Alex Morgan
- Business News
Stark Corporation scandal costs 14.7 billion baht
Shareholders and stock investors of Stark Corporation are reeling from an accounting and embezzlement scandal that has incurred damages estimated at a staggering 14.7 billion baht. This debacle has impacted 4,704 shareholders and led to the prosecution of the former chairman and several top executives in what is deemed one of Thailand’s largest corporate frauds in recent years. Adding to…
- Business News
Northeast plans NEC to boost economy at mobile Cabinet meeting
Private sector representatives in the northeast are set to present a series of economic stimulation projects, including the establishment of the Northeastern Economic Corridor (NEC), during the mobile Cabinet meeting in Nakhon Ratchasima on July 2. Hatsadin Suwattanapongchet, Secretary of the Northeastern Industrial Federations, announced that the NEC, traversing Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, will emulate…
- Business News
Thai industries sentiment index drops to 88.5 as layoffs rise
Thai Industries Sentiment Index (TISI) experienced another decline in May, dropping to 88.5 from April’s 90.3 points, as 15,000 workers have been laid off since the beginning of the year, according to the Federation of Thai Industries (FTI). Layoffs in the first five months of 2024 emerged as the TISI, which measures the manufacturing sector’s health, fell for the second…
- Business News
Thailand to explore AANZFTA ties and new economic partnerships
Prime Minister Srettha Thavisin has committed to strengthening collaboration under the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA), maintaining current markets, and forging new economic partnerships, government spokesman Chai Wacharonke announced yesterday. Delegates from the Commerce Ministry and the Department of Trade Negotiations (DTN) participated in the 21st AANZFTA Joint Committee Meeting held in Auckland, New Zealand, from May 26 to…
- Business News
Thailand assists tourists stranded by tour operator’s bankruptcy
The Tourism Authority of Thailand (TAT) has committed to supporting tourists stranded due to the bankruptcy of major German tour operator FTI Group, while also collaborating with government officials to ensure hotels are compensated by the company. Siripakorn Cheawsamoot, TAT Deputy Governor for Europe, Africa, the Middle East, and the Americas, reported that there have been no reports of stranded…
- Business News
Philippines intensifies illegal offshore gambling crackdown
The authorities in the Philippines have intensified efforts to shut down illegal offshore gambling operations amidst growing calls for a complete ban due to alleged connections to criminal syndicates. The country’s gaming regulator revealed approximately 250 to 300 offshore gambling firms are operating without a licence, a significant increase from the 46 legitimate operators. This information was disclosed by Alejandro…
- Business News
Budget airlines push jet fuel tax cut to reduce airfare prices
Budget airlines have issued an appeal to the Finance Ministry to reduce the excise tax on jet fuel, to help mitigate their operational costs with the fragile state of the industry. Following a meeting with representatives from low-cost airlines, Deputy Finance Minister Julapun Amornvivat reported that the carriers discussed economic challenges and reiterated their commitment to supporting government measures aimed…
- Business News
Thailand reviews property tax law after five years
The Finance Ministry is currently reviewing the Land and Building Tax Act, which has been in effect for five years, marking a crucial phase in reforming Thailand’s property tax regime. Public hearings have been conducted to gather opinions from the public and stakeholders. Finance Permanent Secretary Lavaron Sangsnit says the amended version of the land and building tax law will…
- Business News
Chiang Mai to become digital startup hub with new visa scheme
Chiang Mai is poised to become a digital startup hub in Southeast Asia, with the government pledging support to achieve this goal, Prime Minister Srettha Thavisin announced during a visit to the northern province yesterday. PM Srettha highlighted Chiang Mai City as an established haven for digital nomads and one of the world’s leading creative cities. “Late last year, Tim…
- Thailand News
Thailand eyes MICE supremacy in Southeast Asia
Thailand is pulling out all the stops to become the epicentre of MICE tourism in Southeast Asia, with Vietnam emerging as a potential powerhouse partner. This ambitious vision, spearheaded by Puripan Bunnag, Senior Vice President of the Thailand Convention and Exhibition Bureau (TCEB), aims to harness the post-pandemic resurgence in the MICE sector to bolster Thailand’s economy. “The MICE segment…
- Business News
Extend-a-signal: NT tunes in for spectrum band extension
National Telecom (NT) is poised to seek an extension from the National Broadcasting and Telecommunications Commission (NBTC) to continue utilising three spectrum bands beyond their expiration in September 2025. The requested extension, spanning 90 days, aims to ensure a seamless transition for NT’s current customers to alternative bands. NT intends to maintain operations on the 850MHz, 2100MHz, and 2300MHz bands,…
- Business News
Vintage vibes: Public hearing revs up classic car imports
