Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Starbucks Thailand introduces paper straws from next Monday
The Thai operators of Starbucks Coffee says it will provide paper straws to customers at all stores across Thailand starting next Monday, January 6. The announcement is most likely in response to the national mood to reduce usage of single-use plastic items although the local Starbucks franchise say the announcement has been in the pipeline for the past year. Starbucks…
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EssilorLuxottica fraud linked to merger friction of the Euro eyewear giants
PHOTO: Global Retail Alliance Latest info on the fraud at a Thai factory making lenses for the multinational eyewear conglomerate, EssilorLuxottica. The newly merged Italian-French manufacturer of ophthalmic lenses, frames and sunglasses says it was the target of a 190 million euro (6.3 billion baht) fraud at a Thai factory as an ongoing power struggle over the 2017 merger of the…
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EssilorLuxottica announces a 6.3 billion baht fraud at a plant in Thailand
EssilorLuxottica has reported a 213 million US$ (6.3 billion baht) fraud in on of its plants in Thailand. EssilorLuxottica is a French-Italian multinational corporation based in Paris with subsidiaries and manufacturers around the world. Essilor Luxottica, a global designer, manufacturer and distributor of ophthalmic lenses, frames and sunglasses, has announced that its subsidiary Essilor International recently discovered fraudulent fund transfers in one…
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Thai baht hits highest level against the USD in six years
The baht finished in spectacular fashion after a year as one of the world’s most stable currencies, when it reached 30.15 baht against the US$, its highest level in six years. Kasikornbank Bank is forecasting that the Thai baht could move into a range of 30-30.30 baht to the dollar this week (up to January 3). Investors have been selling USD…
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Phuket Sky Way cable car will provide tourists with a new view of the island
PHOTOS: Phuket People’s Voice The committee of economy development, bringing together both government and private sectors, has agreed to allow a cable car project on Phuket as the island’s new landmark. It has been revealed that the cable car design is finished and the Environmental Impact Assessment will be commissioned soon. At the moment the working title for the project…
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Central “deeply appalled” by Nazi pics at their Christmas display
UPDATE: The family of one of the people in the photo, has contacted The Thaiger and asked us to remove the photo. We have blurred one of the faces to comply with their wish after a discussion on the matter. “Three French hens, Two turtle doves and a pair of Nazi’s in a Bangkok shopping centre”. A cultural collision, a…
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Dream Group scales back their Asia hotel expansion plans
New York-based Dream Hotel Group’s plans to expand in Asia have turned into somewhat of a nightmare. The Group has closed its regional office in Bangkok shortly after hiring new executives to push forward with expansion earlier this year. A Pattaya ‘Dream’ has also failed to eventuate this year. The push in Asia, which kicked off last year with the establishment…
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Keep your phone’s operating system up to date or lose mobile banking, warns Bank of Thailand
The Bank of Thailand says a constant threat from malware and bogus apps requires a robust security response and as a result, phones with outdated operating systems will likely lose full access to online banking. The Nation reports that assistant BOT governor Siritida Panomwon Na Ayudhya says there has been significant growth in the popularity of mobile banking, with approximately…
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Thai Airways presents new recovery plan for board approval
Thai Airways president Sumeth Damrongchaitham says the national carrier will submit a 2020-2025 rehabilitation plan to the Board of Directors in January, with a separate purchasing plan for new aircraft also being put forward. The Nation reports that the rehabilitation plan will consist of twenty projects and four key measures. One of these will be to increase the revenue derived…
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Competition amongst discount airlines concerns Thai CAA
PHOTO: Travel Daily (the photo is for display only and does not reflect on the airlines depicted) Thailand’s airlines are strapped for cash, facing serious competition and discounted airfares, and the Thai Civil Aviation Authority is closely watching their safety standards. This from the CAAT director-general Chula Sukmanop. Sukmanop says he’s worried because many airlines, especially budget carriers, are facing…
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Phuket resort owners Castlewood Group goes into liquidation
UPDATE: “The liquidation is for Singapore assets only, NOT Thai assets, the (Phuket) hotel is not being liquidated and operating as normal,” according to the Dream Phuket Hotel & Spa General Manager Chris Adams. PHOTO: Couple Travel The World The future of a Phuket resort in the booming Layan Beach/Cherngtalay area, funded by a Singapore-based property developer, is under a cloud following…
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Tesco to sell assets in Thailand and Malaysia
Tesco, Britain’s biggest supermarket chain, has announced it may sell off its businesses in Thailand and Malaysia. A statement says that “following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses.” In other words, they want to sell. “The evaluation of strategic…
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FULL TIME WRITER – English language
THIS IS A JOB ADVERTISEMENT Are you Mr. or Ms. Write? The Thaiger is currently seeking a full-time writer, in English, to work from our Cherngtalay offices in Phuket. You will have an enthusiasm for writing and a working knowledge of life in Thailand. You may have journalism experience but flair, speed and enthusiasm are much more important. You will…
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Number of foreign companies investing in Thailand up over 100%
Foreign investment in Thailand has grown by 106% according to the National News Bureau of Thailand, with officials rolling out a number of measures to make foreign investment less complicated. The latest increase is despite a fall in the number of foreign companies approved to carry out business in the Kingdom – down 23% from last year. Poonpong Naiyanapakorn, deputy…
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Officials carry out spot-checks on silly-season gift baskets
PHOTO: 77jowo.com You’re only weeks away from receiving a few of those plastic-wrapped and ribboned baskets of unwanted goodies for the silly season – but do you wonder what’s inside most of them? Now officials are making a list and checking it twice… Officials in Bangkok are out and about checking those prized Christmas and New Year gift baskets to…
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HADO introduces augmented reality e-sports at SHOW DC, Bangkok
