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AirAsia denies state bailout rumours

AirAsia has dismissed rumours of a Malaysian government bailout and possible collapse, saying its refinancing remains on track, while Thai AirAsia expects to maintain its position as the largest player in the domestic market.

Tony Fernandes, founder of and advisor to AirAsia, said the airline has no plans to request government support and has never received any since it started 25 years ago. Mr Fernandes is chief executive of Capital A, the holding company of AirAsia.

A plan to access US$1billion will refinance outstanding loans from the pandemic and should be completed by November or December this year, but it is not to raise new capital, he said.

The group is focusing on optimising operations, cutting roughly 60 loss-making routes and reducing costs through returning less fuel-efficient aircraft.

The emphasis is on strengthening Southeast Asian routes as well as flights to major Asian markets, backtracking from an earlier plan to become a global low-cost network, said Mr Fernandes.

“We’re definitely going back to our roots in Asia without killing our ambitions,” he said.

The long-haul route expansion will rely on code-share partnerships instead of operating solely, said Mr Fernandes.

The group does not plan to lay off employees or implement furloughs, as occurred during the pandemic, he noted.

Tassapon Bijleveld, executive chairman of SET-listed Asia Aviation, the operator of Thai AirAsia, said the airline still has sufficient cash flow of 1 billion baht.

However, the airline is unlikely to make a profit this year due to a massive loss in the second quarter, he noted. The airline expects to return to profit in the fourth quarter, banking on robust high-season demand.

“Typically, during the fourth and first quarters people are still willing to spend for travel, regardless of fuel price,” said Mr Tassapon. “We are doing our best to maintain customer market share.”

As of August, Thai AirAsia commanded the largest market share at 26%, and a domestic flight market share of 39%.

The airline aims to operate 55 planes from its fleet of 62, after dipping to less than 50 in the third quarter.

He said the airline does not plan to hedge jet fuel due to soaring prices at the moment.

Phairat Pornpathananangoon, chief executive of Thai AirAsia, said after reducing some unprofitable overseas flights, the airline will be able to relocate jets to serve domestic flights, such as resuming routes from Suvarnabhumi airport to Chiang Mai, Phuket and Krabi.

The company wants to increase the average domestic airfare to around 2,000 baht by year-end in order to match surging jet fuel prices, he said.

THAI AIRASIA X

Mr Tassapon said the rehabilitation plan for Thai AirAsia X was adjusted in response to surging operational costs related to jet fuel prices. While the plan still has two years remaining, the airline filed a request with the Central Bankruptcy Court last month for a suspension of debt repayment for two years.

“We need to maintain sufficient cash flow given this immediate problem,” he said.

If the energy crisis improves next year, the airline might be able to repay debts before two years, said Mr Tassapon. Thai AirAsia X has seven A330 aircraft and already cancelled flights to China and Australia, aiming to strengthen traffic via potential routes to Japan, Kazakhstan and India.

White lion cub seized from unlicensed hotel in Chiang Mai

A Chinese woman was arrested on Friday after authorities discovered a white lion cub at an unlicensed hotel illegally operated and catering to Chinese tourists in Muang district in Chiang Mai.

Officials searched the building on Charoensuk Road in tambon Chang Phueak after residents complained of loud animal noises coming from the premises since Sept 5, according to the Natural Resources and Environmental Crime Suppression Division (NED).

Authorities found a white lion cub, estimated to be two to three months old, on the second floor of the building.

According to the regional office of the Department of National Parks, Wildlife and Plant Conservation, the cub had no microchip and its keeper failed to present any documents authorising its possession.

The cub was seized for further examination and would be housed temporarily at Chiang Mai Night Safari.

The raided building was found to have been renovated and used as a hotel, with rooms rented only to Chinese tourists, said deputy district chief Nattakorn Chum-intarachak.

He said the operator had previously applied for a hotel licence but the application was rejected. However, the premises were opened to guests.

Police detained a woman identified only as Wang, a 40-year-old Chinese national who said she was the building’s housekeeper, and took her to the Muang Chiang Mai police station for legal action.

She faces charges of possessing protected wildlife without permission and operating a hotel without a licence.

Authorities would also investigate the people who financed the property and any Thai nationals involved in acquiring the building, officials said.

Stocks sink on heavy selling

The local stock market recorded a steep drop amid strong selling pressure among investors following a rebalancing of the Financial Times Stock Exchange (FTSE).

The bellwether Philippine Stock Exchange index plummeted by 1.72 percent or 102.73 points to end the week at 5,855.91.

The broader All Shares index also fell by 1.21 percent or 40.31 points, finishing at 3,277.80.

