Protesters Rally in Thai Capital to Demand Premier's Resignation
(Bloomberg) -- Thai protesters began to rally in Bangkok on Saturday to demand the resignation of Prime Minister Paetongtarn Shinawatra, as the fallout continued from her controversial phone call with former Cambodian leader Hun Sen.
Demonstrators gathered at the Victory Monument junction, a key intersection in the capital, waving flags as monks prayed and chanted on a stage. Organizers brought the rally forward by six hours, with crowds expected to become larger as the day progresses.
Paetongtarn has resisted calls to step down after a leaked call with Hun Sen was released in which she criticized her army, prompting a key coalition ally to defect and her government to nearly collapse this month. The political turmoil compounds woes of Southeast Asia's third-biggest economy, which has been hurt by US tariff threats, a tourism downswing and a consumption slump.
The crisis has also weighed on international investors, who have dumped a net $2.3 billion of Thai stocks this year. Thailand's benchmark stock index has slid 21% this year — among the worst performers globally — largely on concerns that US threats of a 36% tariff will worsen the economic slowdown and hurt company earnings.
The gauge tumbled 2.2% on Friday as some investors cut their exposure of domestic stocks ahead of the weekend street protest.
'Domestic politics have returned to trigger extreme volatility in the stock market again,' said Nariporn Klangpremchitt, an analyst at Thanachart Securities Co. Investors are selling off Thai stocks on concern the protest and political uncertainty 'will affect the government's stability and economic policy implementation,' she said.
A coalition without Bhumjaithai Party, formerly the alliance's second-biggest group, commands a very slim majority. That could complicate passage of key bills in July, including a controversial proposal to legalize casinos and the next fiscal year's budget.
The rest of Paetongtarn's coalition allies have pledged to remain for now.
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First Post
2 hours ago
- First Post
Protests erupt in Bangkok as thousands demand Thai PM's resignation over leaked phone call
Outrage over the call mostly revolved around Thai Prime Minister Paetongtarn's comments toward an outspoken regional army commander and her perceived attempts to appease Hun Sen, the current Cambodian Senate president, to ease tensions at the border read more Thousands of protesters gathered in Thailand's capital on Saturday to demand the resignation of Prime Minister Paetongtarn Shinawatra, part of the brewing political turmoil set off by a leaked phone call with former Cambodian Prime Minister Hun Sen. Paetongtarn faces growing dissatisfaction over her handling of a recent border dispute with Cambodia involving an armed confrontation May 28. One Cambodian soldier was killed in a relatively small, contested area. The recorded phone call with Hun Sen was at the heart of the demonstration Saturday and has set off a string of investigations in Thailand that could lead to Paetongtarn's removal. STORY CONTINUES BELOW THIS AD Outrage over the call mostly revolved around Paetongtarn's comments toward an outspoken regional army commander and her perceived attempts to appease Hun Sen, the current Cambodian Senate president, to ease tensions at the border. Protesters held national flags and signs as they occupied parts of the streets around the Victory Monument in central Bangkok. At a huge stage set up at the monument, speakers took turns expressing love for Thailand following the intensified border dispute. Protesters chanted, sang and danced to songs stoking nationalist sentiment. Tatchakorn Srisuwan, 47, a guide from Surat Thani province, said he arrived in Bangkok by an overnight train to demand Paetongtarn's resignation over the leaked call. 'From a heart of a Thai person, we've never had a prime minister who's so weak,' he said. 'We don't want to invade anyone, but we want to say that we are Thai and we want to protect Thailand's sovereignty.' Many of the leading figures in the protest were familiar faces from a group popularly known as Yellow Shirts, whose clothing color indicates loyalty to the Thai monarchy. They are longtime foes of Paetongtarn's father, former Prime Minister Thaksin Shinawatra, who reportedly has a close relationship with Hun Sen. STORY CONTINUES BELOW THIS AD Yellow Shirts rallies turned violent and led to military coups in 2006 and 2014, which respectively ousted the elected governments of Thaksin and Paetongtarn's aunt, former Prime Minister Yingluck Shinawatra. Hun Sen responds Hun Sen on Saturday vowed to protect his country's territory from foreign invaders and said the action by the Thai army was a serious violation of Cambodia's sovereignty and territorial integrity, despite the country's good will in attempting to resolve the border issue. 'This poor Cambodia has suffered from foreign invasion, war and genocide, been surrounded and isolated and insulted in the past, but now Cambodia has risen on an equal face with other countries,' Hun Sen told an audience of thousands at the 74th anniversary celebration of the founding of his long-ruling Cambodian People's Party in the nation's capital, Phnom Penh. There is a long history of territorial disputes between the countries. Thailand is still rattled by a 1962 International Court of Justice ruling that awarded Cambodia the disputed territory where the historic Preah Vihear temple stands. There were sporadic though serious clashes there in 2011. The ruling from the U.N. court was reaffirmed in 2013, when Yingluck was prime minister. Political fracture and investigations The scandal has broken Paetongtarn's fragile coalition government, costing her Pheu Thai Party the loss of its biggest partner, Bhumjaithai Party. Its departure left the 10-party coalition with 255 seats, just above the majority of the 500-seat house. Paetongtarn also faces other investigations that could lead to her removal from office. STORY CONTINUES BELOW THIS AD Sarote Phuengrampan, secretary-general of the Office of the National Anti-Corruption Commission, said Wednesday that his agency is investigating Paetongtarn for a serious breach of ethics over the Hun Sen phone call. He did not give a possible timeline for a decision. Reports said the Constitutional Court could decide as early as next week whether it will take a petition requesting Paetongtarn's removal due to the phone call, enabling the court to suspend her from duty pending an investigation. The prime minister said Tuesday she is not worried and is ready to give evidence to support her case. 