It’s the first physical e-sports centre for Thailand and the largest in Southeast Asia. Bangkok’s SHOW DC is adding to its reputation as a state-of-the-art lifestyle and entertainment destination with the introduction of Thailand’s first physical e-sport centre. Originating in Japan, HADO is the world’s first physical, augmented reality technology, and FoodYum Company is introducing the new phenomenon to Thailand at…
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Strong interest of foreign investors in Phuket’s resorts – JLL report
PHOTO: Dhawa Phuket “In the Asia Pacific, Phuket is one of the three hotel investment markets in the region that have been highlighted.” Buoyed by the rise of experience-driven travel and an affinity toward locally-inspired hotel offerings, resort assets remain a top target among investors. According to JLL Hotels & Hospitality’s Global Resort Report, resort sales accounted for 20% of…
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Huge potential for electric car industry in Thailand
Have you considered getting an electric car yet? What’s your impediment? Cost? Selection? Too ‘out there’ for you at this stage? Electric cars (EVs) are yet to go mainstream in Thailand as yet. But there is little doubt the popularity of locally built and imported EVs will rise over the next few years. There will be more choice, the cars…
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Ban on used car imports comes into force in December
PHOTO: Roni Motors Thailand “After December 10, all used vehicles imported for personal use will be confiscated and destroyed immediately.” Keerati Ratchano, the director-general of the Foreign Trade Department, says his department is gearing up for a ban on importing used cars to Thailand, to be introduced by the Commerce Ministry in December. The ban was first announced in July…
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Thai Airways says it won’t get into a price-war with other airlines
PHOTO: YouTube National carrier Thai Airways says it won’t head down the ‘price-cutting’ route to be competitive in 2020. The struggling airline says, instead, they will focus on building a solid customer base and tap specific route segments. Airline president Sumeth Damrongchaitham says the carrier will continue to recruit stronger marketing partners and estimated that the aviation industry would continue…
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Thai Airways’ losses reach 11 billion baht this year
Thai Airways International has announced the turnover of the company and its affiliates for Q3 of 2019, reporting net losses of 4.68 billion baht, a full 27% higher than last year’s result, an additional loss of 994 million baht. In the third quarter of 2019, the company and its affiliates generated revenue of 45.016 billion baht, which is 6.1% or…
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Bangkok’s office rental hot spots
PHOTO: brandinside.asia And the winner is…? A survey carried out by Colliers International (Thailand), a global commercial real estate organisation, reveals that the highest office rent in Bangkok is at Gaysorn Tower on Ratchaprasong Road. The Nation reports that premium office space in the building is leased for 1,600 baht per square metre per month. Coming in at slightly less are spaces…
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China announces policies to lure foreign investors
PHOTO: Shanghai skyline – QANTAS Are the Chinese removing layers of ‘red’ tape? China is offering 20 new measures friendly to foreign investors, removing business restrictions to encourage a more “fair, transparent and predictable” business environment. China’s State Council released a guideline pledging to shorten negative lists and eliminate restrictions, opening up more sectors to foreign investors. The Nation reports…
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SE Asian banks slowly giving way to e-payments and payment apps
PHOTO: starbucks.com That cold, hard cash in your pocket, and the traditional shop-front banks that give it to you, are slowly being phased out and replaced with e-payments. It’s now expected that traditional banks in South east Asia will miss out on as much as US$5 billion, or 14.3% of their payments revenue by 2025. A report says they are…
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Strong Thai baht helps Central Group invest overseas
PHOTO: CEO of Central Group, Tos Chirathivat, taking advantage of the strong Thai baht – The Nation Whilst the strong baht is a concern for exporters and foreign tourists visiting Thailand, many Thai businesses are reaping the currency advantage and investing overseas with their strong baht. Tos Chirathivat, CEO of Central Group, has confirmed that the family-owned conglomerate is investing…
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Foreign investment applications rise 69% in first nine months
PHOTO: Bloomberg Thailand continues attracting foreign direct investment, with applications rising 69% in the first nine months of 2019, according the Board of Investment (BOI). Applications in the electronics and electrical sector, and the digital and automotive sectors, represented 131.78 billion baht, or 65% of the total. The value of applications, up to September this year, was 203.37 billion baht,…
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American firms want to relocate to Thailand to counter US-China trade war
PHOTO: “You’re all welcome!” – Thai PM Prayut Chan-o-cha at the ASEAN Business Summit – Bangkok Post US business leaders visiting Thailand are looking for opportunities, especially relocating their production bases, as they try to sort out heir businesses in the wake of the US-China trade war. The US Secretary of Commerce Wilbur Ross and executives of 16 American companies…
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New land tax forces land owners to evaluate their options
PHOTO: SCMP The new Land and Property Tax, which takes effect in January 2020, will be a challenge for the Thai property market, according to the managing Director of CBRE Thailand. In an open report to the media, CBRE says owners of vacant sites will pay significant taxes once the new law comes into effect. Many will try to avoid the…
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Kasikorn Bank predicts 4-6% growth in loans for 2020
Despite the expectation of a sluggish economy in 2020, Kasikorn bank aims to grow its loan volume by 4-6% next year. They it say they will achieve this withs emphasis “on services that meet customers’ business and lifestyle needs, effective cost management and using data in lending to retail customers”. Banthoon Lamsam, KBank’s board chairman, says the Thai economy in 2020…
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Another Thai hotel management dispute flares up – The Peninsula Bangkok Hotel
PHOTO: The Peninsula Bangkok Hotel The Hongkong and Shanghai Hotels, which operates luxury brand The Peninsula Hotels, says it will “vigorously defend its rights” to manage The Peninsula Bangkok, following a legal win by the hotel’s Thai shareholder that paves the way for the management agreement to be terminated. And so the open wounds of a business saga are now…
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