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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As a business owner, you probably already know that social media has become an essential tool to reach new customers. According to the 2023 Social Media Marketing Industry Report, the majority of marketers reported positive outcomes from their social media...
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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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Former union leader calls for total overhaul at Thai Airways
The former president of the Thai Airways union is calling for a complete revamp of the airline, including the ousting of all existing board members. The call follows years of crippling losses, bailouts and promises of a corporate cleanout. The Bangkok Post reports that Chamsri Sukchotrat made the call in a Facebook post, addressing PM Prayut Chan-o-cha in his role…
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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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Shock rise in Thai exports
Defying expectations, Thai exports in March unexpectedly rose by 4.2%, with a total value of around 690 billion baht (22.4 billion US dollars) year-on-year, the biggest expansion in 8 months. The Commerce Ministry reported today that even excluding items like gold, oil, and weaponry, exports expanded 2.12%, For the first quarter of 2020, exports grew 0.9%. Excluding gold, oil and…
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PM asks public to cool down on selling their gold
Massive unemployment due to the national state of emergency and the Covid-19 outbreak has pushed gold prices to near a 7 year high, and gold shops throughout the country are running out of cash because so many people are cashing in. In a briefing this week in Bangkok, PM Prayut Chan-Ocha asked the public to show restraint and not to…
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Covid-19 crisis delays Thailand’s biofuel future
Thailand’s Energy Ministry has postponed a nationwide plan to switch to biofuels until the Covid 19 crisis subsides. The ministry initially told oil refineries to stop producing gasohol 91 at the end of May and planned to increase consumption and manufacture of biofuels like gasohol E20, which will generate income for local farmers who grow biofuel energy crops like sugarcane…
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A golden moment for Thailand’s gold sellers
The streets of Bangkok’s Chinatown today have been paved with gold… sellers. Today, dozens of Bangkok citizens lined up outside Yaowarat Road gold shops, creating chaos as they tried to sell off their gold ornaments and gold bars after the price gold rose by 550 baht per baht of gold (15.244 grams.) It is reported that this is the highest…
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The post-Covid-19 era: Radical changes in Bangkok’s property market
Property consultants CBRE have come up with their own evaluation of the current Bangkok office market, already getting pounded by regional trends and a high baht, now suffering another challenge – the Covid-19 coronavirus outbreak. They report that this situation will “create another split in our historical timeline – pre and post Covid-19” in Thailand. “At present, people are talking…
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Opportunities for 2020 export growth in Thailand
Despite the whirlwind of shutdowns, lockdowns and craziness descending on Thailand at the moment, the departments are still churning out numbers and trying to forecast the way ahead. They say that, due to the Thai baht weakening and massive government interventions around the world for both monetary and fiscal policies, there is still a chance that Thailand could reduce the…
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Cabinet will look at proposal to help with home internet
Cabinet today will look at a proposal to help people working from home with 10 Gb free internet for their smartphones, along with other subsidies. The Thai National Broadcasting and Telecommunications Commission will ask for cabinet approval providing mobile users with 10 free gigabytes of data usage per subscriber, per month up to June 30. The NBTS say they recognise…
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Airports of Thailand approves Don Mueang expansion
Yesterday, the Airports of Thailand (AoT) board gave tacit approval of a master plan for the third-phase development of Don Mueang International airport costing an estimated of 39 billion baht. The expansion arrangements includes, increase of the airport’s capacity to 40 million passengers a year (currently 30 million a year), a 3.4 kilometre automated people mover system (APM), new car…
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Stormy skies for Boeing as Coronavirus compounds dire situation
As the world’s Covid-19 cases continue to rise, aircraft manufacture Boeing is watching its stocks slide. From around US$384 a share back in September last year to as low as US$154.84 last week. It’s since bounced back to US$170.20, but a long, long way from its peak. Most of the losses kicked in from mid-February when the extent of the…
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Amazon cafe suspends ‘bring your own cup’ campaign
Thai coffee shop chain ‘Amazon’ announced today the suspension of their promotional campaign called “Café Amazon for Earth” which was aiming to reduce plastic waste by allowing customers to bring their personal cup when buying a beverage and receive a discount of 5 baht. The company says the decision to end the promotion was made to increase customers’ awareness to…
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Thai stock exchange pulls 30 minute circuit breaker
The Stock Exchange of Thailand (SET) had pulled a 30 minute “circuit breaker” to suspend trade between 9:59 and 10:29am leading to a fall at 11am, when the SET fell by 78.95 points, or 7.08%, to 1,035.96. Foreign investors made net sales of 1.929 billion baht in the stock market and 13.646 billion in the bond market. Most global stock…
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Thai Airways president and Suvarnabhumi chief resign
Two of Thailand’s most prominent aviation bosses have thrown in the towel, citing the Thai government’s bungling of the Covid-19 coronavirus situation. Both resignations happened yesterday. The president of Thai Airways, Sumeth Damrongchaitham, resigned yesterday afternoon. That corporate bombshell was closely followed by the resignation of the director of Suvarnabhumi International Airport, Sutheerawat Suwannawat. At this stage the Thai government…
