- 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
Thai govt’s shocking move: Sparks fly as power tariff gets a jolt down
The Thai government, under the leadership of Srettha Thavisin, has swiftly approved a plan to lower the power tariff, with the goal of reducing electricity bills for the public. The tariff rate has been revised from 4.45 baht to 3.99 baht per kilowatt-hour, applicable from September to December this year. However, for a long-term solution to high electricity costs, a…
- 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 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…
- Tourism News
Thailand anticipates Chinese tourism boost with visa-free scheme in 2024
The Tourism Authority of Thailand (TAT) indicated that the revival of charter flights and large Chinese tourism groups could occur by the first quarter of 2024. This projected resurgence comes despite the forthcoming implementation of a visa-free scheme set to kick off this month. A preparation phase will span the final quarter of 2023 with charter flights beginning to cater…
- 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…
- Business News
Thai steel market stagnation expected in 2023 amid economic concerns
The Thai steel market faces a period of stagnation in 2023, with consumption levels predicted to match those of last year at 16 million tonnes. This prediction comes from Chaichalerm Bunyanuwat, president of the EAF Long Product Steel Producers Association, who cites the slow resumption of government infrastructure projects, weak consumer spending power, and high household debt as contributing factors.…
- Business News
Thai retailers urge government to reassess import taxes on luxury goods
The Thai government is being implored to reassess the import taxes imposed on luxury goods to mirror the tax rates in neighbouring countries. This is a strategic move aimed at attracting foreign tourists and bolstering the competitiveness of Thai small and medium-sized enterprises (SMEs) against established foreign brands in the country. The call for this revision comes from Yol Phokasub,…
- Business News
AIS and Trip.com partner to boost Chinese tourism in Thailand
Thailand’s leading 5G digital service provider, Advanced Info Service (AIS), is partnering with China’s top online travel agent, Trip.com, to create a smooth travel experience for Chinese tourists. This move comes in response to the government’s recent introduction of a visa-free policy for Chinese visitors. AIS aims to stimulate Thailand’s tourism sector by offering a comprehensive user experience for Chinese…
- Business News
Thailand’s commerce minister to stimulate exports, tackle Q4 slump
Thai Commerce Minister Phumtham Wechayachai is set to engage in dialogue with the private sector this week with the aim of stimulating exports and reviving the nation’s Q4 performance. The meeting is scheduled for September 27, as stated by Phusit Ratanakul Sereroengrit, the head of the International Trade Promotion Department, with the intent to evaluate the export scenario and devise…
- Business News
Evergrande’s uphill battle: China’s property giant grapples with dwindling option
China Evergrande Group, the beleaguered real estate titan, is rapidly exhausting its options to salvage one of the most substantial restructuring efforts in the country’s history. A series of unforeseen circumstances, including the cancellation of crucial creditor meetings, the necessity to revise its restructuring plan, the detainment of staff from its money management division, and a failure to meet the…
- Business News
CEO concerns rise as skills shortage and HR burnout hit businesses
According to a survey by PricewaterhouseCoopers (PwC), a staggering 79% of CEOs are concerned about the scarcity of vital skills in their workforce, whilst 98% of human resources professionals are feeling the effects of burnout, as revealed by the Academy to Innovate HR. A separate survey by Gartner highlighted a drop in employees’ willingness to support organisational changes, from 74%…
- Business News
Federal Reserve statements impact gold prices, Thai domestic rates soar
Gold prices have been impacted by recent statements from the Federal Reserve, indicating possible rate increases this year and a likelihood of high rates throughout next year. This information, released on Wednesday, elevated the US dollar and bond yields, putting pressure on gold as investors revised their future price expectations for the precious metal. Consequently, Thursday saw a retreat in…
- Business News
Wage increase: Thai businesses wary of proposed 400 baht hike
The business sector expressed concerns over the possible negative effects of the proposed daily minimum wage increase to 400 baht. The announcement, made by Prime Minister Srettha Thavisin, could lead to higher costs for consumers. Industries that rely heavily on labour, such as agriculture, food export, retail trade, and construction, would be most affected by the wage increase, according to…
- Business News
Thaicom to launch Thailand’s first tracking service via LEO satellite
Thaicom, the satellite operator listed on the Stock Exchange of Thailand, is set to launch the country’s first tracking service via a low Earth orbit (LEO) satellite, Spot Gen 4. The launch, planned for the fourth quarter of this year, will primarily target Thailand’s tourism and maritime industries. The launch comes on the heels of a commercial partnership inked last…
- Business News
Rise in expatriate residence in Thailand prompts tourism benefits plan
Thailand’s popularity as a residence of choice for expatriates and remote workers is on the rise. As per the data from the Employment Department and Colliers Thailand, the first quarter of this year saw 156,596 expatriates, with over half based in Bangkok. The leading nationalities were Japanese, Chinese, and Indian last year. However, recent reports show an increased interest among…
