DIRS.INFO The most relevant business & tech news

☆ Thai central bank raises key rate 25 bps as expected
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

The Bank of Thailand's (BOT) monetary policy committee voted unanimously to raise the one-day repurchase rate (THCBIR=ECI) to 1.50% at its first review of the year. Of 23 economists polled by Reuters, 21 had expected a quarter point hike while the remaining two forecast no change. Thailand's economy is expected to continue growing while headline inflation should decline, the central bank said in a statement. With Wednesday's move, the central bank has raised the benchmark rate by a total of 100 basis points (bps) since August. China's reopening is expected to further boost Thailand's tourism, with the government predicting at least five million Chinese visitors this year, about half of the 2019 figure.

☆ Myanmar activists, victims file criminal complaint in Germany over alleged atrocities
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +4 min

BANGKOK, Jan 24 (Reuters) - Myanmar activists and 16 alleged victims of abuse have filed a criminal complaint in Germany, accusing top generals of instigating genocide against Rohingya Muslims and other atrocities since a military coup two years ago. A spokesman for Myanmar's military government did not answer a call seeking comment on the complaint filed in Germany. The 16 individual complainants in the Myanmar filing include ethnic Rohingya and others who survived or witnessed crimes in Myanmar since the coup, Fortify Rights said. In the case of the Rohingya, Myanmar authorities have previously said security forces were carrying out legitimate operations against militants who attacked police posts. The junta has also denied the military had carried out atrocities since the coup, disputing casualty figures given by activists and terming opponents "terrorists".

☆ Thailand beats 2022 tourism target with 11.15 mln foreign arrivals
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Chalinee ThirasupaBANGKOK, Jan 24 (Reuters) - Thailand received 11.15 million foreign visitors in 2022, a surge from just about 428,000 the previous year when broad pandemic-related travel curbs were in place, tourism ministry data showed on Tuesday. The figures, which beat the government's target, reflect a solid turnaround as Thailand tries to revive its vital tourism industry, which bore the brunt of its strict entry and quarantine policies during the pandemic. In December, there were 2.24 million foreign tourists, compared with 230,497 in the same month a year earlier. Pre-pandemic 2019 saw a record of nearly 40 million foreign tourists for the full year. China's reopening is expected to further boost Thailand's vital tourism sector, which before the pandemic accounted for about 12% of gross domestic product in Southeast Asia's second-largest economy.

☆ $100 million New Jersey deli fugitive Peter Coker Jr. agrees to extradition to U.S. from Thailand
▼ + stars: | 2023-01-20 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

A former fugitive wanted on criminal stock manipulation charges related to a money-losing New Jersey deli once valued at $100 million has agreed to be extradited from Thailand to the United States, Thai authorities said. Peter Coker Jr., 54, was arrested last week by Thai police in the resort area of Phuket, less than four months after he, his father, Peter Coker Sr., and an associate, James Patten, were indicted in New Jersey federal court. Coker Jr., who most recently was known to be living and working as a businessman in Hong Kong, is being held in a Bangkok jail for the next several weeks before his expected extradition, the Associated Press reported Friday. Thai police, in a statement, said Coker Jr., who is an American most recently known to be living in Hong Kong, had entered the country with a passport issued by the Caribbean island of St. Kitts and Nevis. "Mr. Coker Jr. voluntarily consented to be extradited to the U.S., which has simplified the court's legal process," Teerat Limpayaraya, a prosecutor in Thailand's Attorney General's office, told the AP.

But retailers in popular Asian destinations are desperate to take advantage of the return of a first wave of Chinese tourists as the country reopens borders after three long years of COVID-19 curbs. And robust demand for destinations like Macau, Hong Kong, Taiwan and Thailand has boosted prospects for the battered travel industry, Ctrip booking data shows. Still, destinations elsewhere show that the return of Chinese tourists remains at a very early stage. Fresh COVID testing requirements for Chinese tourists in some locations may be acting as a barrier, while some countries also require visas that take time to process. Retailers in South Korea are also not seeing a huge influx in Chinese tourists yet, citing the suspension of short-term visas for travellers between both countries.

