Alex Morgan
- Business News
Thai economic recovery slower than expected, Bank of Thailand governor confirms
Economic recovery in Thailand is underway but progress is slower than anticipated, particularly in the areas of tourism and exports, according to Sethaput Suthiwartnarueput, governor of the Bank of Thailand (BoT). In a recent business seminar, Sethaput expressed concerns over a less-than-rosy picture of the nation’s economy, with exports and tourism spending falling short of expectations. Despite these challenges, he…
- Business News
Srettha Thavisin urged to address economic challenges swiftly
Thailand’s political stalemate came to a close yesterday as property tycoon Srettha Thavisin was elected as the country’s 30th prime minister following a majority vote in both houses of Parliament. Now, the nation’s business community is urging the newly appointed leader to hasten the process of organising his government. The aim is to promptly address a sequence of pressing challenges…
- Business News
Meta Thailand leverages AI for enhanced ROI and growth of reels
In an economic climate that continues to pose challenges, Meta Thailand is leveraging artificial intelligence (AI) to enhance the return on investment for businesses and advertisers. The company is also concentrating on the development of Reels, their short video clip service that serves as a competitor to TikTok. Prae Dumrongmongcolgul, the country director for Meta in Thailand, said… “We plan…
- Economy News
Domestic tourism in Thailand hits 93% recovery
Thailand’s domestic tourism sector has seen a significant recovery, reaching 93% of its pre Covid-19 levels, according to the Tourism Authority of Thailand (TAT). The TAT expects to record approximately 160 million domestic trips in the country this year, a sharp contrast to the dismal figures witnessed at the onset of the pandemic in 2019. At a press conference, Suladda…
- Business News
PTTEP plans Middle East expansion for greater petroleum output and renewable energy
PTT Exploration and Production Public Company Limited (PTTEP) announced its strategic plans to centre business operations in the Middle East to expand petroleum output and explore opportunities for innovative energy enterprises, revealed Montri Rawanchaikul, PTTEP’s Chief Executive and President. On the domestic front, the company aims to escalate gas production at the Erawan gas field to 800 million standard cubic feet…
- Business News
EV sales in Thailand to hit 50,000 despite auto loan regulations
The Thailand Automotive Institute (TAI) anticipates a surge in electric vehicle (EV) sales to 50,000 units this year. This comes despite challenges such as diminishing purchasing power, rampant household debt, and the implementation of stricter auto loan regulations by banks. Last year, local EV sales in Thailand saw approximately 20,000 units sold. The popularity of EVs in the country can…
- Business News
Bangkok property developers anticipate economic rebound
Bangkok-based property developers on the Stock Exchange of Thailand are optimistic about an economic bounce back in the latter half of the year, expecting it to help meet their annual performance targets after a subdued start to the year. Property Perfect Plc., under the management of Wongsakorn Prasitvipat, is set to launch nine fresh housing ventures in the second half.…
- Business News
Chinese economic woes dampen bookings for Thai tourism sector
Tourism operators indicated a slowdown in forward bookings from China for the upcoming Golden Week holiday in October due to a challenging economic climate. A representative from the Tourism Council of Thailand, Surawat Akaraworamat, revealed that a sluggish economic rebound and potential deflation are having far-reaching effects on disposable income for prospective tourists from the Chinese mainland. “Travel agents have…
- Economy News
Foreign investments bolster Thai economy with 58.9 billion baht boost
From January through July of this year, Thailand welcomed a foreign investment sum of 58.9 billion baht. A notable chunk of this influx originated from Japan, whose companies lavished the largest amount of capital on developing their businesses within Thai borders. Estimates suggest that the Japanese investors led the pack with a total outlay of 19.9 billion baht. They were…
- Business News
Thailand’s insurance sector embraces digital revolution to boost resilience and consumer experience
Thailand’s insurance sector is adopting digital tech to tackle artificial intelligence (AI) and cyber threats and deal with the medical costs of the nation’s ageing population. Further steps were taken to boost industry strength and user experience. The strategy is headed by the Office of the Insurance Commission (OIC). Suthiphon Thaveechaiyagarn, the OIC secretary-general, disclosed that the first part of…
- World News
