The Thai government has officially sanctioned a budget of $1.2 billion to host a Grand Prix in the capital city of Bangkok. With several Grand Prix venues reporting a significant economic impact through Formula One, Thailand is eager to host a street race.

Thailand’s cabinet approved a proposal for Bangkok to host a Formula One race for at least five years starting in 2028, earmarking 41.4 billion baht ($1.3 billion) in an effort to boost the nation’s image as a venue for international events and luxury tourism.

BANGKOK (Reuters) -Thailand's Bhumjaithai Party on Wednesday announced its withdrawal from the coalition government, in a major setback for Prime Minister Paetongtarn Shinawatra's ruling coalition.

Thailand's Bhumjaithai Party on Wednesday withdrew from Prime Minister Paetongtarn Shinawatra's government in a major blow to the embattled premier, leaving her ruling coalition with only a slim majority.