- Business News
Thailand’s blue flag stores to become drop-off points for postal goods
The Internal Trade Department is joining forces with Thailand Post in an initiative that will see the country’s Blue Flag (Thong Fah) affordable stores used as drop-off points for goods from farmers, small and medium-sized enterprises (SMEs), and the general public. The Department Director-General, Wattanasak Sur-iam, confirmed that discussions with Thailand Post had taken place and that they were in…
- Business News
Megabangna mall invests 200 million baht to boost customer spending
SF Development Co, the firm behind Megabangna shopping mall, earmarked a 200-million-baht (US$5.6 million) budget for marketing, intending to drive up customer footfall and increase spending by 10-15%. Wanwimon Ordeedolchest, the Vice-President of Marketing at the company, revealed that the funds will be channelled into numerous events, activities, campaigns, and applications to draw in shoppers to Megabangna. “We will hold…
- Business News
Chinese New Year spending in Thailand set to hit decade high
The upcoming Chinese New Year festival, set to start on Thursday, February 8, is predicted to witness the largest financial outlay by Thai locals in over a decade, thanks to the nation’s economic resurgence following the pandemic’s impact. The annual survey conducted by the University of the Thai Chamber of Commerce (UTCC), monitoring consumer expenditure during the festival, foresees a…
- Business News
AIS in talks with PTT OR for virtual bank licence application
Potential collaborations are underway as Advanced Info Service (AIS) engages in discussions with PTT Oil and Retail Business (OR) and a digital platform provider. The objective is to apply for a virtual bank licence from the Bank of Thailand, revealed AIS Chief Executive, Somchai Lertsutiwong. This partnership would be an addition to AIS’s current plan to secure a license with…
- Business News
Thai bond market to remain strong with 1 trillion baht new issuances
The Thai bond market is projected to remain strong this year, with estimated new issuances totalling 1 trillion baht (US$27.9 billion), says financial advisory firm SCB Wealth. The sustained high interest rates are expected to contribute to favourable returns. Sornchai Suneta, Executive Vice President of SCB Wealth’s Investment Office and Product Function, anticipates that the bond market will continue to…
- Business News
Bangkok’s BAM anticipates drop in bad debt auction prices in 2024
Bangkok Commercial Asset Management (BAM), a prominent player on the Stock Exchange of Thailand (SET), anticipates a decrease in auction prices for bad debt sales in 2024 due to a rising supply amid economic sluggishness. The financial institutions are expected to face increased challenges with the escalation of distressed debts, influenced by depreciating auction prices for both non-performing loans and…
- Business News
Thai finance minister urges bank of Thailand to lower policy rate
The Deputy Finance Minister, Julapun Amornvivat, called on the Bank of Thailand’s Monetary Policy Committee (MPC) to consider lowering its policy rate. The request comes in a bid to alleviate the strain on the public, taking into account the impact of the policy rate on individuals rather than solely focusing on financial stability. Julapun argues for a harmonious approach, stating…
- Business News
Red Sea attacks reshape global oil market towards regionalisation
The global oil market is becoming increasingly regionalised due to militant attacks in the Red Sea and skyrocketing freight rates making more local supplies desirable. A decrease in tanker traffic through the Suez Canal is encouraging a divide, with one trading area centred around the Atlantic Basin, including the North Sea and the Mediterranean, and another focused on the Persian…
- Business News
Labour costs outpace revenue growth in Thai tourism sector
Rising labour costs in the tourism sector are outpacing revenue growth, resulting in increased hotel expenses, as revealed by hospitality market analyst STR. Jesper Palmqvist, senior director for Asia-Pacific at STR, warned that the only risk for hotels this year is maintaining cost controls in light of the extraordinary growth of labour costs and room rates. Over the past one…
- Business News
Samsung’s Galaxy S24 series boasts strong pre-orders in Thailand
Thai Samsung Electronics’ Vice-President of Mobile Experience, Sitthichoke Nopchinabutr, expressed confidence in the company’s position in Thailand’s competitive smartphone segment. This follows the recent launch of Samsung’s Galaxy S24 series, equipped with advanced artificial intelligence (AI) capabilities. Sitthichoke revealed that the volume of pre-orders for the S24 series places Thailand among the top five markets globally. Moreover, it leads to…
