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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With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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Thai IT service demand surges due to digital transformation and AI
Global managed service provider Kyndryl believes the demand for information technology (IT) services in Thailand is being driven by factors such as digital transformation, artificial intelligence (AI), smart cloud, and the modernisation of IT infrastructure. Kyndryl was born out of the spin-off of IBM’s infrastructure service business in 2021. Kittipong Asawapichayon, the managing director of Kyndryl Thailand and Vietnam spoke…
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Thai trial shows railway’s agricultural haul potential
A recent trial by Thailand Science Research and Innovation (TSRI) has demonstrated the vast potential of railway logistics for long-distance transportation of agricultural products. The experiment resulted in a 13-fold reduction of carbon emissions compared to air freight, as well as significant cost savings. Running the trial with high-efficiency mobile refrigerated container trains, TSRI transported the Royal Project’s fresh produce…
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Oil prices surge amid Middle East tensions and Russia-Ukraine war
Tensions in the Middle East and ongoing conflicts between Russia and Ukraine have elevated crude oil prices. Notwithstanding the fragile global economic climate, crude oil prices experienced a dip in the first quarter of the year, as the OPEC+ group of producers continued to restrict supply. Near the start of April 2024, the ICE Brent crude oil price has reached…
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Bangchak expands petroleum business in Norway
Bangchak Corporation, a prominent energy conglomerate listed on the Stock Exchange of Thailand (SET), is advancing its petroleum business in Norway. The corporation, via its subsidiary Okea ASA, is set to develop an additional production facility at the offshore Brasse petroleum field in the North Sea. This move aligns with Bangchak’s 2022 announcement to bolster its investments in oil and…
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Global oil prices dip over China’s economic slowdown
With the ongoing economic slowdown in China and diminishing hopes for imminent US interest rate reductions, global oil prices saw a decline in the early trade today. These concerns outweighed supply apprehensions triggered by escalating tensions in the Middle East. Trading at US$89.16 a barrel, Brent futures for June delivery experienced a minor decrease of 7 cents or 0.1%. Similarly,…
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Thai banks set for expansion amid ASEAN economies’ growth
A surge in regional business expansion is forecasted for major local banks in Thailand due to the growth potential of ASEAN economies. This outlook has been provided by Fitch Ratings Thailand, indicating promising revenue prospects for these banks through increased regional operations. In 2023, a noticeable upturn in the regional business of large local banks was observed, primarily due to…
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Tourism sector divided over elected versus appointed governors
The debate over elected provincial governors versus appointed heads is intensifying, revealing a divide among tourism operators. This issue gained momentum during last year’s general election, when several political parties, including Pheu Thai, proposed allowing locals to elect their governors, a practice already in place in Bangkok and Pattaya. Pheu Thai’s coalition government, during its policy announcement, introduced a CEO-governor…
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Chinese firms eye EV supply chain in Thailand’s Smart Park
Chinese companies have shown keen interest in the EV supply chain and energy sectors of the Smart Park Industrial Estate, situated in Rayong, Thailand. This industrial estate is due to open by the end of the current year, according to the Industrial Estate Authority of Thailand (IEAT). The companies aim to establish factories manufacturing EV components to cater to the…
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Southeast Asia lags in green investments
Southeast Asia is significantly lagging in green investments aimed at reducing emissions, according to a report by Bain & Company, a global consultancy. The region’s energy consumption is projected to increase by 40% within this decade, leading to a continued rise in carbon dioxide emissions due to its heavy reliance on fossil fuels. The report, produced in collaboration with green…
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Thai government profits from increasing Philippine rice imports
As the Philippines’ demand for rice imports swells, the Thai government is capitalising on this increasing requirement. The Southeast Asian country is set to import more rice this year than previously estimated, providing a lucrative opportunity for Thailand’s rice export market. Commerce Minister Phumtham Wechayachai has thus instructed the Department of Foreign Trade (DFT) and the commercial attaché in the…
