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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Thailand is a popular place for people who want to enjoy a good life at a lower cost or even on a budget. Many expats, retirees, and digital nomads choose to live here because daily expenses are cheaper than in...
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Automotive giants shift gears towards BEVs and HICEVs
The fight against climate change has urged automotive industry leaders to focus on battery electric vehicles (BEVs) and hydrogen internal combustion engine vehicles (HICEVs). This is a critical step in reducing the greenhouse gas emissions caused by traditional internal combustion engines and contributing to a more sustainable transport future. Original Equipment Manufacturers (OEMs) worldwide have made the bold commitment to…
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Exim Bank of Thailand grows 7.05%, focusing on green lending
Exim Bank of Thailand reported substantial growth in its first-quarter operations for 2023, with significant strides in environmental, social, and governance (ESG) lending. The bank, led by Rak Vorrakitpokatorn, approved new loans amounting to 5,853 million baht, with outstanding loans and obligations increasing by 11,474 million baht, representing a 7.05% growth compared to the same period last year. Remarkably, ESG-related…
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Bitcoin ETFs close with largest discounts due to crypto plunge
The largest spot-Bitcoin exchange-traded funds (ETFs) closed today with significant discounts to their underlying asset values, the biggest since their inception. This disparity emerged when the cryptocurrency plunged to its lowest in two months, consequently affecting the ETFs’ Bitcoin value tracking. The iShares Bitcoin Trust, a US$16 billion fund, closed approximately 1.7% below its net asset value. Other funds like…
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Illegal chemical warehouse in Ayutthaya razed by overnight inferno
An inferno swept through an unauthorised chemical warehouse in Phachi, Ayutthaya, leading to the combustion of over four tonnes of impounded chemical waste. Thai media outlets first broke the news of the fire at 6pm, yesterday, May 1, depicting a scene of roaring flames and a thick blanket of chemical smoke suffocating the area. The pungent smell that pervaded the…
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Thai-tanic surge: Thailand investment pledges make waves
According to data released by the Board of Investment (BOI) today, Thailand’s investment pledges surged 31% in the first quarter of 2024. This promising growth was recorded in comparison to the corresponding period of last year. The information revealed that the aggregate value of all investment applications in the first three months, leading up to March, soared to 228 billion baht…
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Thai banks reduce loan rates to alleviate customer debt
The four biggest banks in the country have all declared a drop in their loan interest rates. This decision by Bangkok Bank (BBL), Krungthai Bank (KTB), Kasikornbank (KBank), and Siam Commercial Bank (SCB) is a response to the prime minister’s call to lessen loan rates to help ease the debt pressure on susceptible customers. An anonymous banking sector analyst opines…
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Thai renewable energy industry urges govt to revise trade system
The Federation of Thai Industries’ Renewable Energy Industry Club urged the government to revise the country’s electricity trade system from the longstanding enhanced single buyer (ESB) model, arguing it hampers the growth of renewable energy. The ESB structure, which designates the Electricity Generating Authority of Thailand (EGAT) as the sole entity that sells electricity to the public, is seen as…
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IBM Thailand Director emphasises AI’s impact on economy
As Thailand grapples with geopolitical conflicts, economic barriers, and technological disruptions, the newly appointed managing director of IBM Thailand shared his vision for the nation’s future. Anothai Wettayakorn emphasised the critical importance of focusing on controllable factors in a complex world and said that strategic planning and positivity could bring about positive change. Anothai went on to highlight the exceptional convergence…
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Ex-Binance CEO Changpeng Zhao receives four-month sentence
The former CEO of Binance and once a dominant figure in the cryptocurrency industry, Changpeng Zhao, was given a four-month prison sentence yesterday after admitting to violating anti-money laundering laws in the United States. The sentencing of Changpeng, commonly known as CZ, marks a landmark moment in the crypto industry, with two major figures now having been imprisoned. The sentence,…
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Qantas apologises for app glitch revealing user travel details
An apology was issued by Qantas, the Australian airline, due to a technology issue with its mobile application, which resulted in the exposure of users’ travel details such as their names, flights, and points. The apology followed media reports hinting at a data breach in the app used by frequent flyers, which inadvertently gave users access to other passenger’s travel…
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Thai government preps digital wallet scheme for 50 million citizens
The Ministry of Digital Economy and Society (DES) is getting ready to support the government’s digital wallet scheme, aimed at benefiting 50 million Thai citizens. Under the direction of Minister Prasert Jantararuangtong, the National Cyber Security Agency (NCSA) will monitor the security of the 500-billion-baht (US$13.4 million) digital initiative. Simultaneously, the Digital Government Agency (DGA) will take charge of digital…
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Citi expands medium-sized business operations in Thailand, Asia
International bank Citi is set to aid the expansion of medium-sized businesses in Thailand and Asia. The move comes as economies in these regions experience high growth rates, presenting lucrative opportunities for companies to penetrate overseas markets. The managing director and head of Citi Commercial Bank (CCB) for Asia North, Australia, and Asia South, Gunjan Kalra, highlighted Asia’s rapid economic…
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SET extends deadline due to few presidential applicants
The Stock Exchange of Thailand (SET) has delayed the application deadline for its presidential role until May 15, following a lack of applicants. The present president, Pakorn Peetathawatchai, is due to step down in September. The SET chairman role also remains unfilled after Pichai Chunhavajira’s recent resignation. The exchange is seeking candidates who can support its vision of making the…
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Thai baht finds its groove: Depreciation rate takes a dip
The Thai baht experienced a lessening in its depreciation rate in April, buoyed by an uptick in the country’s economic performance. A leading figure from the country’s central bank anticipates that the local currency will make a recovery in the second half of the year. In the initial quarter of this year, the baht saw a 7.8% decline against the…
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Microsoft invests US$1.7 billion in Indonesia for AI, cloud services
Microsoft revealed its plan to invest US$1.7 billion in Indonesia, with the intent of enhancing the nation’s cloud services and artificial intelligence (AI) capabilities. This includes the construction of data centres, according to the company’s chief executive, Satya Nadella, who announced it today, April 30, during his visit to the country. Marking his first stop in a Southeast Asian tour,…
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Manufacturing production index drops by 5.13% in March
Continuing its downward trend for the 18th month in a row, the manufacturing production index experienced a 5.13% drop in March compared to the same period last year, according to an Industry Ministry report. This decline, which is more severe than analysts’ predictions, is attributed to a slowdown in automobile production, a decrease in exports, and increasing household debt. Analysts…
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Thailand’s DES ministry to establish national AI committee
Plans are underway by the Digital Economy and Society (DES) Ministry in Thailand to establish a new national artificial intelligence (AI) committee. The initiative is part of the second phase of the national AI strategy. The strategy is a cornerstone of Thailand’s ASEAN Digital Economy and AI Hub Plan, a key driver for the country’s digital economy. The ministry also…
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Krungsri aims for 7% loan growth in multinationals.
