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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Thai stock market rebounds with net inflows as investors absorb negative US news
The Thai stock market has begun experiencing net inflows this week after significant capital outflows during the first four months of the year, according to the Stock Exchange of Thailand (SET). Investors have seemingly absorbed negative news regarding the US banking crisis and the possibility of a recession. Soraphol Tulayasathien, a senior executive vice president, expressed hope that May would…
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Fast food slows down amid technology advancements and post-pandemic challenges
Fast food restaurants have long been associated with swift service and short wait times. However, recently in Singapore, a student had to wait for around ninety minutes for her McDonald‘s meal, sparking debate online as to why the fast food industry appears to be slowing down despite the growing use of self-service technologies. The traditional fast food model of operation…
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Anthropic’s AI constitution: creating a safer rival to OpenAI’s ChatGPT
Google owner Alphabet-backed artificial intelligence (AI) startup Anthropic has revealed its rival to OpenAI’s ChatGPT, named Claude, which comes with a set of written moral values designed to make the chatbot safe to use. The moral values guidelines, known as Claude’s constitution, draw from various sources such as the United Nations Declaration on Human Rights and Apple Inc’s data privacy…
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UK enjoys well-being boost from rare triple public holiday in May
This year’s coronation of King Charles III has increased the number of public holidays in the United Kingdom. With the special public holiday on the Monday following the May 6 ceremony, along with the early May bank holiday and the spring bank holiday later in the month, many workers are enjoying a celebratory period. Typically, public holidays in the UK,…
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Thailand and UAE launch first free trade agreement
Thailand and the United Arab Emirates (UAE) revealed the launch of their first free trade agreement (FTA) on Tuesday. The FTA aims to create new opportunities for trade, services, and investment between the two nations, expecting to boost bilateral trade by 10% within the first year of implementation. Commerce Minister Jurin Laksanawisit and the UAE’s Minister of State for Foreign…
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OCBC reports record net profit in Q1 as strong net interest income growth boosts earnings
Singapore‘s second-largest lender, Oversea-Chinese Banking Corp (OCBC), has reported a 39% increase in first-quarter profit compared to a year ago, driven by robust net interest income expansion. OCBC, also the second-largest bank in Southeast Asia by assets, revealed a net profit of US$1.42 billion between January and March, up from US$1.02 billion during the same period last year, significantly surpassing…
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Airbnb forecasts fewer bookings and lower daily rates in Q2 compared to last year
Airbnb Inc announced on Tuesday that it anticipates fewer bookings and reduced average daily rates in the second quarter compared to the previous year, resulting in an 11.5% decrease in share value during after-hours trading. US travel companies, which have profited from increased prices and hybrid work, are adjusting their 2023 forecasts as pre-pandemic travel patterns resume and consumers seek…
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Doi Kham Food Products expands into ice cream market amid declining fruit juice demand
Doi Kham Food Products Co, a Thai manufacturer and distributor of fruit juice and dried fruit has expanded its business to enter Thailand’s 15-billion-baht ice cream market in an effort to counter the ongoing decline in fruit juice demand. Chanannat Polpathapee, the company’s executive vice president for sales and marketing, said the Thai fruit juice market, particularly in the middle…
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TAT anticipates Chinese tourist arrivals to reach 1 million per month in October
The Tourism Authority of Thailand (TAT) anticipates that Chinese tourists could reach one million arrivals per month by October, similar to figures from 2019. An increase in flight capacity during the high season and resolving e-visa issues are factors expected to contribute to this growth. Chuwit Sirivejkul, TAT’s Regional Director of Marketing for East Asia, expressed confidence that Chinese tourist…
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Former Coinbase product manager sentenced in first cryptocurrency insider trading case
In a landmark legal decision, a former Coinbase Global Inc. product manager has been sentenced to two years in prison in what is being deemed the United State’s first case of insider trading involving cryptocurrency. Ishan Wahi, 32 years old, received his sentence from US District Judge Loretta Preska in a Manhattan federal court yesterday after pleading guilty to two…
