- Business News
Twinkling triumph: Mitsubishi Triton shines in bold bid to rock the truck market
Bangkok last week played host to the unveiling of Mitsubishi’s revamped Triton pickup truck at its global premiere. The twinkle in Mitsubishi’s marketing plan, the Triton carries a striking aesthetic and innovative features that indicate a bold bid to stir things up within the truck market. Constructed in Thailand, the Mitsubishi Triton is slated for export to over a hundred…
- Business News
Penny-pinching plans: Finance ministry’s welfare budget shuffle in the works
In an attempt to ease the strain on government spending, the Ministry of Finance is contemplating new measures regarding the allocation of the public welfare budget, an anonymous source from the finance ministry disclosed. This primarily pertains to the bracket of public welfare budget expenditure which, the source identifies, consists of redundant items that do not necessarily correlate with the…
- Business News
Thai-tanic delivery dips: Digital food landscape to shrink by 0.6% in 2023
The digital food delivery landscape in Thailand is expected to shrink by a marginal 0.6% this year, pegging its total value at 86 billion baht according to recent projections by Kasikorn Research Center (K-Research). This change symbolises the first contraction of its rapidly blooming industry and is anticipated to coincide with an 11.3% decrease in the volume of food orders.…
- Tourism News
Thailand expects holiday tourism boom earning 16.6 billion baht
The Tourism Authority of Thailand (TAT) is forecasting a substantial influx of travel and expenditure within the nation from July 28 to August 2. Projections are currently pointing at nearly five million voyages, which could potentially rake in 16.6 billion baht across the country. TAT Governor Yuttasak Supasorn, indicates that the estimated surge in domestic travels during this unique long…
- Transport News
Bangchak Corporation pivots to sustainable aviation fuel
A forward-looking strategy is being implemented by energy conglomerate Bangchak Corporation as it navigates the uncertain future of the oil refinery business, deeply impacted by the global push for electric vehicles. In an endeavour to address this dilemma, the corporation has steered its focus towards the development of biofuel, known as sustainable aviation fuel (SAF), for aircraft, potentially a major…
- Business News
Thai banks see modest rise in mortgage loans
In the first six months of this year, a modest increase in mortgage loans was recorded by banks as purchasing power of homebuyers took a hit due to rising interest rates. Collectively, eight out of the ten SET-listed banks reported consolidated outstanding mortgages tallying 2.39 trillion baht as of June, marking a 1.04% rise from 2.37 trillion baht in December…
- Business News
Centara Udon officially reopens after upscale refurbishment and dining expansion
Centara Hotels & Resorts in association with Central Pattana Plc heralded the official reopening of Centara Udon, post a comprehensive round of refurbishing endeavours aimed at upscaling an array of facilities and introducing novel dining opportunities. Thirayuth Chirathivat, who is at the helm of Centara Hotels & Resorts, reported the successful conclusion of the renovation phase, subsequently marking the formal reopening…
- Economy News
Household debt hits 15 year high amid uncertain economic outlook in Thailand
A recent survey by the University of the Thai Chamber of Commerce (UTCC) indicated an 11.5% increase in household debt from last year, marking this year as having the highest rate of debt in 15 years. The concern weighs heavily on economic recovery predictions suggesting a further increase if the economy does not bounce back in the upcoming year. UTCC…
- Business News
Bank of Thailand forecasts final interest rate hike amid inflation uncertainty
The Bank of Thailand (BoT) aims to cap its series of interest rate increases with a final 25-basis-point hike slated for August 2, due to an ongoing high and uncertain inflation outlook. This insight has been gathered from a poll conducted recently. After June’s annual headline inflation eased down to 0.23%, falling below the BoT’s target range of 1%-3%, it…
- Economy News
Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
- World News
Lamborghini’s electrifying road ahead: Supercars to go electric by 2028
Luxury Italian auto manufacturer Automobili Lamborghini revealed its roadmap to electric transformation, aiming to electrify all of its supercar models by the year 2028. This significant shift comes as a strategic response to the global thrust towards mitigating climate change impacts, resulting in Lamborghini’s electrification. The bold Lamborghini electrification transition is underpinned by ongoing research and technological developments at the company,…
