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
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
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
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
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
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
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
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
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
Rice export restrictions not foreseen : Despite growing food security fears worldwide, the government says Thailand has no plans to limit rice exports. Bangkok Post