- Business News
Thailand’s Land Bridge project eyed as foreign investment magnet
The Land Bridge project in southern Thailand, a proposal yet to be approved, is being highlighted as a potential boon for foreign investments, akin to the successful Eastern Economic Corridor (EEC). This comparison is drawn by the current government. The EEC, unlike the proposed Land Bridge, is operational and continues to develop, acting as a high-tech industrial hub drawing investments.…
- Business News
EV and SUV sales set for boost in Thailand amid automotive industry changes
This year, the automotive industry anticipates uneven sales growth, shaped by motorists’ evolving preferences and lenders’ decision-making. Electric vehicle (EV) makers and banks will be crucial in shaping domestic sales, especially within the pure pickup category. As per the Federation of Thai Industries (FTI), EVs, pickup passenger vehicles (PPVs), and sport utility vehicles (SUVs) are predicted to be this year’s…
- Business News
Businesses warned of risks of not adopting AI, says Stanford professor
Stanford University Graduate School of Business Professor Amir Goldberg stressed the urgency for businesses to actively engage with artificial intelligence (AI), according to a conversation with a former corporate executive. Highlighting the vital role AI plays in today’s competitive market, Professor Goldberg warned businesses of the risks of not adopting AI, likening it to a fast-moving train that cannot be…
- Business News
Japanese firms urge Thai government to simplify customs and boost infrastructure
Japanese businesses based in Thailand have urged the government to simplify customs duty rules and enhance transport infrastructure, in addition to introducing economic strategies to increase public spending. The Japanese Chamber of Commerce (JCC) in Bangkok recently communicated with the press to share insights from its newest survey assessing the business outlook amongst Japanese firms and investors in Thailand. The…
- Thailand News
Thai hotels hit hard as property tax breaks end
Thai hotels are facing an uphill battle this year as the government pulls the plug on property tax reductions and energy prices soar, sending operating costs skyrocketing by 10%. Marisa Sukosol Nunbhakdi, the President of the Thai Hotels Association (THA), reveals the dire consequences for hotel owners who enjoyed a 90% tax discount in 2020-21, only to see it evaporate…
- Business News
Thailand’s rice exports expected to drop 14.4% amid global competition
A projected drop of 14.4% in Thailand’s rice exports is anticipated for this year, due to a combination of reduced production and increased global competition, as reported by the Foreign Trade Department. The department’s director-general, Ronnarong Phoolpipat, revealed that the estimate of 7.5 million tonnes of rice exports this year was jointly made with the Thai Rice Exporters Association. This…
- Business News
Thai government aims to boost cross-border trade despite 2023 contraction
The Thai government is aiming to reinvigorate its cross-border trade, including transit trade, this year following a 2.6% contraction in 2023, which saw the value fall to 1.7 trillion baht (US$48 billion). The Foreign Trade Department’s director-general, Ronnarong Phoolpipat, stated that the Commerce Ministry would expedite cross-border and transit trade according to the government’s investment promotion strategy for 2024-27. To…
- Transport News
Automakers’ ties to forced labour in China under scrutiny, says HRW report
Five prominent automakers, including Toyota, General Motors, Volkswagen, Tesla, and China’s BYD, have questionable ties to forced labour in China’s Xinjiang region, as identified by a report by Human Rights Watch (HRW). Xinjiang, an important aluminium producer contributing to approximately 9% of the global supply, has been linked to state-sponsored labour transfer programs accused of coercing Muslim minorities into forced…
- Business News
China surpasses Japan as world’s largest car exporter in 2023
China has seized the title of the world’s largest car exporter in 2023, according to recent industry figures. This marks a significant shift, seeing Japan’s reign topple for the first time since Germany’s lead in 2016. This new data, released yesterday, January 31, by a Japanese trade organisation, indicates a 16% increase in Japan’s car exports from the previous year,…
- Business News
Student Loan Fund recalculates debt repayment to reduce 100 billion baht bad debts
