Alex Morgan
- Business News
Global economy to grow in 2024, Thai leaders face new challenges
The global economy is projected to grow in 2024, according to forecasts by leading business groups and the World Bank. However, Thai leaders are expected to navigate new challenges such as bridging generational gaps in conversations and encouraging younger workers to mentor older employees on new technologies. Meanwhile, the stress levels among all employees are at an all-time high, triggering…
- Business News
Thailand expects major rise in EV imports under new four-year plan
The director-general of the Excise Department projected a significant increase in electric vehicle (EV) imports, with an estimated 175,000 units expected to reach Thailand within two years. This comes as part of a four-year plan, EV3.5 (2024-27), which requires importers to establish a production base in the country from 2024-25 onwards, to replace imports with domestically produced EVs. The plan…
- Business News
Thai tourism sector optimistic about Chinese arrivals despite economic concerns
Despite the Thai tourism sector experiencing a drop in Chinese visitors last year, the government remains optimistic about an increase in arrivals this year, targeting eight million visitors from the mainland. This optimism is fuelled by the prospect of the visa-free policy becoming permanent in March. The Chinese government has been advocating for its citizens to travel domestically during the…
- Business News
Chinese new year holiday expected to boost Thailand’s tourism revenue
Anticipated to reach a staggering 34.4 billion baht, spending during the Chinese New Year holiday is set to surge, with foreign travellers, primarily from Chinese-speaking nations, contributing 28.4 billion baht. The Tourism Authority of Thailand (TAT) attributes this 29% year-on-year revenue growth, which spans from February 8 to 16, to the visa-free policy for Chinese and Taiwanese tourists. TAT Governor…
- Business News
India encourages Thailand to tap into Andaman and Nicobar’s fisheries
The Indian government is encouraging Thailand to capitalise on opportunities within its fishing and tourism industries, particularly in the Andaman and Nicobar Islands. Shri Vishwendra, the region’s Secretary of Fisheries, emphasised the significant potential for deep-sea fishing due to the area’s underexploited marine resources. Despite the abundance of resources, including a potential tuna catch amounting to 148,000 metric tonnes, the…
- Business News
Bitcoin plunges to lowest value since mid-December amid dwindling ETF hype
Bitcoin, the world’s largest digital asset, plunged to its lowest value since mid-December as the speculative demand driven by hype over new Exchange-Traded Funds (ETFs) has waned. This has left the cryptocurrency in negative territory since the beginning of 2024. The asset briefly hovered around US$40,000 before settling at US$40,843 as of 11.40am on Friday in Singapore, marking a 4%…
- Business News
Bank of Thailand confident in limited corporate bond rollover risk despite rising interest rates
Despite rising interest rates, the Bank of Thailand has expressed confidence in the limited risk of corporate bond rollover this year, stating that it should not pose a significant threat to systemic risk. The local bond market has remained functional, with private businesses continuing to secure new funds. Sakkapop Panyanukul, the senior director for financial markets at the central bank,…
- Business News
Samsung’s AI-infused Galaxy S24 series set to invigorate Thai premium smartphone market
The latest AI-empowered Samsung Galaxy S24 series of smartphones, announced recently by Samsung Electronics Co, is set to stimulate the Thai premium smartphone market in the first quarter of this year. According to IT analysts, the launch of these new smartphones will lead to a rebound in Thailand’s local smartphone market by 2024. The new Galaxy S24 series, which includes…
- Business News
CP Group tempers investment due to global risk factors
Charoen Pokphand (CP) Group, a renowned Thai conglomerate, has planned to temper its investment activities in the current year. The group’s CEO, Suphachai Chearavanont, has indicated that this strategic shift is driven by the desire to reap the benefits from previous years’ investments. Suphachai voiced concerns over several global risk factors anticipated to lead the agriculture sector into a stagnation…
- Business News
PTTEP boosts gas production at Erawan to avoid hefty fine
PTT Exploration and Production Plc (PTTEP) is stepping up gas production at the Erawan gas block in the Gulf of Thailand to avoid a hefty fine. The penalty would be due to a failure to supply the volume of gas stipulated in a contract signed with PTT Plc, Thailand’s sole gas dealer. The chief executive of PTTEP, Montri Rawanchaikul, expressed…
