At least 686 U.S. companies filed for bankruptcy in 2024, marking the highest number in 14 years, according to recently released data.
The London-based Financial Times (FT), citing data from Standard and Poor's Global Market Intelligence, reported on Tuesday that U.S. corporate bankruptcies in 2024 rose by eight percent compared to 2023, reaching the highest number since 2010.
Among the hardest-hit companies were those heavily dependent on consumers' disposable income, with the U.S. facing strong inflation and a decline in consumer confidence, the report claims.
The rising cost of goods and services has dampened consumer demand, with the burden particularly heavy for lower-income groups. But even those in the middle- and upper-income brackets have become more cautious with their spending, according to Gregory Daco, the chief economist at accounting firm EY.
U.S. corporate bankruptcies reach 14-year high in 2024
The death toll from a crane collapse that derailed a passenger train in northeastern Thailand's Nakhon Ratchasima Province has risen to 32, with the number of injured now standing at 67, authorities said on Wednesday.
The accident occurred on Wednesday morning when the construction crane used for a high-speed rail bridge collapsed onto the train traveling from Bangkok to Ubon Ratchathani Province.
Speaking at a press briefing, Nakhon Ratchasima Governor Chaiwat Chuenkosum said the State Railway of Thailand expects to take approximately seven days to clear the wreckage and restore the track to normal operation while a full investigation into the cause of the accident is underway.
Thai Deputy Prime Minister and Minister of Transport Phiphat Ratchakitprakarn earlier told reporters that he has instructed agencies to conduct a transparent, comprehensive investigation to determine the cause and prevent recurrence.
According to Thai media reports, the main contractor for the involved railway section is Italian-Thai Development PLC, which has issued a statement on the accident, saying that the company will fully assume responsibilities related to compensation and medical treatment.
Songrit Yoonsoongnern, a rescuer, said that rescue teams are waiting for some parts of the wrecked train to be moved before continuing operations.
"Right now, we are waiting for the cranes to secure the carriage and the crane above, and to remove some debris that is on the bodies. For safety reasons, we must wait until Italian-Thai Development’s cranes complete the operation and safety is 100-percent assured, before ordering rescue personnel to enter and recover the bodies," he said.
32 killed after crane collapse derails train in Thailand
