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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Stark Corp uncovers 15.6 billion baht irregular transactions amid accounting scandal
Stark Corp, a Thai-based company specialising in industrial cables, discovered a staggering 15.6 billion baht (US$426 million) worth of irregular transactions across its divisions, following a mandated special investigation. The transactions were identified after the firm was rocked by an accounting scandal and subsequent debt defaults. Stark’s cable-manufacturing subsidiary, Phelps Dodge International (Thailand) Ltd, incurred damages amounting to 12 billion…
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Seacon Square’s solar roof project revolutionises Thailand’s green energy roadmap
Bangkok’s Seacon Square Srinakarin shopping mall, an establishment overseen by Seacon Development Co., Ltd., has seen remarkable success in its solar roof model project. This achievement is anticipated to influence Thailand‘s green society roadmap significantly, demonstrating the harmonious fusion of cutting-edge technology and a strong commitment to environmental health and sustainability. Electricity consumption is a substantial expense for department stores…
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Great Wall Motor to launch eight EV models in Thailand next year
Great Wall Motor (GWM), the Chinese auto manufacturer, announced its intentions to begin the production of eight electric vehicle (EV) models at its Rayong factory in the early part of next year. This move is in response to the surging demand for EVs, a trend that is predicted to boost Thailand’s total EV sales to 100,000 cars by 2024. The…
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Thailand central bank raises policy rate, reduces 2023 GDP forecast
Following the Bank of Thailand‘s decision to increase its policy rate and reduce the GDP forecast for 2023, the bank’s governor, Sethaput Suthiwartnarueput, will meet Prime Minister Srettha Thavisin. Sethaput did not disclose the specifics of the meeting’s agenda, scheduled for Monday, but assured readiness to address any queries. Contrary to circulating rumours, the 61 year old prime minister, who…
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Sakol Energy revises 2023 revenue forecast due to RDF delays
Sakol Energy (SKE), a firm involved in the trade of compressed natural gas and the operation of biomass power plants, adjusted its revenue expectations for 2023 owing to a delay in commencing operations at a new refuse-derived fuel (RDF) production facility. The publicly traded company had earlier predicted a revenue leap to nearly 1 billion baht in 2023, a significant…
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Thai Labour Minister pledges tailored minimum wage hike
Labour Minister Phiphat Ratchakitprakarn has committed to increasing the minimum wage to a suitable level in the upcoming year. However, a standard daily rate of 400 baht will not be uniformly applied across all sectors. Some industries, like tourism, currently exceed this proposed baseline. The ministry, in conjunction with employers and employee representatives such as the Federation of Thai Industries and…
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Huawei cybersecurity: Largest centre opens to boost 5G trust
Huawei’s cybersecurity and privacy protection transparency centres are designed to address growing concerns and complexity in the sector, especially the uncertainties surrounding the company’s 5G network technology amid the US-China tech conflict. The Chinese tech company inaugurated its largest centre in Dongguan, China, in June 2021. The company states that the centre serves as a platform for stakeholders in the…
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Thai-UAE free trade agreement 80% finalised, may boost Thai GDP
Progress is being made in the bilateral free trade agreement (FTA) negotiations between Thailand and the United Arab Emirates (UAE), with discussions now reportedly 80% finalised. This update comes from Thailand’s Commerce Minister, Phumtham Wechayachai, who recently held talks with the UAE’s Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi. Phumtham revealed agreements have been made in…
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Thailand’s DES ministry launches Anti Online Scam Centre amid rising fraud
Amidst growing concerns over online fraud, the Ministry of Digital Economy and Society (DES), in unison with the Cyber Crime Investigation Bureau (CCIB) police and other associated agencies, is launching an Anti Online Scam Operation Centre (AOC). The AOC, which begins its operations on November 1, is set to function as a war room, implementing technology to provide intelligent assistance,…
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Currency crunch: Thai SET under strain as rates rise and baht bites
A recent policy rate hike of 0.25% by the Bank of Thailand, coupled with the weakening baht, is placing pressure on the Stock Exchange of Thailand (SET). Analysts have suggested this after observing that the index slipped below the resistance level of 1,500 points. The Thai bourse experienced a downturn at the opening yesterday, following a 0.88% drop to conclude…
