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 Boost your business in Thailand: 5 powerful benefits of using BoostedByPeople
As a business owner in Thailand, you know how tough it is to stand out online. Ads get skipped, scrolled past, or flat-out ignored. People are more sceptical than ever about what they see on their feeds. And even when...
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Thailand may lift ban on foreign investors for some innovation sectors
PHOTO: Marvin Meyer/Unsplash Thailand’s Commerce Ministry is considering whether to remove certain innovation-related businesses from the list of those open only to Thai citizens. The idea is being floated as a way of increasing foreign investment in Thailand, making the country a more attractive option for overseas companies. Deputy Director General of the Department of Business Development, Poonpong Naiyanapakorn says…
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Thai duty free giant King Power considers move into UK hotel industry
PHOTO: www.chillpainai.com The CEO of King Power, Aiyawatt Srivaddhanaprabha, says the group is considering a move into the hospitality sector in the UK. Speaking to the press yesterday, Aiyawatt says the idea comes at a time when property prices in the UK and Europe are dropping as a result of the global economic slowdown. “Our deal will be finalised next…
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Phuket social enterprise shop takes the first steps
PHOTOS: stepswiththeera.com A Bangkok-based social enterprise has made its debut in Phuket as it opened a new zero-waste shop, cafe and vocational training centre in Cherng Talay. The shop is run by Steps With Theera and provides a range of plastic substitutes including bamboo straw sets, bamboo toothbrushes and SuperBee wax wraps, alongside a refill station with beauty products from…
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No impact on PTT’s imports from Saudi oil refinery attack: Thai minister
Thai energy minister Sontirat Sontijirawong claims that last Saturday’s attacks on two major oil-processing facilities run by the Saudi-owned company Aramco will not affect oil imports of the Thai petro-chemical giant PTT group. He added that he had learnt from Aramco and related parties that the situation there was under control and the damage was being assessed. The incident would…
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Laguna Angsana Resort opens conference and exhibition venue
by Bill Barnett of c9hotelworks.com Laguna Phuket’s Angsana resort is set to debut it’s new 1,500 square metre conference and exhibition space. It’s actually a renovation and rebranding of the successful Laguna marquee space and relocated to a more permanent location within the Angsana Laguna Phuket complex. Tagged as ACES, the venue will open at the end of September. For…
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US Fed poised to cut rates this week
“Hiring, while strong, has slowed. Business investment is moribund. Exports are weakening. And manufacturing – always a vital economic weather vane – is in recession.” by Douglas Gillison Facing a dauntingly uncertain economic horizon and constant criticism, including insults and demands for stimulus from the US president, the US Federal Reserve is set to cut interest rates this week. In speeches…
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Large Thai business feeling the effects of US-China trade war, rise of the baht
So what do Thailand’s big banks say? The ongoing US-China trade war and the appreciation of the Thai baht against other currencies is now starting to impact larger corporates in Thailand. Wasin Saiyawan, senior executive vice president and chief of wholesale banking at Siam Commercial Bank says, that although large businesses are resilient to any impact and their ability to…
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Centara signs up three more Phuket hotels
The surge of new properties continues in Phuket as the developers and Thai business leaders continue to show their confidence in Phuket as an international holiday destination. Thai hospitality group Centara Hotels and Resorts has entered into agreements to manage three hotels on Phuket’s northern west coast in Mai Khao. Two of the properties are currently operating, which are the…
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What goes up must come down – the battle of the baht
Newton’s law looms over the Thai baht. Meanwhile, the Thai baht continues to be the best performing currency in Asia. The Thai currency is riding a 6-year high against the USD and, this year, has surged 8% against the US currency. But the strong baht is causing knock-on effects to the rest of the Thai economy, battering exports and stifling tourist…
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Soaring baht continues to court investors and speculators
The Thai baht continues to be the best performing currency in Asia. On a year-on-year basis it has soared more than 8% against the USD and this year reached a six-year high. But the strong currency threatens the country’s exports and tourism, two major drivers of Thailand’s economy. Thailand continues to have solid economic fundamentals, a high current account surplus and…
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The Suvarnabhumi shopping shambles
Retailers want ‘in’ at the world’s 21st busiest airport in the world. With through-traffic of 60 million+ each year, and growing, Thailand’s biggest retailers want a slice of the passenger spend. But if you can’t get a shop inside the airport, build your own shopping centre just outside to capture passengers, and some of their money, just before they arrive at the…
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World economy wakes up to a day when the US has imposed new tariffs on China
The US has rolled out new tariffs on Chinese products yesterday but some economists say the latest gamble is likely to backfire and hurt the US economy. Meanwhile they predict the ramping up of the tariff ti-for-tat will not tarnish China’s resilience or dampen development in the long run. Yesterday the US administration imposed 15% additional tariffs on about half…
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Central Village developer vows to plough ahead with Suvarnabhumi opening
PHOTO: Bangkok Post The developer of the luxury outlet near Bangkok’s Suvarnabhumi airport is vowing to continue with the opening of Central Village as planned. Airports of Thailand (AoT) is blocking the entrance to the 5-billion-baht development, scheduled to open this Saturday. Central Pattana Plc (CPN) is petitioning the Administrative Court for an injunction against AoT, with CPN President Preecha…
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New 222 room development announced for Phuket’s Mai Khao Beach
A new 222 room development for Mai Khao Beach, on the northern coastline of Phuket, is currently undergoing its environmental impact assessment. Thai-Chinese Property Holdings has announced it is partnering with APlan Properties to develop the new hotel and residence project, Radisson Phuket Mai Khao Beach. The development is costing 1.6 billion baht and will be operated by the Radisson…
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Esso’s pumps out cleaner fuels and petrol station makeovers
