Alex Morgan
- Business News
Inheritance tax law changes aim to reduce economic inequality
A revenue department insider has revealed plans for the adoption of the prime minister’s proposal to make changes to the inheritance tax law. The objective of the amendment is to reduce economic inequality, according to the anonymous source. The source disclosed three key points that form the guidelines for the amendment. The first is the application of the inheritance tax…
- Business News
Thailand’s commerce ministry aims for 20% cross-border trade boost
The Commerce Ministry of Thailand has an ambitious vision for the upcoming year – pushing cross-border trade value to 1.2 trillion baht, marking a 20% increase from this year’s estimated 1 trillion baht. Deputy Commerce Minister Napintorn Srisunpang, the overseer of the Business Development Department, Trade Negotiations Department and Foreign Trade Department, disclosed the ministry’s strategy to achieve this. They…
- Business News
Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
- Business News
AI adoption boom: Igniting innovation, doubling productivity, and fostering cross-gen cooperation
The revolution of Artificial Intelligence (AI) in businesses is underway, igniting innovation, boosting productivity by twofold, and fostering cross-generational cooperation. Currently, the United States alone hosts over 14,700 AI startups, with more sprouting daily, according to McKinsey. Forecasts suggest that AI adoption and digitisation will automate between 30% and 40% of existing jobs, augment 50 to 60% of job tasks,…
- Business News
UHG announces 3.1 billion baht investment in new Thai hotel developments
UHG, a prominent developer of hotels and offices, has announced plans to invest 3.1 billion baht in the construction of two new hotels in Ramkhamhaeng and Phaya Thai. The investment supports UHG’s strategy to capitalise on the potential of these areas and cater to the high demand experienced by its nearby hotels. Wutthiphon Taworntawat, the managing director, highlighted the strategic…
- Business News
AstraZeneca and Thai agencies collaborate to boost AI in healthcare
The Digital Economy and Society (DES) Ministry and the Digital Economy Promotion Agency (Depa) have joined forces with AstraZeneca (Thailand), a biopharmaceutical company, to boost digital healthcare innovation within the Thai public health system. Their goal is to enhance the quality of life for Thai citizens through the use of cutting-edge technology. The most recent collaboration involves a memorandum of…
- Business News
Vegetarian festival expected to boost Thai economy with record high spending
The annual vegetarian festival, set to take place from October 15 to 23, is predicted to spur a record 10-year high spending of 44.6 billion baht (US$ 1,207,363,478), marking a 5.5% growth compared to the previous year, as revealed by Thanavath Phonvichai, the President of the University of the Thai Chamber of Commerce (UTCC). The rise in expected expenditure is…
- Business News
Businesses ride the AI technology wave: Boosting creativity and productivity in Thailand
The world of business has seen a seismic shift as artificial intelligence (AI) takes centre stage. AI technology is being harnessed to enhance creativity and productivity, with millions already reaping the benefits. The rise in AI-powered products from startups and organisations is visibly transforming every industry sector. Canva, a widely used visual communication platform in Thailand, is a prime example.…
- Business News
Electrical appliance industry sparks up: El Niño predicted to surge sales by 4-5%
The El Niño weather phenomenon could potentially stimulate a 4 to 5% rise in sales within the electrical appliance and electronics industry this year, with sales projected to elevate from 230 billion baht last year. Major electrical appliance distributors and leading retail chains noted growth in the market within the first nine months of the year. Despite the purchasing power…
- Business News
Have it Your Way: Burger King Thailand flips the script with digital makeover for loyal fans
Burger King Thailand is focusing on digital transformation to accommodate shifts in consumer behaviour and bolster brand loyalty. According to General Manager Tanawat Damnernthong, the company has significantly escalated its budget for digital assets this year and intends to continue this trend into the next. Tanawat says the primary objective of this substantial investment is to strengthen the company’s infrastructure, making…
- Business News
Gold market rebounds amid weakening US labour market and dollar decline
