Thai parliament to deliberate casino bill in July, minister says
BANGKOK, June 4 (Reuters) - Thai lawmakers will begin deliberating a draft law for casinos and entertainment complexes next month, a deputy finance minister said on Wednesday, as the government moves ahead with a plan to develop the gambling sector and draw in more tourists.
Gambling is mostly banned in Thailand, apart from the lottery, state-controlled horse racing and some other sports. But successive governments have been pressing the case to build casinos that will attract more foreign visitors and create jobs and state revenue.
"The government will create a comprehensive law and prevent negative impact," minister Julapun Amornvivat told a press conference.
"The country needs change, it needs a new engine of growth for the economy," he said, adding that the bill should be finalised within the term of the current government, which ends in two years.
The draft law was approved by cabinet in March and placed tough restrictions on locals, including a 5,000 baht ($153) entry fee and evidence showing at least least 50 million baht in bank deposits, which rules out the majority of the population.
After it is approved by the lower house, it would need to be passed by the Senate before it is sent to the king for endorsement.
The government, led by the populist Pheu Thai party, hopes to attract at least 100 billion baht ($3 billion) in new investment in casinos and entertainment complexes, and expects a boost in foreign tourist arrivals by up to 10%.
Though most gambling activities have been outlawed in Thailand, illegal operations have endured for years.
Tourism is a key driver in Thailand, Southeast Asia's second-largest economy, and the government forecasts 37 million foreign arrivals this year. Before the pandemic in 2020, arrivals hit a record of nearly 40 million.
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Reuters
2 hours ago
- Reuters
Shaken by crises, Switzerland fetters UBS's global dream
BERN, June 6 (Reuters) - Switzerland announced reforms on Friday to make its biggest bank UBS (UBSG.S), opens new tab safer and avoid another crisis, hampering the global ambitions of a lender whose financial weight eclipses the country's economy. UBS emerged as Switzerland's sole global bank more than two years ago after the government hastily arranged its rescue of scandal-hit Credit Suisse to prevent a disorderly collapse. The demise of Credit Suisse, one of the world's biggest banks, rattled global markets and blindsided officials and regulators, whose struggle to steer the lender as it lurched from one scandal to the next underscored their weakness. On Friday, speaking from the same podium where she had announced the Credit Suisse rescue in 2023 as finance minister, Switzerland's president Karin Keller-Sutter delivered a firm message. The country would not be wrongfooted again. "I don't believe that the competitiveness will be impaired, but it is true that growth abroad will become more expensive," Keller-Sutter said of UBS. "We've had two crises. 2008 and 2023," she said. "If you see something that is broken, you have to fix it." During the global financial crisis of 2008, UBS was hit by a losses in subprime debt, as a disastrous expansion into riskier investment banking forced it to write down tens of billions of dollars and ultimately turn to the state for help. Memories of that crisis also linger, reinforcing the government's resolve after the collapse of Credit Suisse. For UBS, which has a financial balance sheet of around $1.7 trillion, far bigger than the Swiss economy, the implications of the reforms proposed on Friday are clear. Switzerland no longer wants to back its international growth. "Bottom line: who is carrying the risk for growth abroad?" said Keller-Sutter. "The bank, its owners or the state?" The rules the government proposed demand that UBS in Switzerland holds more capital to cover risks in its foreign operations. That move, one of the most important steps taken by the Swiss in a series of otherwise piecemeal measures, will make UBS's businesses abroad more expensive to run for one of the globe's largest banks for millionaires and billionaires. Following publication of the reform plans, UBS Chairman Colm Kelleher and CEO Sergio Ermotti said in an internal memo that if fully implemented, they would undermine the bank's "global competitive footprint" and hurt the Swiss economy. The reform would require UBS to hold as much as $26 billion in extra capital. Some believe the demands may alter the bank's course. "It could be that UBS has to change its strategy of growth in the United States and Asia," said Andreas Venditti, an analyst at Vontobel. "It's not just growing. It makes the existing business more expensive. It is an incentive to get smaller and this will most likely happen." Credit Suisse's demise exploded the myth of invincibility of one of the wealthiest countries in the world, home to a global reserve currency, and proved as unworkable a central reform of the financial crisis to prevent state bailouts. For many in Switzerland, the government's reforms are long overdue. "The bank is bigger than the entire Swiss economy. It makes sense that it should not grow even bigger," said Andreas Missbach of Alliance Sud, a group that campaigns for transparency. "It is good that the government did not give in to lobbying by UBS. The question is whether it is enough. We have a banking crisis roughly every 12 years. So I'm not really put at ease." UBS CEO Ermotti had lobbied against the reforms, arguing that a heavy capital burden would put the bank on the back foot with rivals. The world's second-largest wealth manager after Morgan Stanley is dwarfed by its U.S. peer. Morgan Stanley shares value the firm at twice its book value, compared with UBS's 20% premium to book. On Friday, the bank reiterated this message, saying that it strongly disagreed with the "extreme" increase in capital. But others are sceptical that the government has done enough. Hans Gersbach, a professor at ETH Zurich, said there was still no proper plan to cope should UBS run into trouble. "The credibility of the too big to fail regime remains in question."
