- Business News
Thai-dal wave: Taiwanese electronics firms spark 30 billion baht boom in Thailand
The electronics industry of Thailand is set to experience significant growth as 20 new investments, amounting to 30 billion baht, have been approved by the Board of Investment (BoI). These investments are from Taiwan-based electronics firms that have shown intent to establish Thailand as their new export base. The BoI indicated that this move is particularly noteworthy for manufacturers of…
- Business News
Thai hotels see surge in bookings as government agencies rush to spend budget
Thai hotels are seeing a bookings surge as government agencies rush to exhaust their fiscal 2023 budget ahead of the September cut-off. This comes following a period of stagnation in the booking of meetings due to the country’s political uncertainty. Marisa Sukosol Nunbhakdi, the Thai Hotels Association (THA) president, reported a 10-20% increase in both government and private sector meetings…
- Business News
Bangkok gems and jewellery fair targets 3 billion baht in trade value
The 68th Bangkok Gems and jewellery Fair, a global hotspot for buyers, importers, and visitors, kicked off yesterday with an anticipated attendance of over 30,000 international guests. The fair, held at the Plenary Hall of the Queen Sirikit National Convention Center (QSNCC) until Sunday, is projected to amass a trade value surpassing 3 billion baht, stated Phusit Ratanakul Sereroengrit, Director-General…
- Business News
Thai shippers’ council forecasts export decline amid sluggish global demand
The Thai National Shippers’ Council (TNSC) predicts a 1% decline in exports for the current year, down from their previous estimate of a contraction between 0.5% and a 1% increase. This revision is due to ongoing sluggish global demand. TNSC Chairman Chaichan Chareonsuk stated that Thailand’s export sector is expected to decline by -1% or more this year due to…
- Business News
Climate change hits Thai economy, calls for smart agriculture surge
The economy has been negatively impacted due to the challenges presented by climate change, leading to a decrease in farmers’ income because of reduced production, and affecting foreign investment. This has subsequently resulted in higher inflation and cost of living and impacted the export of agricultural products and food. This insight is according to a recent study conducted by the…
- Business News
Line Man Wongnai and Line Thailand tap into booming Thai e-payment market
Tech giants Line Man Wongnai and Line Thailand recently revealed plans to expand their businesses by capitalising on the rising e-payment market within their business ecosystem. They officially announced last month their successful joint acquisition of shares in Rabbit Line Pay Co (RLP) from previous shareholders, RabbitPay System Co and Advanced mPAY Co. This crucial transaction has allowed Line Man…
- Business News
Foot Locker kicks off its Thai journey, stepping into youth-driven sneaker scene
Foot Locker, the renowned speciality athletic retailer based in New York, launched its first store in Thailand, targeting the youth demographic and aiming to invigorate the sports shoe/sneaker market. The announcement came from Deepak Tomar, country general manager and director of MAP Active Adiperkasa, the official licensee for Foot Locker in Thailand, who revealed the store’s opening in the Siam…
- Business News
Thailand’s DES minister vows to combat online scams
Newly appointed Digital Economy and Society (DES) Minister, Prasert Chanthararuangthong, pledged to prioritise the suppression of online fraud and call centre scams. As part of the Pheu Thai Party‘s commitments, the DES ministry is also expected to cooperate with related agencies to roll out a digital wallet scheme by 2024, with an initial rollout anticipated for early next year. The…
- Business News
Kasikornbank’s ASEAN ambitions grow: Eyes on Home Credit Vietnam
Kasikornbank (KBank), the second-largest lender in Thailand by total assets, is in preliminary discussions to acquire consumer finance provider Home Credit Vietnam. This move is part of KBank’s ASEAN business expansion. Home Credit Vietnam belongs to the Netherlands-based non-bank financial institution, Home Credit Group, which is planning to offload its ASEAN businesses. KBank executive vice-president Pattarapong Kanhasuwan revealed the deal…
- Business News
Chery’s EV dreams charge ahead in Thailand: BoI blessings pending
China‘s Chery International, through its subsidiary Omoda & Jaecoo International Co, intends to establish an electric vehicle (EV) production facility in Thailand, pending Board of Investment (BoI) privileges. Qi Jie, Thailand’s national director at Omoda & Jaecoo International, will unveil detailed investment and business plans in the coming months. Chery, one of China’s top vehicle manufacturers, plans to introduce two…
