- Business News
Predicted surge in global gold prices to US$2,500 per ounce
Global gold prices are set to touch US$2,500 per ounce in the latter half of this year, as per predictions by local gold traders, despite a recent slump below US$2,300. The market has scaled down its expectations for US interest rate cuts this year to a maximum of two times, a reduction from the previously anticipated three to four times.…
- Business News
Boardroom balance: Thailand trails in female representation stakes
Thailand falls slightly short of the Southeast Asian average for women in board positions, with 19% compared to 19.9%, as revealed in the 2023 Women in the Boardroom report by Deloitte Global. This figure also remains behind the global average of 23.3%. Nevertheless, Thailand ranks second in Southeast Asia for female chief executives, equalling Singapore’s 11.9% and sitting just behind…
- Business News
Thailand implements blueprint for responsible tourism management
Concerns about overtourism are intensifying globally as popular destinations like Venice start imposing daily entry fees and Japan attempts to divert tourists to less-visited provinces. Thailand, expecting 40 million foreign arrivals this year, faces similar challenges. The Deputy Governor for Domestic Marketing at the Tourism Authority of Thailand (TAT), Somradee Chitchong, emphasised the lack of a tourism-carrying capacity blueprint in…
- Business News
Government’s financial burden increases with digital wallet project
The government’s financial burden, expressed as the ratio of interest to estimated government revenue, is expected to rise from the current 8% to 11% in the coming year. This projected increase is due to the implementation of the government’s flagship digital wallet handout. An anonymous source from the Finance Ministry revealed that the present 8% ratio aligns with an A…
- Business News
Thai stock market set for a drop due to US inflation
Kasikorn Asset Management (K-Asset) anticipates a downward trend in the Thai stock market over the forthcoming quarter, prompted by a slow decrease in US inflation and interest rates. The asset management firm advises investors to mitigate risk through portfolio diversification, targeting the US and Indian stock markets. K-Asset CEO Wajana Wongsupasawat forecasts an additional drop in the Thai market in…
- Business News
Syntec construction prioritises data centre projects
Public traded contractor Syntec Construction formed a dedicated team to manage the growing demand for data centre construction projects, particularly from industry heavyweights. This initiative is part of Syntec’s business strategy for this year, which prioritises bids for data centre construction owing to their heightened demand across the industry, according to Chief Executive, Somchai Sirilertpanich. The company has expanded its…
- Business News
Maybank drops Thailand’s GDP growth forecast amid export and manufacturing slump
Maybank IBG Research has revised downwards its GDP growth forecast for Thailand, for both the current year and 2025. The downgraded estimates are due to a combination of factors, including a faltering export outlook, a deepening manufacturing slump, an uneven recovery in tourism, and limited chances of interest rate cuts by the Bank of Thailand this year. For this year,…
- Business News
Thailand’s central bank halts proposed 1% fee on credit cardholders
The Bank of Thailand has stalled the proposed introduction of an additional 1% fee on local credit cardholders, necessitating card issuers to consider other alternatives. This decision was taken after several credit card issuers declared that they would be waiving the 1% fee for payments made in baht to overseas registered merchants and online shopping platforms. Earlier in March, these…
- Business News
Thailand’s headline CPI rises unexpectedly in April, ends slump.
Commerce Ministry officials in Thailand announced today that the country’s headline consumer price index (CPI) experienced a year-on-year increase of 0.19% this April. This is a notable shift from the previous month’s 0.47% year-on-year decrease and considerably exceeds the 0.25% fall projected by a Reuters poll. Such a rise in inflation after a seven-month negative streak indicates a significant change in…
- Business News
Thai energy business reports 2.6% decline in Q1 fuel consumption
The Department of Energy Business (DOEB) reported a 2.6% decline in fuel consumption in the first quarter of the year, amounting to 156.7 million litres per day. This decrease is attributed to the expiration of the capped price policy. The Director General of DOEB, Sarawut Kaewtathip, noted a rise in the daily average volume of jet fuel and liquefied petroleum…
- Business News
GIF expedites Covid-19 payouts amid financial strain
The General Insurance Fund (GIF) proposed an expedited payment option for Covid-19 policyholders, where they can avail of an immediate reduced payout rather than wait for a decade for the full claim. This could mean receiving 60 baht now instead of 100 baht in the future, according to Finance Permanent Secretary Lavaron Sangsnit. Governmental body GIF was formed to safeguard…
- Business News
Finance ministry secures deals for 250 billion baht investments
Following the passing of the fiscal 2024 Budget Expenditure Act, the Finance Ministry has confirmed that new financial agreements for investment projects totalling 250 billion baht have been finalised. Deputy Finance Minister Krisada Chinavicharana revealed that during the delay in the act’s signing, governmental bodies with pending investment projects initiated their procurement processes. These processes included creating terms of reference…
- Business News
Bitcoin price falls due to Fed’s interest rate decision
The price of Bitcoin plummeted to a two-month low, coming in at approximately US$57,000. This followed comments by the Federal Reserve chairman, Jerome Powell, suggesting that interest rates would remain high for an extended period to combat persistent inflation. This popular cryptocurrency has seen a decrease of more than 4% over the past two days. This comes after a near…
- Business News
Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