Daily Mail
3 hours ago
- Daily Mail
Popular Greek tourist resort labelled 'ultimate rip off'
The first sundowner of the evening is always a holiday highlight - but not if you're paying through the nose for it. One of Greece's prettiest spots, the ancient Old Town of Rhodes, has been red flagged as a major hotspot for overcharging tourists, according to reviews on Google and TripAdvisor . The area's narrow network of streets are filled with places to imbibe everything from local Dodecanese beer to shots of ouzo, but according to some disgruntled tourists, a visit to Rhodes' Old Town also leaves visitors vulnerable to inflated prices - with a string of bars accused of 'scamming' tourists. One of the most common tricks, say drinkers, comes via the 'Rhodes Boot', a boot-shaped glass vessel that can hold up to two litres of beer. Customers at bars in the Old Town say when they've asked for a small or medium beer, they're frequently been presented with the 'Boot', and then charged handsomely for it, whether they drank it or not - with prices starting at around 10 euros (£8.40) for the sizeable drink. Reviews of the Chevalier Shisha & Cocktail Lounge Bar, which is in the main square of Rhodes' Old Town and enjoys the attention of tourist crowds all summer long thanks to its atmospheric setting, has been on the receiving end of some particularly scathing reviews. One person, who visited in April, criticised the 'very poor service' and 'shocking attitude', as well as claiming they were given a second menu when they paid their bill at the bar - with very different prices. While there are plenty of positive reviews for the shisha bar, which has a three-and-a-half star rating on TripAdvisor, another unhappy customer claimed the establishment charged them 32 euros (£26) for two small cocktails, despite advertising the price at 20 euros (£16). A similar post from last summer also flagged the lack of clear pricing, saying: 'There are no menus and they don't tell you prices of drinks until you're paying the bill. 'They don't tell you that if you order a large cocktail you will get a fish bowl, which is £35 and a large beer is a 2 litre boot, which cost £18.' It seems to be a similar story at The Gate, another bustling venue in Rhodes' Old Town, where drinkers also reported being unhappy at the lack of transparency when it comes to prices. Just two weeks ago, four tourists said they paid 60 euros (£50) for a medium beer, cider, and two medium frozen daiquiris, with the reviewer calling the cocktails 'the worst I have ever come across', and claiming they 'didn't taste any alcohol'. Another declared the venue a 'tourist trap', writing: 'There is a reason why the drinks menu has no prices. I thought it was safe enough to order a sparkling water. It cost €5 (£4.20).' The bar earned just two stars out of five from 154 reviews on Google - with the food described as 'standard' but the drink prices never clear according to those who've visited it. A short walk away, a bar named Rendez Vous currently has just 1.9 stars on TripAdvisor, with ambiguous prices again behind the low score. One holidaymaker on the sun-drenched island last month said Rendez Vous had 'horrible prices' and urged people to 'ask or check them before ordering anything'. Another revealed they'd paid 15 euros for two soft drinks, writing: 'A shame. The staff were cold and unpleasant, and the prices are a real scam. Two cokes charged at 15 euros? (£12.60)' Meanwhile at the Panorama Cafe & Bar, there was more bad news, with those who'd enjoyed a drink there in recent months split on their experiences. 'We go in, ask for 'one small, and one medium size beer'. Server repeats. But a little later two 'boots' arrive, one of about 2 litres, one of at least one litre.' When it comes to paying, the customer was told 'we don't do small beers', and served up a 20 euro (£16.80) bill. And it seems it's been going on a while; back in 2022, one person penned: You'll be provided a menu with no featured prices. 