business
- Politics News
Thai finance minister confident GDP will pick up next quarter
Deputy PM Somkid Jatusripitak says he is confident Thailand’s gross domestic product will pick up in the fourth quarter as a result of the launch of 316 billion baht economic stimulus package from the Thai government. He claims the new rice price guarantee scheme will also assist the agricultural sector. The Cabinet approved the new packages at its Tuesday meeting.…
- Business News
Growth of Thai economy lowest in nearly five years
PHOTO: Supply Chain Asia The Thai economy registered growth of just 2.3% in the second quarter of 2019, compared with 2.8% in the first quarter. This is the lowest rate of growth in 19 quarters, according to Tossaporn Sirisamphan, secretary-general of Thailand’s economic think-tank, the National Economic and Social Development Board. Tossaporn warns that although the situation is not yet…
- Business News
“Government stimulus package for Thai economy is unsustainable”
PHOTO: Wikipedia Anusorn Tamajai, an economist from Rangsit University, says he expects the proposed package to make little difference and has declared it unsustainable. The package, which should be approved this week, is worth 370 billion baht and includes cash handouts for farmers and low-income earners, grants for children, incentives for domestic travelers, and tax incentives for small businesses. It’s…
- Thailand News
Thai GM’s diesel plant in Rayong builds 500,000th engine
GM Powertrain Thailand has produced its 500,000th four-cylinder Duramax turbo-diesel engine, a production milestone since production officially started in 2011. GM announced that the Rayong plant is the first GM facility in the world to produce the engine. Hector Villarreal, president of GM Southeast Asia says the Duramax engines serve as the heart of the company’s ‘Colorado’ and ‘Trailblazer’ models. “They…
- World News
Airport shutdown tarnishes Hong Kong’s business image
PHOTO & VIDEO: Bill Barnett, c9hotelworks.com Thousands of supporters of the largely leaderless pro-democracy protest movement descended on the Hong Kong Airport terminal yesterday in an effort to get the message out to the world about their struggle and the harsh tactics used by police. They achieved that result whilst testing the resolve of Beijing, accusing the protest organisers of…
- Politics News
Thailand and EU prepare for signing of a strategic trade partnership
Thailand and the European Union are ready to sign a draft Strategic Partnership and Cooperation Agreement to promote bilateral trade and investment in the future. Federica Mogherini, an EU Representative for Foreign Affairs and Security Policy, and vice chairwoman of the European Commission, met today with PM Prayut Chan-o-cha during her visit to Thailand to attend the ASEAN Plus Foreign…
- Politics News
PM holds urgent meetings with Thailand’s economic tsars today
The PM has put himself in control of Thailand’s economic matters nominating himself as Chairman of the Council of Economic Affairs. Today the PM Prayut Chan-o-cha holds talks with top officials of four key economic institutions on the budget bill as the economy, which has been a regional leader over the past decade, stutters. Academics are calling for cuts in military…
- Business News
Moody’s upgrades most Thai banks’ credit ratings from ‘stable’ to ‘positive’
Moody’s Investors Service upgraded the Baseline Credit Assessments of eleven Thai banks (1) Bangkok Bank Public Company Limited (BBL) (2) Bank of Ayudhya (BAY) (3) CIMB Thai Bank Public Company Limited (CIMBT) (4) Export-Import Bank of Thailand (EXIMT) (5) Government Housing Bank of Thailand (GHB) (6) KASIKORNBANK Public Company Limited (KBank) (7) Krung Thai Bank Public Company Limited (KTB) (8)…
- Business News
Thailand’s headline inflation surged over 1% in March
“The SCB Economics Intelligent Centre has revised down its forecast for average headline inflation in 2019 to 0.9% year on year, a slight decline from the previous forecast of 1.0%year on year.” Thailand’s headline inflation surged to 1.24%, year on year, during March. This is up from 0.73%, year on year, in the previous month. Food and energy prices are the…
- Business News
400 baht minimum daily wage worries Thai business chamber
