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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Sponsored How to reduce out-of-pocket medical expenses in Thailand?
Managing medical expenses in Thailand is important as healthcare costs continue to rise. The country’s healthcare system includes both public and private options, but even with the Universal Coverage Scheme (UCS) for citizens, many still face high out-of-pocket medical expenses....
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Bangkok airport security staff file lawsuit over pay cuts
“They saw us as security guards and looked down on us since we had little education, they thought they could trick us into signing those papers.” Some security staff at Bangkok’s Suvarnabhumi Airport say they were tricked into pay cuts claiming they were told to sign new contract or they could lose their jobs. 10 staff members filed a lawsuit against ASM…
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A new CEO for Phuket’s Thanyapura Sports & Health Resort
Thanyapura Sports & Health Resort in Thalang, Phuket, has named Edgar Toral Hernandez as its new CEO, effective from last week. He joined the company back in 2017 as an executive vice president. Before joining Thanyapura he worked in various senior operational roles in the hospitality and healthcare industries across Latin America, Europe and Asia. The appointment was announced by Thanyapura’s…
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Splitting atoms in the Big Bang – a day in the Big Mango
OPINION by Bill Barnett of c9hotelworks.com Despite the global pandemic, Bangkok’s rapid-fire megacity growth trajectory has remained largely in place. While life in Covid-19 times is a bit like sparring with wild gangs of chaos monkeys in a dead-end ally, thankfully one of the singular guilty pleasures of these strange times is the ability to at least travel domestically. Last…
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Rise of food delivery apps in Thailand exposes rights disparity
The owners of the highly popular food-delivery apps are facing growing calls to improve welfare rights for their workers, as more people opt to take on a full or part-time job as a “rider”. Speaking at the online seminar, “When Riders Strike Back”, Akkanut Wantanasombut from Chulalongkorn University says employment law needs to be expanded to cover new roles such…
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Thai Airways announces extra repatriation flights for European and Asian cities
The executive vice president of Thai Airways, Wiwat Piyawiroj, says the national carrier is introducing 18 repatriation flights to cities in Asia and Europe. The flights will permit additional foreign nationals in Thailand to return to their home countries, while also allowing repatriating Thais or eligible foreigners to return to the Kingdom on the return flights. The flights are aimed…
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Thailand’s Health Minister optimistic about admitting business travellers
The Thai Public Health Minister, Anutin Charnvirakul, admits Thailand is caught between a rock and a hard place and can’t go on locking all foreigners out forever, in an effort to prevent a resurgence of the Covid-19 virus. “We will either die of the disease or of hunger, so we have to face the challenge.” He adds that the Kingdom…
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Evidence of Thai Airways’ corruption, mismanagement, sent to Finance Ministry
The Finance Ministry has received 18 documents that show evidence of corruption and mismanagement at Thai Airways. The evidence was submitted by a Transport Ministry panel on corruption, pending a full investigation into “shady dealings” at the battered national carrier. The airline is currently undergoing a rehabilitation process, having filed for bankruptcy protection earlier this year. It’s understood the former…
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Thai condo developers clearing inventory rather than starting new projects
“With waves of uncertainty and financial stress crashing into the market from the COVID-19 pandemic, most residential property developers have decided to postpone their plans.” CBRE, the international property consultants, reports that most Thai developers are postponing the launch of new condo projects to focus on clearing existing stock. Discounting completed projects to generate quick revenue as a financial lifeboat…
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Bankruptcy court finds Thai Airways sunk by graft and mismanagement
“Thaworn also claims to have evidence of bribes of at least 5%, or about 2.6 billion baht, to politicians, officials and company executives…” Troubled national flag carrier Thai Airways, which has filed for bankruptcy protection and business rehabilitation, was “sunk by mismanagement and graft”, according to a court investigation. Thaworn Senneam of the Democrats revealed that the investigation focused on…
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TikTok CEO quits amid pressure to sell
