Alex Morgan
- Business News
Revenue department develops data analytics to combat tax invoice fraud
The Director-General of the Revenue Department, Kulaya Tantitemit, announced the development of a data analytics system aimed at helping entrepreneurs integrate into the tax payment system and fight against falsified tax invoices. This announcement was made during a press conference alongside the Economic Crime Suppression Division. Five gangs responsible for the production of fake value-added tax (VAT) invoices have been…
- Business News
Thailand’s BAAC to launch blockchain-based e-commerce platform for farmers
The Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand announced its plans to establish an e-commerce platform. The platform will be built on the foundation of blockchain technology to ensure transparency and fairness, according to 42 year old Deputy Finance Minister Julapun Amornvivat. The deputy finance minister highlighted the prevalent issue in the country where the majority of profits…
- Business News
Soaring travel costs to Phuket spark tourist backlash
The soaring cost of air travel to Phuket has sparked a backlash from local tourists, with low-cost carriers reportedly charging up to 14,000 baht (US$388) for a round trip from Bangkok. Despite making bookings weeks in advance, some travellers reported paying 5,000 baht (US$138) for a one-way ticket. The president of the southern chapter of the Thai Hotels Association (THA),…
- Business News
Thailand boosts data protection following massive elderly PII leak
In a bid to combat personal data leaks, the Thai authorities pledged to strengthen protective measures. Next month, 85 organisations, each handling over 100,000 personal datasets, will face on-site audits. Half of these audits are expected to be completed by August, as confirmed by the Secretary-General of the National Cyber Security Agency (NCSA), Amorn Chomchoey. A recent report from cybersecurity…
- Business News
Baht falls to three-month low as US inflation delays rate cut
The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May. Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against…
- Business News
Thailand and Cambodia discuss joint petroleum exploration in Gulf
Prime Minister Srettha Thavisin of Thailand and Cambodian counterpart Hun Manet have instigated discussions about the potential for joint petroleum exploration and production in the Gulf of Thailand. The overlapping claims area (OCA), an area of 26,000 square kilometres that is believed to be rich in fossil fuels, is the focal point of these negotiations. The OCA is considered a…
- Business News
Thai automotive industry urged to embrace sustainability
Emphasising the necessity for sustainability and clean energy, the Thai automotive industry is being encouraged to swiftly adapt to new global regulations. Furthermore, the industry is advised to utilise free trade agreements (FTAs) to enhance its competitive stance. Following a meeting with the Thai Automotive Industry Association (TAIA) and the Automotive Industry Club of the Federation of Thai Industries (FTI)…
- Business News
Thai consumers riding high for sixth straight month
Consumer confidence in Thailand has been on a steady rise, marking its sixth successive month of growth last month in January. Levels have reached a high unseen since March 2020, attributed to the government’s strategic stimulus measures, including spending boosts and reductions in electricity and fuel prices. Yesterday’s report from the University of the Thai Chamber of Commerce (UTCC) revealed…
- Business News
Steel dreams: Thai infrastructure boost sparks sector revival hopes
Hopes of a revival in the stagnant steel consumption sector in the country are being pinned on the government’s impending infrastructure development projects. The fiscal 2024 state budget, yet to be approved, is anticipated to propel these initiatives, according to Chaichalerm Bunyanuwat, the president of the EAF Long Product Steel Producers Association. He noted that the steel and iron industry…
- Business News
Thai stock exchange to tighten short sales and program trading rules
The Stock Exchange of Thailand (SET) is set to introduce stricter regulations on short sales and program trading, aiming to mitigate securities price volatility and bolster the long-term resilience of the market. This decision follows a comprehensive study conducted by an external advisor, which found the SET’s market surveillance system to be on par with regional standards, as per a…
- Business News
Anticipated US interest rate cut to boost gold prices in May