- Business News
Thai retail investors now unrestricted in real estate, infrastructure-backed ICOs
Retail investors in Thailand will no longer face restrictions on investment in real estate and infrastructure-backed initial coin offerings (ICOs), according to an announcement by the Securities and Exchange Commission (SEC). The change, effective from January 16, was made to encourage technology use for fundraising and to support sustainable capital market growth and the digital economy’s development. The SEC’s role,…
- Business News
Vietnam cuts bank stake limits to curb market manipulation risks
Vietnam’s legislature passed a resolution to decrease the maximum stake investors can own in domestic banks. Coming into force in July, the law will limit the equity held by institutional investors, such as pension or investment funds, to 10%, down from the current 15%. The adjustment has been made in an attempt to mitigate the risk of market manipulation. This…
- Business News
Thailand targets 23.1 million MICE visitors by fiscal 2024
The Thailand Convention and Exhibition Bureau (TCEB) has set a target to attract a minimum of 23.1 million meetings, incentives, conferences, and exhibitions (MICE) visitors by fiscal 2024. Through this, they aim to generate a revenue of 136 billion baht, which equates to 75% of the income recorded in 2019. TCEB President Chiruit Isarangkun Na Ayuthaya noted that the challenge…
- Business News
SEC allows securities firms to offer spot Bitcoin ETFs to elite investors
The Securities and Exchange Commission (SEC) is in the process of permitting securities firms to offer spot Bitcoin Exchange-Traded Funds (ETFs) trading to institutional and high net worth (HNW) investors. The information became public when InnovestX Securities, a unit of SCB X Group, announced on its website that it had recently discussed the matter with the SEC and obtained approval…
- Business News
Thailand’s insurance sector sees 4.5% growth, aiming for 1 trillion baht by 2026
The insurance sector in Thailand has seen a robust expansion of 4.5%, with the Office of the Insurance Commission (OIC) projecting insurance premiums to hit the 1 trillion baht (US$28,184,510,000) mark by 2026, a significant leap from the present 800 to 900 billion baht figure. Such an outlook was shared by Chuchatr Pramoolpol, the secretary-general of the OIC. Chuchatr revealed…
- Business News
Thailand’s central bank bans prepayment charges in new lending regulation
The Bank of Thailand (BoT) has introduced a new responsible lending (RL) regulation that bans charges for debt prepayment and restructuring across all consumer loan products. The regulation, which comes into effect on January 1, impacts various financial institutions such as banks, non-banks, asset management companies, and specialised financial institutions. However, the ban does not apply to fees for mortgage…
- Business News
Thai Cabinet ratifies 3.6 trillion baht budget for fiscal year 2025
The Thai Cabinet ratified a 3.6 trillion baht budget for the fiscal year 2025. This sees an expansion of the budget deficit to 713 billion baht, a 2.89% increase from the previous year. The new budget was approved by the Cabinet on Tuesday, following its presentation by the Budget Bureau. It was announced by the Deputy Government Spokesperson, Rudklao Suwankiri.…
- Business News
Chirathivat family’s CG Capital kickstarts with 10 billion baht
The Chirathivat family’s private equity fund, CG Capital Advisory, is kicking off its operations with an impressive 10 billion baht. The fund aims to capitalise on the recovering tourism sector by investing in hospitality and real estate. CG Capital, spearheaded by Phoom Chirathivat, partnered with prominent institutional investors to channel this fund into investments in hotels and tourism-related businesses. These…
- Business News
Thai SEC unmoved by US Bitcoin ETFs approval
The Securities and Exchange Commission (SEC) of Thailand stated that it is not currently considering the possibility of permitting asset management firms to launch Bitcoin Exchange-Traded Funds (ETFs) in the country. This comes in the wake of the United States SEC endorsing the establishment of 11 Bitcoin ETFs the previous week. On January 11, rule changes were approved by the…
- Business News
Thailand’s industrial sentiment index drops in December amid economic challenges
A recent announcement by the Federation of Thai Industries (FTI) revealed that industrial sentiment in Thailand took a downturn in December, recording a decline from 90.9 to 88.8. This significant drop was attributed to a combination of factors, namely the weakening spending power of consumers and prevailing export concerns. The FTI, which is responsible for tracking fluctuations in various business…
- Business News
Global car firms urge fair Thai EV promotion amidst competition fears