Franco Fernandez, equity research analyst at DragonFi Securities Inc., said the index saw heavy flows driven by the FTSE rebalancing.

‘This is likely also why selling pressure persisted as institutions adjusted their portfolios amid subdued risk appetite stemming from unresolved macroeconomic and geopolitical concerns,’ Fernandez said.

AB Capital Securities said the PSEi broke 5,900 and closed near the low, lagging firmer Asian markets.

‘Turnover surged from P5.1 billion pre-close to P15.1 billion, with MOC (market-on-close) accounting for about 66 percent amid FTSE rebalancing (Bloomberry out, Emperador into Small Cap),’ it said.

RCBC chief economist Michael Ricafort said the PSEi declined on concerns that the Bangko Sentral ng Pilipinas could match the latest 25-basis-point hike delivered by the US Federal Reserve.

All sectors were in the red, except for mining and oil, which rose by 1.65 percent.

Services and holding firms were the biggest losers, declining by 2.53 percent and 2.45 percent, respectively.

Market breadth remained negative as decliners outnumbered advancers, 117 to 79, while 43 issues did not change hands.

ICTSI was the session’s top traded stock, sliding by 3.21 percent to P905 per share, followed by Emperador and SM Investments which slipped by 0.51 percent and 5.98 percent, respectively, to P15.72 and P503.

Thailand’s liberal gold regime at risk

Investment in gold has long been regarded as a hedge against economic uncertainty, particularly during periods of heightened volatility. Yet gold is increasingly being used as a means of converting grey money into legitimate money, raising concerns about its broader impact on the country’s economy and society.

As a result, regulatory oversight aimed at tracking the origin and destination of gold held by individuals, whether the funds involved are legitimate, grey or illicit, has become a focus of government monitoring.

The Bank of Thailand previously required transactions involving gold purchases made through applications to be reported when their value exceeded 10 million baht or 2kg. This measure resulted in a 70% decline in unusual transactions in this category.

However, such measures may be insufficient. Central bank governor Vitai Ratanakorn and Finance Minister Ekniti Nitithanprapas recently discussed introducing a transaction tax on gold trading. The Finance Ministry said the purpose of the tax was not to generate revenue, but rather to enable authorities to more effectively track who is buying and selling gold to whom.

Mr Vitai said if a tax were imposed on gold transactions, it could be set at a very low rate, such as 0.01% of the value of the gold transaction. For a transaction value of 70,000 baht, the tax would amount to just 7 baht.

What are the current taxes related to gold?

When an individual purchases gold from a traditional gold shop for personal savings or collection, rather than for commercial purposes, any subsequent sale of the gold is exempt from personal income tax. There is also no value-added tax (VAT) liability arising from the purchase and sale of the gold itself.

If gold is purchased for speculative purposes, such as through an app on a regular basis with the intention of systematically profiting from gold trading, the Revenue Department may determine that the activity does not constitute personal investment or collection. Income derived from such gold trading would be considered assessable under the law, meaning the resulting profits must be included in the calculation of income tax.

However, the making charge or the goldsmith’s fee on gold jewellery remains subject to VAT.

For investments such as gold futures or digital gold, profits earned from the investment are considered assessable income.

When will the gold transaction tax be introduced?

Policymakers believe Thailand may need to tax gold transactions to prevent money laundering. However, technocrats who translate policy into measures remain hesitant, concerned that such a levy could affect the domestic gold trade.

The current priority is to establish a regulatory framework for gold trading that prevents it from becoming a channel for money laundering. The Fiscal Policy Office (FPO) and the central bank are expected to jointly draft legislation governing both online and offline gold trading.

A digital system would be used to track gold trading data, providing authorities with up-to-date information more quickly.

Gold market supervision remains subject to two limitations: the absence of a dedicated regulatory authority, and limited access to comprehensive data on gold trading activities.

Although the Anti-Money Laundering Office (Amlo) oversees cash transactions, gold trading involves more complex dimensions than cash transactions alone.

How was gold trading regulated in the past?

According to a 1997 study by Thailand Development Research Institute focused on gold trading liberalisation, gold bullion trading in Thailand was once subject to strict government controls as part of wartime measures.

The Exchange Control Act of 1942 empowered the finance minister to issue laws and regulations governing the international movement of currency and the cross-border movement of gold. That same year, the ministry issued the Royal Decree Controlling the Export of Certain Goods Outside the Kingdom (No.8), which prohibited the export of gold, platinum, gems and precious stones from the country without special permission from the finance minister or a person designated by the minister.

When World War II ended in 1945, demand for gold bullion surged amid post-war inflationary pressures and concerns over the baht’s stability.

