Thai food exports expected to see 2% growth this year
Thai food exports expected to see 2% growth this yearPeople examine plant-based food at a previous edition of THAIFEX-Anuga Asia. Thailand expects to stimulate food export growth of 2% this year as it prepares for THAIFEX-Anuga Asia 2024, Asia's leading food and beverage trade show. Phusit Ratanakul Sereroengrit, director-general of the Department of International Trade Promotion (DITP), said the food industry is one of the most important sectors contributing to exports. In 2024, it is expected that food exports will increase by around 2%, worth $40.6 billion or more than 1.4 trillion baht. THAIFEX-Anuga Asia 2024 is scheduled to take place from May 28 to June 1 at Impact Muang Thong Thani.
Source:Bangkok Post
May 10, 2024 01:43 UTC
TCP Group banking on overseas growth
TCP Group, the manufacturer and distributor of Krating Daeng (Red Bull), views the foreign market as having high growth potential as it monitors rising costs. "The energy drink market grew only 4-5% in the first quarter this year as a result of the stagnant economy," said Saravoot Yoovidhya, chief executive of TCP Group. He said the Thai energy drink market competed mainly on cost differentiation as many new brands were launched on the market. In contrast, the overseas energy drink market has seen a minimal price war compared to the domestic market. "Vietnam is considered one of the markets with high growth potential," Mr Saravoot said.
Source:Bangkok Post
May 10, 2024 01:35 UTC
More economists speak up for BoT
Pursuing an independent monetary policy is vital for the country’s economic stability as it prevents the misuse of monetary policy for short-term political goals while keeping inflation in check, the Economic Society of Thailand said in a statement. That sparked speculation that the ruling coalition may seek to amend the central bank law guaranteeing autonomy. He also maintains that the country’s economic problems are structural in nature and stimulus alone will not achieve much. “Politicians shouldn’t act to threaten or put pressure on the central bank independence in public,” Nipon Poapongsakorn, head of the group of economists and distinguished fellow at the Thailand Development Research Institute, said in the statement. The central bank has kept borrowing costs at a decade high 2.5% since September.
Source:Bangkok Post
May 09, 2024 19:59 UTC
Chinese to visit for new round of sub negotiations
(Photo: Royal Thai Navy)A Chinese delegation, including military officials, will visit Thailand next Wednesday for a new round of negotiations in a bid to resolve a long overdue submarine purchase deal. Defence Minister Sutin Klungsang said on Wednesday there are only two options left to discuss during the negotiations with the delegation. The other option is China's proposal to substitute the initially required German-made submarine engine with a Chinese-made engine and ask for a better compensation deal. China Shipbuilding & Offshore International Co (CSOC), the contracted submarine maker, earlier offered to fit Chinese engines on the submarines. The RTN initially rejected this offer but later agreed to the change and wanted the submarine procurement to continue.
Source:Bangkok Post
May 09, 2024 15:16 UTC
Truck hits clearance bar, causes traffic congestion
Truck hits clearance bar, causes traffic congestionDebris from a truck and a height clearance bar are scattered on Si Ayutthaya Road in Ratchathewi district, Bangkok, on Thursday. (Photos: Traffic Police Division)Traffic was nearly paralysed after a truck hit a height clearance bar at Phaya Thai intersection in Ratchathewi district of Bangkok on Thursday morning. Traffic police said the accident happened at 5.30am when a truck transporting tyres struck the bar situated in front of a flyover on Si Ayutthaya Road. The incident blocked two traffic lanes, and workers and police took several hours to clear the road. According to reports, the accident led to severe congestion spanning several kilometres from Phaya Thai intersection to Ramkhamhaeng Road.
Source:Bangkok Post
May 09, 2024 15:07 UTC
Peter Denman: From soap opera to boxing and charity fights
Muay Thai coach Peter Denman, a former Thai-Brit TV actor who turned down 50 million baht to star in films in China, discusses his career change, the charm of boxing, his students and his charity punching challenge.