'It was clear from the phone call that I had nothing to gain from it, and I also didn't cause any damage to the country,' she said. The court last year removed her predecessor from Pheu Thai over a breach of ethics. Thailand's courts, especially the Constitutional Court, are considered a bulwark of the country's royalist establishment, which has used them and nominally independent state agencies such as the Election Commission to cripple or sink political opponents. STORY CONTINUES BELOW THIS AD
New Indian Express
3 hours ago
- New Indian Express
Protesters gather in Bangkok to demand PM Shinawatra's resignation over leaked phone call with Hun Sen
BANGKOK: Hundreds of protesters gathered in Thailand's capital on Saturday to demand the resignation of Prime Minister Paetongtarn Shinawatra, part of the brewing political turmoil set off by a leaked phone call with former Cambodian Prime Minister Hun Sen. Paetongtarn faces growing dissatisfaction over her handling of a recent border dispute with Cambodia involving an armed confrontation May 28. One Cambodian soldier was killed in a relatively small, contested area. The recorded phone call with Hun Sen was at the heart of the demonstration Saturday and has set off a string of investigations in Thailand that could lead to Paetongtarn's removal. Outrage over the call mostly revolved around Paetongtarn telling Hun Sen, the current Cambodian Senate president, not to listen to 'an opponent' in Thailand. It's believed to be a reference to the regional Thai army commander in charge of the area where the clash happened, who publicly criticized Cambodia over the border dispute. Protesters held national flags and signs as they occupied parts of the streets around the Victory Monument in central Bangkok. At a huge stage set up at the monument, speakers expressed their love for Thailand following the intensified border dispute. Many of the leading figures in the protest were familiar faces from a group popularly known as Yellow Shirts, whose clothing color indicates loyalty to the Thai monarchy. They are longtime foes of Paetongtarn's father, former Prime Minister Thaksin Shinawatra, who reportedly has a close relationship with Hun Sen. Yellow Shirts rallies turned violent and led to military coups in 2006 and 2014, which respectively ousted the elected governments of Thaksin and Paetongtarn's aunt, former Prime Minister Yingluck Shinawatra. Hun Sen responds Hun Sen on Saturday vowed to protect his country's territory from foreign invaders and condemned what he called an attack by Thai forces last month. At a 74th anniversary celebration of the foundation of his long-ruling Cambodian People's Party, Hun Sen claimed the action by the Thai army was illegal when it engaged Cambodian forces. He said the skirmish inside Cambodian territory was a serious violation of country's sovereignty and territorial integrity, despite Cambodia's good will in attempting to resolve the border issue. 'This poor Cambodia has suffered from foreign invasion, war and genocide, been surrounded and isolated and insulted in the past, but now Cambodia has risen on an equal face with other countries. We need peace, friendship, cooperation and development the most and we have no politics and no unfriendly stance with any nation,' Hun Sen said in front of thousands of party members at the event in the Cambodian capital, Phnom Penh. There is a long history of territorial disputes between the countries. Thailand is still rattled by a 1962 International Court of Justice ruling that awarded Cambodia the disputed territory where the historic Preah Vihear temple stands. There were sporadic though serious clashes there in 2011. The ruling from the U.N. court was reaffirmed in 2013, when Yingluck was prime minister. Political fracture and investigations The scandal has broken Paetongtarn's fragile coalition government, costing her Pheu Thai Party the loss of its biggest partner, Bhumjaithai Party. There already was a rift between Bhumjaithai and Pheu Thai Party over reports Bhumjaithai would be shuffled out of the powerful Interior Ministry. Several Bhumjaithai leaders also are under investigation over an alleged rigging of last year's Senate election in which many figures who are reportedly close to the party claimed a majority of seats. The departure of Bhumjaithai left the 10-party coalition with 255 seats, just above the majority of the 500-seat house. Paetongtarn also faces investigations by the Constitutional Court and the national anti-corruption agency. Their decisions could lead to her removal from office. Sarote Phuengrampan, secretary-general of the Office of the National Anti-Corruption Commission, said Wednesday that his agency is investigating Paetongtarn for a serious breach of ethics over the Hun Sen phone call. He did not give a possible timeline for a decision.
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Business Standard
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