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Thai AirAsia CEO urges government to curb rising travel costs
Thai AirAsia‘s chief executive Santisuk Klongchaiya advocates for government intervention to mitigate escalating travel expenses for tourists, alongside the visa-free scheme for Chinese visitors. He justifies this by citing the disproportionate resumption of travel demand compared to the supply side, particularly in the airline industry, in the past year. Thai AirAsia’s capacity to serve China routes has notably reduced. Previously,…
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Thai farmers offered debt suspension to regain good debtor status
Farmers with outstanding debts at the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Thailand can now enter a debt suspension scheme without the need for prior debt restructuring, according to Paopoom Rojanasakul, the secretary to the finance minister. The move aims to help these farmers regain their good debtor status and is applicable to all BAAC debtors whose total…
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WHA anticipates US tech giants’ investment surge due to Thailand’s renewable potential
Thailand’s biggest built-to-suit logistics facilities developer, WHA Corporation, anticipates an increase in investment from US tech giants in the coming year, as they eye business expansion in the ASEAN region. Major players such as Google, Microsoft, and Tesla have shown interest in the country’s potential during an investment talk. The event was a part of Prime Minister Srettha Thavisin’s participation…
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Thai govt dives into action: Plans to flood fields with innovation and debt suspension
Plans are underway by the Thai government to accelerate the expansion of water sources and enhance the varieties of rice and other key crops in Thailand. Recommendations have also been made for the proposed debt suspension scheme to operate with conditions. These suggestions were made by Nipon Puapongsakorn, a distinguished fellow at the Thailand Development Research Institute (TDRI), who highlighted…
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Thai govt’s shocking move: Sparks fly as power tariff gets a jolt down
The Thai government, under the leadership of Srettha Thavisin, has swiftly approved a plan to lower the power tariff, with the goal of reducing electricity bills for the public. The tariff rate has been revised from 4.45 baht to 3.99 baht per kilowatt-hour, applicable from September to December this year. However, for a long-term solution to high electricity costs, a…
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Muang Thai Life partners with Line BK for low-income targeted insurance
Muang Thai Life Assurance (MTL) is partnering with Line BK, a provider of social banking services, to introduce an insurance brokerage service that primarily caters to those with lower incomes and freelancers. Sara Lamsam, the CEO and president of MTL, stated that partnering with Line BK will provide the public with easier access to health and life insurance policies that…
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Thai exports spring back to life: A global manufacturing and clean energy surge
After 11 months in decline, Thai exports have made a surprising return to growth, largely due to a resurgence in global manufacturing, consumer spending and a thriving service sector among trading partners. This upturn has been further fuelled by the promotion of clean energy policies, increased demand for technological products and the relative depreciation of the baht, according to the…
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US dollar surge hits Asian currencies: Thai baht suffers
Asian currencies experienced a dip today, with the Thai baht and Indonesian rupiah bearing the brunt of the losses. This was mainly due to the rising strength of the US dollar, bolstered by robust economic indicators and the threat of inflation from the Federal Reserve, which have pushed US bond yields to a 16-year peak. The baht saw a fall…
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Travel Daily Media rebrands as Brand TD
In the ever-evolving landscape of the travel industry, one thing has remained constant – the importance of a strong and memorable brand. It is the essence of a company’s identity, the first impression that potential customers have, and the lasting image that loyal clients carry with them. Singapore-based travel trade news agency Travel Daily Media (TD) recognises this fundamental truth and…
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Banpu’s rare earth pivot for cleaner energy
Banpu, a Stock Exchange of Thailand (SET)-listed company, is planning a strategic shift towards the mining of rare earth, a move anticipated to replace its coal mining operations as the firm prioritises the creation of a cleaner, smarter energy. The company’s interest is especially piqued by the elements required to produce lithium-ion batteries for electric vehicles (EVs). Banpu is in…
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Thai retailers urge government to reassess import taxes on luxury goods