Source:Bangkok Post
May 09, 2024 03:52 UTC
Govt, BoT spat may not be economic
REUTERSThe row between the government and the Bank of Thailand (BoT) over its "high" interest rate is all over the news. Prime Minister Srettha Thavisin goes so far as to say that a "high" interest rate hinders economic development. Let me add that the US Fed's policy interest rate is 5.25%-5.5%; the UK's policy interest rate is 5.25%; and the EU's policy interest rate is 4.5%. By the way, the "high" interest policy rate in Türkiye at that time was 24.0%, not 2.5%. The public and even governments do not understand the job of a central bank and, more importantly, how a central bank manages the monetary system.
Source:Bangkok Post
May 09, 2024 00:42 UTC
Economists back Bank of Thailand's autonomy
The government has been pushing the Bank of Thailand for months to cut interest rates. Even if the central bank cuts the rate, any reduction would be gradual and have a minimal impact on pumping up the economy, said Mr Kiatanantha. He said removal of the central bank governor could occur if his policies or mistakes caused a severe impact to the economy. BMI, a unit of New York-based Fitch Solutions, said rate cuts will do little to alleviate the current Thai economic issues. Amonthep Chawla, chief economist at CIMB Thai Bank, reiterated the importance of the central bank maintaining independence from political influence.
Source:Bangkok Post
May 08, 2024 09:34 UTC
Ministers in reshuffled govt now assigned tasks
Ministers in reshuffled govt now assigned tasksNew cabinet photo op: Prime Minister Srettha Thavisin, centre, leads new cabinet ministers during a group photo at Government House before a cabinet meeting on Tuesday. (Photo: Chanat Katanyu)The new tasks for the reshuffled government have now been designated, with Deputy Prime Minister Phumtham Wechayachai assigned to oversee the Ministry of Defence, Deputy Prime Minister's Office spokeswoman Kenika Ounjit said on Tuesday. His scope of work as deputy prime minister also oversees the Prime Minister's Office of the Permanent Secretary, the Public Relations Department (PRD), and the Office of the Consumer Protection Board (ONCB), said Ms Kenika. Regarding the assignments of the other five deputy prime ministers, Ms Kenika said they have all been assigned to oversee ministries and some bureaus under the government's operation. Prime Minister Srettha Thavisin said as long as the government can fulfil its commitments, people will have faith in the new cabinet.
Source:Bangkok Post
May 08, 2024 03:33 UTC
Thai drinks firm plans Singapore IPO for coconut water exporter
Thai drinks firm plans Singapore IPO for coconut water exporterAn SGX sign is pictured at Singapore's stock exchange. (File photo: Reuters)Thai drinks maker General Beverage Co Ltd is planning a Singapore initial public offering (IPO) for a unit that distributes its brands including IF coconut water overseas, according to people familiar with the matter. General Beverage has submitted an application to list on the Singapore stock exchange's Catalist platform, the people said. A representative for Singapore's stock exchange declined to comment. First-time share sales have been subdued in many markets, and Singapore is no exception.
Source:Bangkok Post
May 08, 2024 03:08 UTC
Adapting to a hotter world
Adapting to a hotter worldThe arrival of rains this week might have cooled off what has been an unusually hot season, which saw temperatures reaching 45C. Meanwhile, as the world gets hotter, there are governments rolling out "heat action plans" to help people cope and adapt to the searing heat. Freetown City in West Africa's Sierra Leone has also rolled out "heat action plans" with mitigation plans for low-income communities, which include extra shade, mist fans and water sprays in markets. Two days later, the Office of the Basic Education Commission under the Ministry of Education announced heat action plans for primary schools countrywide. Yet, policymakers, as well as provincial governors, should prepare better measures to help people cope with what will come in the future.
Source:Bangkok Post
May 07, 2024 22:58 UTC
How AI is helping Holocaust researchers find unnamed victims
Researchers in Israel are turning to artificial intelligence to comb through piles of records to try to identify hundreds of thousands of Jewish people killed in the Holocaust, including those whose names are missing from official memorials.
Source:Bangkok Post
May 07, 2024 04:31 UTC