- Business News
Thai private sector braced for impact amid political unrest and government delays
Protests and potential political instability are causing growing unease within Thailand‘s private sector, chiefly due to the impact of delays in forming the country’s new government. The possible effects are multifaceted, potentially touching areas such as new investments and the tourism industry. The Thai Chamber of Commerce’s vice-chairman, Poj Aramwattananont, expressed concern yesterday in light of recent moves by the…
- Business News
Thai stock market fluctuates amid MFP leader’s shareholding controversy
The Move Forward Party (MFP) leader’s shareholding case prompts fluctuations in the Thai stock market. The Exchange Commission (EC) yesterday referred Pita Limjaroenrat’s iTV shareholding case to the Constitutional Court for resolution, sending ripples through the stock market. Suspicions regarding Pita’s iTV shareholding led the EC to propose he ceases all MP duties immediately, pending court deliberation in the following…
- Business News
Thai tourism hit by weak Chinese market and waning local interest
The sluggish Chinese economy and hesitant local budget travellers have dealt a blow to Thai tourism operators along the eastern seaboard, casting a gloomy cloud over this year’s revenue prospects. The slow recovery marks it as a testing time for places like Pattaya, particularly with a quiet Chinese market yet to bounce back and local visitors not returning en masse,…
- Business News
PTT Plc amplifies renewable energy drive with hydrogen fuel advancement
National energy titan PTT Plc is bolstering initiatives to harness additional renewable power sources and progress its hydrogen fuel enterprise, as part of a strategy for sustainable company growth. Cherdchai Boonchoochauy, Senior Executive Vice President for Innovation and New Ventures, specified that PTT’s existing blueprint is to create 12 gigawatts of renewable electricity and restrict power generated from non-renewable fuels…
- Business News
DES ministry set to combat cybercrime with new AI registry
The Ministry of Digital Economy and Society (DES) in Thailand is gearing up to introduce the Central Fraud Registry, a technological solution designed to combat scams and tackle illegal transactions. This innovation stems from the National Interbank Transaction Management and Exchange, a collaboration between the Thai Bankers’ Association (TBA) and the Bank of Thailand. As stated by notable DES figures,…
- Business News
Thai rice exports poised to hit 9 million tonnes amid climate anxieties
Thailand stands on the cusp of a hugely promising year in terms of rice exportation, which, forecasts suggest, could reach up to 9 million tonnes. Making the most of a climate-induced market fervour, the Thai industry gleefully anticipates shipping masses of what is an integral commodity to many. The increase in demand is believed to be rooted in anxieties about…
- Business News
Revenue department to use AI for virtual tax consultation with taxpayers
Plans are underway within the Revenue Department to employ online chatbots to provide virtual tax consultation for taxpayers. Director-General Lavaron Sangsnit confided that discussions have commenced with a notable tech entity, Microsoft Corp, concerning the integration of such programmed interactive platforms to offer simplified answers to tax-related queries. The objective of this manoeuvre, states the director-general, is to provide a…
- Business News
Japanese tourism numbers in Thailand threatened by weak yen and slow Japan flight reintroduction
In light of Japan’s hesitant return to tourism and a faltering yen, Thailand’s Tourism Authority (TAT) admitted there may be difficulty in meeting the year’s target of 850,000 Japanese arrivals. The figure reflects 50% of the Japanese tourism figures reported in 2019, considered an optimistic scenario by the Tokyo office director of TAT, Kajorndet Apichartrakul. As enclosed by Kajorndet, the…
- Business News
TTB to tackle household debt and promote ESG standards
Piti Tantakasem, Chief Executive of TMBThanachart Bank (ttb), insists that tackling high levels of household debt should be a priority on the national agenda. Piti made known that he is poised to tackle the issue, given his leading role within the household debt resolution team set up by the Thai Bankers’ Association (TBA). Alongside the central bank and other pertinent…
- Business News
Thailand’s potential as international events hub questioned amidst Taylor Swift tour snub
The exclusion of Thailand from the itinerary of Taylor Swift‘s world tour has prompted the denizens to reconsider the nation’s global standing as a viable hub for international exhibitions and events. Bringing the country’s potential into question, it was revealed that the total revenue from meetings, incentives, conferences and exhibitions (MICE) industry for the final quarter of last year was…
