Alex Morgan
- Business News
Accor predicts surge in hotel conversions in Thailand post-pandemic
A surge in hotel conversions is expected in the post-pandemic hospitality sector, according to Accor, an international hotel chain. This trend is in response to stricter lending rules from financial institutions and a slowdown in the construction of new establishments. Andrew Langdon, Accor’s Chief Development Officer for Asia, detailed how the current supply of new hotels is slow and concentrated…
- Business News
Potential slump for Thai stock market due to digital wallet scheme delay
The Thai stock market is facing a potential slump this month, following a 6.1% drop in October and a 17.2% decline year-to-date, due to potential delays to a significant digital wallet scheme and a slower-than-anticipated recovery in the tourism sector. Such concerns are sparking significant investor anxiety, according to industry analysts. Sompong Benjathepanan, the assistant managing director at AIRA Securities,…
- Business News
Thai exports set for boost from cars, electronics and agriculture
With a forecasted lethargic overall performance in 2023, Thai exports are set to be propelled by automobiles, auto parts, electronics, and agricultural products in the concluding quarter of this year, according to the Federation of Thai Industries (FTI). The FTI anticipates a rising global demand for these products, which should invigorate Thai exports that have been sluggish for several months.…
- Business News
Thailand’s economy set to grow despite potential export decline
A prominent joint business group announced today that Thailand’s economy is set to grow by 2.5% to 3.0% this year, a prediction consistent with their previous forecast. This anticipated growth is attributed to government support measures and the tourism industry. However, the Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB), which represents these sectors, warned of a potential decline…
- Business News
Cabinet’s gasohol price cut draws scrutiny despite public approval
The recent resolution by the Cabinet to trim the prices of gasohol 91 and 95 by a single baht per litre has prompted queries from energy experts and firms, despite the public’s eager acceptance of this cost-of-living alteration. This determination was reached following Bangchak Corporation, a crucial oil retailer, increasing the prices of the majority of gasohol types, an amalgamation…
- Business News
Recruitment scams exposed: Protecting job seekers and employers
The recruitment industry is riddled with a number of deceptive practices and scams. Attracting a wide range of individuals due to its low setup costs, the sector is increasingly becoming a hotbed for unscrupulous activities. There are five prevalent recruitment scams that job seekers and employers should be aware of. Scam one involves recruiters pretending to represent a non-existent client.…
- Business News
Thai economy’s Q3 bounce-back: Warming up after a cool Q2
The Thai economy’s growth rate for the third quarter of this year is anticipated to surpass that of the second, according to the Bank of Thailand. This forecast comes after the nation’s economic expansion fell short of the central bank’s estimations for the preceding quarter. Chayawadee Chai-anant, the assistant governor for the corporate relations group at the central bank, reported…
- Business News
Thai tourists’ Korea travel ban outcry impacts agencies amid visa woes
Following a surge in posts under the hashtag #BanTravelToSouthKorea (#แบนเที่ยวเกาหลี) on the Twitter (X) platform, tourism agencies are being urged to pay heed to the concerns of Thai tourists. Over a million posts were generated during the past weekend alone, highlighting the losses suffered by both tourists and tour operators in recent years. The Korea Tourism Organisation (KTO) reported that…
- Business News
Thai EV stocks to soar with renewed government support measures
Electric vehicle (EV) and battery manufacturing-related stocks are predicted to gain from the upcoming renewal of EV support measures by the government next year, according to Asia Plus Securities (ASPS). The EV Policy Committee will convene today, with new support measures for electric cars and pickups being anticipated. These measures are expected to adjust the subsidy to fall between 50,000…
- Economy News
Trade negotiations with EFTA set to boost Thai GDP
The Trade Negotiations Department of the Commerce Ministry gears up for the seventh round of trade negotiations with the European Free Trade Association (EFTA), to seal the deal by mid-2024. The announcement was made by Auramon Supthaweethum, the director-general of the department, who confirmed that the negotiations will take place from November 6 to November 9 in Geneva, Switzerland. The…
- Business News
Sugar prices clampdown: Thai Government enforces caps amid production cost hike
