- Business News
Thailand’s revenue department ups tax amid economic slowdown
The Revenue Department faces a challenging year in meeting its tax collection targets, owing to a slowdown in economic activities. Despite this, five sectors have been identified as promising. The department, led by director-general Kulaya Tantitemit, has increased its revenue collection target to 2.27 trillion baht (US$61.7 billion) for the fiscal year 2024, up from 2.02 trillion baht (US$55 billion)…
- 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
Oil prices surge amid Middle East tensions and Russia-Ukraine war
Tensions in the Middle East and ongoing conflicts between Russia and Ukraine have elevated crude oil prices. Notwithstanding the fragile global economic climate, crude oil prices experienced a dip in the first quarter of the year, as the OPEC+ group of producers continued to restrict supply. Near the start of April 2024, the ICE Brent crude oil price has reached…
- 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
Tourism sector divided over elected versus appointed governors
The debate over elected provincial governors versus appointed heads is intensifying, revealing a divide among tourism operators. This issue gained momentum during last year’s general election, when several political parties, including Pheu Thai, proposed allowing locals to elect their governors, a practice already in place in Bangkok and Pattaya. Pheu Thai’s coalition government, during its policy announcement, introduced a CEO-governor…
- 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
Bitcoin rebounds amid Middle East military escalation uncertainty
Bitcoin, the largest cryptocurrency, recently bounced back from its steepest drop in over a year, marking the beginning of potential volatility across asset markets as investors grapple with the looming prospect of a military escalation in the Middle East. Bitcoin yesterday rose by a maximum of 5.9% and was traded at around US$64,600 as of 11.40am in London. Smaller cryptocurrencies…
- 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…
- Business News
April alcohol sales set to double, spiking road accidents feared
The CEO of Carabao Group, Sathien Sathientham, predicts that April’s alcohol sales are set to double, except for December. This increase is anticipated due to the prolonged Songkran festival and the extension of bar and pub opening hours in several areas, including Bangkok and Phuket. Nuttapong Boontob, a board member and assistant secretary of the ThaiRoads Foundation, expressed concerns about…
- Business News
Thai property stimulus measures to boost SET and lower costs
The Stock Exchange of Thailand (SET) is set to benefit from the newly sanctioned Thai property stimulus measures, which are expected to significantly lower costs for homebuyers. The reductions in transfer and mortgage fees apply to up to 70% of units available in the property market. The Cabinet this week approved measures for homes priced up to 7 million baht.…
- Business News
Crypto crackdown: Regulatory bodies unite to reel in P2P fraud
Regulatory bodies are rallying together to develop stringent rules to monitor the buying and selling of cryptocurrencies via peer-to-peer (P2P) transactions. These authorities have observed that fraudsters, seeking to cover their tracks after illicit activities, tend to use cryptocurrencies purchased P2P. The Securities and Exchange Commission (SEC) is being urged to revise or create regulations related to digital assets, to…
- Business News
Thai industries fear trade slump due to Myanmar conflict
The Federation of Thai Industries (FTI) voiced concerns over the escalating armed conflict in Myanmar, predicting a further slump in border trade and a surge in illegal workers from Myanmar into Thailand. The Thailand-Myanmar border trade, valued annually at 100 billion baht (US$2.7 billion), tends to suffer whenever conflict escalates, according to Kriengkrai Thiennukul, chairman of the FTI. “There are…
- Business News
BoT holds policy rate, predicts consistent economic growth
The Bank of Thailand has kept the policy rate steady at 2.5% during its latest meeting, rejecting governmental calls for a decrease. The decision, marking the third consecutive meeting with no change, is based on the Thai economy’s consistent growth, which has already exceeded 2023 levels. Piti Disyatat, the secretary of the Bank of Thailand’s Monetary Policy Committee (MPC), stated…
- Thailand News
Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
- Business News
Thai govt plans huge digital wallet handout to boost economy
The Pheu Thai Party government, led by Prime Minister Srettha Thavisin, is set to roll out a massive digital wallet handout scheme worth 500 billion baht (US$13.75 billion) in the fourth quarter of this year. The scheme, which is designed to stimulate economic activity, involves transferring a sum of 10,000 baht (US$275) to 50 million Thai citizens, intended to be…
- Business News
Thailand faces first consumer confidence dip in eight months
A recent survey has revealed a decline in Thailand’s consumer confidence for the first time in eight months. This dip in March is attributed to a sluggish economic recovery and escalating living expenses. The University of the Thai Chamber of Commerce (UTCC), which conducted the survey, reported a decrease in the consumer index to 63.0 in March, down from 63.8…
- Business News
Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
- Business News
Splashy Songkran: Thai restaurant sales set to surge despite economic lull
Looking ahead to the upcoming Songkran festival, a trade group predicts a boost in restaurant sales during the second quarter, which could potentially surpass pre-pandemic levels, despite the current stagnant economy. Thaniwan Kulmongkol, President of the Thai Restaurant Association, noted that although the second quarter is typically a slow season for the Thai restaurant industry, the Songkran festival is expected…
- Thailand News
Dusit International urges government to boost quality tourism in Thailand
Dusit International Vice Chairman Chanin Donavanik urged the government to focus on enhancing the quality of tourism and encouraging exploration of lesser-known destinations to boost the industry. Chanin believes the government’s existing tourism promotion policies, including visa-free schemes and luxury tax reductions, are effective. Chanin, who also serves as the executive committee’s chairman, highlighted several areas for the authorities to…
- Business News
Chevron abandons operations in Myanmar’s Yadana gas field
In an unprecedented move, Chevron, the US energy giant, has abandoned its operations in the Yadana natural gas field in Myanmar, as confirmed by a company representative. This decision comes over two years after the corporation expressed concern about the violence and human rights violations in the military-controlled nation and declared its intention to withdraw. The 41.1% stake in the…
- Business News
Chinese automaker Hozon aims to double its EV sales in Thailand
Hozon New Energy Automobile Co, a Chinese manufacturer operating as Neta Auto, has set a target to double its electric vehicle (EV) sales in Thailand to 30,000 units this year. The announcement was made during last month’s Bangkok International Motor Show. The company’s swift rise in popularity in Thailand, a market previously dominated by legacy automakers, is a testament to…
- Business News
AI poised to propel global productivity, says Microsoft CEO
Microsoft Group Chief Executive Officer (CEO) Satya Nadella has identified a pressing global need for a new artificial intelligence (AI) growth engine to unlock potential. According to Nadella, AI has emerged as the most potent technology since the inception of the Internet era and is capable of propelling worldwide productivity growth. The 56 year old CEO stated that the previous…
- Business News
China’s economic recovery revs up with Ching Ming Festival
China’s economic recovery is gaining momentum, driven by a boost in domestic travel and spending during the recent Ching Ming Festival. The three-day holiday saw a surge of over 10% in domestic travel and spending from pre-pandemic levels. The Chinese Ministry of Culture and Tourism confirmed that over 119 million domestic trips were recorded, exhibiting an increase of 11.5% compared…