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Thailand CP Group’s take over bid for Tesco Asia
The 332.6 billion baht deal between the UK’s Tesco-branded Asian interests and Thai conglomerate CP Group, is coming under scrutiny as there are fears it could lead to a mega-retail monopoly. In the deal, the Chareon Pokphand Group will acquire all of Tesco Asia. CPAll and CPF informed the Stock Exchange of Thailand of their surprise investment in Tesco Asia…
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Thai Airways announces losses over 12 billion baht for 2019
Thai Airways International and its affiliates incurred a net loss of 12.017 billion baht last year, that’s 448 million baht more than the year before. The airline has been accumulating losses year on year for over a decade. Speaking about the losses at the announcement yesterday, the vice president of finance and accounting Nattaphong Smit-Ampaisal says that the airline was…
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Chevrolet Thailand says ‘no’ to compensation demands for cars sold before discounts were announced
Yesterday, a group of Chevrolet car buyers submitted a letter to Chevrolet Sales (Thailand) at the company national HQ at Rasa Tower, in Bangkok’s northern suburbs. They were demanding the company should compensate them for having bought their cars at full price, just before Chevrolet announced it was pulling out of manufacturing cars in Thailand. Specifically they were complaining about…
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Chevy’s having a “garage sale” and prices are halved
General Motors’ recent announcement that it’s ending production and sales of Chevrolets in Thailand means prices for new Chevrolets have been cut by half. The starting price for the latest SUV, the Captiva, is now just under half a million baht. General Motors announced Sunday that it’s pulling out of “markets that don’t produce adequate returns on investments,” namely Thailand,…
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Slurpees, phonecard top-ups, snacks and now you can do your washing
…well, in one store anyway. Maybe more to come. You can pay your bills there, buy a Slurpee, get a good coffee and, now, do you washing too. A Bangkok 7-Eleven store has rolled out its own laundry service, not that anyone is going to be actually doing your laundry, but they will provide the washing machines. The laundromat at a…
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MICE sector to get 200 million baht in relief funding
Thailand’s government will provide relief funding for the MICE (meetings, incentives, conferences, exhibitions) sector after it declined by half due to the coronavirus outbreak. The cabinet approved the extra budget last week. The Thailand Convention and Exhibition Bureau (TCEB), together with the Thai Chamber of Commerce (TCC) and listed companies, will provide 200 million baht in cash incentives to promote…
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Bangkok food delivery riders demand legal protections
If you’ve got a smartphone, a motorbike and a bit of cash, you can get work straightaway in Bangkok… but it comes at a cost. Though the income is potentially high, online food delivery drivers face heavy workloads, long hours, customer complaints and high levels of risk. GrabFood riders held a protest in Bangkok last week, saying that they get…
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Thai Airways considers leasing planes and outsourcing cabin staff
In its attempts to restructure the legacy national airline, senior staff of Thai Airways may lease aircraft and cabin staff. The plans are part of fleet and service improvement options as demanded by the Thai Government who had to find 11.1 billion baht over the first 9 months of 2019 to keep the national airline in the skies. According to…
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The Coronavirus Effect – Phuket by numbers
by Bill Barnett of c9hotelworks.com The impact of the current outbreak of the novel coronavirus in China, and a limited spread to 18 other countries, will be felt in the months ahead. Whilst the headlines loom large at the moment with statistics and stories of the spread, the downstream effects on Thai tourism, and particularly the areas favoured by Chinese…
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Thai tourism to take hit over Coronavirus
by Bill Barnett of c9hotelworks.com A travel ban is now in effect in Mainland China for tour groups who were booked for holidays overseas. Over the past few days hoteliers in Phuket, Bangkok and throughout the country are reporting significant cancellations, not only of groups but also independent travellers (FITs). Last year Mainland Chinese travellers to Thailand nearly eclipsed 11 million,…
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Online grocery shopping gains popularity in Thailand
Squeezing the avocados and smelling the mangoes, in person, may well become a thing of the past as online grocery buying quickly gathers pace. The intense competition in online grocery sales is expected to surge in 2020. Online Apps like Line, Grab and Lazada are making major inroads into the Thai grocery market valued around 30 billion baht. Pushing the growth…
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Forecasts for Bangkok property 2020
A supply influx of new office space is on the way while the overall retail industry faces low consumer confidence. But, in 2019, the number of Chinese tourists to Thailand has started recovering, says CBRE, an international property consultant. Bangkok Office Market The office market in Bangkok continues to perform strongly for this, but CBRE identifies challenges that are heading…
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Minor International battles Marriott over popular Phuket hotel property in court
Marriott International, the American international hotel company, has failed in its bid to secure an injunction in a Thai court to stop a legal claim filed by the Minor International group. Minor International (MINT) says that its subsidiary MI Squared Ltd had filed a legal claim in a Thai court against Marriott International and the Thai subsidiary Luxury Hotels &…
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Bangkok’s vacant land owners growing fruit and vegetables to evade vacant-land tax
A loophole in land tax around Bangkok (actually everywhere in Thailand) is having an unexpected side effect, mostly good. Many vacant property owners in Bangkok are growing fruit and vegetables to escape the newly launched tax on their undeveloped land. For example, Banana trees are now growing on an expensive piece of land near Naradhiwat-Rajanagarindra Road. To avoid the new…
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