Alex Morgan
- Business News
Chevron Thailand’s gas game-changer: Boosting domestic supply and breaking free from costly imports
Chevron Thailand Exploration and Production aims to boost domestic gas supply to reduce the Thai government’s reliance on costly liquefied natural gas (LNG) imports, with plans to increase petroleum production in the Gulf of Thailand. The US-based company was granted a licence to explore and produce petroleum at Block G2/65, an area of 15,030 square kilometres in the gulf, under…
- Business News
Bolt invests 300 million baht in Thai expansion amid ride-hailing competition
Estonian tech firm Bolt is set to invest 300 million baht in Thailand to bolster its presence in the country as part of its Southeast Asian expansion strategy. This move follows Bolt’s recent funding round, which raised 628 million euros at a valuation of 7.4 billion euros, earmarked for geographical growth. The company’s expansion adds to the fierce competition in…
- Business News
Impact of higher interest rates on Thai businesses and homebuyers
Concerns are rising among industry leaders that higher interest rates could negatively impact businesses, particularly small ones, and weaken the purchasing power of homebuyers. The Bank of Thailand’s Monetary Policy Committee recently voted to raise the policy rate to 2.00% from 1.75%, prompting state and private banks to follow suit. The Federation of Thai Industries (FTI) warns that higher interest…
- Business News
Thailand urged to boost beauty and wellness market for long-term growth
Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period. Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial…
- Business News
Thailand’s NBTC mulls supervision of OTT platforms for fair telecoms
The National Broadcasting and Telecommunications Commission (NBTC) is weighing the potential regulation of over-the-top (OTT) platforms in Thailand to create a level playing field and ensure equal treatment in the telecom sector. Despite major foreign OTT platform providers having established operations offices in Thailand and adhering to value-added tax (VAT) payment rules, the regulator is contemplating whether these operators should…
- Business News
Binance.US drops dollar trading amid banking partners’ withdrawal
Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, announced that it will cease offering trading services in United States dollars. This decision comes after the company’s banking partners withdrew support due to pressure from federal regulators. The inability to trade in US dollars is a significant setback for Binance.US, as one of the primary functions of a cryptocurrency…
- Business News
Teka Construction shifts focus to non-condo projects for revenue growth
Teka Construction Plc is shifting its attention towards non-condominium projects, housing developments, and construction materials in an effort to decrease its dependence on high-rise residential projects. Chief Financial Officer Suphon Chongchintaraksa revealed that the company plans to broaden its scope and clientele to encompass various construction projects, including international schools, warehouses, shopping centres, and government sector developments. “Construction work in…
- Business News
Thai firms eye investment deals in Saudi Arabia
Thailand and Saudi Arabia are forging strong economic ties, with several collaboration deals in progress. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, recently visited Saudi Arabia with a Thai delegation led by Foreign Minister Don Pramudwinai. During the visit, it was announced that PTT Oil and Retail Business Plc (OR) plans to establish petrol stations in Saudi Arabia,…
- Business News
Hong Kong’s legal ambiguity risks eroding foreign business confidence
Hong Kong’s legal ambiguity surrounding the June 4 anniversary of the 1989 Tiananmen Square crackdown has raised concerns among the city’s foreign business community. The government’s unwillingness to clarify the legal status of the commemorations, which are now deemed illegal under the Beijing-imposed national security law (NSL), is causing unease among companies who have long valued the British-inherited legal system…
- Business News
90% Thai employees seek new jobs despite bleak economy
A significant majority of Thai workers are open to exploring new job opportunities despite an uncertain global economic climate, a recent study by recruitment firm Michael Page has found. The Talent Trends report, which surveyed 942 individuals in Thailand, revealed that over half of the respondents are actively seeking or planning to find new employment within the next six months.…
- Business News
FTI seeks Chinese investment boost in Thai EV, food, and healthcare sectors
