1. TMBAM Eastspring debacle rattles market : Two mutual funds with an investment strategy focusing on foreign debt were torpedoed by panic selling. Two fixed-income funds of TMBAM Eastspring were a catalyst igniting a major redemption in Thailand’s mutual fund industry, to the point where the selling spree nearly sparked a liquidity crunch. Bangkok Post TMB Bank says no more fixed-income funds will fold : TMB Bank, which holds a 35% stake in TMBAM Eastspring, clarified that no more fixed-income funds under its affiliates’ management will be scrapped after a wave of redemptions prompted the mutual fund firm to terminate four funds. Bangkok Post
  2. Govt won’t let THAI go under: Somkid : Deputy Prime Minister Somkid Jatusripitak yesterday said the government will not allow ailing flag-carrier Thai Airways International Plc (THAI) to collapse and dismissed rumours of impending lay-offs as a result of the coronavirus crisis. Bangkok Post
  3. Ministry readies phase 3 of virus welfare : The Finance Ministry is preparing the third phase of the government’s Covid-19 relief package to support people, small-and-medium enterprises and financial institutions as the country grapples with the virus crisis. Bangkok Post
  4. Pandemic pot reaches into budgets : 10% carved from each ministry’s allotment. The government is set to appropriate 10% of the fiscal 2020 budgets of each ministry for a central fund to fight the pandemic and rehabilitate the economy. Bangkok Post
  5. TMBAM initiates rebates for 4 cancelled funds : TMBAM Eastspring began allocating the first rebate of investors’ money yesterday after terminating four fixedincome funds last week, with hopes the process will be completed within 90 days. Bangkok Post
  6. 9 million fit for B5,000 relief : Nine million people out of 21.7 million who registered will be eligible for the 5,000-baht financial aid granted by the government to ease the impact of Covid-19, says government spokeswoman Narumon Pinyosinwat. Bangkok Post
  7. UTCC: 2020 exports may fall B500bn : Nine-month virus crisis is worst case. Thailand’s exports are likely to shrink by as much as 500 billion baht this year due to the Covid-19 pandemic, trade wars and the US-Iran conflict, leading the country’s outbound shipments to contract by 7%, the worst showing in 10 years, according to a university study. Bangkok Post
  8. BoT says GDP to shrink until next year : The economy is expected to contract every quarter this year, with the nadir in the second quarter, according to a senior official at the Bank of Thailand. Bangkok Post
  9. BoT: Banks can handle virus impact : Local system in solid financial position. Thailand’s banking sector is strong enough to cushion against a potential upsurge in bad debt and debt restructuring cases stemming from the coronavirus outbreak and official measures to contain the spread, says a senior official at the Bank of Thailand. Bangkok Post
  10. Rice export restrictions not foreseen : Despite growing food security fears worldwide, the government says Thailand has no plans to limit rice exports. Bangkok Post

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