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 A World Kindness Day: Spread kindness, prevent illness - Get your 10% discount
With World Kindness Day just two days away on November 13, it’s the perfect time to reflect on how empathy and care can make a real impact, not just in our relationships but in our health, too. This day is...
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Some restrictions lifted for superyachts in the region
PHOTO: katarocks.com Thailand is poised to ease rules on bareboat charters as well as introducing new measures to attract more luxury and super yachts into the region. The new measures were laid out in a presentation called “Highlighting Strategies for Attracting Yachts and Improving Safety at Sea” held at the 2019 Thailand Yacht Show and Rendezvous in Phuket. Gordon Fernandes,…
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Incentive travel the fastest growing segment in Asia Pacific events business
PHOTOS: ttrweekly.com Responding to a study that says incentive travel is the fastest growing segment in Asia-Pacific’s events business, the Thailand Conventions & Exhibitions Bureau is adapting its game plan to tap into this lucrative market. Last week, TCEB hosted the premier event, SITE’s 2019 Global Conference in Bangkok, a worldwide association dedicated exclusively to growing incentive travel. SITE’s most…
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Company rolls out new computers for Chiang Mai school
Top executives from Thailand property development company Boutique Corporation recently visited the Intanon Wittaya School in Chiang Mai and presented them with ten desktop computers to the school. Inthanon Wittaya School is located in Amphur Mae Jam, 111.2 kilometers from Chiang Mai, with 192 kindergarten and primary school students. The school offers a computer class but only had 11 computers…
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BOI approves new rail services, new port investment
PHOTO: Duangjai Asawachintachit, BOI secretary general The Board of Investment of Thailand (BOI) has laid out strategies to boost the development of rail services and the country’s cruise tourism. Duangjai Asawachintachit, BOI secretary general, says the latest BOI meeting chaired by the Prime Minister had resolved to instigate measures to attract investment in rail development and related infrastructure for continued…
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Sporting events, meetings and Indian weddings spur Phuket tourism in 2018
PHOTO: WeddingSutra.com by Bill Barnett of c9hotelworks.com Phuket’s surging MICE market is now valued at 10.9 billion baht, as meetings, incentives and exhibitions attracted over 800,000 visitors to resort island in the last year. The islands increasingly prolific MICE market nearly doubled in year-on-year growth in 2017. As revenue for the segment skyrocketed from 5.9 billion baht to a record-high 10.9…
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Orient Express luxury brand announces first hotel in Mahankhon
The King Power Mahanakhon Building in Bangkok, Thailand’s tallest, will have the world’s first Orient Express Hotel. At 78 storeys high, the Mahanakhon Building is currently the tallest building in Bangkok, pushing the slightly shorter Baiyoke Tower into second place. Aiyawatt Srivaddhanaprabha, CEO of King Power Group, said they spent over 100 million baht on the new hotel. The new…
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Another Thai interest rate hike predicted for next year
by Phuwit Limviphuwat and Wichit Chaitrong We’ve just had one .25 basis point interest rise to the base rate. Now there’s already talk of another in 2019 which will start to affect consumer spending, especially mortgage holders. Siam Commercial Bank (SCB) and Phatra Securities are predicting that the Bank of Thailand (BOT) is likely to implement a modest interest rate…
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Thailand should prepare for global economic slowdown
The global economy is in disarray with no clear direction. This is the stark warning from Supachai Panitchpakdi, former director-general of the World Trade Organisation. He also says that the US-China trade war is having an adverse impact on investor confidence, Investors don’t know where to safely invest, because the trade war could easily disrupt global supply chains, he said. Supachai,…
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Bank of Thailand ups policy rate to 1.75 percent, first rise in 7 years
The Bank of Thailand has increased its policy rate by 25 points, up from 1.50 percent to 1.75 percent. It’s the first rise in seven years. The Monetary Policy Committee voted 5:2 to raise the one-day repurchase rate to 1.75 percent with immediate effect after the rate was kept unchanged for seven years, noting that the need to depend on relaxed…
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Foreigners will be allowed to serve as arbitrators – NLA votes
