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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Sponsored 9 most common health issues covered by insurance for expats in Thailand
Thailand is a popular destination for expats due to its affordable lifestyle and excellent healthcare system. However, settling in a new country often brings health concerns. To ensure you’re covered for the most common medical needs, understanding what expat health...
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Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
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Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
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5G network development: NBTC explores 3500MHz band allocation
The National Broadcasting and Telecommunications Commission (NBTC) is exploring the potential of allocating a section of the 3500-megahertz band to foster the development of a private 5G network. This move is aimed at encouraging practical applications across industries and enterprises. Talks are underway between NBTC and various stakeholders including telecom operators, vendors, representatives from the Industrial Estate Authority of Thailand,…
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JobThai reports 10.8% surge in labour demand
JobThai, a leading online recruitment firm, reported a 10.8% year-on-year increase in labour demand for the first three quarters of this year. The travel sector experienced the most significant rise in job recruitment, showing the strongest rebound post-pandemic. The company declared 1.74 million positions from January to September, marking a 10.8% increment compared to the same period last year, according…
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The Coffee Club expands with 24/7 and pet-friendly services in Bangkok
The Minor Food Group Plc subsidiary, The Coffee Club, is venturing into new market avenues with its innovative 24-hour service and pet-friendly concept at specific locations. This strategy has been adopted to increase sustainable sales and enhance customer experience. Nongchanok Stananonth, the General Manager, highlighted that their inaugural 24/7 Coffee Club at Staybridge Suites Bangkok, Sukhumvit 55, opened its doors…
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Thai Airways reports profitable Q4, driven by Chinese visitor surge
Thai Airways International Public Company Limited (THAI) announced a profitable fourth quarter, marking the fourth consecutive quarter of profits, underpinned by a steady recovery in passenger numbers amid the Covid-19 era. The growth has been particularly driven by a surge in visitors from China. Thai Airways recorded a net income of 1.54 billion baht (US$43 million) for the quarter ending…
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Consumer confidence in Thailand soars to 44 month high
Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…
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Content creator economy thrives in Thailand with Meta’s support
Meta, the company behind Facebook and Instagram, is cultivating a thriving content creator economy in Thailand, offering local creative talent numerous avenues to monetise their output. This initiative allows creators to offer unique content and experiences to their subscribers, thereby establishing a new stream of revenue. According to Meta, these revenue-earning opportunities encompass branded content, partnership ads, and Instagram subscriptions.…
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Cyberattacks plague Thailand: Over 10 annual incidents cause significant losses
A recent survey reveals that more than half of Thai organisations have experienced over 10 cyberattack incidents in the past year, leading to significant financial losses. The report, released by US-based cloud connectivity firm Cloudflare Inc., highlights the urgent need for Thai businesses to strengthen their cybersecurity infrastructure. According to a data breach report commissioned by IBM, the global average cost…
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Phuket tourism operators push for international convention centre
In a bid to elevate Phuket’s status as an exhibition hub, local tourism operators are urging for the rapid implementation of a long-stalled project for an international convention centre and a freeport city initiative. The urgency has arisen due to the impending enforcement of new environmental laws which may necessitate a redesign of the project. The Health Ministry recently abandoned…
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Sweet setback: Thailand’s sugar exports face sticky situation with government controls
Thailand’s sugar exports, which sit second globally behind Brazil, are threatened with potential delays in the coming year. This comes after the Thai government implemented new controls to guard the domestic supply and curb smuggling. The newly instated regulations require official approval for the export of any quantity exceeding one tonne, a move that some traders have voiced concerns could…
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Thai bankers reassure on mobile banking security following fraud incident
The Thai Bankers’ Association (TBA) has reassured its customers about the security and stability of mobile banking applications. The affirmation follows the recent arrest of a software programmer who developed a tool capable of bypassing facial recognition technology for transactions above 50,000 baht. It is mandatory for mobile banking users wishing to transfer between 50,000 baht and 200,000 baht per…
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Economic hurdles hamper Thailand’s tourist market recovery despite visa exemptions
Tourism operators have indicated that economic challenges are hindering the recovery of tourist markets from China, Taiwan, and India, despite Thailand’s recent introduction of visa exemptions. These exemptions, implemented for Chinese visitors since September 25, have had limited effect due to perceptions of Thailand as unsafe and China’s sluggish economic growth, according to Thanet Supornsahasrungsi, ex-president of the Chon Buri…
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Rice to the occasion: Thai government shells out 55 billion baht for price stability
The Thai government sanctioned measures totalling 55 billion baht to secure stable rice prices for the 2023 to 2024 harvest season, as confirmed yesterday by Commerce Minister Phumtham Wechayachai. The approved strategy includes providing loans to farmers to withhold the sale of their paddy rice for five months and to agricultural cooperatives for market intervention until prices improve. Farmers who…
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Thai shippers predict less than 1.5% contraction in 2023 exports
The Thai National Shippers’ Council (TNSC) expressed confidence in a less than 1.5% contraction in the country’s export performance for 2023. This optimistic outlook comes on the heels of export growth recorded in both August and September and an expectation for continued orders in the year’s final quarter. TNSC Chairman Chaichan Chareonsuk cited the Commerce Ministry’s latest data, which showed…
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Thailand’s inflation drop fuels economic slowdown fears
