Business

(Photo) Millions of pro-democracy protesters have taken to the streets of Hong Kong over the past 10 weeks/AFP (File/Anthony WALLACE)

Hong Kong standoff takes a toll on Thai economy

The political standoff in Hong Kong is not only fueling fears that Hong Kong may be heading for recession, but also that it may hurt Thailand’s economy. For example, Thailand’s…

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PM assures the public that stimulus budget will be spent effectively

Prime Minister Prayut Chan-o-cha has given assurance that his government is not overspending by disbursing 310 billion baht as part of an economic stimulus package and that the money will…

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Dr. Somkid to head special team to reverse Thailand’s economic slowdown

The economic cabinet on Friday agreed to set up a special panel, expected to be led by Deputy Prime Minister Somkid Jatusripitak, to drive the implementation and management of economic…

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GPF signs Collaborative Engagement Declaration with 32 institutional investors

Thailand’s Government Pension Fund (GPF) has joined 32 securities companies in declaring an ESG (environmental, social, governance) Collaborative Engagement and Negative List Guidelines, under which institutional investors will be held…

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Thais borrow early and get trapped in a cycle of debt

Thais, nowadays, are indebted from an early age, and the level of their debt is maintained even as they approach retirement. A study by the Bank of Thailand reports that…

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US-China trade row seen to help conclude RCEP by year end

The escalating trade war between the US and China may help drive a conclusion to the negotiation of the Regional Comprehensive Economic Partnership (RCEP) free trade agreement to ensure smooth…

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TMB and Thanachart Bank announce merger plan

Thailand’s TMB and Thanachart banks announced Friday that they have signed a non-binding agreement to merge and become the country’s sixth largest lender. According to the statement, TMB will finance…

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Thai exports in 2019 to contract for the first time in four years

The University of the Thai Chamber of Commerce predicts that Thai exports in 2019 will drop 0.6% year on year, the first contraction in four years. Dr. Aat Pisanwanich, Director…

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(Photo) Thailand’s Deputy Prime Minister and Commerce Minister Jurin Laksanawisit/Democrat Party Facebook page

Jurin to attend RCEP in a bid to form world’s biggest trading bloc

Thailand’s Deputy Prime Minister and Commerce Minister Jurin Laksanawisit is scheduled to attend a ministerial conference on the Regional Comprehensive Economic Partnership (RCEP) in Beijing later this week, in a…

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Thai businesses oppose government’s Bt400 minimum wage plan

Thailand’s business associations oppose the government’s plan to increase the national minimum wage to Bt400 per day and have suggested that an entry wage should be established instead, said Mr….

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Income inequality, debt, climate change and plastic waste the main issues – BOT governor

Bank of Thailand Governor Veerathai Santiprabhob, in his speech entitled “Formulating for the Future of Corporate Governance”, delivered at the Finance and Beyond National Director Conference 2019 in Bangkok today…

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Thais are not cashless, yet

With a number of state-of-the-art payment methods on display at a FinTech event last week, there are questions over whether cash will soon be relegated to history amid the proliferation…

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Thailand and world prepare for cryptocurrency challenges

The Libra project has shaken the global financial scene since Facebook, with a group of founding members, announced the proposed cryptocurrency last month. The plan to launch a new currency…

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Central bank takes measures to deal with baht speculation

The Bank of Thailand is concerned about the rapid appreciation of the baht currency and has taken measures to curb speculative hot-money inflows, Assistant Governor Vachira Arromdee said today (Friday)….

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Real estate developers’ confidence falls substantially in Q2 2019

The confidence index of real estate developers for the second quarter of this year has dropped to 42.2 points from 50.4 points for the first quarter. The second quarter falls…

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Thai producers complain of China’s imposition of GMP on durian

Thai durian exporters and orchard owners have expressed serious concern that China’s recent imposition of Good Manufacturing Practice (GMP) certification, the system for ensuring that products are consistently produced and…

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Commerce Ministry confident of 3 percent export growth for 2019

Thailand’s Commerce Ministry is confident that Thai exports for the second half of this year will grow at a higher rate than in the first half and export growth for…