Kevin Mayer, the high flying CEO of TikTok, quit today under US pressure for the platform’s Chinese owner Bytedance to sell popular video app, which Washington says is a national security threat. In a letter to employees, Mayer said his decision to leave comes because the “political environment has sharply changed.” Mayer, a former Disney executive, joined TikTok as CEO…
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GrabFood hungry for more customers
The lockdown boosted food delivery sales, but GrabFood is still hungry for more customers. They’ve launched a major marketing campaign called “Feed Your Hunger” with discounts and deals to get more people ordering food through the mobile application. The campaign goes from now until October 4. They’re offering free delivery service for those in a 3 kilometre radius. Many of…
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Thailand’s retail and property markets adapt and move online
Tourism, property, retail – 3 sectors of the Thai economy that have taken a huge hit from the impact of lockdowns and border closures. Whilst most of the lockdown provisions are now lifted, the borders remain mostly closed and the economy ‘sluggish’ at best. The first half of 2020 has been one of the most challenging periods that Thailand retail…
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Heavyweight doctors oppose Phuket plan to admit tourists
A number of prominent physicians, some advisors to the Ministry of Public Health and the Centre for Covid-19 Situation Administration, have posted on social media this weekend that they strongly oppose opening Thailand to tourists in any way, shape or form. Their concerns follow the government’s announcement yesterday of its plan to cautiously reopen the southern resort island of Phuket…
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Panel announces plans to boost tourism, create 1 million jobs
The new panel established by PM Prayut Chan-ocha to steer the economy through the Covid-19 crisis got off to a blazing start yesterday, announcing measures to boost tourism and create a million jobs. Created after the Cabinet reshuffle earlier this month, the panel’s first meeting was chaired by the PM and attended by economics ministers and experts. After the meeting,…
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NSC extends Emergency Decree through September
The National Security Council has officially approved the fourth extension of the national state of emergency, for another month, as a revision of the Communicable Diseases Act is yet to be completed, but the NSC confirmed it will not enforce the Emergency Decree on political rallies. NSC secretary-general Somsak Rungsita said today that the state of emergency will be effective…
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Hashtag urges netizens to boycott media company’s sponsors
There’s a new hashtag trending on Twitter today: #แบนสปอนเซอร์เนชั่น (ban Nation’s sponsors), as netizens vow to boycott all of the local digital news outlet Nation Thailand’s sponsors for alleged “frequent errors and pro-government editorials”. The social trend was partly brought about by the revelation that a Nation Thailand and Nation TV reporter allegedly lied to protesters last Sunday, claiming to…
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Thousands of job applicants line up Bangkok hotel before sunrise
Not hundreds, but thousands of job applicants showed up to a Bangkok hotel before the sun came up early yesterday morning. Some slept outside to be first in line to file an application at the Miracle Grand Convention Hotel in the Lak Si district. By 4am, 5,000 people were waiting outside the hotel. The hotel advertised 300 vacant positions and…
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Thai Air Asia posts huge Q2 loss as their fleet struggles back into the skies
Despite many of Thailand’s discount airlines taking to the skies again, all airlines are still in the financial doldrums as they battle travel restrictions, a risk-averse flying public and closed international borders. Now Asia Aviation, major shareholder of Thai AirAsia, has announced revenue of 2,221 million baht and a net losses of 1,210.6 million baht for Q2 2020. The net…
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Labour minister says unemployment less than half of predictions
Thailand’s labour minister told a Friday press briefing that the number of unemployed people in Thailand is around 2 to 3 million, less than half the 7 to 8 million previously predicted. He said that since The National Economic and Social Development Council did the calculation, “it cannot be wrong… as the latter is Thailand’s economic planner”. Given the gravities…
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Pattaya spending millions on “facelift”
The world famous resort town of Pattaya is spending 160 million baht to improve the city’s beaches in a bid to attract domestic tourists. Pattaya’s mayor says the landscape redevelopment, on a 4 kilometre stretch of Pattaya Beach, will begin in October and is expected to be finished by the end of the year. “The City of Pattaya needs to…