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Bitcoin rebounds amid Middle East military escalation uncertainty
Bitcoin, the largest cryptocurrency, recently bounced back from its steepest drop in over a year, marking the beginning of potential volatility across asset markets as investors grapple with the looming prospect of a military escalation in the Middle East. Bitcoin yesterday rose by a maximum of 5.9% and was traded at around US$64,600 as of 11.40am in London. Smaller cryptocurrencies…
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Durian exports to undergo regulatory revamp in Thailand
Thailand’s durian exports are set for a regulatory overhaul to ensure quality and competitiveness on the global stage, according to government spokesperson Chai Wacharonke. As the leading global durian exporter, Thailand’s move towards stricter quality control aims to bolster its market position. The export of durians has become a significant revenue source for the country, with earnings reaching 120 billion…
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April alcohol sales set to double, spiking road accidents feared
The CEO of Carabao Group, Sathien Sathientham, predicts that April’s alcohol sales are set to double, except for December. This increase is anticipated due to the prolonged Songkran festival and the extension of bar and pub opening hours in several areas, including Bangkok and Phuket. Nuttapong Boontob, a board member and assistant secretary of the ThaiRoads Foundation, expressed concerns about…
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Songkran expected to boost Thailand’s economy with billions
The Songkran festival in Thailand this year is anticipated to bring between 140 and 200 billion baht into the country’s economy. The festival, which has been recognised as an Intangible Cultural Heritage event by Unesco, is predicted to attract 10 million international visitors who will contribute 11.8 billion baht to the total spending. In light of the festival’s recognition, the…
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Thai property stimulus measures to boost SET and lower costs
The Stock Exchange of Thailand (SET) is set to benefit from the newly sanctioned Thai property stimulus measures, which are expected to significantly lower costs for homebuyers. The reductions in transfer and mortgage fees apply to up to 70% of units available in the property market. The Cabinet this week approved measures for homes priced up to 7 million baht.…
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Crypto crackdown: Regulatory bodies unite to reel in P2P fraud
Regulatory bodies are rallying together to develop stringent rules to monitor the buying and selling of cryptocurrencies via peer-to-peer (P2P) transactions. These authorities have observed that fraudsters, seeking to cover their tracks after illicit activities, tend to use cryptocurrencies purchased P2P. The Securities and Exchange Commission (SEC) is being urged to revise or create regulations related to digital assets, to…
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Thai industries fear trade slump due to Myanmar conflict
The Federation of Thai Industries (FTI) voiced concerns over the escalating armed conflict in Myanmar, predicting a further slump in border trade and a surge in illegal workers from Myanmar into Thailand. The Thailand-Myanmar border trade, valued annually at 100 billion baht (US$2.7 billion), tends to suffer whenever conflict escalates, according to Kriengkrai Thiennukul, chairman of the FTI. “There are…
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BoT holds policy rate, predicts consistent economic growth
The Bank of Thailand has kept the policy rate steady at 2.5% during its latest meeting, rejecting governmental calls for a decrease. The decision, marking the third consecutive meeting with no change, is based on the Thai economy’s consistent growth, which has already exceeded 2023 levels. Piti Disyatat, the secretary of the Bank of Thailand’s Monetary Policy Committee (MPC), stated…
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Thailand’s tourism sector set to generate 614 billion baht in Q2
Despite the second quarter often being perceived as the off-peak season, the Tourism Authority of Thailand (TAT) anticipates that the country’s tourism sector will generate a revenue of 614 billion baht (US$ 16.7 billion). This optimistic prediction is attributed to a surge in domestic trips during the Songkran festivities scheduled for this month, which are set to surpass the number…
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Thai construction firm ITD seeks additional financial backing
Financially beleaguered construction company Italian-Thai Development (ITD) hopes to receive more financial backing from lenders to complete over 100 ongoing construction tasks while also vying for additional projects from the now active 2024 fiscal budget. ITD, listed on the Stock Exchange of Thailand (SET), has plans in the pipeline to offload its non-performing assets, including Asia-Pacific Potash Corp. Meanwhile, a…