San Francisco trial investigates Tesla’s Autopilot role in fatal collisions
In the heart of San Francisco, begins the unfolding legal investigation into Tesla Inc’s inability to rectify limitations in its Autopilot technological system, post a fatal Florida-based collision three years prior, affirm multiple engineers tied to a lawsuit bolstered by a family who lost a loved one in an identical incident in 2019. The trial is due to go before…
- Business News
Thai baht instability rises due to political unrest
Political unrest is heightening baht oscillations against the US dollar, as Thailand finds itself without a stable government, the head of the Bank Thailand asserts. This turbulence introduces a greater risk factor amongst investors who are observing the foreign exchange rate, particularly between the baht and the US dollar, in light of Thailand’s current political developments. Post Thailand’s General Election…
- Business News
Sweet success: Thai fruit exports to China ripe with growth, thanks to fast track on China-Laos Railway
Thai fruit exports to China experienced a significant surge in the first five months of this year, growing by a staggering 365%. This upswing is predominantly accredited to the utilisation of the China-Laos Railway for transit, which has resulted in a significantly reduced delivery duration and leveraged the benefits of free trade deals, according to sources yesterday. The railway route…
- Business News
Map Ta Phut port to see third phase by 2027, IEAT confident
Reports from Thailand indicate that the Industrial Estate Authority of Thailand (IEAT) remains optimistic about presenting the third phase of development of the Map Ta Phut deep-sea port in Rayong by the year 2027. The port, a notable part of ongoing development in the Eastern Economic Corridor (EEC), is seen as an essential addition to Thailand’s infrastructure. Map Ta Phut…
- Business News
Grab Thailand partners with Alipay, Kakao Pay to appeal to Chinese, Korean tourists
Grab Thailand is entering a strategic alliance with Alipay and Kakao Pay to expand the payment alternatives available to Chinese and South Korean tourists who visit the country, an announcement from the company relayed. As the Thai tourism sector remains buoyant, Grab has identified Chinese tourists as pivotal to its strategy for this year. Worachat Luxkanalode, Country Head of Grab…
- Business News
Thailand’s baht leads Asian currency downturn amid China’s economic worry
Asian currencies experienced a downturn yesterday, led by Thailand‘s baht, as concerns heighten surrounding the recovery status of the global economy’s second-largest player, China. The baht plunged by a substantial 0.8%, marking it as the largest depreciation against the US dollar in half a dozen weeks. Across the waters of offshore markets yesterday afternoon, it was changing hands at approximately…
- Business News
Travel industry girds for weak low season amid cost and weather challenges
The travel industry is bracing itself for an exceptionally weak low season, with predictions of stagnant demand, escalating operational costs at popular destinations, and the impacts of tropical storms. The president of the Thai Travel Agents Association, Charoen Wangananont highlighted that the season’s sale rate for outbound packages significantly lags behind the comparison period recorded before the pandemic. He cited hesitancy…
- Business News
Thai consumer confidence dips due to political instability and slow recovery
Reports today reveal that last month Thai consumer confidence dramatically dropped for the first time in 14 months. Evidence pointed towards the general unease of continuous political instability in the Kingdom of Thailand after the General Election took place in May, as well as a sluggishly recovering economy. The survey, helmed by the esteemed University of the Thai Chamber of…
- Business News
Construction permit withdrawal sparks caution in Thai property lending
The property developer community has been unsettled by the recent Ashton Asoke saga, wherein the construction permit was withdrawn, prompting lenders to proceed with caution when issuing debt instruments and loans to developers. AP Thailand’s chief executive, Anuphong Assavabhokhin, explained that it’s becoming increasingly challenging to secure loans as financial institutions grow wary of extending credit to real estate companies…
- Economy News
Thailand’s data centre sector poised for explosive growth with global tech titans and cloud nine prospects
In a surge of digital enthusiasm, Thailand’s data centre industry is set to experience substantial expansion within the next two years, thanks to the arrival of worldwide tech giants and cloud service providers. This prediction comes from ST Telemedia Global Data Centres (Thailand) (STT GDC Thailand), a dominant player in hyper-scale data operations. STT GDC Thailand, a fruitful joint venture…
