New Bank of Thailand chief pledges more help for household debtors

The new governor of the Bank of Thailand has vowed to focus more on targeted measures alongside monetary policy to deliver tangible results and provide meaningful support to the public.

Vitai Ratanakorn, the chief of the central bank, said the regulator aims to continue implementing targeted measures to support the economy, while maintaining financial stability and addressing specific issues. These measures will complement the central bank’s monetary policy to enhance overall effectiveness, he said.

‘Addressing household debt is a priority for all relevant agencies, including the central bank, the government, the Finance Ministry, and financial institutions,’ said Mr Vitai.

‘Debt resolution via asset management companies [AMCs] should be based on a social AMC model to efficiently assist household borrowers. The AMC approach is expected to be finalised this month, with implementation scheduled for early next year.’

Under the Finance Ministry’s guidance for resolving household debt via the AMC mechanism, the government is primarily focused on borrowers classified as non-performing loans (NPLs), with a maximum debt of 100,000 baht per debtor. This definition would cover more than 2 million NPL borrowers.

Mr Vitai said eligible NPLs would come from four types of lenders: commercial banks, specialised financial institutions (SFIs), non-banks affiliated with banks, and standalone non-banks. The debt resolution will be implemented in phases.

Initially, the programme will address NPLs from banks, bank affiliates, and SFIs. NPLs from banks and their subsidiaries will be managed by the state-owned Sukhumvit Asset Management, while SFIs’ bad debts will be handled by Ari AMC, the joint-venture AMC, which is a collaboration between Government Savings Bank and Bangkok Commercial Asset Management.

In addition, Mr Vitai said the central bank has no plans to establish a sovereign wealth fund, as such a financial tool would not help mitigate baht appreciation.

The regulator typically manages the exchange rate through foreign reserves and overseas investments in US dollars.

Year-to-date the baht has appreciated by 4.5% against the US dollar, easing from an 8% appreciation recently.

In separate news, the Thai Bankers’ Association has called for the development of an individual credit scoring system to build a stronger credit culture, promote financial discipline, and encourage responsible lending and borrowing as part of efforts to address household debt.

Under this proposal, all types of loan service providers, including savings cooperatives and the Student Loan Fund, would be required to report borrowers’ credit data to the National Credit Bureau. This initiative is expected to improve data sharing across the country’s financial system, said Piti Tantakasem, chief executive of TMB Thanachart Bank, which oversees debt resolution under the TBA’s roadmap.

Thaksin ‘could teach behind bars’

Imprisoned former prime minister Thaksin Shinawatra could serve as an English teacher for fellow inmates, according to Pol Lt Col Prawut Wongseenin, director-general of the Department of Corrections.

He said the 76-year-old former premier is likely to be assigned to an education programme, such as teaching English to inmates, rather than doing physical labour, given his age, when asked about the possibility of Thaksin taking part in community service.

Thaksin’s daughter Paetongtarn, also a former prime minister, recently suggested that her father might be assigned to oversee a drain cleaning project, but prison officials said he had not been behind bars long enough to qualify for outside work.

Pol Lt Col Prawut said it is still unclear when a work assignment could begin, as it must proceed in accordance with prison regulations.

He declined to comment on Thaksin’s application for a second royal pardon, saying only that it would follow legal procedures. Both the current justice minister and his predecessor reportedly have vetoed the idea.

A Corrections Department source said that inmates seeking sentence suspension generally must serve at least two-thirds of their sentence, but those aged over 70 can apply after doing at least one-third of their time, or six months, whichever is longer.

Such applications are reviewed by a committee that meets once a month, the source said, adding that the regulations involving sentence suspension apply to all inmates.

Flawed Asean needs to regain footing

Nearly six decades after its founding, the Association of Southeast Asian Nations (Asean) finds itself back where it began — divided, uncertain, and vulnerable to the influence of major powers. Once hailed as a model for regional cooperation in the developing world, Asean now faces a crisis of purpose. Unless it can rediscover the unity and collective way forward that defined its early decades, Southeast Asia’s flagship institution risks slipping into irrelevance.

Asean’s first two decades were marked by pragmatic unity. Born amid Cold War rivalries and regional instability, the grouping managed to strike a delicate balance between national sovereignty and collective purpose. Its guiding principles — non-interference in domestic affairs of fellow member states and consensus-based decision-making — kept peace within the bloc and allowed each other to focus on economic development.