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BOT’s move to curb rapid Thai Baht surge

The Bank of Thailand (BOT) has scaled back the auction size of short-term bonds this month in what was seen as an attempt to curb the rapid surge of Thai…

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Strong baht sends jitters through Thai export sector

Thailand’s private sector has expressed serious concern over the strengthening baht, which has rallied to its highest level against the US dollar for six years and may badly affect the…

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Thailand’s export growth drop predicted, SCB’s EIC

Thailand’s export growth this year may be flat after Thailand’s outbound shipments in May recorded the sharpest drop in 34 months. After the Commerce Ministry on Friday released the figures…

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Win-win cooperation, rather than unilateralism, is the right choice

By Mr. Lyu Jian, Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the Kingdom of Thailand The international economy and trade are facing mounting downward pressure and…

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King Power wins contract to operate duty free shops at Thailand’s airports

The board of Airports of Thailand (AOT) today endorsed the bid committee’s decision to award the contracts to operate duty free shops at Suvarnabhumi International, Phuket, Chiang Mai and Hat…

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(Photo) Kingsgate’s website

Australian mining firm hopeful new industry minister can help settle conflict

Australian-based mining company, Kingsgate Consolidate Limited, is hoping that it will be able to hold talks with Thailand’s new industry minister, once appointed, to settle its long running conflict with…

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Uncertainty over new government stability dampens economic outlook, says SCB’s EIC

Although investors have somewhat eased their worries about the local politics, the question over stability of the new government continues to dampen economic outlook, according to a research by the…

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Why Thailand is not labeled a currency manipulator by the US? 

In spite of earlier fears, Thailand has not been added to the US Department of Treasury’s watchlist because Thailand does not meet two of the three criteria set by Washington….

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(Photo) An employee pollinates strawberry plants at Sustenir Agriculture’s indoor farm in Singapore./Reuters

From sky farms to lab-grown shrimp, Singapore eyes food future

SINGAPORE (Reuters) – Singapore, the tiny Southeast Asian city-state, is an unlikely place for a farming revolution.   With tiered fish farms, vegetable plots atop office buildings and lab-grown shrimp,…

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The Department of Intellectual Property works to prevent counterfeit product sales online

Thailand’s Department of Intellectual Property is cooperating with a famous online shopping website owner to resolve and prevent counterfeit product sales online. Customers are now able to blow the whistle…

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Who’s going to lose their job?

The possibility of humans being defeated by an android does not only exist in the movie. Earlier this year, Ministry of Digital Economy and Society listed seven jobs that may…

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Trump says ‘dangerous’ Huawei could be included in U.S.-China trade deal

WASHINGTON/BEIJING (Reuters) – President Donald Trump said on Thursday U.S. complaints against Huawei Technologies Co Ltd might be resolved within the framework of a U.S.-China trade deal, while at the…

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Thai exports for April fall to the lowest level in 24 months

Thailand’s exports in April fell 2.57% to US$18.5 billion – the lowest since May 2017.  The fall is being blamed on the intensifying trade war between the United States and…

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Huawei’s founder has defiantly hit back after a bruising week for the Chinese smartphone giant

U.S. eases restrictions on Huawei; founder says U.S. underestimates Chinese firm

U.S. eases restrictions on Huawei; founder says U.S. underestimates Chinese firm NEW YORK/SHANGHAI (Reuters) – The United States has temporarily eased trade restrictions on China’s Huawei to minimize disruption for…

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(Photo) Maduro expressed gratitude to Norway and its support for “dialogue,”/AFP

Venezuela’s Maduro says Norway talks sought ‘peaceful agenda’ with opposition

CARACAS (Reuters) – Talks in Norway this week with representatives of Venezuela’s government and the opposition sought to “build a peaceful agenda” for the crisis-stricken South American country, President Nicolas…

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China backs Iran during U.S. tensions

BEIJING (Reuters) – China offered strong support to Iran on Friday, with its top diplomat telling Iran’s foreign minister that China opposes unilateral sanctions and supports Tehran’s efforts to safeguard…

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Thailand’s Central bank considering reduction of export and GDP projections next month

