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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Did you know that treating a broken leg can cost around 200,000 THB for uninsured patients, and a three-day hospital stay for conditions like dengue fever averages 40,000 to 80,000 THB in Thailand? While healthcare in Thailand is more affordable...
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Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
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AIS resumes HBO partnership, offers affordable streaming via AIS Play app
Advanced Info Service (AIS) has renewed its collaboration with global content provider HBO, making content available to customers through the AIS Play mobile app and AIS Playbox set-top box platform at competitive rates. Pratthana Leelapanang, Chief Consumer Business Officer at AIS, stated that the move aims to capitalise on the growing market for streaming services, encompassing both short-form and long-form…
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Biden and McCarthy near deal to avoid US debt default
United States President Joe Biden and leading congressional Republican Kevin McCarthy moved closer to striking a deal to avert the impending US debt default yesterday. Despite the two sides remaining far apart on an agreement to increase the debt ceiling, McCarthy expressed optimism that a deal could be reached by the end of the week. While Democrats were less positive…
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Etix Itel Bangkok invests US$20m in data centre expansion amid cloud services boom
Etix Itel Bangkok Co, the company behind the ETIX Bangkok#1 data centre, is set to invest nearly US$20 million in expanding its capacity to meet the increasing demand for cloud services and digital transformation in Thailand. The growth of the digital economy in the country has been bolstered by global cloud providers investing in the region. Nuttanai Anuntarumporn, CEO of…
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Singapore’s key exports drop for seventh month amid electronics slump
Singapore‘s non-oil domestic exports (NODX) suffered a decline for the seventh consecutive month, with a 9.8% drop in April compared to the same month last year. This is according to data from Enterprise Singapore, which also revealed an 8.3% contraction in March. The decline in April was worse than the 9.4% drop predicted by a Reuters poll. The slump in…
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FTI urges swift Thai coalition to back high-tech hub and green growth
The Federation of Thai Industries (FTI) is preparing a position paper outlining the economic policies favoured by businesses, with plans to submit it to the newly formed government once it takes office. Montri Mahaplerkpong, the FTI vice-chairman, stated that the paper is in its final stages and should be approved by the end of the month. The document will highlight…
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Tesla to test traditional advertising, Elon Musk reveals irony
In a surprising move, Tesla CEO Elon Musk announced today that the electric vehicle manufacturer would experiment with advertising to evaluate its effectiveness. This decision comes as a notable shift for Musk, who has previously shunned traditional advertising methods for Tesla. Interestingly, Musk’s recent acquisition of Twitter, a platform heavily reliant on advertising, may have influenced his change of heart.…
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Thailand’s economy defies global recession fears with post-election boost
Thailand’s economy is predicted to gain momentum during the last three quarters of this year, despite the looming threat of a global recession, partly due to the boost from the May 14 General Election, according to analysts. The country’s GDP growth for the first quarter was 2.7% year-on-year, surpassing the expected 2.3% and marking an improvement from the 1.4% growth…
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AI revolutionising search engines, shifting from links to direct answers
The online search experience, which has been dominated by Google for the past 25 years, is set to undergo a significant transformation as artificial intelligence (AI) reshapes the way users seek answers to their questions. AI-powered chatbots like ChatGPT, Bard, and Bing are revolutionizing the classic search-and-click method, enabling users to receive direct answers to their queries rather than sifting…
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Thai tycoon’s firm doubles spending amid tourism boom and economic growth
Asset World Corporation, the property and hotel development unit owned by Thailand‘s wealthiest individual, is set to more than double its spending on acquisitions and development of hotel resorts and commercial properties this year due to the tourism boom. The company plans to invest over 20 billion baht (US$590 million) in 2023, up from around 10 billion baht last year,…
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Vietnam PM approves $134.7bn power plan, unlocking G7 green-transition funds
Vietnam’s Prime Minister Pham Minh Chinh has approved a power development plan requiring US$134.7 billion of funding for new power plants and grids, a move that could potentially unlock billions of dollars in foreign investment. The plan, known as PDP8, aims to ensure energy security for the Southeast Asian country while transitioning from its current heavy reliance on coal to…
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China’s industrial output and retail sales miss forecasts, raising recovery concerns
China‘s industrial output and retail sales growth for April fell short of expectations, indicating the economy experienced a further slowdown at the beginning of the second quarter. This comes amid a series of recent data pointing to a shaky post-pandemic recovery. In April, China’s industrial output increased by 5.6% year-on-year, picking up pace from the 3.9% growth seen in March,…
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Phuket tourism seeks elected governor for tailored policies and mafia crackdown
Tourism operators in Phuket are optimistic that electing their provincial governor could help address the island’s long-standing issues, such as the taxi mafia. The Move Forward Party (MFP), which secured the majority of Parliamentary seats recently, has proposed administrative reform that would allow provinces outside Bangkok and Pattaya to elect their governors. Suksit Suvunditkul, president of the southern chapter of…
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Centel Q1 net profit soars as tourist arrivals boost hotel recovery
Central Plaza Hotel Plc (Centel) has reported a significant increase in net profit for the first quarter of this year, reaching its highest level since the beginning of the pandemic. This improvement is attributed to a substantial rise in tourist arrivals. In comparison to a net loss of 44 million baht in the first quarter of last year, Centel recorded…
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Business sector urges swift government formation for economic stability
The business community in Thailand is urging the formation of a new government and the agreement of policies by coalition parties, as this will significantly impact the nation’s confidence. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, highlighted the importance of a stable government that can govern without interruption. He also noted the high level of public engagement in…
