Alex Morgan
- Business News
Thailand’s central bank defends policy rates amidst govt pressure
Amidst persistent governmental pressure to decrease borrowing costs and stimulate slow-paced growth, Thailand’s central bank (BoT) defended its current policy interest rate settings today, stating they are resilient and capable of tackling future economic risks. The bank warned that although rate reductions could alleviate debt in the short term, they could also invite long-term hazards. By maintaining a steady rate…
- Tourism News
Thailand expects nearly a million Chinese and Japanese visitors
Tourism in Thailand is set to experience a significant boost as an estimated 996,000 Chinese and Japanese tourists are predicted to visit during the Labour Day holiday and Japan’s Golden Week. This figure indicates a 29% increase from the corresponding period last year, according to the Tourism Authority of Thailand (TAT). From April 26 to May 5, Thailand is expected…
- Business News
Finance Ministry suggests using oil fuel fund for diesel subsidy
The Ministry of Finance has suggested utilising the Oil Fuel Fund to maintain the subsidy on retail diesel costs, asserting that the fund has adequate resources to back the government’s diesel subsidy scheme. This advice comes from Deputy Finance Minister Krisada Chinavicharana, who iterated that the ministry is observing worldwide oil costs and the government’s revenue intake from May to…
- Thailand News
Thai firms jointly build waste-to-energy power facilities
A strategic alliance has been formed between local power and waste management firms to jointly finance and construct 12 waste-to-energy power facilities and three refuse-derived fuel production plants. This initiative is aimed at bolstering the country’s bio, circular, and green economic strategies. Supawat Khunvoravinij, who is currently serving as the acting managing director of Earth Tech Environment, a waste recycling…
- Automotive
Electric car sales to surge by 2024 despite economic challenges
The International Energy Agency (IEA) predicts a robust growth in the sales of electric cars in 2024, despite economic challenges in certain markets. Key driving factors for this surge include affordability and the development of charging infrastructure. The IEA estimates that electric car sales will reach 17 million this year, a boost from 14 million the previous year. This indicates…
- Thailand News
Thai tourism sector proposes 300-baht tax to counter over-tourism
Thai tourism operators are advocating for government regulations to address the rising issue of over-tourism in the country. They propose the implementation of a 300-baht tourism tax, which they believe could alleviate the problem. Their call for action comes in response to Prime Minister Srettha Thavisin’s commitment to make 2025 a pivotal year for Thai tourism. The Federation of Thai…
- Business News
Thai stock market rebounds amid renewed investor confidence
The Thai stock market made a strong comeback yesterday, experiencing a rise of approximately 1.3%. This resurgence was mirrored in other regional markets which also bounced back from significant losses incurred on Friday. Investors are seemingly reassured by the belief that a full-scale war in the Middle East is unlikely. This sentiment was further bolstered by the decision of the…
- Business News
Phuket anticipates one million Chinese tourists post-Songkran
The popular tourist resort island of Phuket is gearing up to welcome an additional influx of 1 million Chinese tourists this year. This forecast comes in the wake of a targeted tourism promotion that took place across three Chinese cities. Anupab Vejwanichsanong, who occupies the role of the vice president for the Phuket Administration Organisation, revealed today, April 22, that the roadshow’s…
- Business News
Plant-based meat popularity fuels new ventures in Thailand
The appeal of plant-based meat production continues to rise as companies recognise the lucrative potential of this burgeoning sector. The opportunity to tap into a new revenue stream and cater to health-conscious consumers has led to collaborations between local entrepreneurs, scientists, and international firms, said Buranin Rattanasombat, the senior executive vice-president for new business and infrastructure at PTT Plc. “In…
- Business News
Singapore introduces flexible work options from December 1
Singapore employees are set to enjoy a new level of workplace flexibility starting from December 1, with the ability to request four-day work weeks, increased remote working days, and varied work timings. This move is part of a broader global shift as governments and companies loosen traditional office structures to retain skilled staff. The Ministry of Manpower has revealed that…
- Business News
