Business News
Stay abreast of the ever-changing Business News in Thailand through our comprehensive coverage of local and international business events, market trends, and economic updates. We provide reliable analysis, in-depth features, and expert insights on the most relevant business stories, including issues affecting Thailand’s stock market, foreign investment, and entrepreneurship. Track the business world’s pulse as we inform you of crucial developments shaping Thailand’s economic landscape.
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EU regulators apply old laws to control AI as new rules take years to enforce
The rapid development of artificial intelligence (AI) services like ChatGPT has led regulators to rely on existing laws to control a technology that could transform societies and businesses. The European Union is working on new AI rules to address privacy and safety concerns associated with generative AI technology, such as OpenAI’s ChatGPT. However, it will take several years for the…
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China bans US Micron chips, escalating global chip industry risks
China’s recent ban on certain sectors using chips from United States-based Micron Technology has highlighted the potential risks faced by the global chip industry amidst rising Sino-US trade tensions. The move against Micron, the largest US memory chipmaker, is widely perceived as retaliation for Washington’s attempts to limit Beijing’s access to crucial technology. This comes as the Group of Seven…
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Thailand unemployment rate drops to 1.05% as tourism industry rebounds
Thailand witnessed a decrease in its unemployment rate during the first quarter, reaching a three-year low of 1.05%, down from 1.15% in the final quarter of 2022, according to the state planning agency’s announcement on Monday. The improvement is attributed to the strengthening recovery of the vital tourism industry. The nation’s economy, which is the second-largest in Southeast Asia, experienced…
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China cybersecurity watchdog fails Micron, urges halt on chip purchases
China’s cybersecurity watchdog has announced that US semiconductor company Micron failed its national security review, urging operators of “critical information infrastructure” to cease purchasing its products. This marks a new development in the ongoing chip dispute between the US and China, with the US seeking to limit Beijing’s access to advanced semiconductors. In March, Chinese authorities initiated a review of…
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Thai pro-democracy coalition faces obstacles amid conservative backlash
Pro-democracy parties in Thailand are facing resistance in their efforts to form a government following their historic win in the recent general election. The Move Forward Party (MFP), led by prime ministerial candidate Pita Limjaroenrat, has expanded its coalition to eight parties with 313 members. However, to form a government without relying on the military-appointed Senate, the bloc needs 376…
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Meta reveals in-house AI chip family for data centre upgrades
Meta Platforms recently unveiled its in-house custom chip “family” aimed at enhancing artificial intelligence (AI) work. The company developed its first-generation chip in 2020 as part of the Meta Training and Inference Accelerator (MTIA) programme, to improve efficiency for recommendation models used in serving ads and other content in news feeds. The first MTIA chip was designed exclusively for an…
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Thai bourse rebounds as Move Forward Party forms coalition government
The Stock Exchange of Thailand (SET) made a positive comeback yesterday, following three days of decline in the aftermath of Sunday’s election. The victorious Move Forward Party (MFP) revealed their plan to form a coalition government with 313 members of parliament. Encouraged by the easing of political concerns and the MFP’s prospects of forming a government, local investors responded positively.…
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Mall Group resumes Gourmet Market expansion as consumer spending rebounds
The Mall Group Co, a leading retail operator in Thailand, is set to resume the expansion of its Gourmet Market branches this year, as consumer spending shows signs of recovery in the wake of the pandemic. The company has invested 100 million baht in opening a stand-alone Gourmet Market branch at Design Village Bangna on May 7, after a three-year…
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True Axion, TV Tokyo join forces to boost Thai gaming industry globally
A strategic partnership between True Axion Interactive and TV Tokyo Corporation aims to propel the Thai gaming industry onto the international stage. True Axion Interactive, a joint venture between True Corporation and Canada’s Axion Ventures, will collaborate with the Japanese TV station renowned for its anime content to develop anime-style games, a genre gaining global popularity. The first project under…
