Crypto market dips as investors await Federal Reserve meetingLegacy A slump in the crypto market was witnessed today with Bitcoin and other smaller tokens such as Ether, BNB and XRP experiencing a drop in value. Speculators tread cautiously in anticipation of the Federal Reserve meeting this week, which could potentially suggest extended periods of increased interest rates. Bitcoin, the most significant digital asset, fell to its lowest value in a week at one stage today, April 29. However, it managed to minimise some of this decline, trading at a reduced 2% at US$62,505 at 12.30pm Singapore t ..read more

Heatwave havoc: DIT keeps close thermometer on Thai farmingLegacy The sweltering weather conditions currently sweeping across Thailand have prompted the Department of Internal Trade (DIT) to closely monitor their impact on the country’s agricultural and livestock production. Despite the challenging weather and drought, DIT Director-General, Wattanasak Sur-iam, assured that the price of agricultural goods remains stable. To alleviate the cost of living for consumers and restaurant owners, the DIT has implemented initiatives to source affordably priced vegetables for nationwide distribution. In ..read more

NBTC board rejects new mobile tariff structure due to lack of studyLegacy The National Broadcasting and Telecommunications Commission (NBTC) board declined to approve a new tariff structure for mobile services, citing a lack of comprehensive study on the matter. The proposed tariff would have charged customers on a per-second basis, reflecting actual usage. The board has voiced concerns over the potential for increased costs for consumers and has asked for a more thorough investigation into the proposal. Management has been granted an additional 30 days to complete further studies and finalise ..read more

Export woes: March sees customs dip by 10.9%Legacy March witnessed a significant 10.9% drop in customs-based exports from the previous year, according to an announcement by the Commerce Ministry today. The decline was notably more severe than the 4.5% year-on-year fall predicted by a Reuters poll, marking a stark contrast to the 3.6% rise observed in February. Government data revealed a 9.7% and 19.3% decrease in exports to China and Japan, respectively, during March. Despite the downturn in the first quarter, with exports dropping 0.2%, The director-general of the Trade Policy and Strategy Of ..read more

Thailand and India to launch QR cross-border paymentsLegacy The Bank of Thailand (BoT) is set to introduce QR code cross-border payments between Thailand and India by the third quarter of this year, with a broader vision to expand this system into a pan-Asian multinational payment network. The Assistant Governor for Payment Systems Policy and Financial Consumer Protection Group at the central bank, Daranee Saeju, revealed that the payment connection with India is on track to be operational in the third quarter. This progress is due to collaborative initiatives with countries outside the ASEAN ..read more

Thai customs to impose VAT on all postal importsLegacy The Customs Department of Thailand next month is set to begin levying value-added tax (VAT) on all imported goods sent through postal services, regardless of the items’ value. This move comes in response to low-priced imports from China that have been flooding the market, providing an unfair edge as domestic producers are taxed. Currently, imported goods sent via postal services are not subjected to import duties and VAT if the cost, insurance, and freight (CIF) value of each item is declared to be less than 1,500 baht. However, the Financ ..read more

Israel-Iran conflict threatens Thai economy in Q2Legacy The ongoing conflict between Israel and Iran poses a potential threat to the Thai economy in the second quarter. Anticipated challenges include currency depreciation, an increase in oil prices, and a decrease in purchasing power. This comes after the International Monetary Fund reduced its Thai GDP forecast significantly from 4.4% to 2.7% growth, due to a slump in domestic consumption. Earlier this month, the conflict affected Asian stock markets and gold prices. Furthermore, an increase in energy prices could lead to a rise in living cos ..read more

AirAsia ventures into aviation consulting and planningLegacy AirAsia is looking to expand its horizons beyond Southeast Asia by stepping into the realm of aviation consulting and planning. This strategic move comes as a part of a larger plan to separate its non-aviation ventures from its core aviation business. Tony Fernandes, the chief executive of Capital A, disclosed that a conditional sales and purchase agreement has been finalised for the strategic divestment of Capital A and the strategic acquisition of AirAsia airlines by the AirAsia Group. According to the agreement, all airlines under ..read more

Gold prices in Thailand soar, buyers urged to stay updatedLegacy Gold prices in Thailand saw a rapid increase, urging interested buyers to check the latest updates. Today, April 26, the price for gold ornaments surged to 41,350 baht, marking a 100 baht rise from the previous day’s close as reported by the Gold Traders Association (GTA) at 9.04am. The global gold spot price hovers around US$2,333 (86,379 baht) per ounce, influencing local market trends. The first announcement from the association regarding domestic markets detailed the following rates: for gold bars, the buying price is set at ..read more

Thai commerce minister to boost fruit exports to China via LaosLegacy An evaluation of the Boten and Mohan checkpoints’ capacity to facilitate Thai fruit exports to China is on the agenda for Commerce Minister Phumtham Wechayachai. This is part of a strategy to ease the exportation process of Thai fruit during the 2024 harvest season, with shipments expected to commence at the end of April. The ministry’s spokesperson, Wittayakorn Maneenetr, reported that the commerce minister will head a trade delegation to the aforementioned checkpoints, located in Laos and China, from April 27 to April ..read more