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 profit–isn’t 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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Em District sees retail growth amid economic uncertainty in Thailand
Despite the economic uncertainty, Em District, the retail operator, witnessed growth from high-spending customers at its three malls in the final quarter of 2023. The chief executive, Kriengsak Tantiphipop, confirmed that Thailand continues to attract foreign tourists, leading to increased footfall from both local and international visitors, particularly high-spending independent tourists. Kriengsak observed that while the influx of Chinese tourists…
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CPN predicts 20% retail sales surge due to Chinese New Year and tax scheme
Central Pattana (CPN), a SET-listed firm, is forecasting a 20% surge in retail sales for the first quarter, attributing the anticipated boost to the Chinese New Year festival and the Thai government’s Easy E-Receipt scheme. The company predicts a cash flow of 15 billion baht across all Central shopping mall branches. Nattakit Tangpoonsinthana, the chief marketing officer of CPN, expressed…
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JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
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Gold price takes a dip in Thailand, down 50 baht from previous close
The Gold Traders Association (GTA) today revealed a further drop in today’s gold price when compared to the final price of yesterday. Today, a baht of gold ornament is selling for 34,150 baht, a 50 baht reduction from the closing price of yesterday. As per the GTA website, gold bars can be sold for 33,650 baht per baht and purchased…
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Thai PM and central bank clash over interest rates amid low inflation
The clash between Prime Minister Srettha Thavisin, who also holds the Finance Minister portfolio, and the Bank of Thailand (BoT) intensified. The prime minister has been vocal about his belief that the central bank should lower its interest rates as inflation rates have decreased. On a social media platform, PM Srettha blamed the BoT for causing harm to the economy…
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EGCO finalises Compass Portfolio acquisition, boosting US power capacity
Electricity Generating (EGCO), the power generation subsidiary of Thailand’s Electricity Generating Authority, has finalised the purchase of the Compass Portfolio in the US, a move that boosts the company’s overseas earnings from the energy sector. The acquisition bolsters EGCO’s total power generation capacity to 652 megawatts, a figure determined by its stake in the Compass Portfolio. Thepparat Theppitak, EGCO President,…
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Thai bond market set for 890 billion baht redemption this year
This year, bonds worth an estimated 890 billion baht (US$25,406,794,400), primarily investment-grade, are slated for redemption, according to the Thai Bond Market Association (ThaiBMA). Around 73 billion baht (US$ 2,083,928,080) of these are set to mature within this month. The association’s president, Somjin Sornpaisarn, anticipates Thai private enterprises to float long-term bonds of approximately 1 trillion baht (US$ 28,546,960,000) throughout…
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Caution advised over interest rate cuts by Bank of Thailand
Pundits cautioned against hasty moves to cut interest rates and have emphasised the importance of an independent Bank of Thailand as it determines its policy interest rates. They warned that inconsistent fiscal and monetary policies could harm more than they help. Therdsak Thaveeteeratham, Asia Plus Securities (ASPS) executive vice president, insisted that decisions regarding interest rates should be the sole…
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Samsung’s operating profit takes a hit amidst subdued demand for tech
South Korean giant Samsung Electronics Co reported its sixth consecutive quarter of falling operating profits, underlining subdued consumer demand and fuelling uncertainty about a broader tech recovery timeline. The company witnessed a 35% decline in operating income to 2.8 trillion won (US$2.1 billion), falling short of estimates by 24%. Moreover, revenue slid to 67 trillion won, a steeper plunge than…
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IMF predicts six top global economies in 2024 to be from Sub-Saharan Africa
Six of the top-performing global economies in 2024 will be from Sub-Saharan Africa, predicts the International Monetary Fund (IMF). Despite the limited scale of these economies, they’re contributing positively to a region plagued by poverty and inequality. The economic growth of this region is set to rise from 3.3% in 2023 to 4% in 2024, with standout performances from Ivory…
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Thailand’s exports predicted to see slight rise in 2024
