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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Laguna Phuket announces expansion plan
PHUKET: A lavish dinner to celebrate the 25th anniversary of Laguna Phuket was held on Friday, where Chief Executive of Laguna Resorts & Hotels Ho Kwon Ping (known as KP Ho) gave a preview of upcoming expansion plans for the group. A new mixed-use development overlooking a west-coast beachfront lagoon between the Dusit Thani Resort and upcoming Outrigger Laguna Beach…
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Phuket Business: The ultimate island view
PHUKET: What do you get when you cross a remote controlled helicopter with a camera? A helicam of course. Helicam is also the name of the Phuket-based company that has been hovering over the island for the past eight years. And what do you get when you have eight years of aerial shots of Phuket? An opportunity to create a…
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Phuket Business: German economist warns about ASEAN+3
PHUKET: Mechanisms need to be in place for crisis prevention and resolution before the next economic crash, and this means the Southeast Asian regional financial structure needs to be reformed, warns Ulrich Volz, a senior economist at the German Development Institute.Giving a public lecture at Chulalongkorn University on lessons learned from the current European crisis, Volz said there were five…
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Phuket Business: Mid-year tax filing deadline approaches
PHUKET: Companies and individuals who generated income in Thailand during the first six months of 2012 – regardless of where or how payments were made – have until August 31 to file their midyear tax return. In this first article, we will go over the basics of regulations and procedures for filing and paying income tax in Thailand. Next week,…
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Emirates to launch Dubai – Phuket daily flight service
PHUKET: Emirates, one of the world’s fastest growing airlines, continues its network expansion with the announcement of the start of daily services to Phuket in Thailand. Phuket, the largest island in Thailand, will, from December 10, become Emirates’second destination in Thailand. To be serviced by a three-class Airbus aircraft, flight EK378 will depart Dubai at 12:45pm and arrive at Phuket…
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Phuket Business: Football Club sales steady
PHUKET: Business was steady for Phuket FC during the first half of the 2012 season, with the club’s accounts revealing nearly a million baht in revenue. Accounts for the 18-team Thai Yamaha One soccer league (Division 1), recently released by league’s mother company, Sponsor Thai Premiere League, show that Phuket FC generated a gross revenue of 976,830 baht from March…
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Phuket Business: India, Vietnam rice exports to surpass Thailand in 2012
PHUKET: A Thai trade researcher has concurred with a recent prediction by the United States Department of Agriculture (USDA) that India and Vietnam will export more rice than Thailand this year. Thanawan Phonwichai, the Director of the Business and Economics Forecasting Center at the Thai Chamber of Commerce University said that Thailand is expected to lose its crown as the…
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Boonthaworn Phuket showroom to open by October 1
PHUKET: After years of delay, Bangkok-based construction materials retailer Boonthavorn is moving forward with its plans to enter the Phuket market with the opening of a “mini-showroom”.The new facility will be located between Songkhla and Yaowarat roads, near the Tesco-Lotus junction in Rassada.Speaking to the Gazette at the project site, Boonthavorn architect Jiravut Kararun said the company is currently renovating…
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Phuket Business: Transit investors; Travelmob makes a move
PHUKET: A Thai-Australian consortium was the latest multi-national delegation to express interest in constructing the Phuket mass-transit, light-rail project which Cabinet gave provisional approval for at the mobile Cabinet meeting in Phuket in March. Thai Rail Tech company representative Sirichai Prasertwaree and Neil Heaton, general manager of the Hong Kong branch of United Group Limited (UGL), on July 10 met…
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Phuket hotel investments surge in 2012
PHUKET: Jones Lang LaSalle Hotels is predicting that Phuket will be one of Asia Pacific’s hotel investment hot spots in 2012, following record sales in the first half of the year. Investment in the hotel property sector in Phuket is expected to exceed 10 billion baht (US$315m) for the full year for first time ever in 2012. Mike Batchelor, Managing…
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Phuket Investor: The alternative gold rush
PHUKET: With all the economic strife the world has seen over the past 12 months, I feel as if I’ve turned into a portrayer of doom. So, I’m taking the doom gloves off and jumping on the feel good train, which seems to have hit the European markets this last couple of weeks. I’m not saying that the problems have…
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Phuket needs “facelift’ before ASEAN Community 2015
PHUKET: Officials took another look at necessary island developments during a Phuket Tourism Association (PTA) seminar Friday, as Phuket prepares to enter the ASEAN Economic Community (AEC) 2015. “This is the third seminar that [the PTA] has held on this topic, because we understand the importance of ‘creative tourism’ and the necessity of applying it to Phuket in preparation for…
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Phuket Business: Google extending online reach for local businesses
PHUKET: Celebrating its inaugural year and 100,000 new businesses online, Google Thailand’s ‘Thai Businesses Go Online’ program (TBGO) has paved the way for the next stage in the evolution of an economically prosperous online ecosystem. Highlighting TBGO’s success, the IT and Marketing mega-icon’s country office reported that it has attracted more than 100,000 participants nationwide in a year – far…
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‘Creative Tourism’ seminar in Phuket next week
PHUKET: In preparation for the measures of the Asean Economic Community (AEC) set to take effect in less than three years, the Phuket Tourist Association (PTA) will host a seminar on Friday, July 20 to promote sustainable tourism under the concept of “creative tourism”. Among the distinguished guests invited to speak are former Bangkok Governor and current Democrat Party deputy…
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Phuket Business: Sunken Deep Sea Port upgrade project resurfaces at meeting
PHUKET: Transport Minister Charupong Ruangsuwanm has told a consortium of Phuket officials and the operator of Phuket’s Deep Sea Port that he will raise the problem of the stalled 100-million-baht plan to develop the facility with Cabinet.However, Mr Charupong said the project must clearly provide benefits for local people if the plan is to go ahead.Mr Charupong was in Phuket…
