All Inspire Development sparks concern with default on interest payment for bonds
THURSDAY, JANUARY 05, 2023
A major property developer has informed the Stock Exchange of Thailand that it has defaulted on 10.65 million baht in interest payments on a tranche of bonds, raising concerns about its ability to repay debentures of 1.2 billion baht due this year.
All Inspire Development Plc (ALL) reported that it defaulted on the fifth interest payment of 10.65 million baht for its ALL244A bonds, saying it lacked liquidity.
The 709.90 million baht worth of bonds were issued on October 1, 2021 with a due date in April 2024.
Somjin Sornpaisarn, managing director of the Thai Bond Market Association, said the property company had informed the bond association that a cash crunch caused it to default on the payment.
Somjin said representatives of ALL244A bond holders had yet to schedule a meeting to decide what to do about the default. The amount of the default is far lower than the minimum set by legislation – 400 million baht – for bond holders to take legal action against issuers.
According to the bond association, All Inspire Development raised 2.334 billion baht in seven tranches of bonds, with 1.205 billion baht worth of bonds being due this year.
The company issued bonds worth 80.7 million baht in October last year.
Amonthep Chawla, head of research at CIMB Thai Bank, said the default by the property developer would not affect the overall bond market because the problem was specific to one company.
Amorthep said All Inspire Development suffered from a liquidity crunch because it failed to raise more funds by issuing new shares.
Kitpon Praipaisarnkit, vice president of brokerage firm UOB Kay Hian, said the default was quite worrying because it demonstrated that the company’s cash shortage was severe.
Kitpon said companies can issue new shares or use funds from savings and operations to pay interest on bonds. As a result, it is concerning that All Inspire Development cannot pay interest on its bonds, he said.
The company may not be able to honour its 1.2 billion baht worth of bonds due this year, he said.
According to the bond association, All Inspire Development had raised 2.334 billion baht in seven tranches of bonds, with 1.205 billion baht worth of bonds being due this year.
The company issued bonds worth 80.7 million baht in October last year.
Amonthep Chawla, head of research at CIMB Thai Bank, said the default by the property developer would not affect the overall bond market because the problem was specific to one company.
Amorthep said All Inspire Development suffered from a liquidity crunch because it failed to raise more funds by issuing new shares.
Kitpon Praipaisarnkit, vice president of brokerage firm UOB Kay Hian, said the default was quite worrying because it demonstrated that the company’s cash shortage was severe.
Kitpon said companies can issue new shares or use funds from savings and operations to pay interest on bonds. As a result, it is concerning that All Inspire Development cannot pay interest on its bonds, he said.
The company may not be able to honour its 1.2 billion baht worth of bonds due this year, he said.
Despite widespread worldwide initiatives, such as those focused on ending poverty and expanding access to education, humankind continues to struggle with challenges related to education, poverty, inequality and global insecurity.
While it is true that not everyone who has access to an educational system ends up in poverty, the vast majority of today’s poor never even made it through elementary school, two out of every five individuals are illiterate, and violence is on the rise.
According to the World Bank, around 8.5% of today’s world population might be extremely poor by the end of 2022, and poverty is now falling at a relatively slower rate of barely 2% per year. Today’s population is poorer than that of the 1990s when 1.9 billion people, or 36% of the global population, lived on less than $1.90 a day back then.
There is a direct correlation between poverty and hunger in Africa. A quarter of the world’s hungry people live in Africa. Africa’s population are malnourished and more than 30% of children in Africa have growth anomalies such as stunting as a result of chronic malnutrition, making it impossible for them to benefit fully from receiving education.
Education is a great tool for breaking the cycle of poverty since it helps people of all socioeconomic backgrounds. It has the potential to aid those in need by providing them with pathways to employment, resources, and the development of employability skills that can allow them to break out of poverty.
The issues described above were the main driver to inviting a specialist in the field: On Friday, December 9, 2022, former President of Finland Her Excellency Tarja Halonen flue from Helsinki to spend an entire day with the fellows of the Executive’s Masters of International Relations and Global Politics students at the Swiss Geneva University, organized by professor Anis H. Bajrektarevic.
Sustainable development goals, their influence on the global system, and the significance of poverty eradication, education, and inequality were all central to the discussion themes. From 2000 to 2012, Her Excellency – the former President of the Republic of Finland and a pioneering female leader in the 20th century, after serving as president for a total of 12 years, her political insight and know-how are immense. She began by explaining the origins of SDGs (Sustainable Development Goals) as we know them now by drawing on her considerable background in multilateralism and international politics.
