Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Thai investor confidence sinks as government formation uncertainty looms
Investor confidence in the nation’s stock market has dropped to an eight-month low due to uncertainty over the formation of a new government, according to the Federation of Thai Capital Market Organisations (Fetco). The overall investor confidence index has dipped to 77.70 from 110.09 in May, entering the “bearish zone” for the first time in eight months. Foreign investor confidence…
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OECD raises global growth outlook as inflation eases, warns of long road
The Organisation for Economic Co-operation and Development (OECD) has marginally increased its global economic growth forecast to 2.7%, up from 2.6% in its previous report. This revision is attributed to easing inflation, China lifting Covid restrictions, falling energy prices, and supply chain improvements. However, the recovery remains below the 3.3% growth recorded in 2022, and the organisation warns of a…
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SET and AIMC to use class action law to protect investors amid Stark fraud probe
The Association of Investment Management Companies (AIMC) and the Stock Exchange of Thailand (SET) are set to utilise class action law to safeguard investors’ interests as the Department of Special Investigation (DSI) examines potential fraud involving former executives of Stark Corporation. Stark’s shares plummeted by approximately 90% after the SET allowed trading to resume on June 1, causing significant harm…
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Sam Altman dismisses public listing, discusses AI’s future and regulation
OpenAI CEO Sam Altman has stated that the company, backed by Microsoft and known for its ChatGPT technology, has no intentions of going public in the near future. Speaking at a conference in Abu Dhabi, Altman expressed concerns about potential conflicts with investors’ expectations and the need for a unique structure to maintain OpenAI’s capped-profit model. OpenAI has raised US$10…
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OpenAI CEO dismisses public listing, discusses AI’s future and regulation
OpenAI CEO Sam Altman has stated that the company, backed by Microsoft and known for its ChatGPT technology, has no intentions of going public in the near future. Speaking at a conference in Abu Dhabi, Altman expressed concerns about potential conflicts with investors’ expectations and the need for a unique structure to maintain OpenAI’s capped-profit model. OpenAI has received US$10…
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Thai coalition parties propose zero-based budgeting for efficiency
The implementation of zero-based budgeting (ZBB) has been proposed by the Move Forward Party (MFP) as part of a 23-point memorandum of understanding signed by eight political parties seeking to form a new coalition government. The MFP argues that the current budgeting system fails to address the public’s needs due to bureaucratic hurdles. ZBB requires state officials to justify expenses…
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Bangkok’s YMID initiative drives Thai medical innovation to meet Asian demand
The National Innovation Agency (NIA) is continuing to push forward the Yothi Medical Innovation District (YMID) initiative in Bangkok, aiming to meet the growing demand for a central medical hub in Asia, according to NIA’s executive director, Pun-Arj Chairatana. Situated in Bangkok’s Yothi neighbourhood, the YMID project seeks to decrease imports of medical innovations and establish a Thai medical innovation…
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Inflation plummets to 21-month low in Thailand as fuel and electricity prices drop
Inflation in Thailand reached its lowest point in 21 months last month, primarily driven by declining fuel prices and electricity bills, along with a higher price base in May of the previous year. Experts predict that the inflation rate will further decrease throughout June. Wichanun Niwatjinda, deputy director-general of the Trade Policy and Strategy Office, expects inflation for June to…
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Thai Shippers’ Council eyes 0-1% export growth amid new government push
The Thai National Shippers’ Council (TNSC) maintains that the nation’s exports can achieve a growth of 0-1% this year, calling for the swift formation of a new government to boost trade competitiveness and tackle economic challenges. TNSC Chairman Chaichan Chareonsuk anticipates that Thai exports from May to June will experience a slight year-on-year contraction, leading to a 5-6% decline for…
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Shanghai court freezes £200m in Dalian Wanda unit shares
A Shanghai court has imposed a freeze on 1.98 billion yuan (US$278.18 million) worth of shares in a subsidiary of Dalian Wanda Group, the largest commercial property developer in China. The affected shares were issued by Dalian Wanda Commercial Management Group, the property management division of Dalian Wanda Group. Two court notices, dated June 5, revealed that the shares were…
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OECD warns Vietnam on handouts to offset global tax rule impact
The Organisation for Economic Cooperation and Development (OECD) has expressed concerns over Vietnam’s plan to provide subsidies to large companies to offset higher taxes under the new global tax rules. A person familiar with the discussions revealed that the OECD warned Vietnam of the risks posed by such arrangements, potentially undermining the purpose of the tax reform. Last week, Reuters…
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Asia-Pacific stocks rise on China stimulus hopes and Wall Street gains
Asian-Pacific stock markets experienced gains on Wednesday, as expectations for economic stimulus from China and Wall Street’s overnight gains boosted investor sentiment. The MSCI’s broadest index of Asia-Pacific shares outside Japan rose by 0.7% in the morning, with China’s benchmark equity index increasing by 0.3% and Hong Kong’s Hang Seng adding 1.2%. This comes after China reportedly requested major banks…
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AI boom offers productivity boost, defying dotcom bubble fears
Despite the hype surrounding artificial intelligence (AI) since Microsoft’s investment in ChatGPT back in January this year, the buzz in the markets is far from the excesses of the dot-com bubble. The recent rise in Nvidia’s market capitalisation, reaching US$1 trillion, has raised some eyebrows. However, the AI boom has a more solid foundation. The decline in Big Tech stocks…
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EU mulls mandatory ban on high-risk 5G firms like Huawei
The European Union is contemplating a compulsory prohibition on member states utilising firms that may present a security threat in their 5G networks, which includes China’s Huawei Technologies, according to the Financial Times. This decision is a reaction to growing apprehensions in Brussels regarding specific national governments postponing measures on the issue, as reported by officials. In 2020, the EU…
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Thailand aims for 300k digital volunteers to boost village tech accessibility