Sweet sorrow: Thailand’s sugarcane harvest takes a hit
A significant reduction in Thailand’s sugarcane yield in the 2023–24 crop year has been reported by the Office of the Cane and Sugar Board (OCSB). This decrease in production is attributed to severe drought conditions and is expected to have an impact on the worldwide sugar supply. Thailand is the second-largest exporter of sugar globally, following Brazil. Therefore, any decrease…
- Thailand News
Dip in Pattaya hotel occupancy despite Songkran festivities
Pattaya’s hotels and those in neighbouring provinces have seen a dip in occupancy rates during the Wan Lai Songkran festival. This downturn has prompted hoteliers to critique the promotional strategy for the extended 21-day Songkran celebration. Morrakot Kuldilok, head of the eastern chapter of the Thai Hotels Association (THA), projected that the occupancy rate in Pattaya would touch 70% over…
- Business News
Major creditors to rescue distressed Italian-Thai Development
Italian-Thai Development (ITD) Plc, currently facing financial distress, is set to receive an infusion of funds from its major creditors. The provision of fresh capital is aimed at bolstering the company’s operations without necessitating any rehabilitation plan. Bangkok Bank (BBL) President Chartsiri Sophonpanich, who is also a key ITD creditor, underlined the strong long-term business prospects of ITD, despite the…
- Business News
Thailand advances its bid for OECD membership to boost economy
Thailand is forging ahead with its application to become a member of the Organisation for Economic Cooperation and Development (OECD), a move that is anticipated to significantly enhance the country’s economic growth. The Thai Foreign Affairs Minister, Parnpree Bahiddha-Nukara, took a proactive step on Tuesday, April 16, by submitting an official letter of intent to Mathias Cormann, the secretary-general of…
- Business News
Thailand Post considers becoming virtual banking agent
Thailand Post, the government-owned logistics firm, is examining the possibility of becoming a neutral virtual banking agent to supplement the functions of emerging virtual banks, according to Chief Executive Dhanant Subhadrabandhu. The national organisation plans to use its extensive network of 1,600 branches and a delivery workforce of 25,000 to support this initiative. Serving as a neutral virtual bank agent…
- Business News
Hyundai’s electrifying dismay: Thailand EV sales spark low
Hyundai Mobility Thailand, the Korean automaker’s subsidiary, warns that this year’s electric vehicle (EV) sales in Thailand may fall short of the predicted 130,000 units. The company cites an ongoing price war amongst Chinese EV manufacturers as the primary obstacle, leading to unstable car prices and discouraging potential buyers. The managing director of Hyundai Mobility Thailand, Wallop Chalermvongsavej, noted the…
- Business News
Thailand’s PTT Plc sees future in hydrogen fuel for vehicles
PTT Plc, Thailand’s national oil and gas conglomerate, is forecasting a future where hydrogen could potentially replace oil-powered vehicles, contributing to the reduction of air pollutants. This year, the company’s subsidiary Arun Plus, in collaboration with Taiwan’s Hon Hai Precision Industry Co., is planning to domestically produce electric vehicles (EVs). Additionally, PTT is partnering with various companies to advance the…
- Business News
Revving up: Rever Leasing to drive BYD EV financing in Thailand
Rever Leasing, a vehicle finance subsidiary of Rever Automotive Co, the exclusive distributor for BYD electric vehicles (EVs) in Thailand, is set to launch operations next month. The firm has set a high target to become the top electric vehicle loan provider in Thailand within the next few years. Isara Wongrung, the CEO of Rever Leasing, expressed confidence in the…
- Business News
Thai IT service demand surges due to digital transformation and AI
Global managed service provider Kyndryl believes the demand for information technology (IT) services in Thailand is being driven by factors such as digital transformation, artificial intelligence (AI), smart cloud, and the modernisation of IT infrastructure. Kyndryl was born out of the spin-off of IBM’s infrastructure service business in 2021. Kittipong Asawapichayon, the managing director of Kyndryl Thailand and Vietnam spoke…
- Business News
Thai trial shows railway’s agricultural haul potential
A recent trial by Thailand Science Research and Innovation (TSRI) has demonstrated the vast potential of railway logistics for long-distance transportation of agricultural products. The experiment resulted in a 13-fold reduction of carbon emissions compared to air freight, as well as significant cost savings. Running the trial with high-efficiency mobile refrigerated container trains, TSRI transported the Royal Project’s fresh produce…
