Generals halved by 2027: Ministry to trim fat as budget balloons. The number of generals at the Defence Ministry will be cut in half within three years as part of the government’s policy to downsize the armed forces, Defence Minister Sutin Klungsang says. Bangkok Post
EV seizures set to increase: Concerns over non-performing loans (NPLs) in the automotive industry have expanded to the electric vehicle (EV) segment as some buyers may not be able to pay instalments for their EV, amid a rapid sales increase. Bangkok Post
ITD shares plunge amid delays in debentures payment: In mid-December last year, Tris Rating downgraded the firm’s rating to BB+ from BBB-. Shares of Italian-Thai Development (ITD) plunged by more than 12% yesterday as the contractor said it is planning to postpone for two years the payment of its five tranches of debentures worth a combined 14.5 billion baht. Bangkok Post
Thailand and Cambodia will hold talks about a 26,000-sqkm energy-rich area in the Gulf of Thailand claimed by both countries on Feb 7.
Tourism Ministry said tourist arrivals 1st 7-day of 2024 at 605,537, led by Chinese, Malaysian, Russia, Korea and India. Total of 28.04m arrivals in 2023, with Bt1.2trnl spending.
Siam Daikin Sales anticipates 15% air condition market growth this year from Bt50b in FY23 on the back of climate change, expects corporate sales surge as demand for commercial applications grows such as events, hotels, malls, hospitals and industrial estates.
AirAsia touts Bangkok hub to Srettha: In talks with Prime Minister Srettha Thavisin, AirAsia insists it plans to make Bangkok an aviation hub similar to Dubai, while calling on the government to cut the excise tax as Thailand remains one of the few countries that still has this expense. Yesterday AirAsia executives met Mr Srettha for the first time as the aviation group agreed to submit proposals to the government within this week requesting measures to help elevate the tourism industry in Thailand, including a reduction in the excise tax on jet fuel by 40% for domestic routes. Bangkok Post
Bonds worth B890bn due for redemption in 2024: Some 890 billion baht worth of longterm corporate bonds are due for redemption this year, nearly all investment-grade bonds, with 73 billion baht holding maturity dates this month, says the Thai Bond Market Association (ThaiBMA). President Somjin Sornpaisarn said the ThaiBMA expects Thai private companies to issue long-term bonds worth roughly 1 trillion baht this year, consisting of 450 billion worth of newly issued bonds, with about 550 billion rolled over. Bangkok Post
BoT urged to slash rates as risks mount: Policy rate at highest level in a decade. The JSCCIB yesterday maintained its forecast of key economic indicators this year. The panel anticipates the country’s GDP growth to reach 2.8-3.3% this year. The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has urged the Bank of Thailand to cut interest rates to better match the country’s economy, which faces both internal and external risks. Bangkok Post
Ministry vows to steady agricultural product prices: The Commerce Ministry has pledged to stabilise agricultural product prices and address the root causes of issues faced by farmers. Commerce Minister Phumtham Wechayachai directed permanent commerce secretary Keerati Rushchano and Wattanasak Sur-iam, director-general of the Internal Trade Department, to hold meetings with provincial commercial offices nationwide, along with ministry agencies to ensure the stability of agricultural product prices. Bangkok Post