- Business News
AI poised to propel global productivity, says Microsoft CEO
Microsoft Group Chief Executive Officer (CEO) Satya Nadella has identified a pressing global need for a new artificial intelligence (AI) growth engine to unlock potential. According to Nadella, AI has emerged as the most potent technology since the inception of the Internet era and is capable of propelling worldwide productivity growth. The 56 year old CEO stated that the previous…
- Business News
China’s economic recovery revs up with Ching Ming Festival
China’s economic recovery is gaining momentum, driven by a boost in domestic travel and spending during the recent Ching Ming Festival. The three-day holiday saw a surge of over 10% in domestic travel and spending from pre-pandemic levels. The Chinese Ministry of Culture and Tourism confirmed that over 119 million domestic trips were recorded, exhibiting an increase of 11.5% compared…
- Business News
Maybank’s bet: Thailand casinos could hit jackpot, boosting GDP
Maybank Securities, a unit of Malaysia-based Maybank, forecasts that the potential introduction of casinos in Thailand with gambling facilities could yield an annual revenue of 187 billion baht, equivalent to about 1% of Thailand’s gross domestic product (GDP). The forecast, based on an assessment carried out by Maybank’s gaming analyst and tourist arrivals in Thailand in 2019, anticipates the first complex to…
- Business News
Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
- Thailand News
Potential Australian trade barrier could impact Thai auto exports
The Thai Automotive Industry Association (TAIA) has issued a warning that a prospective trade barrier, set to be imposed on new cars shipped to Australia next year, may impact auto exports. The trade barrier, known as the new vehicle efficiency standard, is a regulation being developed to limit carbon dioxide emissions per kilometre from new cars sold in Australia, according…
- Business News
Thailand’s CPI sees sixth consecutive monthly decrease
The consumer price index (CPI) in Thailand has seen a decrease for the sixth consecutive month as of March, as reported by the country’s Commerce Ministry. This marks the 11th month in a row that the CPI has fallen outside the target range set by the central bank, which is between 1% and 3%. March’s CPI dropped by 0.47% compared…
- Business News
Thai government’s 500 billion baht digital wallet under scrutiny
The funding sources for the government’s flagship 500 billion baht handout scheme, better known as the digital wallet, will undergo careful consideration, ensuring that public debt remains manageable, a senior government official stated today. This scheme is a crucial campaign pledge of the ruling Pheu Thai Party, intending to distribute 10,000 baht to 50 million Thai citizens to stimulate local…
- Thailand News
Government’s debt hike prompts caution from agencies
Ratings agencies issued cautionary statements following the surprise decision this week by the government to increase its debt in a bid to stimulate the economy. The move, which may compromise the government’s fiscal consolidation efforts, is likely to stimulate short-term growth. The medium-term budget plan was revised by the Cabinet on Tuesday, causing a rise in the deficit next fiscal…
- Business News
Krungsri Bank targets 2-3% growth in SME loans in 2024
Krungsri, Thailand’s fifth-largest lender, is optimistic about achieving a 2-3% growth in small and medium-sized enterprise (SME) loans in 2024, following a surge in the first quarter of the year. The bank’s SME loans increased by over 2% by the end of March, in line with the gradual economic recovery of the country. This follows a robust 11% growth in…
- Business News
Thai bond defaults to stay below 1% in Q2, predicts ThaiBMA
The Thai Bond Market Association (ThaiBMA) forecasted a low probability of bond defaults in the forthcoming second quarter, with the total default value expected to fall below 1% of the entire outstanding market value. Ariya Tiranaprakit, Executive Vice President of ThaiBMA, revealed that the trend of deferring bond payments gained traction in the aftermath of the pandemic, largely induced by…
- Business News
AWC set to scoop jackpot from Thailand’s casino legalisation
Tisco Securities indicated that Asset World Corporation (AWC), a luxury hotel and retail centre operator, stands to gain significantly from the government’s plan to legitimise casinos within entertainment complexes. This move is part of the government’s strategy to attract high-spending tourists and curb revenue losses from illicit gambling. The government is contemplating the establishment of the first entertainment-casino complex in…
- Business News
Thai Tourists undeterred by Taiwan earthquakes for Songkran
Despite Taiwan experiencing its most significant earthquake in a quarter of a century and a series of tremors in Japan, Thai tourists are undeterred and continue with their planned holidays during the Songkran period. Charoen Wangananont, President of the Thai Travel Agents Association (TTAA), revealed that the majority of Thai tourists had already secured their tour packages, flight tickets, and…
- Business News
Vinfast challenges Chinese targeting Southeast Asia’s EV market
Vinfast, a Vietnamese electric vehicle (EV) producer, is contending with Chinese automobile manufacturers to market its EVs within Southeast Asia, leveraging the ASEAN Free Trade Agreement (AFTA). The firm eyes Thailand as the initial export venue, based on the country’s fast-growing EV market which promises lucrative business opportunities, according to Vu Dang Yen Hang, chief executive of Vinfast Auto (Thailand).…
- Business News
Analysts predict BoT to maintain policy rate despite weak baht
There’s a growing consensus among financial analysts that the Bank of Thailand (BoT) won’t lower its policy rate during its April 10 meeting, despite a weakening baht and economic outlook. This perspective is strongly held by Kasikorn Research Centre (K-Research), according to Kanjana Chockpisansin, the head of research. Kanjana stated that they believe the BoT’s Monetary Policy Committee (MPC) will…
- Thailand News
Southeast Asia sees 130% growth in YouTube Shorts daily views
