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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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 Chamber of Commerce warns 10 million jobs in peril if lock-down persists
The Thai Chamber of Commerce is appealing for businesses to be allowed to reopen ASAP, warning that if the lock-down goes on much longer, an estimated 10 million people could lose their jobs. The Pattaya News reports that TCC Chairman, Kalin Sarasin, says businesses should be allowed to reopen provided they abide by new public health measures. He says 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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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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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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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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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 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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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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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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Businesses banned from shutting down during emergency decree
Employers have been left perplexed by an order from the Thai Labour Ministry forbidding them from shutting down their businesses during the emergency decree. The same order bans employees from taking part in any industrial action. A report in Nation Thailand says companies that have already closed are being instructed to re-open, and employees advised to return to work, with…
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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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Business recovery in the Covid-19 era
As some countries begin to tentatively look to reboot their economies in a Covid-19 world, what does the future hold for business? Nation Thailand reports today on an extensive Bank of Thailand survey that examined the impact of the pandemic on four business sectors and what might happen next. Things are looking a bit brighter for the manufacturing and retail…
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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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Business winners and losers, and the lumpy recovery
As we slowly start to emerge from enforced lockdowns, how have things changed? There have been early ‘winners and losers’ but the profound changes to our lives will now start to morph into lingering economic hardships and unpredictable business outcomes. Different countries are going to restart their economies at varying speeds and retain some restrictions and drop others, depending on…
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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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