- 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
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
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…
- 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…
- 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…
- 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
Samyan Mitrtown thrives amid Covid-19 retail challenges, celebrates 4th anniversary
Fraser Property Commercial Thailand (FPCT) defied the odds with its mixed-use property, Samyan Mitrtown, thriving amidst the retail challenges brought about by the Covid-19 pandemic. Despite its initial launch shadowed by the established shopping culture of the Siam Square complex, Samyan Mitrtown emerged victorious, celebrating its fourth Anniversary in September with significant growth in foot traffic and a high occupancy…
- 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
Fiscal incentives may reward farmers bypassing Thai government’s debt suspension plan
An anonymous source from the Finance Ministry revealed that farmers who opt out of the government’s planned debt suspension programme may be rewarded with incentives. This policy is reminiscent of one enacted during the Thaksin Shinawatra administration and is designed to encourage fiscal discipline among farmers. Previously, in the period between 2001 and 2004, the Thaksin regime introduced a three-year…
- 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
El Niño effect forecasted to lower Thai rice production in 2023-24
The Agricultural Economics Office of the Agriculture and Cooperatives Ministry in Thailand forecasted a decline in rice production for the 2023-24 harvest season. The expected drop is approximately 871,000 tonnes, a decrease of 3.27%, totalling 25.8 million tonnes. This significant decrease is primarily due to the effects of the El Niño weather phenomenon. Deputy Secretary-General of the Agricultural Economics Department,…
- 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
Roojai revs up for success: Thai online insurer aims to drive into top 10 with profitable year ahead
Online insurance firm Roojai is poised to post its first profit from Thai operations in the fiscal year ending March 2024, according to founder and CEO Nicolas Faquet. This is largely attributable to the company’s growth in motor insurance sales, as it sets its sights on becoming a top 10 player in this segment by next year. Faquet revealed it…
- 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
TrueMoney, true borders: Fintech giants unite for cross-border payments
Ant Group and TrueMoney, a dominant fintech company in Southeast Asia, have forged a collaboration to facilitate mobile payments across borders between China and Thailand, a move that will see Thai tourists making cross-border payments to millions of merchants in China via the TrueMoney e-wallet. The cross-border payments are facilitated by Alipay+, a cross-border mobile payment ecosystem under Ant Group,…
- 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…