Restrictions on gold trading meant only certain businesses were permitted to import gold. For example, in 1952 the Finance Ministry granted exclusive import rights to Saha Thanikit Co, led by Bangkok Bank’s founder, Chin Sophonpanich, making the company an authorised gold importer.

Gold import tariffs were previously as high as 35%, before gradually falling to 5% in 1991 and then to 0% in 1992. The combination of high tariffs and a limited number of authorised importers drove a portion of the gold trade underground.

The reduction in gold import tariffs prompted the Finance Ministry to later liberalise gold imports, moving away from the previous system in which imports were monopolised by a small number of authorised importers.

In 1991, the FPO issued a notification on rules, procedures and conditions for registration as an importer or exporter, allowing private companies to import gold bullion, subject to three conditions.

Registration is required, with the FPO approving the criteria, procedures and conditions as proposed by the finance minister. Registered importers and exporters were required to present their registration documents to customs officials each time they imported or exported gold. The registration licence is valid for a maximum of three years.

Each gold importer is required to specify the quantity of gold it plans to import. The actual quantity imported cannot be less than the prescribed level, effectively establishing a minimum import requirement, forming part of the ministry’s policy to promote the expansion of the gold jewellery industry.

In addition, importers were required to submit monthly reports to the FPO specifying the dates and quantities of all cross-border transactions. The office reserved the right to revoke a registration if the licence holder failed to comply with the conditions and requirements of registration.

When illness evicts vanity

job with a strict dress code-and a boss who lives inside your bathroom mirror. Every morning, I face this boss, sighing at my thin, sparse hair and darker complexion-parting gifts from treatments and medication. I used to devote so much time and effort to dressing up, accessorizing and applying makeup-a dramatic production with me as director, star and harshest critic.

And then cancer renegotiated my priorities.

Nothing humbles this habit quite like serious illness. When your body decides to lose most of its hair, its glow or even the ability to stand upright, your inner diva quietly packs her bags and leaves. You realize that obsessing over a pore was a luxury reserved for the perfectly well, and surviving becomes much easier when you stop worrying about audience reviews.

In the past, mirrors were a battlefield. I didn’t just look. I audited. I tilted my chin to inspect every blemish. I applied three different serums before bedtime, hoping to reverse ‘the environment.’ Clothes shopping was my sport: fashion, my creative outlet. My hair was like a moody celebrity client. If one strand refused to cooperate, out came the gels and accessories to tame the rebellious traitor. After retiring from the corporate world, I gave away tons of clothes, shoes and accessories. The unexpected lightness I felt after decluttering was a quiet acceptance and affirmation of who I am now.

After most of my hair started to fall, I decided to wear a wig to feel normal. I’m not bald, but have lost much of my hair. At first, every fallen strand felt like another sad goodbye. I would throw the hair into a trash bag, disposing of evidence that made the loss feel less real. Eventually, I stopped caring. Peace arrived the day I realized I was spending more energy grieving my hair than celebrating the fact that I was still alive.

Sunblock, a light dusting of face powder, hair clips to style my wig, and a face mask to help protect me from infection are my new essentials. Light makeup is reserved for lunch dates with friends and nights out.

Illness has a remarkable way of stripping away the superficial. When your hair starts thinning, your skin darkens and your energy often runs out, the vanity factory simply goes out of business.

Your relationship with the mirror changes completely. You catch a glimpse of your nearly bare head and, instead of panicking, feel a sense of relief. The woman looking back no longer resembles the one you remember, yet she looks braver. You cannot fight illness and a bad hair day at the same time.

When survival becomes the goal, you discover that your worth was never tied to a full head of hair or flawless skin. Perhaps that is what God had been gently teaching me-that our value is never found in the mirror but lovingly placed within us long before we worried about wrinkles or appearances. Hardly-there hair and a tired face, it turns out, can be an exceptionally practical look. It requires almost no maintenance and lets you nap at a moment’s notice.

The true sign that life is returning to normal isn’t simply the return of your appetite. It is the unexpected desire to check whether your eyebrows look okay.

Vanity has returned like an old friend who disappeared during a crisis, then suddenly texts you when the drama is over. I find myself reaching for lipstick or styling my hair with colorful clips and I can’t help but giggle. Wanting to look good is a deeply human way of saying I’m ready to participate in the world again.

Today, I welcome vanity back-but as a pleasant visitor rather than a demanding supervisor. The mirror still greets me every morning, but it no longer gets the

South Cotabato school shooter used DepEd employee father’s gun

A Grade 9 student who opened fire at Banga National High School in South Cotabato used his father’s firearm, Interior Secretary Jonvic Remulla said.