- Business News
French firms eye big ticket investment in Thailand’s EEC
In a bid to fortify its economy, the Thai government is extending an invitation to French corporations to make significant investments in the Eastern Economic Corridor (EEC). Identified as an ideal zone for the development of a high-tech industrial park, the EEC comprises sections of Chachoengsao, Chon Buri, and Rayong. The authorities have identified aviation alongside 11 other S-curve industries…
- Business News
Thai SEC seizes Stark Corporation’s assets amidst false accounting claims
The Securities and Exchange Commission (SEC) of Thailand seized the assets of Stark Corporation and some of its key personnel due to accusations of false accounting. Excessive damages have ensued following this misconduct with Stark’s debts rising above 38 billion baht as believed by the regulators. The SEC has also frozen the assets of Vonnarat Tangkaravakoon, formerly the acting chief executive…
- Business News
Starbucks Thailand advances expansion, eyes 800 outlets by 2030
Starbucks Thailand unveiled a bold expansion plan for the 2023 to 2030 period. The plan aims to increase the current number of Starbucks outlets in the country from 465 to a whopping total of 800 by the end of 2030. As per this agenda, the addition of 335 stores is projected across Thailand over the specified span. Nednapa Srisamai, the…
- Business News
Marketing 6.0: MAT reveals trends shaping customer behaviour and tech influence
Changes in customer expectations prompted by digital disruption and evolving consumer behaviour indicate that the world is entering a new marketing era. Postmodern methodologies such as multiverse marketing – which fuses the physical and digital realms into a seamless buying experience – are at the forefront of Marketing 6.0, declared the Marketing Association of Thailand (MAT). According to the association’s…
- Business News
THAI lags as Centara Grand emerges Thailand’s strongest brand
The sluggish revival of business tourism, coupled with Thailand’s failure to establish itself as a global connection hub, has resulted in the brand value of Thai Airways (THAI) lagging behind its rivals. Conversely, Centara Grand Hotels & Resorts has emerged as the strongest brand in the nation this year. According to Alex Haigh, who serves as the Asia-Pacific Managing Director at…
- Business News
Bank of Thailand considers interest rate cuts to address household debt
A senior executive at the Bank of Thailand hinted at the possibility of interest rate slashes, which could provide a lifeline to struggling debtors, desperate to escape from their worsening debt cycles. In talks with the Thai Bankers’ Association (TBA) and other related groups, the central bank is exploring various methods to curb the nation’s escalating household debt. According to the…
- Politics News
Thai political truce sparks hopeful business and economic recovery prospects
Thailand‘s business leaders anticipate a more positive path for the Move Forward Party (MFP) and its seven ally political parties to constitute a government and address economic challenges, following the agreement on a House speaker. The MFP had earlier been engaged in disputes with the Pheu Thai Party over this significant role in the House of Representatives. The conflict was resolved…
- World News
UK public sector adopts blockchain for transparent government auctions
The UK public sector made a groundbreaking leap towards improving transparency and fairness in governmental auctions, by adopting the use of blockchain technology. Giving credence to this, the Controller General’s Department (CGD) confirmed the measures they’ve started to undertake since April this year. The CGD, an authority under the Finance Ministry, is renowned for its role in managing procurement processes. The…
- Business News
HomePro invests 4 billion baht in eco-friendly store, diversifies product portfolio in Thailand
Home decor and upgrade specialist, Home Product Center Plc, under the HomePro banner, declared a business expansion investment of 4 billion baht this year for store diffusion. Ittaporn Srisukwattana, the firm’s senior vice president of design and product development, articulated that this financial plan would be deployed towards the inauguration of two HomePro and eight Mega Home shops this year.…
- Economy News
Thai tourism unaffected by political unrest unless airports shut, says ex-minister
In times of political upheaval, Thailand’s foreign tourists would not be significantly impacted, unless there was an incident akin to 2008’s airport disruption, according to former tourism and sports minister, Weerasak Kowsurat. Back in 2008, protesters had shut down Bangkok’s airports leading to a drop in tourist visits, impacting Thai tourism. Weerasak, now serving as a senator, insists that tourists…
- Business News
EV Market soars as Thailand and Indonesia take the lead in Asia
