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 Living on a budget in Thailand? Here’s how to stay healthy without breaking the bank
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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Neuralink’s mind-blowing milestone: FDA gives Elon Musk’s brain-implant venture green light
The US Food and Drug Administration (FDA) has approved Neuralink, Elon Musk’s brain-implant company, to start its first-in-human clinical trial. This marks a significant milestone for the company, which had previously faced challenges in obtaining approval. In a tweet, Neuralink stated that the FDA’s decision was an essential first step towards helping many people through their technology, though further details…
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Biden assures no US default as debt ceiling deadline looms
US President Joe Biden has reassured the nation that there will be no default on the country’s debt, even as lawmakers went on a 10-day break without reaching an agreement on raising the borrowing limit. The government estimates it could run out of money to service its debts by June 1, and failure to repay loans could potentially lead to…
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Thailand Post to launch digital mailbox service Prompt Post in Q3
Thailand Post is set to launch Prompt Post, a digital mailbox service, by the third quarter of this year. The move is aimed at capitalising on the growing trend of electronic document handling and supporting the company’s Post Digital mission. Thailand Post‘s chief executive, Dhanant Subhadrabandhu, explained that the company has been actively developing its business to offer comprehensive postal…
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THAIFEX-ANUGA ASIA 2023 shapes the future of sustainable food innovation
The THAIFEX – ANUGA ASIA 2023 exhibition was launched by the Department of International Trade Promotion (DITP), the Thai Chamber of Commerce (TCC) and Koelnmesse (KM) Germany, with a focus on promoting sustainable food innovation. The event is happening now at IMPACT, Muang Thong Thani, from 23-27 May 2023. The event allows attendees to discover a variety of future food…
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Singapore maintains 2023 growth forecast amid global economic risks
Singapore‘s Ministry of Trade and Industry (MTI) has announced that it is maintaining its growth forecast for 2023 at 0.5% to 2.5%, with growth expected to be around the mid-point of this range. This comes as the economy experienced a 0.4% year-on-year growth between January and March, primarily due to the manufacturing, wholesale trade, and finance and insurance sectors. The…
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Baht volatility looms amid political risk and new government formation
Kasikornbank (KBank) has warned investors that the formation of a new government and political risk may result in increased baht volatility over the next month. The bank forecasts that the baht will fluctuate between 33.80-35.40 per US dollar during this period due to various internal and external factors. The primary determinant is the direction of the US Federal Reserve’s policy…
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Thailand on track for 10 million tourists despite low season
The Tourism Authority of Thailand (TAT) anticipates that by the end of this month, Thailand will have welcomed 10 million foreign tourists, with at least 2 million visitors per month expected during the low season. TAT Governor Yuthasak Supasorn stated that Thailand has consistently recorded over 50,000 arrivals daily, indicating that the monthly minimum rate of 2 million visitors during…
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Krungsri Auto targets 1/3 EV lending market share amid 203% growth forecast
Krungsri Auto, a leading automotive finance company under the Bank of Ayudhya, is targeting a one-third market share in electric vehicle (EV) lending this year. The firm anticipates a 6% decline in new motorcycle sales, amounting to 1.7 million units, mainly due to a high base effect. Out of these, 30,000 units are expected to be electric motorcycles, an increase…
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Biden and McCarthy hold productive talks on US debt ceiling deal
Negotiations between Democratic President Joe Biden and top congressional Republican Kevin McCarthy have progressed as both parties aim to reach a deal to raise the United States’ US$31.4 trillion debt ceiling and prevent a catastrophic default. Following a four-hour meeting at the White House, McCarthy stated that negotiations had improved and would continue. Although several issues remain unresolved, he predicted…
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Meta finalises layoffs, cutting 10,000 jobs, refocusing on AI
Meta Platforms, the parent company of Facebook, completed its final phase of a three-part round of job cuts, reducing its workforce by 10,000. Employees from various departments, including marketing, site security, enterprise engineering, program management, content strategy, and corporate communications, announced their layoffs on LinkedIn. Privacy and integrity units were also affected by the job cuts. The social media giant…
