Business

Thailand’s ECI for the third quarter is expected to decline further

Thailand’s household economic condition index (ECI) for the third quarter of this year is likely to drop further due to an ongoing global economic slowdown, which has impacted the domestic…

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Fiscal Policy Office cuts policy rate to 1.25% to boost declining economy

The Fiscal Policy Office of the Bank of Thailand voted 5:2 on Tuesday to slash the benchmark policy rate by 25 points to 1.25% with immediate effect in a bid…

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India’s Prime Minister Narendra Modi attends the 3rd Regional Comprehensive Economic Partnership (RCEP) Summit in Bangkok on November 4, 2019, on the sidelines of the 35th Association of Southeast Asian Nations (ASEAN) Summit. (Photo by Manan VATSYAYANA / AFP)

India mulls trade pact with US in “strategic shift”

A day after opting out of the Regional Comprehensive Economic Partnership (RCEP), the Indian government said on Tuesday is was exploring a trade agreement with the US, according to the…

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Revenue Dept. uses ‘carrot and stick’ to encourage dodgers to pay taxes

Thailand’s Revenue Department is employing a ‘carrot and stick’ approach to persuade about three million income-earners and about 140,000 entrepreneurs, who have never paid income taxes, to pay up. Revenue…

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US agrees to consider Thailand’s request for a review of GSP cuts

The United States has agreed to consider Thailand’s request for a review of the suspension of trade preferences for Thai exports, under the Generalized System of Preferences (GSP) program, in…

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Rayong steel company suspends operations due to lack of demand

Nippon Steel Steel Processing (Thailand) Company, in Rayong province, has announced a temporary suspension of its operations starting November 9th, citing a steady drop in sales. The Thai affiliate of…

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DSI reviewing prosecutor’s decision not to indict developer Anant Asavapokin

Thailand’s Department of Special Investigation (DSI) is considering whether to oppose a decision by the Office of the Prosecutors for Special Cases not to indict a real estate developer charged…

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Thai exports brace for more challenges despite limited impact from GSP cut

Although the immediate impact from the US decision to suspend the Generalized System of Preferences (GSP) on Thai exports is limited, the prospects of Thailand’s outbound shipments to the US…

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Credit Photo :forest.go.th

Tighter controls expected on the trade in arum roots and saplings

Thailand’s Royal Forest Department is tightening controls on the trade in arum (Amorphophallus) roots and saplings after it was learned that some Chinese traders have stockpiled huge quantities to be…

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Vietnam emerges as a beneficiary of the US trade war with China

The prolonged trade war between the US and China has prompted a number of companies to move out of China to avoid the punitive tariffs and Vietnam has emerged as…

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Thai Commerce Ministry will appeal to the US for a review of GSP decision

Thailand is to ask the United States to reconsider removal of trade preferences for Thai exports under the Generalized System of Preferences, Commerce Minister Jurin Laksanavisit said today (Sunday). He…

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400 workers laid off as their tyre canvas factory closes

About 400 workers have been laid off, effective today (Friday), after the of SRF Industries (Thailand) Company’s tyre canvas production plant, in the Map Taput industrial estate in Thailand’s eastern…

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photo from Reuters

HSBC, StanChart results to show Hong Kong protests are starting to gnaw

HONG KONG/LONDON (Reuters) – HSBC Holdings Plc (HSBA.L) and Standard Chartered Plc (STAN.L) are set to show early signs of strain from anti-government protests in Hong Kong, the single-biggest profit…

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Will the government’s domestic travel measures persuade travelers to pack their bags?

While the other economic engines are losing steam, the government hopes to use the tourism sector to boost the country’s economic growth. Recently, the government announced additional measures to promote…

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CP led consortium to sign contract for high-speed train airport project

Prime Minister Prayut Chan-o-cha will, this afternoon, preside over the signing of a public-private-partnership (PPP) contract between the State Railway of Thailand (SRT) and the Charoen Pokphand Group-led consortium for…

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Phase 2 ‘Chim-Shop-Chai’ scheme attracts brisk response

Phase 2 of the Government’s “Chim-Shop-Chai” (Eat, Shop, Spend) scheme attracted a massive response when it was launched this morning at 6am, with its quota of 500,000 subscribers being achieved…

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Five tips for online business to succeed

Nowadays, e-commerce presents a tremendous opportunity for aspiring entrepreneurs as they don’t have to invest a lot of money setting up a store or paying expensive rental fee. Technology disruption…

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TG president warns airline on brink of collapse, staff must work harder

Thai Airways International president Sumeth Damronchaitham has admitted, for the first time, that the national flag carrier is in deep financial crisis, to the extent that it may have to…

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photo from AFP

China’s growth slows to 6% in third quarter, weakest in 27 years

China’s economy expanded at its slowest rate in nearly three decades during the third quarter as it was hit by the long-running US trade war and cooling domestic demand, data…

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Chinese Vice Premier Liu He accompanied by U.S. Trade Representative Robert Lighthizer, left, and Treasury Secretary Steven Mnuchin, greets the media before a minister-level trade meetings at the Office of the United States Trade Representative in Washington, Thursday, Oct. 10, 2019. (AP Photo/Jose Luis Magana)

Trump says US-China trade talks are ‘going very well’

WASHINGTON (AP) — President Donald Trump offered an upbeat assessment of U.S.-China trade talks and said he would meet at the White House on Friday with the leader of the…

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The private sector cuts economic growth forecast to 2.7-3% from 2.9-3.3%

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) agreed today to lower down the economic growth projection (GDP) to 2.7-3% from 2.9-3.3% due to weakening economic growth during…

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Photo from Hendrik Will

Global problems, housing and land shortages : Is there a solution?

