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 Top 10 reasons for expats to get a comprehensive health insurance in Thailand
Moving to Thailand offers plenty of excitement and adventure, but the local healthcare system can be complex to navigate as an expat. From unique health risks to high costs at private hospitals, having a comprehensive health insurance plan is essential....
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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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Malaysia’s economy exceeds expectations with 5.6% growth in first quarter
Malaysia‘s economy has experienced faster than anticipated growth in the first quarter, bolstered by solid domestic demand, causing the central bank to downplay the potential impact of a global slowdown on the country, which is reliant on exports. Gross domestic product increased by 5.6%, according to data from the central bank and the government, exceeding analysts’ forecasts of a 4.8%…
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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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BlockFi bankruptcy allows return of funds to non-interest-bearing account holders
Bankrupt cryptocurrency lender BlockFi has been granted court permission to return US$297 million to clients holding non-interest-bearing accounts. However, this does not include repayment to customers who made last-minute attempts to transfer funds into those accounts. It was concluded by the UK Bankruptcy Judge that customers owned their deposits in BlockFi’s Wallet programme, a non-interest-paying scheme that maintained customer deposits…
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Thaifoods Group to invest billions in expansion and new retail outlets
Thaifoods Group Plc (TFG), a leading chicken and pig producer in Thailand, has announced plans to invest between 3 billion and 3.5 billion baht in expanding its business this year, with a particular focus on opening new retail outlets. Chief Operating Officer Phet Nantavisai stated that 2 billion baht of the investment will be allocated to the expansion of the…
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Thai Bankers’ Association considers new fee structure for industry
The Thai Bankers’ Association (TBA), which represents the banking industry in the country, is contemplating the introduction of a new fee structure in response to increasing operating costs. Banks are planning to take into account expenses from traditional and digital banking services while finalising the updated fee structure. This will be done in conjunction with the Bank of Thailand. The…
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Nine executives apply for NBTC secretary-general role
A total of nine executives have applied for the position of secretary-general at the National Broadcasting and Telecommunications Commission (NBTC). Seven individuals submitted their applications during the initial application period running from March 20 to April 7, with a further two applying during the extended period, concluding May 7. According to Dr Sarana Boonbaichaiyapruck, NBTC chairman, the new secretary-general will…
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Proposal to tackle illegal tour guides and boost job opportunities submitted to prime ministerial candidates
Tour guides have presented a proposal to numerous prime ministerial candidates from various political parties, with the aim of eliminating unlawful tour guides and nominee businesses. They also hope that the proposed Tourist Guide Act will expand the scope of the profession, leading to increased employment opportunities. Yesterday, representatives from the Professional Tourist Guides Association of Thailand visited political party…
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Thailand partners with Asean organisations to develop electric vehicle battery technology
Thailand has joined forces with five technology and electric vehicle (EV) organisations in Asean to conduct a joint study and develop EV battery technology, in efforts to strengthen the booming EV industry in the region. This collaboration aims not only to enhance the EV ecosystem but also to support Asean’s economy under its sustainable development concept, stated Pimpa Limthongkul, the…
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WhatsApp in-chat payments roll out in Singapore: A new chapter for SMEs or a security risk?
Digital payments are transforming rapidly, and WhatsApp’s recent decision to launch in-chat payments in Singapore highlights this change. The move by Meta, WhatsApp’s parent company, is expected to have a significant impact on local businesses and increase competition among the region’s e-payment providers. However, concerns also arise around security, privacy, and the potential for scams and fraud. With a user…
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Biden and senior Republicans meeting postponed for further staff discussions
Crunch negotiations between US President Joe Biden and senior Republicans have been delayed until early next week, allowing staff to continue their discussions, according to a statement from the White House yesterday. An insider familiar with the talks between the Democratic and Republican leaders described this as a positive development, implying that it was not the right time for the…
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Elon Musk announces new CEO for Twitter and transition to CTO role
Elon Musk revealed yesterday that he has appointed a new CEO for Twitter, though he did not disclose the individual’s identity. He also stated that he will assume the position of Chief Technology Officer for the social media platform within the next few weeks. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in…
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Bank of Thailand to relax rules on Chinese yuan use for trade this year
The Bank of Thailand (BoT) plans to ease regulations on the use of China’s yuan for trade this year, aiming to mitigate the effects of currency volatility, according to BoT Deputy Governor Mathee Supapongse. Ongoing discussions between the central bank and its Chinese counterpart are focused on promoting the usage of the Chinese currency. China is a significant trade partner…
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Thai consumer confidence reaches 38-month high in April
Consumer confidence in Thailand experienced an 11th consecutive month of growth in April, hitting a 38-month high, according to a recent survey. It revealed that the continued recovery in the tourism sector, combined with increased activities in anticipation of the May 14 election, were major contributors to this boost. The University of the Thai Chamber of Commerce (UTCC) reported that…
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China increasingly uses yuan for trade with Russia, sidelining the dollar
China has significantly raised its use of the yuan for purchasing Russian commodities in the past year, with almost all its procurement of oil, coal, and some metals from the neighbouring country now settled in the Chinese currency instead of US dollars, multiple trading executives with direct knowledge of the situation have revealed. The shift towards using the yuan to…