By the 1990s, Asean had transformed itself into a regional leader. It helped launch the Asia-Pacific Economic Cooperation (Apec) forum in 1989, created the Asean Free Trade Area (Afta) in 1992, and established the Asean Regional Forum (ARF) in 1994 to promote dialogue and security cooperation. Even after the 1997 Asian Financial Crisis, Asean pressed on with new initiatives such as Asean Plus Three and, later, the East Asia Summit in 2005 — a bold attempt to include all major Indo-Pacific powers under one diplomatic umbrella.

This was the high point of what became known as “Asean Centrality” — the idea that the region’s strategic balance revolved around Asean-led mechanisms and the grouping’s convening authority. The formation of the Asean Defence Ministers’ Meeting (ADMM) in 2006 and its expanded ADMM-Plus in 2010 underscored Asean’s role as the convener and consensus-builder of Asia’s security architecture.

But cracks soon appeared. In 2012, under Cambodia’s chairmanship, Asean failed to issue a joint communiqué for the first time in its history. The cause was the South China Sea dispute — specifically, disagreements over China’s assertive maritime claims. Beijing’s growing power, coupled with economic dependence among some Asean members, splintered the bloc’s unity. That same year, President Xi Jinping rose to power and unveiled the Belt and Road Initiative (BRI), a sweeping global infrastructure and trade strategy that expanded China’s influence across Asia.

For Southeast Asia, the BRI brought roads, ports, and investment — but also debt, dependency, and strategic vulnerability. The external pressures mounted as global events intensified: the US-China rivalry hardened; Myanmar descended into civil war after the 2021 coup; Russia’s 2022 invasion of Ukraine and the Israel-Hamas conflict divided member states along political and religious lines. The once-cohesive Asean now finds itself paralysed by internal divisions and external shocks.

No issue illustrates Asean’s weakness more starkly than the crisis in Myanmar. Nearly five years since the coup, the junta — rebranded as the State Security and Peace Commission — has been unable to consolidate its seizure of power. Resistance forces, including the National Unity Government (NUG), People’s Defence Forces (PDF), and a range of ethnic armed organisations (EAOs), now control large swaths of territory representing more than half of the country.

The Three Brotherhood Alliance — comprising the Kokang, Ta’ang, and Arakan Armies — has become the most effective military coalition. China, meanwhile, maintains deep ties with ethnic forces in Shan and Kachin states while protecting its own interests in ports, pipelines, and cross-border trade routes. For Beijing, Myanmar’s collapse into fragmentation poses a security risk.

Beijing has thus backed the junta’s plan to hold elections in December 2025 and January 2026 in pursuit of a semblance of order under its watch. But for the vast majority of Myanmar citizens, these polls will be a sham. Asean now faces a daunting dilemma of engaging the junta and legitimising it or standing aside and thereby ceding influence entirely to China.

The United States, distracted elsewhere, has dialled back support for Myanmar’s anti-coup resistance. Without sustained backing, the NUG and EAOs outside China’s orbit may lose momentum. If that happens, Myanmar’s fate — and by extension Asean’s credibility — may well be decided in Beijing. Malaysia, as Asean chair this year and the Philippines and Singapore in 2026-27, will need to take the lead in reshaping Asean’s engagement. The Five-Point Consensus has failed. A new approach — one that fosters dialogue, power-sharing, and humanitarian relief — is urgently needed.

As if Myanmar were not enough, Asean in 2025 faced its gravest intra-regional crisis yet, namely a border war between Thailand and Cambodia. In five days of fighting in late July along an 800-kilometre frontier, both sides deployed war-grade weaponry, resulting in at least 43 deaths, hundreds of injuries, and more than 300,000 displaced civilians. Ironically, Asean itself was born in 1967 partly to prevent such intramural conflicts, following Indonesia and Malaysia’s Konfrontasi clash. Yet six decades later, an intra-Asean war has erupted — shaking the bloc’s core foundations.

A fragile ceasefire was achieved only after US intervention. Under the Putrajaya Agreement, both sides agreed to halt hostilities amid threats from US President Donald Trump to suspend tariff talks. Subsequent Asean-brokered negotiations in Kuala Lumpur produced a 13-point truce, but tensions remain high. Worryingly, nationalist sentiments are intensifying on both sides. Unless Asean deploys peacekeepers — not just observers — renewed conflict is a real risk.

