Business

Four major Thai banks, including Thai Military Bank, Bank of Ayudhya, CIMB Thai Bank, and Bangkok Bank, have decided to close their branches in Laos.

Key TakeawaysFour major Thai banks are closing branches in Laos due to stricter regulations and decreased business activities.The banks cited tighter regulations imposed by Lao authorities, increased operating costs, and a decline in cross-border trade and investments as reasons for their withdrawal.While some major Thai banks continue to operate in Laos, others are reassessing their business strategies and closing branches that are not meeting targeted returns.

The branches to be closed are Thai Military Bank’s Vientiane branch, Bank of Ayudhya’s Savannakhet branch, CIMB Thai Bank’s Vientiane branch, and Bangkok Bank’s Pakse branch in Champasak province.

Bangkok Bank had opened a second branch, in Pakse, on January 5, 2016 to expand services to southern Laos and the Emerald Triangle.

However, Bangkok Bank, B…

China's economic slowdown has raised concerns among global leaders and economists. Despite experiencing significant growth over the past few decades, recent data indicates a decline in growth rates. This has sparked discussions on the impact of the slowdown on the global economy and potential strategies to address the issue. Key Takeaways: - The slower growth in China's real estate sector and debt problems could potentially lead to an economic crisis that impacts the global and Thai economy. - China's growth is being hindered by factors such as slowing investment, a drop in domestic consumption, strict import and export restrictions, high public debt, and the risk of deflation. - Thailand's export sector is already slowing down due to global recession and geopolitical uncertainty, and China's slowdown will further reduce revenue from trade and tourism. - Concerns are growing over the potential contagion effect of China's economic slowdown, especially for Hong Kong and Singapor…

The Thailand Privilege Card Company Limited (TPC) is celebrating its 20th anniversary with a rebranding effort and the introduction of four new membership packages.

Key TakeawaysThe Thailand Privilege Card Company Limited (TPC) is celebrating its 20th anniversary by introducing four new membership packages catering to different types of visitors and investors, including workcation travelers, retirees, and expatriates.The new TPC membership packages offer exclusive privileges such as premium airport assistance services, lounge access, limousine transfers, and personal liaison services in multiple languages.TPC has experienced significant growth, with 11,500 new members and 7.5 billion Baht in revenue in 2023, and is focusing on expanding its presence in key markets such as China, Japan, the US, and emerging markets like India and the GCC countries.

The packages are designed to cater to frequent visitors, digital nomads, expatriates, and retirees. The company is focusin…

King Maha Vajiralongkorn of Thailand has reduced the prison sentence of former prime minister Thaksin Shinawatra from eight years to one.

Key TakeawaysThailand’s King has reduced the sentence of former prime minister Thaksin Shinawatra from eight years to one, citing his age, illness, remorse, and loyalty to the monarchy.Thaksin’s return from exile and his party’s coalition with military-royalist opponents have stirred controversy and angered supporters, leading to the sidelining of the pro-reform Move Forward party.While some supporters welcome the reduced sentence for Thaksin, others argue that justice should be served equally, highlighting the ongoing issue of lese majesty charges and the suppression of dissent in Thailand.

The decision, published in the royal gazette, cited Thaksin’s acceptance of his crime, remorse, age, and illness as reasons for the reduction. Thaksin, who recently returned from self-imposed exile, will now be able to contribute his knowledge a…

Thailand is planning to sue Facebook over scams that exploit the platform, potentially leading to a nationwide shutdown.

Key Takeaways Thailand is preparing to sue Facebook over scammers exploiting the platform, potentially leading to a nationwide shutdown due to the significant financial losses suffered by local users. The majority of online scamming complaints in Thailand involve Facebook, costing users over $100 million, prompting the government to insist on greater responsibility from the platform. While shutting down Facebook would have unintended consequences and hinder the country’s digital economy, the government believes a lawsuit is necessary to address the clear evidence of the platform’s involvement in scams.