- Business News
Digital economy minister urged to support SMEs and combat online scams in Thailand
The newly appointed Digital Economy and Society (DES) Minister is being urged by industry leaders to combat online scams, bolster cross-border e-commerce for small and medium-sized enterprises (SMEs), and provide additional incentives to businesses for technological investments. The National Broadcasting and Telecommunications Commission (NBTC) is also looking to collaborate with the minister, Prasert Chanthararuangthong, on various initiatives to bridge the…
- World News
Indonesia introduces golden visa scheme to attract foreign investors
Indonesia has launched an initiative to draw foreign individual and corporate investors with the introduction of a golden visa scheme, aimed at bolstering the nation’s economy, according to an announcement made by the Ministry of Law and Human Rights. The director-general of Indonesia’s immigration Silmy Karim explained the new long-term, high-value visa plan. “The golden visa is granting a residence…
- World News
AEC meeting to discuss digital economy and sustainability for ASEAN
The ASEAN Economic Council (AEC) meeting, set to take place in Jakarta, Indonesia, will be attended by Thai representatives, the objective being the discussion of the Digital Economic Framework Agreement (DEFA) progress. The upcoming 43rd ASEAN Summit’s preparations will also be a focal point in the discussions. Director-General of the Department of Trade Negotiations, Auramon Supthaweethum, shared with the press…
- Business News
JKN Global reassures investors after bond payment rescheduling
JKN Global Group Plc (JKN), the owner of the Miss Universe Organization (MUO), reassured investors that its financial status is robust, despite a recent bond payment rescheduling caused by a liquidity mismatch. Jakkaphong Jakrajutatip, the chief executive and managing director, said at a briefing that the company is set to meet its revenue target of over 3 billion baht this…
- Business News
Thailand’s free visa initiative to boost Chinese tourist influx by 700,000
Thailand‘s government’s initiative to issue free visas to visitors from China is expected to boost visitor figures by 700,000 during the high season, according to the Tourism Authority of Thailand (TAT). TAT governor Thapanee Kiatphaibool noted that Thailand typically receives between 350,000 and 400,000 Chinese visitors monthly, totalling 2.1 million in the first eight months of this year. Thailand accounted…
- Business News
Thai motorcycle production to exceed 2.1 million units amid tourism rebound
The Federation of Thai Industries (FTI) is forecasting that motorcycle production this year will surpass the initial target of 2.1 million units. The revival of the tourism sector and the easing of the global semiconductor shortage are cited as the primary factors for this optimistic outlook. Surapong Paisitpatanapong, the vice-chairman and spokesperson for the FTI’s Automotive Industry Club, attributes this…
- Business News
AIS withdraws lawsuit against NBTC over True-DTAC merger approval
AIS, the telecommunications giant, recently took a surprising turn as it withdrew its case against the National Broadcasting and Telecommunications Commission’s (NBTC) decision, which recognised the merger between True Corporation and Total Access Communication (DTAC), its two direct competitors. The lawsuit contended that the NBTC board had failed to exercise its authority to regulate the deal according to existing regulations.…
- Business News
Media meltdown: JKN global struggles as shares drop amid debenture dilemma
JKN Global Media Plc’s shares plummeted to 1.67 baht during early trade as the company acknowledged its inability to fully repay the 609 million baht debenture due that day. This debenture is part of a seven-series set, totaling 3.36 billion baht. After the disclosure on the Stock Exchange of Thailand (SET), JKN Global Media’s shares tumbled by 29.8%, a drop…
- Aviation News
Thai Airways takes off in new direction with operational shake-up
Thai Airways International (THAI) Public Company Limited today announced several operational changes. THAI will use Airbus A320 aircraft for routes formerly managed by THAI Smile Airways: Ahmedabad, Kaohsiung, and Penang. The A320s will also fly to Kolkata, a route currently operated by THAI. Changes begin on September 1 for Ahmedabad and October 15 for Kolkata. The detailed flight schedule is…
- Business News
Pheu Thai Party’s digital handout scheme could boost Thailand’s GDP by 3%
The Pheu Thai Party‘s proposed digital handout scheme, requiring around 500 billion baht, could potentially boost Thailand’s GDP growth by 3% in the next year, according to the Bank of Thailand. Sakkapop Panyanukul, the central bank‘s director of the economic and policy department, mentioned the digital handout contribution depends on the economic multiplier. The 3% GDP projection uses a cash…
