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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Huge Nike flagship store opens in Bangkok’s Siam Center
A massive Nike flagship store is now open in Bangkok’s Siam Center, with a ‘footprint’ spanning more than 836 square metres of prime retail space in the capital. Intended to showcase Nike’s innovation across multiple product categories, the store offers the brand’s first “Nike By You” in-store customisation service in Thailand. Retailers are now pulling out all stops to lure…
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Developers need to clear stock, heavy discounting in property market
ADVERTORIAL Property prices are expected to decline by double digits in the next few months as Thailand’s property developers begin to offer more sales incentives in response to post Covid-19 markets. A recent survey by leading property portal FazWaz indicated that 50% of Thailand’s property developers are considering discounting at least 20% off minimum benchmark prices. Brennan Campbell, CEO at…
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Major makeover proposed for Pattaya’s Walking Street
… but few are impressed. Images on the Facebook page of Pattaya City reveal plans for a major re-imagining and makeover of one of the resort’s most notable, and notorious, landmarks – Walking Street. Gone are the grotty road, broken pavements and lurid signs and frontages, and in their place will be an easy to navigate walking area fit for…
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Thai Airways may not need to file for bankruptcy in US
Contrary to earlier reports, Thai Airways may not need to seek bankruptcy protection in the United States to avoid seizure of its planes and other assets. A senior official made the announcement after a meeting led by Deputy PM Wissanu Krea-ngam with the struggling carrier’s senior management and the airline’s board. The meeting was to discuss the airline’s rehabilitation plan…
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Foreigners with work permits to be allowed back into Thailand on case by case basis
Foreigners with work permits or permission from the Labour Ministry (and other some other government agencies) will be allowed to enter the country after registration, under phase 3 of the lockdown relaxation, which begins Monday. The Foreign Ministry made the announcement today. The Foreign Ministry has told Thailand’s foreign chambers of commerce about the relaxation. Eligible foreign nationals are invited…
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Ministry of Foreign Affairs announces re-entry procedures for foreigners
Yesterday the Ministry of Foreign Affairs sent out a letter to all Foreign Chambers of Commerce in Thailand explaining the details and procedures for non-Thai nationals to re-enter the country. This procedure is not for only for people who legally work in Thailand. Those who don’t have a work permit yet, but your new employer can get permission from the…
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Murdoch closes all his regional and local newspapers in Australia
Australia’s largest media group, News Corp, has ditched its 100 local and regional newspapers, blaming the collapse of the businesses on a collapse advertising, migration of advertisers online, all made worse by the Covid-19 pandemic. News Corp, owned by Rupert Murdoch, announced on April 1 it was stopping printing of around 60 community newspapers “temporarily”. The collapse will cause the…
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Massage shops, boxing stadiums may be allowed to reopen next week
But we won’t know until tomorrow. Phase 3 of the easing of Covid-19 emergency measures could finally see boxing stadiums, massage parlours, spas, cinemas and tutorial schools allowed to reopen next month. Pubs, bars and nightlife venues are expected to remain closed, well that’s the rumours for now anyway. The deputy director-general of the Disease Control Department says activities and…
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Government to provide more financial aid to small and medium-sized businesses
Thailand’s Ministry of Finance has been tasked with coming up with plans for additional financial aid to small and medium-sized enterprises affected by the Covid-19 crisis. Government Spokesperson Narumon Pinyosinwat made the announcement yesterday. “The Ministry of Finance will estimate the budget to be used as well as the loan limit and interest rate, and will present to the Cabinet…
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4 new board members for THAI restructure, 1 has airline experience
Four new board members for Thai Airways are the face of hope for the national airline as it addresses massive losses and restructuring. The airline’s business is now being addressed under the country’s Bankruptcy Act. Piyasvasti Amranand, Pirapan Salirathavibhaga, Boontuck Wungcharoen and Pailin Chuchottaworn have joined the Thai Airways executive board. Piyasvasti served as the airline’s president from June 2009…
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No role for Transport Ministry in Thai Airways rehab plan
