Thursday’s news-Oct 17 -

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Economy: Central Bank Cuts Interest Rate/Cutting rate the right move/PM launches economic recovery program/Thai growth upgraded/Industrial sentiment dips/To Review Casino-Entertainment Complex/Surge in foreign investment/Circuit board makers invest/$1.7 billion of soft loans for property sector/Population Change to Transform Real Estate Sector/Upgrade of Lao-Thai border crossing/Satellite launch base/Thailand News: Monsoon brings heavy rain/Leopard spotted in Kaeng Krachan/iCon Group suspects incarcerated/The businesses of the The iCon Group/Lisa lights up Victoria’s Secret/Pattaya Plans Traffic Overhaul/Blackchin tilapia sauce/Coconut crisis leads to prices soaring/Researchers discover four new plant species/Chaiyaphum man wins lottery/Tourism: Rate Cut Offers Boost to Tourism/High-end Hotels Plan Rate Hike/’Half-Price Travel’ Offered/Developer increases mall investment/Vegetarian Festival must evolve/Phuket Airport To Boost Capacity/Indonesian tourists dodge fire disaster/Thailand Experience: Chon Buri’s 153rd buffalo race/China National Opera House/Climate Thailand: Clean energy plan to generate Bt2.9 trillion/The Charging Infrastructure Challenge/Mangrove restoration plans/FedEx Expands Electric Vehicle Fleet/Talks with Laos focus on renewables/Activists call for climate change laws/Links: Calendar of events/Airport schedule/Bangkok airport bus schedule/Hua Hin-Pattaya bus schedule/Air pollution index map/90-day online report/driver’s license/Market Village and Bluport cinemas/Emergency numbers

Thailand’s Central Bank Cuts Interest Rate to Boost Economic Growth

Thailand’s central bank has surprised markets with an unexpected decision to cut its key interest rate by 25 basis points, reducing it from 2.5% to 2.25%. The move comes after five consecutive meetings where the rate was held steady, and amid persistent calls from the government for monetary easing to support a sluggish economy.

Despite inflation remaining below target, the decision aims to address the rapid appreciation of the baht and ease the debt burden faced by households. Continued …

Cutting policy rate the right move: Thai private sector

The Thai private sector says the Bank of Thailand (BOT)’s cutting of the policy rate by 25 basis points, from 2.50% to 2.25% per annum, is well suited to the country’s current economic situation and will help several sectors, notably exports and tourism.

In a bid to help reduce the public’s debt burden, the central bank’s Monetary Policy Committee (MPC) voted 5:2 on Wednesday to lower the key policy rate with immediate effect after over a year of holding the rate at 2.50%. Continued …

PM formally launches economic recovery program

Thai Prime Minister Paetongtarn Shinawatra was joined by several of her ministers at yesterday’s launch of her administration’s economic recovery program. The event, held at Government House, was also attended by representatives from the public and private sectors, including CP Group, The Mall Group, BJC Big C, PT, OR, SeaValue, Thai Union, and OSOTSPA.

Emphasizing that the government is prioritizing economic stimulation and citing last month’s launch of the 10,000-baht economic stimulus, she said that the program is crucial for maintaining the momentum in stimulating the Thai economy to ensure maximum efficiency and value. This round focuses on small businesses, which make up 90% of all businesses and form the backbone of the Thai economy, with the program designed to reduce costs, increase income, and expand opportunities over five months. Continued …

Thai growth upgraded as cash handout improves outlook

Analysts have upgraded Thailand’s GDP forecast for this year and next to 2.8% and 3%, respectively, thanks to the government’s cash handout lifting the economy, but warned of an “economic cliff” in 2026 if no new growth engine is introduced.

Kiatnakin Phatra Research (KKP) and BofA Global Research both increased their Thai GDP outlooks for 2024 from 2.6% to 2.8%, with the forecasts for next year rising from 2.8% to 3.0%. They noted the government’s 10,000-baht cash handouts will temporarily help the Thai economy. Continued …

Industrial sentiment dips in September

The Thai Industries Sentiment Index (TISI) continued to decline to 87.1 points in September, in part because of the impact of severe flooding and slow economic growth. The index, which gauges business confidence among manufacturers, stood at 87.7 points in August, down from 89.3 points in July.