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UPDATE: SET suspends trading of Thai Airways shares
UPDATE: Trading in Thai Airways shares was suspended by the Stock Exchange of Thailand this afternoon after auditors declined to sign off on its financial statements for the six months to June 30. Auditor Deloitte Touche Tohmatsu Jaiyos said it couldn’t reach a conclusion on the statements due to issues including a lack of liquidity and debt defaults, which created…
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Thai Airways loses 28 billion baht in the first half of the year
Embattled, bankrupt Thai Airways suffered about 28 billion baht in losses for the first 6 months of this year, mainly attributable to the Covid-19 pandemic, which has seriously impacted its operations and crushed global travel, grounding fleets and shuttering many airlines altogether. The airline’s acting president said today that the pandemic has led to many countries, including Thailand, closing their…
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Thailand urged to promote itself as production hub for medical supplies, PPE
Thailand is being encouraged to promote itself as a manufacturing hub for medical and personal protection equipment as part of its financial strategy amid the coronavirus crisis, as industries like tourism and hospitality struggle. The director of the Centre for International Trade Studies at the University of the Thai Chamber of Commerce told reporters that the latest survey of 200…
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Study finds 82% of Thais “confident” in reopening tourism sector
As Thailand gradually reopens its borders, new findings from a global study suggests that 82% of Thais are confident that Thailand is well prepared to reopen its tourism and leisure activities, the highest globally. The study also found that tourists from Hong Kong, Singapore, Philippines, Indonesia, and India are all targeting Thailand as their first destination when their countries’ borders…
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CCSA to allow sports gatherings, exempt Chinese fruit traders from travel ban
The Centre for COVID-19 Situation Administration announced on Monday that will allow fans to attend sports events, and allow Chinese traders to enter Thailand for fruit export. The CCSA said that as Thailand approaches 80 days without a local Covid-19 transmission, it’s believed to be safe for spectators to attend large sports gatherings, although measures will be tighter for events…
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Leading Thai epidemiologist warns against opening borders
A leading epidemiologist on the faculty of medicine at Chulalongkorn University is calling for the government to suspend any plan to allow foreign tourists for 6-18 months. Dr Thira Woratanarat, who makes daily updates on his Facebook in the Thai language and is well followed in the Thai media, has been delivering regular warnings about the risk of Covid-19 to…
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Thailand’s GDP forecast to fall up to 9% this year
Thailand’s GDP is set to fall 7-9%, year-on-year, according to the Joint Standing Committee on Commerce, Industry and Banking. The fall is, not surprisingly, being fallout from the catastrophic drop in tourism and lower exports. Kalin Sarasin, chairman of the Board of Trade of Thailand, says the expected contraction was revised downwards from 5-8%. The committee also predicted exports would drop…
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Nok Air blames some of its losses on MPs who don’t show up for flights
Part of Nok Air’s current losses are being blamed on privileged MPs, who receive free flights on the budget carrier but don’t turn up for their flights. Somboon Uthaiwiankul, secretary for the government’s House Speaker, says the issue was brought up by executives of the airline during a meeting with the House Speaker, Chuan Leekpai. The executives told him last…
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Price of gold rises but investment not without risks
A leading investment research firm says the price of gold is on the rise, with predictions bullion could reach US$2,000 an ounce. Chayanee Juengmanon from Morningstar Research Thailand says one exchange-traded fund favoured by most domestic gold mutual funds, recorded net inflows of over $20 billion within the last year, a 30% increase in the value of its assets. gold…
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Swiss clothing firm denies layoffs
Contradicting earlier reports, Triumph International (Thailand) has denied any link with a garment company that laid off 800 employees on Friday. A statement from the Swiss Triumph Holding AG on yesterday said the company sold its production facilities in Thailand to Body Fashion (Thailand) 4 years ago. Accoding to the company’s head of corporate communications: “In fact, Triumph has handed…
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