- Business News
Thai businesses may face wage pressure after state officials’ salary increase
The Thai Chamber of Commerce predicts a potential ripple effect on businesses, following the Cabinet’s decision to approve a 10% salary increase for state officials. The chairman of the chamber, Sanan Angubolkul, anticipates that this move may compel businesses to raise their wages to attract skilled employees. The salary increase for new state employees will result in a monthly income…
- Business News
No evidence of naked short selling in Thai stock market, says ASCO
The Stock Exchange of Thailand (SET) and the Association of Securities Companies (ASCO) confirmed that there is no occurrence of naked short selling within the Thai exchange. This comes amidst the Securities and Exchange Commission’s (SEC) request for ASCO members to align their short-sell guidelines with those of the SEC. Pichet Sithi-Amnuai, ASCO president, revealed that regular inspections of short…
- Business News
Flight cancellations: Chinese airlines slash 40% of slots amid Thai tourism slowdown
The Civil Aviation Authority of Thailand (CAAT) witnessed a substantial number of flight slot cancellations by Chinese airlines, accounting for over 40% of total cancellations across Thailand’s airports. The CAAT director, Suttipong Kongpool, highlighted that such cancellations are not unusual and are often a result of fluctuating travel demand. Airline companies frequently resort to such measures in order to maintain…
- Business News
True Corporation spearheads AI utilisation for automation
True Corporation, led by Deputy Chief Executive Sharad Mehrotra, is positioning itself at the forefront of artificial intelligence (AI) utilisation with ambitious plans for widespread automation and paperless operations. The company’s recent hybrid conference, AI Gets Good, highlighted the critical need for an integrated approach that blends technology, people, and ethics. Accenture research indicates that language-based AI could augment around 40%…
- Tourism News
Doubts over Thai target of 8.2 million Chinese visitors in 2024
Analysts have expressed doubts over the Tourism Authority of Thailand’s (TAT) ambitious target of attracting 8.2 million Chinese visitors next year. This comes as predictions for overall foreign arrivals next year have been downscaled, amidst concerns over a sluggish global economy. Kasem Prunratanamala, who leads research at CGS-CIMB Securities in Thailand, stated that while the firm has kept its estimation…
- Business News
Thai Airways takes a smile: Reinstates nine cool-season routes for domestic delight
Thai Airways International reinstated nine domestic routes for the cool season, previously provided by its former affiliate, Thai Smile Airways. The services, which will run until March 30, utilise the Airbus A320 planes from the airline’s former subsidiary, Thai Smile. The re-established routes offer daily flights from Bangkok to nine destinations – Chiang Mai, Chiang Rai, Hat Yai, Khon Kaen,…
- Business News
Job-jitters in Thailand: Employment growth hits five-quarter low
The state planning agency of Thailand revealed today that the country’s employment growth has slowed to a five-quarter low of 1.3% year-on-year in the third quarter amid a sluggish economy and weak demand for exports. This comes as Southeast Asia’s second-largest economy recorded a meagre growth of 1.5% in the July-September period, marking the slowest pace witnessed this year. The…
- Business News
Thai stock exchange under SEC review for high-frequency trading programs’ suitability
The Stock Exchange of Thailand (SET) has been requested by the Securities and Exchange Commission (SEC) to carry out a comprehensive review of the use of trading programs, including high-frequency trading (HFT). This initiative has been launched to assess the current trading volumes and their suitability for the Thai stock market. SEC’s secretary-general, Pornanong Budsaratragoon, revealed in a Bangkok Post…
- Business News
Thai and Malaysian PMs to boost border trade and tourism
A meeting slated for tomorrow between Thai Prime Minister Srettha Thavisin and Malaysian Prime Minister Anwar Ibrahim in Songkhla province is expected to tackle initiatives aimed at enhancing Thai-Malaysian border trade and tourism. A source revealed that the agenda includes a proposal from Thai tourism businesses to grant Tor Mor 6 immigration clearance form exemptions to Malaysian visitors at five…
- Business News
Gold prices could hit US$2,015 per ounce in near future, says GTA