Concerns are heightening among analysts over Thailand’s first year-on-year inflation decline in 25 months. The drop in the Consumer Price Index (CPI) is viewed as an indication of increasing risks of economic deceleration and deflation. BofA Securities, previously known as Bank of America Merrill Lynch, highlighted that the inflation figure for October signified the first year-on-year decline since August 2021.…
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Gold prices shine on: Traders stay bullish amid recent slump
The trading community’s optimism for gold prices remains undeterred despite a recent slump, attributing potential strength to a possible end to US Federal Reserve interest rate increases and the escalating conflict in the Middle East. On Friday morning, spot gold prices oscillated between US$1,978 and US$1,978 per ounce, marking an increase of US$3.02 or 0.15%. Concurrently, domestic gold bars traded…
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Thailand shifts gears: Revving up both ICE and BEV vehicle production
The government of Thailand is pushing for a dual-track approach to vehicle manufacturing, fostering the production of both internal combustion engine (ICE) vehicles and battery electric vehicles (BEVs). Prime Minister Srettha Thavisin stated his desire for Thailand to be a significant centre of ICE production, even as the nation aims to become a hub for BEV manufacturing. He is due to…
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Inflation rate in Thailand dips for first time in over two years
The Commerce Ministry of Thailand announced today that the country’s inflation rate has dipped for the first time in 25 months, primarily due to a drop in energy and food prices. This development is attributed to the government’s support measures. The consumer price index (CPI) noted a 0.31% reduction in October, compared to the same period last year. This contrasted…
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Ayutthaya proposed as new logistics hub amidst Thai-Chinese rail development
The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) proposed to the government to establish Ayutthaya as a new logistics hub. This development is in anticipation of the increasing investment stimulated by the construction of the Thai-Chinese high-speed rail system. The suggested logistics hub would integrate with Ayutthaya’s existing rail, road, and river transport network. In addition, there is…
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Sizzle and supersize: Sizzler and McDonald’s cook up expansion goals in Thailand
Leading restaurant brands, Sizzler and McDonald’s are set on amplifying their reach, aiming to attract a wider range of customers and heighten patronage frequencies. The general manager of SLRT Co, Anirute David Collins, who oversees the operation of Sizzler Steakhouse, disclosed plans to inaugurate a Steak Lab concept Sizzler along Koh Samui’s coast on December 16. This restaurant expansion is…
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Prime Minister announces initiatives to attract foreign investment in EEC
Prime Minister Srettha Thavisin unveiled a strategic plan during a mobile meeting aboard special train No 995 aimed at intensifying efforts to allure foreign investment into the Eastern Economic Corridor (EEC). Departing from Bangkok Station in Hua Lumphong and heading to Laem Chabang Station in Chon Buri’s Sri Racha district, the prime minister took the opportunity to assess and survey…
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El Nino-induced drought disrupts Indonesia’s rice production, hikes prices
Indonesia, Southeast Asia’s largest economy, is grappling with a severe disruption to its rice production due to the extreme El Nino phenomenon. This drought-induced shortage has led to a surge in rice prices, impacting small businesses and consumers. Yanto, an East Jakarta food stall owner who caters to the lower-income bracket, has seen a significant profit decline since August, unable…
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Thailand economy: Fiscal position to suffer due to government policies like digital wallet scheme
Thailand’s fiscal position is predicted to face a downturn in the medium term, according to analysts, as the government advances populist policies such as the digital wallet scheme. BMI, a division of Fitch Solutions, forecasts that the nation’s budget deficit will escalate from 2.9% in the current fiscal year to 3.6% in the following fiscal year. This is due to…
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Soft power strategy: Thailand targets 11 sectors with a focus on Muay Thai
Thailand’s National Soft Power Strategy Committee, established in September following the Cabinet formation, has recently identified 11 key sectors for soft power implementation. The Committee intends to action the Thailand Creative Content Agency (THACCA) Act, which will facilitate a unified agency to dictate policies across these sectors. The sectors in question span a broad range of creative industries: fashion, books,…
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Economic resilience in question: Thailand’s situation amid Middle East conflicts
Sethaput Suthiwartnarueput, the governor of the Bank of Thailand, addressed a business seminar today, emphasising the need for Thailand to bolster its economic resilience to secure sustainable growth. He warned that economic stability should not be taken for granted, particularly considering the potential high-risk side effects that conflict in the Middle East could pose. Thailand, the second-largest economy in Southeast…
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CNG vehicle operators demand fuel price cut amid falling petrol costs
Transport operators providing services with compressed natural gas (CNG) vehicles are pushing for a price cut in fuel from the government following a decrease in diesel and petrol prices, inclusive of a recent 2.5 baht per litre drop for Gasohol 91. A group of operators, including those of passenger vans, congregated in front of the Energy Ministry yesterday, November 2,…
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Gold demand remains strong due to central bank purchases says report
The World Gold Council has released its third-quarter report for this year, indicating a continued strong demand for gold. The council’s data reveals that central bank purchases have been instrumental in maintaining this demand. The report shows that gold demand, excluding over-the-counter (OTC) transactions, reached 1,147 tonnes for the quarter. This figure is 8% higher than the five-year average. When…
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Thailand tourism aims for 2.38 trillion baht target with late-year surge
Aiming to achieve its revenue target of 2.38 trillion baht, Thailand’s tourism sector is pushing ahead in the last two months of the year. The Tourism Authority of Thailand (TAT) announced that the total takings for the first ten months stood at 1.67 trillion. TAT’s governor, Thapanee Kiatphaibool, outlined plans to stimulate the sector further, with a focus on intensifying…
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Thailand’s proposed land bridge project could boost various sectors
The potential implementation of the proposed land bridge project in Thailand could significantly benefit sectors such as contractors, industrial estates, transport, and finance, according to industry analysts. The project, which has been under discussion by various governments for four decades, aims to connect the Andaman Sea to the Gulf of Thailand, specifically via the provinces of Ranong and Chumphon. The…
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