Gold prices in the domestic market, which had earlier witnessed a surge to 34,550 baht (US$956) per baht-weight during the Lunar New Year, are anticipated to rise again in May. This forecast comes as traders expect the Federal Reserve to begin a cut in US interest rates, thereby potentially driving global prices to US$2,100 per ounce. Gold Traders Association (GTA)…
- Business News
Over 1,000 digital platform operators register with Thailand’s ETDA
Digital platform service (DPS) operators in Thailand are flocking to register with the Electronic Transactions Development Agency (ETDA) system, with over 1,000 already signed up. This comes in response to the DPS law implemented on August 21 last year, aimed at creating transparency and enhancing consumer protection in the digital space. The ETDA is set to issue its ETDA DPS…
- Business News
Bitcoin hits US$50,000 milestone, crypto market on a digital rollercoaster
Bitcoin, the largest digital asset, oscillated around the landmark value of US$50,000, a level it hadn’t touched in over two years. This marks a remarkable resurgence following the various cryptocurrency scandals and industry wipeouts that had previously cast a shadow of uncertainty over the sector’s future. Yesterday, in the United States, Bitcoin’s value soared to an impressive US$50,328, and it…
- Business News
CRC projects 9-11% revenue growth driven by tourism boost
Central Retail Corporation (CRC) is expecting revenue growth of 9-11% in 2024, with the primary drivers being a resurgence in tourism and increased consumption. However, concerns have been raised about a potential influx of inexpensive imported goods. Yol Phokasub, CRC’s chief executive, articulated that despite the sluggish economic growth, the overall spending confidence in Thailand remains above average for the…
- Business News
Oil Fuel Fund in Thailand faces 84.3 billion baht loss
A confidential source from the Energy Ministry revealed that a meeting is scheduled this week to address the considerable loss of 84.3 billion baht (US$2.35 billion) incurred by the state Oil Fuel Fund due to its oil and gas subsidy programmes. Despite the substantial deficit, the fund’s financial status is deemed manageable. The discussion will be spearheaded by a subcommittee…
- Business News
Thailand’s Q1 2024 government revenue exceeds target by 0.3%
The Fiscal Policy Office announced that government revenue collection for the initial quarter of fiscal 2024 surpassed its target by 0.3%, equating to 1.62 billion baht (US$45 million), according to the director-general, Pornchai Thiraveja. Pornchai, who also serves as a spokesperson for the Finance Ministry, disclosed that the government’s net revenue collection for the initial three-month period of fiscal 2024,…
- Business News
Thailand’s digital deficit weighs heavily on tech industry
The digital deficit in Thailand, estimated to be around 200 billion baht (US$5.56 billion) per year, is a major concern for tech industry leaders. The former president of the Thai e-Commerce Association, Pawoot Ponngvitayapanu, highlighted this issue to Parliament’s economic steering committee, urging them to address the deficit and informing the finance ministry. The deficit stems from Thailand consuming more…
- Business News
Thai economy needs more stimulus amidst global challenges
Kasikorn Research Centre (K-Research) warned that the Thai economy requires additional government stimulus to boost domestic consumption amidst challenges such as global politics, China’s economic deceleration, and fluctuating currency rates. The centre’s managing director, Burin Adulwattana, emphasised that the decrease in headline inflation for the fourth consecutive month in January does not suggest deflation risks, but rather highlights consumers’ dwindling…
- Business News
Thailand’s DES ministry to propose cell broadcast emergency system plan
A plan to introduce a cell broadcast emergency warning system will be submitted to the Cabinet next month by the Ministry of Digital Economy and Society (DES). Major mobile operators are expected to invest approximately 300 million baht (US$8.3 million) each to establish their cell broadcast centres, while the ministry may need around 400 million baht (US$11 million) to set…
- Business News
Indonesia reassures no rice shortage despite retail restrictions
The Indonesian government affirmed today that there is no shortage in the country’s rice stocks, despite increasing restrictions on sales in mini markets and supermarkets that have been in place since the close of 2023. Arief Prasetyo Adi, the Head of the National Food Agency (NFA), made this assurance following a coordination meeting with the president. He also highlighted the…
- Business News
Thai govt to set up asset management firm to tackle household debt
