Alex Morgan
- 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…
- Business News
True Corporation and AIS to review auction of key spectrum bands
True Corporation and Advanced Info Service (AIS), both leading mobile phone service operators, are gearing up to review a draft concerning the auction of three key spectrum bands, 850 megahertz, 2100MHz and 2300MHz. The draft is set to be completed by the National Broadcasting and Telecommunications Commission (NBTC) by June. The impetus behind this action is to secure a sufficient…
- Business News
EGCO to utilise Indonesian petrochemical operations for clean energy development
Electricity Generating (EGCO), the power generation subsidiary of the Electricity Generating Authority of Thailand (EGAT), plans to utilise its petrochemical operations in Indonesia to foster clean energy development, with a particular focus on hydrogen fuel. EGCO secured a 30% stake in PT Chandra Daya Investasi (CDI), a division of Indonesia’s largest integrated chemical and infrastructure solution provider, PT Chandra Asri…
- Business News
Commerce Minister markets Thailand film industry in Hong Kong
Phumtham Wechayachai, commerce minister, is currently on a visit to Hong Kong to market Thailand’s film industry and Y Series TV dramas. The visit, which started recently and is scheduled to run until Tuesday, also includes exploring avenues to broaden the Hong Kong market for Thailand’s agricultural products. The visit is led by Phumtham, who is also the deputy prime…
- Business News
Thai government plans six flagship AI projects in national strategy
Six flagship projects, including the development of an artificial intelligence (AI) workforce and the Thai large language model (ThaiLLM), are on the cards for the second phase of the national AI strategy and action plan. The initiation of these projects is pending approval from a new National AI Committee, appointed by Prime Minister Srettha Thavisin. An estimated budget of 1.5…
- Business News
Thai retail sector struggles despite tax incentives and tourist spending
Despite increased spending by tourists and tax incentives to encourage buying, Thailand’s retail sector is under strain. The sector, facing the challenges of a surge of substandard goods from China, is burdening local entrepreneurs. Thai Retailers Association Vice President Chatchai Tuongratanaphan predicts a growth of only 1-2% in the retail sector for the first half of the year. This is…
- Business News
Retirement of baby boomers threatens leadership vacuum
The future of many businesses hangs in the balance as a significant number of top leaders retire, a trend accelerated by the fact that 10,000 Baby Boomers, who predominantly occupy managerial positions, are reaching the retirement age of 65 each day. That’s according to an eye-opening article published last year by Fortune magazine. The publication highlighted the mounting uncertainty for…
- Business News
Thailand central bank anticipates lower rates due to virtual banking
The Bank of Thailand anticipates that the advent of virtual banks will usher in lower interest rates and fees due to the decreased operating costs associated with digital banking services, which do not require physical branches or large numbers of staff. The granting of virtual bank licences is expected to bring more competitors into the market, thereby stimulating competition within…
- Business News
True Corporation unveils 2024 strategy with AI, digital growth focus
True Corporation, the Thai telecommunications conglomerate, disclosed its tripartite strategic model for 2024. This strategy encompasses modernising its digital infrastructure, offering distinctive services to its customer base and redefining the company through the application of artificial intelligence (AI) and cutting-edge technologies. The company’s CEO, Manat Manavutiveth, has identified five disruptive elements for the current year, namely, global economic uncertainty, generative…
- Business News
Thai EV sales surge by 603% amid government incentives
Battery electric vehicles (BEVs) sales in Thailand surged by 603% year-on-year to 73,568 units last year, with the upward trend expected to continue throughout this year, as per the Federation of Thai Industries (FTI). This growth is expected to outstrip that of internal combustion engine (ICE) vehicles, which witnessed a 13.7% year-on-year sales decline to 238,570 units in 2023, capturing…
- Business News
Thailand’s visa exemption sparks rise in travel bookings to China
The visa exemption agreement between Thailand and China has sparked a significant rise in bookings from Thai travellers. During the Songkran holiday through May, airlines and tour operators noted an uptick in Thai passengers on some routes outnumbering their Chinese counterparts. Chotechuang Soorangura, Vice President of the Thai Travel Agents Association, highlighted the robust sales of tour packages to China…
- Thailand News
Thai credit card holders hit with new 1% fee
In a recent development, holders of credit cards issued in Thailand are set to face a 1% fee for foreign currency conversion starting May 1, as revealed in a notice on the Bangkok Bank website. Local credit card issuers, including Visa and Mastercard, will enforce this fee, also known as dynamic currency conversion (DCC), for transactions made in baht with…
- Business News
Bitcoin hits new high in baht on Bitkub amid global surge
Bitcoin‘s price achieved an unprecedented high of 2.37 million baht on Bitkub Exchange yesterday, a significant rise prompted by the cryptocurrency’s global price surpassing its previous record of US$69,000 per token in November 2021. This demonstrates an impressive 190% rally in the past year. Crypto financial intelligence platform, Coin Metrics, highlighted that Bitcoin hit its peak at US$69,210 on March…
- Business News
Illegal migrant labour and sex work challenge Thailand’s tourism
Migrant workers, who have illegally entered Thailand by taking advantage of visa-free privileges, continue to pose a challenge in the country’s tourism sector, particularly within the sex industry. This issue has led to calls from operators for the government to legalise sex work. A recent confrontation between Filipino transgender women and their Thai counterparts in Soi Sukhumvit 11, Bangkok, has…
- Business News
National Telecom’s spectrum rights expiry threatens mobile traffic quality
National Telecom (NT), a state telecom company, faces a potential threat to its spectrums as the rights to three of its spectrum ranges are set to expire in September next year. The National Broadcasting and Telecommunications Commission (NBTC) has been urged to devise a transparent plan to reallocate these spectrums, which are currently held by NT. The spectrum ranges in…
- Business News
Bitcoin and gold hit record highs together for the first time
Global markets are experiencing a whirlwind of mixed signals as Bitcoin and gold both hit record highs. This marks the first concurrent peak for the two assets since the emergence of Bitcoin over ten years ago. However, each asset’s distinct driving factors could create confusion – gold has long been a safe store of value, while Bitcoin’s function beyond pure…
- Business News
OR’s SDG policy fuels Thailand’s sustainable economic growth
PTT Oil and Retail Business (OR) has adopted a Small-Diversified-Green (SDG) policy, aiming to stimulate Thailand’s economic growth through sustainable practices. This move aligns with the country’s broader strategy of reducing carbon footprints by 2030. The SDG policy focuses on empowering small communities as key drivers of economic recovery, particularly in the tourism sector tipped to fuel the national GDP…
