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 Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers a prospect full of excitement and adventure, but in the same vein, if any injuries were to occur (and god forbid it does), the local healthcare system can be confusing at first glance for many expats...
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Hong Kong’s legal ambiguity risks eroding foreign business confidence
Hong Kong’s legal ambiguity surrounding the June 4 anniversary of the 1989 Tiananmen Square crackdown has raised concerns among the city’s foreign business community. The government’s unwillingness to clarify the legal status of the commemorations, which are now deemed illegal under the Beijing-imposed national security law (NSL), is causing unease among companies who have long valued the British-inherited legal system…
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90% Thai employees seek new jobs despite bleak economy
A significant majority of Thai workers are open to exploring new job opportunities despite an uncertain global economic climate, a recent study by recruitment firm Michael Page has found. The Talent Trends report, which surveyed 942 individuals in Thailand, revealed that over half of the respondents are actively seeking or planning to find new employment within the next six months.…
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FTI seeks Chinese investment boost in Thai EV, food, and healthcare sectors
The Federation of Thai Industries (FTI) is seeking to boost Chinese investment in Thailand, focusing on the electric vehicle (EV), food, and healthcare sectors, through increased business collaboration with Beijing. Kriengkrai Thiennukul, chairman of the FTI, recently met with the Chinese ambassador to Thailand, Han Zhiqiang, to discuss potential investment opportunities. Kriengkrai envisions Thailand as a production base for Chinese…
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Thai consumer confidence hits highest level since March 2020
Consumer confidence in Thailand reached its highest level since March 2020, with a 12th consecutive monthly increase in May. The University of the Thai Chamber of Commerce (UTCC) reported that the consumer confidence index rose to 55.07 in May, up from 55 in April. Factors contributing to this increase include a recovering economy, a resilient tourism sector, and political campaigns…
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Saudi wealth fund takes over clubs, lures football stars
Next season, Saudi Arabia’s football league will feature some of the sport’s top players, including Cristiano Ronaldo, Karim Benzema, and N’Golo Kante. The Saudi Professional League (SPL) is set to commence in August, and more high-profile signings are anticipated. In addition to these transfers, the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), overseen by Crown Prince Mohammed bin…
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Bank of Thailand continues interest rate normalisation amid new government
The Bank of Thailand has stated that the formation of a new government will not impact its decision to raise interest rates further. The central bank’s deputy governor, Mathee Supapongse, emphasised the need for the bank to maintain a separate view from elected officials, with the aim of continuing to normalise interest rates. “Despite recent increases, Thai interest rates are…
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Isuzu factory relocation rumours hit Thai auto parts shares
A significant decline in the shares of Thai auto parts companies was observed today, following rumours that Japanese automaker Isuzu Motors intended to move its Thai factory to Indonesia. The Indonesian Industry Minister, Agus Gumiwang Kartasasmita, stated yesterday that Isuzu could potentially commence production in Indonesia as early as next year. However, Isuzu denied any such relocation plans today. In…
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SEC offers guidance for investors amid Stark’s potential bond default
The Securities and Exchange Commission (SEC) has issued guidelines for investors as Stark Corporation faces the possibility of defaulting on bond payments worth nearly 9.2 billion baht. The SEC has emphasised that investing in debt securities carries high risks and that investors could lose both principal and interest. The guidelines aim to clarify the roles and functions of bond representatives…
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Thai GDP growth at risk as new government formation faces delays
Concerns are rising within the private sector as the potential delay in the formation of Thailand’s new government could lead to a decline in the country’s GDP growth to 1-2%. Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, stated that the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) is closely monitoring the political situation. A new government…
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Japan data centre providers invest US$164m in Thailand expansion
Thailand has seen a significant influx of investment from data centre providers, with two Japan-based companies investing a combined US$164 million in the country. This comes as digital transformation and cloud computing continue to grow exponentially. Telehouse recently launched its first Thai data centre, investing US$74 million in the project. Meanwhile, NTT invested 3 billion baht through its subsidiary, NTT…
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BEC World targets leading content provider status amid digital disruption
BEC World, the operator of Thailand‘s Channel 3, is embarking on a transformation to become a leading content provider and expand its revenue streams in the digital content platform and global content licensing sectors. Surin Krittayaphongphun, president of TV business and executive director at BEC World, said this strategic move aims to ensure the company’s survival and sustainable growth in…
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TKC partners with European firms for Thai smart city and building projects
Turnkey Communication Services (TKC), a digital solutions provider listed on the Stock Exchange of Thailand, has announced a partnership with three European tech companies to develop smart buildings and smart cities in Thailand. This collaboration supports the Thai government’s digital transformation roadmap and aims to deliver integrated solutions for people flow management systems, using 3D sensors and artificial intelligence (AI)…
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Thai state banks raise interest rates after central bank policy hike
Following the Bank of Thailand‘s recent policy rate increase, state banks, including the Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC), have raised interest rates for loans and deposits, with deposit rates exceeding loan rates. Vitai Ratanakorn, GSB’s president and chief executive, stated that after the central bank’s policy rate increased by a quarter percentage…
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Japanese startup Exit outsources resignations, easing employee guilt
In Japan, a unique startup named Exit has emerged, offering employees a way to resign from their jobs without facing their bosses directly. Exit, founded by Toshiyuki Niino and Yuichiro Okazaki, charges a fee of 20,000 yen (US$144) to inform a client’s employer about their decision to quit, eliminating the need for any uncomfortable confrontations. Since its inception in 2017,…
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UK house prices fall for first time in 11 years amid rising borrowing costs
UK house prices have experienced their first decline in over a decade, with increasing borrowing costs impacting potential buyers, according to mortgage lender Halifax. In May, the average property price saw a 1% drop compared to the same month in the previous year, with prices £7,500 lower than their peak in August. Halifax’s Director of Mortgages, Kim Kinnaird, highlighted that…
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China’s exports shrink, imports fall amid weak global demand
Chinese exports experienced a sharper decline than anticipated in May, while imports also fell, reflecting weak international demand and sluggish domestic consumption. In May, exports from the world’s second-largest economy dropped 7.5% year-on-year, the largest decrease since January, compared to 8.5% growth in April. Imports shrank by 4.5%, a slower rate than the 7.9% decline in the previous month. The…
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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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Medical glove exports decline amid allergy concerns and easing Covid-19 cases
The export of medical gloves made from rubber latex is expected to continue its decline this year, as Covid-19 infections ease and some countries impose bans on natural rubber gloves due to allergy concerns, according to the Office of Industrial Economics (OIE). The decline in glove exports has been significant since last year, impacting Thailand, Indonesia, and Malaysia, said Warawan…
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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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Foreign investors sell 100 billion baht in Thai stocks and shares amid global rate rise
In the first five months of this year, foreign investors offloaded almost 100 billion baht worth of Thai shares, with 33.4 billion baht sold in May alone, due to increasing global interest rates and uncertainties surrounding the formation of a new government. Despite this, the Stock Exchange of Thailand (SET) expressed optimism yesterday, believing that the recent easing of the…
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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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Thailand’s TPIPP allocates 14 billion baht to phase out coal by 2026
TPI Polene Power Plc (TPIPP), the leading waste-to-energy project developer and operator in Thailand, is set to continue its five-year capital expenditure plan of 14 billion baht. The plan, which began last year, aims to replace coal usage with renewable energy sources and increase the company’s power generation capacity. TPIPP has earmarked 3 billion baht for projects focused on reducing…
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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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