Alex Morgan
- 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
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…
- 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
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
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…
- Tourism News
Tourism body urges Thai government to lift Malaysian bus restrictions
A plea has been lodged by the Tourism Association of Phatthalung to the government, urging for the removal of restrictions that prevent Malaysian buses from entering Thailand‘s southern provinces. The goal is to revitalise local tourism, currently experiencing a lull due to these limitations. Jarun Kaewjeesub, the president of the Tourism Association of Phatthalung, declared that a separate letter will…
- 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…
- 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…
- Economy News
Thai economy loses steam: UTCC’s growth forecast trims to 3%
With an anticipated dip in exports and a delay in state budget preparation, the University of the Thai Chamber of Commerce (UTCC) revised its economic growth forecast for the current year to 3%, a decline from the previously estimated 3.6% in December last year. The revised growth forecast is reflective of new government measures aimed at lowering the cost of…
- 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
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
Bank of Thailand raises policy rate to 2.5%, highest since 2013
The Monetary Policy Committee (MPC) of the Bank of Thailand unanimously approved a quarter-percentage point increase in the policy rate, raising it from 2.25% to 2.50%. This change, which took effect yesterday, marks the highest rate since October 2013. According to Piti Disyatat, the MPC secretary, the Thai economy is on a slow recovery path this year, primarily due to…
- 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…
- Business News
Thai farmers offered debt suspension to regain good debtor status
Farmers with outstanding debts at the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand can now enter a debt suspension scheme without the need for prior debt restructuring, according to Paopoom Rojanasakul, the secretary to the finance minister. The move aims to help these farmers regain their good debtor status and is applicable to all BAAC debtors whose total…
- World News
Under the magnifying glass: China Evergrande’s billionaire chairman under police watch
China Evergrande Group‘s billionaire chairman has been placed under police surveillance, sources with knowledge of the situation disclosed. Earlier this month Hui Ka Yan was escorted by Chinese law enforcement and is currently under observation at an undisclosed location. The reasons for the residential surveillance, which is not tantamount to formal detention or arrest, remain unclear. Under China’s Criminal Procedure Law, this…
- Business News
WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
- Business News
Thai govt dives into action: Plans to flood fields with innovation and debt suspension
Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions. These suggestions were made by Nipon Puapongsakorn, a distinguished fellow at the Thailand Development Research Institute (TDRI), who highlighted…
- Business News
Muang Thai Life partners with Line BK for low-income targeted insurance
Muang Thai Life Assurance (MTL) is partnering with Line BK, a provider of social banking services, to introduce an insurance brokerage service that primarily caters to those with lower incomes and freelancers. Sara Lamsam, the CEO and president of MTL, stated that partnering with Line BK will provide the public with easier access to health and life insurance policies that…
- Business News
Thai govt greenlights 500 billion baht boost for state-owned enterprises in 2024 budget bonanza
The Thai government yesterday approved a massive investment budget of 500 billion baht dedicated to 46 state-owned enterprises for the fiscal year 2024, commencing this October. The substantial budget aims to stimulate the national economy and bolster fiscal growth. Government spokesperson Chai Wacharonke detailed the budget allocation, stating that the funding includes 209 billion baht earmarked for ongoing and routine…
- Business News
Thai exports spring back to life: A global manufacturing and clean energy surge
After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…
- Business News
US dollar surge hits Asian currencies: Thai baht suffers
Asian currencies experienced a dip today, with the Thai baht and Indonesian rupiah bearing the brunt of the losses. This was mainly due to the rising strength of the US dollar, bolstered by robust economic indicators and the threat of inflation from the Federal Reserve, which have pushed US bond yields to a 16-year peak. The baht saw a fall…
- Business News
Banpu’s rare earth pivot for cleaner energy
Banpu, a Stock Exchange of Thailand (SET)-listed company, is planning a strategic shift towards the mining of rare earth, a move anticipated to replace its coal mining operations as the firm prioritises the creation of a cleaner, smarter energy. The company’s interest is especially piqued by the elements required to produce lithium-ion batteries for electric vehicles (EVs). Banpu is in…
- Crime News
Thailand’s DES ministry intensifies fight against rising online fraud
Damages in Thailand by online fraud have seen a surge, despite a decrease in the victim count to an average of 580 daily complaints, a drop from the earlier 800, the Digital Economy and Society (DES) Ministry reports. This is attributed to the implementation of a new law targeted at curbing cybercrime. Prasert Jantararuangthong, DES Minister, observed that scammers are…