The National Legislative Assembly (NLA) has voted to pass the draft amended Arbitration Act in its first reading which will allow foreigners to serve as arbitrators in Thailand. The NLA yesterday voted 139-0 with 2 abstentions to pass the bill amending the 2002 Arbitration Act in its first reading. Deputy PM Wissanu Krea-ngam, who presented the draft bill, told legislators…
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Well Hotels signs new Pattaya resort on Phratamnak Hill
Well Hotels & Resorts has announced the signing of a management contract for a new boutique property that will be branded Phratamnak Well Resort Pattaya. The property is set to open in late 2019 with 78 rooms and suites. According to the agreement, Well Hotels & Resorts will take on the responsibility for the pre-opening and full operational management. Phratamnak…
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Finance Minister foreshadows slowing economy in 2019
“We expect the GDP growth for 2019 to be at least 4 per cent. However, the economic growth for 2019 is expected to be slower than 2018,” Finance Minister Apisak Tantivorawong predicts Thailand will encounter slower economic growth in 2019,. The Minister cites uncertainty from the trade war between China and the US, the upcoming Thai election and a slump…
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SHOW DC launches new 60,000 capacity outdoor SHOW DC Arena
Latest event space establishes SHOW DC’s positioning as the events venue of choice in downtown Bangkok with combined capacity of 90,000 Large scale events have a new stage in downtown Bangkok at SHOW DC, which has launched the biggest outdoor event venue in the city. Named SHOW DC Arena, the 120 million baht investment in a 31,790 sqm outdoor entertainment space…
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Minister raises ethical concerns of private schools listing on the SET
PHOTO: Singapore International School of Bangkok Trading in the shares of SISB Company Limited, the manager of the Singapore International School, begins today in the SET’s (Stock Exchange of Thailand) Market for Alternative Investment. The Education Minister Teerakiat Jareonsettasin says that although the move does not violate the Private School Act 2007, there was a question of ethics. The Minister has assigned…
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Thai Airways – we need more planes
Thai Airways says it’s has lost 10 percent of its market share over the past three years due to a shortfall in available planes. It’s new business plan states that, if the national carrier wants to restore market share it needs at least 125 aircraft, according to Thai Airways president Sumeth Damrongchaitham. The national airline has submitted its business plan…
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Hotel #4 for Centara Hotels in Krabi
PHOTO: Centara Grand Beach Resort & Villas Krabi, another of the Centara properties along the Krabi coast Centara Hotels & Resorts, Thailand’s largest hotel group, has just signed a Hotel Management Agreement for a 180 room property on Ao Nang Beach, Krabi. The new hotel will be under its ‘Centara’ brand. Centara Ao Nang Beach Resort & Spa Krabi will…
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Thailand’s first Apple store opens along the Chao Phraya at the new Iconsiam
The new Iconsiam building is open along the banks of the Chao Phraya along with a stunning new Apple Store, the first in Thailand. One of the features of the new store is the play on the Apple logo which makes it look like a letter of the Thai alphabet, a first such departure for the usually rigorous Apple style-sheet.…
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Thai Airways doubles up on 2017 losses
Thai Airways has doubled up on losses for the past three months (Q3), compared to the same period last year. They’ve reported an operating loss of 3.69 billion baht, up 103% year-on-year. The total revenue was actually up 2.2%, according to a statement from the Thai Airways president, Sumeth Damrongchaitham, but the operating costs were up 1.87 billion baht, compared…
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Meliá Hotels International signs up Meliá Phuket Karon
Meliá Hotels International, a leading Spanish hotel company, has announced the signing of Meliá Phuket Karon, the second property in Thailand, followed by Meliá Phuket Mai Khao. Meliá Phuket Karon will be the group’s sixth property in Thailand, continuing their dedication in providing exceptional hospitality with a Spanish touch, to the island’s thriving accommodation market. Scheduled to open in 2021,…
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Central Group set to open new lifestyle mall in Cherng Talay
RENDERINGS: From Phuketify website Cherng Talay has become the new ‘go to’ area with an exciting array of new retail and entertainment options opening up at the end of this year and into next year. Including this one… A new lifestyle shopping mall is set to open by the end of 2019 in Cherng Talay, with Central Group investing a…