A collaboration agreement between the Office of the National Digital Economy and Society Commission (ONDE) and nine other agencies was signed yesterday, aiming to increase the number of digital volunteers in Thailand to 300,000 by 2024. The primary goal is to enhance the accessibility and comprehension of digital technology among villagers across the country. The plan involves establishing a digital…
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Boeing halts 787 Dreamliner deliveries again due to manufacturing issue
Boeing announced on June 6 that the delivery of its 787 Dreamliner aircraft has once again been delayed due to a manufacturing issue. This is the latest in a series of setbacks that have affected the two-aisle jet. The company stated that it is currently inspecting fittings on the horizontal stabiliser, a part of the tail, for a “nonconforming condition.”…
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Thailand set to exchange financial data to combat transnational tax evasion
The Revenue Department of Thailand is set to enhance its efforts to combat transnational tax evasion through the exchange of financial information, according to its director-general, Lavaron Sangsnit. Thailand joined the Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017 and has since been working towards adhering to international standards for tax cooperation. The Convention on…
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Chinese suppliers protest Changan’s 10% payment cut amid price war
In the wake of an ongoing price war among automobile manufacturers in China, Chongqing Changan Automobile, a state-owned automaker, has faced backlash from its suppliers after cutting their payments by 10%. The suppliers claim that they are being unfairly forced to bear the brunt of the intense competition in the world’s largest auto market. Since January, over 40 brands have…
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Asian nations revive Mice industry, Taiwan focuses on preferred destination
As the demand for on-site meetings, incentives, conferences, and exhibitions (Mice) activities recovers following the pandemic, Asian countries are preparing their exhibition venues and marketing strategies to welcome international visitors. Northeast Asia has shown significant enthusiasm, with South Korea’s Busan bidding for the World Expo 2030 and Hong Kong unveiling the West Kowloon Cultural District, a 40-hectare area designed to…
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WHAUP eyes Vietnam wind, solar assets to meet rising energy demand
WHA Utilities and Power (WHAUP), a subsidiary of Thailand’s largest industrial land developer and operator, is set to acquire wind and solar power generation facilities in Vietnam with a capacity of 50-100 megawatts. This move aims to capitalise on the increasing energy demand in the country. The acquisition is expected to be finalised by the end of the year, according…
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Sky ICT’s subsidiary Pro Inside eyes Stock Exchange of Thailand listing
Sky ICT, a SET-listed aviation technology firm, is planning to list its wholly-owned subsidiary Pro Inside on the Stock Exchange of Thailand in early 2024, in a bid to create a new long-term revenue stream. Pro Inside, an intelligent system integrator, was separated from Sky ICT last year to focus on bidding for state projects. Pro Inside CEO Benyapa Chalermwat…
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Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
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Bank of Thailand likely to hike rates amid inflation concerns
Inflation concerns prompt predictions of further Bank of Thailand rate hikes this year, as the nation’s economy recovers. Siam Commercial Bank’s research unit, SCB Economic Intelligence Center (EIC), anticipates the central bank’s Monetary Policy Committee (MPC) will increase its policy benchmark rate by a quarter percentage point in both August and September, bringing it to 2.5% from the current 2%.…
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BAFS targets 7.5 billion baht revenue by 2026 with renewable energy focus
Bangkok Aviation Fuel Services Plc (BAFS) is predicting its revenue to hit 7.5 billion baht by 2026, with a significant boost from its diversification into renewable energy development. Although the jet refuelling service, which has bounced back from pandemic-induced losses over the past three years, remains the company’s primary focus, its earnings proportion is expected to decrease. BAFS estimates that…
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Prudential Thailand hits record Q1 results, joins top six insurers
Prudential Life Assurance (Thailand) achieved a record-breaking first quarter in 2023, with the highest weighted first-year premiums in the company’s history, propelling it into the top six insurance providers in the country. During the first three months, the firm’s weighted first-year premiums grew by 36% year-on-year, surpassing the market growth of 17% and raising its market share from 5.7% in…
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Asian stocks surge as us debt default averted
Asian stocks experienced gains on Friday, following the US Senate’s approval of legislation that prevents a US debt default. The possibility of the US Federal Reserve deciding against raising interest rates this month also contributed to the positive sentiment. Last week, Thai shares fluctuated between 1,521.31 and 1,545.55 points, eventually closing at 1,531.20 on Friday, marking a 0.024% increase from…
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Thai tourism risks missing Indian visitor target due to visa delays, taxes
Tourism operators catering to Thailand‘s Indian market have expressed concerns over the potential impact of slow visa application processing, high airfares, and an increase in outbound tax rates from India on visitor numbers to Thailand. These factors could contribute to the Thai government failing to achieve its target of attracting 2 million Indian tourists this year. Enchantive Asia’s chief executive…
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HSBC Thailand seeks licence, raises capital for local business expansion
In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster…
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Thai Cabinet extends contracts of migrant workers, easing labour shortage fears
The Thai Cabinet‘s recent decision to extend employment contracts for over 200,000 migrant workers has alleviated concerns about a domestic labour shortage. Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce and president of the Labour and Skill Development Committee, said the move addresses management issues related to migrant workers while easing the worker shortage in industries requiring intensive labour…
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Thai stock market suffers as Stark Corporation defaults
Investors were cautioned by stock market regulators regarding Stark Corporation’s shares, as the company is expected to default on payments for corporate bonds valued at nearly 9.2 billion baht. Following a bondholders’ meeting, Stark announced its intention to “call default” on two bond series worth 2.24 billion baht within a month, raising concerns about the company’s ability to pay for…
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