The Thai National Shippers’ Council anticipates a slight upturn in Thailand’s exports, predicting an increase of 1%-2% for 2024, as per today’s disclosure. This estimate aligns with a prior forecast, underscoring the critical role exports play in the economic health of Southeast Asia’s second-largest economy. However, the current global demand climate has resulted in sluggish trade in recent times. Chaichan…
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Thailand’s oil refineries ready to market eco-friendly Euro5 diesel
Thailand’s oil refineries are gearing up to market their new eco-friendly diesel that complies with the Euro5 environmental emission standard. This standard was put into effect on the first day of the year, according to the Federation of Thai Industries (FTI). The Euro5 standard, set to replace Euro4, will apply to B7 and B20 bio-diesel, which contain 7% and 20%…
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Bank of Thailand forecasted to initiate rate cuts later this year
Leading economists anticipate that the Bank of Thailand will initiate rate cuts in the second half of this year, potentially reducing the policy rate to 2%. This prediction aligns with the current economic status of the country and the assumption of an impending rate cut by the US Federal Reserve in the second quarter. Amonthep Chawla, the chief economist at…
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Krungsri Capital advises investment in 11 high-dividend Thai stocks
Investors have been advised by Krungsri Capital Securities (KCS) to consider purchasing shares from 11 high-dividend (HD) stocks, which are projected to yield over 2% annually. This move is expected to result in increased capital gains from their investments in the initial two months of each year. These HD stocks have historically outperformed the broader Stock Exchange of Thailand (SET)…
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E-receipt scheme boosts Thai smartphone and computer sales in January
Sales of smartphones and computer products have soared by 30-60% in the first week of January, a trend that IT product vendors attribute to the government’s e-receipt programme. This programme, approved by the Cabinet, provides tax rebates of up to 50,000 baht (US$1,435) for individuals not qualifying for the digital handout and is slated to run from January 1 to…
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US set for decisive week on Bitcoin ETFs
The final phase of a multi-year endeavour to introduce Bitcoin-backed exchange-traded funds (ETFs) in the United States is set to climax this week, faced with a series of crucial deadlines. Bloomberg News reports that all aspiring Bitcoin ETF issuers have until today, January 8, in Washington to present any late amendments to their pending applications. Moreover, the US Securities and…
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Oil prices dip over 1% due to Saudi cuts and increased Opec production
Oil prices experienced a significant drop today, with a decrease of over 1% due to the substantial price reductions introduced by Saudi Arabia, a leading exporter, coupled with an increase in the Organization of the Petroleum Exporting Countries (OPEC) production. These factors successfully counterbalanced concerns about the growing geopolitical tension in the Middle East. During early trading, Brent crude saw…
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High travel costs and weak flight capacity challenge Thailand’s domestic tourism targets
The Tourism Authority of Thailand (TAT) revealed that the government’s target of accruing 1.08 trillion baht (US$30.9 trillion) in revenue from domestic tourism this year may be challenging to achieve due to high travel costs and weak flight capacity. The target set by the TAT for the domestic market is 200 million trips this year, matching the 2019 levels. However,…
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National Telecom to develop cloud managed platform amid rising demand
The Digital Economy and Society Ministry has commissioned National Telecom (NT), the state telecom enterprise, to create a Cloud Managed Platform (CMP). This development comes in response to the substantial demand among state agencies for a central portal to access services from any cloud provider. Ministry’s Deputy Permanent Secretary Nattapon Nattasomboon announced that NT received an allocation of 600 million…
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Thailand’s Central Retail eyes potential investment in Selfridges
Central Retail Corp., a leading retailer in Thailand, indicated potential interest in investing in Selfridges, the renowned department store, given the right circumstances. The company outlined their investment criteria in a recent statement to the Thai stock exchange, stating that any new venture must align with its strategic business plan, be reasonably priced, and have optimal timing. The company made…
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Gold prices in Thailand experience an increase of 50 baht