The value of the gold market experienced a slight increase yesterday, reaching above US$1,820 per ounce. This followed an eight-day decline which was influenced by the high US bond yields and the strengthening dollar. The rise was a response to a weakening labour market in America. On yesterday morning, spot gold had risen by 0.3% to US$1,827 per ounce. This…
- Business News
Commerce Ministry revises inflation forecast, amid falling prices
Revising its earlier forecast, the Commerce Ministry now anticipates headline inflation to be within 1-1.7% for the current year, with an average of 1.35%. This comes as a result of expected lowered inflation in the last quarter. In July, the forecasted range was 1-2% with an average of 1.5%. Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, revealed…
- Business News
ERC approves new tariff, reducing Thailand’s electricity costs
The Energy Regulatory Commission (ERC) approved a new electricity tariff of 3.99 baht per kilowatt-hour, a reduction aimed at decreasing power bills for households and businesses for the remaining four months of this year. This change is a response to the government’s energy price policies. In its initial meeting on September 13, the Cabinet agreed to lower the electricity tariff…
- Business News
Outbound travel market resilient despite weakening baht and fluctuating forex
Despite the weakening baht and fluctuating foreign currency exchange rates, the outbound travel market is predicted to remain stable. This is largely due to the fact that potential tourists, possessing the necessary purchasing power, are prepared for travel in the cooler season, coupled with the fact that airlines are increasing flights. Chotechuang Soorangura, the vice president of the Thai Travel…
- Business News
Industrial estates in Thailand surge 182% due to foreign manufacturing influx
Industrial land sales in Thailand, managed by the Industrial Estate Authority of Thailand (IEAT), witnessed a dramatic rise of 182% year on year in fiscal this year, totalling 5,693 rai. This substantial increase was due to the migration of foreign manufacturing plants to Thailand and the country’s government’s investment incentives. The sales figures surpassed the previously projected target of 2,500…
- Business News
Global stocks take a rollercoaster ride as investors chase ‘oil-usive’ recovery
Global stocks experienced a mixed performance yesterday, as investors sought recovery from the significant drop in the previous session, induced by a sharp dip in oil prices. The 10-year US Treasury note, which reached a 16-year high on Tuesday, experienced a retreat after a disappointing US recruitment report surfaced. Adam Sarhan of 50 Park Investments stated that investors are entering…
- Economy News
Thai baht hits new low against US dollar amid gold price drop
The 2023 financial year has seen the Thai baht rank as one of the region’s poorest performing currencies, depreciating to a low of 37.14 to the US dollar on Tuesday – a level not seen since November of the previous year. The recent plummet in gold prices, with a decline of around 5% or US$7.45 (274.65 baht) per ounce, has…
- Thailand News
Thailand’s tourism ministry to compensate shooting victims amid regulatory gap
The aftermath of the recent Siam Paragon shooting has unveiled an apparent regulatory gap in Thailand’s support mechanism for distressed tourists. A previous government disbanded the Foreign Tourists Assistance Fund – a safety net providing financial aid for tourists in times of adversity, and a replacement source of funding had not been set in place. The Tourism and Sports Ministry,…
- Business News
China SCE Group defaults on dollar bonds, triggers financial turmoil
China SCE Group, a Xiamen-based property developer, announced today that it defaulted on its dollar bonds following a non-payment on a syndicated loan, triggering an event of default. The company joins numerous other Chinese property developers who are undergoing a similar financial crisis, defaulting on their offshore debt and kicking off a restructuring process. In its official filing, SCE stated…
- Business News
Thai motorcycle production makers ready to ‘gear’ up as sales pick up speed
The Federation of Thai Industries (FTI) anticipates a surge in Thai motorcycle manufacturing during this year’s final quarter, following a period of slow sales. This optimistic forecast was made earlier this year by the FTI’s Automotive Industry Club (AIC), based on an uptick in tourism and the easing of the semiconductor shortage. July saw a 12.7% year-on-year increase in local…
- Business News
Thailand banks break the ice: Freezing loan rates to thaw financial stress