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Vimut Hospital expands services targeting elderly as Q1 revenue surges 69%
Vimut Hospital witnessed a remarkable 69% year-on-year increase in revenue, reaching 412 million baht in this year’s first quarter. The revenue growth was driven by 186 million baht from hospital operations and an additional 226 million baht from their share in Theptarin Hospital. According to Somsak Akksilp, Vimut Hospital’s chief executive, revenue from non-Covid-19 treatments saw an increase of over 90%.…
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Honor aims for top three spot in Thai smartphone market within three years
Chinese smartphone manufacturer Honor aims to secure a position among the top three brands in the Thai market within the next three years. To achieve this, the company plans to focus on heavy marketing investments and related activities. Sutida Mongkolsuthree, CEO of Synnex (Thailand), the sole distributor of Honor mobile phones in Thailand, believes that the overall market share of…
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Thailand aims for 80% global trade coverage with new FTAs by 2027
Thailand is aiming to expand its free trade agreements (FTAs) to cover 80% of its global trade with over 50 countries by 2027, according to Auramon Supthaweethum, director-general of the Trade Negotiations Department. The department is exploring the feasibility of establishing new FTAs with various countries and trade blocs, including Israel, Bhutan, South Korea, the Pacific Alliance, the Southern African…
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Tourism boom shields Thailand’s economy amid political uncertainty
As political uncertainty continues to loom over Thailand, the country’s economy is receiving a much-needed boost from the significant increase in foreign tourists. In the first quarter of 2023, Thailand welcomed 6.5 million visitors, a stark contrast to the 498,000 recorded in the same period a year earlier. This surge in tourism is expected to help bolster the nation’s economy,…
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Thai Airways – Thai Smile merger gets green light
Debt-ridden Thai Airways International (THAI) will merge its subsidiary Thai Smile into its main company as part of its overall restructuring plan. The merger is set to be completed this year. THAI reported that their creditor’s committee gave the merger the green light yesterday. Now, the plan will be put before Transport Minister Saksayam Chidchob and the Civil Aviation Authority…
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Nitori flagship store to open at CentralWorld in August
Central Pattana Plc, a leading real estate developer, has announced plans to open a flagship store for Nitori, a popular Japanese furniture and home furnishings brand, at CentralWorld in August. The new Nitori store will occupy over 2,600 square metres of space in Zone I on the mall’s fifth floor. The Japanese brand also has plans to open a second…
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Micron to invest £3.7bn in Japan’s EUV tech for advanced chip production
Micron Technology revealed planned yesterday to invest up to 500 billion yen (US$3.7 billion) in extreme ultraviolet (EUV) technology in the coming years, supported by the Japanese government. The advanced EUV lithography chip-making machines will be utilised to manufacture 1-gamma chips, which are essential for the mass production of materials used in complex applications such as image processing networks. The…
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Boeing launches Cascade tool to aid zero-emission aviation by 2050
Boeing Co has introduced a data modelling tool, Cascade, designed to assist airlines and policymakers in determining the most efficient route to achieve zero aviation emissions by 2050. The tool enables users to manipulate various variables, such as the adoption of sustainable fuels or electric propulsion, the replacement of older aircraft, operational enhancements, and other advanced technologies, to better comprehend…
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Tesla to embrace advertising, Musk hints at unique approach
Elon Musk has announced plans for Tesla Inc to venture into traditional advertising, marking a significant shift for the electric vehicle (EV) manufacturer that has previously relied on its CEO’s star power and customer enthusiasm. Speaking at the company’s annual meeting, Musk stated that Tesla would “try out a little advertising and see how it goes.” The news led to…
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FTX founder eyes Supreme Court ruling in bid to dismiss fraud charges
FTX founder Sam Bankman-Fried is seeking to use a recent Supreme Court ruling to strengthen his defence against fraud charges related to the collapse of his cryptocurrency exchange. However, legal experts have suggested that the chances of having the charges dismissed remain low. Bankman-Fried requested on May 8 that most of the charges against him be dropped, arguing that some…