The Thai government is being implored to reassess the import taxes imposed on luxury goods to mirror the tax rates in neighbouring countries. This is a strategic move aimed at attracting foreign tourists and bolstering the competitiveness of Thai small and medium-sized enterprises (SMEs) against established foreign brands in the country. The call for this revision comes from Yol Phokasub,…
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AIS and Trip.com partner to boost Chinese tourism in Thailand
Thailand’s leading 5G digital service provider, Advanced Info Service (AIS), is partnering with China’s top online travel agent, Trip.com, to create a smooth travel experience for Chinese tourists. This move comes in response to the government’s recent introduction of a visa-free policy for Chinese visitors. AIS aims to stimulate Thailand’s tourism sector by offering a comprehensive user experience for Chinese…
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Thailand’s commerce minister to stimulate exports, tackle Q4 slump
Thai Commerce Minister Phumtham Wechayachai is set to engage in dialogue with the private sector this week with the aim of stimulating exports and reviving the nation’s Q4 performance. The meeting is scheduled for September 27, as stated by Phusit Ratanakul Sereroengrit, the head of the International Trade Promotion Department, with the intent to evaluate the export scenario and devise…
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Samyan Mitrtown thrives amid Covid-19 retail challenges, celebrates 4th anniversary
Fraser Property Commercial Thailand (FPCT) defied the odds with its mixed-use property, Samyan Mitrtown, thriving amidst the retail challenges brought about by the Covid-19 pandemic. Despite its initial launch shadowed by the established shopping culture of the Siam Square complex, Samyan Mitrtown emerged victorious, celebrating its fourth Anniversary in September with significant growth in foot traffic and a high occupancy…
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CEO concerns rise as skills shortage and HR burnout hit businesses
According to a survey by PricewaterhouseCoopers (PwC), a staggering 79% of CEOs are concerned about the scarcity of vital skills in their workforce, whilst 98% of human resources professionals are feeling the effects of burnout, as revealed by the Academy to Innovate HR. A separate survey by Gartner highlighted a drop in employees’ willingness to support organisational changes, from 74%…
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Federal Reserve statements impact gold prices, Thai domestic rates soar
Gold prices have been impacted by recent statements from the Federal Reserve, indicating possible rate increases this year and a likelihood of high rates throughout next year. This information, released on Wednesday, elevated the US dollar and bond yields, putting pressure on gold as investors revised their future price expectations for the precious metal. Consequently, Thursday saw a retreat in…
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Wage increase: Thai businesses wary of proposed 400 baht hike
The business sector expressed concerns over the possible negative effects of the proposed daily minimum wage increase to 400 baht. The announcement, made by Prime Minister Srettha Thavisin, could lead to higher costs for consumers. Industries that rely heavily on labour, such as agriculture, food export, retail trade, and construction, would be most affected by the wage increase, according to…
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Fiscal incentives may reward farmers bypassing Thai government’s debt suspension plan
An anonymous source from the Finance Ministry revealed that farmers who opt out of the government’s planned debt suspension programme may be rewarded with incentives. This policy is reminiscent of one enacted during the Thaksin Shinawatra administration and is designed to encourage fiscal discipline among farmers. Previously, in the period between 2001 and 2004, the Thaksin regime introduced a three-year…
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Rise in expatriate residence in Thailand prompts tourism benefits plan
Thailand’s popularity as a residence of choice for expatriates and remote workers is on the rise. As per the data from the Employment Department and Colliers Thailand, the first quarter of this year saw 156,596 expatriates, with over half based in Bangkok. The leading nationalities were Japanese, Chinese, and Indian last year. However, recent reports show an increased interest among…
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Tesla, Google, Microsoft eye US$5 billion investment in Thailand
Thailand anticipates a minimum of US$5 billion (160 billion baht) investment from tech giants Tesla, Google, and Microsoft, as shared by Prime Minister Srettha Thavisin. Tesla is considering establishing an electrical vehicle (EV) manufacturing facility, while Microsoft and Google are exploring data centres, PM Srettha today stated, without specifying whether this projected US$5 billion was an aggregate investment or an…
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