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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Sponsored Fourtwenty High Garden 4/20 celebration 'Up in The Clouds'
Fourtwenty is thrilled to announce its flagship event “Up in The Clouds,” a celebratory gathering on the internationally recognized day of cannabis culture, April 20th (4/20), hosted at the scenic Fourtwenty High Garden. The event is set to kick off...
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International postal services resume to some countries
Thailand’s postal service is resuming international deliveries to a variety of destinations as the Covid-19 situation in many countries has improved and many local and national governments have eased lockdown measures. Thailand Post announced the resumption of the service on its Facebook page yesterday. EMS World service will be available in 11 countries – Bhutan, China, Hong Kong, South Korea,…
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Thai Airways union says it won’t oppose bankruptcy proceedings
“We opposed this position before but after reexamination, we have to show creditors that Thai Airways will genuinely follow the restructuring plan. Including adjustments to the board and staff.” In an abrupt reversal, the president of Thai Airways’ labour union announced yesterday that the union won’t oppose the government’s plan to reduce holdings in the airline and restructure the carrier…
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Thai car production hits 30 year low
As late as last year, the automotive industry in Thailand was the largest in Southeast Asia and the twelfth largest in the world, with an annual output of around 2 million vehicles. But in April this year, Thailand’s car production hit its lowest level in 30 years – just 24,711 units – amid weak global demand, factory shutdowns and widespread…
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Krispy Kreme employee allegedly fired after post about former Thai King
A man was fired from a Krispy Kreme Doughnut Thailand store after making disparaging remarks about a former Thai king. Now some people are boycotting the doughnut business for their actions. But Krispy Kreme executives deny the allegations. ‘Chaiyaporn Sornbudnak’ made a post on Facebook about King Rama IX, who died in 2016. News sites can’t even publish the man’s Facebook…
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Highway number 7 from Pattaya to Map Ta Phut opens this Friday
According to the Thai Highways Department, the long awaited extended section of the Motorway Number 7 from Pattaya to Map Ta Phut will open up this Friday and will be accessible free of charge to users until the end of August. The Director General of the Highways Department informed the media this morning. “From May 22 the public can use…
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Hotels across Thailand angered by European tour group’s failure to pay up
Around 173 Thai hotels are appealing to the PM for help after a European tour group reneged on up to 2 billion baht in unpaid bills. Daily News reports that the TUI tour group has left hotels in Phuket, Phang Nga, Krabi and Surat Thani struggling with significant cash flow problems after trying to renegotiate its contract so that it would…
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Thai company steps up to ease condom shortage
A shortage of condoms is one thing. A shortage of condoms while people around the world are stuck at home is another. Since a top condom manufacturer in Malaysia halted production due to the coronavirus pandemic, a Thai company is now stepping up to fill the gap. Thai Nippon Rubber Industry, the country’s biggest condom manufacturer, is increasing production by…
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Thai Airways files for bankruptcy protection
Despite Thai Airways issuing a press statement and taking to social media to deny rumours it intends to file for bankruptcy, various media reports appear to confirm the struggling carrier will file for Chapter 3/1 of the Corporate Reorganisation section of the Bankruptcy Act. This is the Thai equivalent of Chapter 11 bankruptcy in the US. TTR Weekly reports that…
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Thai public balks at Thai Airways’ 60 billion bail out
A big decision is on the horizon for Thai Airways, the beleaguered national carrier. Crucial decisions are now being discussed which will define the airlines’ future. The airline was still haemorrhaging cash well before the coronavirus crisis started grounding planes from the start of February this year. Thai Airways’ fortunes have been in a death spiral for the past decade,…
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Thai Airways should file for bankruptcy: former finance minister
A former Finance Minister is proposing that Thai Airways formally file for bankruptcy, so the troubled national flag carrier can use the protection of the country’s bankruptcy law to begin rehabilitation. Kla party leader Korn Chatikavanich maintains that this is a “golden opportunity” for the financially battered airline to enter administration, under the bankruptcy process, and clear the way for real,…
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Shopping centres, department stores prepare to reopen tomorrow
Department stores, shopping centres and larger restaurants, as well as other businesses across the nation, will begin gradually reopening tomorrow after nearly 2 months of closures due to the Covid-19 pandemic and the national state of emergency declared to fight it. The decision to go ahead with Phase 2 of the easing of restrictions was announced yesterday, but has yet…
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100 billion baht fund in the works for small businesses
A pay cheque might be on the way for small businesses that kept paying their employees, despite loss of business from the pandemic. An up to 100 billion baht fund, or 3 billion USD, is planned to be set up to help Thailand’s small businesses, according to Reuters. Deputy PM Somkid Jatusripitak said assistance from the Finance Ministry will be for…
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Australian government takes on Google and Facebook over re-publishing ‘news’
A leading Australian consumer watchdog is calling for Google and other tech giants to pay Australian news outlets A$600 million (12.4 billion baht) a year under a new code of conduct ordered by the government. News Limited and Nine Entertainment have also voiced their support for the news ‘tax’. The Australia government announced plans to force Google, Facebook, and other…
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Movies in a Covid world – The case for the return of the Drive In
One of the industries hard hit by the impact of the Covid-19 outbreak has been the film industry. At both ends the industry has been shuttered – the making of the movies and then the watching of the movies in cinemas. At some stage the movie making machine will chug back to life and, sometime, we’ll be allowed to go…
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Bangkok’s largest international hospital hurts from halt in medical tourism