☆ Thai AirAsia readies personnel as China travel resumes
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] A flight attendant participates in an annual aviation safety & emergency course as China reopens its borders, at Asia Aviation Academy in Bangkok, Thailand January 19, 2023. REUTERS/Chalinee ThirasupaBANGKOK, Jan 20 (Reuters) - Budget carrier Thai AirAsia (AAV.BK) is preparing its pilots and cabin crew for the return of Chinese tourists, previously its largest customer group, as the airline resumes routes across China. The airline plans to restart flights to eight Chinese cities including Chongqing, Guangzhou, Hangzhou, and Wuhan, for which cabin crew are undergoing refresher training courses. "In the flight, we should have at least one cabin crew who can speak Mandarin to communicate with passengers," said cabin crew member, Sakuna Puangpipat. Reporting by Napat Wesshasartar; Writing by Chayut Setboonsarng; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Police in Thailand arrested an American man in connection with an alleged fraud that left a New Jersey deli worth $100 million
▼ + stars: | 2023-01-19 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Thai police arrested a man over an alleged fraud involving a firm that owned a New Jersey deli. Peter Coker Jr. was detained on January 11 at a hotel in Phuket, the Bangkok Post reported. His father, Peter Coker Sr., and James Patten were arrested in September and have pleaded not guilty. Coker Jr was the subject of arrest warrants issued by Interpol, per the Post, after being accused of stock market manipulation and fraud in September. The Post reported that Coker Jr. admitted he was the man wanted on the Interpol register.

☆ Fugitive $100 million New Jersey deli defendant Peter Coker Jr. arrested in Thailand
▼ + stars: | 2023-01-18 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Peter Coker Jr., who last was known to be living in Hong Kong, is one of three people charged in the case involving the deli owner, Hometown International , and a related shell company, E-Waste . The Bangkok Post reported that the 54-year-old Coker Jr. was arrested on Jan. 11 in a hotel room in the Thalang district of Phuket province, Thailand. The newspaper said Coker Jr. was arrested pursuant to so-called red and black notices issued by the International Criminal Police Organization, Interpol. Local Thai police, working with the FBI, arrested Coker, after tracking him to the hotel, The Post reported. Coker Jr. had served as chairman of Hometown International, whose sole asset for years was the Your Hometown Deli in Paulsboro, New Jersey.

☆ Gold prices fall from multi-month highs
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: +2 min

A display of gold ornaments at a gold shop in Chinatown, Bangkok, Thailand, 10 March 2022. Gold prices on Tuesday fell from a more than eight-month peak hit in the previous session on hopes that the U.S. Federal Reserve would adopt a less aggressive approach to rate hikes going forward. Spot gold fell 0.7% to $1,904.87 per ounce after hitting its highest since the end of April on Monday. With lower rates translating into lesser returns on interest-bearing assets such as government bonds, investors may prefer zero-yield gold. "We expect gold prices to trend around $1,950/oz in 2023," Goldman Sachs said in a note dated Friday.

☆ Daughter of Thailand's exiled former PM Thaksin to seek premiership
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Jan 16 (Reuters) - The daughter of Thailand's self-exiled former leader Thaksin Shinawatra has declared her readiness to run for prime minister in an election this year, as the main opposition seeks to regain power after being ousted in a coup eight years ago. Paetongtarn Shinawatra, whose father Thaksin and aunt Yingluck Shinawatra both led governments toppled by the army, will run under the Pheu Thai Party, the latest incarnation of a populist movement founded by her billionaire family two decades ago. "We want the party to win the election by a landslide so the promises we made to the people can be realised," she said. Both Yingluck and Thaksin are living overseas to avoid jail terms handed down under military rule. Prayuth, 68, joined the new United Thai Nation Party last week, hinting at a bid to remain premier.

REUTERS/Nir EliasSINGAPORE, Jan 15 (Reuters) - Israel's Cognyte Software Ltd (CGNT.O) won a tender to sell intercept spyware to a Myanmar state-backed telecommunications firm a month before the Asian nation's February 2021 military coup, according to documents reviewed by Reuters. Intercept spyware can give authorities the power to listen in on calls, view text messages and web traffic including emails, and track the locations of users without the assistance of telecom and internet firms. MPT uses intercept spyware, a source with direct knowledge of the matter and three people briefed on the issue told Reuters although they did not identify the vendor. Reuters was unable to determine whether the sale of Cognyte intercept technology to MPT was finalised. While intercept spyware is typically described as "dual-use" technology for civilian and defence purposes, Israeli law states that "dual-use" technology is classified as defence equipment.

☆ Tesla cuts prices in the U.S. and Europe to stoke sales after lackluster year-end deliveries
▼ + stars: | 2023-01-13 | by ( Lora Kolodny | ) www.cnbc.com time to read: +5 min

The Tesla Model Y (left) and Model 3 electric cars at the company's official launch event in Bangkok on Dec. 7, 2022. The Model Y is categorized by some as an SUV and others as a crossover. However, the move in the U.S. may help Tesla qualify for more federal EV tax credits, and stoke sales volume here and abroad, after competition and interest rates increased. In Europe, Tesla cut prices on its Model 3 and Model Y vehicles in Austria, France, Germany, the Netherlands, Norway, Switzerland and the U.K.Reuters reported that in Germany, Tesla cut prices on the Model 3 and the Model Y from 1% to around 17%, depending on the configuration. Tesla's Model 3 was the bestselling electric vehicle in Germany in December 2022, followed by the Model Y.

