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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China supports Thailand in combating dubious businesses
Chinese Ambassador Han Zhiqiang reaffirmed Beijing’s commitment to supporting Thailand in cracking down on dubious Chinese businesses, while also aiming to enhance bilateral trade and relations. Han made these comments during a seminar held on Tuesday, July 23, to commemorate the 49th anniversary of diplomatic ties between China and Thailand. A recent incident involving a Chinese-language billboard in Bangkok’s Huai…
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Thai AirAsia expands routes to India amid slow China recovery
Thai AirAsia is set to expand its network by launching new routes to India and Southeast Asia in the second half of the year, aiming to compensate for the slow recovery of flights to China. The sluggish Chinese economy and increased competition from domestic travel have significantly impacted this recovery. Tansita Akrarittipirom, head of commercial at Thai AirAsia, revealed that…
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Motorcycle sales fall 10% as Thai Honda faces sluggish market
Motorcycle sales dipped by 10% year-on-year during the first half of the year, affecting major players like Thai Honda Co, a leading motorcycle manufacturer and distributor, which is grappling with a sluggish market. The downturn is attributed to slow economic growth of 1.5% in the first quarter, more stringent bank criteria for auto loans, and a weakened export sector, according…
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CrowdStrike glitch disrupts 8.5 million Microsoft devices globally
A recent global IT outage brought to light the critical necessity for both public and private organisations to establish comprehensive business continuity management plans, IT disaster recovery strategies, and rigorous system testing between security software vendors and their clients. Experts advocate for organisations to diversify their technology portfolios and adopt a balanced approach to cloud-based technology to mitigate risks. Bloomberg…
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Gold prices expected to surpass US$2,500 by end of 2024
Local gold traders are optimistic about the future of bullion prices, forecasting that they could surpass US$2,500 per ounce by the end of 2024. This significant price increase is expected to follow a potential interest rate cut by the US Federal Reserve in September. Gold was trading at US$2,395 per ounce in Asian markets yesterday, spurred by the announcement that…
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AOI unifies schools to revolutionise Thailand’s education system
Arthit Ourairat Institution (AOI) is revolutionising Thailand’s education system by unifying its network of schools under a single governance model. This strategy aims to enhance holistic learning and optimise the use of resources, faculty, and infrastructure, thereby significantly enriching the student experience. By pooling and harmonising these essential assets, AOI ensures that its values of integrity, innovation, inclusivity, and passion…
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Farm to table: Thailand firms urged to unite for stable farm prices
The Commerce Ministry urged Thai conglomerates to collaborate in purchasing agricultural products to provide farmers with a more stable income. Commerce Minister Phumtham Wechayachai revealed plans to manage agricultural products and secondary crops for the latter half of the year. He instructed Vuttikrai Leewiraphan, commerce permanent secretary, and Wattanasak Sur-iam, Director-Deneral of the Internal Trade Department (ITD), to engage department…
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Cabinet to approve Thai ESG fund boosting SET by 50 billion baht
The Thai Cabinet is set to approve the new Thai ESG Fund tomorrow, with analysts anticipating that the revamped conditions of this environmental, social, and governance (ESG) centric fund will enhance trading on the Stock Exchange of Thailand (SET) by 40-50 billion baht annually. The fund’s revised structure includes a reduced holding period of five years, down from the original…
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MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
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Thai SME bank sees non-performing loans surge to 13%
Rising non-performing loans (NPLs) in the first seven months of this year have predominantly emerged from wholesale and retail sectors, as reported by the Small and Medium Enterprise Development Bank of Thailand (SME D Bank). The Managing Director of SME D Bank, Phichit Mitrawong, attributed the increase to sluggish economic conditions, which have led to a contraction in consumer purchasing…
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Stark Corporation scandal costs 14.7 billion baht