The Foreign Trade Department has initiated a public hearing on a proposed amendment to a notification that would allow the import of certain classic cars for promotional events. The department’s Director-General, Ronnarong Phoolpipat, announced that a new notification has been drafted for the Commerce Ministry concerning this category of used vehicles. The amendment addresses restrictions on specific used vehicle imports,…
- Business News
AoT to create subsidiary for managing small state airports
Airports of Thailand Plc (AoT) is considering the establishment of a subsidiary to manage small airports that are currently under the financially troubled Department of Airports. This initiative aligns with the government’s strategy to stabilise state finances. AoT President Kirati Kijmanawat announced today, June 4, that the proposed subsidiary would operate directly under AoT, with the parent company and Vayupak…
- Business News
Brewing success: Thai coffee market percolates with growth
The Thai coffee market is experiencing significant growth, driven by evolving consumer lifestyles and increased demand for both domestic consumption and export processing. The Director-General of the Trade Policy and Strategy Office, Poonpong Naiyanapakorn underlined Thailand’s potential to process raw coffee into finished coffee products for export, a key value-adding practice. From 2021 to 2023, the Thai coffee market expanded…
- Thailand News
Thailand’s tech exports face threats as Vietnam takes lead
Thailand’s export sector, which contributed 54.5% of GDP last year excluding services, faces potential disruption due to rapid technological advancements. Vietnam has surpassed Thailand in exporting high-tech products, emerging as a key production base for the downstream electronics industry. The global market’s recovery, particularly in computers, semiconductors, and smartphones, has driven this demand. Thailand mainly exports intermediate electronics products like…
- Thailand News
Thailand’s GPSC secures 1,050MW solar project in India
The power generation division of Thailand’s PTT Plc, Global Power Synergy Plc (GPSC), is making significant strides in expanding its renewable energy footprint in India. Its subsidiary, Avaada Energy, has secured a contract to construct a massive 1,050-megawatt solar farm aimed at boosting clean energy production, reducing carbon emissions, and serving millions in India. Avaada Energy emerged victorious in a…
- Thailand News
Government to advance 47 billion baht in PPP projects this year
Government investment projects under public-private partnerships (PPP) are set to advance this year, nearing the target of 47 billion baht, as projected by the State Enterprise Policy Office (Sepo). Sepo’s director-general, Tibordee Wattanakul, mentioned that the PPP investments are expected to alleviate the government’s fiscal responsibilities. By February, the PPP Committee had sanctioned 18 billion baht for fiscal 2024, focusing…
- Thailand News
Ethereum ETFs approved, crypto prices to surge this year
Cryptocurrencies are having a golden year, with the US Securities and Exchange Commission (SEC) recently approving eight funds set to launch spot Ethereum exchange-traded funds (ETFs). Analysts predict the bull run will persist into the second half of the year, driven by strong interest from institutional investors. The SEC’s approval on May 23 for rule changes allowing ETFs to buy…
- Thailand News
Thai film industry to exceed 3.8 billion baht at Cannes festival
The 77th Cannes Film Festival has presented significant opportunities for the Thai government, local filmmakers, and production companies to secure lucrative business deals. The festival, which ran from May 14 to 25, is expected to generate more than the 3.8 billion baht grossed from last year’s event. Companies participating in the Thai booth, which showcased local films and promoted tourism,…
- Thailand News
Thailand urged to support major theme parks
Thailand should offer robust support, including investment incentives and infrastructure development, to attract major theme park brands like Disney, according to the International Association of Amusement Parks and Attractions (IAAPA). IAAPA Board Chairman Wuthichai Luangamornlert emphasised that investors are inclined to develop attractions in destinations providing substantial support. China’s rail transport system was completed a year before the opening of…
- Thailand News
FTI argues minimum wage hike would primarily benefit migrants
The Federation of Thai Industries (FTI) is urging the government to reconsider its plan to raise the daily minimum wage to 400 baht nationwide, arguing that the policy would primarily benefit migrant workers rather than stimulate the local economy. Every year, migrant workers from neighbouring countries remit approximately 100 billion baht to their families back home. The FTI contends that…
- Business News
Finance Ministry to reassess stock holdings worth 1.19 trillion baht
The Finance Ministry plans to reassess its shareholdings in various stocks to optimise its asset portfolio and generate additional revenue for the state. Deputy Finance Minister Paopoom Rojanasakul instructed the State Enterprise Policy Office to evaluate the ministry’s stock holdings. According to sources, this review aims to identify which assets the government should retain and which could be sold. A…
- Thailand News
Phuket’s tourism boom: Is the island ready for the rush?