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MFP leader promises reasonable minimum wage increase without economic damage
Move Forward Party (MFP) leader Pita Limjaroenrat recently assured that a coalition government under his leadership would not immediately raise the minimum daily wage to 450 baht but would ensure a reasonable increase without causing damage to industry or the economy. Limjaroenrat, the party’s prime ministerial candidate, made this promise during a meeting with representatives of the Federation of Thai…
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China downplays Micron ban as individual case, not broader US firm targeting
China is attempting to mitigate the fallout from its recent decision to partially ban sales of US chipmaker Micron‘s products in the country on national security grounds. The ban has been challenged by Washington, which views it as a deliberate targeting of US businesses in response to export controls imposed on China. However, Chinese authorities, including the foreign ministry and…
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Netflix expands password crackdown to US and 100+ countries
In an effort to tackle password sharing and increase revenue, Netflix has expanded its crackdown on account sharing to the United States and over 100 other countries, including the United Kingdom, France, Germany, Australia, Singapore, Mexico, and Brazil. The streaming giant has been seeking new ways to generate income as it faces potential market saturation, with measures such as limiting…
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Thailand to ease yuan rules for trade amid rising US dollar volatility
Amid the increasing volatility of the US dollar in relation to other global currencies, regulators are considering loosening restrictions on the utilization of the yuan in yuan-baht trade transactions. The Bank of Thailand, in collaboration with Asian and ASEAN central banks, is actively working toward establishing frameworks for local currency settlements. This initiative aims to encourage the use of local…
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31% of Thais eye battery electric vehicles as next car choice
A recent survey by Deloitte Thailand revealed that 31% of Thai consumers are likely to opt for a battery electric vehicle (BEV) as their next car, the highest percentage in Southeast Asia. Despite this, internal combustion engine vehicles continue to be the preferred choice in the region. The survey, conducted between September and October last year, focused on consumer behaviour…
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Thailand’s state grid to ink 5.2GW renewable deals in Q3
The Energy Regulatory Commission (ERC) anticipates that power purchase agreements (PPAs) will be signed with companies chosen to participate in the 5.2-gigawatt renewable energy scheme during this year’s third quarter. The Office of the Attorney General is currently reviewing the legal aspects of the scheme, which includes power plant construction projects proposed by 175 selected companies. Following the completion of…
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Thailand flight sales soar, searches for outbound trips up 200% in Q1
The first quarter of this year saw international flight sales to Thailand surpass 2019 figures, while searches for outbound Thai flights and overseas accommodation rose by 200%, according to online travel agency Traveloka. Iko Putera, the company’s chief executive of transport, anticipates a positive travel trend for Thailand and the rest of Southeast Asia this year. This is driven by…
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Thai government revenue exceeds target by 112 billion baht amid economic recovery
The Ministry of Finance announced that government revenue collection for the first seven months of fiscal 2023 (October to April) surpassed the target by 112 billion baht, primarily due to contributions from agencies other than the Revenue Department. This information was shared by Pornchai Thiraveja, director-general of the Fiscal Policy Office. The government collected a net revenue of 1.38 trillion baht…
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White House reports progress in talks to avert US debt default
The White House has reported some progress in the ongoing discussions with Republican negotiators to prevent a catastrophic US debt default before the June 1 deadline. White House Press Secretary Karine Jean-Pierre stated that both sides must understand that they won’t get everything they want. The talks between US President Joe Biden and Republicans in Congress are set to continue,…
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Rising interest rates boost mortgage NPLs, Bank of Thailand urges debt restructuring
In the first quarter of this year, non-performing mortgage loans (NPLs) experienced an increase due to rising interest rates, prompting the Bank of Thailand (BoT) to encourage banks to assist borrowers through debt restructuring. The central bank recently revealed a housing loan NPL ratio of 3.16% in the commercial banking system, up from 3.01% in the previous quarter. The primary…