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Phuket Business: Notice and redemption periods
PHUKET: One thing many investors don’t understand when looking at a fund fact sheet, is how long it will take to get their cash back when they sell. There are generally two pieces of information you’re looking for: one is the notice period and the other is the redemption period. These two things, in addition to a third factor –…
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Phuket Business: The changing landscape of Phuket’s property sector
PHUKET: Demand on Phuket for condos is skyrocketing, highlighted by strong annual growth figures, which is in contrast with slumping sales of other housing types. A survey conducted by the Research & Development Department of Plus Property Co Ltd found that 2,641 new condominium units were sold on the island from April 1, 2011 through March 31, 2012 – an…
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Phuket Business: Boating industry shows signs of recovery
PHUKET: The yachting sector is showing signs of recovery following a three-year-period of stunted growth and sluggish sales brought on by global economic turmoil, a local industry expert has observed. “Despite what some figures indicate (see ‘Customs: more pleasure floating in’ below), it seems to me that our strongest years in terms of sales were from 2006 to 2008,” says…
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Phuket Business: Vespa dealer to kick-start sales
PHUKET: Drago Andaman Company, Phuket’s first and only authorized Vespa dealership, reported the sale of over 200 brand new scooters in 2011, the firm’s inaugural year of operation. “This year our sales target is 300,” showroom Manager Supamat Thammakoranont told the Gazette. The annual sales goal increase of 50% has already faced some bumps along the road, she admits. “Up…
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Myanmar to lure Mice to Phuket
PHUKET: The emergence of the ASEAN Economic Community (AEC) and the opening-up of neighboring Burma will generate more high-yield visitors for Phuket and Thailand in general, delegates attending a recent tourism industry conference were told. Emerging opportunities, as well as accompanying challenges, were the primary topics of discussion at the first Thailand MICE International Forum (TMIF) held in Bangkok on…
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Phuket Business: When the financial gate slams shut
PHUKET: Since I’m often writing about how I like alternative investment strategies, it may be a good idea to do a few pieces on the features of funds available to managers when they open. This will help you understand what can happen when you invest in such a fund. This week is about gates – since most alternative funds write…
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Phuket Business: CPI rise slows down; Rice stocks pile high
PHUKET: THOUGH the cost of living in Thailand continues to rise, the rate of increase over the past three months has slowed, Consumer Price Index (CPI) figures indicate.Compiled and released by the Ministry of Commerce (MoC), the CPI national average nudged up 0.45 points to 115.23 in last month, a month-on-month increase of 0.39%.Calculated by comparing current average prices of…
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Phuket Business: Trade booming
PHUKET: Two-thirds of the way into the government’s current fiscal year, international trade in Phuket is thriving, with the value of both imports and exports looking likely to surpass last year’s record-high performance. Phuket Customs’ records through to May 31 show that the value of exports in 2012 (October 1, 2011 to September 30, 2012) is now at 11.11bn baht…
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Phuket inks rice deal with Maha Sarakham
PHUKET: Trade representatives from Phuket and Maha Sarakham have entered into bilateral negotiations centered primarily on the supply of scented jasmine rice from the Northeastern Thai province. Marking the start of a promising commercial alliance, the development was highlighted by the signing of a trade memorandum at the Pearl Hotel in Phuket Town on Tuesday. The general terms of the…
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Phuket business: Sports tourism “scores big’; Games to bring in B600mn
PHUKET: Defining and developing ‘Brand Phuket’ as a world class sports tourism destination was top of the agenda at a recent meeting of senior business people here. Organized in collaboration with the Phuket PR Network and the Greater Phuket Chapter of the American Chamber of Commerce (AMCHAM), the meeting was held at the Thanyapura Sports and Leisure Club (TSLC) on…
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Phuket business: Smart phone sales soar in Q1
PHUKET: Thailand’s rapidly expanding smartphone market recorded nearly 70% growth in the first quarter of this year, according to GfK research group’s retail audit findings, which compare quarter on quarter revenue performances. Heightened consumer demand has brought about a surge in sales volume of over 80%, reaching 758,000 smartphones sold in the first three months of 2012 (Q1). Consumers in…
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Phuket business: Greece primed to exit the Euro
PHUKET: It is fair to say that recently the world’s markets have been as unstable as a new born baby trying to stand on its own two feet! With the financial woes of the European markets, the rest of the world has been dragged down by a seemingly constant torrent of poor European economic news. We have a new French…
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Phuket business: Door slams shut on Guernsey
PHUKET: In a move that shocked the entire UK pension transfers industry, British tax authorities have halted future transfers to Guernsey. Apparently this action has been taken as an insult. Indeed, the providers in Guernsey have been held to a different standard than other jurisdictions such as the Isle of Man, Gibraltar, or Malta. The good news is, that safe,…
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Phuket business: Google bridges the gap
PHUKET: Amid the fast paced “age of online” a bulk of local businesses have fallen behind a rapidly evolving consumer base, and companies need to catch up, says Ariya Banomyong, head of Google Thailand The country’s first manager for the iconic IT giant was in Phuket last week and the Gazette had the privilege to pick his brain for an…
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Bangkok Hospital Phuket celebrates 17 years
PHUKET: Bangkok Hospital Phuket today launched a two-week health fair to mark the facility’s 17th anniversary. During the fair, which runs until June 3, the hospital is offering special discounts on a range of patient services, including checkups and cancer checks, said Hospital Director Dr Narongrit Havarungsi. “We are also offering special prices on physio-therapy equipment and other recovery items,…
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