They evolved from their original name, the “Millennium Development Goals,” to their current form over time. However, the ironical connection was that all of these goals were compared to a home with many windows. A window that has a goal with a specific purpose.
Halonen focused on four goals; The first goal is the “elimination of poverty.” The fourth goal is “quality education.” The fifth goal is “gender equality.” Finally, the sixteenth goal is “peace, justice, and strong institutions.”
Most of her presentation focused on the first goal: why poverty is the underlying cause of most global problems and how to begin addressing it. For instance, excellent education and gender equality go hand in hand with reducing poverty since these SDGs and other SDGs are interconnected.
First, getting an education is a great approach to bettering one’s life and eradicating poverty in the long term since it increases one’s earning potential and decreases wealth disparity. This implies that persons in poverty have a more difficult time bettering their situation due to obstacles such as physical ability, religion, race, and caste. If we zoom down on more vulnerable regions, however, such as Africa, we see that 67.4% of adults from the age of 15 in 2021 have the necessary literacy skills to read and comprehend a short phrase.
In 2022, Africa has a population of little over 1.4 billion people, and its literacy rate is lower than that of a country like Russia. A total of 143.4 million individuals can read and write at a 99.69% proficiency level by the year 2021.
There is a significant gender gap in the world’s illiterate population, with women making up a disproportionate share. Some nations have nearly female literacy, such as 64% in Burkina Faso and 39% in Niger, while others, such as Afghanistan, have just around 30% of women who are literate.
However, Gender-Based Violence (GBV) continues to be a problem for women in Burkina Faso, Niger, and other nearby countries. This violence frequently occurs in societies where sexism and patriarchy are prevalent and this issue might serve as a roadblock for women, preventing them from exercising their rights.
Worldwide gender equality will presently take four generations. All-inclusive, 388 million ladies and young ladies are poorer than men and boys, with the lion’s share living in Sub-Saharan Africa, Central and Southern Asia, and the Middle East. The plague has raised the perils of GBV over the world, with 13 million additional young girls at the chance of getting to be child brides, on top of the 100 million people who are now in danger. If women are not enrolled on social equations, how can they be treated equally? Increases in sexual violence, domestic violence, early and forced marriages, manipulation, and maltreatment of girls and women are being fueled by conflict and displacement in the Sahel area. Not only in Africa but also, in different parts of the world such as Afghanistan, the international community was caught off guard by the rise of the Taliban’s actions toward women in Afghanistan.
The Taliban’s latest statement on suspending women from attending college is emblematic of their larger discriminatory practices. They have restricted the mobility of women and girls, prevented most women from participating in the labour market, and banned them from using public utilities since August 2021. Ultimately, these restrictions keep Afghan women and girls within their homes, according to the United Nations Assistance Mission in Afghanistan (UNAMA)
As efforts to engage her efforts and activate this crucial role at the international and local levels are a priority for Her Excellency, Taria Halonen firmly recognizes the value of women’s contributions to development.
In addition, in line with the fifth goal of the sustainable development goals, women must have an all-encompassing goal of growing their participation in the labour market and maintaining their rights in the fields of health and education as part of the decision-making process. Women have an important role in bringing peace to situations of armed conflict, yet their contributions are often overlooked. The effectiveness of United Nations Peacekeeping actions and the maintenance of peace depend on the recognition and incorporation of women’s various perspectives, experiences, and abilities in all aspects of UN Peacekeeping operations.
Despite progress in the number of women in the highest levels of political leadership, the Inter-Parliamentary Union of the United Nations (IPU-UN) reports that gender inequalities persist in several areas in the year 2021.
However, following a jump of 21.3% of women occupying ministerial posts in 2021, as well as the development has stalled, with just a little increase to 21.9% in 2021. The data also shows that the number of states with no women in government has grown, defying a recent declining trend.
Amid record global military spending of $2.1 trillion, funding for women’s organizations in combat zones has declined. Presently, women only make up about 19% of peace negotiators in UN-led projects.
Halonen emphasized the significance of women’s participation in peace talks and the value of having female leaders of countries present at the negotiating table.
Halonen is one of the first in this field and is a member of the high-level advisory board of the Secretary-General on Mediation of the United Nations, therefore, from where she stands, she stressed the importance of the role of women in the peace process.
Women’s involvement in peace-building processes is more than simply achieving parity. Where, women hold just 18.9% of parliamentary seats in conflict and post-conflict countries, compared to 25.5% worldwide, a still-inadequate figure.
