- Business News
Household debt tackled by Bank of Thailand with new guidelines
The Bank of Thailand (BoT) is set to introduce new lending guidelines to counter the rising household debt crisis, particularly among Gen X and Gen Y age groups, according to Assistant Governor Siritida Panomwon Na Ayudhya. The central bank is also working on a draft royal decree to supervise leasing and hire-purchase businesses to resolve informal debt issues. From 2010…
- Business News
Virtual banking: SCB X and KakaoBank join forces for Thai licence bid
A consortium led by financial technology conglomerate SCB X is partnering with South Korea’s KakaoBank to apply for a virtual banking licence from the Bank of Thailand. SCB X, a holding company of Siam Commercial Bank, signed the agreement with KakaoBank, with the aim of bringing additional partners on board to improve competitiveness. Arthid Nanthawithaya, chief executive of SCB X,…
- Business News
Thai recycled clothing fashion to reach 1.3 billion baht by 2032
As environmental concerns rise globally, consumer demand for clothing made from recycled materials continues to grow. Poonpong Naiyanapakorn, the Trade Policy and Strategy Office (TPSO) director-general, highlighted the environmental impacts of the textile industry, which consumes 93 billion cubic metres of water annually, releases 1.7 billion tonnes of carbon dioxide, and accounts for 20% of worldwide wastewater discharge. Major fashion…
- Economy News
Chiang Mai tourism: Haze issue risks long-stay senior tourist numbers
Tourism operators in Chiang Mai are urging the new government to address the persistent haze issue to attract the return of long-stay senior tourists, whose absence has dealt a significant blow to the province’s economy. The leader of the Move Forward Party, Pita Limjaroenrat, visited Chiang Mai last week and discussed environmental and tourism policies with local industry representatives. According…
- Business News
Thai rice exports set to rise amid El Niño concerns
Thai rice exports have a favourable horizon in 2023, as they are projected to exceed 8 million tonnes. This boost in international demand is linked to global concerns about the possible consequences of the El Niño weather event, resulting in several countries aiming to expand their stockpiles, according to Commerce Minister Jurin Laksanawisit. The minister indicated that the Philippines plans…
- Business News
Thailand aims for early 2024 Efta trade negotiations wrap-up
Thailand plans to wrap trade negotiations with Efta nations by early next year appears to be the key objective for Thailand’s trade representatives. The chief negotiator, Auramon Supthaweethum, who is also the director-general of the Department of Trade Negotiations, shared that the recent two-level discussions are taking place in Oslo, Norway. The fifth round of the Thai-Efta FTA negotiations has…
- Business News
Raimon Land unveils 18 billion baht luxury projects amid bolstered high-end market confidence
Raimon Land Plc, a stock exchange of Thailand (SET)-listed property developer, is confident in the high-end residential market and revealed plans for three new luxury projects worth 18 billion baht in Phuket and Bangkok. Raimon Land plans to launch the projects in the fourth quarter. Korn Narongdej, the chief executive, made known that the luxury market proved to be resilient…
- Business News
Thai sugar producer KSL faces 15% output drop, eyes low-GI product growth
Thailand’s third-largest sugar producer, Khon Kaen Sugar Industry (KSL), anticipates a decline of 10 to 15% in sugar cane output, down to 5 million tonnes, for its factories in the 2023 to 2024 crop year due to drought. In comparison, the 2022 to 2023 crop year yielded 6.4 million tonnes of sugar cane. Despite the reduction in sugar cane production,…
- Business News
Electrifying expansion: Demco sparks digital tech and renewable energy growth
Demco yesterday announced expansion plans focusing on diversifying the company’s business into digital technology and enhancing its renewable energy portfolio. As a stock exchange of Thailand (SET)-listed contractor and engineering service provider, the company acknowledges not getting involved in the state renewable development scheme during its first phase. Pongsak Sirikupt, the company’s chief executive and managing director, revealed that Demco’s…
- Business News
Unlocking digital potential: Foreign software companies ‘Thai’ the knot with Thailand’s growing tech scene
Thailand is witnessing an increase in foreign software companies setting up offices in the nation, tapping into its digital growth and the demands of local enterprises. This development has attracted big data centres and cloud service providers from various countries, including the US, Japan, and China. Among the firms choosing Thailand is Adobe Inc., an American creator of design tools…
