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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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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BlockFi bankruptcy allows return of funds to non-interest-bearing account holders
Bankrupt cryptocurrency lender BlockFi has been granted court permission to return US$297 million to clients holding non-interest-bearing accounts. However, this does not include repayment to customers who made last-minute attempts to transfer funds into those accounts. It was concluded by the UK Bankruptcy Judge that customers owned their deposits in BlockFi’s Wallet programme, a non-interest-paying scheme that maintained customer deposits…
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Thaifoods Group to invest billions in expansion and new retail outlets
Thaifoods Group Plc (TFG), a leading chicken and pig producer in Thailand, has announced plans to invest between 3 billion and 3.5 billion baht in expanding its business this year, with a particular focus on opening new retail outlets. Chief Operating Officer Phet Nantavisai stated that 2 billion baht of the investment will be allocated to the expansion of the…
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Nine executives apply for NBTC secretary-general role
A total of nine executives have applied for the position of secretary-general at the National Broadcasting and Telecommunications Commission (NBTC). Seven individuals submitted their applications during the initial application period running from March 20 to April 7, with a further two applying during the extended period, concluding May 7. According to Dr Sarana Boonbaichaiyapruck, NBTC chairman, the new secretary-general will…
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State banks offer higher deposit rates at Money Expo 2023
State-owned banks in the country are eager to offer customers higher deposit rates, with one scheme providing up to 17%. At the 23rd Money Expo 2023, Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC) unveiled campaigns to attract patrons to open short-term deposits for three-to-five months by presenting step-up interest rates. Monetary Policy Committee members…
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Proposal to tackle illegal tour guides and boost job opportunities submitted to prime ministerial candidates
Tour guides have presented a proposal to numerous prime ministerial candidates from various political parties, with the aim of eliminating unlawful tour guides and nominee businesses. They also hope that the proposed Tourist Guide Act will expand the scope of the profession, leading to increased employment opportunities. Yesterday, representatives from the Professional Tourist Guides Association of Thailand visited political party…
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Thailand partners with Asean organisations to develop electric vehicle battery technology
Thailand has joined forces with five technology and electric vehicle (EV) organisations in Asean to conduct a joint study and develop EV battery technology, in efforts to strengthen the booming EV industry in the region. This collaboration aims not only to enhance the EV ecosystem but also to support Asean’s economy under its sustainable development concept, stated Pimpa Limthongkul, the…
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Biden and senior Republicans meeting postponed for further staff discussions
Crunch negotiations between US President Joe Biden and senior Republicans have been delayed until early next week, allowing staff to continue their discussions, according to a statement from the White House yesterday. An insider familiar with the talks between the Democratic and Republican leaders described this as a positive development, implying that it was not the right time for the…
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Revolut CFO Mikko Salovaara resigns amid banking licence delays
Financial technology company Revolut announced yesterday that its Chief Financial Officer, Mikko Salovaara, aged 31, will be departing the firm after two years in the position. A spokesperson for the London-based start-up cited “personal reasons” as the cause for his resignation. At this time, no successor has been named by Revolut. The company has been going through a challenging period…
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Elon Musk announces new CEO for Twitter and transition to CTO role
Elon Musk revealed yesterday that he has appointed a new CEO for Twitter, though he did not disclose the individual’s identity. He also stated that he will assume the position of Chief Technology Officer for the social media platform within the next few weeks. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in…
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Bank of Thailand to relax rules on Chinese yuan use for trade this year
The Bank of Thailand (BoT) plans to ease regulations on the use of China’s yuan for trade this year, aiming to mitigate the effects of currency volatility, according to BoT Deputy Governor Mathee Supapongse. Ongoing discussions between the central bank and its Chinese counterpart are focused on promoting the usage of the Chinese currency. China is a significant trade partner…