Between the fires of Myanmar’s civil war and the Thai-Cambodian confrontation, Asean now faces its most dangerous period since its founding. The addition of Timor-Leste as a new and 11th member will also dilute the group’s cohesion. Beset by internal conflict and external competition, the organisation must act decisively to preserve what remains of its unity and central regional role.

If it cannot, Asean risks becoming a hollow shell — an institution that still holds meetings and issues statements, but no longer shapes outcomes. The immediate challenge is to undertake urgent reform or risk irrelevance. That Asean remains Southeast Asia’s one and only agency on the international stage should behove and prompt member states to close ranks and enact a major internal shake-up.

ONE Championship: Isi Fitikefu set for December return against knockout artist Dzhabir Dzhabrailov

Isi Fitikefu will return to the ONE Championship ring against Dzhabir Dzhabrailov at ONE Fight Night 38 on December 6, a source told the Bangkok Post.

The three-round welterweight MMA bout will air from Lumpinee Stadium in Bangkok, Thailand, live in US primetime on Prime Video on December 5.

Fitikefu, a training partner of former UFC middleweight champion Robert Whittaker, is riding a two-fight win streak in the promotion. He had been set to face ex-ONE welterweight titleholder Zebaztian Kadestam earlier this year in what appeared to be a title eliminator, before the fight was cancelled at the last moment after Kadestam failed hydration.

The Swede was later taken to hospital for issues related to his weight cut, with ONE Championship’s head doctor, Warren Wang, determining during the three-hour testing window that Kadestam was too dehydrated to attempt another pass.

Fitikefu told the Bangkok Post at the time he was ‘disappointed and just wanted to fight’. Whittaker had even flown to Bangkok to corner him.

Kadestam moved up to middleweight last weekend at ONE Fight Night 36, losing by second-round TKO to former two-division champion Aung La N Sang.

His latest opponent, Dzhabrailov, is one of the promotion’s most explosive young talents.

The 20-year-old Turkish fighter has won all three of his ONE bouts by first-round knockout – the first two inside 20 and 47 seconds respectively, and the longest lasting just 1 minute 43 seconds.

After earning his contract through the ONE Friday Fights series, Dzhabrailov made his Prime Video debut in June with another first-round finish of Nicolas Vigna. He missed weight for that lightweight bout, though, and has since elected to move up to welterweight.

ONE Fight Night 38 will be headlined by bantamweight MMA champion Fabricio Andrade defending his title against Enkh-Orgil Baatarkhuu. A second world title will also be on the line as Brazil’s Diogo ‘Baby Shark’ Reis faces Japan’s Daiki Yonekura for the inaugural flyweight submission grappling belt.

Legendary British Muay Thai fighter Liam Harrison will also make his long-awaited return in a bantamweight kickboxing contest against Shinji Suzuki, ending a brief retirement after a loss to Seksan in Denver at ONE 168 in September 2024.

Can ethical supply chains survive tariffs?

Recent geopolitical developments have underscored the fragility of global supply chains, reminding businesses in constantly evolving sectors like consumer goods and fashion that the strength of supplier relationships is one of the few persistent sources of resilience. Maintaining such relationships through responsible purchasing is not only ethical but strategically necessary.

The fashion industry is one of many that is feeling the weight of tariffs — disruptions that come at a time when it is struggling to make progress toward previously stated climate and sustainability goals. According to a 2025 benchmarking survey by the US Fashion Industry Association, 100% of 25 leading apparel brands and retailers identified the current administration’s protectionist stance and volatile trade relationships as a top challenge, and more than half flagged policy uncertainty, especially retaliatory tariffs, as their primary concern.

Rather than responding with short-term cost-cutting, though, major consumer-goods companies are making strategic investments to build resilience. For example, retailers like Walmart and Target have front-loaded inventory to absorb tariff shocks ahead of the holiday season, and Apple chartered cargo flights to transport 1.5 million iPhones from India, an option made possible by increasing production with a key supplier.

