- 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
Elon Musk aims for 25% voting control for AI and robotics expansion
The world’s most affluent individual and Tesla CEO Elon Musk revealed yesterday that he would feel uneasy expanding the electric vehicle (EV) company’s presence in the artificial intelligence (AI) and robotics sectors unless he possesses at least a quarter of the company’s voting control. This is a significant increase from his current 13% stake in the company. He voiced this…
- 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
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
Zipmex risks losing license over liquidity issues and inadequate management
Zipmex, a digital asset exchange operator, is facing a potential revocation of its business licence from the Securities and Exchange Commission (SEC) if it fails to resolve its liquidity problem within a fortnight. This issue arises as the company’s capital fund has fallen below the regulator’s minimum standards. The SEC board urged Zipmex to overhaul its operations, blaming the company’s…
- 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…
- Business News
Cyber crime costs Thailand 6.76 billion baht in 70 days
Cyber crime inflicted a devastating blow to Thailand’s economy with losses amounting to 6.76 billion baht (US$192 million) within a span of 70 days, as reported by the Cyber Crime Investigation Bureau (CCIB). Despite a decline in call centre scams, there was a noted surge in scams related to the struggling economy, including those promising additional income and fraudulent loan…
- Business News
Taxing choices: Thai Excise Department ponders single rate or weighty decision for cigarettes
Ekniti Nitithanprapas, Excise Department Director-General, announced that the department is deliberating over whether to implement a single tax rate or a weight-based tax for cigarettes. Currently, the tax structure is a two-tier system, with a 25% tax applied to cigarette packs retailing at up to 72 baht (US$2), aimed at reducing the impact on low-income individuals. Packs costing more than…
- Business News
Rice rivalry: India’s export ban grains optimism for Thai prices
The ongoing ban on white rice exports in India is bolstering the optimism of local shippers that Thai rice prices will remain relatively high during the first half of this year. Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association, expressed that global market prices are likely to stay around US$600 per tonne, a rate not seen in…
- Business News
Urgent call for faster use of investment budgets to boost the economy of Thailand
Business executives are urging the government to prompt state enterprises and local government organisations to speed up the use of current investment budgets and to roll out more stimulus packages. This is seen as a crucial step to propel the economy while awaiting the fiscal 2024 budget. The executives stress the importance of quick distribution of the 2024 budget once…
- Business News
Boxed milk prices set to rise due to increased raw milk costs
The Internal Trade Department under the Commerce Ministry is poised to consider and approve a potential rise in boxed milk prices, following a request in alignment with increased raw milk production costs. The move comes on the heels of the Milk Board’s recent approval to hike the median ex-factory rates for raw cow’s milk by 2.25 baht (US$0.064) to reach…
- Business News
Easy e-receipt scheme may not boost Thai tourism says hotel association
The recently introduced Easy E-Receipt scheme, aimed at boosting tourism spending by offering tax rebates, may fall short of its goal, according to hotel operators. Marisa Sukosol Nunbhakdi, Thai Hotels Association (THA) president, argues that the scheme might instead push eligible individuals towards purchasing consumer products. She highlighted that a significant number of hotels and airlines are yet to adopt…
- Business News
UBE pivots towards functional food sector for increased revenue
Following its listing on the Stock Exchange of Thailand two years ago, Ubon Bio Ethanol Plc (UBE) is actively pursuing a shift in its corporate branding. The company, originally known for its ethanol business, is now focusing on the development of value-added products, primarily in the functional food sector. This new direction is expected to increase revenue and offer innovative…
- Thailand News
Thai Government plans digital shift for lottery sales
The Government Lottery Office (GLO), under the umbrella of the Finance Ministry, unveiled plans to transition from traditional lottery stalls to digital ones. Lavaron Sangsnit, the permanent finance secretary and chairman of the GLO board, revealed this strategy, which will be initiated from next month. The GLO has been selling digital lottery tickets through the Pao Tang app since 2022…
- Business News
Thai-llywood lights, camera, baht! 2023 sees record of 6.6 billion baht roll in from film shoots in Thailand
A record-breaking 6.6 billion baht was generated by over 466 film shoots in Thailand in 2023, marking an impressive 40% increase in revenue from the previous year. This remarkable upturn was largely credited to the production of high-budget films, including a blockbuster with a budget of 3 billion baht. Jaturon Phakdeewanit, the head of the Tourism Department, noted the significant…
- Business News
GenAI set to go mainstream in 2024 amidst privacy concerns
As the year 2024 unfolds, the implementation of Artificial Intelligence (AI) technology into businesses is becoming increasingly important. With the rise of Generative AI (GenAI) and data protection, businesses, regulators, and individuals must adapt to the evolving landscape. This is particularly poignant in the ASEAN region, where privacy regulations, such as those in Thailand and Indonesia, are still relatively new.…
