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 Cost of living in Thailand as a digital nomad
Thailand is a popular place for digital nomads because it is affordable, has fast internet, and has a strong expat community. Whether in busy Bangkok or relaxed Chiang Mai, remote workers can enjoy both work and leisure. The cost of...
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Thai stock market set for a drop due to US inflation
Kasikorn Asset Management (K-Asset) anticipates a downward trend in the Thai stock market over the forthcoming quarter, prompted by a slow decrease in US inflation and interest rates. The asset management firm advises investors to mitigate risk through portfolio diversification, targeting the US and Indian stock markets. K-Asset CEO Wajana Wongsupasawat forecasts an additional drop in the Thai market in…
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Syntec construction prioritises data centre projects
Public traded contractor Syntec Construction formed a dedicated team to manage the growing demand for data centre construction projects, particularly from industry heavyweights. This initiative is part of Syntec’s business strategy for this year, which prioritises bids for data centre construction owing to their heightened demand across the industry, according to Chief Executive, Somchai Sirilertpanich. The company has expanded its…
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Maybank drops Thailand’s GDP growth forecast amid export and manufacturing slump
Maybank IBG Research has revised downwards its GDP growth forecast for Thailand, for both the current year and 2025. The downgraded estimates are due to a combination of factors, including a faltering export outlook, a deepening manufacturing slump, an uneven recovery in tourism, and limited chances of interest rate cuts by the Bank of Thailand this year. For this year,…
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Thailand’s dominance in durian exports to China under threat
Thailand‘s reign as the leading exporter of fresh durians to China is teetering, as reported by an industry insider to Xinhua News Agency. The news has emerged in the wake of a report that China’s major land border checkpoint, Youyiguan, has received 48,000 tonnes of durian shipments in this year’s first quarter. The shipment detailed 35,000 tonnes of durians from…
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Gulf Energy signs agreement for 25 solar farms in Thailand
Gulf Energy Development Plc, a leading private power producer, has announced the completion of power purchase agreements for the construction of 25 solar farms with the Electricity Generating Authority of Thailand (Egat). This initiative is expected to aid the government in managing electricity prices, potentially reducing power bills for consumers. The 25-year agreements mark a strategic shift in Thailand’s power…
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Thailand’s headline CPI rises unexpectedly in April, ends slump.
Commerce Ministry officials in Thailand announced today that the country’s headline consumer price index (CPI) experienced a year-on-year increase of 0.19% this April. This is a notable shift from the previous month’s 0.47% year-on-year decrease and considerably exceeds the 0.25% fall projected by a Reuters poll. Such a rise in inflation after a seven-month negative streak indicates a significant change in…
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Thai energy business reports 2.6% decline in Q1 fuel consumption
The Department of Energy Business (DOEB) reported a 2.6% decline in fuel consumption in the first quarter of the year, amounting to 156.7 million litres per day. This decrease is attributed to the expiration of the capped price policy. The Director General of DOEB, Sarawut Kaewtathip, noted a rise in the daily average volume of jet fuel and liquefied petroleum…
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GIF expedites Covid-19 payouts amid financial strain
The General Insurance Fund (GIF) proposed an expedited payment option for Covid-19 policyholders, where they can avail of an immediate reduced payout rather than wait for a decade for the full claim. This could mean receiving 60 baht now instead of 100 baht in the future, according to Finance Permanent Secretary Lavaron Sangsnit. Governmental body GIF was formed to safeguard…
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Thailand’s daily online fraud falls to 110 million baht in April
Online fraud damage in April was reported at 110 million baht daily, indicating a 26% decrease from the 149 million baht experienced daily in March. This significant reduction is a result of the intensified crackdown on online fraud by authorities. On the first of April, Prime Minister Srettha Thavisin delegated several organisations to yield tangible results from their efforts to…
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Bitcoin price falls due to Fed’s interest rate decision
The price of Bitcoin plummeted to a two-month low, coming in at approximately US$57,000. This followed comments by the Federal Reserve chairman, Jerome Powell, suggesting that interest rates would remain high for an extended period to combat persistent inflation. This popular cryptocurrency has seen a decrease of more than 4% over the past two days. This comes after a near…
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Thai dividend stocks outperform bank deposits
The quest for investments with steady returns in an era of global volatility and high interest rates has led many investors to gravitate towards dividend stocks. With the potential for yields exceeding 5% and a payout that can reach up to 20% yearly, these stocks offer a lucrative alternative to conventional bank deposits. A study conducted by the Stock Exchange of…
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AirAsia Cambodia launches anticipates aviation sector growth
A new low-cost airline, AirAsia Cambodia, was launched yesterday marking a significant milestone in Southeast Asian aviation. The chief executive of Capital A, AirAsia’s parent company, Tony Fernandes, anticipates a promising outlook for aviation in the region, driven by an increased influx of Chinese tourists, particularly in Thailand, despite soaring fuel costs and a robust US dollar. “Despite the economic…
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Automotive giants shift gears towards BEVs and HICEVs