These are not just logistical moves; they are evidence of why trust-based, responsive supply-chain relationships matter. Responsible purchasing practices are the glue that holds supply chains together in uncertain times. Gartner reports that nearly half of large enterprises have renegotiated supplier contracts or shifted sourcing strategies to manage risks associated with the tariffs. Such trends reflect a growing consensus: resilient, transparent, and values-aligned supply chains are key to avoiding major disruptions and maintaining competitiveness.

Unfortunately, the fashion sector is a laggard in this regard, scoring just 66 out of 100 in Cascale’s Better Buying 2025 Garment Industry Scorecard, with year-on-year declines in key areas of responsible purchasing, including cost negotiation, payment terms, and product development.

The trend is also concerning for its climate implications. The fashion industry, with its complex global supply chains, is particularly vulnerable to such ripple effects. The US tariffs that went into effect on Aug 7 directly affect sourcing hubs with an outsized influence on the industry’s carbon footprint. Cascale finds that just 1,800 factories in nine countries account for over 80% of measured carbon emissions from the apparel, textile, and footwear industries. Of these, six countries — China, Bangladesh, Vietnam, India, Turkey, and Pakistan — have been directly affected by the new tariffs.

Shifting sourcing away from these hubs might avoid short-term tariff costs. But it could also disrupt ongoing efforts to reduce emissions from these major sources.

We saw this in 2018, when tariffs against China drove a production surge in Vietnam. Since it typically takes an average of 14 months for brands to add new suppliers, such rapid shifts cause a ripple effect: labour violations, longer lead times, and quality issues. Without coordinated planning, they risk undermining climate goals and working conditions alike.

Though fashion is a $3 trillion (97.8 trillion baht) industry, it is expected to have only a minimal formal presence at this year’s United Nations Climate Change Conference (COP30). COP30 will focus more on adaptation finance, carbon pricing, and nature-based strategies than on redrawing trade or sourcing lines.

In short, COP30 will not offer any direct relief on tariffs, but it could shape the long-term rules of the game, linking sustainability targets, sourcing practices, and competitiveness factors through policy levers that lie beyond the fashion industry’s immediate control.

As trade-related costs persist, industry leaders must shift their mindset. Their businesses’ resilience will not come from diplomacy or a presidential handshake, but from trust-based relationships, fair purchasing practices, and innovations to drive sustainability.

Companies that default to price-driven strategies risk eroding their ability to deliver quality, speed, and innovation to today’s conscientious consumer.

At a time when tariffs and climate-related shifts can alter sourcing strategies overnight, resilient partnerships are more than operational tools. They are strategic differentiators, signalling accountability, stability, and ethical leadership to a growing list of stakeholders who are thinking about the long term.

Kingdom stars storm into Arctic last eight

Kunlavut Vitidsarn, Ratchanok Intanon and mixed doubles pair Dechapol Puavaranukroh and Supissara Paewsampran advanced to the quarter-finals of the US$475,000 (approx 15.2 million baht) BWF Arctic Open in Finland on Thursday.

Kunlavut proved too strong for Yushi Tanaka as the Thai top seed moved past the Japanese world No.26 with a 21-13, 21-14 win in 46 minutes.

He will play either Tharun Mannepalli of India or Koki Watanabe of Japan for a place in the semi-finals of the World Tour Super 500 event.

In the mixed doubles, third seeds Dechapol and Supissara defeated Czech pair Ondrej Kral and Tereza Svabikova 21-15, 21-16 in 36 minutes. They will play fifth seeds Goh Soon Huat and Shevon Jemie Lai of Malaysia next.

Dechapol and Supissara teamed up for the first time at this tournament last year and reached the last 16. After 12 months, they are now chasing their fifth World Tour title of 2025 and seventh overall.

Women’s singles hope Ratchanok progressed with a commanding 21-9, 21-8 win over Tanya Hemanth of India.

The second-seeded Thai will play seventh seed Chiu Pin-chian of Taiwan in the last eight on Friday. Chiu edged past Kristin Kuuba of Estonia 16-21, 21-10, 21-11.

Another women’s singles player, Busanan Ongbamrungphan, was scheduled to meet Line Christophersen of Denmark in a late match.

While mixed pair, Pakkapon Teeraratsakul and Sapsiree Taerattanachai, were also set to play their last-16 match against Mads Vestergaard and Christine Busch of Denmark later on Thursday.