In a press briefing on Saturday, September 19, Remulla said the student’s father is a disaster risk mitigation officer of the Department of Education (DepEd).

The student accessed the firearm after opening a vault where his father kept three licensed guns.

‘Mayroon siyang tatlong licensed firearms na hindi secured enough na nabuksan ng bata at kinuha ‘yung baril,’ Remulla said.

The DILG chief said the shooting happened at around 1 p.m. Friday, September 18.

Three people were killed in the incident, including the shooter, while eight others were injured. Two of those killed were students, according to Remulla.

One of the injured students remained in critical condition in an intensive care unit as of Saturday morning, according to a municipal disaster risk reduction official.

Authorities have previously said the student allegedly warned his classmates before the attack. He reportedly told them to go home after lunch because he would do something that could put them in danger, but his classmates thought he was joking.

The student later left his classroom and opened fire in an adjacent classroom before turning the gun on himself.

Remulla said the incident was the third case in which an improperly secured firearm was used.

Marcos orders probe, tighter school security

President Ferdinand Marcos Jr. on Friday, September 18, expressed condolences to the families of those killed in the shooting.

‘Muli tayong nahaharap sa isang trahedyang hindi dapat danasin ng sinumang magulang, paaralan, o komunidad,’ Marcos said in a Facebook post.

(We are once again faced with a tragedy that no parent, school, or community should ever have to experience.)

He said the government would ensure that those injured receive the necessary treatment and assistance.

Marcos also said he had ordered government agencies to strengthen security in schools following previous shooting incidents in Tacloban and Zamboanga.

‘Ito na ang ikatlong nakamamatay na pamamaril sa paaralan sa loob lamang ng tatlong buwan,’ he said.

(This is now the third deadly school shooting in just three months.)

The president said he had ordered the Department of Education, DILG and Philippine National Police to report on the measures they had implemented following the previous incidents.

He also ordered an investigation into the shooting, including how the minor was able to obtain a firearm and bring it inside the school.

‘Hindi natin maaaring tanggapin na maging bahagi na lamang ng buhay ng ating mga anak ang mga pamamaril sa paaralan,’ the president said.

(We cannot accept school shootings becoming just another part of our children’s lives.)

The Department of Education condemned the shooting and said its officials were on site to assist the victims and coordinate with local authorities and law enforcement in the investigation.

Anutin preps coalition for censure test

Prime Minister Anutin Charnvirakul said he was in contact with coalition leaders and ministers and was preparing another dinner meeting to strengthen ties ahead of the upcoming censure debate.

Mr Anutin, who is also interior minister, told reporters that he spoke with ministers every week and had asked them to work and deliver tangible results.

He said he had recently spoken with Labour Minister and Pheu Thai leader Julapun Amornvivat and Agriculture Minister Suriya Juangroongruangkit about arranging a dinner, although no date had been set.

He stressed that dining together was not important, saying coalition partners discussed matters regularly by phone and he did not need to speak with every coalition minister.

Mr Anutin said the government must be prepared to answer all questions during the censure debate. He said its decisions had been made in the national and public interest and denied acting to benefit any individual. He said he would not be concerned unless he knowingly did something unlawful.

Mr Anutin also defended the government’s crackdown on scam networks, saying foreign security agencies had thanked Thailand for prosecuting cases and seizing assets linked to transnational technology-related crimes.

The Anti-Money Laundering Office was examining the seized shares and discussing with the courts how they could be transferred to the state or sold.

Asked about People’s Party (PP) list MP Rangsiman Rome’s question about whom he was reluctant to confront over asset seizures, the prime minister said: “Certainly not them, or Mr Rangsiman.”

Meanwhile, Mr Rangsiman said the opposition was still gathering evidence before deciding whether to seek a no-confidence debate against individual ministers or the entire cabinet.

He said talks would be held with opposition parties, including the Democrat Party and Kla Tham Party, to determine their positions and which ministers should be targeted.

The MP also called on House Speaker Sophon Zaram to remain neutral and alleged that efforts were already under way to make the no-confidence motion more difficult, but provided no details of specific actions.

He said the opposition would definitely use Section 151 of the constitution to seek a no-confidence vote during the current parliamentary session. A separate general debate without a vote under Section 152 remained under consideration.

The current parliamentary session ends on Dec 22.

Competition watchdog to beef up digital platform rules

The Trade Competition Commission of Thailand (TCCT) plans to strengthen regulations to address unfair competition in the digital platform industry.

The regulator recently imposed a fine of 3.48 million baht on Shopee (Thailand) for allegedly enrolling vendors in two promotions without their consent. The conditions for them to withdraw from these campaigns included extra fees.