- Business News
Bangchak expands petroleum business in Norway
Bangchak Corporation, a prominent energy conglomerate listed on the Stock Exchange of Thailand (SET), is advancing its petroleum business in Norway. The corporation, via its subsidiary Okea ASA, is set to develop an additional production facility at the offshore Brasse petroleum field in the North Sea. This move aligns with Bangchak’s 2022 announcement to bolster its investments in oil and…
- Business News
Thailand likely to house major EV battery factory within two years
The Board of Investment (BoI) anticipates the establishment of a substantial facility for the manufacturing of battery cells for electric vehicles (EVs) in Thailand within a two-year timeframe. This projection follows a promotional roadshow conducted by the BoI in China just last week. Narit Therdsteerasukdi, the BoI Secretary-General, explained that this roadshow emphasised the benefits and incentives being offered to…
- Business News
Global oil prices dip over China’s economic slowdown
With the ongoing economic slowdown in China and diminishing hopes for imminent US interest rate reductions, global oil prices saw a decline in the early trade today. These concerns outweighed supply apprehensions triggered by escalating tensions in the Middle East. Trading at US$89.16 a barrel, Brent futures for June delivery experienced a minor decrease of 7 cents or 0.1%. Similarly,…
- Business News
Thai banks set for expansion amid ASEAN economies’ growth
A surge in regional business expansion is forecasted for major local banks in Thailand due to the growth potential of ASEAN economies. This outlook has been provided by Fitch Ratings Thailand, indicating promising revenue prospects for these banks through increased regional operations. In 2023, a noticeable upturn in the regional business of large local banks was observed, primarily due to…
- Business News
Chinese firms eye EV supply chain in Thailand’s Smart Park
Chinese companies have shown keen interest in the EV supply chain and energy sectors of the Smart Park Industrial Estate, situated in Rayong, Thailand. This industrial estate is due to open by the end of the current year, according to the Industrial Estate Authority of Thailand (IEAT). The companies aim to establish factories manufacturing EV components to cater to the…
- Business News
Thai govt plan for energy cost surge amid Israel-Iran conflict
Thailand’s Ministry of Commerce issued directives to state bodies to devise strategies to mitigate potential surges in energy costs in the event of an escalation in the Israel-Iran conflict. The directive follows Iran’s missile and drone assault on Israel, a retaliatory move against Israel’s alleged attack on Iran’s consulate in Damascus earlier this month. This marked the first direct attack…
- Business News
Southeast Asia lags in green investments
Southeast Asia is significantly lagging in green investments aimed at reducing emissions, according to a report by Bain & Company, a global consultancy. The region’s energy consumption is projected to increase by 40% within this decade, leading to a continued rise in carbon dioxide emissions due to its heavy reliance on fossil fuels. The report, produced in collaboration with green…
- Business News
Thai government profits from increasing Philippine rice imports
As the Philippines’ demand for rice imports swells, the Thai government is capitalising on this increasing requirement. The Southeast Asian country is set to import more rice this year than previously estimated, providing a lucrative opportunity for Thailand’s rice export market. Commerce Minister Phumtham Wechayachai has thus instructed the Department of Foreign Trade (DFT) and the commercial attaché in the…
- Business News
Durian exports to undergo regulatory revamp in Thailand
Thailand’s durian exports are set for a regulatory overhaul to ensure quality and competitiveness on the global stage, according to government spokesperson Chai Wacharonke. As the leading global durian exporter, Thailand’s move towards stricter quality control aims to bolster its market position. The export of durians has become a significant revenue source for the country, with earnings reaching 120 billion…
- Business News
Thailand aims to transform local festivals into renowned attractions
The National Soft Power Strategy Committee of Thailand is setting its sights on transforming traditional events into world-renowned festivals throughout the country’s 77 provinces. This objective will be achieved through comprehensive research and festival organisation training. The committee’s vice president, Dr Surapong Suebwonglee, highlighted the need to better manage the country’s numerous attractions. He opined that the country’s festivals, if…
