business
- Economy News
Thailand’s ‘economic condition index’ expected to decline in Q3
PHOTO: Culture Trip Thailand’s household economic condition index is likely to drop further due to the ongoing global economic slowdown. Another drop would make it the third this year, measured in quarters. The slowdown is impacting the domestic economy and employment, according to the Kasikorn Thai research centre. Thai PBS reports that the latest ECI report indicates that a survey…
- Business News
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…
- Economy News
Ministry considering third round of the Chim Shop Chai stimulus packages
Deputy PM Somkid Jatusripitak is praising the Chim Shop Chai (Eat Shop Spend) scheme and has told the Finance Ministry to consider launching a third round before the end of the year. In a policy speech, he defended the scheme, saying it’s neither wasteful nor a populist policy, fending off accusations by critics. He insists the program has been successful in…
- Economy News
Thai exports will suffer from Trump labour rights decision
The Thai export sector will suffer another blow after the US President Donald Trump announced on Friday the suspension of 1.3 billion dollars worth of duty-free trade for certain Thai goods, claiming Thailand has not taken steps to protect the labor rights. In a letter to US House of Representatives Speaker Nancy Pelosi and Vice President Mike Pence, Trump said…
- Business News
Thai Airways under pressure to deliver workable business plan
Thai Airways is coming under more pressure, after being given 30 days to deliver its new rehabilitation and business plans. Thaworn Senniam, the Deputy Transport Minister, gave the instruction yesterday while meeting with the executive of the national carrier for an update on its financial status. He says the business plan must provide clear information on how the fortunes of…
- Technology News
Samsung Electronics flags 56% fall in third quarter profits
“Samsung took advantage of the US trade ban against Chinese rival Huawei.” PHOTO: CNBC Samsung Electronics says it expects operating profits to drop more than 50% in Q3 amid a continued slump in the global chip market. Operating profits for July to September was expected to reach 7.7 trillion won (US$6.4 billion), down 56.2% from a year earlier – this from…
- Business News
18 foreign companies receive licences to operate in Thailand – September
“Since January this year, 155 foreign companies have been granted licences to conduct business in Thailand.” The Thai Department of Business Development has granted licences, during September, to 18 foreign companies to conduct business in Thailand. The director-general Vuttikrai Leewiraphan says most of these companies are from Japan, Singapore and Hong Kong, employing 428 Thais and have an investment capital of…
- Business News
Thailand may lift ban on foreign investors for some innovation sectors
PHOTO: Marvin Meyer/Unsplash Thailand’s Commerce Ministry is considering whether to remove certain innovation-related businesses from the list of those open only to Thai citizens. The idea is being floated as a way of increasing foreign investment in Thailand, making the country a more attractive option for overseas companies. Deputy Director General of the Department of Business Development, Poonpong Naiyanapakorn says…
- Economy News
Asian stock markets mostly rise on positive news
“China announced it would resume trade talks with the US in Washington next month.” Most Asian equities and currencies rallied today, building on the previous day’s advance as investors were cheered by a number of positive developments on trade, Hong Kong and Europe. Markets were already on an upward trajectory after the leader of Hong Kong withdrew a controversial extradition…
- Economy News
Thai economic committee warns about stagnant growth in second half of 2019
The Joint Standing Committee on Commerce, Industry and Banking says they’re concerned by threats to the performance of the Thai economy in the second half of this year. The office says the lack of stimulating factors and the project of an ever-stronger baht will stifle economic expansion and the economy will fail to reach targets. The JSCCIB President Preedee Daochai…
- World News
The Thai charm-offensive on the South Korean President
Thai PM Prayut Chan-o-cha is inviting South Korean investors to increase their investment and trade with Thailand. The PM says Cabinet will consider offering incentives for South Korean businesses to invest in the country. South Korean President Moon Jae-in capped off an official two day visit to the Kingdom yesterday. The Thailand-Korea Business Forum was held yesterday in Bangkok with…
- Environment News
Energy Minister pushing for investment in electric vehicle production in Thailand
PHOTO: Wikipedia Energy Minister, Sontirat Sontijirawong, has announced a package to allow for the production of electric vehicles in Thailand. The package includes incentives on investment, as well as on the production of components and batteries. It’s understood that the package also has measures to promote the wider use of electric vehicles among the public, following environmental and emissions concerns…
- 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…
- Business News
Don’t mention the ‘R’ word – world’s biggest economies at risk of recession
CARTOON: Financial Times Five big economies are at risk of recession – Germany, Italy, Mexico, Brazil and the UK. A recession is usually defined as two consecutive quarters of contraction in an economy. Locally Singapore and Hong Kong are teetering on technical recessions, both vital regional business hubs. The UK economy shrunk in the second quarter, and growth has flat…
- 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)…
- Transport News
Thai Airways needs restructuring to survive
Store your tray table and buckle up. It’s going to be a bumpy ride at Thai Airways. The airline’s president Sumeth Damrongchaitham say Thai Airways needs complete restructuring if it is to survive in the highly competitive aviation business. Sumeth said that under the restructuring, Thai Airways will focus more on the international market and link up with other members…
- 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…
- Phuket News
X2 Vibe brand adds third hotel in Phuket
PHOTO: Existing X2 Vibe Patong hotel Cross Hotels & Resorts has signed an agreement with PT Three Land for its third Phuket property, the X2 Vibe Phuket Patong Centre. Poised to open middle of 2021, it is a 50 minute drive from Phuket International Airport and a 10 minute walk to Patong Beach and the bustling Bangla Road walking street.…
- 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
Export growth expected to be the lowest in four years
Export growth for Thailand this year is is now being pegged at less that 1%, the lowest growth in four years. Mr. Ath Pisarnwanich, director of the International Trade Study Centre at the University of Thai Chambers of Commerce is saying the low growth is a result of both the escalating US-China trade war and the Vietnam-EU free trade agreement. The…
- 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…