In order to address the root causes of conflict, it is necessary to rethink peace-building and come up with solutions that take into account the requirements of all parties involved in the conflict. The goal is to usher in an era of permanent global peace and security by dismantling the systems that sustain and promote conflict. Many of the ills from which people in war zones and poorer parts of the world suffer are easily solvable through education, which should be a basic human right.
One may say that education is the key to achieving all Seventeen Sustainable Development Goals.
Since 1960, The United Nations Educational, Scientific and Cultural Organization (Unesco) has ratified the Convention Against Discrimination in Education, which acknowledges the right of all students to an education. Furthermore, the International Covenant on Economic, Social, and Cultural Rights of the United Nations has recognized access to education as a human right since 1966.
In conclusion, by expanding access to high-quality education for all, SDG four has the potential to be a powerful tool in the fight against extreme poverty and for raising living standards in developing countries.
Lack of education, gender inequality, poverty, and global insecurity are the main reasons why states should invest more in education rather than military and armaments warfare.
Education should be a national priority to eliminate all causes of poverty, gender inequality, and insecurity.
“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela.
Sara AlDhahri
AlDhahri is an international officer at the humanitarian affairs department of the OIC. She is also, an advocate for peace, security and humanitarian development.
10-year-old boy who fell into concrete pillar in Vietnam pronounced dead
THURSDAY, JANUARY 05, 2023
10-year-old Thai Ly Hao Nam who fell into a 35-metre-deep concrete pillar in southern Dong Thap Province was pronounced dead late Wednesday afternoon, according to local authorities.
Deputy chairman of the provincial People’s Committee Doan Tan Buu told the press that the conclusion was made after assessing the time and location of the accident, which likely caused the victim multiple injuries, in addition to the harsh conditions inside the deep pit.
Rescue workers are still trying to bring Nam’s body to ground level.
Prior to the press briefing, the boy’s father was taken to the scene of the accident.
The local authorities added that with the child confirmed dead, the rescue team’s strategy will change, focusing on bringing his body out of the pillar as soon as possible.
At noon on December 31, Nam and three other children from the same neighbourhood entered Roc Sen bridge construction site in Phu Loi Commune, Thanh Binh District to collect scrap iron. Here, Nam fell into the hollow concrete pillar which is 25cm wide and 35m deep.
Continuous efforts were made to deliver oxygen and water to sustain his life, as well as different strategies to bring him out of the pit, to no avail.
Iran frees actress Alidoosti, jailed over anti-government unrest
THURSDAY, JANUARY 05, 2023
Iran has released top Iranian actress Taraneh Alidoosti on bail, state media reported on Wednesday, weeks after she was detained for criticizing a crackdown on anti-government protests that have rocked the Islamic Republic for months.
Best-known for her role in “The Salesman“, which won an Academy Award in 2017, the pro-reform artist Alidoosti had supported the protests, including by posting her picture on Instagram in November without the compulsory hijab head covering, and holding up a sign which read “Woman, Life, Freedom” in Kurdish, a popular slogan in the mass protests.
The semi-official ILNA news agency, citing her lawyer, said “Alidoosti, who was arrested on December 17, was released today on bail”, without giving further details.
Her picture, taken in front of Tehran’s notorious Evin prison, was widely shared on social media.
The protests, sparked by the death of a young Kurdish woman while in the custody of the morality police, have posed one of the biggest legitimacy challenges to the Shi’ite Muslim-ruled Islamic Republic since the 1979 revolution.
Since Amini’s death, protesters from all walks of life have taken to the streets, calling for the downfall of the country’s clerical rulers, with women taking off and burning their headscarves in fury across the country.
Dozens of female Iranian actresses and artists have posted pictures of themselves without the compulsory hijab, in solidarity with the demonstrations in which women have played a leading role.
Facing their worst legitimacy crisis in the past four decades, Iran’s clerical rulers have accused a coalition of “anarchists, terrorists and foreign foes” of orchestrating the protests.
The Islamic Republic has so far executed two people involved in mass protests. The Norway-based Iran Human Rights group has said that at least 100 detained protesters face possible death sentences.
‘Important to make things more equitable,’ says doctor after US FDA’s abortion pill decision
THURSDAY, JANUARY 05, 2023
The US Food and Drug Administration (FDA) will allow retail pharmacies to offer abortion pills in the United States for the first time, the agency said on Tuesday, even as more states seek to ban medication abortion.
The regulatory change will potentially expand abortion access as President Joe Biden’s administration wrestles with how best to protect abortion rights after they were sharply curtailed by the Supreme Court’s decision to overturn the landmark Roe v Wade ruling and the state bans that followed.