In other early results on Thursday, men’s fifth seed Kodai Naraoka defeated Lee Chia-hao of Taiwan 21-13, 21-16 while women’s eighth seed Mia Blichfeldt of Denmark downed Han Qianxi of China 21-14, 21-13.

China tightens checks on Nvidia AI chips

China has intensified its crackdown on semiconductor imports, deploying specialized customs inspection teams at major ports across the country in recent weeks, Azernews reports,according to a report by the Financial Times.

The inspections initially focused on ensuring that domestic companies comply with government guidelines discouraging the purchase of Nvidia’s China-specific chips, developed to meet U.S. export restrictions. Citing sources familiar with the matter, the report noted that Chinese regulators have become increasingly concerned about the unauthorized flow of advanced AI chips into the country.

However, the scope of these checks has significantly broadened. Customs officials are now reportedly inspecting all types of advanced semiconductor products, not just those linked to Nvidia, in an effort to curb chip smuggling and unauthorized imports that may breach U.S. export control regulations.

This move comes amid an ongoing global tech rivalry between the U.S. and China, particularly in the area of artificial intelligence and high-performance computing. Advanced chips – such as those used in machine learning, data centers, and military technologies – have become a focal point in this geopolitical competition. China’s tightened inspections suggest a growing determination to control its supply chain, ensure self-sufficiency, and reduce reliance on foreign technology that might be vulnerable to sanctions.

Analysts believe that the stricter enforcement signals a new phase in China’s strategy: not just resisting U.S. pressure, but actively policing its own market to ensure that domestic firms comply with both local directives and international trade limitations.

Strategic directions vital for future of Organization of Turkic States

Several strategic directions are of particular importance for the future development of the Organization of Turkic States (OTS), Azerbaijani MP Vasif Qafarov said during today’s plenary session of the Milli Majlis, Azernews reports.

According to Qafarov, the creation of a common defense and security system should be considered a top priority.

‘To this end, establishing a ‘Turkic Defense Alliance’ and forming a unified military planning system will be of great importance,’ he noted.

The MP also emphasized that, given the growing cyber threats of the modern era, the creation of a ‘Turkic Joint Cyber Defense Center’ would contribute to ensuring information sovereignty among member states.

‘In addition, establishing a ‘Turkic World Media Platform’ will be crucial for making our collective voice heard more clearly in the global information space. This initiative will unite Turkic nations in the media sphere through a common information strategy,’ Qafarov added.

Azerbaijan welcomes Gaza ceasefire agreement, calls for lasting peace

Azerbaijan’s Foreign Ministry has expressed its support for the newly reached agreement on Gaza, emphasizing the importance of the ceasefire, humanitarian access, and the release of hostages and prisoners as vital steps toward sustainable peace. In an official statement, the ministry underscored that the deal marks a critical opportunity to end the cycle of violence and rebuild Gaza, commending the mediation efforts of the United States, Trkiye, Qatar, and Egypt in securing the accord. Baku also voiced hope that all phases of the agreement would be implemented in good faith, contributing to a just and lasting peace in the region.

According to Azernews, the quote read:

We welcome the agreement reached on Gaza that would establish a ceasefire in Gaza, and pave the way for the release of hostages and prisoners, and for the unhindered humanitarian aid to Gaza and its reconstruction. We hope all the phases of the agreement will be duly implemented, and intensify efforts for just and lasting peace to the region. We commend the mediation by the United States, Trkiye, Qatar, and Egypt toward this outcome.

SOCAR’s Azneft signs MoU with Singaporean companies

The State Oil Company of Azerbaijan Republic (SOCAR), through its Azneft Production Union, has signed a Memorandum of Understanding (MoU) with Singapore-based companies Kranji Solution and MySep Pte.

Azernews reports that the MoU was signed by Tofiq Heydarov, Chief Engineer and First Deputy Director General of Azneft, Michel van Vorselen, Technical Director of Kranji Solution, and Guy Hellinx, Head of MySep Pte.

Under the agreement, the gas collection and transportation systems operated by Azneft’s oil and gas production departments will undergo modernization of their separators to align with current operational standards. Additionally, training will be provided to 10 local specialists in the field.

As a result of the collaboration, local engineers will be equipped to independently carry out tasks related to the design, diagnostics, performance optimization, and compliance of separators. This initiative is expected to significantly reduce the risk of complications in the gas gathering and transportation systems, while enhancing their efficiency and reliability.