Esso is launching a new line of gasoline and diesel fuels, produced with its new Synergy Fuel Technology that they claim offers 30% improved cleaning ability and engine protection. Esso says the additional benefits include improved acceleration and engine response. The Thai Esso team also says they are investing in more attractive and brighter service stations. The Synergy Fuel Technology…
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Baht to climb higher against USD, more pressure on exports
The Thai baht is set to soar further as one side effect of the latest escalation of the China-US trade war. Economists say the latest tit-for-tat trade sanctions will hasten foreign capital inflows into Thailand’s “safe haven” bond market while the US Federal Reserves may again cut interest rates, adding more fuel to the situation. Meanwhile the Thai export situation…
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US-China tit-for-tat rattles Asian markets after Trump’s ‘tariff tantrum’
US President Trump has caused widespread panic in Asian financial markets today after Fridays “tariff tantrum” where he used Twitter to announce new levels of tariffs on Chinese imports after China announced their response to his previous ramping up of the ongoing trade war between Washington and Beijing. Asian shares have headed southward today after the President escalated tariffs in…
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Airports of Thailand block entrance to new Central Village at Suvarnabhumi
PHOTO: The Nation Please be seated and fasten your seat belts due to severe turbulence at the front of the almost-open Central Village “luxury outlet” shopping area next to Suvarnabhumi airport in Bangkok. A dispute between Airports of Thailand and Central Pattana, the owners of Central Village, has hit some mid-air turbulence after AOT officials set up tents blocking the entrance…
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Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
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Official complaint filed with the DSI over The Peaks Residences Condominium in Phuket
PHOTO: Inspections at the property in March this year – Kritsada Mueanhawong Bangkok MP Sira Jenjaka has gone ahead and filed a long list of formal complaints over The Peaks Residences Condominium project being built in the hills above Kata Noi in Phuket. The Palang Pracharat MP has also claimed to have had death threats made against him over his…
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Former finance minister says government shouldn’t bail out Thai Airways
Former Thai Finance Minister and current Democrat list MP Korn Chatikavanich is voicing his concerns over the financial crisis gripping Thai Airways and objects to any plan to use taxpayer money to rescue the ailing legacy airline. Korn says Thai Airways’ financial current troubles are similar to the situation in 2008, when the company struggled to find money to repay…
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Executives at Thai Airways asked to take pay cut
PHOTO: Thai Airways and Thai PBS World “An unnamed source in the Transport Ministry says the airline’s financial predicament is very serious and puts it at risk of bankruptcy.” The country’s national flag carrier, Thai Airways, could be in deep financial trouble and may need to delay repaying its debt or seek new loans. Thai PBS World reports tat the…
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Growth of Thai economy lowest in nearly five years
PHOTO: Supply Chain Asia The Thai economy registered growth of just 2.3% in the second quarter of 2019, compared with 2.8% in the first quarter. This is the lowest rate of growth in 19 quarters, according to Tossaporn Sirisamphan, secretary-general of Thailand’s economic think-tank, the National Economic and Social Development Board. Tossaporn warns that although the situation is not yet…
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“Government stimulus package for Thai economy is unsustainable”
PHOTO: Wikipedia Anusorn Tamajai, an economist from Rangsit University, says he expects the proposed package to make little difference and has declared it unsustainable. The package, which should be approved this week, is worth 370 billion baht and includes cash handouts for farmers and low-income earners, grants for children, incentives for domestic travelers, and tax incentives for small businesses. It’s…
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Thai GM’s diesel plant in Rayong builds 500,000th engine
GM Powertrain Thailand has produced its 500,000th four-cylinder Duramax turbo-diesel engine, a production milestone since production officially started in 2011. GM announced that the Rayong plant is the first GM facility in the world to produce the engine. Hector Villarreal, president of GM Southeast Asia says the Duramax engines serve as the heart of the company’s ‘Colorado’ and ‘Trailblazer’ models. “They…
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Tollway company says ‘no’ to Bangkok motorway discounts
PHOTO: Thai PBS Expressway and motorway operators say there will be no further discounting of the country’s toll fees. Bangkok Expressways & Metro Public Company says the proposal by the new Transport Minister for expressway tolls to be cut by an average of 5-10 baht is not going to happen. The company claims they have already helped the government over…
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Asian stock markets follow Wall Street’s lead downward this morning
Asian stock markets have followed Wall Street’s lead this morning falling sharply as investors made their concerns apparent about economic recessions in some of the larger economies. They also reacted to more threats of instability from the trade war between the US and China. The Stock Exchange of Thailand (SET) Index dropped 1.6% during this morning’s trading. US markets led…
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Nation Multimedia Group aims to counter tech ‘disruption’
PHOTO: NMG group chief, Shine Bunnag Thailand’s media giant Nation Multimedia Group say they are poised to ride the new “digital wave” to tide over the industry disruption brought about by technology, group chief Shine Bunnag said while outlining his vision. Shine, who is chairman of NMG’s executive committee, said in an interview with Krungthep Turakij newspaper that with the…
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Industry minister says exporters will still need help to work-around strong Thai currency
The strong Thai baht is still a big problem for Thailand’s industries, exports and tourism, key drivers of the Thai economy. The baht’s strength has been partly driven by Thailand’s high current account surplus of US$17 billion this year, attracting investment in the currency as a ‘safe haven’. Industry Minister Suriya Juangroongruangkit says the ministry will continue to support exporters…
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Thai land prices appreciate average of 8.3%
Land prices around Thailand have risen by an average of 8.3%, whilst land in the Eastern Economic Corridor have appreciated by more than 10% – the new land appraisals will be implemented for tax collection purposes next year, according to Wilawan Veerakun, deputy director general of the Treasury Department. The price of parcels of land in Khampaeng Phet province has gone…
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