- Business News
Thailand enforces ban on maize imports from field burning regions
The Government of Thailand has given the green light to a ban on maize imports from regions notorious for field burning, a practice contributing to the annual smog crisis. This legislation is slated to come into force within the year. This action is part of a broader strategy to mitigate the recurring smog issue, which the government primarily attributes to…
- Business News
Bitcoin: Binance CEO predicts crypto surge beyond US$80,000
The value of Bitcoin could surpass the projected US$80,000 by year-end, due to increased investment in crypto-backed exchange-traded funds (ETFs) and an upcoming supply cut, according to Binance CEO Richard Teng. During his recent visit to Bangkok, Teng reiterated this optimistic outlook was his personal view, but he pointed to the January launch of spot Bitcoin ETFs in the US…
- Business News
Feast your eyes: CRG plans to serve up 100-120 new eateries
Central Restaurants Group (CRG) has set its sights on launching between 100 and 120 new dining establishments this year, in anticipation of the restaurant sector’s broadening scope. The industry’s worth is projected to approach a substantial figure of nearly 500 billion baht by 2024. Nath Vongphanich, CRG President, anticipates an overall market growth of 5-7% this year, pushing its value…
- Business News
Index Living Mall targets low-income success defies mortgage setbacks
Index Living Mall (ILM), a Stock Exchange of Thailand (SET)-listed company, has observed rapid growth in the low-income segment, despite soaring mortgage rejection rates. This trend led to a strategic shift in the company’s approach, expanding its product range to include non-branded furniture and budget-friendly products imported from China. Kridchanok Patamasatayasonthi, ILM Managing Director, highlighted the exceptional 100% growth within…
- Business News
TPIPP announces coal-free green initiative plans by 2026
TPI Polene Power (TPIPP), the largest waste-to-energy (WTE) project developer and operator in Thailand, announced its coal-free plans as part of a broader green initiative. The Stock Exchange of Thailand (SET)-listed firm intends to be fully fuelled by renewable energy sources by 2026. Pakkapol Leopairut, TPIPP Executive Vice-President for accounting and finance, detailed the company’s ambitious green transition plan. Coal…
- Business News
Thai cardiothoracic surgeon launches air ambulance service
Dr Kornprom Saengaram, known for his dual expertise as a cardiothoracic surgeon and a professional pilot, announced the launch of an air ambulance service, AirAMB, in Thailand. Aligned with the nation’s vision of becoming a regional medical hub, the service aims to capitalise on the scarcity of similar facilities across Indochina, explained Dr Kornprom. “The opportunities for an air ambulance…
- Business News
Virtual banks to revolutionise Thailand’s financial landscape
The Royal Gazette announced that virtual banks are set to become a reality in Thailand, with the Bank of Thailand (BoT) accepting applications from March 20 to September 19 this year. The aim is to stimulate competition and ensure the stability of the financial system, without limiting the number of licences available. Virtual banks are expected to cater to customers…
- Business News
Scent-sational: Thailand set for foreign investment surge in fragrance oil
A surge in foreign investment in Thailand’s fragrance oil and aroma compound production is anticipated, which could boost the nation’s cosmetics industry, according to the Federation of Thai Industries (FTI). This follows a decision by a French firm to produce fragrance oil from Thai flowers, a move that showcases the country’s potential as a hub for the health and beauty…
- Business News
Government considers corn import ban to combat PM2.5 dust pollution
A potential ban on corn imports from neighbouring countries next year is being considered by the government to tackle the escalating issue of PM2.5 fine dust pollution in the northern regions. Prime Minister Srettha Thavisin recently visited Chiang Mai to assess the preventive actions and updates provided by government agencies regarding wildfire and haze prevention measures. The prime minister has…
- Thailand News
Krungsri Research predicts growth for Thai construction
Krungsri Research unveiled the dynamic trajectory of Thailand’s construction sector for the next two years. According to the report, the construction industry is poised for a meteoric rise, with an anticipated annual growth rate of 3% to 4%. This surge aligns seamlessly with the overall investment value in construction, heralding a golden era of development on the horizon. The state…