The Tourism Authority of Thailand (TAT) is confident that tourism revenue in Phuket this year will skyrocket to a staggering 400 billion baht. In a surprising revelation, the provincial TAT office reported that more than 3.6 million tourists graced the resort island in the first quarter alone. Lerdchai Wangtrakoondee, director of the provincial TAT office, announced yesterday that tourist numbers…
- Thailand News
Commerce Ministry investigates oil palm price drop
The Commerce Ministry directed the Internal Trade Department to investigate the recent drop in oil palm prices by visiting provinces known for palm plantations. This initiative follows complaints from growers about reduced purchase prices. Commerce Minister Phumtham Wechayachai instructed Wattanasak Sur-iam, director-general of the Internal Trade Department, to assess the situation in Phang-Nga, Krabi, and Surat Thani provinces. The goal…
- Business News
US imposes major tariffs on Chinese EVs and semiconductors
The United States recently imposed substantial tariffs on Chinese products, focusing particularly on electric vehicles (EVs) and semiconductors. This move is expected to push China to expand its EV manufacturing within Asia, with Thailand emerging as a significant export hub, according to the Federation of Thai Industries (FTI). President Joe Biden’s administration cited Beijing’s unfair trade practices as the reason for…
- Thailand News
Bangkok Land to transform Mueang Thong Thani into smart city
Bangkok Land, a Stock Exchange of Thailand (SET)-listed company, is poised to transform Mueang Thong Thani into a smart city district. This ambitious plan includes the establishment of a new seafood and fruit centre aimed at providing affordable goods to attract tourists to Nonthaburi. The development is strategically timed to coincide with the launch of the Pink Line monorail service,…
- Business News
Tipco Asphalt profits plummet 99% due to delays
Tipco Asphalt Plc (Tasco), listed on the Stock Exchange of Thailand (SET), faced a challenging first quarter with reduced earnings and profits due to delays in state budget spending and low global asphalt prices. Despite this, the company remains optimistic about returning to normal growth levels within the year. The company reported a significant revenue drop of 37%, falling to…
- Business News
Foreign business as usual: Thailand schools diplomats on investment
The Department of Business Development in Thailand hosted a briefing for diplomats and international organisation representatives to clarify the Foreign Business Act (FBA) of 1999. The objective was to educate foreign investors on the law to ensure compliance and proper investment practices in Thailand. The Director-General of the Department, Auramon Supthaweethum, stated that the meeting aimed to help foreign investors…
- Thailand News
Thai PM to attend Bangkok Pride 2024 amid security concerns
Prime Minister Srettha Thavisin will attend the Bangkok Pride Festival 2024, becoming the first Thai premier to join the event. This decision comes despite security concerns highlighted by a recent warning from the US Federal Bureau of Investigation (FBI) and the Department of Homeland Security (DHS). On May 10, both organisations issued a joint release warning that foreign terrorist organisations…
- Business News
Thailand targets 465 billion baht in central region tourism revenue
The Tourism Authority of Thailand (TAT) is set to promote the central region with new flight connections to the south and northeast, aiming to generate 465 billion baht in tourism revenue this year. Following a mobile cabinet meeting in Phetchaburi province, Prime Minister Srettha Thavisin directed TAT to boost tourism in Suphan Buri, Kanchanaburi, Ratchaburi, and Phetchaburi. The initiative will…