- Business News
Thailand eyes record 2 million Russian tourists despite geopolitical tensions
With an increase in flights and a neutral position on the Russia-Ukraine conflict, Thailand’s Tourism Authority (TAT) is poised to welcome a record-breaking 2 million Russian tourists next year. Khanittha Phanworawat, the Moscow office director, emphasises the urgent need to preserve Thailand’s image as a friend to Russian travellers, as a measure to achieve this ambitious goal, especially if other…
- Business News
Chiang Mai targets Saudi tourism boom with ‘THAILAND MEGA FAIR 2023’
A wave of visitors hailing from Saudi Arabia is anticipated by several travel agencies in Chiang Mai, as plans are set in motion to execute a roadshow this year, within the Middle Eastern nation. The aim of the event is to reinforce mutual cooperation and entice more tourists to visit Thailand. Yesterday’s meeting was led by the deputy governor, Weerapong…
- Business News
Ford Thailand showcases Ranger Raptor’s potential in thrilling off-road media event
In a recent initiative called the Ford Ranger Raptor Unbeatable Experience, Ford Thailand championed the capabilities of its leading 1-tonne pickup truck, the Ford Ranger Raptor. The experiential event allowed the Thai media to get a first-hand taste of the vehicle’s off-road and cross-country prowess. An impressive fleet composed of the 2.0-litre bi-turbo diesel and 3.0-litre V6 twin-turbo petrol models…
- Business News
ESG Scoring pioneered by Thailand’s GSB for large business loan approvals
In a first for Thailand, the Government Savings Bank (GSB) is revolutionising its loan approval process. Chief executive Vitai Ratanakorn shared that GSB will introduce environmental, social and governance (ESG) scoring when deciding loans for sizeable businesses, requiring a credit limit of 500 million baht or more. This ESG scoring pioneering model aims to incentivise companies to contribute positively to…
- Business News
Thailand’s smartphone market holds promise despite economic strain
In these difficult financial times, Thailand’s smartphone market still carries incredible potential for device makers, particularly in high-end models, despite reduced support of handset subsidies by mobile operators, according to Oppo, a leading Chinese smartphone maker. With a market value exceeding 100 billion baht, Thailand’s smartphone market is regarded as a gem within Southeast Asia. The Senior Executive Vice-President at…
- Business News
Thai hotel chains unfazed by political uncertainty, anticipate revenue growth
Despite the ongoing political uncertainty, Thailand’s major hotel chains remain optimistic, as long as the situation stays peaceful and avoids any violent unrest. Centara Hotels and Resorts (CHR) and Minor International Plc voiced their confidence in their ability to weather any potential political storms, providing the environment remains stable. Gun Srisompong, the chief financial officer of CHR, stated that any…
- Business News
Thailand sees ten-year high in new business registrations, surpasses projections
The Business Development Department of Thailand’s Commerce Ministry reported an exceedance of its new business registration projections for the first half of the year. The original estimate of 42,000 to 45,000 new registrations translated to a practical figure of 47,286. A positive development which signals a thriving entrepreneurial climate. This buoyant climate has encouraged an upward revision of predictions for…
- Business News
Business events sector in Thailand set for a boost with projected tourism rebound
The business events sector in Thailand is set to benefit from the buoyancy of the country’s tourism industry and a new influx of trade shows this year, fuelled in part by the country’s stable political environment, according to specialists at Informa Markets Thailand. Sanchai Noombunnam, who helms the firm in Thailand, drew attention to predictions that the country would recoup…
- Business News
Thai finance minister proposes high-value fruit insurance, EV premium changes
Exuding a wave of fresh optimism for the agricultural and green sectors, Finance Minister Arkhom Termpittayapaisith has floated a revolutionary proposal – the launch of insurance for high-value fruits. A measure aimed at fortifying the faith of fruit farmers, the proposal was made during a compelling keynote speech at the CEO Insurance Forum 2023. The main theme for the forum,…
- Business News
Thai tourism minister proposes bolstering sector for sustainable tourism