The current growth forecast for Thailand’s GDP is 3.8%, with exports projected to grow by 3%, but global economic volatility, caused by the intensifying trade war between China and the…

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The Nation newspaper to cease publication on June 28th

After 48 years The Nation, one of the two English-language newspapers in Thailand, will end its print edition with its last issue scheduled for June 28th. Nation Multimedia Group CEO…

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Thai export growth expected to be lowest in four years

Thai export growth this year is expected to register 0.5-1%, the lowest in four years, due to the escalating US-China trade war and the Vietnam-EU free trade agreement, which is…

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High-speed train project vetted by EEC board

Thailand’s Eastern Economic Corridor (EEC) Policy Committee, headed by Prime Minister Prayut Chan-o-cha, today acknowledged the State Railway of Thailand’s decision to award the contract to build the 220 billion…

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AFP/File / Jim WATSON US President Donald Trump (R) during a trade meeting with China’s Vice Premier Liu He (L) in the Oval Office at the White House in Washington, on April 4, 2019.

China defiant toward U.S. on trade, Kudlow urges strong enforcement steps

WASHINGTON/BEIJING (Reuters) – The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said…

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Economist says Thai exports could be affected by US trade slam on China

The latest round of US trade salvo against Chinese goods could dampen the prospect of Thai exports as Thailand’s outbound shipment can contract this year, said Thanawat Polwichai, Director of…

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Impacts from government’s economic stimulus package minimal: NIDA Poll

 In spite of the government’s efforts to stimulate economic growth by launching a series of measures, their impacts on the market may be minimal largely because consumers have not regained…

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Thailand’s consumer confidence index for April lowest in 16 months

Thailand’s consumer confidence index (CCI) for the month of April plunged to 79.2 points – the lowest in 16 months – due to concerns over political uncertainty, slow domestic economic…

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Supreme Court orders 6 insurers to pay 100 million baht to SET for riot damage

Thailand’s Supreme Court has ordered six insurance companies to pay the Stock Exchange of Thailand (SET), Thailand Securities Depository and Family Knowhow Company 100 million baht in total compensation for…

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EC confident poll results will be announced by May 9

Thailand’s Election Commission (EC) is confident that it will be able to announce, in the Royal Gazette, the official results of the March 24th general election by May 9th, the…

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Thai private sector lowers 2019 export growth projection to 2.1%

The Thai Chamber of Commerce and Board of Trade have reduced Thailand’s 2019 export growth projection from 3.1% to 2.1% citing several unfavorable external factors. Meanwhile, the External Trade Promotion…

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Photo from Competition Friend Facebook page

Fair trade practices to be subject to public input before implementation

Thailand’s Trade Competition Committee has issued a set of guidelines to control the retail sector in order to prevent large retailers or retail chains from unfairly taking advantage of producers…

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How Thais test their luck – twice a month

At least twice a month –- on the first and sixteenth days – millions of Thais hope and pray that their fortune will change. They are glued to their TV…

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World Bank puts Thailand’s 2019 GDP growth at 3.8 percent 

The World Bank has cut Thailand’s growth rate projection this year to 3.8% from 3.9% compared to last year’s 4.1% GDP due to export growth slowing to 5.7% from last…

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Authorities backtrack on move to tax interest from bank deposits

The Revenue Department has withdrawn a much-criticized demand for bank depositors to provide written consent to allow their banks to deduct tax on interest earned on deposits. Revenue Department spokesman…

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Savers earning over 20,000 baht interest a year to face 15 percent tax

Bank depositors in Thailand who earn more than 20,000 baht interest a year from their bank deposits will now be taxed 15% on the interest they earn, according to Finance…

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Facebook, Instagram, WhatsApp hit by outage

(Reuters) – Facebook Inc’s social networking site, photo-sharing social network Instagram and messaging app WhatsApp were inaccessible to many users across many countries, including Thailand, on Sunday, downdetector.com, which monitors…

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Songkran is set to boost economic sentiment

After Thai consumer confidence in March recorded the first drop in three months, businesses pin their hope that Songkran will boost the spirit of spending. Usually, there is an uptick…

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Junta invokes Article 44 to help digital TV and mobile operators