'After you're finished with your watered down cocktail, served with low quality alcohol, you'll be presented with an outrageous bill. Ours was 70 euros (£58) for 2 cocktails. If I could give zero rating I would.' Another visitor said the view was sublime, but the service not quite the same standard, writing: 'Overall: unacceptable shop, service, drink and boss', although they said the cocktails served were reasonably priced. Over in Italy, tourists were warned this week about a potential scam involving one of the country's most famous foods - gelato. Tourists have been urged to take care when ordering ice cream in Italian destinations this summer as they could be being duped. Italian gelato is world famous for its creamy texture with tourists often flocking to purchase iconic flavours such as pistachio and stracciatella . But they might not be getting the real thing. The Express reports that many tourists are actually buying a cheap copy of gelato with the cheeky scam particularly prevalent in Rome. Foodies at explain that classic gelato is 'churned at a much slower rate, incorporating less air and leaving the gelato denser than ice cream'. And there's also an easier way for tourists to spot inauthentic gelato. If the ice cream colours are particularly bright, it's generally a sign that you're not buying a real gelato. Classic gelato is usually pale in colour as makers don't use artificial food colouring during the process. Tourists can also check reviews on Google and Tripadvisor to find gelato cafes with particularly high ratings.
North Wales Live
4 hours ago
- North Wales Live
The State pensioners who will get an immediate Winter Fuel Payment boost
Many State pensioners were controversially stripped of their £300 Winter Fuel Payment over the winter. It came after the Government declared the benefit would be means tested but the issue has been highly contentious. It means the vast majority of State pensioners will no longer receive a £300 payment unless they claim a qualifying benefit. Since then Prime Minister Sir Keir Starmer has announced a partial reversal on the benefit, pledging to reassess the eligibility threshold to reinstate the payment to more pensioners. How this will be implemented or what the criteria might be have not yet been disclosed. This week, Chancellor of the Exchequer Rachel Reeves announced that more pensioners will receive the winter fuel allowance this year, although it still won't be universal, reports the Express. Officials haven't yet said how many more pensioners will be eligible. Chancellor Rachel Reeves said: "We have listened to the concerns that people had about the level of the means test and so we will be making changes to that. Join the North Wales Live Whatsapp community now "They will be in place so that pensioners are paid this coming winter. People should be in no doubt that the means test will increase and more people will get winter fuel payment this winter." 'Exact amount will vary depending on your birth year' However, many aren't aware that if you do qualify for the Winter Fuel Payment this year, the exact amount you receive will vary depending on your birth year and possibly other circumstances as well. The Government previously paid the Winter Fuel Payment automatically to all state pensioners, but until any changes are announced, the current rule is that you must be claiming a qualifying benefit such as Pension Credit. Those who are of state pension age but under 80, meaning they were born on or before September 22, 1958, and who qualify will receive a £200 payment. But those aged over 80 - born on September 23, 1944, or earlier - will receive £300. The amount you receive is determined by your age and circumstances during the "qualifying week" of September 16 to 22, 2024. If you missed this period, you can backdate Pension Credit claims until December, so it's still accessible now. So if you're over 80 and eligible, your Winter Fuel Payment will rise from £200 to £300. Most qualifying individuals will receive a letter detailing the amount they'll receive and the bank account in which it will be paid to, this is typically the same as the one used for your Pension Credit or other benefits. An Age UK spokesman said: "If you or your partner claims Pension Credit, Income Support, income-based Jobseeker's Allowance or income-related Employment and Support Allowance, the payment should go to the main claimant of the benefit automatically. "You should receive your payment between mid-November and Christmas. Call the Winter Fuel Payment helpline on 0800 731 0160 if you have any enquiries or you don't receive your payment."