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Biden and Republican lawmakers fail to reach debt limit agreement
In a recent meeting at the White House, US President Joe Biden emphasized that the country’s debt limit must be addressed, warning that a default “is not an option” for the world’s largest economy. Republican leaders Kevin McCarthy and Mitch McConnell met Biden, along with the top two congressional Democrats, Chuck Schumer and Hakeem Jeffries. However, no new developments were…
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Biden meets Republican leaders in bid to resolve US debt limit impasse
A significant meeting took place between President Joe Biden and Republican leaders yesterday, with the hope of breaking the deadlock over the US debt limit, which could have repercussions in the upcoming presidential election. The key gathering had President Biden, House Speaker Kevin McCarthy, and Senate Republican leader Mitch McConnell discussing the national debt ceiling, which currently stands at US$31.4…
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Chinese tourist arrivals in Thailand set to hit pre-pandemic levels
The Tourism Authority of Thailand (TAT) has announced that Chinese tourist arrivals are set to reach one million a month starting from October, a figure last witnessed prior to the pandemic. The increase in travel is likely to gain momentum during winter and long national holidays. TAT has observed a rise in advanced hotel bookings and chartered flight requests, indicating…
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SAIC Motor begins construction of new energy industrial park in Thailand
Chinese car manufacturer SAIC Motor has commenced construction on a new energy industrial park in Thailand, focusing primarily on localised production of vital automotive components for the company’s new energy vehicles (NEVs). SAIC has announced the park’s Phase I construction is projected to wrap up this year, while the park’s full completion is expected by 2025. Situated in Chonburi province,…
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Asia-Pacific cyber-attack risks in line with global trends but high attack expectations remain for 2023
Cyber-attack risks in the Asia-Pacific region decreased to a moderate level last year, mirroring the global trend, yet a recent survey found that 78% of organisations worldwide anticipate successful attacks occurring in 2023. Jon Clay, 42 years old, vice-president of threat intelligence at multinational cybersecurity software company Trend Micro, stated that the global cyber-risk index (CRI) shifted into positive territory…
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Bank of Thailand predicted to raise policy rate to 2% this month
Economists anticipate that the Bank of Thailand will raise its policy rate to a terminal level of 2% this month, following their estimation that the Federal Reserve’s funds rate has reached its peak. The research centre of TMBThanachart Bank (ttb) suggests that the central bank’s Monetary Policy Committee (MPC) will increase the policy benchmark rate by 0.25 percentage points during…
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Thailand aims to finalise free-trade agreements with EFTA, Sri Lanka and UAE by mid-next year
Thailand is keen to finalise free-trade agreement (FTA) negotiations with the European Free Trade Association (EFTA), Sri Lanka and the United Arab Emirates (UAE) by mid-next year, with the aim to boost trade and investment. The potential FTA between Thailand and Sri Lanka is particularly appealing due to Sri Lanka’s strategic location in South Asia, with connections to India, Pakistan,…
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Singapore increases COE quota for categories A and B cars to reduce supply volatility
Singapore’s Land Transport Authority (LTA) has announced that it will increase the Certificates of Entitlement (COE) quota for cars in categories A and B as a one-time adjustment to reduce supply volatility. The quota will rise from 9,575 to 10,431 for the current quarter, with Category A increasing by 24% and Category B increasing by 15%. The LTA will redistribute…
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Banking job boom and surging salaries in Saudi Arabia
Despite ongoing global financial challenges, Saudi Arabia is experiencing a significant surge in banking jobs and salaries. This growth is attributed to the ambitious economic expansion plans by Crown Prince Mohammed Bin Salman, who is utilising oil sales revenue to transform the nation’s economy. With over US$600 billion worth of assets, Saudi Arabia’s Public Investment Fund is hiring swiftly, attracting…
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Thai business leaders’ wishlist for first 100 days under new government
Business executives are contemplating Thailand’s prospects for the first 100 days under a new administration as the election approaches. Key areas of focus for the incoming government include the appointment of suitable ministers and the prioritisation of business sector policies. Jareeporn Jarukornsakul, the 42-year-old chairman of industrial developer WHA Group, emphasises the importance of appointing knowledgeable and capable ministers to…