With a staggering 100 billion baht (US$2.8 billion) in bad debts, the Student Loan Fund (SLF) is set to see a decline in its debt pile following the implementation of a new debt repayment calculation method, according to SLF manager, Chainarong Kajchapanan. This change is a result of the recent amendment of the Student Loan Fund Act (No.2) 2023, which…
- Business News
Thailand’s manufacturing sector set to rebound by 2024 despite 2023 contraction
Despite the economic slowdown causing a 5.1% contraction in Thailand’s Manufacturing Production Index (MPI) last year, it is expected to rebound in 2024. The forecasted improvement comes in response to an increase in the export of industrial products, which grew by 3.22% in December, marking the third consecutive month of growth, according to Warawan Chitaroon, the director-general of the Office…
- Business News
Thailand’s manufacturing production sees steep fall due to car output drop
The Industry Ministry reported a year-on-year fall of 6.27% in Thailand’s manufacturing production index for December, attributed to a downturn in car production. This figure was notably steeper than the anticipated 3.2% decrease, according to a Reuters poll. This followed the 4.71% drop in November, rounding out a year in which overall output shrank by 5.11%. In addition to the…
- Business News
Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
- Business News
Elon Musk’s US$55 billion pay deal under threat after judge’s ruling
Having spent several years as the wealthiest person globally, Elon Musk, CEO of Tesla, faces the potential of falling to the third position following a Delaware judge’s ruling on his US$55 billion pay deal. The judge, Kathaleen St. J. McCormick, sided with a Tesla investor who argued that the 2018 remuneration package lacked clarity on Musk’s performance expectations and that…
- Business News
Thai baht surges as US dollar weakens ahead of Federal Reserve meeting
The Thai baht experienced an upturn against a weakening US dollar, with investors predicting the US Federal Reserve to hold its policy rate steady in the upcoming meeting this week. The baht yesterday, January 30, initiated at 35.38 to the dollar, a rise from Monday’s close at 35.58. The local currency fluctuated between 35.28 and 35.45 against the dollar and…
- Business News
Cabinet gives preliminary approval to revamp Fisheries Act of 2015
The proposed revision to the Fisheries Act of 2015 yesterday received preliminary approval from the Cabinet. The government aims to ease the challenges encountered by the fishing industry and foster more efficient and sustainable fishing practices. The proposed changes are expected to provide relief to over 600,000 small-scale coastal fishing households in 20 provinces, many of whom were compelled to…
- Business News
Taiwanese tourism in Thailand set to hit one million mark
The Taiwanese tourism market in Thailand is projected to reach a milestone of one million visitors this year, provided that Thailand’s government prolongs its visa-free scheme until the end of the year. Sisdivachr Cheewarattanaporn, president of the Association of Thai Travel Agents (ATTA), stated that despite the delayed visa exemption approval for Taiwanese tourists in November last year, the total…
- Business News
Indorama Ventures turns PET recycling into a fun learning experience
Indorama Ventures Plc (IVL), the chemical manufacturing firm, has taken a fun-filled approach to address the issue of a limited supply of waste polyethylene terephthalate (PET) bottles which has been affecting its recycling business. The company has taken to educating young students, encouraging them to see used PET bottles as a source of enjoyment and creativity while also promoting the…
- Business News
Thailand and China’s visa-free policy not boosting tourism yet
Despite the recent permanent visa-free policy between Thailand and China, airlines and hotels are not anticipating an immediate rise in demand. This is largely due to the gradual increase in demand and the seating capacity that is yet to fully recover. The agreement was reached during China’s Foreign Minister Wang Yi’s four-day official visit to Thailand, where he met with…
- Business News
SET index may drop below 1,300 due to digital wallet handout
The Stock Exchange of Thailand (SET) index could potentially plummet below the 1,300-point mark this year, warns the CEO of One Asset Management (ONEAM), Pote Harinasuta. This alarming projection is associated with the government’s proposed digital wallet handout which could result in Thailand’s credit rating being downgraded and a subsequent hike in corporate borrowing costs. Key factors that could influence…