- Thailand News
Thai Drinks targets Gen Z in Asia for est Cola expansion
Keen on broadening its reach in Asia, Thai Drinks, the company managing est Cola, is targeting the Gen Z market for expansion. Forecasting a growth of 25% in the Thai carbonated soft drink market due to warmer weather and intensive marketing campaigns, Suporn Denpaisarn, the non-alcoholic beverages division head at Thai Drinks, reveals their growth plans. According to Nielsen IQ…
- Tourism News
Tasty travels: Thai SELECT campaign spices up tourism
The Travel, Taste, Eat Thai SELECT campaign, a collaboration between the Commerce Ministry and the Tourism Authority of Thailand, has been unveiled. This initiative is part of a soft power strategy aimed at promoting and bolstering Thai businesses, particularly certified Thai SELECT restaurants. The Deputy Commerce Minister, Napintorn Srisunpang, emphasised that the campaign is designed to ensure these establishments meet…
- Tourism News
Visa-free policies boost international travel and economies
The international travel industry experienced a significant rebound last year, following the implementation of visa-free policies by various governments. These policies aimed to rejuvenate their ailing economies through the influx of spending by foreign tourists. Thailand, for instance, witnessed 28 million arrivals in 2023 largely due to the strong performance in the last quarter. This surge was precipitated by visa…
- Thailand News
Driving economic growth: Thailand’s quest for clean energy
The call to action resonates through Thailand’s corridors of power as demands surge for the nation to lead the clean energy revolution across the region, igniting economic growth. Burin Adulwattana, the managing director and chief economist at Kasikorn Research Centre (K-Research), underscores the urgency of this endeavour, stressing its pivotal role in ensuring competitive pricing for clean energy within Thailand.…
- Business News
Gold prices predicted to hit US$2,250 per ounce by year-end
A revision in the global gold prices outlook has been announced by the Gold Traders Association (GTA), projecting an increase to US$2,250 per ounce by year-end from its previous estimate of US$2,100. This adjustment comes in the wake of domestic prices reaching an all-time high of 36,700 Thai baht per baht weight yesterday morning. The President of GTA, Jitti Tangsithpakdi,…
- Business News
Italian-Thai development grapples with liquidity crisis amid scandals
Thailand’s leading construction firm, Italian-Thai Development Plc (ITD), is grappling with a liquidity crisis that has alarmed investors, regulators, and rating agencies. This scenario follows a series of local corporate scandals and debt defaults that have already unnerved the market. ITD confirmed yesterday, March 13, that it is seeking new loans from banks to alleviate the current cash crunch that…
- Business News
EA plans expansion in renewable power and EV sector
Renewable energy and electric vehicle (EV) developer, Energy Absolute Plc (EA), is set to expand its power business. The decision comes after a pause in the introduction of new projects since 2019. Currently, the firm’s wind and solar farms generate a capacity of 664 megawatts. The company’s CEO, Somphote Ahunai, noted in a 2020 interview that EA diversified into EV-related…
- Business News
Household debt surge impacts property and auto sectors
The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…
- Business News
Thailand’s smartphone market to grow 3% in 2024, says report
A 3% growth in Thailand’s smartphone market is anticipated in 2024, fuelled by the need for upgrades and enhanced technology features, says an international research firm. This follows a 2% rise in 2024, when Thailand was the only Southeast Asian nation to experience marginal growth, due to the strong performance of budget smartphones, as per Counterpoint Research’s Southeast Asia Monthly…
- Business News
US plans to reinstate GSP scheme for Thailand, to help trade relations
The United States signalled its intent to reinstate the Generalised System of Preferences (GSP) scheme for Thailand, as disclosed by Thailand’s Commerce Minister, Phumtham Wechayachai. This development comes after the scheme expired in 2020. Phumtham’s statement emerged following a strategic dialogue with US Secretary of Commerce Gina Raimondo and a representative from the President’s Export Council. The dialogue served as…
- Business News
Thai industrial sentiment dips despite tourism boost