The coronavirus outbreak has hospitals across the world at their limits, but at one Thailand’s largest and most famous hospitals, the number of patients has been cut in half. Bumrungrad International Hospital in Bangkok heavily relies on medical tourism. Since the pandemic has ground much of international travel to a halt, Bumrungrad is getting hit hard. 50% of the patients at…
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The next batch of reopenings in Thailand, coming this Sunday
We should find out more today about the next raft of re-opening for Thailand’s businesses. The Centre for Covid-19 Situation Administration has been consulting with the private and public sector to make the next move as Thailand reboots its economy in a second phase of re-openings. The Thai cabinet will meet today to discuss the proposals. Dr. Taweesin Visanuyothin says…
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Thailand’s hotels face more pain after European tour group asks to defer debt
Hotels in Thailand, particularly in Phuket and some surrounding regions, have been hit with a double whammy. First the whole Covid-19-related wipe-out, now a cash-flow problem brought about after the TUI Group – an Anglo-German multinational travel and tourism company – has stalled repayments for hotel rooms. The amount owed to Thailand hotels is believed to exceed 2 billion baht. TUI is…
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7-Eleven, Family Mart cash in on the pandemic
While some people are losing their jobs as a result of the pandemic, Thailand’s billionaires are getting richer. The owners of 7-Eleven and Family Mart are just two of them. The convenience store franchises are classified as essential services and have stayed busy, while some of the smaller mom and pop shops were forced to close due to the coronavirus outbreak.…
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Grocery giant Makro to add over 700 jobs
At last a snippet of good economic news. Thai big-box grocery giant Makro has announced plans to hire more than 700 employees to boost its delivery service and create jobs after the Covid-19 outbreak passes. Siam Makro’s CEO says a new company priority is to help people who’ve lost their jobs due to the Emergency Decree and subsequent lockdown measures…
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Bangkok’s Chatuchak weekend market is reopening
Chatuchak, Jatujak, JJ, whatever you choose to call it, Bangkok’s legendary weekend market is reopening tomorrow. The massive indoor/outdoor market, popular with both Thai and foreign tourists, will reopen this weekend after weeks of being shuttered, but visitors will be required to observe physical distancing and wear face masks…. you know the drill. Walaya Wattanarat, deputy permanent secretary of the…
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May 17 target for shopping centres to re-open
The rumours have been flying since this week’s cabinet meeting about the next raft of re-openings as Thailand’s economy starts to plod back into gear. Now, after a meeting yesterday of the Centre for Covid-19 Situation Administration, there’s general consensus that shopping centres and retail stores will be able to re-open on Sunday, May 17. Of course the caveat is…
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Will Pattaya bar customers want ID tracing and bar girls with masks and gloves?
OPINION Why do people travel to Pattaya? If it’s for the legendary bar scene, they’re going to be in for a surprise if proposed Covid-era measures are adopted. Likely it’s not going to be the ‘Pattaya’ they were expecting, or had been accustomed to in the past. Social distancing (surely a phrase to be added to dictionaries from this year),…
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Airbnb slashes 1,900 staff to ride out the travel downturn
Accommodation-sharing online disruptor, Airbnb, says it’s slashing a quarter of its workforce, nearly 2,000 workers, as the Covid-19 pandemic continues to shred the international travel industry. The company said that it plans to soften the blow for former employees with benefits, including providing 12 months of health insurance. Airbnb CEO and co-founder Brian Chesky says the cuts are needed until…
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Prayut warns Thai Airways that the latest government bailout will be the last
The Thai PM has issued a stern warning to the executives of Thai Airways that the latest bailout is the last from the government. Last week the Finance Ministry agreed to guarantee a 54 billion baht bailout loan for the ailing airline and a further 80 billion baht recovery loan – both massive amounts of money being given to an…
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Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
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Thai Airways gets another lifeline from the government
Thai Airways is finally getting a reprieve, after years of financial woes and corporate drama. The struggling national carrier is getting a lifeline in the form of a bailout loan. Finance permanent secretary Prasong Poontaneat made the announcement yesterday, after a meeting chaired by PM Prayut Chan-o-cha. The State Enterprise Policy Committee meeting approved “in principle” the proposal to rehabilitate…
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“Thai Airways will survive”. Emergency meeting next Wednesday.
“Thai Airways will not collapse. The fact that Deputy PM Somkid stepped in to handle the issue means the government will rescue it.” It’s no secret that Thailand’s national carrier has been a financial basket case for over a decade, bleeding money and marketshare as the years pass. The top-heavy Thai company is bailed out by the Thai government each…
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Airbus pulls the plug on the joint Thai Airways’ maintenance facility at U-Tapao
Airbus, the European multinational aircraft manufacturer, has pulled the plug on an 11 billion baht joint venture with Thai Airways. The project was to develop a maintenance, repair and overhaul facility at the U-Tapao Airport in Rayong province. The airport also serves the seaside resort of Pattaya. The pull out is a huge blow to the Thai Government’s much hyped…
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PM asks public to cool down on selling their gold
Massive unemployment due to the national state of emergency and the Covid-19 outbreak has pushed gold prices to near a 7 year high, and gold shops throughout the country are running out of cash because so many people are cashing in. In a briefing this week in Bangkok, PM Prayut Chan-Ocha asked the public to show restraint and not to…
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Covid-19 crisis delays Thailand’s biofuel future
Thailand’s Energy Ministry has postponed a nationwide plan to switch to biofuels until the Covid 19 crisis subsides. The ministry initially told oil refineries to stop producing gasohol 91 at the end of May and planned to increase consumption and manufacture of biofuels like gasohol E20, which will generate income for local farmers who grow biofuel energy crops like sugarcane…
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