The Federation of Thai Industries (FTI) is seeking to boost Chinese investment in Thailand, focusing on the electric vehicle (EV), food, and healthcare sectors, through increased business collaboration with Beijing. Kriengkrai Thiennukul, chairman of the FTI, recently met with the Chinese ambassador to Thailand, Han Zhiqiang, to discuss potential investment opportunities. Kriengkrai envisions Thailand as a production base for Chinese…
- Business News
Thai consumer confidence hits highest level since March 2020
Consumer confidence in Thailand reached its highest level since March 2020, with a 12th consecutive monthly increase in May. The University of the Thai Chamber of Commerce (UTCC) reported that the consumer confidence index rose to 55.07 in May, up from 55 in April. Factors contributing to this increase include a recovering economy, a resilient tourism sector, and political campaigns…
- Business News
Saudi wealth fund takes over clubs, lures football stars
Next season, Saudi Arabia’s football league will feature some of the sport’s top players, including Cristiano Ronaldo, Karim Benzema, and N’Golo Kante. The Saudi Professional League (SPL) is set to commence in August, and more high-profile signings are anticipated. In addition to these transfers, the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), overseen by Crown Prince Mohammed bin…
- Business News
Bank of Thailand continues interest rate normalisation amid new government
The Bank of Thailand has stated that the formation of a new government will not impact its decision to raise interest rates further. The central bank’s deputy governor, Mathee Supapongse, emphasised the need for the bank to maintain a separate view from elected officials, with the aim of continuing to normalise interest rates. “Despite recent increases, Thai interest rates are…
- Business News
Isuzu factory relocation rumours hit Thai auto parts shares
A significant decline in the shares of Thai auto parts companies was observed today, following rumours that Japanese automaker Isuzu Motors intended to move its Thai factory to Indonesia. The Indonesian Industry Minister, Agus Gumiwang Kartasasmita, stated yesterday that Isuzu could potentially commence production in Indonesia as early as next year. However, Isuzu denied any such relocation plans today. In…
- Business News
SEC offers guidance for investors amid Stark’s potential bond default
The Securities and Exchange Commission (SEC) has issued guidelines for investors as Stark Corporation faces the possibility of defaulting on bond payments worth nearly 9.2 billion baht. The SEC has emphasised that investing in debt securities carries high risks and that investors could lose both principal and interest. The guidelines aim to clarify the roles and functions of bond representatives…
- Economy News
Thai GDP growth at risk as new government formation faces delays
Concerns are rising within the private sector as the potential delay in the formation of Thailand’s new government could lead to a decline in the country’s GDP growth to 1-2%. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is closely monitoring the political situation. A new government…
- Business News
Japan data centre providers invest US$164m in Thailand expansion
Thailand has seen a significant influx of investment from data centre providers, with two Japan-based companies investing a combined US$164 million in the country. This comes as digital transformation and cloud computing continue to grow exponentially. Telehouse recently launched its first Thai data centre, investing US$74 million in the project. Meanwhile, NTT invested 3 billion baht through its subsidiary, NTT…
- Business News
BEC World targets leading content provider status amid digital disruption
BEC World, the operator of Thailand‘s Channel 3, is embarking on a transformation to become a leading content provider and expand its revenue streams in the digital content platform and global content licensing sectors. Surin Krittayaphongphun, president of TV business and executive director at BEC World, said this strategic move aims to ensure the company’s survival and sustainable growth in…
- Business News
TKC partners with European firms for Thai smart city and building projects
Turnkey Communication Services (TKC), a digital solutions provider listed on the Stock Exchange of Thailand, has announced a partnership with three European tech companies to develop smart buildings and smart cities in Thailand. This collaboration supports the Thai government’s digital transformation roadmap and aims to deliver integrated solutions for people flow management systems, using 3D sensors and artificial intelligence (AI)…
- Business News
Thai state banks raise interest rates after central bank policy hike