A significant increase in daily views for YouTube Shorts has been observed in Southeast Asia, with a growth of over 130% in the year ending July 2023, according to Niharika Kapoor, the Asia-Pacific head for Shorts scaled partnerships. This format, which limits videos to a maximum of 60 seconds, has been instrumental in attracting new creators to the global YouTube…
- Business News
Fuelling fears: Thai diesel price hike won’t ignite retail inflation
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) stated that a potential increase in domestic diesel prices, which could surpass 30 baht a litre following the termination of the Oil Fuel Fund subsidy scheme on March 31, is unlikely to prompt manufacturers to raise the prices of their goods. Prime Minister Srettha Thavisin revealed on Tuesday, April 2,…
- Business News
Thai economy forecasts growth between 2.8% and 3.3%
The Thai economy, driven primarily by exports, forecasts growth between 2.8% and 3.3% for this year, as reported by the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB). The committee, representing diverse sectors, has retained its initial forecast, projecting a 2.0% to 3.0% increase in exports. Following a 1.9% expansion in the previous year, Thailand’s economic growth is projected…
- Business News
NBTC excludes World Cup from ‘must have’ broadcast rule
The National Broadcasting and Telecommunications Commission (NBTC) board yesterday unanimously decided to exclude the World Cup football tournament from its “must have” rule, effective immediately. This rule has been in place since 2012, obliging companies that own the broadcast rights to seven major sporting events to allow free TV channels to air the content. The seven events include the FIFA World…
- Business News
Airlines urge Thailand to take flight with airport upgrades
Several international airlines have urged Thailand to enhance its key airport facilities and improve transport links between airports and cities, to meet its ambition of becoming a regional aviation hub. The Thai government has laid out a goal of handling 150 million passengers annually by 2030. Egaluk Ngiwprom, Southeast Asia marketing manager of Spring Airlines, believes this is a challenging…
- Business News
Thai government plans 7% VAT on imported goods from May
The Thai government, under the directive of Prime Minister Srettha Thavisin, is preparing to implement a 7% value-added tax (VAT) on imported goods valued at 1 baht and above, starting in May. Currently, goods sold for less than 1,500 baht (US$40) per parcel and imported into Thailand are exempt from VAT. Deputy Finance Minister Julapun Amornvivat announced these plans after…
- Business News
Thai government increases 2025 budget deficit for economic boost
The Government of Thailand has sanctioned a rise in the 2025 budget deficit by an extra 153 billion baht, to instigate an economic boost. As a result, the budget will increase to 3.752 trillion baht, a significant hike from the previously planned 3.6 trillion, according to Chalermphol Pensoot, the Budget Bureau director at the Ministry of Finance. The budget deficit…
- Business News
Thailand’s waste-fighting wave: InterceptorTM 019 makes a splash
The fight against marine waste has taken a monumental step in Thailand with the official launch of the InterceptorTM 019, a solar-powered and fully automated device dedicated to capturing waste. This milestone is the result of joint efforts by The Ocean Cleanup, a Dutch non-profit environmental engineering organisation, and its first global implementation partner, The Coca-Cola Company, along with a…
- Business News
Govt bets big on Thai entertainment complex, stakes high
The stakes are high for each venue within the integrated Thai entertainment complex development project by the Government of Thailand, with investments expected to reach over a staggering 100 billion baht. The chairman of the ordinary committee of the House of Representatives and Deputy Finance Minister, Julapun Amornvivat, plans to present the results of a study on entertainment complexes and…
- Business News
Shocking surge: Thailand market sparks rise in EV loans
The Thai market is seeing a rise in loans for electric vehicles (EVs), as they are projected to lead the expansion in auto lending this year. Krungsri Auto, a prominent auto loan provider and a Bank of Ayudhya (Krungsri) unit, has projected new EV sales to climb to 100,000 units this year, a significant increase from 76,000 units the previous…
- Business News
Isuzu revs up green initiative with PTT union for clean fuel trials
Tri Petch Isuzu, Thailand’s Isuzu vehicle distributor, is joining forces with PTT Plc to test vehicles powered by a novel clean fuel. This initiative is aimed at supporting efforts to reduce the high carbon dioxide emissions from Thailand’s transport sector. The transport and power generation sectors are the main contributors to over 60% of Thailand’s greenhouse gas emissions, as per…
- Business News
Gold soars to unprecedented heights amid geopolitical tensions
As the second quarter of the year commences, gold has reached unprecedented heights, thanks to geopolitical tensions and the Federal Reserve’s impending rate cuts. The precious metal’s price soared to as high as US$2,259.69 per ounce, marking an increase of 1.3% from its value at the end of last week. The Federal Reserve’s preferred measure of core inflation, the core…
- Business News
World Bank predicts 2.8% economic growth for Thailand
The World Bank predicted a modest economic growth of 2.8% for Thailand in 2024, with an acceleration of 3.0% in 2025. This forecast announced today, April 1, is underpinned by the nation’s struggling exports and a postponed budget. This projection for 2024 and 2025 marks a decrease from the previously estimated figures of 3.2% and 3.1%, respectively, set in December.…
- Business News
Thai government stakes its future on casino complex amid pressure
The Government of Thailand is under pressure to review the specifics of the proposed casino and entertainment complex, aimed at boosting economic growth. According to Senator Sangsit Piriyarangsan, who has been investigating casino legalisation, the current plan requires adjustments. Sangsit argues that the bidding process for the casino complex project should not be exclusive to Thai companies. By enabling foreign…