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China increasingly uses yuan for trade with Russia, sidelining the dollar
China has significantly raised its use of the yuan for purchasing Russian commodities in the past year, with almost all its procurement of oil, coal, and some metals from the neighbouring country now settled in the Chinese currency instead of US dollars, multiple trading executives with direct knowledge of the situation have revealed. The shift towards using the yuan to…
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Philippine economy grows 6.4 per cent in first quarter, beating expectations
The economy of the Philippines experienced a 6.4% expansion in the first quarter compared to the previous year, according to the country’s statistics agency. This development surpasses expectations, with analysts previously predicting a 6.1% annual growth in the gross domestic product (GDP). On a quarterly basis, growth slowed to 1.1% compared to the earlier reported 2.4% expansion in the previous…
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China’s consumer price index sees slowest growth in two years
China’s consumer prices experienced a slow increase over the past two years in April, with factory gate deflation becoming more pronounced, according to recent data. This outcome has prompted conjecture that additional stimulus activities may be necessary to enhance the uneven post-pandemic economic recovery. In April, the consumer price index (CPI) increased by 0.1% year-on-year, making it the lowest level…
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Disney reduces streaming losses but sheds subscribers as earnings meet expectations
Walt Disney has reported a reduction in streaming losses by US$400 million from the previous quarter; however, the company also experienced a drop in subscribers. The entertainment giant shared this information on Wednesday as part of its recent quarterly earnings release, which fell in line with Wall Street expectations. Following the report, shares of Disney declined by 4.4% during after-hours…
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China’s shrinking birth rate impacts baby product manufacturers
A decline in China’s population is creating a challenging environment for the country’s baby and children’s product manufacturers, as domestic sales plummet and companies grapple with finding alternative revenue streams. As the world’s largest market for baby food and diapers, valued at US$37.9 billion annually, prepares to contract for the first time, firms are turning their attention to products for…
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Indian airline Go First granted bankruptcy protection amid repossession concerns
An Indian tribunal granted bankruptcy protection to Go Airlines (India) Ltd yesterday, a decision that may aid the country’s fourth-largest airline in its revival efforts but could also hinder foreign lessors’ attempts to reclaim their aircraft. The low-cost carrier recently rebranded as Go First, claimed that its financial crisis originated from “faulty” Pratt & Whitney engines, which grounded approximately half…
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Thailand targets high-spending Middle Eastern tourists for tourism growth
The Tourism Authority of Thailand (TAT) is focusing on attracting high-spending visitors from the Middle East in the latter half of this year, with the goal of utilising this market as a new tourism growth engine. Apichai Chatchalermkit, TAT’s deputy governor for tourism products and business, has stated that since Thailand re-established full diplomatic relations with Saudi Arabia in early…
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Growing global demand for gold amid banking sector turmoil and geopolitical tensions
The global demand for gold from investors is witnessing an increase due to instability in the banking sector, geopolitical tensions, and a challenging economic environment, prompting individuals to turn to the precious metal as a safe-haven asset, according to the World Gold Council (WGC). The WGC’s most recent Gold Demand Trend report revealed that demand for gold bars and coins…
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Truemoney partners with Mastercard and Google for contactless payment expansion
TrueMoney, a prominent e-payment and financial service provider, has collaborated with Mastercard and Google to facilitate the integration of TrueMoney Mastercard virtual prepaid cards, formerly referred to as WeCard, into Google Wallet. This development enables Google Wallet users to utilise TrueMoney Mastercard for contactless payment through the Google Pay platform. Apinand Dabpetch, head of TrueMoney’s growth and wallet platform, explained…
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Marriott upbeat about Thailand’s labour crunch in tourism sector
Marriott International remains optimistic about Thailand’s labour situation in the tourism sector, as employment at its properties across the country has nearly returned to its 2019 levels. The company hopes that the incoming government will prioritise the development of connectivity to secondary cities in order to enhance the country’s competitive edge. Jakob Helgen, Area Vice-President for Thailand, Vietnam, Cambodia, and…
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