Krungthai Asset launches new fund to ride economic recovery Krungthai Asset Management (KTAM) has launched the initial public offering (IPO) of the Krung Thai Trigger Fund 4 (KT-TRIG4), claiming that the economic recovery was the fund’s supporting factor. The IPO opened on Tuesday and closes on Thursday. Chavinda Hanratanakool, KTAM’s chief executive officer, explained that…
Pandemic “Triple Shock” Hitting East Asia and Pacific Economies Thailand’s baseline and lowercase GDP growth projections are now down to -8.3% and -10.4%, and the region as a whole is expected to grow by only 0.9 percent in 2020, the lowest rate since 1967. COVID-19 has delivered a triple shock to the developing East Asia…
AMLO is investigating four Thai banks’ alleged role in suspicious transactions Thailand’s Anti-Money Laundering Office (AMLO) is verifying a report, by the International Consortium of Investigative Journalists (ICIJ), stating that four Thai banks have been involved in suspicious financial transactions over nearly two decades. The ICIJ’s report refers to files leaked from the Financial Crimes…
Finance Ministry mulls stimulus packages to boost property sector, consumption The new permanent secretary at the Finance Ministry, Krisada Chinavicharana, says officials are considering additional stimulus measures to support Thailand’s property sector and to further boost consumer spending. Krisada says he plans to meet with senior officials to debate more ways to get the economy…
Thai Air Asia returns to Suvarnabhumi in addition to its Don Mueang hub Thai AirAsia is spreading its Bangkok wings and opening up a secondary hub at the main Suvarnabhumi airport (BKK), to help broaden its attraction and bolster its bottomline. Thai Air Asia was the first airline to head back to the moth-balled Don…
Thailand’s first cancer medicine factory expected to cut drug costs in half The government just sealed the deal to build Thailand’s first factory to produce cancer-treating medicine and chemicals, a move that is expected to cut treatment drug costs in half. Buying imported cancer-treating drugs is expensive. Thailand spends about 21 billion baht per year…
Air Asia seeks to mitigate economic losses with launch of “super app” Air Asia is introducing a super app, in an attempt to off-set – at least partially – the significant financial losses brought about by the Covid-19 pandemic. The app will offer users a variety of options, including digital payment services, delivery services, and…
BoT sees slower recovery in 2021 Thailand’s economic recovery is expected to take longer than previously anticipated, mainly due to the drastic decline in foreign tourist numbers, says the Bank of Thailand. The central bank slashed its GDP growth forecast for 2021 from 5% to 3.6% as the pandemic continues to hamper international travel. The…
UPDATE 2-Thai c.bank avoids further stimulus, upgrades 2020 GDP forecast * Committee votes unanimously to hold rates at record low of 0.50% * 2020 GDP forecast raised to -7.8% versus -8.1% in June * 2020 exports to fall 8.2% versus -10.3% seen earlier * Further rate cuts unlikely, economists say (Adds details, analysts’ comments) BANGKOK,…
Thailand’s Economy and the Pandemic: Facing Delays and Difficult Choices Thailand is one of the few countries that can claim to have restricted the internal spread of COVID-19 so far. The country has yet to reach 3500 total cases, with limited deaths, currently at 58. A timely border closure supported by initiatives that were broadly embraced by…