The Shopee case marks the first time an e-marketplace platform was found to have violated the law and was ordered to pay a fine.

The commission accepts complaints about e-commerce platforms from merchants, mainly concerning fee increases and changes to contract terms. Many complaints were reviewed and found not to constitute legal violations, noted the TCCT. As of July, seven cases remain under consideration.

The regulator also exercised its authority under Section 60 of the Trade Competition Act of 2017 to order e-commerce platforms to suspend fee increases for six months and submit supporting data and reasons for fee adjustments.

The TCCT plans to examine the basis for the increases and assess whether gross profit (GP) rates and other fees are fair and appropriate.

If a platform fails to submit such information within the specified period, the regulator said it will make a decision based on the information available.

The commission has not set a percentage cap on GP rates. Instead, it plans to examine the criteria used by the platform to assess whether the fees are fair.

Regarding the Shopee ruling, on Aug 20 the TCCT unanimously found the platform had unfairly used its market domination to the detriment of merchants, violating Section 57(2) of the Trade Competition Act.

The case concerned its special free-shipping promotion and 10% “Coins Cashback” programme.

According to the ruling, Shopee automatically enrolled selected sellers in seven-day free trials of the two schemes without their consent.

Vendors who did not withdraw within the required period remained in the programmes and were liable for additional service fees ranging from 3-7%, depending on the programme and product category, on top of normal platform charges.

The commission found vendors could face unexpected costs, reduced profits or losses because they had set their prices without accounting for the additional fees.

Leaving the programmes also required sellers to follow Shopee’s procedures and deadlines.

Shopee argued the programmes benefited merchants by increasing product visibility, orders and sales. The platform said it subsidised the promotions, sent notifications during the trials and provided ways for sellers to withdraw from the schemes.

The company maintained vendors had accepted its terms of service and that the free trials allowed them to assess the benefits before paying.

The e-commerce platform is allowed to challenge the order in Administrative Court within 90 days of notification.

The Bangkok Post asked Shopee for comment, but the platform has not replied.

Warawan Chitaroon, a TCCT commissioner, told the Bangkok Post it would step up oversight of digital platforms because of their widespread impact and strong bargaining power, particularly over small and medium-sized enterprises.

“Some legal experts have questioned the TCCT’s authority to use Section 60 of the Trade Competition Act to freeze GP fee increases for six months. We maintain that the order falls within our legal authority,” she said.

San Lazaro reports Increase in leptospirosis deaths

The San Lazaro Hospital in Manila has reported an increase in deaths due to leptospirosis, with 31 fatalities recorded this year.

From the 24 deaths reported on Sept. 10, the fatalities went up to 27 on Sept. 14, and further increased to 31 four days after.

According to the hospital, 15 new leptospirosis cases were recorded for admission yesterday. It also recorded an overall admission of 747 patients.

Of the new cases, one is in the intensive care unit and six are undergoing hemodialysis.

Infectious disease expert Dr. Rontgene Solante earlier said the most common cause of death is pulmonary hemorrhage.

Solante, head of San Lazaro’s adult infectious diseases and tropical medicine department, said pulmonary hemorrhage occurs when there is bleeding in the lungs.

The Department of Health said 8,317 leptospirosis cases were recorded nationwide, a 14-percent increase from last year’s 7,280 cases.

Meta rushes to fix AI chatbot privacy flaw

Meta has urgently updated its artificial intelligence (AI) prompt suggestion system after its chatbot prompted a mother to identify her young daughter and subsequently exposed detailed personal information, raising fresh privacy concerns among parents.

The incident surfaced after Kalie Robins, an Instagram user, uploaded a video featuring her daughter. Meta AI automatically generated a suggested prompt asking, “Who is the child passenger?”

When Robins interacted with the chatbot, it retrieved and displayed her children’s names, ages, family details, location data and even photographs she believed had previously been deleted. Disturbed by the breach, she posted a video online questioning the platform’s security and privacy measures.

Meta spokesperson Dina El-Kassaby acknowledged the error in a statement to The Verge, stating that the suggestion system had malfunctioned and diverged from company standards.

She confirmed that Meta had resolved the issue preventing the AI from suggesting prompts regarding personal data of individuals in videos, adding that the chatbot had only accessed information the user already had permission to view.

Despite the Big Tech company’s assurances, the explanation has failed to quell anxiety among parents. Critics are concerned that the AI system actively processes and links historical posts across family members’ accounts, including supposedly deleted content, to construct detailed personal profiles.

Robins noted that the AI appeared to synthesise details gathered from posts made by other family members to compile the comprehensive profile of her child.