Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Sponsored 12Go introduces Japan Rail Passes to enhance travel accessibility for international travellers
For those who have travelled throughout Thailand, 12Go is a well-known provider of various trips, though the platform itself has a much wider reach. Ranging from buses to planes, 12Go is undoubtedly a leading booking platform for travel throughout the...
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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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Philippine economy grows 6.4 per cent in first quarter, beating expectations
The economy of the Philippines experienced a 6.4% expansion in the first quarter compared to the previous year, according to the country’s statistics agency. This development surpasses expectations, with analysts previously predicting a 6.1% annual growth in the gross domestic product (GDP). On a quarterly basis, growth slowed to 1.1% compared to the earlier reported 2.4% expansion in the previous…
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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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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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Indian airline Go First granted bankruptcy protection amid repossession concerns
An Indian tribunal granted bankruptcy protection to Go Airlines (India) Ltd yesterday, a decision that may aid the country’s fourth-largest airline in its revival efforts but could also hinder foreign lessors’ attempts to reclaim their aircraft. The low-cost carrier recently rebranded as Go First, claimed that its financial crisis originated from “faulty” Pratt & Whitney engines, which grounded approximately half…
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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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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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Marriott upbeat about Thailand’s labour crunch in tourism sector
Marriott International remains optimistic about Thailand’s labour situation in the tourism sector, as employment at its properties across the country has nearly returned to its 2019 levels. The company hopes that the incoming government will prioritise the development of connectivity to secondary cities in order to enhance the country’s competitive edge. Jakob Helgen, Area Vice-President for Thailand, Vietnam, Cambodia, and…
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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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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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Taiwan’s offshore wind farms amid China tensions and geopolitical risks
In the port city of Taichung on Taiwan‘s west coast, a crane hoists into place the final section of a white wind turbine tower that stands almost a hundred metres tall. This turbine will be one of 111 spinning at a multi-billion US dollar offshore wind project up to 60km into the Taiwan Strait. Constructed by Denmark’s Orsted, this project…
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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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Biden holds crucial meeting with Republicans on US debt limit impasse
President Joe Biden recently held a crucial meeting with Republican leaders to address the impasse over the US debt limit, which has far-reaching consequences on the world’s largest economy as well as the upcoming presidential election. The meeting at 4pm included Biden, House Speaker Kevin McCarthy, and Senate Republican leader Mitch McConnell. As the national debt ceiling, currently standing at…
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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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Twitter CEO Elon Musk reveals new features including calls and encrypted messaging
Details regarding new features for Twitter, including calls and encrypted messaging, have been unveiled by Chief Executive Elon Musk, 49 years old, on Tuesday. Last year, Musk teased plans for “Twitter 2.0 The Everything App,” which he claimed would contain options like encrypted direct messages (DMs), long-form tweets, and payments. Musk announced in a tweet on Tuesday that the platform…
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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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Kerry Express partners with All Speedy to expand services into 7-Eleven branches in Thailand
Kerry Express (KEX), a leading express delivery provider in Thailand, has announced a partnership with All Speedy Co, a subsidiary of CP All, to extend its services to 7-Eleven branches across the country. Through this collaboration with All Speedy, Kerry Express is set to broaden its network of service points, offering services from as little as 19 baht and providing…
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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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ISS backs ValueAct’s boardroom challenge at Seven & i Holdings
A leading proxy advisory firm, Institutional Shareholder Services (ISS), has supported ValueAct Capital‘s bid to secure positions for its four director nominees on the board of Japanese convenience store operator Seven & i Holdings. ValueAct, which owns 4.4% of Seven & i, has been particularly critical of the company’s conglomerate structure and has recently increased pressure further by publicly demanding…
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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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