Alex Morgan
- Economy News
Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
- Business News
Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
- Business News
Thai Shippers’ Council eyes 0-1% export growth amid new government push
The Thai National Shippers’ Council (TNSC) maintains that the nation’s exports can achieve a growth of 0-1% this year, calling for the swift formation of a new government to boost trade competitiveness and tackle economic challenges. TNSC Chairman Chaichan Chareonsuk anticipates that Thai exports from May to June will experience a slight year-on-year contraction, leading to a 5-6% decline for…
- Business News
Shanghai court freezes £200m in Dalian Wanda unit shares
A Shanghai court has imposed a freeze on 1.98 billion yuan (US$278.18 million) worth of shares in a subsidiary of Dalian Wanda Group, the largest commercial property developer in China. The affected shares were issued by Dalian Wanda Commercial Management Group, the property management division of Dalian Wanda Group. Two court notices, dated June 5, revealed that the shares were…
- Business News
Asia-Pacific stocks rise on China stimulus hopes and Wall Street gains
Asian-Pacific stock markets experienced gains on Wednesday, as expectations for economic stimulus from China and Wall Street’s overnight gains boosted investor sentiment. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.7% in the morning, with China’s benchmark equity index increasing by 0.3% and Hong Kong’s Hang Seng adding 1.2%. This comes after China reportedly requested major banks…
- Business News
Thailand’s TPIPP allocates 14 billion baht to phase out coal by 2026
TPI Polene Power Plc (TPIPP), the leading waste-to-energy project developer and operator in Thailand, is set to continue its five-year capital expenditure plan of 14 billion baht. The plan, which began last year, aims to replace coal usage with renewable energy sources and increase the company’s power generation capacity. TPIPP has earmarked 3 billion baht for projects focused on reducing…
- Business News
AI boom offers productivity boost, defying dotcom bubble fears
Despite the hype surrounding artificial intelligence (AI) since Microsoft’s investment in ChatGPT back in January this year, the buzz in the markets is far from the excesses of the dot-com bubble. The recent rise in Nvidia’s market capitalisation, reaching US$1 trillion, has raised some eyebrows. However, the AI boom has a more solid foundation. The decline in Big Tech stocks…
- Business News
EU mulls mandatory ban on high-risk 5G firms like Huawei
The European Union is contemplating a compulsory prohibition on member states utilising firms that may present a security threat in their 5G networks, which includes China’s Huawei Technologies, according to the Financial Times. This decision is a reaction to growing apprehensions in Brussels regarding specific national governments postponing measures on the issue, as reported by officials. In 2020, the EU…
- Business News
Boeing halts 787 Dreamliner deliveries again due to manufacturing issue
Boeing announced on June 6 that the delivery of its 787 Dreamliner aircraft has once again been delayed due to a manufacturing issue. This is the latest in a series of setbacks that have affected the two-aisle jet. The company stated that it is currently inspecting fittings on the horizontal stabiliser, a part of the tail, for a “nonconforming condition.”…
- Business News
TSMC’s German chip factory talks progress, subsidy negotiations ongoing
Taiwanese chipmaker TSMC has expressed optimism regarding ongoing talks to establish its first European factory in Germany. The company has been in discussions with the German state of Saxony since 2021 about constructing a fabrication plant in Dresden. The European Union recently approved the EU Chips Act, a US$46.07 billion subsidy plan aimed at doubling the region’s chipmaking capacity by…
- Business News
Thailand set to exchange financial data to combat transnational tax evasion
The Revenue Department of Thailand is set to enhance its efforts to combat transnational tax evasion through the exchange of financial information, according to its director-general, Lavaron Sangsnit. Thailand joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017 and has since been working towards adhering to international standards for tax cooperation. The Convention on…
- Business News
Chinese suppliers protest Changan’s 10% payment cut amid price war
In the wake of an ongoing price war among automobile manufacturers in China, Chongqing Changan Automobile, a state-owned automaker, has faced backlash from its suppliers after cutting their payments by 10%. The suppliers claim that they are being unfairly forced to bear the brunt of the intense competition in the world’s largest auto market. Since January, over 40 brands have…
- Business News
WHAUP eyes Vietnam wind, solar assets to meet rising energy demand
WHA Utilities and Power (WHAUP), a subsidiary of Thailand’s largest industrial land developer and operator, is set to acquire wind and solar power generation facilities in Vietnam with a capacity of 50-100 megawatts. This move aims to capitalise on the increasing energy demand in the country. The acquisition is expected to be finalised by the end of the year, according…
- World News
Japan sees fastest wage growth in 30 years but weak household spending persists
In April, Japan experienced a rise in wages as major companies increased pay at the fastest rate in 30 years, responding to workers’ demands for higher salaries to cope with inflation. However, household spending remained weak, highlighting an uneven economic recovery. The wage data offers an early insight into the effects of the spring labour negotiations, known as “shunto,” and…
- Thailand News
US SEC sues Binance for deception, crypto market takes a hit
Cryptocurrencies and shares in blockchain-related firms experienced a sharp decline following the US Securities and Exchange Commission’s (SEC) lawsuit against Binance, the world’s largest crypto exchange. The SEC accused Binance and its CEO Changpeng Zhao of secretly controlling Binance.US, inflating trading volumes, diverting customer funds, and failing to restrict US customers from its platform. This has led to a drop…
- World News
Snap hires ex-Google VP to boost ad targeting and measurement