Thailand’s mobile phone operators using the 900Mhz band and digital TV licensees have been granted a reprieve regarding their concession fees, thanks to the National Council for Peace and Order (NCPO).   According…

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Political uncertainty weighs on Thai economic growth

Thai economic growth this year is unlikely to pass 4 percent as economists have recently revised the growth downward because the Thai exports are facing strong headwinds amid local political…

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Despite politicians’ lofty promises, “perfect” minimum wage still long way off

As of press time, the National Wage Committee has decided to postpone a decision on the minimum wage to later this month, even though the new rate was initially expected…

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AOT board agrees to split airport duty-free concession

The board of the Airports of Thailand Company (AOT) has decided to split the concession to operate airport duty-free shops into two contracts – one for Suvarnabhumi and the other for Phuket, Chiang Mai and…

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How US-China trade war is impacting Thailand

Since the US China trade war kicked off in the middle of last year, Thai business begin to feel the pinch as seen by the downward trend of Thai exports….

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Is the EEC’s future hanging in a balance?

The future of the Eastern Economic Corridor (EEC) could hang in a balance as it remains uncertain which parties will form the new government.  The EEC, the massive-scale infrastructure project…

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FAA lists 26 flaws in Thailand’s aviation standards that need rectification

The US Federal Aviation Administration (FAA) has identified 26 flaws in Thailand’s aviation standards during its recent inspection and has recommended that they be rectified if Thailand is to regain…

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UK lawmakers brand Facebook “‘digital gangsters”

LONDON (AP) — British lawmakers issued a scathing report Monday that calls for tougher rules to keep Facebook and other tech firms from acting like “digital gangsters” and intentionally violating…

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May wins mandate to reopen Brexit deal but EU says no changes

British Prime Minister Theresa May won a few weeks to salvage a Brexit deal but headed toward a clash with the European Union by promising to overhaul the divorce agreement…

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Japan’s Nikkei: Ghosn says arrest due to plot within Nissan

TOKYO (AP) — The Japanese business daily Nikkei reported Wednesday that Nissan’s former chairman Carlos Ghosn, in his first interview since he was detained in November, blamed his arrest on…

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Bank report says 2.6 billion baht financial loss so far from smog in and around Bangkok

The ongoing smog problem in and around Bangkok has caused financial loss estimated at 2,600 million baht since late last month in term of lost opportunities in health and tourism…

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TDRI concerned that many buyers of cheap housing units may default  

Thailand Development Research Institute (TDRI) has expressed concern that low income-earners who bought housing units under the government-sponsored “One Million Housing Units” project may not be able to pay their…

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World’s 26 richest own same wealth as poorest half of humanity: Oxfam

DAVOS, SWITZERLAND (AFP) – The world’s 26 richest people own the same wealth as the poorest half of humanity, Oxfam said on Monday, urging governments to hike taxes on the…

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SEC imposes hefty fine on Prasert Prasarttong-Osoth and 2 associates for shares manipulation

The Securities and Exchange Commission (SEC) has decided to slap a 499.95 million baht fine on billionaire businessman Dr Prasert Prasarttong-Osoth, his daughter Ms Paramaporn and another woman, Mrs Narumon…

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Singapore, Vietnam reportedly shortlisted for second Trump-Kim summit

Singapore and Vietnam are likely to be shortlisted to host a second summit between North Korean leader Kim Jong Un and United States President Donald Trump, South Korean Foreign Affairs…

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Rice warehouses and rice surveyors next in line to face the axe over controversial rice pledging scheme

The Public Warehouse Organization (PWO) has submitted to the Office of the Attorney-General (OAG) all the contracts related to the hiring of private warehouses and rice surveyors for the storing…

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GHB to set aside 1  billion baht fund to help customers affected by Pa Buk

The Government Housing Bank will set aside a fund of one billion baht to be extended to people whose houses are damaged by tropical storm Pa Buk which is wreaking…

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US team to visit China for trade talks Jan 7-8: Beijing

A US government delegation will visit China Monday and Tuesday for the first face-to-face talks since US President Donald Trump and his Chinese counterpart agreed on a tariff truce, China’s…