To boost the national economy, Phiphat Ratchakitprakarn, Thailand’s Tourism and Sports Minister, has put forth a proposal to prioritise tourism as a national agenda, with a focus on making Thailand a destination for sustainable tourism. He strongly encourages his successor to continue this endeavour. Phiphat’s aspirations don’t end there, as he also suggested elevating the status of the tourism ministry,…
- Business News
Foodland pivots strategy targeting younger generations with Grocerant convenience outlets
Established supermarket chain Foodland Supermarket Co implements fresh business tactics to allure the younger generations whilst partnering with property developers to inaugurate convenience outlets on housing and condominium sites. Embracing this revamped strategy, the firm has tied up within SC Asset Corporation subsidiaries, leasing out space and debuting two novel ‘Grocerant’ outlets, a subsidiary retail label within the Foodland Group,…
- Business News
Sustainability investment doubled by Thai union to benefit oceans and communities
Unrelenting in his pursuit of sustainability, Thiraphong Chansiri, CEO of Thai Union Group PCL, a dominant player in the global seafood manufacturing scene, divulged pivotal advancements in the company’s ecological strategy. Always at the forefront of advocating sustainable business practices, Thiraphong explained the profound pressure on our oceans, harbouring the livelihood and sustenance of up to 600 million people, particularly…
- Business News
Thai baht’s unexpected surge makes a splash, takes the lead in Asian currency gains
In an unexpected buoy of currency today, the Thai baht took the lead in Asian currency gains, reaching a two-month apex. This surge, of 0.9%, comes in the wake of strong hopes for the resolution of Thailand‘s political deadlock and a waning US dollar, factors that buoyed the sentiments of investors. Meanwhile, share market traders adopted a cautious stance; local…
- World News
Indonesia urged to emulate Thailand’s EV dominance
A prominent business executive, known for his roles as president of the ASEAN Business Advisory Council (ASEAN-BAC) and the chairman of the Indonesian Chamber of Commerce and Industry (Kadin), advocates cooperative efforts between Thailand and Indonesia to establish a robust and resilient supply chain within Southeast Asia that caters to the global EV market. In the early part of this…
- World News
Typhoon Talim forces Hong Kong’s US$5.2 trillion stock market into trading halt
Hong Kong felt the devastating blow of Typhoon Talim as it forcefully swept its US$5.2 trillion stock market off into a trading halt today. Hong Kong Exchanges & Clearings Ltd cited this extreme weather event as the cause for the suspension, a decision markedly disrupting the day’s trading flow. This unprecedented event not only put the scheduled New Media Lab’s…
- Economy News
Thai finance chief cautions reform balance to prevent tax shock on economy
Krisada Chinavicharana, the permanent secretary at the Finance Ministry, sounded the alarm bell for the incoming government, stating that the proposed tax reforms aiming to bump up the revenue should not produce a shockwave effect on the economy. Currently, tax revenue stands at just 14% of the GDP, falling short of the expected 15% or 16%, Krisada said. He stated……
- World News
UK seals deal to join trans-Pacific trade group CPTPP
It was officially announced today that the United Kingdom signed the treaty enabling its inclusion into the prominent trans-Pacific trade group, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This development marks the addition of the first new participant into this significant pact since its establishment in 2018. As the doors open for the UK, the stage is now…
- Business News
Trade war triggers fear of new EV chip shortage from China export limit
Leading authorities in the industry fear another chip shortage could soon hit electric vehicle (EV) manufacturers. This comes as China limits the export of two significant metals, a move driven by the ongoing trade dispute between Washington and Beijing, as reported by the Federation of Thai Industries (FTI). As of August 1, China will impose trade restrictions on select products…
- Business News
Thai businesses call for swift government formation
A speedy establishment of a new administration is of paramount importance, according to the business community amid ongoing political uncertainty. Chookiat Ophaswongse, an honorary president of the Thai Rice Exporters Association voiced concerns over the nebulous political situation, indicating the future of Move Forward Party leader Pita Limjaroenrat as the next prime minister is uncertain, making the country vulnerable to…