Thailand Prime Minister Srettha Thavisin today announced that an asset management firm is to be established by the Thai government in the first quarter of the year to address the persistent issue of high household debt. The initiative confronts numerous challenges, including the reluctance of some creditors to participate in the process. With 90.9% of its GDP equalling household debt…
- Business News
Raimon Land plans 3,588 million baht capital increase for sustainable growth
Raimon Land Public Company Limited (RML), a premier real estate developer in Thailand, plans to increase its capital by 3,588 million baht (US$99 million) from 4,172 million baht (US$116 million) to a total of 7,760 million baht (US$216 million). This move is part of RML’s strategy to support sustainable growth, targeting continuous profit enhancement and a turnaround. The proposal will…
- Business News
Carabao Group earns spot in Sustainability Yearbook 2024
The Carabao Group gained recognition for its superior sustainable business practices, earning a place in The Sustainability Yearbook 2024. This accomplishment highlights the company’s vision of World Class Product, World Class Brand, demonstrating its exemplary sustainable management across environmental, social, and corporate governance (ESG) areas. Out of over 9,400 participants in the S&P Corporate Sustainability Assessment (CSA) for the year…
- Business News
Chin-a new look: CGS-CIMB now CGS International after takeover
Following the complete acquisition by China Galaxy Securities in December 2023, CGS-CIMB Securities (Thailand) has rebranded to CGS International Securities (Thailand) (CGSI). The move solidifies China Galaxy Securities’ regional presence. Backed by the Chinese government, China Galaxy Securities is the second-largest securities company in China, boasting over 500 branches nationwide. The rebranding is a direct result of China Galaxy Securities’…
- Business News
Thailand’s BAAC plans to acquire 510,000 tonnes of carbon credits
The Bank for Agriculture and Agricultural Cooperatives (BAAC) seeks to acquire 510,000 tonnes of carbon credits over the next five years, according to Chatchai Sirilai, the bank’s president. This move aligns with Thailand’s ambition to achieve carbon neutrality by 2050 and its net-zero target, which aims to equalize greenhouse gas (GHG) emissions and absorption by 2065. Chatchai revealed that the…
- Business News
Thailand capitalises on halal market amid renewed Saudi ties
Thailand and Saudi Arabia’s reestablishment of diplomatic ties in 2022, after a three-decade hiatus, has presented the Land of Smiles with fresh avenues to capitalise on its halal products’ demand in the Middle Eastern markets. The global Muslim population, approximately 2 billion, is projected to constitute 25% of the total populace by 2030. Thaweelap Rittapirom, the President of the Islamic…
- Business News
Thailand’s economic crisis feared amidst digital wallet dispute
The Bank of Thailand and the government have been at odds for months, with tensions escalating last week when the Monetary Policy Committee (MPC) kept interest rates at 2.5% despite political pressure for a reduction. This disagreement came to the fore during discussions about the digital wallet scheme, a 560 billion baht (US$15.58 billion) project which the central bank has…
- Business News
Commerce Ministry plans to expand GI product list to boost sales
Aiming to boost sales from geographical indication (GI) products to 60 billion baht (US$1.6 billion) by 2024, the Commerce Ministry is set to expand the GI product list by an additional 20 items this year. Deputy Commerce Minister Napintorn Srisunpang highlighted the plan as a strategy to enhance the competitiveness of the agricultural sector. By utilising GI as a tool,…
- Thailand News
AOT announces 4.4bn baht plan to boost Suvarnabhumi and Don Mueang airports
Airports of Thailand (AOT) revealed an ambitious investment plan of 4.4 billion baht for enhancements at Suvarnabhumi International Airport and Don Mueang International Airport. These plans were made public by AOT Deputy Director Keerati Kitmanawat, who shared the vision of increasing service and security standards at Suvarnabhumi Airport to meet the passenger traffic that is expected to bounce back to…
- Tourism News
Thai tourism index for Q4 2023 signals risk of deflation
The Tourism Council of Thailand’s (TCT) quarterly index has reported a lower-than-normal confidence level for the fourth quarter of 2023, signalling concerns among operators about the risk of deflation and delayed fiscal budget disbursement. The Thai tourism index for the last quarter of the year scored 77, with 100 being the average; this is an increase from the third quarter’s…