The Federation of Thai Industries (FTI) reported a minor dip in the industrial sentiment index for February, which fell to 90.0 from 90.6 in the preceding month. This decline was attributed to a slowdown in both domestic demand and exports, despite a boost from the tourism sector. The FTI revealed that household concerns over high living costs and debt issues…
- Business News
Delta Electronics to invest US$1 billion in manufacturing and R&D
Delta Electronics (Thailand), the nation’s premier electronics firm by market capitalisation, is primed to inject between US$500 million and US$1 billion in a bid to enhance its manufacturing and research and development (R&D) capabilities over the next five years. A significant portion of this investment is earmarked for Thailand, disclosed CEO Victor Cheng. Cheng revealed that the capital expenditure surpassing…
- Business News
Cryptomind group aims to triple AUM to 3 billion baht amid crypto rebound
Cryptomind Group Holdings announced its aim to triple its assets under management (AUM) to 3 billion baht (US$83 million) this year, following a robust rebound in the cryptocurrency market. This projection is based upon the performance of Merkle Capital Co Ltd, the group’s digital asset fund manager and Thailand’s first licensed entity in this field. The group’s confidence bolsters following…
- Business News
Thailand risks losing satellite orbit rights at 50.5° East due to vacancy
Thailand’s entitlement to utilise the satellite orbit at 50.5° East may be revoked following its expiration in 2025 due to its prolonged vacancy. There’s speculation in the industry that the upcoming auctions for the unclaimed orbit slots at 50.5° and 142° E by the National Broadcasting and Telecommunications Commission (NBTC) might not be successful. This is due to the expectation…
- Business News
Thai government approves tax benefits for investment tokens
The Thai government has authorised tax measures aimed at fostering capital raising through investment tokens, as confirmed by Kulaya Tantitemit, the director of the Revenue Department. The decree, which was approved during yesterday’s Cabinet gathering, states that individuals who have received income, profit shares, or other benefits from holding digital investment tokens and have had a 15% withholding tax deducted,…
- Business News
Thailand to boost rice exports to Hong Kong and China
An upward trend in rice exports from Thailand to Hong Kong and China is anticipated this year, with a particular demand for riceberry and brown rice. This expectation is driven by the global economic recovery and a discerning preference for high-quality rice grains. Thailand is also aspiring to establish a distribution centre in Shenzhen to bolster its market presence. The…
- Business News
Krungsri Auto predicts minimal growth in new auto loans despite EV boom
Krungsri Auto, Thailand’s leading auto loan provider, predicts a mere 0.4% increase in its new auto loans for 2024, despite the anticipated boom in electric vehicle (EV) sales at the upcoming 45th Bangkok International Motor Show. This forecast was shared by Congsin Congcar, the head of Krungsri Auto Group, after the company issued over 223 billion baht in new auto…
- Business News
Government revenue falls short due to dip in oil taxes
There’s been a shortfall in the government’s revenue collection for the first four months of the 2024 fiscal year, largely due to a sharp drop in oil taxes. This data was disclosed by the Fiscal Policy Office (FPO) director-general, Pornchai Thiraveja, who highlighted that the government’s net revenue for the period of October 2023 to January 2024 was 824 billion…
- Business News
Foreign funds return to SET amid Federal Reserve expectations
Foreign funds made a return to the Stock Exchange of Thailand (SET) in February, despite a 3.2% shrinkage of the SET index in the first two months of 2024. The investors’ return was driven by a decrease in expectations of the Federal Reserve’s policy rate cut, which was predicted to happen only thrice this year. Soraphol Tulayasathien, the SET’s senior…
- Business News
Thai SEC approves private funds to invest in Bitcoin ETFs
Asset management firms have been granted permission by the Securities and Exchange Commission (SEC) to initiate private funds that invest in Bitcoin Exchange-Traded Funds (ETFs). However, this investment opportunity is only accessible to institutional investors and ultra-high-net-worth investors. The SEC board gave its nod to asset management firms managing private funds that invest in Bitcoin ETFs listed on US exchanges…