Business

(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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Another Bt50bn to be injected for grassroots economic stimulation

In a bid to cope with an expected slowdown in global economic growth next year, Deputy Prime Minister Somkid Jatusripitak has instructed the Finance Ministry to inject another  50 billion…

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AI, big data technology used in pilot project to ease Bangkok’s traffic congestion

Four main roads in Bangkok are included in a five-year pilot project aimed at easing traffic congestion in the capital with the help of artificial intelligence (AI) and big data…

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Sudarat affirms Phue Thai’s stance against pro-regime camp

Key Pheu Thai Party figure, Khunying Sudarat Keyuraphan, has insisted the party would not be ready to work with Gen Prayut Chan-o-cha if he happens to stay in power after…

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Bank of Thailand Governor Veerathai Santiprabhob with Chairman of Indonesia’s Financial Services Authority Board of Commissioner Wimboh Santoso after signing a Memorandum of Understanding (MOU) on banking supervision in Nusa Dua, Bali, Friday. — Photo from Public Relations of Financial Services Authority.

Thailand, Indonesia to strengthen banking supervision

Bank of Thailand and  Indonesia`s Financial Services Authority signed a memorandum of understanding (MoU) committing efforts to strengthen banking supervision in both countries. Antara News reported that the MoU was signed…

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FM dismisses rumours of quota of visas for Chinese tourists

The Thai Foreign Ministry has dismissed rumours that Thailand is imposing a limited quota of visas for Chinese visitors to Thailand. The ministry had checked with the Thai embassy in…

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Energy committee rejects takeover of GLOW by PTT’s subsidiary

PTT Public Company’s attempt to take over Glow Energy Company or GLOW has been blocked by the Energy Regulatory Commission.   An informed source said the commission on Wednesday decided…

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IMF raises economic forecast for Thailand, trims Asean’s outlook

The International Monetary Fund (IMF) has raised its projection of Thailand’s economic growth for this year to 4.6% from 3.9% last year, while cutting the economic growth forecast of Asean….

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Over 400 flights delayed at Suvarnabhumi airport after THAI plane skidded off runway

Altogether 448 flights arriving at and departing from Suvarnabhumi international airport on Tuesday were delayed after a THAI Boeing 744 plane skidded out off the runway and with some of…

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Japan’s Prime Minister Shinzo Abe delivers a speech next to Myanmar’s State Counsellor Aung San Suu Kyi during a joint press announcement for the 10th Mekong-Japan Summit at the Akasaka Palace state guest house in Tokyo on Tuesday, as Cambodia’s Prime Minister Hun Sen , Laos Prime Minister Thongloun Sisoulith, Thailand’s Prime Minister Prayut Chan-o-cha and Vietnam’s Prime Minister Nguyen Xuan Phuc look on.

New Mekong strategy aims to boost quality infrastructure

The five Southeast Asian nations along the Mekong River, including Thailand, and Japan today adopted a new three-year strategy centering on improving connectivity through promotion of “quality infrastructure” building for…

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PM Prayut attends 10th Mekong-Japan Summit in Japan

Prime Minister Prayut Chan-o-cha left this morning for Tokyo, Japan, to attend the 10th Mekong-Japan Summit and hold related talks with leaders of Cambodia, Laos, Myanmar, Vietnam and Japan. The…

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20 injured in double decker’s plunge into a roadside ravine

About 20 passengers were injured when a double-decker tour bus collided with a car before plunging into a forested ravine 50 metres below in Wichien Buri district of the central…

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Then US Ambassador Derek Mitchell visits Kachin State in December 2012. – Photo from The Irrawaddy

China taking active moves to counter Western influence in Myanmar: US Report

YANGON (The Irrawaddy) —A recent US report portrays China as seeking privileged access and influence inside Myanmar in order to further its geostrategic interests, while taking steps to counter the…

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Japan and Germany eye Thailand’s train-making factory project

Japan and Germany are interested in investing in Thailand’s new project to build a factory to assemble trains, said Deputy Transport Minister Pailin Chuchottaworn. At this point, he said, the…

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Thailand removed from CITES blacklist of countries affected by illegal trade of ivory tusks