In a global trend, electric vehicles (EVs) are steadily gaining traction in the worldwide automobile market, with significant growth realised in Asia-ASEAN countries, specifically Thailand and Indonesia. This comes as per a study undertaken by the BloombergNEF research agency. Ideally placed at the forefront of Asia-Pacific transportation, Senior Analyst of BloombergNEF, Allen Tom Abraham, projected a sharp increase in the…
- Business News
LGBTQ+ tourism revenue boom fuels drive for legalised same-sex marriage in Thailand
Thailand is witnessing a surge in the burgeoning LGBTQ+ community, as diversity takes centre stage worldwide, boosting LGBTQ+ tourism in the country. As per estimates by LGBT Capital, an asset management company serving the LGBTQ community, 5 to 10% of the world’s population identifies as LGBTQ+. This demographic represented around 3.6 million residents in Thailand in 2019. During Pride Month…
- Business News
Thai industries adjust strategies amid export downturn, eyes new markets
A recent downturn in exports has provoked 25 industry sectors to rethink their production strategies, the Federation of Thai Industries (FTI) has revealed. Key industries affected and readjusting include steel, machinery, construction materials and furniture, all of which significantly cater to the markets in Asia, the European Union and the United States. The FTI recently unveiled the results of a…
- Business News
Customs facilitation reform urged by Thailand’s finance minister to boost automotive sector
Finance Minister Arkhom Termpittayapaisith recently issued an appeal to the Customs Department of Thailand to streamline the customs facilitation formalities for both exports and imports. His appeal is aimed especially at boosting the activity of the automotive field. Following a discussion held with a group of investors from Japan in the core of June, Arkhom instructed the department to better…
- Business News
Experienced consultant analyses dramatic shift in Thai online shopping trends
In Thailand, online shopping appears to have become the desired norm, with a proportionate increase in consumer expectations, per a survey by advertising consultancy Wunderman Thompson. The data suggest that Thai patrons are willing to increase their online spending provided their experience includes faster delivery schedules among other factors, according to digital and customer relationship management director at Wunderman Thompson, Puvadon…
- Thailand News
Banpu eyes free power trade system amidst rising Thai electricity costs
In the face of rising electricity bills, a new opportunity is emerging for a free power trade system in Thailand, as spotted by Banpu Power Plc, the power generation arm of energy conglomerate Banpu Plc. Expecting a worldwide shift in electricity markets, the company, under Kirana Limpaphayom, its CEO, is poised to take advantage of this imminent change. The combined…
- Tourism News
Thailand’s tourism confidence slides amidst global economy concerns
The second quarter of this year saw the Tourism Confidence Index remaining subdued, sliding from the previous quarter. The contributor to this drop was a blend of Thailand‘s low season and decreased earnings from tourism. The president of the Tourism Council of Thailand (TCT), Chamnan Srisawat, announced that the second quarter’s score was two points lower than the prior quarter…
- Business News
Digital infrastructure to revolutionise Thailand’s capital market
A revolutionary digital infrastructure has been established in Thailand’s capital market, following collaborative efforts by the Stock Exchange of Thailand, the Association of Thai Securities Companies, and the Thai Bankers’ Association. The state-of-the-art system, aimed at fully electronic end-to-end bond offerings, was presented in an attempt to enhance the Thai market’s efficacy and transparency. This dynamic solution covers a broad…
- Economy News
Thai industries call for government aid to stimulate export growth amid falling rates
Industry leaders are soliciting governmental assistance in a bid to boost export growth, following steady declines observed over a streak of eight months, according to recent insights sourced from the Federation of Thai Industries (FTI). Discussions with 210 executives from 45 sectors of the industry revealed that an overwhelming 80% of respondents were in favour of government initiatives to trim…
- Business News
Thailand, UK strengthen ties towards strategic economic partnership
Thailand and the United Kingdom (UK)are looking to fortify their economic ties now the toxic dust of Brexit has settled. With the next Joint Economic and Trade Committee (JETCO) meeting on the horizon this November, it’s believed that both countries are ready to elevate their relationship to a potential strategic economic partnership. JETCO Director-General Auramon Supthaweethum spoke at length about…
