- 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
Thailand targets 35 million international tourists
The Tourism and Sports Ministry of Thailand is optimistic about its ability to attract 35 million international tourists this year. This confidence stems from the fact that in the first month of the year alone, the country recorded three million foreign visitors. The encouraging figure was aided by daily arrivals exceeding 90,000 on weekdays and 100,000 during the weekends in…
- 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
Court cancels Elon Musk’s $56billion pay deal
Last week, Tesla CEO Elon Musk suffered a significant legal setback when a court nullified his US$56 billion pay package, marking one of the most substantial legal losses in US history. The suit was lodged by Richard Tornetta, a resident of Pennsylvania, who owned just nine shares in Tesla back in 2018. The case reached trial in late 2022 and…
- 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
Thai Airways on track for Stock Exchange return amid rehabilitation success
Anticipations are high for Thai Airways International Plc (THAI) to make its comeback on the Stock Exchange of Thailand (SET) in the coming year, as disclosed by Tibordee Wattanakul, the director-general of the State Enterprise Policy Office (SEPO). The national flag carrier’s liquidity is on the mend, and operations are systematically aligning with its rehabilitation plan. This positive shift is…
- 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
AI’s impact on jobs raises concerns, experts urge preparedness
Concerns are rising across various sectors about the potential displacement of jobs due to the increasing adoption of artificial intelligence (AI), with experts advising organisations and individuals to prepare for the inevitable impact. A recent blog post by Kristalina Georgieva, chief of the International Monetary Fund (IMF), suggested that AI would affect nearly 40% of global jobs, replacing some and…
- 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 steel industry suffers as cheap imports from China flood market
Steel industry capacity utilisation in Thailand is on a downward spiral, with Tata Steel Thailand Plc (TSTH), a subsidiary of India’s largest steelmaker, attributing this trend to the sluggish economic recovery and the influx of inexpensive steel from China. The postponement of the fiscal 2024 state budget planning as a consequence of the 2023 general elections and the protracted process…
- 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
Free visa policy to boost Thai tourism stocks amid Chinese arrivals
An agreement for a free visa policy between Thailand and China is set to greatly boost seven Thai tourism-related stocks, as projected by brokerages. This policy, signed earlier this week, is anticipated to cause a significant uptick in Chinese arrivals in Thailand this year. The Tourism Authority of Thailand (TAT) set a target of attracting 8.2 million Chinese tourists in…
- 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
Revving up: Thailand’s car production to rise by 3.17% in 2024, predicts FTI
The Federation of Thai Industries (FTI) predicted a 3.17% rise in Thailand’s car production this year, reaching an estimated total of 1.9 million units. This projection comes despite the less-than-anticipated total car production of 1.84 million units last year, falling short of the 1.85 million units target. According to Surapong Paisitpatanapong, Vice-Chairman and spokesperson for the FTI’s Automotive Industry Club,…
- 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…
- Business News
Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