[1/4] The BYD Atto 3 EV car is displayed at the 39 Thailand International Motor Expo, in Bangkok, Thailand, November 30, 2022. The company announced in September it would build an EV assembly plant in Thailand with annual capacity of 150,000 cars from 2024. Talks are underway to select a site for the Vietnam plant, said the sources, who declined to be named because the discussions are confidential. The Vietnam plant will export components to the assembly plant to be built in Thailand, one source said. That would pose a direct challenge to VinFast, a Vietnamese EV maker that began selling cars in 2019 and plans to expand in the United States and Europe.

Bangkok/Hong Kong CNN —For years, Thailand welcomed legions of Chinese tourists to its golden beaches, shopping districts and striking temples. Three government ministers headed to Bangkok’s international airport earlier this week to personally greet the first group of Chinese tourists to arrive after China lifted travel restrictions. Amazing Thailand always warmly welcomes our Chinese family.”Travelers from a Xiamen Airlines flight being welcomed by Thai officials upon arrival at Suvarnabhumi Airport in Bangkok on Jan. 9, 2023. “The arrival of tourists from China, as well as from countries around the world, to Thailand is expected to increase continually. In Thailand, that’s been no exception, with travel companies beginning to reactivate Chinese social marketing campaigns and increase staffing, according to Barnett.

☆ ExxonMobil sells Esso Thailand stake for $603 million
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Jan 12 (Reuters) - ExxonMobil (XOM.N) has agreed to sell its two-thirds stake in Esso Thailand (ESSO.BK) to Thai energy firm Bangchak Corporation (BCP.BK), the companies said in separate statements, in a deal that values the shares at 20.1 billion baht ($603 million). ExxonMobil said it would "continue to supply the Thailand market with branded finished lubricants and chemical products through a new company to be formed." Bangchak said it would initially acquire ExxonMobil's 65.99% of Esso Thailand and then launch a tender offer for remaining shares, held mainly by institutional funds. Bangchak said it would purchase 2,283,750,000 shares of Esso Thailand (ESSO.BK) at an indicative price of 8.84 baht per share. "This investment is a step towards greater energy security, balancing our long-term strategy," said Bangchak chief executive Chaiwat Kovavisarach.

Tun Min Latt is in pre-trial detention; his lawyer could not be reached for comment. Min Aung Hlaing’s two children face no legal action over the assets, according to the two people with knowledge of the case. They added that Thai authorities did not consider them relevant to the investigation against Tun Min Latt. The discovery of the documents indicated close ties between Tun Min Latt and the Myanmar junta chief’s family. Since the coup, Min Aung Hlaing’s forces have launched a bloody crackdown on dissent, killing thousands of opponents, according to the United Nations, which accuses Myanmar's troops of war crimes and crimes against humanity.

South Korea on Tuesday hit back at claims that its Covid rules for Chinese travelers are "discriminatory," saying more than half of its imported cases are coming from China. Citing South Korea's proximity to China, Choi said a surge in infections in China could put South Korea at risk. But South Korea and Japan — two top destinations for Chinese travelers — said they are not increasing flights in response to China's border reopening. China's embassies in South Korea and Japan announced Tuesday that they would stop issuing visas to "Korean nationals" and "Japanese citizens." Choi said South Korea's new Covid travel restrictions are "only temporary" and were made to "place the highest priority on the health and safety of people residing in South Korea."

"We had such a hard time, and I would rather have more Chinese people come than the government restricting their entry so I can do business." "Tour bus operators who have had their vehicles idly parked for over three years are now gearing up for (bus) inspections," said Thai Tour Bus Association President Wasuchet Sophonsatien. Thailand, Japan, the United States, South Korea, Australia, Macao, Singapore, Hong Kong and Taiwan were the most-searched destinations. Yue Hua Entertainment Korea, which manages Tempest, did not respond to a request for comment. "The pandemic outbreak on the mainland is still vigorous and needs time to recover, while domestic consumption remains weak on the mainland."

☆ Developing Nations Aren’t Ready for EVs—Unless They Are Made in China
▼ + stars: | 2023-01-09 | by ( River Davis | ) www.wsj.com time to read: 1 min

An EV from Great Wall Motor—the Ora Good Cat—on display at the Bangkok auto show last year. KORAT, Thailand—When Wimonsiri Boonyopakorn ‘s husband moved to Bangkok for work, the 35-year-old schoolteacher decided to buy a car so she could make the 160-mile trip to visit him on weekends. She was surprised to find several electric vehicles from Chinese manufacturers that cost less than gas-powered cars of a similar size.