Thailand’s state-run banks have taken a bold step to counteract high interest rates by freezing their loan rates. This move has been initiated to assist low-income earners and small to medium-sized enterprises (SMEs), as disclosed by Vitai Ratanakorn, who holds dual roles as president and chief executive of the Government Savings Bank (GSB). The GSB, which currently services six million loan…
- Business News
Fuel fund forecast: Thai govt keeps diesel prices low, faces a billion-baht burnout
The Oil Fuel Fund Office (OFFO) projected a loss of nearly 100 billion baht due to the government’s decision to maintain domestic diesel prices below 30 baht a litre until December. This forecast assumes an increase in global diesel prices during the winter, a period typically marked by heightened energy demand. In 2022, the average global diesel prices for August…
- Business News
ThaiBev expansion: 7 billion baht investment includes new Cambodia factory
ThaiBev, the Singapore-listed food and beverage company, announced an investment plan of 7 billion baht for the expansion of its operations both domestically and internationally. The company’s CEO, Thapana Sirivadhanabhakdi, revealed that 4 billion baht will be used to construct a new beverage factory in Cambodia, while 3 billion has been set aside for logistics facilities, a biogas factory, and…
- Economy News
Tourism confidence in Thailand plummets amid economic jitters
The tourism confidence index in Thailand has taken a hit, with figures sliding from 91 in the same period of 2019 to 69 in the third quarter of this year, according to the Tourism Council of Thailand (TCT). The third quarter’s number also represents a decline from 74 and 72 recorded in the first and second quarters of 2021 respectively.…
- Business News
Thai high-flyer: PM Srettha aims to lift Thailand to upper-income status in four-year soar
Prime Minister Srettha Thavisin announced ambitious plans to elevate Thailand to an upper-income nation within the next four years. The 61 year old prime minister unveiled the government’s fiscal strategy for 2024, targeting an average economic growth of 5% per annum and a minimum daily wage of 600 baht by 2027. The initial proposal includes a raise of the minimum…
- Business News
Hyde Park Garden blooms early: Koon Estate & AISL accelerate luxury living
In response to overwhelming demand, Koon Estate, a property developer, and Asia International School Limited (AISL), which operates Harrow International Schools in Asia, have decided to expedite the second phase of their luxury housing project, Hyde Park Garden. Nuttawat Kuvijitsuwan, Koon Estate’s executive director, revealed that planning for the new phase has commenced earlier than initially planned, driven by the…
- China News
Evergrande chairman in troubled waters: Offshore asset investigation makes waves
China Evergrande Group‘s Chairman is currently under investigation, suspected of moving assets offshore amidst the property developer’s ongoing struggle to complete unfinished projects, according to The Wall Street Journal’s report on Monday. Evergrande, burdened with liabilities exceeding US$300 billion (11 trillion baht), has been endeavouring to secure approval from creditors to restructure its offshore debt. However, the situation became more…
- Economy News
Economic unit predicts ‘bond-ing’ boom amidst 2024 global recession
Tisco Economic Strategy Unit (ESU) warns the impending global recession in 2024 could likely lead to a surge in the return on bond investments to over 10%. This potential economic shift prompts Komsorn Prakobphol, the head of the economist strategy unit at Tisco ESU, to advise investors to lessen their stock investments and instead channel more into debt instruments, particularly…
- Business News
Thai-Chinese Chamber urges neutrality in US-China conflict, deeper China ties
The Thai-Chinese Chamber of Commerce urged the new Thai government to maintain neutrality in the US-China conflict while deepening trade links with China. In an interview, President Narongsak Puttapornmongkol suggested that Chinese firms exporting to the US or Europe could bolster their investments in Thailand, enabling them to base production in the country. “There is no need to be overly…
- Business News
Siam Piwat’s ambitious goal: 100% renewable energy by 2030
Siam Piwat Group, a pioneer in Thailand’s real estate and retail sector, is making strides towards sustainability by seeking diverse collaborations. The group has set an ambitious target to shift all its properties to 100% renewable energy by 2030. According to the group’s chief operating officer, Naratipe Ruttapradid, Siam Piwat is reinforcing its leadership in sustainable world-class destination development through…