- Business News
Thailand’s visa-free initiative welcomes Chinese, Kazakhstani tourists
Chinese and Kazakhstani tourists will be welcomed by Prime Minister Srettha Thavisin at Suvarnabhumi Airport tomorrow, signalling the start of the government’s new visa-free initiative. Srettha will be accompanied by a delegation of ministers and officials at a reception organised by the Tourism Authority of Thailand (TAT) to greet Chinese travellers aboard Thai AirAsia X flight XJ761, scheduled to arrive…
- Business News
Thai stocks fall 1.3% amid fears of high interest rates impact
Share prices experienced a surge on Friday, reversing earlier downtrends and Wall Street’s sell-off, as traders weighed the implications of further interest rate hikes by central banks grappling with inflationary pressures. Thai stocks fluctuated between 1,503.23 and 1,539.40 points before ending yesterday at 1,522.59, marking a 1.3% fall from the previous week, with daily transactions averaging 52.06 billion baht. Retail…
- Business News
Phuket hotels thrive amid economic uncertainty, thanks to diverse visitor base
Phuket hotels are showing resilience amid a sluggish European economy and a weak British pound, with Laguna Phuket setting sights on its best high season yet. This optimism is fuelled by the return of Chinese tourists and a rebound in international travel demand. Paul Wilson, who holds the position of Vice-President and Deputy Managing Director at Laguna Phuket, revealed that…
- Business News
Sky ICT aims for top three global aviation software spot by 2024
Having clinched a deal with Airports of Thailand (AoT) in 2020 to develop smart airports, the Stock Exchange of Thailand (SET)-listed aviation tech firm Sky ICT is now setting its sights on becoming a top three global player in aviation software by 2024, according to Sithidej Mayalarp, the company’s chief executive. Sky ICT is negotiating with a leading global aviation…
- Business News
Gulf Energy and China Datang collaborate on Thai-Laos hydroelectric project
Gulf Energy Development Plc has teamed up with China Datang Overseas Investment Co (CDTO), a subsidiary of a mainland energy firm, to ink a tariff memorandum of understanding (MoU) with the Electricity Generating Authority of Thailand (EEGAT) for the Pak Beng hydroelectric power project. The announcement was made in a statement to the Stock Exchange of Thailand. The Pak Beng…
- Business News
Thailand’s mega land bridge project: an economic boon or environmental bane?
The Industry Ministry of Thailand is currently assessing the environmental impact of a proposed land bridge megaproject in the southern part of the country, a venture that promises to significantly bolster the Thai economy in the future. This assessment is crucial to determining the project’s viability and addressing any potential negative effects on the environment. The proposed land bridge, which…
- Business News
Fed’s high interest rates outlook spooks Thai stock market investors
The hawkish stance of the Federal Reserve on maintaining “higher for longer” interest rates is projected to keep the Thai stock market in bearish territory. This comes as elevated rates pose a threat to global economic recovery, leading to consistent fund outflows from the Stock Exchange of Thailand (SET). Despite the expected decision by the US central bank to retain…
- Business News
Bonding for the future: Thai govt sets sail with expanded issuance
The director-general of the Public Debt Management Office (PDMO) yesterday asserted that the planned issuance of government bonds in fiscal next year will be proportionate and appropriate. The limit for bond issuance for the said fiscal year has been expanded by approximately 160 billion baht. Patricia Mongkhonvanit revealed the increase is intended to counterbalance the budget deficit for fiscal next…
- Economy News
Baht depreciation: Experts foresee currency’s decline amid global market turbulence
Financial experts are predicting a further depreciation of the baht throughout this month and next, due to the increased volatility in the global money and capital markets. This follows the US Federal Reserve’s recent suggestion of a potential increase in its benchmark interest rate. Poon Panitchpibun, a strategist at Krungthai Global Market, a research centre of Krungthai Bank, noted that…
- Business News
BEV sales set to outstrip targets despite stricter loan criteria
The Federation of Thai Industries (FTI) predicts sales of battery electric vehicles (BEVs) to exceed the set target of 40,000 units, by reaching between 60,000 to 70,000 units this year. This surge is despite the stricter loan criteria by banks, which pose a potential threat to Thailand’s domestic car manufacturing. According to Surapong Paisitpatanapong, vice-chairman of the FTI and spokesperson…
- Business News
Energy Absolute sees a revenue soar due to EV demand and battery sales
The Stock Exchange of Thailand (SET)-listed renewable energy and electric vehicle (EV) developer and operator, Energy Absolute (EA), is set to record a significant surge in its total revenue. This year’s revenue is projected to exceed 41 billion baht, a substantial leap from last year’s 27.5 billion baht. This surge can be attributed to the burgeoning demand for commercial EVs…
- Business News
Solar sparks fly: SPCG revs up to electrify Eastern Economic Corridor
After nearly two years of delay, SPCG, a leading solar farm developer in Thailand, is set to start construction of solar farms within the Eastern Economic Corridor (EEC). SPCG anticipates generating a combined power capacity of 500 megawatts. The delay was due to the need to identify suitable areas for the project and awaiting the license approval from the new…