Shareholders and stock investors of Stark Corporation are reeling from an accounting and embezzlement scandal that has incurred damages estimated at a staggering 14.7 billion baht. This debacle has impacted 4,704 shareholders and led to the prosecution of the former chairman and several top executives in what is deemed one of Thailand’s largest corporate frauds in recent years. Adding to…
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Charged up: GAC Aion plugs into Thailand’s booming EV market
GAC Aion New Energy Automobile, an electric vehicle (EV) manufacturer under Guangzhou Automobile Corporation (GAC), anticipates substantial benefits from the ongoing expansion of Thailand’s EV market. This comes after the recent inauguration of a 2.3-billion-baht EV assembly plant in Rayong. The company aims to produce up to 70,000 EVs annually for both domestic sales and export, according to Ma Haiyang,…
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Ana maintains pre-pandemic load on Thailand-Japan flights
Japanese carrier ANA has successfully maintained the load factor on Thailand-Japan routes at the same robust level as in 2019, despite the challenges posed by a weak yen. Notably, the majority of its passengers are now Thai tourists and long-haul travellers transiting through Japan. Thailand has emerged as one of ANA’s strongest routes in Asia-Pacific and Southeast Asia post-pandemic, alongside…
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Business ties: Thailand extends visa-free stay for Hongkongers
Thailand’s extension of visa-free visits for Hong Kong residents is expected to bolster business relations and entice more visitors from the financial hub, despite a recent murder-suicide incident in Bangkok, according to industry leaders. The tragic event, involving six people, has not deterred travel plans, they emphasised. Anthony Lam Sai-ho, Executive Deputy Chairman of the Federation of Hong Kong Industries, praised…
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Tenzing Pacific Services predicts market’s ‘positive momentum’ to continue
Tenzing Pacific Services is anticipating positive stock market momentum to carry through to the end of 2024 despite volatility and share performance dispersion. Tenzing Pacific Services, a health, life, and business insurance and investment company, saw June as a mixed bag when it came to growth. This is in large part due to the market’s performance not necessarily correlating with…
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Virgin Active celebrates 10 years of operation in Thailand
Virgin Active Thailand is celebrating 10 years of operations and is looking to continue boosting the health and wellness of the country. Part of the Virgin Group global portfolio, Virgin Active currently has 8 clubs in Thailand, which deliver nearly 60,000 exercise classes yearly. Country Director for Virgin Active in Southeast Asia, Julien Bera, sees the 10th anniversary as a…
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Thailand restaurant market to hit 400 billion baht in 2024
Central Restaurants Group (CRG) anticipates a 5% sales growth in 2024, driven by the digital wallet handout scheme, while Thailand’s restaurant market value is projected to reach 400 billion baht this year. Nath Vongphanich, CRG President, addressed the ruling Pheu Thai Party’s upcoming 10,000-baht digital wallet handout scheme, expected to launch in the fourth quarter. He mentioned that the company…
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Shocking hike: Thai industries spark concern over electricity rates
Thailand’s plan to hike electricity rates later this year could deter foreign direct investment, warned the Federation of Thai Industries (FTI). The alert followed the Energy Regulatory Commission’s (ERC) announcement on Friday, indicating an imminent rise in power bills for both businesses and households. The ERC has proposed three new power tariff options, featuring increases from 11% to 44% above…
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King’s College student researchers discuss brain health
King’s College International School students have collaborated with Bangkok Hospital to deliver a Health Awareness Talk about neurology and brain health. BioMedINN, a student-directed research group at King’s College, organised the session in an effort to inform the public about the importance of neurological health and wellbeing. This event followed on from their recent creation of a stroke testing kit,…
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Thailand considers petroleum reserve amid oil price volatility
Thailand is considering various strategies to mitigate the impact of global crude oil price fluctuations, beyond merely subsidising domestic oil prices through the dwindling Oil Fuel Fund. One proposed solution is the development of a strategic petroleum reserve (SPR) to enhance national oil security and safeguard against potential supply disruptions caused by geopolitical conflicts. Energy Minister Pirapan Salirathavibhaga suggested the…
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Thailand to boost 2024 budget by 122 billion baht for economic lift