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Sena Development to launch affordable condos amid rising housing prices
Sena Development Plc, a SET-listed developer, plans to develop more affordable condo projects in response to an anticipated decline in purchasing power due to increasing housing prices. Atika Boonrodchoo, Sena Assistant Managing Director, expects housing prices to rise by 5% this year as a result of rising construction costs, including materials and wages. She said… “Purchasing power may not be able…
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NBTC scraps 3.8bn baht telehealth project over budget concerns
The National Broadcasting and Telecommunications Commission (NBTC) board members have voted against the development of a 3.8 billion baht telehealth project, citing misalignment with the objectives of the Universal Service Obligation (USO) project budget. The majority of board members argued that the USO project’s focus should be on supporting telecom network installation and expansion to bridge the digital divide, while…
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Thai foreign investment outlook positive amid political shift
The Industrial Estate Authority of Thailand (IEAT) and prominent business leaders expressed optimism about foreign investment in the country this year, despite delays due to the formation of a new government. IEAT Governor Veeris Ammarapala stated that foreign investors are expected to understand the evolving political landscape in Thailand, including the transition towards a Move Forward Party-led coalition government. At a…
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Thailand investment value surges 77% with South Korea as top foreign investor
Investment in Thailand experienced a significant surge in the first quarter of the year, with a 77% year-on-year increase to 185.7 billion baht, primarily driven by 397 project proposals. The Board of Investment (BoI) revealed that South Korea emerged as the leading foreign investor during this period. Foreign investment constituted 155.2 billion baht of the total investment, marking a 115%…
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Thai Oil predicts equal oil demand and supply, boosted by Asian refineries
Thai Oil Plc (TOP), a subsidiary of the PTT Plc conglomerate, anticipates a more favourable outlook for oil trading in 2023, with global oil demand and supply projected to be nearly balanced. Crude oil demand is predicted to reach 101 million barrels per day (MBD), a 1.6 MBD increase from 2022, while supply is expected to be 101.3 MBD, a…
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Dyson aims to double product range, expand beyond home innovations by 2025
Dyson, renowned for its innovative household appliances, has been focusing on making everyday tasks more efficient and convenient for users. The development of such cutting-edge products often takes years and numerous prototypes, with Dyson’s bagless vacuum cleaner taking over five years and 5,127 prototypes to perfect. The company’s entrance into the beauty market with its hair dryer involved four years…
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EU regulators apply old laws to control AI as new rules take years to enforce
The rapid development of artificial intelligence (AI) services like ChatGPT has led regulators to rely on existing laws to control a technology that could transform societies and businesses. The European Union is working on new AI rules to address privacy and safety concerns associated with generative AI technology, such as OpenAI’s ChatGPT. However, it will take several years for the…
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China bans US Micron chips, escalating global chip industry risks
China’s recent ban on certain sectors using chips from United States-based Micron Technology has highlighted the potential risks faced by the global chip industry amidst rising Sino-US trade tensions. The move against Micron, the largest US memory chipmaker, is widely perceived as retaliation for Washington’s attempts to limit Beijing’s access to crucial technology. This comes as the Group of Seven…
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China cybersecurity watchdog fails Micron, urges halt on chip purchases
China’s cybersecurity watchdog has announced that US semiconductor company Micron failed its national security review, urging operators of “critical information infrastructure” to cease purchasing its products. This marks a new development in the ongoing chip dispute between the US and China, with the US seeking to limit Beijing’s access to advanced semiconductors. In March, Chinese authorities initiated a review of…
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Singapore leads Southeast Asia with 97% cashless payment adoption rate
In Singapore, a growing majority of people are opting for cashless payment methods, with the country’s adoption rate of such payments being the highest in Southeast Asia at 97%. This trend has been accelerated by the Covid-19 pandemic and an ongoing national drive for a less-cash society. Digital wallets are expected to overtake credit cards as the most popular online…
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