- Thailand News
EGAT seeks Cabinet approval for 50.8 billion baht power generation boost in Bangkok
The Electricity Generating Authority of Thailand (EGAT) anticipates approval from the Cabinet for its proposal to increase power generation at its south Bangkok gas-fired facility in Samut Prakan. The initiative recently underwent a public hearing. The proposal for additional capacity comes in response to the decommissioning of several generators. To ensure sufficient electricity for the capital’s inhabitants, EGAT deemed this…
- Business News
Thailand’s new tax twist: Overseas earners spending 180 days face income tax
Thailand’s tax policy, as declared by the Revenue Department, recently stipulated that an individual spending up to 180 days a year in the country and earning income from overseas will be liable for personal income tax. This decision, governed by Section 48 of the Revenue Code, is expected to primarily influence three groups: individuals involved in foreign stock market trading…
- Business News
Chiang Mai tourism recovery slower than expected despite visa-free policy
Despite the gradual revival of tourism, a significant number of rooms in Chiang Mai‘s hotels and the international airport remain unoccupied, with the return of travellers seemingly slower than anticipated post-pandemic. Adding to the concerns is the anticipated PM2.5 dust during the peak season. Over the weekend, Prime Minister Srettha Thavisin undertook an inspection of the airport in light of…
- Business News
Thailand reviews taxes and launches digital wallet to tackle income disparity
The Finance Ministry of Thailand is set to review the new land and building tax and the inheritance tax and launch the digital wallet following an order from Prime Minister Srettha Thavisin. The move aims to mitigate income disparity in the nation. PM Srettha, who also holds the Finance Minister post, gave the directive subsequent to the appointment of a new…
- Economy News
Thai economy faces scrutiny amid recession fears and slow pandemic recovery
The Thai economy is in the spotlight as concerns over a looming recession persist due to the nation’s weak export outlook and slow recovery from the pandemic. Last week, the government faced heavy criticism from opposition parties and business leaders during a Thai economy policy debate, with the latter expressing concerns over the lack of detail in the 43-page policy…
- Business News
Thai business department investigates 439 firms for potential nomination violations
In a move to suppress the ‘grey’ market in the fiscal year 2023, the Business Development Department (BDD) investigated 439 companies, suspecting them of acting as nominees for foreign corporations. Interestingly, legal entities potentially involved in nominee activities were discovered in Chiang Mai and Chon Buri provinces. The BDD Deputy Director-General, Jitakorn Wongkhatekorn, revealed that the agency inspected three targeted…
- Thailand News
Thailand’s healthcare sector transformed by AI innovations
Artificial intelligence (AI) is rapidly transforming Thailand’s healthcare sector, with innovative solutions designed to enhance patient care, ease the workload of medical professionals, and address the specialist shortage. In a collaboration aimed at advancing medical treatment, public hospitals, state agencies, and local startups are joining hands to develop AI-based healthcare products and services. These advancements are expected to boost the…
- Business News
Debt moratorium to benefit 7 million farmers and SMEs
Deputy Finance Minister Julapun Amornvivat announced that no more than seven million farmers and small and medium-sized enterprises (SMEs) will qualify for the initial phase of the debt moratorium. The breakdown of this figure is expected to be around four million small-scale farmers and three million SMEs. The Deputy Finance Minister refrained from providing specifics on the scope and limit…
- Business News
Evergrande wealth management staff detained amid ongoing debt crisis
China Evergrande Group, the world’s most heavily indebted property developer, finds itself under increased scrutiny as staff from its wealth management unit have been detained by the police in southern China. Shenzhen City Police said in a social media statement on Saturday night that public security organs took criminal compulsory measures against China Evergrande general manager Du Liang and other…
- Business News
Thailand and China’s Guangxi discuss bolstering trade via ILSTC route
Trade discussions took place yesterday between Thailand and China‘s Guangxi Zhuang Autonomous Region, focusing on the potential use of the New International Land-Sea Trade Corridor (ILSTC) to enhance trade cooperation. Guangxi Zhuang, a southern Chinese region adjacent to Vietnam, is the operational hub of the ILSTC, a trade and logistics channel. The route extends from Chongqing to the Beibu Gulf…