Nava Chantanasurakon, vice chairman of the Federation of Thai Industries (FTI), attributed the dip in September to floods in the north, northeast and parts of the central region. Continued …

Cabinet Set to Review Casino-Entertainment Complex Feedback

The Cabinet is poised to review feedback from a recent public hearing regarding a proposed bill to establish casino-entertainment complexes in Thailand. This initiative, spearheaded by the Fiscal Policy Office (FPO), aims to regulate casinos and foster tourism-related revenue.

The bill suggests issuing 30-year licenses to operators of these complexes, contingent on a 5-billion-baht registration fee and an annual fee of 1 billion baht. The complexes, envisioned to bolster tourism, will be open to all foreigners, while Thai citizens must pay an entrance fee of 5,000 baht. Furthermore, visitors under the age of 20 will be denied entry. Continued …

Amid global geopolitical tensions, Thailand sees surge in foreign investment

Thailand is focusing on attracting investments in electric vehicles (EVs) and its components, semiconductors, digital, future foods and renewable energy to boost the country’s potential amid global challenges, the Board of Investment (BOI) said.

Foreign direct investment (FDI) continues to flow into Thailand amid the U.S.-China trade war, Russia-Ukraine war and Middle East conflict, which have made investors seek destinations of neutral countries with good infrastructure. Continued …

Circuit board makers invest Bt162 billion in Thailand, seek BOI incentives

The Board of Investment said that many foreign printed circuit board (PCB) manufacturers have been seeking special privileges for their investments worth 162 billion baht over the past year. BOI Secretary-general Narit Therdsteerasukdi said on Wednesday that most of these circuit board manufacturers were from China or Taiwan, and they have applied for BOI privileges in 95 projects.

These include expansion projects of foreign manufacturers already established in Thailand, such as Mektec and KCE, he said. There were also newcomers showing interest, such as Unimicron, Compeq, WUS, Gold Circuit, Chin Poon, Dynamic Electronics, Apex Circuit and Unitech, he said. Continued …

Thailand plans $1.7 billion of soft loans for property sector

The government is planning to offer 55 billion baht ($1.66 billion) of soft loans to support the property sector and help boost the economy, a deputy finance minister said today. The plan will be submitted to the cabinet for approval, Paopoom Rojanasakul said in a message to reporters.

Last week, Paopoom said the real estate stimulus measures would target both demand and supply, aiming to prod both property buyers and developers to create a comprehensive impact. Continued …

Population Change in Asia is Set to Transform Thailand’s Real Estate Sector

Thailand’s real estate sector, estimated to be worth $2 trillion, is on the brink of significant transformation, driven by three emerging megatrends: multigenerational living, semi-retirement, and hospitality-residence hybridization.

These trends, identified by Proud Real Estate, a leader in the SET-listed property market, are set to redefine the landscape in response to a shifting demographic and the growing popularity of second-home tourism. Continued …

Upgrade of Lao-Thai border crossing in Vientiane province opens doors to growth

The Banvang border crossing between Meun district in Vientiane province and Loei province in Thailand has been upgraded to a full international checkpoint. The upgrade will facilitate the growth of tourism, investment, and trade, which will be a huge boon to Vientiane province’s economy.

The increase in commerce, expected to generate greater revenue, will spur Laos’ socio-economic development and provide more opportunities for businesses and the people of Laos and Thailand, specifically those in Vientiane and Loei provinces. Continued …

Thailand invites China to build satellite launch base

Thailand extended an invitation to China to build a satellite launch base to provide 6G technology, marking a significant step in enhancing economic cooperation as both nations gear up to celebrate 50 years of diplomatic relations next year.

In addition to technological collaboration, China plans to send a new pair of giant pandas to Thailand as goodwill ambassadors for the anniversary. Continued …

Monsoon brings heavy rain to central, eastern, southern Thailand

Weather conditions for today see a monsoon trough passing through central, eastern, and southern regions, including Bangkok, bringing rain to 60% of the area, with heavy showers in some places. Mariners are advised to navigate cautiously due to high waves.

