- World News
H&M probes surge in Myanmar labour violations amid global fashion exodus
A shocking increase in labour violations at Myanmar garment factories supplying global fashion giant H&M has instigated an immediate follow-up from the retailer. This comes shortly after Inditex, owner of Zara, declared its decision to cease purchases from Myanmar, located in Southeast Asia. This suspension results from a report compiled by the Business and Human Rights Resource Centre (BHRRC), a…
- 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
Fuelling the future: Thailand’s gas giant gears up production to avert power crisis
Efforts to prevent a second power crisis in Thailand are underway as the nation’s primary gas producer, PTT Exploration and Production (PTTEP) Public Company Limited, looks to increase its output substantially. With plans to double gas production in the Erawan field, Thailand’s largest, Montri Rawanchaikul, the Chief Executive Officer, confirmed plans to scale up production to as high as 800…
- 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
Thai fruit and coconut exports to China boosted by FTA benefits
The popularity of Thai fruit was evident throughout the initial five months of this year, reflected through the leverage of free trade agreement (FTA) benefits by exporters. Most notably, shipments destined towards China signalled a greater propensity. The Director-General of the Foreign Trade Department, Ronnarong Phoolpipat, highlighted that durian, guava, mango and mangosteen were the favoured fruits amongst Chinese consumers,…
- 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…
- World News
Italian banks face US$10 billion loss as new tax rattles market
An unforeseen tax on banks’ extraordinary profits, instigated by Italy’s conservative regime, has taken markets by surprise, causing an approximately US$10 billion decline in Italian lenders’ market value. The proclamation came late Monday night from Matteo Salvini, the Deputy Prime Minister, stating a 40% levy on excess gains from banks would be levied as part of a comprehensive decree ratified…
- 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
MICE revenue in Thailand lowered amid sluggish Chinese market response
The meetings, incentives, conventions, and exhibitions (MICE) revenue forecast for the Thailand Convention and Exhibition Bureau (TCEB) has been lowered to 96 billion baht. This is less than half the recorded figures for 2019, mainly due to a sluggish response from the Chinese market. TCEB’s president, Chiruit Isarangkun Na Ayuthaya disclosed that despite the strong comeback of MICE travellers from…
- 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.…
- Business News
Former Sansiri president ensnared in tax-minimising controversy
A tax-minimising strategy, alleged by Chuvit Kamolvisit to involve Srettha Thavisin, the former President of Sansiri, a development firm listed on the SET, appears to be a common practice amongst landlords seeking to reduce tax liabilities on land sales. Property DNA’s Managing Director, Surachet Kongcheep, observed that it is typical for landowners to aim to lessen tax payments attached to…
- Economy News
Global rice trade shook by El Nino, politics, and embargo in Thailand
In the face of mounting global food security concerns, the impact of El Niño weather patterns and international political disruptions are causing serious upheavals in the farming landscape, particularly in major global rice-producing countries. Compounding the issue is Russia’s recent withdrawal from a vital agreement, which previously ensured the uninterrupted transport of Ukrainian grain goods through the Black Sea region.…
- Business News
Thailand’s bid to become smart, eco-friendly logistics hub in ASEAN
In the realm of business and industry, a campaign is gaining traction in which the government is being urged to bolster the country’s standing as a prospective eco-friendly hub for logistics within the prominent Southeast East Asian alliance, the Association of Southeast Asian Nations (ASEAN). Moreover, there is a strong emphasis on preparing businesses to adapt to the dawn of…
- Economy News
Thai tourism stays firm amid debt rise, 200 million domestic trips targeted
Despite a backdrop of tepid consumption, the Tourism Authority of Thailand (TAT) remains steadfast in its pursuit of 200 million domestic tourism trips within the current year. Data from a survey conducted by the University of the Thai Chamber of Commerce paints a rather gloomy picture of increased household debt levels, up by 11.5% this year from last year. It…
- Business News
Thai industries call for new govt to revitalise flagging exports
The Federation of Thai Industries (FTI) declared the urgent need for Thailand to form a new government and establish fresh policies aimed at tackling lacklustre export performance. Data revealed a 7.4% decline to US$28 billion in the nation’s exports to its largest market, the Association of Southeast Asian Nations (ASEAN), during the period running from January to May. The FTI’s…
- Business News
Tissue dreams ahead: Kuma Thailand to build dedicated factory in five years
Kuma (Thailand) Co, the parent firm of the Kuma tissue brand, is setting its sights on augmenting its production capabilities by developing a dedicated factory within the next five years. The goal of this ambitious project is to bolster the company’s capacity and pave the way for future product expansion in the consumer goods sphere. The director at the helm,…
- Economy News
ASEAN bolsters talks with UK, Russia for potential economic cooperation plans
In an attempt to further drive economic cooperation, Southeast Asia, through the Association of Southeast Asian Nations (ASEAN), is accelerating its dialogue with the United Kingdom and Russia. This information was released by Auramon Supthaweethum, the head of the Trade Negotiations Department. A senior official from the department, Duangarthit Nidhi-u-tai, was sent to represent the region at the 4th ASEAN-UK,…
- Business News
Tourism revival in Thailand risks airport slot overcrowding, suggests alternative options
In anticipation of the upcoming high season, Thailand’s Tourism Authority (TAT) expressed concerns over the slot capacity at international airports. As more flights are set to resume, it is predicted that the country will receive around 8 million tourists this year, primarily derived from long-haul markets anticipating a significant tourism revival. The deputy governor for Europe, Africa, the Middle East,…
- Business News
Cathay Pacific highlights Bangkok’s crucial role in aviation recovery
Southeast Asia, particularly Bangkok, is showing promising signs of growth in terms of flight traffic, according to Cathay Pacific, which has ranked the Thai capital as one of its stronger-performing flight routes. Post-Hong Kong’s reopening, Cathay has reported a steady ascent, keeping pace with global passenger traffic. One of the airline’s senior executives, Dominic Perret, highlighted Thailand as a key…
- Thailand News
Surge in cyber-attacks worries Thailand: Weekly numbers surpass global average
A recent report by Check Point Research has highlighted an alarming surge in cyber-attacks on organisations in Thailand over the past six months. The average attack incidents were notably higher than the global norm and even edged past figures from the rest of Southeast Asia. Every week, organisations in Thailand fell prey to an average of 2,388 cyber-attacks, which slightly…
- Business News
Thai tourism seeks visa fee waiver to attract Chinese and Indian visitors
A plea for the revival of a visa fee waiver programme has been issued by Thailand‘s tourism industry, seeking an influx of visitors from populous nations like China and India. The request follows a lukewarm recovery in numerous essential markets and is viewed as vital for enhancing arrivals this year. President of the Thai Hotels Association, Marisa Sukosol Nunbhakdi, emphasized…