☆ Thailand U-turns on COVID vaccination rule for visitors
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Jan 9 (Reuters) - Thailand on Monday rescinded a policy announced at the weekend requiring visitors to show proof of COVID-19 vaccination, its health minister said, citing sufficient immunisation levels in China and globally. Anutin Charnvirakul said requiring visitors to show evidence of vaccination was inconvenient and a panel of experts had resolved that it was unnecessary as enough vaccinations had been administered globally. "Showing proof of vaccination would be cumbersome and inconvenient, and so the group's decision is that it is unnecessary," Anutin told reporters. In November, it recorded 1.75 million visitors, quadruple the number received for the whole of last year when flights and foreign arrivals were limited. Anutin said Thailand was now expecting 7-10 million Chinese visitors, compared to an earlier estimate of 5 million.

☆ Alibaba shares hit 6-month high after Jack Ma cedes control of Ant Group, amid a broad rally in Asian shares
▼ + stars: | 2023-01-09 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The gains also come on the back of a broader market rally in Asian shares, thanks to China's reopening. A top Chinese central banker suggested over the weekend Beijing's tech crackdown is coming to a close. The Hang Seng Tech Index — an index that tracks the 30 largest tech companies listed in Hong Kong — closed 3.2% higher. Shares of Hong Kong-listed Chinese tech giants Tencent and NetEase closed 3.6% and 2.6% higher respectively. Hong Kong's Hang Seng Index closed 1.9% higher, the Shanghai Composite Index gained 0.6%, and the Shenzhen Composite Index rose 0.7%.

☆ Long-serving Thai PM hints at re-election bid under new party
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] Thai Prime Minister Prayuth Chan-ocha unveils as Prime Minister candidate for the United Thai Nation Party (Ruam Thai Sang Chart Party) ahead of a general election this year in Bangkok, Thailand, January 9, 2023. REUTERS/Chalinee ThirasupaBANGKOK, Jan 9 (Reuters) - Thailand's long-serving leader Prayuth Chan-ocha vowed to continue his work running the country under a new political party on Monday, hinting at a bid to remain prime minister after an election this year. "Many things have to continue, and more needs to be done for the country to forge ahead," Prayuth told about 10,000 people at the launch of the new United Thai Nation Party, which he has joined. The new party, led by figures from the country's conservative establishment, has yet to declare its candidate for prime minister. The Constitutional Court last year ruled his first three years in charge did not count towards the maximum eight years a prime minister can serve.

☆ Thailand introduces new entry regulations as China reopens border
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Jan 8 (Reuters) - Thailand will require international travelers to show proof they are fully vaccinated for COVID before flying to Thailand, according to the country's aviation regulator, as it prepares for more tourists after China reopened its border on Sunday. Unvaccinated travelers must show a medical certificate explaining why they have not received the vaccine. The vaccination requirement was scrapped by Thailand last October but has been revived as China reopens its border following the easing of its zero-COVID policy. read moreThe first commercial flight from China to Thailand, Xiamen Airlines flight MF833, will arrive to Bangkok from Xiamen on Monday carrying 286 passengers, government spokeswoman Traisuree Taisaranakul said on Sunday. The new entry requirements do not apply to Thai passport holders or passengers transiting through Thailand.

☆ Thai king's daughter remains unconscious weeks after collapsing
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Jan 8 (Reuters) - Thailand's Princess Bajrakitiyabha remained unconscious more than three weeks after collapsing due to a heart problem, a palace statement said in an update on the health of the the 44-year-old potential heir to the throne. The eldest child of Thai King Maha Vajiralongkorn lost consciousness on Dec. 15 due to severe heart arrhythmia resulting from inflammation following a mycoplasma infection, according to a statement issued by the palace late on Saturday. The princess's "overall condition is that she remains unconscious," the palace said. read moreShe is one of three children of King Vajiralongkorn who have formal titles, making her eligible for the throne under a palace succession law and the country's constitution. The king has yet to formally designate an heir and there has been no official discussion on the prospect of the princess taking the throne.

☆ Jack Ma, the billionaire founder of Alibaba who disappeared from public view in 2020, appears to resurface in Thailand as he prepares to give up control of his company
▼ + stars: | 2023-01-07 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The picture of Ma was posted hours before Ant Group said Ma was giving up control of the company. Ant Group abandoned a blockbuster float in 2020 soon after Ma criticized Chinese regulations. Ma disappeared from public view in October 2020 after giving a speech criticizing China's financial regulation system. Once China's richest man, Ma's net worth has fallen by more than $25 billion since he disappeared from public view, per the Bloomberg Billionaires Index. The Financial Times suggested in November that he had been living in Tokyo for six months, staying out of public view and mainly socializing in private members' clubs.

Search resuls for: "Bangkok"

25 mentions found