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 one hospital visit in Thailand could cost more than your whole trip
Thailand is a favourite spot for travellers who want to enjoy more while spending less. From cheap street food to low-cost hotels and fun attractions, it’s easy to stretch your budget here. But there’s one thing many people don’t think...
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Tourism boom shields Thailand’s economy amid political uncertainty
As political uncertainty continues to loom over Thailand, the country’s economy is receiving a much-needed boost from the significant increase in foreign tourists. In the first quarter of 2023, Thailand welcomed 6.5 million visitors, a stark contrast to the 498,000 recorded in the same period a year earlier. This surge in tourism is expected to help bolster the nation’s economy,…
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Thai Airways – Thai Smile merger gets green light
Debt-ridden Thai Airways International (THAI) will merge its subsidiary Thai Smile into its main company as part of its overall restructuring plan. The merger is set to be completed this year. THAI reported that their creditor’s committee gave the merger the green light yesterday. Now, the plan will be put before Transport Minister Saksayam Chidchob and the Civil Aviation Authority…
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Nitori flagship store to open at CentralWorld in August
Central Pattana Plc, a leading real estate developer, has announced plans to open a flagship store for Nitori, a popular Japanese furniture and home furnishings brand, at CentralWorld in August. The new Nitori store will occupy over 2,600 square metres of space in Zone I on the mall’s fifth floor. The Japanese brand also has plans to open a second…
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Micron to invest £3.7bn in Japan’s EUV tech for advanced chip production
Micron Technology revealed planned yesterday to invest up to 500 billion yen (US$3.7 billion) in extreme ultraviolet (EUV) technology in the coming years, supported by the Japanese government. The advanced EUV lithography chip-making machines will be utilised to manufacture 1-gamma chips, which are essential for the mass production of materials used in complex applications such as image processing networks. The…
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Boeing launches Cascade tool to aid zero-emission aviation by 2050
Boeing Co has introduced a data modelling tool, Cascade, designed to assist airlines and policymakers in determining the most efficient route to achieve zero aviation emissions by 2050. The tool enables users to manipulate various variables, such as the adoption of sustainable fuels or electric propulsion, the replacement of older aircraft, operational enhancements, and other advanced technologies, to better comprehend…
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Tesla to embrace advertising, Musk hints at unique approach
Elon Musk has announced plans for Tesla Inc to venture into traditional advertising, marking a significant shift for the electric vehicle (EV) manufacturer that has previously relied on its CEO’s star power and customer enthusiasm. Speaking at the company’s annual meeting, Musk stated that Tesla would “try out a little advertising and see how it goes.” The news led to…
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FTX founder eyes Supreme Court ruling in bid to dismiss fraud charges
FTX founder Sam Bankman-Fried is seeking to use a recent Supreme Court ruling to strengthen his defence against fraud charges related to the collapse of his cryptocurrency exchange. However, legal experts have suggested that the chances of having the charges dismissed remain low. Bankman-Fried requested on May 8 that most of the charges against him be dropped, arguing that some…
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Montana becomes first US state to ban TikTok over Chinese surveillance fears
Montana becomes the first US state to ban the Chinese-owned TikTok app, with Governor Greg Gianforte signing legislation that prohibits Google and Apple’s app stores from offering it within the state’s borders. The ban is set to take effect on January 1, 2024. TikTok, which has over 150 million American users, has faced increasing calls for a nationwide ban due…
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Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
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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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Singapore’s key exports drop for seventh month amid electronics slump
Singapore‘s non-oil domestic exports (NODX) suffered a decline for the seventh consecutive month, with a 9.8% drop in April compared to the same month last year. This is according to data from Enterprise Singapore, which also revealed an 8.3% contraction in March. The decline in April was worse than the 9.4% drop predicted by a Reuters poll. The slump in…
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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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AI revolutionising search engines, shifting from links to direct answers
The online search experience, which has been dominated by Google for the past 25 years, is set to undergo a significant transformation as artificial intelligence (AI) reshapes the way users seek answers to their questions. AI-powered chatbots like ChatGPT, Bard, and Bing are revolutionizing the classic search-and-click method, enabling users to receive direct answers to their queries rather than sifting…
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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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Phuket tourism seeks elected governor for tailored policies and mafia crackdown
Tourism operators in Phuket are optimistic that electing their provincial governor could help address the island’s long-standing issues, such as the taxi mafia. The Move Forward Party (MFP), which secured the majority of Parliamentary seats recently, has proposed administrative reform that would allow provinces outside Bangkok and Pattaya to elect their governors. Suksit Suvunditkul, president of the southern chapter of…
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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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New government urged to tackle living costs, support steel industry
The incoming government, led by the Move Forward Party, has been urged to address the high cost of living and expensive electricity bills while continuing to support the domestic steel industry, according to Somsak Leeswadtrakul, a prominent steel magnate and philanthropist. Tackling the rising cost of living, particularly for low-income earners, should be among the top priorities for the new…
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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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Southeast Asia and China top destinations for overseas business expansion in Asia
Southeast Asia and China are now the top choices for overseas expansion, with 83% of Asian businesses expressing interest in venturing abroad, as revealed in a recent report. The Business Outlook report, conducted by United Overseas Bank (UOB), surveyed over 4,000 small and medium-sized enterprises (SMEs) as well as large organisations in Asia. The study showed that over four out…
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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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