Business News
Stay abreast of the ever-changing Business News in Thailand through our comprehensive coverage of local and international business events, market trends, and economic updates. We provide reliable analysis, in-depth features, and expert insights on the most relevant business stories, including issues affecting Thailand’s stock market, foreign investment, and entrepreneurship. Track the business world’s pulse as we inform you of crucial developments shaping Thailand’s economic landscape.
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Infinito helps hotels in Thailand with revenue management
Maximising revenue and profitāisnāt that the ultimate goal for every business in the hospitality industry? If you run a hotel, you might have heard that revenue management is an effective way to boost your top-line revenue. It involves using data...
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Thailand govt pushes for 500-billion-baht loan to boost economy
Deputy Finance Minister Julapun Amornvivat underlined the government’s prerogative to deem the current economy as crisis-ridden, a pivotal aspect for sanctioning the 500-billion-baht loan bill to propel its digital wallet disbursement scheme. According to him, the definition of an economic crisis is subjective, hinging on individual perception. Nonetheless, the government’s assessment paints the picture of an economy in dire need…
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Bank of Thailand urged to slash interest rates amid economic struggle
Pressure is mounting on the Bank of Thailand to ease the economic strain on small and medium-sized enterprises (SMEs) by slashing interest rates on commercial bank loans. Pichai Naripthaphan, deputy chairman of the Pheu Thai Party‘s strategies and politics committee and an advisor to Prime Minister Srettha Thavisin, argued that the central bank needs to acknowledge the real-world challenges people…
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Muang Thai Life Assurance diversifies into healthcare business
Muang Thai Life Assurance (MTL) is actively pursuing plans to diversify its portfolio by investing in medical treatment businesses. The company’s president and chief executive, Sara Lamsam, confirmed this strategic move. According to Lamsam, this expansion is in response to a trend observed in markets such as the United States, Europe, and other Asian countries where insurance companies are leveraging…
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Thai government seeks interest rate cut as household debt fuels recession
Thailand’s economy is currently grappling with a recession triggered by soaring household debt, as reported by the Deputy Finance Minister, Julapun Amornvivat, today. This intensified the call for the central bank to reduce interest rates. Julapun also expressed the government’s commitment to the 500 billion baht distribution plan, which aims to allocate 10,000 baht per person to 50 million Thai…
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Hong Kong court orders liquidation of China’s indebted developer Evergrande
China’s most indebted property developer, China Evergrande, was ordered to liquidate by a Hong Kong court today, a move that could potentially destabilise the already trembling Chinese capital and property markets. The liquidation process could be intricate due to the multiple authorities involved and the potential political implications. Following the order for liquidation, a provisional liquidator will be appointed, followed…
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Thai jewellery industry urged to focus on sustainable manufacturing
The Gem and Jewellery Institute of Thailand (GIT) urged Thai jewellery producers to bolster their focus on sustainable manufacturing. The call to action comes amid growing customer interest in the ethical and environmental considerations of the industry. GIT, an agency of the Commerce Ministry, emphasised that while the industry primarily centres around design and the ability to refine uncut jewels,…
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China’s Lunar New Year tourism surge unlikely to reach pre-pandemic levels
Anticipations are high for an increased number of Chinese tourists venturing abroad during the forthcoming Lunar New Year. However, industry analysts predict the numbers will not reach the pre-pandemic levels due to the prevailing uncertain economic situation and evolving consumer trends. A significant surge in passenger traffic during the 40-day festive travel period, known as Chun Yun, is suggested by…
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Thai baht heads for poorest January since 2020
The Thai baht, after experiencing a nearly 4% loss compared to the US dollar, is on track for its poorest January performance since 2020. The currency’s downfall signals further challenges ahead, given the significant outflows. Emerging Asia’s top-performing currency in the fourth quarter turned into this year’s biggest loser as global funds avoid Thai assets. This comes amid a dispute…
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Bitcoin ETFs surge after US SEC approval boosts annual ROI
Having received approval from the US Securities and Exchange Commission (SEC) for 11 Bitcoin exchange-traded funds (ETFs), the cryptocurrency is seeing a resurgence, boosting its annual return on investment by over 150%. This surge has been aided by a predicted Bitcoin halving in April, leading to the cryptocurrency reclaiming its top position for asset annual ROI. The decision by the…
