Alex Morgan
- Business News
Oil prices dip over 1% due to Saudi cuts and increased Opec production
Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…
- Tourism News
High travel costs and weak flight capacity challenge Thailand’s domestic tourism targets
The Tourism Authority of Thailand (TAT) revealed that the government’s target of accruing 1.08 trillion baht (US$30.9 trillion) in revenue from domestic tourism this year may be challenging to achieve due to high travel costs and weak flight capacity. The target set by the TAT for the domestic market is 200 million trips this year, matching the 2019 levels. However,…
- Business News
National Telecom to develop cloud managed platform amid rising demand
The Digital Economy and Society Ministry has commissioned National Telecom (NT), the state telecom enterprise, to create a Cloud Managed Platform (CMP). This development comes in response to the substantial demand among state agencies for a central portal to access services from any cloud provider. Ministry’s Deputy Permanent Secretary Nattapon Nattasomboon announced that NT received an allocation of 600 million…
- Business News
Thailand’s Central Retail eyes potential investment in Selfridges
Central Retail Corp., a leading retailer in Thailand, indicated potential interest in investing in Selfridges, the renowned department store, given the right circumstances. The company outlined their investment criteria in a recent statement to the Thai stock exchange, stating that any new venture must align with its strategic business plan, be reasonably priced, and have optimal timing. The company made…
- Economy News
Thailand-China visa-free deal to boost Chinese tourist influx by 57%
The visa-free arrangement between Thailand and China, effective from March 1, is predicted to cause a 57% surge in Chinese visitors this year, boosting the total foreign arrivals to 33 million. Analysts suggest this development offers an opportunity for investors to gradually accumulate travel stocks. Thai Prime Minister Srettha Thavisin announced the reciprocal visa-free scheme on Tuesday, January 2, following…
- Business News
National Telecom targets smart meter project amid anticipated revenue loss
National Telecom (NT) is seeking to broaden its business horizons as it anticipates a revenue loss of 4 billion baht next year due to the termination of some contracts with private mobile phone operators. The state-owned enterprise is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering…
- Business News
Bolt boosts safety in Thailand with new app features
European mobility company Bolt strengthened its safety protocols in Thailand by introducing new measures designed to support both drivers and riders. A new feature, driver selfie verification, has been added to the ride-hailing application to minimise instances of driver impersonation and bolster safety for all users. In addition, Bolt launched an innovative trip safety monitoring feature. This facility allows the company…
- Tourism News
Thailand’s tourism operators question 40 million visitors target
The government’s ambitious target of attracting 40 million foreign visitors is viewed as daunting by Thailand tourism operators, considering factors such as high travel costs, diminished demand in big markets such as China and Russia, and competition from surrounding nations. Thanet Supornsahasrungsi, who heads the Association of Chon Buri Tourism Federation, pinpointed the stagnant Chinese market as a significant issue,…
- Business News
Potential lithium reserves discovered in Phang Nga for EV industry
The Department of Primary Industries and Mines has identified potential lithium reserves in Phang Nga’s Takua Thung district, which could be instrumental in catering to the growing demands of the electric vehicle (EV) industry. Initial surveys indicate the presence of the element in the Ruangkiet area, where pegmatite, a rock from which lepidolite is derived, was discovered. Lepidolite is a…
- Economy News
Thailand ESG funds miss target but optimism remains for increased sales
Despite the Thai government’s target of 10 billion baht (US$290 million), Thailand ESG (TESG) funds only managed to reach sales of 5.2 billion baht (US$150 million) from December 8 to 28 in the previous year. The shortfall has been attributed to the brief sales period, although the Association of Investment Management Companies’ chairwoman, Chavinda Hanratanakool, acknowledged the funds’ popularity among…
- Business News
Thailand’s fruit exports projected to increase by 4% in 2024