The Gold Traders Association (GTA) projected a potential rise in gold prices, possibly hitting US$2,015 (71,535 baht) per ounce in the near future. However, this trend may be interspersed with periods of market volatility. Yesterday morning, spot gold saw an increase of 0.4% to US$1,997.39, spurred by a dip in the US dollar and a fall in the benchmark US…
- Economy News
Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
- Business News
Thai car exports surge 12.2% in October despite domestic sales slump
Thai car exports witnessed a 12.2% surge in October, reaching 105,726 units, thanks to the escalating demand for pickups primarily in the Middle East. However, domestic sales didn’t keep pace, suffering from the burden of high household debt. The Federation of Thai Industries (FTI)’s Automotive Industry Club reported robust sales in other markets last month, including Australia, Europe, North America,…
- Business News
Thai economy in crisis: Government seeks foreign investment and tackles debt
The economy in Thailand is in crisis and needs some significant stimulation, according to the nation’s Prime Minister Srettha Thavisin, who also acts as the Thai Finance Minister. The nation’s reliance on tourism has been heavily impacted by lower-than-expected foreign arrivals, resulting in a need to prioritise foreign investment and tackle household debt. The 61 year old prime minister made…
- Business News
Former TAT governor urges government to boost Chinese visitor numbers
The former Tourism Authority of Thailand (TAT) governor urged the government to reconsider its tourism strategy to improve the dwindling Chinese market. Predictions for this year suggest that arrivals from China will only total 26.8% of the 2019 level. Former TAT governor Yuthasak Supasorn suggested that the government should negotiate with China to secure more flight routes and slots for Thai…
- Business News
Nok Air hit by widespread flight delays amid technical issues
A recent surge in delayed flights by Nok Air sparked widespread discussion about the airline‘s on-time performance (OTP). Passengers’ experiences of these delays were brought to light this week when renowned television reporter Thapanee Eadsrichai shared on Facebook that many passengers on a Nok Air flight from Don Mueang Airport to Chiang Mai had to be relocated to other flights…
- Business News
Thailand and Sri Lanka set to finalise free trade agreement by year’s end
Thailand and Sri Lanka are on track to finalise a bilateral free trade agreement (FTA) by the close of this year. The chief of trade negotiations has indicated that the signing of the agreement is expected by early February next year. Chotima Iemsawasdikul, the director-general of the Trade Negotiations Department, disclosed that Thai and Sri Lankan officials are set to…
- Business News
Thailand’s smart electronics and IT sectors set for growth with EV production
The Office of Industrial Economics (OIE) anticipates a significant surge in Thailand’s smart electronics, and IT sectors in the forthcoming year. The trigger for this expected growth is the commencement of production by global electric vehicle (EV) manufacturers within the country. The assembly of EVs is heavily reliant on electronics and IT products, hence the increased demand in these sectors,…
- Business News
Spa-demic resilience: Thailand’s wellness sector unaffected by global downturn says MSpa
Minor Hotels’ spa and wellness arm, MSpa International, declared that the current global economic downturn and geopolitical conflicts will not impact high-spending guests in Thailand’s wellness sector. The company’s group director, Sandie Johannessen, stated emphatically that the nation’s wellness centres continue to attract enthusiastic visitors for leisure trips and retreats, despite the global situation. Johannessen also pointed towards the affluent…
- Business News
Binance CEO admits to money laundering, fined over US$4 billion
Changpeng Zhao, the chief executive of Binance, allegedly admitted to money laundering violations in a US court yesterday. The confession will result in the cryptocurrency exchange he founded paying more than US$4 billion in fines. Attorney General Merrick Garland said Binance’s success as the world’s leading cryptocurrency exchange was partially due to its criminal activities. The Department of Justice (DoJ)…
- Business News
Central Pattana Plc launches Black Friday 2023 #shocksales
Black Friday 2023 #shocksales is set to be launched by Central Pattana Plc, an entity responsible for the operation of 38 malls across the country and The Esplanade. Spanning three days, the major shopping extravaganza provides shoppers with numerous promotional opportunities mirroring the Black Friday sales in the United States, a customary retail period that follows Thanksgiving and marks the…