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Thailand’s Land Bridge project eyed for boosting economy amid local concerns
Thailand’s Land Bridge project, a major infrastructure initiative resembling a proposed shortcut through Southeast Asia, dominated the recent mobile Cabinet meeting in Ranong. Residents expressed apprehensions to Prime Minister Srettha Thavisin, highlighting potential environmental damage and disruptions to their lifestyle. In the face of forecasted stagnant GDP growth, the government views the Land Bridge project as a promising solution for…
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Red sea conflicts could disrupt global trade, Thai economy at risk
The business world is on high alert as the ongoing conflicts in the Red Sea and the Israel-Hamas war pose potential risks to the global economy. The strategic planning unit of the Commerce Ministry is urging stakeholders to keep a close watch on the situation and its potential implications. The conflicts could bring both direct and indirect negative impacts on…
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Italian scientist receives Thai honour, boosting Thailand-Italy relations
The Prince Mahidol Award 2023, a distinguished Thai honour in the medical field, has been conferred upon Prof Dr Napoleone Ferrara, an Italian medical scientist. The award’s presentation underscores the over 156 year old bond between Thailand and Italy. The Italian Embassy in Thailand celebrated this honour, hosting a ceremony for Professor Dr Ferrara. Distinguished Thai figures with notable Italian…
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Rental woes: KCar sees slowdown as lending rules put brakes on second-hand marke
KCar, formally known as Krungthai Car Rent & Lease Plc, anticipates a deceleration in the second-hand car and car rental markets as financial institutions continue to enforce stringent lending criteria. This is attributable to high levels of household debt and subdued purchasing power. Pichit Chantarasereekul, the managing director of KCar, highlighted that banks are increasingly cautious due to the high…
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Nex point projects commercial EV sales to hit 5,556 by 2024
Nex Point, a SET-listed local assembler of commercial electric vehicles (EVs), is forecasting sales to hit 5,556 units by the end of 2024. This projection stems from an increased demand from businesses operating in the transport and logistics industries. A rise in such interest is tied to these sectors’ growing commitment to lower carbon emissions. Between January and September of…
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Thai travel agents expect Chinese tourist surge during Lunar New Year
The Association of Thai Travel Agents (ATTA) anticipates a surge in Chinese tourists during the Lunar New Year holiday, estimating daily arrivals of 20,000 to 25,000. ATTA President, Sisdivachr Cheewarattanaporn, attributes this boost to enhanced charter and scheduled flights, alongside the visa-free scheme designed to spur Chinese demand. Chinese arrivals have shown a marked increase this year, averaging 15,000 to…
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Thai baht could depreciate further against US dollar, says K-Research
The Thai baht, already experiencing a downward trend, could further depreciate against the US dollar, potentially reaching 36 baht to a dollar, according to Kasikorn Research Centre (K-Research). This forecast is contingent upon robust US economic data, set to be released later this week, which could indicate a resilient US economy. Additionally, any delays in the Federal Reserve’s proposed trimming…
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DeeMoney’s ‘PIN TO SUCCESS’: a roadmap to greater success
āTo operate a successful business, you need to have the right products and services and know how to apply innovations to better serve the market and heighten your success. More importantly, be flexible and always ready to adjust your plans in line with your goals.āĀ ā Aswin Phlaphongphanich, CEO and Co-Founder, DeeMoney. DeeMoney is a leading Thai fintech company specialising…
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Elon Musk warns Chinese automakers set to drive global rivals off the road
Tesla CEO Elon Musk issued a stark warning, predicting that Chinese automakers will demolish global competition if trade barriers are not enforced. This statement highlights the intense pressure the leading American electric vehicle (EV) company faces from Chinese rivals such as Build Your Dreams (BYD), which are rapidly expanding their global presence. Musk’s warning follows recent developments where BYD, supported…
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Thailand’s retail sector expects double-digit growth driven by private consumption and online retail
Anticipating a robust year ahead, Thailand’s retail sector is poised for a double-digit expansion. The growth is primarily spurred by a surge in private consumption and the government’s stimulus measures, such as the Easy E-Receipt tax refund scheme and a boom in online retail. However, the rising cost of living is a cause for concern, as stated by the Economic…
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Thailand to launch green investment trusts for forestry initiatives