Expectation for a 4% increase in the volume of fresh and processed fruit exports this year has been projected by the Commerce Ministry, driven by a strong demand. Commerce Minister Phumtham Wechayachai, after a meeting with ministry officials and fruit-related representatives, expressed optimism about fruit exports. The ministry predicts a 4% increase in both volume and value of fresh and…
- Business News
Thailand’s tourism authority faces challenge to boost foreign arrivals
With a significantly decreased budget from its 2019 benchmark, the Tourism Authority of Thailand (TAT) faces the daunting task of increasing foreign arrivals from 28 million in 2023 to 40 million in just a year. The drastic goal was deliberated on Tuesday when Chai Wacharonke, a government spokesperson, revealed potential plans to boost arrivals to this figure, spurred by new…
- Economy News
Thailand PM urges cautious monetary policy amid economic recovery
Prime Minister Srettha Thavisin urges the Bank of Thailand to consider the potential risks to the country’s delicate economic recovery when making decisions regarding monetary policy. He expressed concern that the decade-high borrowing costs, currently standing at 2.5%, could potentially impede the nation’s economic revival and affect the populace adversely. During a parliamentary budget debate, PM Srettha revealed that the…
- Economy News
Thailand’s delayed 2024 budget bill presented in Parliament
The delayed budget bill for this year, amounting to 3.48 trillion baht (US$101.52 billion), was presented today by Prime Minister and Finance Minister Srettha Thavisin in the House of Representatives. This event marked the start of a three-day debate among lawmakers. PM Srettha emphasised the importance of the budget to Parliament. “The budget is crucial in moving the economy forward.”…
- Business News
Gunkul Engineering targets 25 billion baht to fund renewable energy projects
Gunkul Engineering Plc, a leading renewables developer and construction company, announced intentions to generate 20.8-25 billion baht (US$607 million-730 million) through fundraising. The raised funds are earmarked for the development of 17 renewable energy initiatives, as part of the government’s 5.2-gigawatt renewable scheme. The company’s chief financial officer, Thitipong Techaratanayuenyong, disclosed the plans. In the previous year, Gunkul Engineering participated…
- Business News
Thai-Chinese visa exemption policy may boost outbound travel by 10%
The Association of Thai Travel Agents (ATTA) predicted a 10% surge in outbound visitors from Thailand to China, due to the new mutual visa exemption policy between the two countries. However, the ATTA President, Sisdivachr Cheewarattanaporn, expressed doubts over the government’s projected figure of 8.2 million inbound visitors from China. The visa-free arrangement, aimed at enhancing bilateral relations and boosting tourism…
- Business News
EEC policy committee sanctions business centre and smart city
The Eastern Economic Corridor (EEC) Policy Committee yesterday sanctioned the creation of the EEC Business Centre and Livable Smart City. The new ventures are projected to yield over 200,000 employment opportunities. The establishment of the EEC Business Centre and Livable Smart City aligns with the broader vision of transforming the EEC into a major business and finance hub in the…
- Business News
Thai government initiates measures to alleviate SMEs’ debt
As part of its ongoing commitment to address economic issues, the government has launched a programme to suspend and alleviate debt for small to medium-sized enterprises (SMEs). Government spokesperson, Chai Wacharonke, confirmed this. The board of the Thai Credit Guarantee Corporation (TCG), a state-owned specialised financial institution under the jurisdiction of the Finance Ministry, has recently given the go-ahead for…
- Business News
UTCC lowers Thailand’s 2023 economic growth forecast to 2.5%
The University of the Thai Chamber of Commerce (UTCC) lowered its economic growth forecast for 2023 to 2.5%, a dip from the previous prediction of 3% made in October of the previous year. The UTCC also anticipates a growth rate of 3.2% for the current year. The UTCC’s president, Thanavath Phonvichai, linked this downgrade to the third quarter’s lower-than-expected 1.9%…
- Business News
SF Holding’s acquisition to boost Thailand’s delivery services sector
The delivery services sector in Thailand is set to experience a surge in competition following SF Holding’s acquisition of shares in Kerry Express (Thailand). The move is poised to equip Kerry Express with a wider range of services and the potential for greater application of artificial intelligence (AI) technology, thereby boosting its competitive position. Shippop, a logistics aggregator, anticipates a…
- Business News
BYD challenges Tesla’s supremacy with record EV sales in Q4