Bangkok, like other major cities around the world, is getting bigger, in terms of population. Bangkok has the highest population density in Thailand, with approximately 5.6 million people residing in…

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The US-China trade war leads to an increase of FDIs in Thailand

The escalation of the US-China trade war has prompted Chinese and Hong Kong investors to move to Thailand.  In the first half of this year, they altogether sought approvals for…

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Photo from Min An

Spending on Vegetarian festival in Bangkok is up 2.4% from last year

Bangkokians are expected to spend around Bt4.76 billion during the annual vegetarian festival this year. Although the figure is up 2.4 percent from last year, the growth is weaker than…

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Superstitious beliefs play a crucial role in Thai consumers and business decisions

Thais don’t only rely on charts and grafts when it comes to financial decisions, but also lucky charm or superstitious objects to encourage them to take risks. Of course, superstitious…

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Low-income workers will be hard hit by a drop of exports

The falling Thai exports will hurt low-income workers the most as manufacturers are expected to hire less and cut overtime employment, affecting the purchasing power of these grassroot segment. The…

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PM says Thailand aiming to become a high income country in 17 years

Thailand is aiming to become a country with high average income in the next 17 years, Prime Minister Prayut Chan-o-cha told his audience at a hotel in New York yesterday….

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Central bank cuts growth projection to 2.8 percent but retains policy rate at 1.5 percent

The Bank of Thailand has slashed the country’s economic growth projection for this year to 2.8% from 3.3% and the projection for next year from 3.7 % to 3.3%. The…

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(Photo) Facebook/Finance Minister Uttama Savanayana

1,000-baht cash handout for domestic tourism gets positive feedback

Finance Ministry boasts positive feedback of “Eat, Shop, Spend” handout program or  Bt1,000 cash giveaway, saying that more than 1 million people have signed up to participate in the program…

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One million people register on first day of Chim-Shop-Chai program today

A total of a million people have registered to join the government’s Chim-Shop-Chai (Taste-Shop-Spend) program, under which each of them will receive a 1,000 baht giveaway to be spent between…

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Lesson for Thailand: How a small Danish island ends fossil fuel use

The first thing visitors approaching the small Danish island of Samso would notice are the white wind turbines rising out of the sea waters.  And the closer they get, more…

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Advice from digital nomads in Chiang Mai to the newcomers

In today’s world the tremendous advances in digital technologies have allowed people to work from anywhere in the world; by the seaside, up a mountain or near the tranquil river,…

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Thailand’s inflation rate may increase as oil prices surge after Saudi drone attacks

Higher global crude oil prices following Saudi oil attacks may increase Thailand’s inflation rate this year by 0.3 percent, according to Kasikorn Research Center. The think tank made an assessment…

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Energy Policy Board to discuss contingency plan to cope with global oil situation

Thailand’s Energy Policy Board has scheduled a special meeting on Tuesday to discuss measures to cushion the impacts from oil price increases on the cost of living, following drone attacks…

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FTI hopes for further cut in policy interest rate to tame strong Baht

The Federation of Thai Industries (FTI) is hoping that the Monetary Policy Committee of the Bank of Thailand will make another cut in the policy interest rate, currently set at…

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Future of energy: What Thailand can learn from Finland, Denmark

Besides being among the world’s happiest nations, Finland and Denmark have another thing in common: They are both equally ambitious to become the world’s first carbon-free country. Finland’s left-leaning coalition…

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(Photo by Tolga AKMEN / AFP)

Hong Kong Stock Exchange unveils shock £32bn bid for London rival

(AFP) The Hong Kong Stock Exchange has bid almost £32 billion for its London rival in a shock move Wednesday to bring together two of the world’s largest financial hubs…

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Most poll respondents doubt charter amendments would help boost economy

Most poll respondents do not believe that Thailand’s economy will improve if the Constitution is amended because they are unrelated issues. Meanwhile, some insist that economic improvement rests with the…

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China’s exports fall in August as US trade war rumbles

China’s exports fell by 1.0 percent on-year in August, official data showed Sunday, amid a bruising trade war with the US that has roiled markets in the world’s top two…

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US, China to resume trade talks in Washington in October

(AFP) US and Chinese trade negotiators will resume talks in Washington in early October, Beijing said Thursday, after new punitive tariffs raised fears of a breakdown in the protracted negotiations….

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Lending guidelines planned to reduce Thailand’s household debt

Thailand’s commercial banks have recently agreed, in principle, with the Bank of Thailand to set lending guidelines by limiting a borrower’s debt-to-service ratio (DSR) to 70%, for those earning up…

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(Photo) Korn Chatikavanich/Facebook

Ex-finance minister Korn disagrees with using taxpayers’ money to rescue debt-ridden THAI

Former Finance Minister and Democrat list MP Korn Chatikavanich has voiced his concern over the financial crisis facing Thai Airways International and, at the same time, has objected to any…

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Thailand’s second quarter growth rate lowest in 19 quarters

Thailand’s economic growth rate for the second quarter of this year registered at 2.3%, compared to 2.8% for the first quarter, which is the lowest in 19 quarters, said Mr….

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THAI struggling with huge debt, executives asked to take voluntarily pay cut

Thai Airways International, the national flag carrier, appears to be in a deep financial crisis and may have to delay debt repayments or seek new loans. THAI president Sumet Damrongchaitham…

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(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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