The Thai government yesterday resolved to regulate sugar prices to lessen the burden on the public. The Minister of Commerce, Phumtham Wechayachai, expressed confidence that the move will not cause controversy with Brazil. Following the weekly cabinet session, Phumtham disclosed that the government had decided to set a limit on the ex-factory prices for granulated sugar at 19 baht per…
- Business News
LiuGong Machinery’s blueprint: Constructing a new chapter across Asia-Pacific
LiuGong Machinery, a Chinese construction machinery manufacturer, unveiled plans to establish three new factories and three machine assembly facilities in the Asia-Pacific region. The company is still in the process of deciding on the specific countries for these new developments, with Thailand being one of the potential locations. The commencement of these projects is anticipated for the following year, according…
- Business News
Thailand seeks 1 trillion baht investment for southern land bridge
The Office of Transport and Traffic Policy and Planning is organising a roadshow targeting foreign investors for the upcoming southern land bridge megaproject. Scheduled to kick off next month, the roadshow will span 10 countries, including notable names in the logistics and maritime shipping sectors, such as China, Japan, France, and Taiwan. The intelligence gathered from this event will be…
- Business News
Thai DUI products face stricter controls amid global conflicts
The Foreign Trade Department, under Thailand’s Commerce Ministry, announced its plans to tighten control measures over goods linked to weapons of mass destruction (WMD) and dual-use items (DUI). The Thai DUI products refer to goods that can serve both commercial and military applications. The decision, formulated in response to escalating global conflicts, aims to bolster international trust in Thai products.…
- Business News
Phuket: Proposal to extend nightlife venues operating hours to promote tourism
The proposal to extend the operating hours of nightlife venues in Phuket for a trial period of three months has been put forward by local tourism operators. Phuket Tourist Association president Thaneth Tantipiriyakij stated that the move to extend nightlife venue hours could potentially increase tourism revenue by an estimated 30%. The extension of hours would cater to the influx of…
- Business News
YouTrip sets sights on Southeast Asian expansion
Southeast Asian fintech giant YouTrip is gearing up for regional expansion, backed by a successful funding round that raised US$50 million (1.84 billion baht). The round witnessed participation from new investors, including global venture capital firm Lightspeed. This Singapore-based multi-currency digital payments platform has managed to amass over US$100 million (3.68 billion baht) in funding since its inception. The newly…
- Business News
Thailand’s smartphone market bracing for double-digit slump
Thailand’s smartphone market is facing a potential double-digit contraction this year, as a result of the economic downturn and a decrease in consumer purchasing power in Q2 and Q3, according to M Vision Plc, an expo organiser, and mobile phone vendors. However, market prospects are predicted to improve in Q4, owing to the introduction of new flagship phones. Opas Cherdpunt,…
- Business News
BAAC organises Japan trip to boost Thai farmers’ global market competitiveness
The Bank for Agriculture and Agricultural Cooperatives (BAAC), led by its president, Chatchai Sirilai, has organised an overseas business study trip to Fukuoka, Japan, from October 20 to October 24. The initiative aimed to aid small-scale Thai farmers and farming businesses by enhancing their business efficiency and competitiveness in the global market. The trip provided an opportunity for knowledge exchange…
- Business News
Lazada Thailand boosts logistics sector with sorting facility
Lazada Thailand has set the stage for fierce competition in the local logistics sector by investing heavily in a state-of-the-art sorting facility, its largest investment in Southeast Asia. This move anticipates a boom in the e-commerce market, predicted to hit US$32 billion by 2025. Simultaneously, Kerry Express is increasing its logistics operations’ accuracy and efficiency by integrating automation technology and…
- Business News
Scrapping immigration forms may boost Malaysian tourist influx in Thailand
Tourism professionals in Songkhla have voiced their desire for the discontinuation of the TM6 immigration paperwork as an additional border checkpoint and the eradication of extra-time service charges, as these measures continue to slow the influx of tourists from Malaysia. The government gave its approval this week to scrap the TM6 forms from November 1 to April 30, 2024, at…
- Business News