Leading Chinese car manufacturer BYD reported selling 526,409 fully electric vehicles (EVs) in the fourth quarter, challenging Tesla’s global market leadership. According to a stock exchange filing, BYD’s sales, boosted by end-of-year discounting, hit 340,178 EV and hybrid units in December, including 190,754 all-electric models. Overall, BYD reported a 62% year-on-year increase in 2023, selling 3.01 million units. The Shenzhen-based…
- Business News
Bangchak to balance expansion and emission reduction
Bangchak Corporation Plc, the energy giant, has pledged to harmonise its business expansion with a reduction in greenhouse gas emissions over the next seven years. Chaiwat Kovavisarach, the CEO, emphasised the need to merge profitability with active initiatives to shrink the global warming-causing gases. The company and its subsidiaries are due to receive an allocation of 150 billion baht for…
- Business News
Thailand and China agree on permanent visa-free travel from March
Thailand Prime Minister Srettha Thavisin today announced a new permanent visa-free agreement between Thailand and China during a Cabinet meeting. This arrangement, set to start on March 1, will allow citizens from both nations to travel to each other’s countries without prior visa applications. This move marks an enhancement to Thailand’s existing visa-free policy for Chinese visitors, initially slated to run…
- Business News
Bitcoin surges above 1.537 million baht marking a significant peak
With a noteworthy rise of 3%, Bitcoin surged above US$45,000 (1.537 million baht) today, marking its first significant peak since April of the previous year. This considerable leap has signalled an auspicious start to 2024 for the world’s leading and most recognisable cryptocurrency. Earlier in the day, Bitcoin had reached an impressive 21-month high of US$45,386 (1.550 million baht). It…
- Business News
Thai hospitality groups eye global expansion amid tourism recovery
The global tourism recovery has spurred Thai hospitality groups to broaden their horizons beyond domestic borders, tapping into the robust demand in numerous destinations. In the previous year, many hotel management companies reported substantial profits, with some even witnessing their average daily room rates surpass 2019 levels, particularly in prime locations. Minor International (MINT), the largest hotel chain in Thailand,…
- Economy News
Gold prices predicted to hit record highs by 2024, says MTS Gold
MTS Gold, a local trader, predicted that gold prices are likely to skyrocket to new record levels of over 79,005 baht (US$2,300) per ounce and beyond 40,000 baht (US$1,164) per baht weight by this year. This forecast comes amidst anticipated adverse global economic situations. Kritcharat Hiranyasiri, the President of MTS Gold, explained that the anticipated decline in interest rates and…
- Aviation News
Thai authorities craft national oil proposal to boost sustainable aviation fuel
In a bid to bolster the aviation industry’s effort to curtail carbon dioxide emissions, Thai energy authorities are in the process of crafting a novel national oil proposal. The blueprint will cater to the evolution of Sustainable Aviation Fuel (SAF), a biofuel variant for aircraft. The appeal of SAF lies in its strong resemblance to jet fuel in terms of…
- Thailand News
Bangkok developers warned over glut of affordable condos and townhouses
Real estate developers in Greater Bangkok should tread carefully when introducing new condos and townhouses priced under 2 million baht (US$58,241) due to a significant backlog of unsold units, warns Vichai Viratkapan, acting director-general of the Real Estate Information Center (REIC). Vichai highlighted that the condo and townhouse market for units priced under 2 million baht (US$58,241) experienced a slowdown…
- Business News
Thailand’s economy projected for strong recovery and growth in 2024
Thailand’s economy is in a promising state of recovery, as projections indicate a boost in both domestic demand and tourist arrivals. With the resurgence of most industries and the emergence of tech-driven sectors like electric vehicles, there is a wave of optimism that the country’s economic growth will significantly strengthen in 2024. Six industries are predicted to experience rapid growth…
- Tourism News
Thailand targets 3.5 trillion baht tourism boost for economy
Thailand’s government is setting its sights on a 3.5 trillion baht (US$101 billion) boost to the economy via the tourism sector this year, aiming to establish the nation as an all-season tourist hotspot. A spokesperson for the government, Chai Wacharonke, revealed that over 27 million international travellers graced the country in 2023, with the majority stemming from Malaysia, closely followed…