Thai regulatory bodies are paving the way for the establishment of investment trusts dedicated to forestry and tree-planting initiatives. These new financial products, dubbed green investment trusts, are part of an effort to diversify the capital markets and provide financial support to sectors that align with carbon neutrality goals. Pornanong Budsaratragoon, the secretary-general of the Securities and Exchange Commission (SEC),…
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Thailand’s new green utility tariff boosts renewable energy use
The unveiling of a Green Utility Tariff (GUT) next month is set to bring about a significant progression in renewable energy use within Thailand, bolstering local businesses and attracting foreign investment. This move has been eagerly awaited by numerous companies considering expansion into Thailand, as they seek not only the necessary infrastructure but also a source of clean energy to…
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Bangkok gears up for eighth round of FTA talks with EFTA
Bangkok is preparing to host the eighth round of free trade agreementĀ (FTA) discussions with the European Free Trade Association (EFTA), scheduled to take place from January 30 to February 2. The Thai government aims to wrap up the negotiations by the middle of this year. Chotima Lemsawasdikul, the director-general of the Trade Negotiations Department, has confirmed that the discussions will…
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Thailand aims to be among top five Asian tech ecosystems
Aspiring to rank among Asia’s top five tech ecosystems within the next decade, Thailand is currently focusing on the development of smart industries, particularly in tourism, healthcare, agriculture, and manufacturing, according to a statement by a corporate innovation accelerator. Dr Kid Parchariyanon, CEO and co-founder of RISE, the accelerator, insisted that the adoption of artificial intelligence (AI), along with nurturing…
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Thailand’s GDP growth disappoints with a slow 1.8% rise in 2023
GDP growth in 2023 slowed down to a disappointing 1.8%, according to an announcement by the Fiscal Policy Office (FPO). Director-general, Pornchai Thiraveja, attributed this to a combination of negative factors impacting the economy. Originally, the growth was forecast to rise to 2.7% in 2023, based on a projection made in October last year. The less-than-anticipated growth is due to…
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JKN Global sells 50% Miss Universe stake to Legacy Holding for US$16m
In a bid to deal with its ongoing financial struggles, JKN Global Group Plc, a renowned local media company, has decided to offload a 50% stake in its Miss Universe business. The stake, valued at US$16 million (570 million baht), will be purchased by Legacy Holding Group USA Inc. The group, which is under the control of Mexican businessman Raul…
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Thailand’s minister calls for industrial sector transformation
Thailand Industry Minister Pimpatra Vichayakul likened the nation’s industrial sector to a sleeping tiger ready to awaken and roar, emphasising the need for a transformation towards S-Curve industries. This declaration came during the Thailand 2024: The Great Challenges seminar held yesterday, January 23, at the Pullman King Power Hotel in Bangkok. Pimpatra highlighted the government’s role in supporting local and…
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Southeast Asia capitalises on China’s Australian lobster ban
The protracted ban on Australian rock lobsters by Beijing has prompted Southeast Asian countries to capitalise on the opportunity, increasing their seafood exports to China. As the ban continues, the shift in sourcing may become irreversible, experts predict. New Zealand currently dominates the Chinese market for rock lobsters, holding nearly 40% of the total market share, based on data from…
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Thai PM announces stimulus measures amidst economic crisis
Acknowledging Thailand’s struggling economy, Prime Minister Srettha Thavisin, who also serves as the Finance Minister, said today the government is set to introduce a series of stimulus measures to bolster growth. This revelation comes amidst criticism from Bank of Thailand‘s (BoT) Governor Sethaput Suthiwartnarueput, who argued that the government’s efforts will not rectify the underlying structural problems at the root…
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Thachang Green Energy projects major expansion by 2026 with new power plants
Thachang Green Energy (TGE), an operator and developer of biomass power plants listed on the Stock Exchange of Thailand (SET), projects a significant business expansion between 2025 and 2026. This growth is attributed to the additional power generation capacity from imminent power plant projects. While no capacity increment is planned for this year, TGE predicts a revenue surge of over…
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SEC considers banning NVDR securities for Thai investors
With plans to limit Thai investors from making investments in non-voting depository receipts (NVDRs), the Securities and Exchange Commission (SEC) is setting up a public hearing to enforce a ban on securities companies offering such services. Citing concerns over NVDR securities as a mechanism to sidestep compliance with regulations or as a means to obscure shareholding data, the SEC believes…
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