved on, and will most likely not go back to previous [tourism-related] jobs," said Vacharee Prashyanusorn, TCT president of Nakhonratchasima province.

 

Vacharee, who operates a hotel in Khao Yai, 130 kilometers northeast of Bangkok, said hotel operators were suffering the most, as they need to quickly staff positions to meet expected demand from millions of Chinese tourists after Beijing recently reopened borders.

 

"Big hotel chains are fleshing out their workforces by offering larger salaries, but small and midsized hotels still have liquidity issues, making it harder for them to spend on attracting new employees," said Chamnan of TCT.

 

To capitalize on the resurgence in Thai tourism, Chamnan said the TCT is working with educational institutions nationwide to find workers willing to fill open positions. The TCT is bringing in trainees from schools devoted to tourism and hotel management from several universities.

 

"It is a win-win measure because the trainees will get the jobs they are studying for, while operators can finally get the workforce at the right time," said Chamnan.

 

Moreover, the TCT has also received support from the Government Savings Bank, which offered a 5-billion baht loan for small and midsized hotels to help tackle liquidity problems.

 

"With this kind of help, we expect the tourism industry to get back to pre-COVID levels by the end of the year," Chamnan said.

[Yamato]

https://asia.nikkei.com/Business/Finance/Thai-pandemic-borrowing-binge-prompts-calls-for-repayment-delays?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230208190000&seq_num=15&si=44594

 

Thai pandemic borrowing binge prompts calls for repayment delays
Household debt emerges as campaign issue with general election looming

 

As Thailand draws closer to general elections, the second largest party in the ruling coalition is promising stressed-out households a three-year debt holiday.   © Getty Images

FRANCESCA REGALADO, Nikkei staff writerFebruary 8, 2023 13:35 JST

 

BANGKOK -- The surge in Thai consumer borrowing during the pandemic has become a campaign issue in the Southeast Asian country, with populist politicians pushing for a multi-year debt holiday.

 

Thai households owe more as a percentage of gross domestic product than any other country in the region, according to the latest Bank of Thailand figures, reflecting a jump in borrowing that occurred as COVID dealt a blow to an economy that relies heavily on tourist revenues.

 

Thai consumer debt stood last September at 14.9 trillion baht, or 86.8% of GDP, up from 70% in early 2020. Between 2019 and 2020, consumer loan delinquencies of up to 90 days tripled to more than 1 trillion baht -- and have stayed above that level ever since, the central bank says.

 

"COVID has turned people with good discipline into ones with severe debt in just two years," Surapol Opasatien, chief executive of the National Credit Bureau, which tracks millions of debtors for the country's banks, told reporters in December.

 

Government forbearance programs have helped cushion the blow for borrowers. But many of these efforts are due to expire in the next few months, and with general elections looming, some Thai politicians are calling for further repayment delays.

 

The second-largest party in the governing coalition, the Bhumjaithai Party, has proposed a three-year consumer-debt holiday financed by the issuance of new government bonds.

 

"COVID has put us through tough times for three years. So, whoever has lawful debt, Bhumjaithai will give you a debt holiday of up to 1 million baht for three years," said Anutin Charnvirakul, the party's leader and Thailand's health minister.

 

Chartthaipattanakla, a party led by a former finance minister, has called for replacing the National Credit Bureau's debtor list with a formal credit scoring system. The Bank of Thailand and commercial banks have opposed the proposal, arguing it would undermine the credibility of the Thai banking system and make it harder to make loans.

 

The debt burden on individuals factored into the central bank's hesitance last year to raise interest rates in line with the U.S. Federal Reserve and neighboring countries. The bank finally bowed to inflation in August, and the policy rate now stands at 1.5% after four rate hikes.

 

The policy change will increase the burdens on borrowers of limited means who have taken on floating-rate loans, said Thitima Chucherd, head of economic and financial market research at SCB Economic Intelligence Center. "Although the impact of interest rate hikes may be limited to some certain types of debt, a higher debt burden could make those low-income households become more vulnerable."

 

Since 2017, the central bank has been working with lenders to restructure consumer debts of up to 2 million baht. More than 30,000 debtors with a combined 6.85 billion baht in principal were in the program as of August.

 

One of those participants, Mam, a single mother in northern Thailand, said she found herself struggling with debt since she shut down her part-time flea-market business four years ago after having a child. She owed money on her business credit card, a personal loan from her employer on another job and on loans for two cars, both of which were eventually seized.

 

Last year, she applied to the Bank of Thailand's debt mediation program. The clinic took on 60% of her 163,000 baht credit-card debt and reduced her monthly payment to 750 baht. "I used to feel that I had nowhere to turn, but I decided to participate in the debt clinic," Mam said.

 

Monitoring Thailand's consumer debt burden is tricky for the central bank because the commercial banks it oversees only account for 43% of household loans. The rest are made by other kinds of financial companies, such as specialized lenders and savings cooperatives.

 

The impact on banks depends on their customer mix. Profits at Bangkok Bank, the largest Thai bank by assets, rose 10.6% last year, reflecting strong returns from corporate customers. By contrast, Thailand's second-largest bank, Kasikornbank, which lends mainly to consumers and smaller businesses, reported a 6% fall in profits in 2022 as provisions for bad loans increased 28.73% to 51.9 billion baht.
 

[Yamato]

https://asia.nikkei.com/Business/Travel-Leisure/Thai-Airways-on-track-to-exit-rehabilitation-early-CEO?utm_campaign=GL_asia_daily&utm_medium=email&utm_source=NA_newsletter&utm_content=article_link&del_type=1&pub_date=20230210123000&seq_num=12&si=44594

 

Thai Airways on track to exit rehabilitation early: CEO
Carrier eyes increased service to China and Japan as travel recovers

 

Thai Airways plans to launch new flights to five Chinese cities this year, including Beijing and Shanghai.   © Reuters
YOHEI MURAMATSU, Nikkei staff writerFebruary 10, 2023 03:50 JST

 

BANGKOK -- Thai Airways is expected to conclude a restructuring plan ahead of schedule, new CEO Chai Eamsiri told reporters Thursday, as a worldwide relaxation of pandemic restrictions spurs travel demand.

 

The Thai flag carrier filed for bankruptcy protection in 2020 amid headwinds from COVID-19. In plans announced last year, it aims to complete restructuring in 2024 through a debt-for-equity swap, and is looking to resume trading on the stock market in 2025.

 

The restructuring plan is 70% complete, said Chai, who took the top post effective Feb. 1.

 

Thai Airways will officially announce its 2022 results by the end of the month. Revenue increased nearly fourfold last year to about 90 billion baht ($2.69 billion), Chai said.

 

The carrier predicts another 40% increase in 2023, which would bring revenue to about 70% of the pre-pandemic figure from 2019. It also aims to expand its fleet to 58 aircraft from the current 49.

 

Chai said he wanted to expand service to China, Japan and Europe. Thai Airways plans to launch new flights to five Chinese cities this year, including Beijing and Shanghai.

 

In Japan, Chai is more focused on increasing the frequency on existing routes than establishing new ones. He is considering more flights to and from the Haneda and Narita airports serving Tokyo, as well as Kansai International Airport serving Osaka.

 

Overall, Thai Airways expects to resume 65% of pre-COVID routes this year and 85% in 2025.

Chai is Thai Airways' first permanent CEO since Sumeth Damrongchaitham stepped down in April 2020. He served as chief financial officer until taking the top post.