- Business News
Rice and shine: Thailand sets sights on 8 million tonnes export mark
The director-general of the Department of Foreign Trade, Ronnarong Phoolpipat, announced that Thailand’s rice exports are expected to achieve the target of 8 million tonnes this year. This forecast comes after the recorded shipments through to August 29 reached 5.29 million tonnes, reflecting a year-on-year increase of 11.9%. This upswing in rice exports aligns with the rising concerns over drought…
- Business News
ATTA doubts efficacy of free visa plan for Chinese tourists
The Association of Thai Travel Agents (ATTA) has expressed scepticism about a government proposal to offer free visas to Chinese tourists as a means of stimulating demand. ATTA cites economic difficulties and a weak currency as challenges that could render this initiative ineffectual, particularly in the face of flight and staff shortages. The Federation of Thai Tourism Associations and the…
- Business News
Global investors navigate high interest rates amid inflation control efforts
Amid recession concerns, inflation, and high interest rates, investors seek promising investment avenues. Stock enthusiasts believe global interest rates are close to peaking, while central banks watch inflation. The US Federal Reserve raised the federal funds rate to 5.25-5.50% in July, the highest in decades. The European Central Bank increased rates by 0.25%, and the Bank of Japan hints at a…
- Business News
Grain gain: Thailand’s rice exports sprout an impressive 12% surge
The Commerce Ministry reported a significant increase in Thailand’s rice exports. Data reveals an 11.91% rise in exports from January to August 29, compared to the same duration last year. During this period, Thailand managed to export a hefty 5.29 million metric tonnes of rice. Despite the impressive rice export figures, the agricultural sector in Southeast Asia has been grappling…
- Business News
Premium privilege: Thailand Elite Card set to increase membership fee by 50%”
Thailand Privilege Card Co (TPC), operator of the Thailand Elite Card, announced plans to increase its base membership price by 50%, raising it from 600,000 baht to 900,000 baht. The move is part of the company’s strategy to boost its annual revenue to 8 billion baht. In addition, the company will be introducing four new types of cards, all of…
- Business News
NBTC developing nationwide streaming platform for digital TV by 2025
The National Broadcasting and Telecommunications Commission (NBTC) is set to develop a nationwide streaming platform, aiming to streamline all real-time streaming content from existing digital TV channels. The platform is anticipated to be fully operational by 2025, aligning with the NBTC’s online migration plan and catering to the increasing number of online content consumers. This initiative is also expected to…
- Business News
Thai government considers utility tokens to boost digital wallet initiative
The Pheu Thai-led government is anticipated to roll out utility tokens to bolster its digital wallet initiative, a move pending approval from the Bank of Thailand as the regulator currently bans using tokens as payment, according to Asia Plus Securities (ASPS). The financial services company projects that the government will issue Type 1 utility tokens, each valued at 10,000 baht,…
- Business News
Oil corporations slickly tap influencers, sparking eco-conscious uproar
Top oil corporations are increasingly utilising social media influencers to advertise their products, a move that has provoked criticism from environmentally conscious followers. The influencers, typically known for sharing lifestyle content, are now endorsing petrol stations, fuel rewards, and club cards. Instances of such promotions were identified by AFP across India, Mexico, South Africa, and the United States on platforms…
- Crime News
Online impostors scam public with high-profile personas as digital deception thrives
Members of the public are being targeted by fraudsters posing as high-profile business figures as online scams continue to run rife. Authorities warned potential investors to exercise caution and authenticate any investment links or messages they receive, following a spike in scam cases. The Digital Economy and Society (DES) Ministry identified common traits among scammers, most notably the promise of…
- Business News
CKP and BEM partner for Thailand’s first solar-powered mass transit rail
CK Power Plc (CKP) Bangkok Expressway and Metro Plc (BEM) have forged a partnership to bring the first solar-powered mass transit rail systems to Thailand. The collaboration aims to utilise solar energy to power the MRT Chalerm Ratchamonkol Line (MRT Blue Line) and the MRT Chalong Ratchadham Line (MRT Purple Line) which, combined, span over 71 kilometres and have 54…