In the southern region (eastern coast), there will be thunderstorms covering 60% of the area, with heavy rain in some places, particularly in Chumphon, Surat Thani, Nakhon Si Thammarat, Phatthalung, Songkhla, Pattani, Yala, and Narathiwat provinces. The lowest temperatures will range from 23 to 26 degrees Celsius, and the highest from 31 to 34 degrees Celsius. Continued …

Leopard spotted in Kaeng Krachan National Park

A leopard made a rare daytime appearance in Kaeng Krachan National Park, located in the Kaeng Krachan district of Phetchaburi. A tourist captured detailed photos of the leopard lounging on a road inside the park on Tuesday. Leopard sightings have become more frequent recently, indicating an increase in their hunting activities within the park. This trend highlights the park’s thriving ecosystem, which serves as a crucial habitat for various rare wildlife species. (Bangkok Post)

iCon Group suspects incarcerated for fraud

The first group of suspects in The iCon Group case were arrested on Wednesday following the court’s approval of warrants for 18 individuals on charges of conspiring to defraud the public and violations of the Computer Crime Act for inputting false information.

Following the court’s issuance of arrest warrants for Warattapon Warattayaworakul, also known as “Boss Paul”, and 17 other executives of “The iCon Group,” including several celebrities, 14 suspects were apprehended and have spent their first night in jail. Continued …

Explore the businesses of the 18 bosses in ‘The iCon Group’ empire

Currently, the names of the 18 key figures in the ‘The iCon Group’ empire have been revealed. Let’s explore the scale of their individual businesses.

1. Waratphol Waratvorakul ( Boss Paul )

Waratphol Waratvorakul, a renowned direct-selling entrepreneur, is the founder and owner of the “The Icon Group” empire. The company produces and sells health and beauty supplements under a “buy-sell” business model, with numerous top-tier Thai celebrities and influencers serving as brand ambassadors. Continued …

Blackpink’s Lisa lights up Victoria’s Secret Fashion Show 2024

Blackpink star Lisa electrified the Victoria’s Secret Fashion Show 2024 in Paris, showcasing her rockstar power.

The K-pop superstar performed two solo songs at the event, opening with her hit “Rockstar,” according to news reports. Dressed in a two-piece leather outfit, she took the stage riding a motorcycle suspended in the air. Continued …

Pattaya Council Plans Traffic Overhaul with One-Way Streets, Odd-Even Parking

In an effort to tackle traffic congestion, the Governance and Order Committee of Pattaya City Council convened for the fourth time this year on Tuesday. The focus was squarely on reorganizing city traffic, introducing one-way street systems and regulating parking through an even-odd day scheme — a decision that affects major traffic spots like Lan Pho Market, Old Market, New Market, and Soi Post Office.

The committee laid out plans for new traffic signs with clear color indicators — white, red, and yellow zones — to delineate parking permissions and restrictions. By implementing such measures, they aim to reduce traffic bottlenecks and improve road safety for residents and tourists alike. Continued …

Blackchin tilapia sauce aims for double win

A new fish sauce brand has been launched by the Samut Songkhram Central Prison as part of the effort to reduce the spread of invasive blackchin tilapia, while also providing job training for prisoners.

The “Hub Phoei Mae Klong” brand is a collaboration between the Department of Corrections, the provincial Department of Fisheries office and CP Foods to create a complete cycle of alien fish eradication, said Jitra Prasertsopha, the prison’s superintendent. Continued …

Coconut crisis leads to prices soaring to 40-year high

While a shortage of coconuts has severely affected small traders nationwide, the crisis is worse in the south, where prices have soared to a 40-year high, with the fruit now being sold at 36-40 baht each, up from 14-17 baht, and coconut milk going for 150-160 baht a kilogram.

In southern Trang province, small traders face significantly higher costs, with some having to travel to buy coconuts from the source but still run into production shortages, Many are considering temporarily shutting down their business because it is no longer cost-effective and they fear they will lose more money than last year. Continued …

Researchers discover four new plant species in northern Thailand

Researchers have identified four new plant species in northern Thailand, showcasing the nation’s rich biodiversity. The Department of National Parks, Wildlife and Plant Conservation (DNP) announced the findings, which were made by the department’s researchers in collaboration with botanists from Kasetsart University and Trinity College Dublin in Ireland.