The scams involve fake advertisements and endorsements, resulting in millions of dollars in losses for Thai users. Of the online scamming complaints filed in Thailand last year, 70-80% involved Facebook.

The country’s government believes Fa…

Srettha Thavisin, a former real estate tycoon, has been elected as the 30th prime minister of Thailand.

Key TakeawaysSrettha Thavisin, a former real estate tycoon, has been elected as the 30th prime minister of Thailand with overwhelming support from members of parliament and senators.Despite initially pledging not to form a coalition with certain parties, the Pheu Thai party had to renege on their promises in order to secure as many votes in the House as possible.Srettha, who lacks political experience, emphasized the need to prioritize the country’s economy, inequality, and create hope for the younger generation.

He received strong support from members of parliament and senators in a joint sitting, with 482 votes in favor, 165 against, and 81 abstentions. Srettha, who is not an MP, is one of the Pheu Thai party’s three prime ministerial candidates.

Despite promising not to partner with certain parties during the campaign, the Pheu Thai Party had to renege on t…

The delay in the formation of the new government amid high levels of household debt, living costs, and interests as well as a slowdown in exports have resulted in the Thai Industries Sentiment Index (TISI) dropping to its lowest level in 10 months.

The index stood at 92.3, having declined from the prior month due to a slowdown in demand for goods and in the manufacturing sector.

Key TakeawaysThe delay in the formation of a new government in Thailand has contributed to a drop in the Thai Industries Sentiment Index due to factors such as high household debt, living costs, and interest rates.The fragile global economy and a slowdown in exports are adding to the concerns, with Thailand’s exports declining for nine consecutive months and the lower-than-expected growth of the Chinese economy posing risks.The private sector is urging for a quick formation of the new government, along with the issuance of economic rehabilitation and stimulation policies to boost investor …

Chinese automaker BYD has announced that it has reached a milestone of producing five million cars, a growth rate usually associated with the digital economy rather than the automotive industry.

Key Takeaways Chinese electric vehicle manufacturer BYD has reached a milestone of five million vehicles sold, achieving rapid growth primarily driven by the strong demand for electric vehicles in China. BYD took 13 years to sell its first million vehicles, but then managed to double that number in just six months, and reach the five million mark in a total of nine months. While the majority of BYD’s sales are within China, the company is expanding its presence in international markets and recently launched a new brand to directly compete with German premium car manufacturers.

It took BYD 13 years to sell its first million vehicles, but only six months to double that number, and an additional nine months to reach five million. The majority of this achievement was made in …

The Bank of Thailand has raised its key interest rate to a nine-year high of 2.25% due to concerns about rising prices.

Key Takeaways The Bank of Thailand raised its key interest rate to 2.25%, citing concerns about upside risks to prices and the need to ensure inflation stays low in the long term. Despite easing inflation and a forecasted steady economic expansion driven by tourism and private consumption, policymakers remain cautious due to weak exports, domestic political uncertainty, and the potential impact of a severe El Nino episode on food prices. The central bank expects inflation to rebound in the second half of the year after temporary factors dissipate, but analysts believe this rate hike will likely be the last for now, considering the downside risks to growth and subdued inflation.

Despite inflation easing and falling below the central bank’s target, policymakers aim to ensure it remains low. The central bank expects the econo…

The Stock Exchange of Thailand (SET) has announced a collaboration with various entities in the capital market sector, business organizations, and government agencies to fight against investment fraud.

The collaboration aims to exchange information, detect fake news, and raise public awareness about investment scams.

Key TakeawaysThe Stock Exchange of Thailand and various entities in the capital market sector have formed a collaborative initiative to fight against investment fraud and educate the public about scams.The initiative aims to exchange information, detect fake news, and provide knowledge to build immunity among investors and the public to prevent them from falling victim to scammers.The collaboration includes government agencies, business organizations, and industry experts who will work together to develop efficient processes to stop fraudulent investment cases and protect individuals from financial and investment fraud.

The initiative includes semin…