- Business News
Thailand aims for 7.5 billion baht from foreign filmmakers this year
Thailand is making a concerted effort to boost its economy by attracting international filmmakers to its scenic and diverse locations. The Tourism and Sports Ministry has teamed up with the Culture Ministry to promote these film locations, aiming to generate 7.5 billion baht (US$206.5 million) in earnings from foreign film companies this year. The collaborative effort was highlighted at the…
- Business News
Plane pain: Soaring airfares hit turbulence amid shortage struggles
Soaring airfares are expected to persist as airlines grapple with a shortage of planes, labour, and spare parts, making it challenging to meet the surging demand for travel. A recent report by ING Bank NV highlights the myriad issues plaguing the global aviation industry, noting ongoing supply-chain constraints. Air travel demand is anticipated to surpass pre-pandemic levels this year but…
- Business News
Home loan difficulties lead to six-year low in housing transfers
Difficulties in securing home loans have led to a significant decline in housing transfers across the country in the first quarter, reaching the lowest level in six years and marking the fifth consecutive quarter of decline. The Acting Director-General of the Real Estate Information Center (REIC) Vichai Viratkapan reported that residential demand nationwide contracted in the first quarter, with housing…
- Business News
Thailand’s solar panel tax cut scheme to save households on bills
A new tax reduction scheme aimed at encouraging households to install rooftop solar panels is expected to be finalised by mid-year, announced the Department of Alternative Energy Development and Efficiency (DEDE). The initiative seeks to lower electricity bills and reduce carbon dioxide emissions. Households that purchase solar panels with a power generation capacity of less than 10 kilowatts, costing under…
- Thailand News
Lamborghini to debut electric supercar in Thailand by 2028
Automobili Lamborghini, the renowned Italian luxury sports car manufacturer, plans to introduce its new electric supercar to Thailand, with a global debut slated for 2028. This initiative is part of the company’s broader strategy to reduce carbon dioxide emissions. For years, Lamborghini has been actively developing electric vehicle (EV) technology to support its goal of achieving carbon neutrality, according to…
- Business News
Thailand’s business confidence drops amid wage hike concerns
Business confidence in Thailand took a hit as the Thai Industries Sentiment Index (TISI) dropped in April, reflecting entrepreneurs’ concerns over a slew of economic pressures, including a proposed daily minimum wage increase. The TISI, a measure of the mood in the industrial sector, registered at 90.3 points, a decrease from the 92.4 points recorded in March, as reported by…
- Business News
Finance Minister, Central Bank Chief to discuss interest rates
A crucial meeting is scheduled tomorrow between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput to address the prevailing contention over interest rates. The government, under Prime Minister Srettha Thavisin’s directive, has been advocating for a rate reduction to stimulate the economy. In contrast, the central bank has maintained its key rate at the highest in ten…
- Business News
SMEs loans complications eased by Finance Ministry’s new AMC
The Thai Finance Ministry has scheduled the establishment of a new asset management company (AMC) for next month. This move aims to provide relief to beleaguered retail borrowers, especially small and medium-sized enterprises (SMEs), by assisting them in clearing non-performing loan (NPL) statuses and embarking on a fresh financial journey. The collaborative effort between Government Savings Bank (GSB) and Bangkok…
- Business News
Central Retail reports 6% revenue boost to 67.3 billion baht
Central Retail Corporation‘s first quarter earnings report revealed a robust performance, with a 6% revenue increase to 67.3 billion baht (US$1.84 billion). Significantly, the company’s net profit jumped by 14% to 2.52 billion baht (US$ 70 million) compared to the same period last year. Under the leadership of Yol Phokasub, the company has seen a notable shift towards omni-channel retailing,…
- Business News
Superrich faces stalled growth as tourists prefer travel cards
Renowned local money changer Superrich Currency Exchange (1995) Co, known by its SuperRich Orange brand, has faced a challenging start to the year with its transaction growth stalling at zero during the initial four months, despite an increase in foreign travellers. The stagnation in Superrich’s growth is largely due to the rising popularity of travel card services, which are increasingly…
- Thailand News
Thailand champions LGBTQ rights with World Pride 2030 bid
As Thailand gears up to potentially host the prestigious World Pride event in 2030, Siam Piwat Group is championing a progressive stance on LGBTQ rights. The property and retail giant has launched the “Celebration: Right to Love” campaign in anticipation of the same-sex marriage bill’s enactment by the end of the year. This legislative milestone would position Thailand as the…
- Business News
Thailand slashes satellite slot auction prices to attract bidders
The National Broadcasting and Telecommunications Commission (NBTC) is gearing up for a new auction of satellite orbital slots at 50.5° East, 51°E, and 142°E slated for August 23 to September 7, targeting slots that remained unsold in a previous bid. The amended draft for the auction conditions, approved on May 13 by the NBTC board, aims to attract bidders with…
- Business News
Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
- Business News
Former executive brings fresh perspective on talent management
A former corporate executive and business consultant, with over 15 years of experience working across various industries, recently transitioned into writing business articles and offering expert commentary on business-related matters. With a newfound focus on continuously evolving business strategies and management principles, the 42 year old former executive now leverages in-depth knowledge of market trends to decipher the complexities of…
- Thailand News
Rayong tourism suffers after industrial area explosion
Tourism in Rayong has suffered a setback after a pyrolysis gasoline tank in the Map Ta Phut industrial area exploded on Thursday, resulting in one death and four injuries. The incident led to a flurry of tour cancellations at several fruit farms in the area, despite being located 40 to 50 kilometres away from the site of the explosion. The…
- Business News
Thailand’s longest onshore gas pipeline launched by PTT