Prime Minister Srettha Thavisin emphasised the necessity of increasing the 2024 fiscal budget by 122 billion baht to stimulate Thailand’s economy. He proposed a supplementary budget bill to the House, aiming to finance the digital wallet scheme, a core policy of the Pheu Thai Party. Opposition parties opposed the bill, citing legal concerns and potential violations of the State Fiscal…
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Thailand’s industrial sentiment hits two-year low amid political strife
Thailand’s industrial sentiment index experienced a decline for the third consecutive month in June, reaching its lowest point in two years, according to the Federation of Thai Industries (FTI). The drop is attributed to a sluggish economy, weak demand, and increasing bad debt problems. The FTI reported that the industrial sentiment index fell to 87.2 in June, down from 88.5…
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Thai Finance Ministry pledges market confidence amid scandal
Thailand’s Finance Ministry vows to restore confidence in the Thai capital market following allegations of fraud involving former executives of Energy Absolute (EA), a company listed on the Stock Exchange of Thailand (SET). Finance Permanent Secretary Lavaron Sangsnit expressed optimism that actions by the Securities and Exchange Commission (SEC), in collaboration with the Department of Special Investigation (DSI) and the…
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Thai tourism must shift to supply-driven strategy for 2025, says TAT
The Thai tourism industry must adopt a supply-driven strategy to enhance its competitiveness, according to the former governor of the Tourism Authority of Thailand (TAT). The TAT outlined its marketing direction for 2025, aiming to increase revenue by 7.5% from 2024, targeting 39 million foreign arrivals and 205 million domestic trips. This figure is a revision from the 220 million…
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Thailand launches retirement lottery to boost savings for low-income earners
The Cabinet has introduced a new savings initiative for low-income individuals titled the retirement lottery, which offers enticing prizes to encourage saving. Deputy Finance Minister Paopoom Rojanasakul announced the Cabinet’s approval of this measure, aimed at bolstering savings under the National Savings Fund (NSF) through the Retirement Savings Lottery project. The NSF will amend relevant sections of its Act to…
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CIMB promotion offers increased interest rates for saving accounts
CIMB Thai is offering a new range of savings accounts with increased interest rates until the end of July. Beginning on June 1, CIMB Thai customers who open a ‘Speed Savings Account’ will receive an increased bonus interest rate to help grow their savings. Each savings account will receive a base interest rate adjusted based on the total amount of…
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Phyathai Hospital celebrates app success with healthcare promotions and benefits
Phyathai Hospital has announced healthcare promotions to celebrate 500,000 people downloading their Health Up mobile application. Until September 30, patients at Phyathai-Paolo Group hospitals can access a 2-for-1 deal on specialised medical assessments and evaluations. Individually, these services cost 5,500 THB, but users who provide proof of registering with the app can book one additional Health Up Celebration package for…
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Thailand tackles household debt crisis, slow economic recovery
The Economic Cabinet directed the Finance Ministry and the Bank of Thailand (BoT) to quickly address household debt issues, focusing on bad debts in housing, cars, motorcycles, credit cards, and student loans, amid an economy still showing sluggish recovery signs. Finance Minister Pichai Chunhavajira, after the economic ministers’ meeting chaired by Prime Minister Srettha Thavisin, stated that the premier instructed…
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US offers lower interest rates on F-16s jets to sway Thailand
The United States proposed lowering the interest rates for the Royal Thai Air Force (RTAF) to purchase F-16 fighter jets in a bid to persuade the Thai government to choose American-made aircraft over Sweden’s Gripen jets. According to a Defence Ministry source, this offer follows the RTAF’s recent announcement that it is considering the Gripen jets, following a procurement committee…
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Energy Absolute’s chairman steps up as CEO amid allegations
Energy Absolute’s board promoted chairman Somchainuk Engtrakul to the roles of director and acting chief executive following allegations of fraud against the former CEO by the stock exchange regulator. The decision by the EA board took effect immediately on Sunday. This move came after former CEO Somphote Ahunai and his deputy Amorn Sapthaweekul resigned on Friday. The resignations followed accusations…
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