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China’s consumer price index sees slowest growth in two years
China’s consumer prices experienced a slow increase over the past two years in April, with factory gate deflation becoming more pronounced, according to recent data. This outcome has prompted conjecture that additional stimulus activities may be necessary to enhance the uneven post-pandemic economic recovery. In April, the consumer price index (CPI) increased by 0.1% year-on-year, making it the lowest level…
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Disney reduces streaming losses but sheds subscribers as earnings meet expectations
Walt Disney has reported a reduction in streaming losses by US$400 million from the previous quarter; however, the company also experienced a drop in subscribers. The entertainment giant shared this information on Wednesday as part of its recent quarterly earnings release, which fell in line with Wall Street expectations. Following the report, shares of Disney declined by 4.4% during after-hours…
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Toyota projects 10% profit growth and five-fold increase in EV sales this year
Toyota Motor Corp revealed on Wednesday that a 10% increase in operating profit is expected during this business year, as sales of pure electric vehicles (EV) are predicted to surge five-fold with a reduction in global supply chain disruption caused by the ongoing chip shortage. The ambitious growth plan was introduced by the newly appointed CEO, Koji Sato, who entered…
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China’s shrinking birth rate impacts baby product manufacturers
A decline in China’s population is creating a challenging environment for the country’s baby and children’s product manufacturers, as domestic sales plummet and companies grapple with finding alternative revenue streams. As the world’s largest market for baby food and diapers, valued at US$37.9 billion annually, prepares to contract for the first time, firms are turning their attention to products for…
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Thailand targets high-spending Middle Eastern tourists for tourism growth
The Tourism Authority of Thailand (TAT) is focusing on attracting high-spending visitors from the Middle East in the latter half of this year, with the goal of utilising this market as a new tourism growth engine. Apichai Chatchalermkit, TAT’s deputy governor for tourism products and business, has stated that since Thailand re-established full diplomatic relations with Saudi Arabia in early…
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Growing global demand for gold amid banking sector turmoil and geopolitical tensions
The global demand for gold from investors is witnessing an increase due to instability in the banking sector, geopolitical tensions, and a challenging economic environment, prompting individuals to turn to the precious metal as a safe-haven asset, according to the World Gold Council (WGC). The WGC’s most recent Gold Demand Trend report revealed that demand for gold bars and coins…
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Thai food exports forecast to grow despite challenges
Despite economic uncertainties, inflationary pressures, foreign exchange fluctuations, and rising production costs, Thai food exports are predicted to grow by 2.1% to 1.5 trillion baht this year. The main factors supporting this outlook include the government’s policies to stimulate economic growth, the country’s reopening after the pandemic, global supply chain shortages, increased concerns about food safety, and the high-quality standards…
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Truemoney partners with Mastercard and Google for contactless payment expansion
TrueMoney, a prominent e-payment and financial service provider, has collaborated with Mastercard and Google to facilitate the integration of TrueMoney Mastercard virtual prepaid cards, formerly referred to as WeCard, into Google Wallet. This development enables Google Wallet users to utilise TrueMoney Mastercard for contactless payment through the Google Pay platform. Apinand Dabpetch, head of TrueMoney’s growth and wallet platform, explained…
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Bangchak Group monitors energy prices amid global recession concerns
Energy giant Bangchak Group of Thailand is keeping a close eye on energy prices for the second quarter of this year, amid concerns of an impending global recession. The company reported a 16% increase in revenue in the first quarter. Chaiwat Kovavisarach, the group CEO and president of Bangchak Corporation Plc, expressed that crude oil prices are likely to remain…
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CIMB Thai Bank targets 500 million baht in digital personal loans focusing on upper-income segment
CIMB Thai Bank (CIMBT) has announced intentions to expand its digital personal loan offerings in the current year, aiming for a total of 500 million baht whilst primarily focusing on the upper-income segment. Recently, CIMBT introduced two digital personal loan products – the “Personal Cash” instalment loan and the “Extra Cash” credit line. These products have a combined value of…
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Inspecting Toyota factory in Chachoengsao to assure car buyers of safety standards
Inspectors are set to visit the Toyota factory in Chachoengsao this week to ensure vehicle safety standards are met by the leading Japanese car manufacturer. This decision follows discussions on May 9 between the permanent secretary for industry, Nattapol Rangsitpol, and Akio Toyoda, the board chairman of Toyota Motor Corporation, concerning the safety test results for the eco-car Yaris Ativ.…
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Saha Group unit invests 6 billion baht in KingBridge Tower project
KingBridge Tower Co, a subsidiary of Saha Group, has invested six billion baht in the construction of KingBridge Tower, with a focus on offering office space rentals. Situated alongside Bhumibol Bridge and Rama III Road, the tower has been chosen as a demonstration project for energy and environmental conservation by the Circular Economy in Construction Industry group. The project utilises…
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Activists throw cake at Volkswagen bosses during annual shareholder meeting in Berlin
Berlin was the setting for protests at Volkswagen’s annual shareholders’ meeting yesterday, as demonstrators voiced their concerns over human rights and climate change issues. Europe’s largest car manufacturer faced pressure from climate protesters gathered outside the event venue, urging the company to take steps to reduce its carbon footprint. Activists from the group Scientist Rebellion displayed a message stating… “The…
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Exploring the possibility of a new departure tax in Thailand
As the general election approaches, the introduction of a new tax is considered an extremely sensitive issue and a rare political tactic. Despite this, the Revenue Department moved forward last week to address concerns regarding a potential new departure tax on outbound travellers, based on a 40-year-old “emergency decree”. The department confirmed it has no plans to introduce a departure…
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