Pharmacies can start applying for certification to distribute the abortion pill mifepristone with one of the two companies that make it, and if successful they will be able to dispense it directly to patients upon receiving a prescription from a certified prescriber.
Abortion rights activists say the pill has a long track record of being safe and effective, with no risk of overdose or addiction. In several countries, including India and Mexico, women can buy them without a prescription to induce abortion.
Abortion bans, some targeting mifepristone, have gone into effect in more than a dozen states since the USSupreme Court overturned the constitutional right to terminate pregnancies when it scrapped the 1973 Roe v. Wade ruling last year.
Women in those states could potentially travel to other states to obtain medication for abortion.
The president of the anti-abortion group SBA Pro-Life America, Marjorie Dannenfelser, said the latest FDA move endangers women’s safety and the lives of unborn children.
FDA records show a small mortality case number associated with mifepristone. As of June 2021, there were reports of 26 deaths linked with the pill out of 4.9 million people estimated to have taken it since it was approved in September 2000.
Retail pharmacies will have to weigh whether or not to offer the pill given the political controversy surrounding abortion and determine where they can do so.
A spokesperson for CVS Health said the drugstore chain owner was reviewing the updated REMS “drug safety program certification requirements for mifepristone to determine the requirements to dispense in states that do not restrict the dispensing of medications prescribed for elective termination of pregnancy.”
A spokesperson for Walgreens, one of the largest U.S. pharmacies, said the company was also reviewing the FDA’s regulatory change.
Thai hotels in dire need of staff as tourists flock back
THURSDAY, JANUARY 05, 2023
The Thai hotel industry is seeking migrant workers to help relieve staff shortage as millions of tourists have returned to the country.
Marisa Sukosol Nunbhakdi, president of the Thai Hotels Association (THA), called on the government to relax the existing rules to make it easier for migrant workers to work in the hotel industry to help alleviate the shortage of workforce.
She suggested that the Thai government’s memorandum of understanding (MoU) with neighbouring countries allow more positions in which migrant workers can be hired, easier hiring of migrants, and allow more foreign nationals to work in the hotel industry.
At present, Thailand has MoUs on migrant workers with Myanmar, Laos and Cambodia. The THA wants such agreements to cover Indonesia, the Philippines, India and China. Also, the THA urged the government to revise the MoU to allow foreigners to work in the front office, which is now reserved for Thai nationals only.
Industry executives pointed out that hotels are suffering from a severe shortage of staff as many workers who were redundant during the Covid-19 crisis have not come back while Thai tourism is recovering. Several experienced hotel employees now have their own businesses or have taken up new jobs with more flexible work hours. Meanwhile, many young people avoid routine jobs.
Suksit Suvunditkul, president of the THA’s southern chapter, said that as many as 45 per cent of 1,463 hotels in the resort island province of Phuket are experiencing staff shortages. “Positions in high demand include receptionist, maid, food and beverage staff, maintenance mechanic, and spa therapist,” he said.
In order to help ease the problem, hotels in the South are now attempting to attract short-term trainees (college students), inexperienced workers willing to get training, and former hotel employees, according to the executive.
The MICE industry – which stands for meetings, incentives, conventions and exhibitions – is also in need of staff, as the sector is recovering from the Covid-19 crisis, according to Thamita Chongswatvorakul, director of corporate human resources at Impact Exhibition Management Co Ltd.
She said that as MICE is not popular among young job-seekers, Impact has come up with more flexible employment plans. Some jobs may be project-based while others are outsourced to independent contractors.
Speedboat queues build up ahead of Full Moon Party on Friday
THURSDAY, JANUARY 05, 2023
Hundreds of foreign tourists were seen queuing on Wednesday for speedboat rides from Koh Samui to Ko Pha-ngan, where the Full Moon Party will be held this week.
Koh Samui’s main Ban Na Thon pier has been crowded in recent days as holidaying foreigners flood back to the famed party island in Surat Thani province.
This Friday’s Full Moon Party is expected to draw thousands of tourists for a night of dancing, drinking and exotic shows on Haad Rin beach.
But Ko Pha-ngan also has plenty of daytime attractions for tourists to explore, including beautiful beaches, colourful coral reefs, mountains, waterfalls and the local lifestyle of coconut farmers and fishermen.
Kitti “Steven” Tharaphutthi, general manager of Samui’s Lomprayah Speedboat, said foreign tourists have been pouring into Samui, Pha-ngan and nearby Koh Tao since Christmas.
Although some had returned to their home countries after New Year, many are sticking around to attend the Full Moon Party on Friday, he said.
