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 How much travel insurance should cost you in Thailand (By trip length)
When planning a trip to Thailand, travel insurance is a smart investment that can save you from unexpected costs. Whether it’s medical expenses, lost luggage, or trip cancellations, the right coverage can provide peace of mind and financial protection against...
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AIS resumes HBO partnership, offers affordable streaming via AIS Play app
Advanced Info Service (AIS) has renewed its collaboration with global content provider HBO, making content available to customers through the AIS Play mobile app and AIS Playbox set-top box platform at competitive rates. Pratthana Leelapanang, Chief Consumer Business Officer at AIS, stated that the move aims to capitalise on the growing market for streaming services, encompassing both short-form and long-form…
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Biden and McCarthy near deal to avoid US debt default
United States President Joe Biden and leading congressional Republican Kevin McCarthy moved closer to striking a deal to avert the impending US debt default yesterday. Despite the two sides remaining far apart on an agreement to increase the debt ceiling, McCarthy expressed optimism that a deal could be reached by the end of the week. While Democrats were less positive…
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Etix Itel Bangkok invests US$20m in data centre expansion amid cloud services boom
Etix Itel Bangkok Co, the company behind the ETIX Bangkok#1 data centre, is set to invest nearly US$20 million in expanding its capacity to meet the increasing demand for cloud services and digital transformation in Thailand. The growth of the digital economy in the country has been bolstered by global cloud providers investing in the region. Nuttanai Anuntarumporn, CEO of…
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China’s new home prices rise for 4th month, but pace slows
China‘s housing market experienced a fourth consecutive month of growth in April, albeit at a slightly reduced pace, as the government‘s efforts to stabilise the sector continue to boost sentiment following the country’s rapid recovery from Covid-19 restrictions. New home prices in April increased by 0.4% month-on-month, compared to a 0.5% rise in March, based on Reuters calculations using data…
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FTI urges swift Thai coalition to back high-tech hub and green growth
The Federation of Thai Industries (FTI) is preparing a position paper outlining the economic policies favoured by businesses, with plans to submit it to the newly formed government once it takes office. Montri Mahaplerkpong, the FTI vice-chairman, stated that the paper is in its final stages and should be approved by the end of the month. The document will highlight…
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Tesla to test traditional advertising, Elon Musk reveals irony
In a surprising move, Tesla CEO Elon Musk announced today that the electric vehicle manufacturer would experiment with advertising to evaluate its effectiveness. This decision comes as a notable shift for Musk, who has previously shunned traditional advertising methods for Tesla. Interestingly, Musk’s recent acquisition of Twitter, a platform heavily reliant on advertising, may have influenced his change of heart.…
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Thailand’s economy defies global recession fears with post-election boost
Thailand’s economy is predicted to gain momentum during the last three quarters of this year, despite the looming threat of a global recession, partly due to the boost from the May 14 General Election, according to analysts. The country’s GDP growth for the first quarter was 2.7% year-on-year, surpassing the expected 2.3% and marking an improvement from the 1.4% growth…
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China’s April economic data falls short amid low demand, high youth unemployment
Official figures have revealed that China’s economic data for April failed to meet expectations, with low demand and high youth unemployment contributing to an uneven recovery after the easing of strict Covid-19 regulations. According to the National Bureau of Statistics (NBS), retail sales, a crucial gauge of domestic consumer activity, grew by 18.4% year-on-year. However, this fell short of the…
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Thai tycoon’s firm doubles spending amid tourism boom and economic growth
Asset World Corporation, the property and hotel development unit owned by Thailand‘s wealthiest individual, is set to more than double its spending on acquisitions and development of hotel resorts and commercial properties this year due to the tourism boom. The company plans to invest over 20 billion baht (US$590 million) in 2023, up from around 10 billion baht last year,…
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Vietnam PM approves $134.7bn power plan, unlocking G7 green-transition funds
Vietnam’s Prime Minister Pham Minh Chinh has approved a power development plan requiring US$134.7 billion of funding for new power plants and grids, a move that could potentially unlock billions of dollars in foreign investment. The plan, known as PDP8, aims to ensure energy security for the Southeast Asian country while transitioning from its current heavy reliance on coal to…
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China’s industrial output and retail sales miss forecasts, raising recovery concerns
China‘s industrial output and retail sales growth for April fell short of expectations, indicating the economy experienced a further slowdown at the beginning of the second quarter. This comes amid a series of recent data pointing to a shaky post-pandemic recovery. In April, China’s industrial output increased by 5.6% year-on-year, picking up pace from the 3.9% growth seen in March,…
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Khon Kaen Chamber urges rapid election endorsement for timely fiscal boost
The Khon Kaen Chamber of Commerce urged a swift endorsement of General Election results to ensure the timely allocation of the fiscal 2024 budget for the Thai economy. Channarong Buristrakul, the chamber’s president, stressed the importance of forming a new government without delay and removing any hindrances to effective governance. The chamber emphasized the need for a new government to…
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Centel Q1 net profit soars as tourist arrivals boost hotel recovery
Central Plaza Hotel Plc (Centel) has reported a significant increase in net profit for the first quarter of this year, reaching its highest level since the beginning of the pandemic. This improvement is attributed to a substantial rise in tourist arrivals. In comparison to a net loss of 44 million baht in the first quarter of last year, Centel recorded…
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Business sector urges swift government formation for economic stability
The business community in Thailand is urging the formation of a new government and the agreement of policies by coalition parties, as this will significantly impact the nation’s confidence. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, highlighted the importance of a stable government that can govern without interruption. He also noted the high level of public engagement in…
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SET index drops after MFP election win spooks investors
Despite the Move Forward Party (MFP) election victory on Sunday, the Stock Exchange of Thailand (SET) experienced a downturn yesterday. Investors sold shares related to politics and large-cap stocks that could be negatively impacted by the MFP’s policies, according to analysts. The SET index closed 1.28% lower yesterday, with shares of Gulf Energy Development Plc (GULF), Thailand’s largest power producer,…
