- Business News
Thailand’s first locally made portable EV charger launched by Anitech
Smart ID Group, renowned for manufacturing electronic devices under the Anitech brand, has unveiled Thailand’s first locally produced portable electric vehicle (EV) charger. The product, dubbed Anitech EV-One, is a high-quality offering that has achieved Thai Industrial Standards certification. The launch capitalises on the firm’s 18 years of track record in the consumer electronics sector, according to Thomas Hongpakdee, the…
- 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…
- Thailand News
JSCCIB for water: Thai committee floats idea to dip into digital wallet funds for H2O solutions
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) proposed that the Thai government allocate a portion of its 560 billion baht digital wallet scheme budget towards supporting water management plans. The committee argues that Thailand needs immediate and long-term solutions to deal with flooding and drought, which is forecasted to affect the agricultural sector due to El Niño-induced…
- 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 stock market plunges amid public debt concerns and reduced GDP forecast
Following a decline of over 1.5% yesterday, the Stock Exchange of Thailand (SET) dropped below the 1,450 points mark. This follows mounting apprehensions concerning escalating public debt and economic growth after the World Bank scaled down its forecast for the Thai GDP. Daol Securities (Thailand) noted selling pressure from the majority of investor groups due to persisting worries about the…
- 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…
- Business News
Price plunge extravaganza: Nationwide cuts on products and services to boost Thailand economy
A nationwide price reduction on over 150,000 products and services, ranging up to an 87% discount, has been declared with immediate effect in Thailand until the end of December. This is part of the government’s Quick Win policy initiative, aimed at reducing costs, boosting the economy, and expanding business opportunities, stated Commerce Minister Phumtham Wechayachai. The agreement, reached yesterday, involves…
- 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…
- Business News
Thailand’s soft power strategy eyes tech and regulatory overhaul
Thailand’s soft power is set to receive a significant boost, with creative content experts advocating for the removal of obsolete regulations and the incorporation of cutting-edge technology. This approach, they argue, will stimulate innovation and cultural assets. Asa Piwkhum, tasked with business and innovation development at the Creative Economy Agency, indicated that the imminent meeting of the national soft power…
- 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…
- Business News
China’s rise as global superpower lauded by Thai-Chinese Cultural Council president
Pinit Jarusombat, the president of the Thai-Chinese Cultural and Relationship Council (TCCRC), has acknowledged China’s ascension to the ranks of global superpower in terms of technology and economic might. The statement was made in light of the upcoming National Day of China, marking the 74th anniversary of the People’s Republic of China’s establishment. Pinit appraised China’s development, pointing out the significant…
- Business News
Seacon Square’s solar roof project revolutionises Thailand’s green energy roadmap
Bangkok’s Seacon Square Srinakarin shopping mall, an establishment overseen by Seacon Development Co., Ltd., has seen remarkable success in its solar roof model project. This achievement is anticipated to influence Thailand‘s green society roadmap significantly, demonstrating the harmonious fusion of cutting-edge technology and a strong commitment to environmental health and sustainability. Electricity consumption is a substantial expense for department stores…
- Business News
Great Wall Motor to launch eight EV models in Thailand next year
Great Wall Motor (GWM), the Chinese auto manufacturer, announced its intentions to begin the production of eight electric vehicle (EV) models at its Rayong factory in the early part of next year. This move is in response to the surging demand for EVs, a trend that is predicted to boost Thailand’s total EV sales to 100,000 cars by 2024. The…
- Business News
Thailand central bank raises policy rate, reduces 2023 GDP forecast
Following the Bank of Thailand‘s decision to increase its policy rate and reduce the GDP forecast for 2023, the bank’s governor, Sethaput Suthiwartnarueput, will meet Prime Minister Srettha Thavisin. Sethaput did not disclose the specifics of the meeting’s agenda, scheduled for Monday, but assured readiness to address any queries. Contrary to circulating rumours, the 61 year old prime minister, who…
- Tourism News
Chiang Mai airport’s 24/7 operation boosts hopes for tourism rebound
The tourism sector is gearing up for an influx of foreign visitors as Chiang Mai Airport prepares to operate round-the-clock from November. This move is expected to open up the northern region to more international tourists arriving on direct flights. Sittipong Wongsomboon, general manager of Northern Smile Travel, stated that the average hotel occupancy rate for September had dipped to…
- Business News
Sakol Energy revises 2023 revenue forecast due to RDF delays
Sakol Energy (SKE), a firm involved in the trade of compressed natural gas and the operation of biomass power plants, adjusted its revenue expectations for 2023 owing to a delay in commencing operations at a new refuse-derived fuel (RDF) production facility. The publicly traded company had earlier predicted a revenue leap to nearly 1 billion baht in 2023, a significant…
- Business News
Thai Labour Minister pledges tailored minimum wage hike
Labour Minister Phiphat Ratchakitprakarn has committed to increasing the minimum wage to a suitable level in the upcoming year. However, a standard daily rate of 400 baht will not be uniformly applied across all sectors. Some industries, like tourism, currently exceed this proposed baseline. The ministry, in conjunction with employers and employee representatives such as the Federation of Thai Industries and…
- Business News
Huawei cybersecurity: Largest centre opens to boost 5G trust
Huawei’s cybersecurity and privacy protection transparency centres are designed to address growing concerns and complexity in the sector, especially the uncertainties surrounding the company’s 5G network technology amid the US-China tech conflict. The Chinese tech company inaugurated its largest centre in Dongguan, China, in June 2021. The company states that the centre serves as a platform for stakeholders in the…
- Business News
Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
- Business News
Thailand’s DES ministry launches Anti Online Scam Centre amid rising fraud
Amidst growing concerns over online fraud, the Ministry of Digital Economy and Society (DES), in unison with the Cyber Crime Investigation Bureau (CCIB) police and other associated agencies, is launching an Anti Online Scam Operation Centre (AOC). The AOC, which begins its operations on November 1, is set to function as a war room, implementing technology to provide intelligent assistance,…
- Business News
Currency crunch: Thai SET under strain as rates rise and baht bites
A recent policy rate hike of 0.25% by the Bank of Thailand, coupled with the weakening baht, is placing pressure on the Stock Exchange of Thailand (SET). Analysts have suggested this after observing that the index slipped below the resistance level of 1,500 points. The Thai bourse experienced a downturn at the opening yesterday, following a 0.88% drop to conclude…