The Gold Traders Association (GTA) today announced a rise in gold prices. The retail gold price experienced an increase of 50 baht compared to the closing price on the previous day. The selling price of gold ornaments was 34,000 baht per baht, as reported by the news correspondent. The information, based on the data released on the GTA’s website at…
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Thailand-China visa-free deal to boost Chinese tourist influx by 57%
The visa-free arrangement between Thailand and China, effective from March 1, is predicted to cause a 57% surge in Chinese visitors this year, boosting the total foreign arrivals to 33 million. Analysts suggest this development offers an opportunity for investors to gradually accumulate travel stocks. Thai Prime Minister Srettha Thavisin announced the reciprocal visa-free scheme on Tuesday, January 2, following…
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National Telecom targets smart meter project amid anticipated revenue loss
National Telecom (NT) is seeking to broaden its business horizons as it anticipates a revenue loss of 4 billion baht next year due to the termination of some contracts with private mobile phone operators. The state-owned enterprise is positioning itself to join the smart meter project run by the Metropolitan Electricity Authority (MEA) and Provincial Electricity Authority (PEA), by offering…
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Commerce Ministry’s plan to catapult SMEs to 40% GDP by 2027
The Commerce Ministry unleashed an ambitious plan to elevate small and medium-sized enterprises (SMEs) to new heights, targeting a staggering 40% contribution to the GDP by 2027. A comprehensive strategy is set to turbocharge consumption, investment, government spending, and international trade, propelling SMEs into the forefront of economic prowess. Acknowledging the pivotal role SMEs play in Thailand’s economic fabric, Commerce…
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Thailand’s tourism operators question 40 million visitors target
The government’s ambitious target of attracting 40 million foreign visitors is viewed as daunting by Thailand tourism operators, considering factors such as high travel costs, diminished demand in big markets such as China and Russia, and competition from surrounding nations. Thanet Supornsahasrungsi, who heads the Association of Chon Buri Tourism Federation, pinpointed the stagnant Chinese market as a significant issue,…
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Gold price dips to 33,900 baht per baht, says GTA
The Gold Traders Association (GTA) decreased the gold price consecutively today compared to the closing price yesterday. The bullion price shifted to 33,900 baht (US$981) per baht today. Reporters stated that the GTA announced a 100 baht (US$2.89) decrease in today’s gold price compared to yesterday’s closing price, with the bullion price now standing at 33,900 baht (US$981) per baht,…
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Thai e-commerce faces shake-up due to new revenue department mandate
Thailand’s e-commerce industry is set for a shake-up following a recent decision by the Revenue Department to mandate digital platforms to report income earned from their online sellers. Analysts predict that this may result in a 10% reduction in the number of online shops on platforms, as some merchants may resist revealing their true earnings. The move is aimed at…
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Potential lithium reserves discovered in Phang Nga for EV industry
The Department of Primary Industries and Mines has identified potential lithium reserves in Phang Nga’s Takua Thung district, which could be instrumental in catering to the growing demands of the electric vehicle (EV) industry. Initial surveys indicate the presence of the element in the Ruangkiet area, where pegmatite, a rock from which lepidolite is derived, was discovered. Lepidolite is a…
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Thailand’s tourism authority faces challenge to boost foreign arrivals
With a significantly decreased budget from its 2019 benchmark, the Tourism Authority of Thailand (TAT) faces the daunting task of increasing foreign arrivals from 28 million in 2023 to 40 million in just a year. The drastic goal was deliberated on Tuesday when Chai Wacharonke, a government spokesperson, revealed potential plans to boost arrivals to this figure, spurred by new…
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Thai baht predicted to appreciate amid expected US interest rate cuts
The Thai baht is predicted to appreciate to 33 against the US dollar in the near future, as the market anticipates an early start to US Federal Reserve interest rate cuts, possibly as soon as March. This expectation could trigger an inflow of funds into the Thai currency. The baht registered at 34.26 to 34.28 per US dollar yesterday, a…
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