The fight against climate change has urged automotive industry leaders to focus on battery electric vehicles (BEVs) and hydrogen internal combustion engine vehicles (HICEVs). This is a critical step in reducing the greenhouse gas emissions caused by traditional internal combustion engines and contributing to a more sustainable transport future. Original Equipment Manufacturers (OEMs) worldwide have made the bold commitment to…
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Exim Bank of Thailand grows 7.05%, focusing on green lending
Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…
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Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
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Illegal chemical warehouse in Ayutthaya razed by overnight inferno
An inferno swept through an unauthorised chemical warehouse in Phachi, Ayutthaya, leading to the combustion of over four tonnes of impounded chemical waste. Thai media outlets first broke the news of the fire at 6pm, yesterday, May 1, depicting a scene of roaring flames and a thick blanket of chemical smoke suffocating the area. The pungent smell that pervaded the…
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Thai-tanic surge: Thailand investment pledges make waves
According to data released by the Board of Investment (BOI) today, Thailand’s investment pledges surged 31% in the first quarter of 2024. This promising growth was recorded in comparison to the corresponding period of last year. The information revealed that the aggregate value of all investment applications in the first three months, leading up to March, soared to 228 billion baht…
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Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
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Thai renewable energy industry urges govt to revise trade system
The Federation of Thai Industries’ Renewable Energy Industry Club urged the government to revise the country’s electricity trade system from the longstanding enhanced single buyer (ESB) model, arguing it hampers the growth of renewable energy. The ESB structure, which designates the Electricity Generating Authority of Thailand (EGAT) as the sole entity that sells electricity to the public, is seen as…
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IBM Thailand Director emphasises AI’s impact on economy
As Thailand grapples with geopolitical conflicts, economic barriers, and technological disruptions, the newly appointed managing director of IBM Thailand shared his vision for the nation’s future. Anothai Wettayakorn emphasised the critical importance of focusing on controllable factors in a complex world and said that strategic planning and positivity could bring about positive change. Anothai went on to highlight the exceptional convergence…
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Ex-Binance CEO Changpeng Zhao receives four-month sentence
The former CEO of Binance and once a dominant figure in the cryptocurrency industry, Changpeng Zhao, was given a four-month prison sentence yesterday after admitting to violating anti-money laundering laws in the United States. The sentencing of Changpeng, commonly known as CZ, marks a landmark moment in the crypto industry, with two major figures now having been imprisoned. The sentence,…
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Qantas apologises for app glitch revealing user travel details
An apology was issued by Qantas, the Australian airline, due to a technology issue with its mobile application, which resulted in the exposure of users’ travel details such as their names, flights, and points. The apology followed media reports hinting at a data breach in the app used by frequent flyers, which inadvertently gave users access to other passenger’s travel…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Citi expands medium-sized business operations in Thailand, Asia
International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets. The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic…
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SET extends deadline due to few presidential applicants
The Stock Exchange of Thailand (SET) has delayed the application deadline for its presidential role until May 15, following a lack of applicants. The present president, Pakorn Peetathawatchai, is due to step down in September. The SET chairman role also remains unfilled after Pichai Chunhavajira’s recent resignation. The exchange is seeking candidates who can support its vision of making the…
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Thai baht finds its groove: Depreciation rate takes a dip
The Thai baht experienced a lessening in its depreciation rate in April, buoyed by an uptick in the country’s economic performance. A leading figure from the country’s central bank anticipates that the local currency will make a recovery in the second half of the year. In the initial quarter of this year, the baht saw a 7.8% decline against the…
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Microsoft invests US$1.7 billion in Indonesia for AI, cloud services
Microsoft revealed its plan to invest US$1.7 billion in Indonesia, with the intent of enhancing the nation’s cloud services and artificial intelligence (AI) capabilities. This includes the construction of data centres, according to the company’s chief executive, Satya Nadella, who announced it today, April 30, during his visit to the country. Marking his first stop in a Southeast Asian tour,…
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Manufacturing production index drops by 5.13% in March
Continuing its downward trend for the 18th month in a row, the manufacturing production index experienced a 5.13% drop in March compared to the same period last year, according to an Industry Ministry report. This decline, which is more severe than analysts’ predictions, is attributed to a slowdown in automobile production, a decrease in exports, and increasing household debt. Analysts…
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Thailand’s DES ministry to establish national AI committee
Plans are underway by the Digital Economy and Society (DES) Ministry in Thailand to establish a new national artificial intelligence (AI) committee. The initiative is part of the second phase of the national AI strategy. The strategy is a cornerstone of Thailand’s ASEAN Digital Economy and AI Hub Plan, a key driver for the country’s digital economy. The ministry also…
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Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
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