- Business News
Airlines request more flight slots into Thailand, CAAT reveals
A request for slot redistribution has been lodged by several airlines as they plan to increase flights into Thailand, reveals an insider from the Civil Aviation Authority of Thailand (CAAT). This request was presented to CAAT’s top executives at the 153rd Slot Conference that took place in Dubai from November 14 to 17. This biannual gathering, arranged by the International…
- Business News
Thailand’s 2023 financial growth predictions revised down due to GDP data
Economic analysts have recently revised their predictions for Thailand’s 2023 financial growth, due to disappointing third quarter GDP expansion data and uncertainties surrounding the contentious digital wallet policy. For the initial nine months of 2023, the economy grew by 1.9%. Maybank Securities, based in Malaysia, has reduced its 2023 Thai growth prediction from 2.9% to 2.3%. This decision was influenced…
- Business News
Microsoft’s strategic move to establish Thailand as Asia’s AI hub
Microsoft Thailand is set to establish the Land of Smiles as an artificial intelligence (AI) hub in Asia. This strategic move will involve the creation of an AI Centre of Excellence and the development of a cloud data centre region. The Thai government alongside Microsoft, the US tech giant, inked a memorandum of understanding to advance a digital-first, AI-oriented country…
- Business News
Free trade agreement: Sri Lanka and Thailand set to seal the deal
With a renewed focus on trade agreements, Sri Lanka is preparing to finalise and sign a free trade agreement (FTA) with Thailand on February 3, next year. The development was announced by Sri Lanka’s Cabinet spokesperson today, November 21, confirming that discussions were on track for completion in December. The impending agreement is part of the island nation’s strategic efforts…
- Business News
Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
- Business News
Debate over Thai government’s digital wallet handout impact on public debt
The Thai government’s proposed 10,000-baht digital wallet handout has sparked debate, with concerns regarding its potential impact on public debt. Deputy Finance Minister Julapun Amornvivat stated that this economic stimulus is necessary as economic growth has averaged only 2% annually over the past decade, insufficient to support the country’s ageing population in the future. With low GDP growth, the government’s…
- Business News
BAAC plans to boost export of high-value agricultural goods
Chatchai Sirilai, the president of the Bank for Agriculture and Agricultural Cooperatives (BAAC), stated that the bank will augment its role as a facilitator for the export of high-value agricultural goods. This move is aimed at increasing income for farmers. The BAAC’s strategy is focused on nurturing a new generation of farmers who concentrate on producing quality products, rather than…
- Business News
Generative AI takes center stage: Chinese tech giants intensify development to compete globally
Leading technology corporations in China are escalating their efforts in the development of generative artificial intelligence (AI), aiming to compete with their US counterparts. They are launching extensive language models (LLM) that will support a wide array of applications, from weather prediction and financial analysis to 3D e-commerce, with the primary objective of enhancing enterprise productivity and user experience. McKinsey,…
- Business News
Thai chamber calls for infrastructure development in secondary tourism provinces
A call to accelerate public infrastructure development in 10 secondary tourism provinces has been issued by the Thai Chamber of Commerce (TCC). The move is hoped to push tourism revenue and transform these areas into main tourist attractions. The TCC, on Saturday, shared its development blueprint, which also aims to address social inequality within the 10 provinces currently under consideration.…
- Business News
Crop déjà vu: Critics dub gov’s agri-reform a rerun of past plans
The government’s current measures to reform the nation’s agricultural sector, particularly rice farming, are largely seen as reiterations of former strategies, declared industry commentators. They suggest that any budget-based support should come with certain stipulations. Aat Pisanwanich, an international economics lecturer, after evaluating these measures, observes that the central policy appears to be a three-year debt suspension for farmers, with…