Attapol Charoenchansa, the department’s chief, stated that the discoveries were part of the Flora of Thailand project. This initiative brings together local and international botanical researchers to survey and document new plant species across the country. Continued …

Chaiyaphum man wins 12 million baht in lottery

A Chaiyaphum man has won first prize in the latest lottery draw, taking home a staggering 12 million baht. Relatives, overwhelmed with joy, rushed to the local police station to officially record the win.

Atisak, 58, along with his family, visited the Khon Sawan Police Station in Chaiyaphum province to register his win. Atisak won the first prize in the Government lottery draw on Wednesday, with ticket number 482962, amounting to 12 million baht (US$361,500). Continued …

Bank of Thailand Interest Rate Cut Offers Boost to Tourism Sector

Thailand’s tourism sector gets a boost following an unexpected interest rate cut by the Bank of Thailand, reducing the official rate by 25 basis points to 2.25% on Wednesday. This move is poised to energize the sector, allowing tour operators to expand and attract more tourists.

Sanga Ruangwattanakul, Khao San Road Business Assn. president, stated that the rate cut positions the tourism industry for growth. Operators, burdened by previous high rates, now have an opportunity to borrow at lower costs to improve or expand their services, potentially increasing competitiveness. Continued …

High-end Hotels Plan Rate Hike Amid Tourist Surge

As the tourism sector anticipates a booming high season, posh hotel operators are expected to increase room rates. The latest hotel operator sentiment index suggests a rise in tourists, especially impacting luxury accommodations, while budget hotels are struggling to keep up.

Thienprasit Chaiyapatranun, president of the Thai Hotels Assn. (THA), revealed that September’s average occupancy rate stood at 55%, a drop from August’s 62%. This is also lower than pre-pandemic levels, with 2019 figures showing 63.4% occupancy in the same period. Continued …

‘Half-Price Travel’ Offered to Boost Flood-Hit Northern Thailand

After the northern region was hit by severe flooding in September and beginning of October, the government not only urgently needs to restore and provide aid to the affected residents, but also to boost the economy quickly.

The Tourism Authority of Thailand (TAT) has responded to the private sector’s proposals by announcing the “Travel to the North at Half Price” program. Businesses are preparing to recover and return to normal business operations, taking their cue from major tourism festivals in the north such as the Loy Krathong Festival and Winter Festivals. The program will begin on Nov. 1. Continued …

Developer increases mall investment in Pattaya as tourism soars

With the economic potential of Pattaya, a popular resort town in the eastern province of Chonburi, looking bright, property developer Land and Houses (LH) has announced an increase in investment in its Terminal 21 Pattaya shopping mall to 5.7 billion baht.

The mall opened six years ago and positioned itself as a “”tourist mall”, catering to the shopping needs of both domestic and foreign tourists visiting the resort city. It boasts the longest escalator in Thailand at a total length of 39 meters. Continued …

Thai Vegetarian Festival must evolve to stay relevant

Thailand’s Vegetarian Festival needs to adapt to modern lifestyle trends to stay relevant to the younger generation, according to a survey published on Wednesday.

The consumer behavior survey conducted by Japanese advertising agency Hakuhodo found that 79% of Thais were interested in the Vegetarian (“Jae”) Festival. However, views on the festival differed among generations. Continued …

Phuket Airport To Boost Capacity to Meet Rising Tourism Demand

Phuket International Airport is set to increase its flight capacity, aiming to handle 18 million passengers by 2025. This comes in response to growing demands for both international and domestic travel. Presently, the airport manages about 260 to 280 flights daily, with a further increase expected during the high season.

Director Monchai Tanod outlined that the upcoming development, led by Airports of Thailand (AoT), is in its second phase. The plan includes enhancing airport infrastructure to support more flights, specifically increasing hourly flight frequency from 20 to 25. This expansion will accommodate the rising influx of tourists, predominantly from Europe, China, and Russia. Continued …

Indonesian tourists and driver dodge fire disaster on coach

Fifty Indonesian tourists and a Thai driver last night safely escaped from a fire that broke out on a coach bus parked on a road in the Isaan province of Nakhon Ratchasima. The incident occurred on a coach bus parked on the Old Friendship Road in the Pak Chong district of Nakhon Ratchasima province.