PTT President Auttapol Rerkpiboon announced the opening of Thailand’s longest onshore gas pipeline. The 417-kilometre pipeline, previously delayed due to Covid-19, will secure the gas supply across seven provinces, supporting power generation, industrial operations, and transportation. As part of PTT‘s fifth-phase development, the pipeline extends from the company’s gas separation plants in Rayong to Nontha Buri, facilitating a gas transport…
- Thailand News
Energising event: Thailand hosts future energy Asia summit
Thailand will host the Future Energy Asia Exhibition and Summit from May 15 to 17 at the Queen Sirikit National Convention Center in Bangkok. The event highlights Thailand’s crucial role in fostering a sustainable regional energy transition and underlines its commitment to this cause. Currently, Thailand’s energy sector is undergoing a significant transformation. The government has laid down ambitious targets…
- Business News
Bitcoin declines amid speculations of crypto market peak
Bitcoin’s value is slowly declining, marking a significant shift in the digital asset market worth over US$500 billion (18.5 trillion baht). This has led to speculation about the possible peak of the cryptocurrency rebound. The token is on the brink of a five-day losing streak, which hasn’t been seen since October of the previous year. The overall crypto market has…
- Business News
Car industry faces crunch as EV demand slumps and costs rise
The automobile industry, stretching from Europe to Asia, is bracing for a tough year ahead as rising costs and a slump in electric vehicle (EV) demand begin to take their toll on profits. Mercedes-Benz Group AG, yesterday, revealed plans to extend the lifespan of their combustion-engine cars due to underwhelming EV sales. Toyota Motor Corp, anticipating a 20% drop in…
- Business News
China’s imports and exports rebound showing positive shift in April
After experiencing a contraction in the previous month, China’s imports and exports rebounded in April, according to customs data released today. This positive shift indicates a promising enhancement in both local and international demand, providing a vital lift to the nation’s fragile economic recovery. The upswing in data suggests that the numerous policy support measures introduced in recent times are…
- Business News
Thailand’s economic growth forecast revised down
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has revised Thailand’s economic growth forecast downward from a range of 2.8 to 3.3% to 2.2 to 2.7% for the year. The revised outlook is due to a slowdown in exports, which is negatively affecting the manufacturing sector. The panel also flagged a decrease in export expansion from 2% to…
- Business News
Microsoft announces first data centre investment in Thailand
Microsoft‘s announcement of its inaugural investment in a data centre region in Thailand is likely to boost the country’s digital ecosystem and potentially stoke competition within the data centre sector. The news came as part of a tour by Microsoft Chairman and CEO, Satya Nadella, who visited Indonesia, Thailand, and Malaysia to unveil a series of investments in data centres,…
- Business News
Thai shippers forecast modest growth amid wage increase concern
The Thai National Shippers’ Council (TNSC) projects a 1% to 2% growth in exports for the current year and urges a thoughtful approach to the proposed increase in the daily minimum wage, supplemented by government support via the wage committee mechanism. TNSC chairman Chaichan Chareonsuk anticipates a 1 to 2% increase in the nation’s exports by March this year. Chaichan…
- Business News
Mobile service market to grow 3 to 5% amid tourism surge
The annual growth rate for the mobile service market is forecasted to sit between 3 and 5% this year due to cost-cutting efforts by operators and an increase in mobile traffic and international roaming calls brought on by a surge in foreign tourists. Pisut Ngamvijitvong, a senior equity research analyst at Kasikorn Securities, asserts that these growth factors, along with…
- Thailand News
New Finance Minister Pichai pledges to boost Thailand’s economy
Newly appointed Finance Minister Pichai Chunhavajira pledged to accelerate initiatives aimed at addressing household debt, stimulating the economy, and raising personal income. Pichai, who previously held the chairman position at the Stock Exchange of Thailand and served as the prime minister’s advisor, observed a consistent decline in the country’s economic growth rate over the past two decades during his inaugural…
- Business News
Thai Finance Minister set to discuss policies with BOT
The freshly appointed Finance Minister today expressed his readiness to engage in discussions with the governor of the Bank of Thailand (BoT) to align fiscal and monetary policies. Pichai Chunhavajira, who is also the Deputy Prime Minister of Thailand, stated to journalists that collaborating with the BoT on policy coordination is part of his job responsibilities. Pichai expressed confidence that he…
- Business News
Hong Kong tourism nears pre-pandemic levels
Hong Kong’s tourism sector continues its fight for revival as the number of visits during the Labour Day golden week holiday reached only 66.8% of the pre-pandemic levels. Despite the ongoing struggle, Financial Secretary Paul Chan Mo-po assured the government’s commitment to promoting the city’s mega-event economy and attracting more tourists. This comes after the city registered 893,764 inward trips…
- Business News
Travel growth expected in Asia-Pacific despite cooling demands
Online travel agent Booking.com expects the Asia-Pacific region to see growth in bookings as we start to see stability in the global market. The company’s Managing Director for Asia-Pacific, Laura Houldsworth, said the company anticipated the growth might not be as fast as it has been because it’s starting to stabilize at a very high level. Asia was up mid-teens…
- Business News
Thailand’s steel industry threatened by surge in Chinese imports
The EAF Long Product Steel Producers Association raised concerns about the future of Thailand’s steel industry as local manufacturers face potential closure. This comes as a result of a surge in steel imports from China, which has resulted in a reduction of capacity utilisation to a mere 28% between January and February. The association’s president Chaichalerm Bunyanuwat urged for immediate…
- Business News
Predicted surge in global gold prices to US$2,500 per ounce
Global gold prices are set to touch US$2,500 per ounce in the latter half of this year, as per predictions by local gold traders, despite a recent slump below US$2,300. The market has scaled down its expectations for US interest rate cuts this year to a maximum of two times, a reduction from the previously anticipated three to four times.…