- Economy News
Thai economy boost: Bank forecasts GDP growth, increased tourism
Anticipating a stronger Thai economy, the Bank of Thailand has expressed confidence that GDP growth will surpass their expectations. This is attributed to the economic strategies implemented by the new government, combined with progress in the tourism and consumption sectors. In a recent meeting, the Monetary Policy Committee (MPC) of the central bank stated that they foresee continuous growth in…
- Business News
Thailand tourism eyed by Agoda CEO as business hotspot rivaling Japan, Vietnam
Agoda, the online travel agency, foresees a bright future for Thailand tourism as the country emerges as a preferred destination for business travellers, potentially rivalling top hotspots like Japan and Vietnam. Ranked second in Agoda’s largest inbound markets between January and May, Thailand’s tourism trails behind Japan in terms of overall popularity. Agoda’s Chief Executive, Omri Morgenshtern, believes Thailand’s potential…
- Business News
Industry blues: Thailand’s TISI takes a double dip, blaming government formation woes
The Thailand Industry Sentiment Index (TISI) suffered another setback after experiencing a decline for the second month in a row, partly due to uncertainties surrounding the formation of a new coalition government. In May, the TISI dropped to 92.5 points from 95 in April. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), cited issues in setting up a…
- Business News
Bank of Thailand anticipates slower loan growth: Interest rates not main factor
The Bank of Thailand anticipates a slower pace of loan growth in the banking industry due to reduced demand, while asserting that rising interest rates are not the main factor impacting loan expansion. The central bank’s soft loan programme, which aimed to aid small and medium-sized enterprises, largely contributed to the increased borrowing during the post-pandemic recovery period. Sakkapop Panyanukul,…
- Business News
Timber regulations tightened, Thailand targets Siamese rosewood exports
The Commerce Ministry of Thailand recently announced two new regulations targeting the timber trade. Beginning on July 17, traders will be required to hold a certificate of import to import timber, processed wood, and wooden artefacts. Additionally, starting August 16, the export of Siamese rosewood (phayung) will be prohibited, Bangkok Post reports. The director-general of the Foreign Trade Department, Ronnarong…
- Business News
Siam Piwat Simon plans second Premium Outlets in tourist hotspot
Shopping mall operator Siam Piwat Simon Co is exploring options for the best location to open a second branch of Siam Premium Outlets Bangkok, focusing on provinces with a large local population and high foreign tourist numbers. Michael Tang, the company’s managing director, highlighted the importance of excellent transport infrastructure and convenient access for travellers when selecting the location for…
- Business News
Tourism promotion: TCT urges government to market Thailand as prime retiree destination
Tourism promotion has driven the Tourism Council of Thailand (TCT) to urge the new government to market Thailand as a prime destination for retirees while advocating for regulatory changes that would encourage the development of the tourism industry. The TCT yesterday met with representatives from the Thai Sang Thai Party to discuss these proposed changes, following the party’s consultation with…
- Business News
China-Africa Expo to boost trade, explore emerging sectors
The upcoming third China-Africa Economic and Trade Expo, set to take place in Changsha from June 29 to July 2, is expected to further enhance economic and trade cooperation between China and Africa. The expo, which occurs every two years in Hunan Province, has gained significance as a platform under the Forum on China-Africa Cooperation framework. China currently holds the…
- Business News
Thai government weighs extending diesel excise tax cut beyond July
The Thai government is considering extending the excise tax cut on diesel, which is set to expire on July 20. Prime Minister Prayut Chan-o-cha directed the Finance Ministry and other relevant agencies to evaluate the feasibility of prolonging the tax reduction. Energy Minister Supattanapong Punmeechaow revealed that the Finance Ministry has been tasked with determining the appropriateness of an extension.…
- Environment News
Thai Cabinet supports Ethanol Bioplastic for eco-friendly transition
The Thai Cabinet has given the green light for the promotion of ethanol in the production of bioplastics, aiming to develop more eco-friendly materials, according to government spokesperson Anucha Burapachaisri. This decision supports the ethanol bioplastic manufacturing industry with tax exemptions for bioethylene, a key precursor in bioplastic pellet production. Current legislation states that domestically produced ethanol can only be…