Thailand has been removed from the blacklist of countries affected by illegal ivory trade, said Mr Somkiart Suntornpitakkool, director of the Wildlife and Plants Protection Division, on Friday. He said…

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World Bank projects higher economic growth for Thailand

The World Bank has adjusted its projection of Thailand’s economic growth for the entire year to 4.5%, from the previous projection of 4.1%, said Kiattiphong Ariyapratchaya, a senior economist of…

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Photo: www.eeco.or.th

EEC board approves four more mega infrastructure projects

The government’s committee directing the policy of the flagship Eastern Economic Corridor (EEC) scheme, also known as the EEC board, on Thursday agreed in principle to endorse four more mega…

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Diesel price to go up if global crude oil price rises to US$90-100/barrel

Energy Minister Siri Chirapongphan has hinted that retail price of diesel may be increased above 30 baht/litre if global crude price rises to between 90-100 US dollars/barrel and the 6,000…

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Consumer confidence index drops for first time in four months

Consumers’ confidence index for the month of September dropped slightly to 82.3 from August’s 83.2 – the first time in four months mainly due to a drop in the arrivals…

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Popular Maya Bay closed indefinitely for rehab after serious damage

The closure of Maya Bay, part of an island in Krabi’s Mueang district globally famous after it was picked as the shooting location for the movie “The Beach” in 1999,…

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Inflation in steady rise for 15 consecutive months

Inflation has continued to rise 15 months in a row to an average of 1.14 per cent for the first nine months of this year, said Ms Pimchanok Wornkhorporn, director…

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Japan beats Thailand to become Chinese tourists’ top choice

Japan has overtaken  Thailand to become the top destination for Chinese vacationers during this Golden Week  holiday of China, starting today, according to Ctrip.com, a major tourism website of China….

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PM regrets  assault incident at Don Mueang airport

Prime Minister Prayut Chan-o-cha has expressed regrets over a recent incident at Don Mueang international airport in which a Chinese tourist was assaulted by an airport security guard after the…

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More subsidy injected to freeze retail price of diesel at 30 baht/litre until year end

The Energy Policy Committee has agreed to inject another 70 satang/litre to one baht/litre subsidy from the Oil Fund to freeze the retail price of diesel at 30baht/litre. Energy Minister…

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Tham Luang to offically reopen to public on December 1

The Tham Luang Khun Nam Nang Non in Chiang Rai province which has been closed for renovation to restore its natural environment following the dramatic rescue operations to save the…

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USTR threatens to cut GSP for Thailand over labour, pork issues

The US Trade Representative (USTR) has threatened to cut the Generalized System of Preferences (GSP) for Thailand for failing to fully respond to its previous request for amendments to Thailand’s…

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No extension for the service of ageing passenger vans after September 30

All ageing passenger vans which are over ten years old will be put out of service starting October 1 after the working committee to regulate the service of the vans…

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ADB raises economic outlook for Thailand, cut forecast growth for Asean

The Asian Development Bank (ADB) has raised Thailand’s economic growth forecast this year by 0.5% from a previous forecast in April to 4.5%, while cutting Asean’s economic growth forecast to…

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Credit bureau warns home loan bad debts continue to grow

The National Credit Bureau (NCB) today echoed concerns raised by the Bank of Thailand (BoT) over rising non-performing loans (NPL) in the mortgage sector. The overall NPL rate now stands…

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9 billion baht fund to be sought from Central Fund to help small rubber farmers

The board of Rubber Authority of Thailand will ask for 9 billion baht from the government’s Central Fund to help about 300,000 rubber planters who each owns not more than…

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Only Chevron and PTTEP submit bids for Bongkot, Erawan blocks

US-based Chevron Corp and PTT Exploration and Production (PTTEP) are the only two contenders that submitted their bids for concessions of the Erawan and Bongkot natural gas fields in the…

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Ex-DSI chief Tarit acquitted in malfeasance case filed by Abhisit and Suthep

The Criminal Court on Tuesday acquitted former director-general of the Department of Special Investigation (DSI) Tarit Pengdit and four other police officers from charges of malfeasance filed against them by…

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