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SET index drops after MFP election win spooks investors
Despite the Move Forward Party (MFP) election victory on Sunday, the Stock Exchange of Thailand (SET) experienced a downturn yesterday. Investors sold shares related to politics and large-cap stocks that could be negatively impacted by the MFP’s policies, according to analysts. The SET index closed 1.28% lower yesterday, with shares of Gulf Energy Development Plc (GULF), Thailand’s largest power producer,…
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New government urged to tackle living costs, support steel industry
The incoming government, led by the Move Forward Party, has been urged to address the high cost of living and expensive electricity bills while continuing to support the domestic steel industry, according to Somsak Leeswadtrakul, a prominent steel magnate and philanthropist. Tackling the rising cost of living, particularly for low-income earners, should be among the top priorities for the new…
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Thailand’s economy grows faster than expected in Q1 due to tourism rebound
Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors –…
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Accessible tourism potential for Thailand’s post-pandemic resilience
The World Tourism Organization emphasizes the importance of accessible tourism as the industry aims to recover post-pandemic. An estimated 10% of the global population is aged over 65, while approximately 16% have some form of disability. As Thailand’s economy increasingly relies on tourism, developments in accessible infrastructure are being implemented in both public and private sectors. Despite existing accessibility laws…
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Thailand Plus Package extension anticipated to attract 6 billion baht investment in three years
The Revenue Department anticipates that the tax measures designed to support the relocation of foreign investors’ production bases will generate investment of approximately 6 billion baht within three years, according to Deputy Director-General Vinit Visessuvanapoom. Visessuvanapoom explained that the cabinet has given its backing to an extension of the tax measures, also referred to as the Thailand Plus Package, which…
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Southeast Asia and China top destinations for overseas business expansion in Asia
Southeast Asia and China are now the top choices for overseas expansion, with 83% of Asian businesses expressing interest in venturing abroad, as revealed in a recent report. The Business Outlook report, conducted by United Overseas Bank (UOB), surveyed over 4,000 small and medium-sized enterprises (SMEs) as well as large organisations in Asia. The study showed that over four out…
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Thai airlines report surge in earnings as tourism rebounds
Thai Airways International Public Company Limited and Bangkok Airways Public Company Limited have experienced a significant increase in their earnings for the first quarter, as tourists have started to return to Thailand in increasing numbers. In the first three months up to March, Thai Air recorded a net income of 12.51 billion baht (US$370 million), a considerable turnaround from their…
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Funding populist policies: borrowing or tax hikes?
During the general election, political parties presented various populist pledges aimed at attracting voters. Among these were the controversial 10,000-baht digital wallet handout for individuals aged 16 and over, increasing minimum daily wages, raising minimum monthly salaries for university graduates, suspending debts for farmers, cutting electricity tariffs, and increasing the monthly allowance for people aged 60 and over. The Thailand…
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New government has room to spend 2 trillion baht on populist pledges
The upcoming government is expected to have around two trillion baht at its disposal for implementing its populist policies, according to an anonymous source from the Finance Ministry. The figure takes into account the 500 billion baht needed for the Pheu Thai Party’s pledge to provide digital wallet handouts of 10,000 baht to those aged 16 and over. Should the…
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Machine anxiety: How to reduce confusion and fear about AI technology
In the 19th century, computing pioneer Ada Lovelace wrote that a machine can only “do whatever we know how to order it to perform”, little knowing that by 2023, AI technology such as chatbot ChatGPT would be holding conversations, solving riddles, and even passing legal and medical exams. The result of this development is eliciting both excitement and concern about…
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Former ByteDance executive sues company for wrongful dismissal over alleged culture of lawlessness
A former high-ranking executive at ByteDance, the Chinese firm behind the immensely popular TikTok platform, has filed a lawsuit against the company, charging it with wrongful dismissal. According to Yintao Yu’s testimony, he was terminated from his position for exposing what he describes as the company’s “culture of lawlessness.” The legal action in the San Francisco court comes when political…
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Thai tourism rebound evident with surge in new business registrations
Thailand’s tourism sector has witnessed a strong rebound, as evidenced by the significant surge in new registrations for tourism-related businesses during the initial four months of this year. The Ministry of Commerce revealed yesterday that the number of new tourism-related business registrations had doubled year-on-year, reaching 2,579 in the first four months, with a total registered capital increase of 135%…
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UFC Gym eager to re-enter Singapore market after sudden closure of franchise
UFC Gym has expressed its keen interest in returning to the Singapore market and is committed to offering support to customers affected by the unexpected closure of its franchise in the country, according to CEO Adam Sedlack. He highlighted that Singapore continues to be an attractive market for the UFC Gym brand and their unique training approach. Members of UFC…
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Canon targets 10% revenue growth in Thai printer market with new laser models
Canon Marketing (Thailand), the local branch of the Japanese technology company, has set a target of achieving a 10% revenue growth for its printer business this year, while simultaneously launching new laser printer models in the market. Thailand ranks as the fourth largest growth market in Asia-Pacific for both inkjet and laser printers, following India, Indonesia, and the Philippines. The…
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Thai, Bangkok Airways report first-quarter earnings surge
Thai Airways International Plc and Bangkok Airways Plc have experienced a significant increase in their first-quarter earnings as tourists return to Thailand in growing numbers. Thai Airways reported a net income of 12.51 billion baht for the three months through March, a considerable improvement from the 3.25 billion baht net loss they incurred during the same period last year. Meanwhile,…
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