Asia-Pacific executives struggle with regenerative business shift: Kearney report
A recent survey by global consultancy Kearney reveals that nearly half of Asia-Pacific-based executives feel their current business transformations are not proving effective. The study, which included 800 C-suite leaders from around the world, shows that while businesses have evolved from focusing on resilience during the Covid-19 pandemic towards a regenerative approach, only 51% are successfully implementing this strategy. The…
- Business News
MQDC’s Well Living Expo: Building a sustainable future one home at a time with a 30-year warranty
Leading real estate developer MQDC hailed the success of its MQDC Well Living Expo at Siam Paragon, which took place from October 12 to 15. The expo stressed the importance of holistic homes and a 30-year warranty towards achieving a sustainable quality of life, in line with MQDC’s For All Well-Being mission. Chief Operating Officer of MQDC, Assada Kaeokhiao, said…
- Business News
Thai banks see 0.71% loan growth as SMEs and households struggle
Thailand’s top six banks reported a meagre loan growth of 0.71% in the first three quarters of 2023, as compared to the same period in 2022. This slowdown is primarily due to reduced loan uptake by small and medium-sized businesses (SMEs) and an increase in household debt. The six banks—Bangkok Bank (BBL), Kasikornbank (KBank), Krungthai Bank (KTB), Siam Commercial Bank…
- Business News
BGRIM’s solar sonata: Renewable energy giant strikes the right chord in Italy
BGRIM, a leading player in the renewable energy sector, has launched a new project for a solar power plant in Italy. The Ortanova project involves the development of an 80.9-megawatt ground solar energy system, complete with a tracking system. This initiative is in response to the growing global demand for clean energy. The undertaking is steered by RES Co Sicilia…
- Business News
Thailand’s export hopes bloom in Q4, aiming to paint a brighter 2023 picture
The Ministry of Commerce in Thailand anticipates an uptick in the country’s exports for the last quarter of the year, potentially mitigating the projected contraction for 2023. This encouraging forecast is attributed to several factors, including a partnership between the government and private sector to boost export activities and address associated challenges, drought-induced spikes in agricultural and food product imports,…
- Business News
Thai beauty giants Srichand and Karmarts paint the world with global expansion plans
Srichand United Dispensary Co and Karmarts Plc, two Thai beauty corporations, are preparing for global expansion. Srichand’s Chief Executive, Rawit Hanutsaha, disclosed plans for aggressive international growth, particularly in Indonesia due to its large beauty market and population. The firm is in the process of identifying suitable Indonesian distributors and is also considering Malaysia. Srichand has already established a global…
- Business News
SET forecasted to dip amid US bond yield uncertainty
The Stock Exchange of Thailand (SET) index, which dipped below 1,400 points last Friday, is anticipated to continue its downward trajectory this week, potentially hitting 1,330 to 1,350 points, as per market analysts’ predictions. Factors contributing to this trend include fluctuating US bond yields and uncertainties in global factors. Wikij Tirawannarat, a senior executive at Bualuang Securities, pointed out that…
- Business News
Thai Cabinet fuels up for savings: Gasohol 91 prices set to drop
The Thai Cabinet today gave initial approval for a 2.5 baht per litre reduction in the price of gasohol 91 for three months, likely to start from October 31, as stated by the Thailand Energy Minister. Thailand Energy Minister Pirapan Salirathavibhaga confirmed that this price cut would be facilitated by a 2.5 baht per litre reduction in excise tax, a method…
- Business News
Stock market fraud: SEC intensifies efforts to restore investor trust
The Securities and Exchange Commission (SEC) is set to fortify its efforts in battling stock market fraud and intensifying its monitoring of publicly traded firms, in a bid to re-establish investor trust. The Commission acknowledged the proliferation of fraud incidents has led to a considerable erosion of confidence among stock investors. Regular offences include insider trading and stock price manipulation.…
- Business News
Thai government’s policy paradox: Digital wallet scheme and minimum wage hike under fire
The Thai government of Prime Minister Srettha Thavisin has faced significant challenges since coming to power seven weeks ago, with various commitments made during their campaign now under scrutiny. A crucial task includes the repatriation of Thai citizens affected by the Middle East conflict and the ongoing Israel-Hamas unrest. The Thai government’s promise to hike the daily minimum wage to…