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Social media pivotal in Moving Forward Party’s election victory, experts say
The 2023 election results have highlighted the significant role social media played in the Moving Forward Party‘s victory, as digital agencies and communication experts emphasise the importance of appealing content and social media engagement. It has become evident that social media is not just an alternative channel for election campaigns, but a mainstream media channel, reaching 85% of the population,…
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Thailand’s economy grows faster than expected in Q1 due to tourism rebound
Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors –…
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Accessible tourism potential for Thailand’s post-pandemic resilience
The World Tourism Organization emphasizes the importance of accessible tourism as the industry aims to recover post-pandemic. An estimated 10% of the global population is aged over 65, while approximately 16% have some form of disability. As Thailand’s economy increasingly relies on tourism, developments in accessible infrastructure are being implemented in both public and private sectors. Despite existing accessibility laws…
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Thailand Plus Package extension anticipated to attract 6 billion baht investment in three years
The Revenue Department anticipates that the tax measures designed to support the relocation of foreign investors’ production bases will generate investment of approximately 6 billion baht within three years, according to Deputy Director-General Vinit Visessuvanapoom. Visessuvanapoom explained that the cabinet has given its backing to an extension of the tax measures, also referred to as the Thailand Plus Package, which…
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National Telecom unlikely to set high-capacity specifications for first satellite
National Telecom (NT), formed from the merger of TOT and CAT Telecom, is focusing on providing satellite specifications for state agency demands, which are estimated to increase by 7% annually, as stated by a top-ranking executive. With the satellite set to launch in the 126° East slot within the coming three years, determining its specifications is paramount. The firm aims…
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Thai airlines report surge in earnings as tourism rebounds
Thai Airways International Public Company Limited and Bangkok Airways Public Company Limited have experienced a significant increase in their earnings for the first quarter, as tourists have started to return to Thailand in increasing numbers. In the first three months up to March, Thai Air recorded a net income of 12.51 billion baht (US$370 million), a considerable turnaround from their…
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Funding populist policies: borrowing or tax hikes?
During the general election, political parties presented various populist pledges aimed at attracting voters. Among these were the controversial 10,000-baht digital wallet handout for individuals aged 16 and over, increasing minimum daily wages, raising minimum monthly salaries for university graduates, suspending debts for farmers, cutting electricity tariffs, and increasing the monthly allowance for people aged 60 and over. The Thailand…
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New government has room to spend 2 trillion baht on populist pledges
The upcoming government is expected to have around two trillion baht at its disposal for implementing its populist policies, according to an anonymous source from the Finance Ministry. The figure takes into account the 500 billion baht needed for the Pheu Thai Party’s pledge to provide digital wallet handouts of 10,000 baht to those aged 16 and over. Should the…
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Vaping promotion on social media impacting youth in Australia
Social media platforms like Instagram, TikTok, and Facebook predominantly exhibit vaping in a favourable manner, giving the impression that e-cigarette usage is widespread and socially acceptable. In Australia, traditional tobacco advertising has been prohibited for decades; however, e-cigarettes are extensively promoted on social media, undermining some of the progress made throughout earlier years. Most platforms have content policies explicitly prohibiting…
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Former ByteDance executive sues company for wrongful dismissal over alleged culture of lawlessness
A former high-ranking executive at ByteDance, the Chinese firm behind the immensely popular TikTok platform, has filed a lawsuit against the company, charging it with wrongful dismissal. According to Yintao Yu’s testimony, he was terminated from his position for exposing what he describes as the company’s “culture of lawlessness.” The legal action in the San Francisco court comes when political…
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Thai tourism rebound evident with surge in new business registrations
Thailand’s tourism sector has witnessed a strong rebound, as evidenced by the significant surge in new registrations for tourism-related businesses during the initial four months of this year. The Ministry of Commerce revealed yesterday that the number of new tourism-related business registrations had doubled year-on-year, reaching 2,579 in the first four months, with a total registered capital increase of 135%…
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UFC Gym eager to re-enter Singapore market after sudden closure of franchise
UFC Gym has expressed its keen interest in returning to the Singapore market and is committed to offering support to customers affected by the unexpected closure of its franchise in the country, according to CEO Adam Sedlack. He highlighted that Singapore continues to be an attractive market for the UFC Gym brand and their unique training approach. Members of UFC…
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Malaysia’s economy exceeds expectations with 5.6% growth in first quarter
Malaysia‘s economy has experienced faster than anticipated growth in the first quarter, bolstered by solid domestic demand, causing the central bank to downplay the potential impact of a global slowdown on the country, which is reliant on exports. Gross domestic product increased by 5.6%, according to data from the central bank and the government, exceeding analysts’ forecasts of a 4.8%…
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Thai, Bangkok Airways report first-quarter earnings surge
Thai Airways International Plc and Bangkok Airways Plc have experienced a significant increase in their first-quarter earnings as tourists return to Thailand in growing numbers. Thai Airways reported a net income of 12.51 billion baht for the three months through March, a considerable improvement from the 3.25 billion baht net loss they incurred during the same period last year. Meanwhile,…
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Kasikornbank halts plans to sell stake in asset management business
Kasikornbank (KBank) Public Company Limited, the second-largest lender in Thailand, has put the plans to sell a share in its asset management business on hold, according to individuals familiar with the situation. Negotiations between KBank, based in Bangkok, and several prospective buyers have reached an impasse due to disagreements on terms of a potential agreement, said those familiar with the…
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