The company has responded to demand by increasing the number of daily speedboat trips to seven for Koh Pha-ngan and three for Koh Tao. It is now carrying around 1,000 passengers per day, most of whom are foreigners.
Prayut to be unveiled as Ruam Thai Sang Chart PM candidate on Monday
THURSDAY, JANUARY 05, 2023
Prime Minister Prayut Chan-o-cha PM will be unveiled as PM candidate for the Ruam Thai Sang Chart (RTSC) Party on Monday, the party said on Wednesday.
Current MPs from the ruling Palang Pracharath Party, which nominated Prayut as PM in the 2019 election, will also resign to join the RTSC, it added.
Prayut will debut as an RTSC member at an event held at 5pm in the Queen Sirikit National Convention Centre, where his government successfully organised the Apec Summit in November, the party said.
Several MPs who plan to join RTSC will attend the event to congratulate and support Prayut, it added.
The prime minister will lead RTSC’s election campaign during his free time and at weekends.
The party said it will gradually unveil MP candidates during the campaign. It said MPs from the ruling Palang Pracharath Party, especially those in the South, will resign from their positions and join RTSC on February 7.
No need to panic about arrival of Chinese tourists, health experts say
THURSDAY, JANUARY 05, 2023
There is no need to panic about the return of Chinese tourists, which will begin on Sunday, four medical experts said on Wednesday.
Their comments follow the imposition of stricter entry restrictions for Chinese tourists in more than 12 countries over concerns about the surge in infections in China after it ended its zero-Covid policy last month. China also announced it was lifting travel restrictions – effective this Sunday – which led to a surge in bookings for overseas flights.
Chinese tourists generate a great amount of revenue for Thailand, said Professor Prasit Watanapa, an adviser to Siriraj Hospital’s Faculty of Medicine. “We should not be afraid of them,” he wrote on the Department of Disease Control’s Facebook page.
The risk of Covid-19 infection can be reduced by wearing facemasks, maintaining social distancing, regular hand washing, and receiving booster shots, Prasit said.
So far, Japan, India, Italy, Malaysia, South Korea, Spain and Taiwan have joined the US in imposing tighter restrictions – including negative Covid-19 tests – on travellers from China.
Beijing has called these restrictions discriminatory. Most countries in Southeast Asia are not imposing stricter Covid-19 restrictions on tourists from China.
Dr Manoon Leechawengwongs, a respiratory specialist at Vichaiyut Hospital, said people had to learn to live with Covid-19.
“We must prepare ourselves by receiving booster shots, wearing facemasks in crowded places, maintaining social distancing, and washing hands regularly,” Manoon said.
The virus mutates over time everywhere, not only in China, he said.
Dr Thiravat Hemachudha, head of Chulalongkorn University’s Information Centre for Emerging Infectious Diseases, advised people not to panic about the arrival of Chinese tourists.
The Omicron subvariant that is spreading in China can be found in countries worldwide, he said.
Thailand’s Covid-19 prevention measures – having health insurance and taking a Covid-19 test 48 hours before arrival – are appropriate for Chinese tourists, he said.
Dr Chalermchai Boonyaleepun, deputy chairman of the Senate committee on public health, said the Omicron subvariant spreading in China is similar to subvariants in countries worldwide.
Chinese tourists will not trigger the new wave of Covid-19 in Thailand, he said.
Thailand’s winter Omicron wave has already peaked, says virologist
THURSDAY, JANUARY 05, 2023
Thailand’s latest wave of Covid-19 infections has peaked and is now on a downward trend, Chulalongkorn University (CU)’s top virologist said on Thursday.
Dr Yong Poovorawan explained in a Facebook post that the number of Covid patients being hospitalised has dropped significantly in recent days.
The slowdown of infections this winter came sooner than expected, he added.
The latest Covid wave is being driven by the BA.2.75 Omicron subvariant now dominant in Thailand.
Yong cautioned however that the government needed to monitor against two new Omicron subvariants, BQ.1 and BQ.1.1, which are currently spreading fast in the United States and Europe.
He said Covid infections would be at their lowest in February but warned a new wave could emerge in May or June.
The virologist added that over 70% of Thailand’s population have contracted the SARS-CoV-2 virus and most were infected with Omicron. The high ratio of Omicron infection coupled with vaccination has led to hybrid immunity and strong protection against future infection and severe symptoms, he said.
The need for Thais to get booster shots would gradually reduce as most have been infected with BA.5 Omicron subvariant that provides natural immunity that is superior to protection from mRNA vaccines, he added.
Dr Yong heads the Centre of Excellence in Clinical Virology at CU’s Faculty of Medicine.
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