European, American, and South Korean automobile manufacturers are urging the Thai government to ensure its electric vehicle (EV) promotion policy benefits all EV makers evenly. This plea arises amidst growing concerns that Chinese and Japanese rivals might be enjoying an unfair advantage. Industry Minister Pimphattra Wichaikul revealed these countries are seeking enhanced support for their EV sales and automotive supply…
- Business News
Thai ministry propels rice trade growth with G2G agreements
The Ministry of Commerce in Thailand is set to discuss the potential sale of a massive 1 million tonnes of rice to Indonesia tomorrow, under a government-to-government (G2G) agreement. This comes with a commitment to further engage in similar discussions about rice sales with China. Commerce Minister Phumtham Wechayachai revealed that the head of the Foreign Trade Department has been…
- Business News
Southeast Asian nations ramp up efforts to boost upstream oil industry
Southeast Asian nations are intensifying their efforts to boost the upstream oil industry, with Malaysia, Indonesia, Vietnam, and Thailand vying for investment from both domestic and international entities, as revealed by a study from BMI, a Fitch Solutions company. In 2022, Malaysia received foreign investment of 287 million ringgit (US$61.7 billion), equivalent to 47% of the nation’s overall investment, in…
- Business News
Cathay Pacific welcomes 100 mainland China cabin crew in diversity drive
Cathay Pacific Airways welcomed 100 cabin crew members from mainland China, marking the first intake from its recruitment initiative in the region. The new staff members are set to spearhead the airline’s goal to bring onboard 1,500 individuals from across the border by 2025. Mandy Ng, Cathay’s director of service delivery, stated that hiring Mandarin-speaking flight attendants was a natural…
- Business News
Thai institutional investors foresee policy interest rate cut in 2024
The Association of Investment Management Companies (AIMC) disclosed that institutional investors anticipate Thailand’s policy interest rate to reduce by 0.25% to 2.25% this year. Investors are encouraged to take a heavyweight stance on fixed-income assets. Chavinda Hanratanakool, AIMC chairwoman, conveyed the results of a survey conducted amongst institutional investors. The survey explored their views on economic conditions and interest rate…
- Business News
Bank of Thailand maintains policy rate for economic revival
The existing policy rate of the Bank of Thailand is deemed suitable for the nation’s economic revival, while inflation is anticipated to remain within its target range, according to the central bank. This decision, the Monetary Policy Committee (MPC) of the central bank states, is based on a comprehensive analysis of various scenarios. Piti Disyatat, Assistant Governor and MPC Secretary…
- Business News
Thailand’s chat commerce predicted to hit 1.14 trillion baht by 2028
Chat commerce in Thailand is expected to reach a staggering 1.14 trillion baht by 2028, according to predictions by Line Thailand. This substantial increase, up from 462 billion baht in 2023, represents a compound annual growth rate of 19.2%. Jirat Watanakarin, who heads e-commerce growth and strategy at Line Thailand, said Thailand is one of the world’s largest markets in…
- Business News
Thailand recalibrates incentives to boost renewable energy initiative
The Industry Ministry is set to recalibrate incentive packages for organisations as part of the RE100 global renewable energy initiative. This move is intended to allure more investors and facilitate new investment within the nation. RE100, a worldwide initiative comprising hundreds of companies, is committed to 100% renewable energy usage. This aligns with Thailand’s ambitions of reducing carbon dioxide emissions…
- Business News
Thai hotel sector sees pre-pandemic level investment surge
Thailand’s hotel sector is undergoing a resurgence in investment mirroring pre-pandemic levels, with the boost being propelled by an increase in hotel conversions and an uptick in bank lending, because of a hopeful tourism market. The information is according to C9 Hotelworks, a hospitality consultancy firm. The firm’s managing director, Bill Barnett, reported an upbeat market and investment sentiment, thanking…
- Thailand News
Thailand’s education system needs urgent overhaul to meet trade, investment demands
The pressing need for Thailand to expedite its educational development to match trade and investment needs has been highlighted by Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office (TPSO). The dynamic and rapidly evolving nature of the contemporary trade, investment, and technological sectors necessitates a workforce equipped with adaptable skills and thinking capabilities. Poonpong detailed that despite some…