- Business News
SET foresees market recovery with return of foreign investment
The Stock Exchange of Thailand (SET) anticipates a recovery in return on investment this year, mirroring trends in regional markets due to an influx of foreign capital since 2023’s final quarter. Last year, foreign investors sold off Thai stocks amounting to US$5.51 billion, contrasting with 2022’s net purchase of US$5.96 billion. Nevertheless, foreign long-term investors held steady, owning around 30%…
- Business News
Finance Ministry proposes joint venture asset management companies to aid debtors
The Finance Ministry is advocating for collaborative investments between Specialised Financial Institutions (SFIs) and Asset Management Companies (AMCs), proposing the formation of joint venture asset management companies (JV-AMCs). This initiative aims to aid debtors who collectively hold three million accounts amounting to a total value of 230 billion baht, stated Paopoom Rojanasakul, the secretary to the finance minister. Rojanasakul explained…
- Business News
Thai Automotive Institute boosts EV industry with new test track
The Thailand Automotive Institute (TAI) is set to boost Thailand’s electric vehicle (EV) industry, constructing a test track to provide manufacturers with a range of testing services, subsequently becoming a new revenue stream for the country. This track, under construction in Chachoengsao, is designed to facilitate a broad spectrum of tests including braking and parking brake performance, speed, distance and…
- Business News
K-Asset and J P Morgan unite to boost Thai mutual fund business
A strategic partnership has been forged between Kasikorn Asset Management (K-Asset) and J P Morgan Asset Management (JPMAM) to bolster their mutual fund business in Thailand. This move aligns with the growing wealth segment in the Thai market. The collaboration was announced yesterday, January 10, by K-Asset, an industry-leading asset management company known for its substantial customer base and assets…
- Business News
Malaysia and Singapore unite to boost trade with special economic zone
Major trading partners Malaysia and Singapore agreed on a collaborative effort to establish a special economic zone. This endeavour aims to enhance trade between the neighbouring countries, which consider each other as their second most significant trading partner. The proposed economic zone is slated to be located in Johor, a southern state of Malaysia. This zone will allow businesses to enjoy…
- Business News
Em District sees retail growth amid economic uncertainty in Thailand
Despite the economic uncertainty, Em District, the retail operator, witnessed growth from high-spending customers at its three malls in the final quarter of 2023. The chief executive, Kriengsak Tantiphipop, confirmed that Thailand continues to attract foreign tourists, leading to increased footfall from both local and international visitors, particularly high-spending independent tourists. Kriengsak observed that while the influx of Chinese tourists…
- Business News
JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
- Business News
Innobic divests Alvogen Malta shares, refocuses on Asia-Pacific pharmaceutical market
In a strategic move to refocus its pharmaceutical sector, Innobic (Asia) Co, the life sciences division of the PTT Plc national oil and gas conglomerate, has entirely divested its shares in Alvogen Malta (Out-licensing) Holding (AMOLH). The shares were acquired by Floki Holding Société à Responsibilité Limitée, a healthcare and pharmaceutical firm based in Luxembourg. The transaction is expected to…
- Business News
Thai PM and central bank clash over interest rates amid low inflation
The clash between Prime Minister Srettha Thavisin, who also holds the Finance Minister portfolio, and the Bank of Thailand (BoT) intensified. The prime minister has been vocal about his belief that the central bank should lower its interest rates as inflation rates have decreased. On a social media platform, PM Srettha blamed the BoT for causing harm to the economy…
- Business News
EGCO finalises Compass Portfolio acquisition, boosting US power capacity
Electricity Generating (EGCO), the power generation subsidiary of Thailand’s Electricity Generating Authority, has finalised the purchase of the Compass Portfolio in the US, a move that boosts the company’s overseas earnings from the energy sector. The acquisition bolsters EGCO’s total power generation capacity to 652 megawatts, a figure determined by its stake in the Compass Portfolio. Thepparat Theppitak, EGCO President,…
- Business News
Caution advised over interest rate cuts by Bank of Thailand
Pundits cautioned against hasty moves to cut interest rates and have emphasised the importance of an independent Bank of Thailand as it determines its policy interest rates. They warned that inconsistent fiscal and monetary policies could harm more than they help. Therdsak Thaveeteeratham, Asia Plus Securities (ASPS) executive vice president, insisted that decisions regarding interest rates should be the sole…
- Business News
Finance ministry’s vigilant watch over corporate debenture repayments
Corporate debenture repayments are under the watchful eyes of the Finance Ministry, according to a statement by Lavaron Sangsnit, its permanent secretary. The ministry, along with the Bank of Thailand (BoT) and the Securities and Exchange Commission (SEC), are vigilantly monitoring potential defaults on maturing debentures. In a recent evaluation, it emerged that only a single company was struggling to…