- Business News
Clear for takeoff: Thailand’s aviation adopts pay-to-fly models amid post-Covid revival
Thailand’s aviation industry is witnessing growth in pay-to-fly employment models after the struggle to regain its pre-Covid footing. In these arrangements, licensed pilots are required to pay more than 1.5 million baht (US$ 42,702) for training, a prerequisite to securing a job. This is happening against a backdrop of pilot salaries remaining below pre-pandemic levels due to a decrease in…
- Business News
Tipco Foods executives fined by SEC for insider trading violation
A statement from the Securities and Exchange Commission (SEC) confirmed the imposition of civil penalties on Tipco Foods Plc’s (TIPCO) chairwoman Laksana Supsakorn, and her colleague Sommart Dhupchinda. The two industry professionals were allegedly found guilty of jointly buying shares of a listed company using inside information. The SEC, which has used information provided by the Stock Exchange of Thailand…
- Business News
Burger King Thailand implements expansion and menu-diversification strategy
In a strategic response to the expected decline of Chinese tourists to Thailand, Burger King (Thailand) Co., is revising its market approach. It plans to expand its food range to introduce more non-burger products. This strategy aims to invite a broader customer base and boost revenues. As per the company’s general manager, Tanawat Damnernthong, Burger King has plans to establish…
- Business News
CP Foods launches Asia’s first carbon-neutral cage-free egg
To promote eco-friendly eating and animal welfare, Charoen Pokphand Foods Plc (CP Foods) launched a pioneering carbon-neutral cage-free egg in Asia, certified by the Thailand Greenhouse Gas Management Organization (TGO). The move bolsters CP Foods’ dedication to minimising environmental impact. Somkid Wannalukkhee, who leads CP Foods’ egg division, emphasised the company’s commitment towards crafting low-carbon food commodities. He says CP…
- Economy News
Thai tourism industry anticipates growth under Pheu Thai government
The Thai tourism industry is buzzing with optimism as the Pheu Thai Party is potentially gearing up to form the anticipated government. With Pheu Thai’s known successful stint in the realm of governance and its proven track record in enhancing the economy, the tourism sector is eagerly waiting for efficient tourism policies to be rolled out to mitigate existing challenges.…
- Business News
Wiko resumes Thai operations targeting 2% market share with affordable phones
Aiming to carve out 2% of the Thai market by year-end and expand to 4% by next year, mobile manufacturer Wiko has resumed commercial operations. The company, with its French roots, intends to capture the lower to middle-tier smartphone segment. This comes after a six-month hiatus in its marketing efforts for the Thai market, and now the brand will move…
- Business News
Flavorful finances: Thailand’s July inflation stays mild
The Ministry of Commerce in Thailand revealed that July’s headline inflation saw less acceleration than anticipated, credited largely to a dip in food and energy costs. Meanwhile, forecasts by the agency anticipate the inflation rate’s upturn by less than 1% per month until the year concludes. July’s year-on-year headline inflation amounted to a 0.38% rise, measured via the consumer price…
- Business News
Smooth skies ahead: THAI-turkish partnership signals global travel upswing
A monumental leap forward for international air travel took flight yesterday when Thai Airways International (THAI) and Turkish Airlines secured a memorandum of understanding. The anticipated partnership will focus on the cut-throat competition prevalent on Asia-Europe routes. Commonly, airline collaborations entail synchronising schedules and revenue sharing. For instance, Qantas Airways and Emirates have a working partnership on Europe-Australia services. However,…
- Economy News
Rice prices skyrocket in Thailand due to drought effects and export ban
A meeting is set to be convened today by Commerce Minister Jurin Laksanawisit evaluating the repercussions of the drought instigated by the El Niño weather occurrence, and potential courses of action in response to the surge in rice prices. Concurrently, the Commerce Ministry under the watchful eyes of Wattanasak Sur-iam, chief of the Internal Trade Department, is monitoring good prices,…
- Business News
Arun Plus aims for profitability with Thailand’s growing EV demand
National oil and gas conglomerate, PTT Plc, is forecasting that its subsidiary company, Arun Plus Co, is likely to attain profitability in the next three to five years, fostered by higher demand from Thai drivers for electric vehicles (EVs). Arun Plus was founded three years prior when PTT ventured into the EV sector as part of its futuristic energy plan.…