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Singapore aims to shed stopover status and hit pre-pandemic tourist numbers by 2024
Australians, Bryan and Christine Mansfield were delighted to start their three-day holiday in Singapore, marking the beginning of their golden jubilee celebrations delayed due to the COVID-19 pandemic. Like other tourists, Singapore was their first foreign destination since 2020 when the pandemic halted international travel. Although Singapore served as a layover before proceeding to their main destinations within the Southeast…
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Digital bank runs: How social media fuels panic and threatens financial stability
A crisis of confidence in the US banking sector has led individuals to withdraw their money from financial institutions including Silicon Valley Bank, Credit Suisse, First Republic Bank, and California-based PacWest Bancorp. This series of events has given birth to a new term in the finance lexicon: digital bank run. In contrast to traditional bank runs, where people would form…
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Binance resumes bitcoin withdrawals after brief closure due to congestion issue
Binance, the world’s leading cryptocurrency exchange, recently announced that it had resumed Bitcoin withdrawals following a temporary halt due to a congestion problem. The exchange experienced an interruption in withdrawals for the most widely recognised cryptocurrency, Bitcoin, lasting for over an hour before the issue was resolved. The cryptocurrency exchange did not disclose additional information regarding the nature of the…
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Rising electricity bills spark energy policy debate ahead of Thai general election
High electricity bills have become a significant concern for voters, leading political parties to focus on their energy policies as they look to gain support in the upcoming general election. This comes after a new power tariff of 4.70 baht per kilowatt-hour took effect, which has resulted in costlier electricity bills for consumers. The Energy Regulatory Commission decided to reduce…
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Thai company expects more cement consumption due to tourism
SCG Cement-Building Materials, a subsidiary of Thailand’s Siam Cement Group, anticipates cement consumption to grow by 1-2% year-on-year, exceeding 30 million tonnes in the current year. This growth is primarily due to the recovery of the tourism sector. Having developed a “hybrid structural cement” that reduces carbon dioxide emissions during production, the company demonstrates its commitment to battling climate change.…
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Increase in fresh fruit exports to China expected due to improved land transport flow
Exports of fresh fruit to China are expected to surge by at least 10% this year, thanks to improved land transport flow and better cross-border trade facilitation. Commerce Permanent Secretary Keerati Rushchano revealed that land border transportation for fresh fruit is predicted to rise significantly in the coming months, with durian making up about 80-90% of the transported produce. Fresh…
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Philippine annual inflation on track for government target as food prices ease
Philippine yearly inflation is predicted to remain within the government’s 2% to 4% target range in Q4, following a decrease in April due to reduced food prices. The consumer price index increased by 6.6% YoY in April, the lowest rate since August, and lower than the 7.0% predicted in a Reuters poll. As a result, the Bangko Sentral ng Pilipinas…
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Singapore car COE prices to remain high due to limited supply and strong demand
Prices for Singapore’s Certificate of Entitlement (COE) are likely to remain high as demand continues to outstrip limited supply. Despite a dip in premiums for cars after the latest bidding exercise closed on 4 May, it is too early to tell if prices have peaked, said analysts who forecast that COE premiums for cars may rise in the next few…
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Airbnb reports first annual profit and optimistic outlook for tourism
Airbnb has made a strong recovery in 2022, achieving its first annual profit on a 40% revenue growth to US$8.4 billion, and reporting net income of $1.9 billion. Optimistic about further growth this year fuelled by the tourism industry, the company’s co-founder and chief strategy officer, Nate Blecharczyk, highlights the importance of adapting to changing consumer behaviour. The San Francisco-based…
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Thailand’s One Drone, One Community project aims to boost smart farming and economy
The Digital Economy Promotion Agency (Depa) has announced its plan to launch a pioneering project in Thailand that will provide large drones to communities and offer training in drone maintenance to encourage smart farming development. The initiative, titled “One Drone, One Community,” is backed by the Digital Economy Fund and aims to create an economic impact exceeding 800 million baht…
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