- Transport News
Thailand’s airlines resist price war despite rising operational costs
Despite escalating operational costs, Thailand’s airlines are unlikely to trigger a new price war, while the Civil Aviation Authority of Thailand (CAAT) intends to retain the existing ceiling for ticket prices. This information was shared by Suttipong Kongpool, the CAAT director, during a seminar co-hosted by the Airlines Association of Thailand (AAT) and CAAT this week. Suttipong indicated that with…
- Business News
Economic data in China sees Asian stocks surge, Thai shares dip
Asian stocks experienced a significant surge yesterday, a continuation of the global equity rally, following encouraging Chinese economic data that sparked optimism about the imminent culmination of major central banks’ tightening initiatives. Despite the overall momentum, Thai stocks saw a slight dip of 0.3% from the prior week, closing at 1,542.03 on Friday, with an average daily turnover of 46.97…
- Thailand News
EconThai urges government: Debt-lift measures needed for all, not just farmers
EconThai, the Employers’ Confederation of Thai Trade and Industry, called on the government to hasten steps to alleviate the heavy domestic debt burden, aiming to aid not only farmers but also middle-income earners who are bearing substantial financial loads. EconThai Vice-Chairman, Tanit Sorat, highlighted the necessity for debt suspension measures to be inclusive, covering a wide range of individuals in…
- Business News
Thai consumer confidence surges as new government takes charge, but high living costs cast a shadow
Last month saw a rise in consumer confidence following the swift establishment of a new government, although concerns about the high cost of living and the sluggish global economy remain. The University of the Thai Chamber of Commerce (UTCC) revealed that the consumer confidence index rose to 56.9 from 55.6 in July. This uplift was attributed to the easing of…
- Business News
Thai tourism aims sky-high: 3 trillion baht revenue target unveiled
The Thai tourism and sports minister announced an ambitious new target for foreign tourism revenue: an unprecedented 3 trillion baht. The minister, Sudawan Wangsuphakijkosol, revealed the goal, which marks a considerable increase from the 1.9 trillion baht recorded in 2019, is part of a broader strategy to position the nation as a leading hub for sports and entertainment. Sudawan acknowledged…
- Business News
Apple’s sweet surprise: iPhone 15 lineup set to juice up Thailand’s smartphone sales
Apple Inc’s new line of iPhone 15 models is set to boost Thailand’s smartphone sales in the fourth quarter, say industry analysts and a mobile phone distributor. In the premium smartphone market in Thailand, Apple and Samsung devices continue to reign. Apple debuted the iPhone 15, 15 Plus, 15 Pro, and 15 Pro Max on Tuesday. Thai consumers will be…
- Business News
Energizing savings: Government’s cost-cutting shock eases financial pressure
The Employers’ Confederation of Thai Trade and Industry (EconThai) expressed approval for the Thai government’s latest move to slash both electricity and diesel costs. This initiative is aimed at alleviating the financial pressure on households and businesses. The reduction in power tariff was confirmed yesterday, following Prime Minister Srettha Thavisin‘s policy statement announcement in parliament, reports Bangkok Post. The new…
- Business News
Koh Samui tourism seeks extended stays for European travellers amidst water crisis
Koh Samui’s tourism sector called for the government to extend stays for European travellers, arguing that the proposed visa-free travel for Chinese tourists will not significantly benefit the island. This comes from Ratchaporn Poolsawadee, the president of the Tourism Association of Koh Samui, who noted that Chinese nationals only make up a small percentage (10%) of the island’s foreign tourist…
- Business News
Thailand’s car rental sector shifts gears: 2023 growth outlook takes a modest dip of 2-3%
Thailand’s car rental sector is anticipated to witness a modest growth of 2-3% this year, as per Krungthai Car Rent & Lease Plc (Kcar). This is a step down from the previous annual growth of 4-5%, a dip attributed to numerous elements such as a stagnating economy, slow resurgence of tourism, diminished buying power, and escalating household debt. Pichit Chantarasereekul,…
- Business News
Thai-EU FTA talks set to roll, aiming for a trade-tastic deal within two years
Talks on a free-trade agreement between Thailand and the European Union (Thai-EU FTA) are set to kick off next week, to finalise the deal within a two-year timeframe. The Department of Trade Negotiations, under the Thai Commerce Ministry, is spearheading the negotiations. Auramon Supthaweethum, the department’s director-general, revealed that a team from various state agencies is being prepped for the…