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More loans planned for One Million Housing Units project

The Finance Ministry has ordered the Government Housing Bank to increase the limit of housing loans initially set at 50 billion baht for the One Million Housing Units project after…

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www.ghbank.co.th

Thousands flock to Government Housing Bank for cheap housing loans

Thousands of people flocked to the head office of the Government Housing Bank (GHB) on Rama 9 Road in Bangkok this morning in order to apply for housing loans to…

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Business operators’ confidence index for November highest in 66 months

Business operators’ confidence index for the month of November peaked to 93.9 points from 92.6 points in October, representing the highest level in 66 months since June 2013. Suphan Mongkonsuthee,…

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AOT board gives go-ahead for second passenger’s terminal at Suvarnabhumi airport

The board of directors of Airports of Thailand (AOT) has given the greenlight for the construction of the second passenger’s terminal at Suvarnabhumi international airport despite earlier demands from leading…

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Central bank ups policy rate to 1.75 — first time in 7 years

For the first time in seven years, the Bank of Thailand on Wednesday increased its policy rate by 25 points to 1.75 percent from 1.50 percent. The Monetary Policy Committee…

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Thai Rath to downsize through voluntary early retirement 

In another sign of worsening troubles for the media industry, mass-circulation Thai Rath newspaper is joining its media colleagues in downsizing its staff through a voluntary early retirement scheme. Thai…

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Supporters hold signs calling for a release of Huawei Technologies chief financial officer Meng Wanzhou outside her bail hearing at British Columbia Superior Courts in Vancouver following her December 1 arrest in Canada for extradition to the US.

Canadian court grants bail to CFO of China’s Huawei

VANCOUVER/BEIJING (Reuters) – A Canadian court on Tuesday granted bail to a top executive of Chinese telecoms giant Huawei Technologies Co Ltd while she awaits a hearing for extradition to…

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Top Huawei executive arrested on US request, clouding China trade truce

VANCOUVER/BEIJING (Reuters) – The daughter of Huawei’s founder, a top executive at the Chinese technology giant, was arrested in Canada and faces extradition to the United States, roiling global stock…

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Visa online service to be launched at Thai consular office in Beijing

Chinese people in Beijing will be able to apply for visa to visit Thailand through online service starting February 15. The e-visa system, jointly launched by the Ministry of Foreign Affairs…

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Tourist arrivals in Phuket increase 10 percent during high season

Tourist arrivals in the famous resort town of Phuket have increased by 10 percent, with more visitors from India though Chinese arrivals have not picked since the Phoenix tourist boat…

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Government to give 1,500 baht/rai cash handouts to oil palm planters

In yet another populist move, the National Oil Palm Committee led by Deputy Prime Minister Prawit Wongsuwan plans to give away 1,500 baht/rai cash handout to 150,000 oil palm planters…

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Prime Minister Gen Prayut Chan-o-cha is greeted by German Chancellor Angela Merkel during his visit to Germany on Wednesday. –Photo from Government House

PM says he wants Thailand to be strategic partner with Germany

Describing Germany as a long-time ally of Thailand dating back to over 150 years, Prime Minister Prayut Chan-o-cha told his German counterpart, Chancellor Angela Merkel that Thailand aspired to become…

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Plane shortage leads to THAI’s 10 percent loss of market share in past 3 months

Thai Airways International has lost 10 percent of its market share in the past three years due to a shortage of aircraft and if it wants to restore the market…

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Tourism business starts to rebound:  Minister Veerasak

The Thai tourism business which was dealt a serious blow since mid-July from a substantial drop of Chinese arrivals over a tourist boat tragedy in the sea off Phuket has…

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Prayut lays out measures to help rubber planters, blames Thaksin government for rubber crisis

Prime Minister Prayut Chan-o-cha has blamed the Thaksin government’s policy in 2004 to promote the expansion of one million rai of rubber plantations for today’s rubber surplus, making Thailand the…

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Chiang Mai’s small hotels on sale due to falling Chinese tourist arrivals

A fallout from declining tourist arrivals, especially Chinese since the Phoenix tourist boat tragedy in mid-July, has forced more than 10 small hotels and hostels in Chiang Mai to put…