The bus driver told police that he was transporting 50 Indonesian tourists from Bangkok to Nakhon Ratchasima and stopped at the scene so the passengers could dine at a nearby restaurant. Continued …

Chon Buri’s 153rd buffalo race

Farmers in Chon Buri Province held their annual water buffalo races on Wednesday, celebrating the start of the monsoon season and marking the beginning of the rice-growing period. This tradition, which dates back to the 1800s, continues to honor a long-standing agricultural tradition. Video …

China National Opera House closes out Bangkok festival

Bangkok’s 26th International Festival of Dance & Music comes to an end this Sunday with two famous operas, “La Boheme” and “Turandot”, both commemorating the 100th anniversary of the world-renowned opera composer Giacomo Puccini’s passing, being performed at the Thailand Cultural Center’s main hall.

The performances will be presented by the China National Opera House, a leading Beijing-based opera company with over 70 years of history, boasting more than 100 awards for excellence. Continued …

Clean energy plan to generate Bt2.9 trillion

The new National Energy Plan (NEP), Thailand’s first serious guideline to promote clean energy, is expected to generate 2.9 trillion baht in capital spending over the next 13 years, with solar energy a key factor to cut carbon dioxide.

The 2024 NEP, set to be enforced from this year to 2037, comprises a power development plan, an oil plan, a gas plan, an alternative energy plan and an energy efficiency plan. Continued …

Addressing the Charging Infrastructure Challenge in Asia’s EV Market

The transition to electric vehicles (EVs) is a cornerstone of Asia’s strategy to combat climate change and reduce greenhouse gas emissions. However, one of the most significant barriers to EV adoption is the development of a reliable and accessible charging infrastructure.

China, leading the charge, has implemented policies and initiatives that include subsidies, tax incentives, and research funding to stimulate the EV market. The new energy vehicle (NEV) mandate requires automakers to produce an annually rising percentage of EVs, which has encouraged both domestic and international investment in EVs and the necessary charging infrastructure. Continued …

Thailand’s budding mangrove restoration plans spark both hope and concern

Standing on a coastal boardwalk overlooking the upper Gulf of Thailand, Wisut Leksomboon points to two mature mangrove trees whose branches intertwine like lovers’ limbs.

“We found that by planting two seedlings close together, they can offer each other support as they grow. These trees are about 30 years old,” Wisut said at the Mangrove Nature School in Bang Kaew, a village roughly two hours’ drive south of Bangkok in Samut Songkhram province. As a founder of the eco-school and a local leader, Wisut has worked for more than three decades to preserve a 6.4-hectare (15.8-acre) patch of mangrove forest next to his village. Continued …

FedEx Expands Electric Vehicle Fleet in Thailand

Federal Express Corp., one of the world’s largest express transportation companies, has advanced toward its vehicle electrification goals by introducing four new zero-tailpipe emissions electric vehicles (EVs) to its fleet in Thailand. The expansion builds on the success of its initial launch of EVs in 2022 as part of the company’s efforts to transition to an all-electric parcel pickup and delivery (PUD) fleet by 2040.

The new EVs will support parcel PUD operations within high-traffic areas in Bangkok and Pathum Thani such as Chaeng Watthana, Tiwanon, Lat Phrao, Ram Inthra, Ngam Wong Wan, Prasert Manukit, Sukhonthasawat, Thammasart, and Chiengrak. Designed for last-mile deliveries, the EVs have an estimated range of up to 275 kilometers on a full charge. Continued …

Talks with Laos focus on renewable effort

Thai authorities are planning to hold talks with the Laos government to jointly promote more use of renewable energy across borders, accelerating efforts to reduce carbon dioxide emissions.

Under the plan, Thai business operators will be encouraged to buy renewable power from Laos under a “cross-border energy attribute certificate” scheme, said an official at the Energy Ministry who requested anonymity. Continued …

Activists call for ‘just’ climate change laws, carbon credit system

More than 200 climate activists on Monday gathered in front of the United Nations headquarters in Bangkok urging the Thai government to stop the climate change laws and carbon credit system that benefit large corporations.

According to participants, the activity titled “System Change Not Climate Crisis” calls for climate justice from the government before it attends the 2024 United Nations Climate Change Conference, or COP29, being held in Azerbaijan from Nov. 11-22. Continued …