After initially insisting on having a say in the management of the rehabilitation plan for the beleaguered Thai Airways, the Ministry of Transport has conceded that, with its holding in the airline reduced to less than 50%, it no longer has any jurisdiction over what is now a listed public company. Deputy Transport Minister Thaworn Senneam says the struggling carrier…
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Thailand’s economic forecast among Asia’s worst: central bank governor to step down
The governor of the Bank of Thailand will step down when his term ends in September. Veerathai Santiprabhob announced yesterday that he has decided against seeking a second 5 year term for “family reasons.” His departure comes as Thailand sees its economy contracting as much as 6% this year, mostly as a result of the impacts of lockdown provisions to…
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Pattaya hoteliers complain about alleged “quarantine kickbacks”
Hoteliers in Pattaya have made an official complaint about a group of people, claiming to be officials who can ensure their properties will be chosen as quarantine centres, are demanding kickbacks of up to 40%. They are urging the government to look into the issue, but officials have been quick to deny any involvement by legitimate authorities. Government spokesperson Narumon…
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Pattaya Council mulls a mass transport monorail system
Nothing like the middle of a pandemic to announce a new monorail project. Undeterred, the Pattaya City council have announced a new 9 kilometre monorail as part of its Eastern Economic Corridor projects. They cite the need to ease traffic congestion caused by rapid urban growth in the seaside party town. They say the inner city area is in desperate…
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New Thai Airways board will nominate 4 ‘professionals’ to execute restructure
Thai Airways first took off as the national airline on May 1, 1960 with its first passenger-carrying flight. 60 years later it’s now poised for a massive dissection as it enters bankruptcy proceedings and restructuring. It’s 60th birthday passed without fanfare or announcement as the pride of the nation scrambles for survival – a victim of a global pandemic, years…
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Thailand’s property market set to experience brokerage megashift
by Bill Barnett It’s clear that Thailand’s real estate sector is expected to undergo a megashift as a result of the Covid-19 pandemic and search for a ‘new normal’, if that’s even possible. That said, one of the country’s leading PropTech groups FazWaz says the crisis has only accelerated dynamic charges to the sector that have been bubbling to the…
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Thai Airways to lay off 30% of its staff
“THAI will stop repaying all debt and start from scratch.” The government announced today that Thai Airways will have to dismiss more than 6,000 employees after entering into receivership proceedings and a debt moratorium of 200 billion baht. The Cabinet decided to push Thai Airways into a bankruptcy procedure under the Bankruptcy Act and ordered the Ministry of Finance to…
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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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Competition Commission warns food delivery companies over unfair practices
The Office of Trade Competition Commission says it’s keeping an eye on the practices of food delivery companies to ensure restaurants that are currently unable to serve food on their premises are not being ripped off. Nation Thailand reports that the OTCC says operators who hike up their commission will face hefty fines of up to 10% of their annual revenue.…
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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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Tesco addressing migrant worker abuse at Thailand distribution centres
Migrant workers at Tesco’s distribution centres in Thailand are being abused, according to an annual modern slavery statement from the UK-based company. Out of 187 migrant workers interviewed in Thailand, many had issues with unexplained and illegal wage reductions, excessive overtime hours, indebtedness through recruitment fees. Migrant workers at Tesco’s distribution centres in Malaysia had similar problems. Last year, Tesco reported migrant workers…
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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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Workers claim Chiang Mai’s Dhara Dhevi resort owes 10 million baht in unpaid wages
A group of 70 workers, representing over 200 employees at a luxury resort in northern Thailand, have filed an official complaint with Chiang Mai’s Department of Labour and Welfare, claiming they have not been paid for 4 months. Thai Residents reports that the workers are all from the 5 star Dhara Dhevi resort in Chiang Mai, which closed its doors…
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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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