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Montana becomes first US state to ban TikTok over Chinese surveillance fears
Montana becomes the first US state to ban the Chinese-owned TikTok app, with Governor Greg Gianforte signing legislation that prohibits Google and Apple’s app stores from offering it within the state’s borders. The ban is set to take effect on January 1, 2024. TikTok, which has over 150 million American users, has faced increasing calls for a nationwide ban due…
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Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
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AIS resumes HBO partnership, offers affordable streaming via AIS Play app
Advanced Info Service (AIS) has renewed its collaboration with global content provider HBO, making content available to customers through the AIS Play mobile app and AIS Playbox set-top box platform at competitive rates. Pratthana Leelapanang, Chief Consumer Business Officer at AIS, stated that the move aims to capitalise on the growing market for streaming services, encompassing both short-form and long-form…
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Biden and McCarthy near deal to avoid US debt default
United States President Joe Biden and leading congressional Republican Kevin McCarthy moved closer to striking a deal to avert the impending US debt default yesterday. Despite the two sides remaining far apart on an agreement to increase the debt ceiling, McCarthy expressed optimism that a deal could be reached by the end of the week. While Democrats were less positive…
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Etix Itel Bangkok invests US$20m in data centre expansion amid cloud services boom
Etix Itel Bangkok Co, the company behind the ETIX Bangkok#1 data centre, is set to invest nearly US$20 million in expanding its capacity to meet the increasing demand for cloud services and digital transformation in Thailand. The growth of the digital economy in the country has been bolstered by global cloud providers investing in the region. Nuttanai Anuntarumporn, CEO of…
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Singapore’s key exports drop for seventh month amid electronics slump
Singapore‘s non-oil domestic exports (NODX) suffered a decline for the seventh consecutive month, with a 9.8% drop in April compared to the same month last year. This is according to data from Enterprise Singapore, which also revealed an 8.3% contraction in March. The decline in April was worse than the 9.4% drop predicted by a Reuters poll. The slump in…
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FTI urges swift Thai coalition to back high-tech hub and green growth
The Federation of Thai Industries (FTI) is preparing a position paper outlining the economic policies favoured by businesses, with plans to submit it to the newly formed government once it takes office. Montri Mahaplerkpong, the FTI vice-chairman, stated that the paper is in its final stages and should be approved by the end of the month. The document will highlight…
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Tesla to test traditional advertising, Elon Musk reveals irony
In a surprising move, Tesla CEO Elon Musk announced today that the electric vehicle manufacturer would experiment with advertising to evaluate its effectiveness. This decision comes as a notable shift for Musk, who has previously shunned traditional advertising methods for Tesla. Interestingly, Musk’s recent acquisition of Twitter, a platform heavily reliant on advertising, may have influenced his change of heart.…
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Thailand’s economy defies global recession fears with post-election boost
Thailand’s economy is predicted to gain momentum during the last three quarters of this year, despite the looming threat of a global recession, partly due to the boost from the May 14 General Election, according to analysts. The country’s GDP growth for the first quarter was 2.7% year-on-year, surpassing the expected 2.3% and marking an improvement from the 1.4% growth…
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AI revolutionising search engines, shifting from links to direct answers
The online search experience, which has been dominated by Google for the past 25 years, is set to undergo a significant transformation as artificial intelligence (AI) reshapes the way users seek answers to their questions. AI-powered chatbots like ChatGPT, Bard, and Bing are revolutionizing the classic search-and-click method, enabling users to receive direct answers to their queries rather than sifting…
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Thai tycoon’s firm doubles spending amid tourism boom and economic growth
Asset World Corporation, the property and hotel development unit owned by Thailand‘s wealthiest individual, is set to more than double its spending on acquisitions and development of hotel resorts and commercial properties this year due to the tourism boom. The company plans to invest over 20 billion baht (US$590 million) in 2023, up from around 10 billion baht last year,…
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