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Cabinet agrees to inject 18.6 billion baht to help rubber planters and tappers

The Cabinet on Tuesday approved in principle 18.6 billion baht in aid package to help rubber plantation owners and rubber tappers currently affected by falling rubber prices. Under the aid…

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Growth rate for 3rd quarter drops but to rebound in last quarter:  NESDB

Economic growth rate for the third quarter was registered at 3.3 percent – down from 4.6 percent during the second quarter, but the growth rate for the fourth quarter is…

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World’s biggest glass-bottomed skywalk unveiled in Bangkok

King Power International Group has unveiled what is billed as the world’s biggest glass-bottomed skywalk located on the rooftop of the 78-storeyed King Power Mahanakhon building on Narathiwat Road in…

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Thailand should learn to adjust its sail to cope with China: former envoy

Former Thai ambassador to China Viboon Koosakul has suggested that Thailand learn to make adjustments to accommodate modern China which is now entering an era of innovation. Viboon described China’s…

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A screen shows the gross merchandise volume, a measure of sales, after 2 seconds of Singles Day sales, as it reaches about 1,437,752,505 USD during the 2018 Tmall 11:11 Global Shopping Festival gala in Shanghai early on November 11,

Alibaba Singles’ Day smashes $25 billion sales record

SHANGHAI (Reuters) – Chinese e-commerce giant Alibaba Group Holding Ltd smashed the 2017 record for its Singles’ Day sales event on Sunday, surpassing 168 billion yuan ($24.15 billion) sales in…

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Jiaravanon family member buys Fortune magazine

Thai businessman Chatchaval Jiaravanon, a member of one of Thailand’s richest families, has  bought Fortune magazine for US$150 million through his wholly-owned company, Fortune Media Group Holdings Limited. Fortune magazine…

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Business leaders welcome political timeline

Business leaders today welcomed the announcement of political timeline by Deputy Prime Minister Wissanu Krea-ngarm on Thursday. Federation of Thai Industries president  Suphan Mongkolsuthee said the election which is to…

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7-Eleven store chain announces intention to reduce and to end use of plastic bags

CP All Public Company, the sole operator of 7-Eleven convenience store chain, on Wednesday announced its declaration of intention to reduce and, eventually, to end the use of single-use plastic…

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Alibaba’s Ma calls US-China trade war ‘most stupid thing in this world’

SHANGHAI (Reuters) – The US-China trade war is the “most stupid thing in this world,” Jack Ma, the chief of Asia’s most valuable public company, Alibaba Group Holding Ltd, said…

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Tourism revenue next year may drop by 50 billion baht as growth target missed

The Tourism Authority of Thailand’s projection of 11.5 percent growth in tourist arrivals next year may not be met, resulting in a revenue loss of about 50 billion baht unless…

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PM pleased with World Bank’s assessments of Thailand’s performance in Doing Business Report 2018

Prime Minister Prayut Chan-o-cha is satisfied with Thailand’s latest rankings in the World Bank’s Doing Business Report 2018. Government spokesman Putthipong Punnakan said today that the prime minister was pleased…

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Anti-graft body asks PM to impose “integrity pact” in bidding for duty-free shops at Suvarnabhumi airport

The Anti-Corruption Organization of Thailand (ACT) has urged Prime Minister Prayut Chan-o-cha and the Public Section Anti-Corruption Commission to impose “integrity pact” in a new round of auction to choose…

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4 EEC-related mega-projects endorsed by the Cabinet

The Cabinet on Tuesday gave nod to four mega-projects related to the Eastern Economic Corridor (EEC) at its meeting in the northern province of Chiang Rai. The four project, namely…

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DTAC wins 900-MHz spectrum license for 38 billion baht

DTAC TriNet, a subsidiary of Total Access Communication, won the auction for a 900 megahertz licence uncontested with a bid at 38,064 million baht at the National Broadcasting and Telecommunications…

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Trade war drives China’s investment in Asean to triple

The US-China trade war is driving China to turn to invest even more in Asean and the investment value is projected to surge to 16 trillion baht in the next…

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