- Business News
AirAsia Cambodia launches anticipates aviation sector growth
A new low-cost airline, AirAsia Cambodia, was launched yesterday marking a significant milestone in Southeast Asian aviation. The chief executive of Capital A, AirAsia’s parent company, Tony Fernandes, anticipates a promising outlook for aviation in the region, driven by an increased influx of Chinese tourists, particularly in Thailand, despite soaring fuel costs and a robust US dollar. “Despite the economic…
- Business News
BGRIM to invest US$3.39m in Middle East’s energy market
A dominant player in the power industry, BGRIM disclosed its plans to infiltrate the Middle Eastern clean energy market, with an investment approaching US$3.39 million for a 40% stake in the independent power producer, ThreeEightSix Holdings Ltd. The company’s president, Harald Link, confirmed this strategic investment that focuses on commercial and industrial solar assets within the Gulf Cooperation Council region,…
- Business News
Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
- Business News
Thai govt cancels VAT exemption for low-priced imported goods
The digital economy’s growth in Thailand led to a surge in trade on foreign online platforms, which has caused considerable disruption for local businesses. The local market has been flooded with cheap Chinese products, putting domestic entrepreneurs at a disadvantage and unable to compete on price. This situation has prompted many to fade away, compelling the government to take action.…
- Business News
Thai-tanic surge: Thailand investment pledges make waves
According to data released by the Board of Investment (BOI) today, Thailand’s investment pledges surged 31% in the first quarter of 2024. This promising growth was recorded in comparison to the corresponding period of last year. The information revealed that the aggregate value of all investment applications in the first three months, leading up to March, soared to 228 billion baht…
- Business News
Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
- Business News
IBM Thailand Director emphasises AI’s impact on economy
As Thailand grapples with geopolitical conflicts, economic barriers, and technological disruptions, the newly appointed managing director of IBM Thailand shared his vision for the nation’s future. Anothai Wettayakorn emphasised the critical importance of focusing on controllable factors in a complex world and said that strategic planning and positivity could bring about positive change. Anothai went on to highlight the exceptional convergence…
- Business News
Jorakay to invest 300 million baht in Vietnam factory
Jorakay Corporation, a renowned producer of tile adhesive, grouting products, and various construction chemicals under the Crocodile brand, announced intentions to invest 300 million baht in a Vietnam factory in 2028. The investment is earmarked for the establishment of a factory in Vietnam, driven by robust demand and the company’s aspiration to expand its export reach to the Philippines and…
- Tourism News
Thai tourism industry supports reintroduction of 300 baht tourist fee
Tourism industry stakeholders in Thailand voiced their support for the reintroduction of a 300 baht fee for incoming tourists, viewing it as crucial for generating funds for tourism development. The Tourism Council of Thailand (TCT) intends to discuss the project’s necessity with Sermsak Pongpanich, the incoming tourism minister. Surawat Akaraworamat, TCT’s Vice President, said that the Thai Chamber of Commerce…
- Thailand News
Ex-Binance CEO Changpeng Zhao receives four-month sentence
The former CEO of Binance and once a dominant figure in the cryptocurrency industry, Changpeng Zhao, was given a four-month prison sentence yesterday after admitting to violating anti-money laundering laws in the United States. The sentencing of Changpeng, commonly known as CZ, marks a landmark moment in the crypto industry, with two major figures now having been imprisoned. The sentence,…
- Business News
Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
- Business News
Citi expands medium-sized business operations in Thailand, Asia
International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets. The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic…
- Business News
Kasikornbank and SUN group fund Thai solar startup Ion Energy
Kasikornbank’s subsidiary Beacon Venture Capital has collaborated with Indonesia’s Solar United Network (SUN) Group to complete a Series A funding round for Ion Energy, a solar energy startup based in Thailand. The funding round closed at US$3 million. Ion Energy offers affordable, clean energy solutions to both residential and commercial sectors within Thailand. Beacon Venture Capital Managing Director Thanapong Na…
- Business News
SET extends deadline due to few presidential applicants
The Stock Exchange of Thailand (SET) has delayed the application deadline for its presidential role until May 15, following a lack of applicants. The present president, Pakorn Peetathawatchai, is due to step down in September. The SET chairman role also remains unfilled after Pichai Chunhavajira’s recent resignation. The exchange is seeking candidates who can support its vision of making the…
- Business News
Microsoft invests US$1.7 billion in Indonesia for AI, cloud services
Microsoft revealed its plan to invest US$1.7 billion in Indonesia, with the intent of enhancing the nation’s cloud services and artificial intelligence (AI) capabilities. This includes the construction of data centres, according to the company’s chief executive, Satya Nadella, who announced it today, April 30, during his visit to the country. Marking his first stop in a Southeast Asian tour,…
- Business News
Manufacturing production index drops by 5.13% in March
Continuing its downward trend for the 18th month in a row, the manufacturing production index experienced a 5.13% drop in March compared to the same period last year, according to an Industry Ministry report. This decline, which is more severe than analysts’ predictions, is attributed to a slowdown in automobile production, a decrease in exports, and increasing household debt. Analysts…