- Business News
SET falls as Thai government’s new policies fail to convince investors
The Stock Exchange of Thailand (SET) experienced a slight decline yesterday as the newly elected government‘s policy statement failed to impress investors. Analysts have raised concerns about the lack of specific timelines and the feasibility of implementing these policies. The Srettha Thavisin administration’s key policies include a 10,000 baht digital wallet to stimulate domestic demand, energy price reductions, tourism promotion,…
- Business News
CPN plans 3 billion baht expansion of Phuket condos
Central Pattana (CPN), a company listed on the Stock Exchange of Thailand (SET), announced its intentions to introduce two additional phases to its condominium project, Phyll Phuket, near Central Phuket Floresta. The Phuket condos expansion, which includes nearly 700 units worth a total of 3 billion baht, is set to launch in the forthcoming year. This decision is motivated by…
- Business News
Suvarnabhumi Airport’s SAT-1 terminal to soft-launch boosting capacity by 33%
Suvarnabhumi International Airport, governed by Airports of Thailand (AoT), is set to soft-launch its Satellite 1 (SAT-1) terminal on September 28, following a successful full-scale trial involving 180 mock passengers and their luggage. The trial aimed to evaluate operations at both the SAT-1 satellite passenger terminal and the primary terminal, with Thai Airways offering assistance by supplying cabin crew and…
- Business News
Bangkok Airways eyes investment in proposed Phangnga airport to boost tourism
Bangkok Airways has expressed keen interest in an investment in the proposed airport in Phangnga if the government chooses to shift from a public scheme to a collaborative public-private partnership. The fresh investment is seen as a strategic move, as the new airport holds immense potential to become Thailand’s next tourist hotspot. The Thai government’s contemplation over investment into the…
- Business News
Commerce captain charts cost of living course: Cost-cutting and export-boosting ahoy
New Commerce Minister Phumtham Wechayachai aims to address the cost of living and align product prices with production costs. He plans to expedite efforts to discover new export markets and enhance Thai shipping opportunities through increased trade negotiations. On his first day, Wechayachai emphasized his commitment to Prime Minister Srettha Thavisin‘s policies and assured prompt attention to public concerns, especially…
- Business News
Bangkok’s condo market: Buyers rush for ‘ready-to-move’ amid sales slump
The second quarter of this year witnessed a significant slump in sales for newly launched condominiums in Bangkok. Buyers, gripped by mortgage rejection fears, exhibited a strong preference for ready-to-transfer units. Tritecha Tangmatitham, Managing Director at Supalai, highlighted that a staggering 70% of condo sales in the current year have been for completed units, underscoring a marked shift in consumer…
- Business News
Recruitment adventures: When job hunting in Thailand feels like a blind date
Navigating the waters of a job interview can often feel akin to treading the unpredictable path of a blind date. The entire process can be punctuated by uncertainty, ambiguity, and occasionally, a lack of respect and courtesy from the hiring party. An interviewee’s experience can be marred by a lack of information about the interview process: from the number of…
- Business News
Ticket turbulence: Thai airlines aim to price things right amid rising costs
Thai airlines plan to explain the accusations of raising ticket prices amid higher jet fuel costs. The Airlines Association of Thailand (AAT) announced it will host a seminar to clarify airfare structures and CAAT price regulations following consumer complaints. Nok Air CEO Wutthiphum Jurangkool stated that price increases mainly occurred during extended holidays due to high demand, impacting last-minute bookings.…
- Business News
JSCCIB to discuss Chinese goods influx and revise Thai economic forecasts
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is preparing to discuss new economic challenges such as the influx of Chinese merchandise. The committee aims to formulate a fresh economic proposal for the Srettha Thavisin Pheu Thai Party-led government. The subjects are set to be discussed in the committee’s today’s meeting. The JSCCIB intends to confer with the new…
- Business News
Baht-ing for growth: Pheu Thai Party’s digital policy to boost Thai economy
The 10,000-baht digital currency policy handout by Pheu Thai is expected to inject an estimated 2 trillion baht into the country’s economy, according to Deputy Finance Minister Julapun Amornvivat. This initiative aims to contribute to a growth of at least 5% in the GDP by 2024. Julapun Amornvivat stated that the economy would get a boost from the widespread use…