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Thailand faces first consumer confidence dip in eight months
A recent survey has revealed a decline in Thailand’s consumer confidence for the first time in eight months. This dip in March is attributed to a sluggish economic recovery and escalating living expenses. The University of the Thai Chamber of Commerce (UTCC), which conducted the survey, reported a decrease in the consumer index to 63.0 in March, down from 63.8…
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Thai banks’ loan jitters: ITD woes prompt provision provisions
Two major Thai banks, Siam Commercial Bank (SCB) and Krungthai Bank (KTB), have set aside provisions for possible loan losses related to Italian-Thai Development Plc (ITD), one of the nation’s foremost contractors. Provisions have been determined using a forward-looking expected credit loss (ECL) framework, according to Arthid Nanthawithaya, chief executive of SCB X, SCB’s holding company. Despite economic uncertainties and…
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Thai stocks shed by foreign investors amidst delayed US rate cuts
The Stock Exchange of Thailand (SET) reported that foreign investors offloaded Thai stocks to the tune of 68.9 billion baht (US$ 2 billion) in the first quarter, with 41.2 billion sold in March alone. This trend is linked to the delayed US interest rate cuts, weaker financial performance of Thai companies compared to those on other exchanges, and overall economic…
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Splashy Songkran: Thai restaurant sales set to surge despite economic lull
Looking ahead to the upcoming Songkran festival, a trade group predicts a boost in restaurant sales during the second quarter, which could potentially surpass pre-pandemic levels, despite the current stagnant economy. Thaniwan Kulmongkol, President of the Thai Restaurant Association, noted that although the second quarter is typically a slow season for the Thai restaurant industry, the Songkran festival is expected…
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Chevron abandons operations in Myanmar’s Yadana gas field
In an unprecedented move, Chevron, the US energy giant, has abandoned its operations in the Yadana natural gas field in Myanmar, as confirmed by a company representative. This decision comes over two years after the corporation expressed concern about the violence and human rights violations in the military-controlled nation and declared its intention to withdraw. The 41.1% stake in the…
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Chinese automaker Hozon aims to double its EV sales in Thailand
Hozon New Energy Automobile Co, a Chinese manufacturer operating as Neta Auto, has set a target to double its electric vehicle (EV) sales in Thailand to 30,000 units this year. The announcement was made during last month’s Bangkok International Motor Show. The company’s swift rise in popularity in Thailand, a market previously dominated by legacy automakers, is a testament to…
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PTT assures adequate LNG reserves to beat heat in Thailand
With summer temperatures expected to soar, PTT Plc, Thailand’s national oil and gas conglomerate, has assured that its liquefied natural gas (LNG) reserves are up to the task of meeting the country’s increased electricity demand. In Thailand, 60% of the fuel used for electricity generation is gas. As a result, PTT is prepared, with gas reserves of 6 billion cubic…
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AI poised to propel global productivity, says Microsoft CEO
Microsoft Group Chief Executive Officer (CEO) Satya Nadella has identified a pressing global need for a new artificial intelligence (AI) growth engine to unlock potential. According to Nadella, AI has emerged as the most potent technology since the inception of the Internet era and is capable of propelling worldwide productivity growth. The 56 year old CEO stated that the previous…
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Maybank’s bet: Thailand casinos could hit jackpot, boosting GDP
Maybank Securities, a unit of Malaysia-based Maybank, forecasts that the potential introduction of casinos in Thailand with gambling facilities could yield an annual revenue of 187 billion baht, equivalent to about 1% of Thailand’s gross domestic product (GDP). The forecast, based on an assessment carried out by Maybank’s gaming analyst and tourist arrivals in Thailand in 2019, anticipates the first complex to…
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Bank of Thailand likely to cut policy rate, predicts CIMB Thai Bank
The Bank of Thailand (BoT) is predicted to lower its policy rate tomorrow, providing a short-term stimulus to the nation’s economy, which has been hampered by budget disbursement delays. Amonthep Chawla, lead economist at CIMB Thai Bank (CIMBT), believes the central bank’s Monetary Policy Committee (MPC) will favour a reduction in the policy rate at the upcoming meeting, with a…
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