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Chinese investment sets new records in property purchases
The demand for property, especially in Bangkok, continues unabated. Despite a drop off in absolute tourism numbers, enquiries from Chinese real estate buyers remains strong, setting new records. Not only are the Chinese the most frequent tourists to Thailand, they are the most enthusiastic property buyers, stetting a new record for Q3 this year. Number two in foreign investors into…
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Thai Airways apologises for the Zurich-Bangkok stuff up
Thai Airways is promising disciplinary action after an investigation found both the flight captain and the station manager based in Zurich had acted ‘unethically’ in the delayed Zurich-Bangkok flight earlier this month. The Thai Airways president Sumeth Damrongchaitham has apologised for the incident stating the investigation showed that the problems happened due to lack of coordination between the flight captain…
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Viral posts claim Tesco Lotus is laying off staff and closing stores
A rumor, stating that Tesco Lotus is laying off staff and closing 43 branches around Thailand has gone viral in social media. Matichon Online reported yesterday that social message is saying that… “Tesco Lotus lay off staff around the country. What will they do next and can other staffer handle the pressure.” (Translated) Some people have commented saying…. “…my branch…
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Technicalbiomed helping to turn Thailand into beauty hub
PHOTO: Warut Suttinan, MD of Technicalbiomed – The Nation “Technicalbiomed” plans to expand its market share in cosmetic surgery as well as in obstetrics and gynaecology segments by turning Thailand into an Asian hub for aesthetics and beauty. Warut Suttinan, managing director of Technicalbiomed, an importer and distributor of aesthetic medical devices in Thailand, said: “Thailand is now recognised as…
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Apple’s first Thailand store opens November 10
We’re ready for the screams of excitement or the howls of derision. But for the fans… Apple’s first store in Thailand is scheduled to open on November 10 at Iconsiam in Bangkok. Apple Thailand has confirmed the date in a statement today. The company said the riverside store could provide inspirations for a lot of people to learn about technology. Apart…
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Panama’s VP backs the Thailand Kra Canal project
PHOTO: Panama’s Vice President Isabel de Saint Malo de Alvarado – The Nation The long-running discussions about a canal, linking the Andaman Sea and the Gulf of Thailand, aka The Kra Canal, has come up again with a visit from Panama’s Vice President. The Panama Canal changed world shipping when it linked the Pacific and Atlantic oceans when it was…
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“Customer is King” – Thai Airways union attacks first class pilots
The Thai Airways International worker’s union has attacked two pilots for demanding first-class seats from passengers in a standoff drama that delayed an October 11 Zurich-Bangkok flight by two hours even as airline executives vowed to reform the national carrier. Airways executives pledged to nurture a “Customer is King” culture, pledging to use the controversy as an opportunity to revamp…
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Thai economy’s growth in 2018 projected at 4.5% – World Bank
Things are looking up for more economic smiles in the Land of Smiles with more positive news coming out of the World Bank. Projections are being revised upward, again. The World Bank says it’s adjusted its projections for Thailand’s economic growth upward, for the whole of 2018, to 4.5%, from the previous projection of 4.1%. The announcement comes from Kiattiphong…
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Breakfast in Rome. Dinner in Bangkok.
Air Italy has touched down in Bangkok for the first time as it launches four weekly services into the Big Mango. The company intends to increase services to five weekly by the end of October. Bangkok is Air Italy’s third new international route launched this summer following launches in New York and Miami. It’s the airlines’ first route in Asia. The…
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Bangkok and Phuket on the list of the World’s ‘Top City For Visitor Spending’
According to Mastercard’s annual Destination Cities Index, Bangkok has earned the position as the world’s most visited tourist destination once again in 2017. Phuket also got into the Top 10 list of tourist money magnets. The Thai capital attracted over 20 million visitors over the past year, more than both London (19.83 million) and Paris (17.44 million). But despite scoring…
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