- Thailand News
El Niño threatens Thai agriculture with 5% rainfall drop and water shortages
The El Niño weather pattern’s impact on Thailand is becoming more apparent, with hot and dry conditions persisting despite the rainy season’s official commencement on May 22. The Meteorological Department has announced that this year’s total rainfall will be approximately 5% lower than the annual average, leading to potential water shortages and prolonged dry spells. The El Niño phenomenon, which…
- Business News
Thai outbound travel surges as Asian flight capacities increase
The Thai outbound travel market is experiencing fierce competition among Asian countries, as flight capacities have increased compared to last year. The Thai Travel Agents Association (TTAA) anticipates that the Thai outbound market could recover to half of the 11.2 million departures in 2019, prior to the pandemic, due to stronger flight frequencies in Asia. TTAA vice-president Chotechuang Soorangura stated…
- Business News
BAFS to build 1.2 billion baht oil pipeline linking Saraburi and Ang Thong
Bangkok Aviation Fuel Services Plc (BAFS) is set to construct a new 52-kilometre oil pipeline connecting Saraburi to Ang Thong, in a bid to enhance its trade in the northern region. The project, which is estimated to cost 1.2 billion baht, will facilitate oil transportation from the east to the north. BAFS is currently in discussions with Thai Petroleum Pipeline…
- World News
Dorsey talks Musk, censorship, and AI in first post-Twitter interview
Former Twitter CEO Jack Dorsey has spoken to Breaking Points in his first interview since leaving the company in 2021, discussing Elon Musk’s involvement with Twitter, censorship issues with governments, and the future of artificial intelligence (AI). Dorsey expressed his satisfaction with Musk’s decision to become more involved with Twitter, stating, “At the very start, I was hoping for years…
- Business News
Stark faces 23 billion baht arbitration dispute with German firms Leoni AG
Stark Corporation, a SET-listed company, is facing an arbitration dispute with German firms Leoni AG and Leoni Bordnetz-Systeme GmbH. The German firms are claiming 608 million euros (23 billion baht) from Stark, alleging a breach of their sales and purchase agreement, Bangkok Post reported. According to a filing to the Stock Exchange of Thailand yesterday, the case refers to Stark’s exercise of…
- Business News
AIS 3BB acquisition may face strict measures due to market share
The potential acquisition of fixed broadband provider 3BB by Advanced Info Service (AIS) may face stringent consumer measures from the telecom regulator due to the combined market share of the two companies. True Corporation, a rival company, reported having 3.84 million household subscribers in the first quarter of this year, accounting for 31.5% of the fixed broadband market share, according…
- Business News
Zen Corp and CPF launch ready-to-eat Tummour meal at 7-Eleven stores
If you visit 7-eleven a lot in Thailand, there’s good news for you. Zen Corporation Plc, known for operating restaurant chains such as Zen, AKA, and Tummour, has announced its expansion into the ready-to-eat meal market in a bid to strengthen its long-term business prospects. The company’s chief commercial officer for Thai brands, Siruwat Chatchawan, disclosed that Zen Corporation has…
- Business News
SCB-Julius Baer launches 45 Academia programme for Thai business heirs
In Thailand, there’s a new academic programme for business heirs. SCB-Julius Baer Securities, a joint venture between Siam Commercial Bank and Julius Baer, has introduced The 45 Academia programme as part of its New Wave of Wealth strategy. This initiative aims to nurture the future leaders of wealth management by offering comprehensive training for business heirs in Thailand. The 45…
- Economy News
Thailand’s tourism rebounds with 11.4 million visitors
Thailand has experienced a surge in foreign tourist arrivals, with 11.4 million visitors recorded from January to June 11, according to a statement released by the Ministry of Tourism and Sports. This figure has already surpassed the total number of tourists in 2022, which reached 11.15 million. The statement also revealed that tourist spending during this period amounted to 472…
- Business News
CPF targets 7-8% revenue growth, eyes Philippines animal feed sector
The leading food and agribusiness conglomerate Charoen Pokphand Foods (CPF) anticipates a 7 to 8% increase in total revenue to 610 to 620 billion baht this year, primarily due to contributions from its international business, with a focus on the growing animal feed sector in the Philippines. CPF’s chief executive, Prasit Boonduangprasert, stated that the company has been investing in pork,…