The Thai Chamber of Commerce is raising concerns over the government’s proposal to raise the minimum daily wage to 400 baht. They say it will severely hit the country’s small to medium businesses. Chamber chairman Kalin Sarasin says they have been discussing the proposal with Chamber members and business operators discussions with many business operators. They found that most of…
- Business News
Thai Government to focus on EEC projects to propel economy
PM Prayut Chan-o-cha will unveil his new government’s policy statement in Parliament when it sits formally on Thursday. Leaks to the media indicate his 12 ‘urgent’ and 12 ‘long-term’ policies will help Thailand step up to “developed-nation status” with many of the policies focussing on the Eastern Economic Corridor project. Among the urgent policies, the sixth calls for a “future-proof”…
- Business News
Economists predict Thai exports could fall 3.1% this year
Economists are forecasting that Thailand’s exports will drop by up to 3.1% for 2019 after June figures fell when compared to the same period last year. After the Commerce Ministry reported a 2.1% fall in June, the SCB Economic Intelligence Centre projected the country’s exports will drop this year by between 1.6-3.1%. “Although the US-China trade meeting after the G20…
- World News
Singapore’s exports crash in June, the biggest drop in 6 years
Edited from The Straits Times – Asian News Network Singapore’s exports have crashed by double digits for the fourth straight month. June’s figures show shipments in the key electronics sector sinking by 32%. This is the biggest year-on-year drop since shipments sank 33.2 per cent in February 2013. It is also sharply below analysts’ expectations of a 9.6% plunge, according…
- World News
PTT’s expansion plans in Myanmar
PTT Oil and Retail Business (PTTOR) is poised to invest in the Burmese retail market and the construction of a tank depot for oil and liquefied petroleum gas as well as related facilities in Myanmar. The Thai petro-chemical company’s chairman Attapol Rerkpiboon says the first gas station will open in Q4 this year. It recently signed agreements with the subsidiaries…
- Business News
More currencies in Asia strengthen – Indonesian rupiah crosses major threshold
The Thai baht isn’t the only Asian currency performing well against some of the western currencies. The Indonesian rupiah has strengthened 0.54% to 13,932 to the US dollar yesterday (Monday) from 14,008 on Friday. It became the best performing currency in Asia, though other currencies in the region have also also strengthened: Yesterday there was improvement of 0.19% for the…
- World News
ASEAN meeting reports on global sugar deficit and opportunities for SE Asian countries
The ASEAN Sugar Alliance says there will be a global sugar deficit of about 2.5 million tonnes in 2019-20, and prices are expected to firm following a number of years of falling prices and surplus stocks. The prediction was reported at the fourth meeting of the ASEAN Sugar Alliance in Ho Chi Minh City yesterday. Market analyst, futures trading and risk manager…
- Business News
World Bank downgrades Thailand’s 2019 GDP growth to 3.8%
The World Bank is downgrading Thailand’s growth projections to 3.8% from 3.9% for 2019. This compares to last year’s 4.1% GDP. The Bank says that export growth has shrunk to 5.7% from last year’s 5.9%. The World Bank’s senior economist for Thailand, Mr. Kiatpong Ariyapratya, says that the Word Bank also projects that Thailand’s growth rate for next year would…
- Hot News
Rock Thailand, Japanese start-ups eye Thai businesses
Noting Thailand as the new south east Asian regional innovation hub, the Japanese Embassy in Bangkok, in collaboration with Thailand’s Ministry of Digital Economy and Society, CP Group and True Corporation, launched Rock Thailand, a start-up incubation project. Rock Thailand is being used to open a stage for 10 top technology start-ups from Japan to present their business models to…
- Business News
Americans are flocking to Asia. Why?
Asia is sexy. From K-Pop sensation BTS topping the Billboard charts to “Crazy Rich Asians” owning the summer box office in the US, Americans can’t get enough of Asian film, music, and of course, noodles. “It’s all a sign of the Asianisation of the world”, reports CNN. “Asia has the world’s lowest taxes. Despite having some of the world’s largest…
- Business News
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…