Despite a contraction in loans last year, Krungsri, Bank of Ayudhya, is ambitiously targeting a 7% loan growth for its Japanese and multinational corporation (JPC/MNC) banking clients this year. This was announced by Bunsei Okubo, head of JPC/MNC banking at Krungsri, who attributed last year’s 10% loan contraction to the sluggish growth of the Thai economy and the automobile industry.…
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Thailand’s tourism seeks boost after Cabinet reshuffle cooperation
Following the recent Cabinet reshuffle, Thailand’s tourism operators are urging for enhanced cooperation among ministries and related authorities to sustain the country’s transformation into a tourism and aviation hub. Khao San Road Business Association President Sanga Ruangwattanakul asserted that the Cabinet reshuffle would not destabilise the government, provided its key policies, particularly the 2030 Ignite Thailand vision, are sustained. This…
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Pichai Chunhavajira announced as new Thai Finance Minister
The former Stock Exchange of Thailand (SET) chairman has been appointed as the new finance minister, a move that has garnered a positive reception from stock market analysts. They believe Pichai Chunhavajira will play an active role in managing the capital market and advancing economic stimulus, now that the 2024 fiscal budget is prepared for allocation. Expressing his view on…
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Thailand ranked in top three for financial fraud scams, says Google
Google’s 2023 Bad Apps Report ranked Thailand among the top three countries in the Asia-Pacific region with a significant spike in financial fraud scams last year. Aman Dayal, Asia-Pacific head of trust & safety operations for Google Play, stated during an online media briefing that Singapore, Thailand, and India were particularly affected. With over 90% of smartphone penetration rates, the…
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Crypto market dips as investors await Federal Reserve meeting
A slump in the crypto market was witnessed today with Bitcoin and other smaller tokens such as Ether, BNB and XRP experiencing a drop in value. Speculators tread cautiously in anticipation of the Federal Reserve meeting this week, which could potentially suggest extended periods of increased interest rates. Bitcoin, the most significant digital asset, fell to its lowest value in…
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Heatwave havoc: DIT keeps close thermometer on Thai farming
The sweltering weather conditions currently sweeping across Thailand have prompted the Department of Internal Trade (DIT) to closely monitor their impact on the country’s agricultural and livestock production. Despite the challenging weather and drought, DIT Director-General, Wattanasak Sur-iam, assured that the price of agricultural goods remains stable. To alleviate the cost of living for consumers and restaurant owners, the DIT…
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Export woes: March sees customs dip by 10.9%
March witnessed a significant 10.9% drop in customs-based exports from the previous year, according to an announcement by the Commerce Ministry today. The decline was notably more severe than the 4.5% year-on-year fall predicted by a Reuters poll, marking a stark contrast to the 3.6% rise observed in February. Government data revealed a 9.7% and 19.3% decrease in exports to…
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NBTC board rejects new mobile tariff structure due to lack of study
The National Broadcasting and Telecommunications Commission (NBTC) board declined to approve a new tariff structure for mobile services, citing a lack of comprehensive study on the matter. The proposed tariff would have charged customers on a per-second basis, reflecting actual usage. The board has voiced concerns over the potential for increased costs for consumers and has asked for a more…
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SEC warns digital asset exchanges on special privileges
The Deputy Secretary-General of the Securities and Exchange Commission (SEC) issued a stern warning to digital asset exchange operators. The caution comes in light of recent findings by the SEC, which reveal that these exchanges often entice the public to invest by offering special privileges, thereby encouraging trades on their platforms. Anek Yooyuen emphasised that the operations of digital asset…
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Thai customs to impose VAT on all postal imports
The Customs Department of Thailand next month is set to begin levying value-added tax (VAT) on all imported goods sent through postal services, regardless of the items’ value. This move comes in response to low-priced imports from China that have been flooding the market, providing an unfair edge as domestic producers are taxed. Currently, imported goods sent via postal services…
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Israel-Iran conflict threatens Thai economy in Q2
The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption.…
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Gold prices in Thailand soar, buyers urged to stay updated
Gold prices in Thailand saw a rapid increase, urging interested buyers to check the latest updates. Today, April 26, the price for gold ornaments surged to 41,350 baht, marking a 100 baht rise from the previous day’s close as reported by the Gold Traders Association (GTA) at 9.04am. The global gold spot price hovers around US$2,333 (86,379 baht) per ounce,…
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Thai commerce minister to boost fruit exports to China via Laos
An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that…
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