Following the Bank of Thailand‘s recent policy rate increase, state banks, including the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC), have raised interest rates for loans and deposits, with deposit rates exceeding loan rates. Vitai Ratanakorn, GSB’s president and chief executive, stated that after the central bank’s policy rate increased by a quarter percentage…
- Business News
Japanese startup Exit outsources resignations, easing employee guilt
In Japan, a unique startup named Exit has emerged, offering employees a way to resign from their jobs without facing their bosses directly. Exit, founded by Toshiyuki Niino and Yuichiro Okazaki, charges a fee of 20,000 yen (US$144) to inform a client’s employer about their decision to quit, eliminating the need for any uncomfortable confrontations. Since its inception in 2017,…
- Business News
UK house prices fall for first time in 11 years amid rising borrowing costs
UK house prices have experienced their first decline in over a decade, with increasing borrowing costs impacting potential buyers, according to mortgage lender Halifax. In May, the average property price saw a 1% drop compared to the same month in the previous year, with prices £7,500 lower than their peak in August. Halifax’s Director of Mortgages, Kim Kinnaird, highlighted that…
- Business News
China’s exports shrink, imports fall amid weak global demand
Chinese exports experienced a sharper decline than anticipated in May, while imports also fell, reflecting weak international demand and sluggish domestic consumption. In May, exports from the world’s second-largest economy dropped 7.5% year-on-year, the largest decrease since January, compared to 8.5% growth in April. Imports shrank by 4.5%, a slower rate than the 7.9% decline in the previous month. The…
- Business News
OECD raises global growth outlook as inflation eases, warns of long road
The Organisation for Economic Co-operation and Development (OECD) has marginally increased its global economic growth forecast to 2.7%, up from 2.6% in its previous report. This revision is attributed to easing inflation, China lifting Covid restrictions, falling energy prices, and supply chain improvements. However, the recovery remains below the 3.3% growth recorded in 2022, and the organisation warns of a…
- Business News
SET and AIMC to use class action law to protect investors amid Stark fraud probe
The Association of Investment Management Companies (AIMC) and the Stock Exchange of Thailand (SET) are set to utilise class action law to safeguard investors’ interests as the Department of Special Investigation (DSI) examines potential fraud involving former executives of Stark Corporation. Stark’s shares plummeted by approximately 90% after the SET allowed trading to resume on June 1, causing significant harm…
- Business News
Sam Altman dismisses public listing, discusses AI’s future and regulation
OpenAI CEO Sam Altman has stated that the company, backed by Microsoft and known for its ChatGPT technology, has no intentions of going public in the near future. Speaking at a conference in Abu Dhabi, Altman expressed concerns about potential conflicts with investors’ expectations and the need for a unique structure to maintain OpenAI’s capped-profit model. OpenAI has raised US$10…
- Economy News
Medical glove exports decline amid allergy concerns and easing Covid-19 cases
The export of medical gloves made from rubber latex is expected to continue its decline this year, as Covid-19 infections ease and some countries impose bans on natural rubber gloves due to allergy concerns, according to the Office of Industrial Economics (OIE). The decline in glove exports has been significant since last year, impacting Thailand, Indonesia, and Malaysia, said Warawan…
- Economy News
Thai coalition parties propose zero-based budgeting for efficiency
The implementation of zero-based budgeting (ZBB) has been proposed by the Move Forward Party (MFP) as part of a 23-point memorandum of understanding signed by eight political parties seeking to form a new coalition government. The MFP argues that the current budgeting system fails to address the public’s needs due to bureaucratic hurdles. ZBB requires state officials to justify expenses…
- Business News
Bangkok’s YMID initiative drives Thai medical innovation to meet Asian demand
The National Innovation Agency (NIA) is continuing to push forward the Yothi Medical Innovation District (YMID) initiative in Bangkok, aiming to meet the growing demand for a central medical hub in Asia, according to NIA’s executive director, Pun-Arj Chairatana. Situated in Bangkok’s Yothi neighbourhood, the YMID project seeks to decrease imports of medical innovations and establish a Thai medical innovation…