Snap Inc announced yesterday that it has appointed a new senior vice president of engineering from Google, marking the latest addition to its team in a bid to boost its advertising business. Eric Young, who previously served as vice president of engineering for Alphabet Inc’s Google Cloud, will be responsible for overseeing Snap’s core infrastructure, which includes the widely-used photo…
- World News
China plans AI regulation after Elon Musk’s productive discussions
Chinese authorities are planning to introduce regulations for artificial intelligence (AI) in the country, according to Tesla CEO Elon Musk. He shared this information during a Twitter Space conversation with Democratic presidential candidate Robert F Kennedy Jr, following his recent visit to China. Musk mentioned that he had “very productive discussions” with senior Chinese leadership regarding the risks of AI…
- Business News
Thai future food industry targets 5% growth amid health and eco trends
The Thai future food industry is expected to see a 5% growth this year, as the demand for healthier and more environmentally friendly food options rises. Visit Limlurcha, president of the Thai Future Food Trade Association, highlights the potential for export growth due to global trends that are bringing about significant changes in production, economies, lifestyle, society, and behaviour. From…
- Business News
Sky ICT’s subsidiary Pro Inside eyes Stock Exchange of Thailand listing
Sky ICT, a SET-listed aviation technology firm, is planning to list its wholly-owned subsidiary Pro Inside on the Stock Exchange of Thailand in early 2024, in a bid to create a new long-term revenue stream. Pro Inside, an intelligent system integrator, was separated from Sky ICT last year to focus on bidding for state projects. Pro Inside CEO Benyapa Chalermwat…
- World News
Apple unveils Vision Pro mixed reality headset, challenging Meta
Apple has revealed its first mixed reality headset, the Vision Pro, entering the market dominated by Meta and targeting users beyond gamers and technology enthusiasts. The headset is priced at US$3,499 and will be available in the United States in early 2024. The announcement marks Apple’s most significant product launch since the introduction of the Apple Watch in 2015. Apple…
- Business News
Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
- Business News
Bank of Thailand likely to hike rates amid inflation concerns
Inflation concerns prompt predictions of further Bank of Thailand rate hikes this year, as the nation’s economy recovers. Siam Commercial Bank’s research unit, SCB Economic Intelligence Center (EIC), anticipates the central bank’s Monetary Policy Committee (MPC) will increase its policy benchmark rate by a quarter percentage point in both August and September, bringing it to 2.5% from the current 2%.…
- Business News
BAFS targets 7.5 billion baht revenue by 2026 with renewable energy focus
Bangkok Aviation Fuel Services Plc (BAFS) is predicting its revenue to hit 7.5 billion baht by 2026, with a significant boost from its diversification into renewable energy development. Although the jet refuelling service, which has bounced back from pandemic-induced losses over the past three years, remains the company’s primary focus, its earnings proportion is expected to decrease. BAFS estimates that…
- Business News
Lee Kum Kee eyes Thai ready-to-eat market expansion (video)
Asian sauce and seasoning manufacturer Lee Kum Kee Sauce Group is exploring opportunities to enter Thailand’s ready-to-eat food market through collaborations with local partners. Having been in the industry for 135 years, the company recognises the growth potential in this sector as it caters to the demands of busy consumers seeking convenience. Cheryl Chan, the regional marketing director of Mahsuri…
- Business News
Asian stocks surge as us debt default averted
Asian stocks experienced gains on Friday, following the US Senate’s approval of legislation that prevents a US debt default. The possibility of the US Federal Reserve deciding against raising interest rates this month also contributed to the positive sentiment. Last week, Thai shares fluctuated between 1,521.31 and 1,545.55 points, eventually closing at 1,531.20 on Friday, marking a 0.024% increase from…
- World News
Kremlin bars unfriendly countries journalists from St Petersburg Economic Forum
The St Petersburg International Economic Forum (SPIEF), an event often considered Russia’s response to the World Economic Forum in Davos, will not be open to journalists from “unfriendly countries,” according to the Kremlin. The annual forum, held since 1997, has never before imposed such a blanket ban on Western journalists. Kremlin spokesman Dmitry Peskov confirmed the decision to TASS news…
- Business News
Thai tourism risks missing Indian visitor target due to visa delays, taxes
Tourism operators catering to Thailand‘s Indian market have expressed concerns over the potential impact of slow visa application processing, high airfares, and an increase in outbound tax rates from India on visitor numbers to Thailand. These factors could contribute to the Thai government failing to achieve its target of attracting 2 million Indian tourists this year. Enchantive Asia’s chief executive…
- World News
Finance Ministry revokes Asia Wealth Securities licence for misusing client funds
The Ministry of Finance has withdrawn Asia Wealth Securities‘ (AWS) securities business license following a recommendation from the Securities and Exchange Commission (SEC) due to the unauthorised use of client funds. The SEC discovered that on November 14, AWS had improperly utilised 154 million baht of clients’ funds to buy shares of More Return (MORE) from Thailand Clearing House without…
- Business News
Manufacturing Expo 2023 eyes 6 billion baht business deals at Bangkok event
Exhibition organiser RX Tradex is gearing up to facilitate business matching deals worth an estimated 6 billion baht during the Manufacturing Expo 2023, which is set to take place later this month in Bangkok. The event will showcase new Thai manufacturing trends and is anticipated to boost investment in the country, according to Varaporn Dhamcharee, the managing director of RX Tradex.…
- Business News
Thai Cabinet extends contracts of migrant workers, easing labour shortage fears
The Thai Cabinet‘s recent decision to extend employment contracts for over 200,000 migrant workers has alleviated concerns about a domestic labour shortage. Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce and president of the Labour and Skill Development Committee, said the move addresses management issues related to migrant workers while easing the worker shortage in industries requiring intensive labour…
