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- Thailand to Provide Investment Rewards for Hybrid Vehicle Manufacturers
Thailand, a key regional hub for automobile manufacturing, announced on Friday that it will implement investment incentives for hybrid vehicle manufacturers. The country’s Board of Investment (BOI) revealed plans to reduce excise taxes on hybrid vehicles from 2028 to 2032. For many years, Thailand has been a significant center for...
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Thailand, a key regional hub for automobile manufacturing, announced on Friday that it will implement investment incentives for hybrid vehicle manufacturers. The country’s Board of Investment (BOI) revealed plans to reduce excise taxes on hybrid vehicles from 2028 to 2032.
For many years, Thailand has been a significant center for auto production and serves as an export base for major global automotive brands such as Toyota and Honda. The recent influx of investments from Chinese electric vehicle manufacturers such as BYD (Build Your Dreams) and Great Wall Motor has disrupted the industry, prompting Thailand to actively offer incentives to attract more companies.
“This technology is crucial for the transition to electric vehicles (EVs),” stated Narit Therdsteerasukdi, secretary-general of the BOI, regarding hybrid models. “Thailand is poised to become a major producer of hybrid vehicles, and supporting hybrid production will help maintain auto parts manufacturing.” He also mentioned that the initiatives are projected to attract investments totaling 50 billion baht (approximately US$1.39 billion).
To qualify for the lowered excise taxes over the next five years, hybrid vehicle manufacturers must invest at least 3 billion baht within the next four years and include the use of locally sourced parts, according to the BOI. Additionally, vehicles will need to be equipped with advanced driver-assistance systems to be eligible for the incentives.
Currently, seven automakers are benefiting from the incentives provided by the BOI, with four coming from Japan and three from China.
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26 July 26 2024Bangkok Newshttps://bangkokone.news/?p=202684 - Vacant Land Price Index Declines in Q2
The price index for vacant land in Greater Bangkok fell in the second quarter of this year compared to the first quarter, primarily due to a sluggish economic recovery and a slowdown in the residential real estate market. Vichai Viratkapan, the acting director-general of the Real Estate Information Center (REIC),...
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The price index for vacant land in Greater Bangkok fell in the second quarter of this year compared to the first quarter, primarily due to a sluggish economic recovery and a slowdown in the residential real estate market.
Vichai Viratkapan, the acting director-general of the Real Estate Information Center (REIC), indicated that the decrease in the land price index could be attributed to developers halting land purchases.
“Owning land comes with costs, including land and building taxes,” he explained. “It can become burdensome to acquire land when it’s not the optimal time for development or project launch, particularly in an unfavorable market climate.” He noted that the property market experienced a significant downturn in the first half of the year, driven by various negative factors such as a slowing economic rebound, decreased investment, and the revocation of eased loan-to-value limits.
Additionally, he pointed out a high level of household debt, which stands at 90% of GDP, coupled with elevated interest rates and stricter lending regulations. These conditions have led to reduced affordability and borrowing capability among potential homebuyers.
In the second quarter of 2024, the price index for vacant land in Greater Bangkok registered at 398.2, reflecting a 2.4% decrease from 407.8 in the first quarter but marking a 5.8% increase compared to the second quarter of 2023. This decline from the first to the second quarter of 2024 signifies the third consecutive quarterly drop since the REIC began monitoring land prices in 2012.
The initial drop occurred in the first quarter of 2021, which saw a 2.2% reduction from the fourth quarter of 2020, largely attributed to the pandemic that began in late 2019. The second decline was recorded in the second quarter of 2023, where the index fell by 2.4%, following a series of interest rate hikes implemented five times between August and September 2022 and from January to March 2023.
Mr. Vichai noted that the year-on-year increase in the second quarter was significantly lower than the pre-pandemic average annual growth of 14.8%, recorded over the five years from 2015 to 2019. “This year, there have been no reductions in the land and building tax,” he added. “Additionally, many developers have shifted their focus to regions outside Greater Bangkok, such as Phuket, which has contributed to a decline in demand for land within the Greater Bangkok area.”
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26 July 26 2024Bangkok Newshttps://bangkokone.news/?p=202680 - A Powerful Typhoon Hits China after Killing People in Philippines and Taiwan.
On Thursday night, a powerful typhoon hit China’s southeast coast in the Fujian province after reportedly causing 22 deaths in the Philippines earlier in the week and sweeping past the neighbouring island of Taiwan. The typhoon Gaemi, also known as Carina in the Philippines, intensified the already high monsoon rains...
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On Thursday night, a powerful typhoon hit China’s southeast coast in the Fujian province after reportedly causing 22 deaths in the Philippines earlier in the week and sweeping past the neighbouring island of Taiwan.
The typhoon Gaemi, also known as Carina in the Philippines, intensified the already high monsoon rains along the western Pacific, causing landslides and floods in low-lying areas. The death toll increased because of landslides and drowning in the Philippines. The Philippines’ police also reported that at least three individuals went missing.
Rescuers saved 15 of the 16 crew members on board the oil tanker MT Terra Nova when it sank early on Thursday off the coast of Limay, Bataan province, carrying around 1.4 million litres (370,000 gallons) of industrial fuel oil.
Earlier in the day, the typhoon had battered Taiwan with gusts as high as 227 kmph (141 mph), which is among the highest winds in the Western Pacific Ocean ever recorded, leaving at least three people dead.
Taiwanese businesses and educational institutions were closed for a second day on Thursday, and residents were advised to stay indoors and away from the coast. This week’s air force exercises along the east coast of Taiwan were canceled due to the storm.
Taiwan’s Central News Agency reported that a 78-year-old man lost his life on Thursday afternoon after his home was struck by a mudslide and that two individuals had perished on Wednesday before the storm made landfall at midnight. The injuries totaled 380 people.
According to the official Xinhua News Agency, more than 240,000 people were evacuated, and trains, aircraft, and ferry services were cancelled before its arrival in China’s Fujian province.
Over the following three days, inland areas such as Beijing, the nation’s capital, should expect heavy rains from the storm, even if it is predicted to decrease.
Article by Lena Ndolo
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26 July 26 2024Bangkok Newshttps://bangkokone.news/?p=202677 - Highlights from the Farnborough Airshow day 4
Today July 25th was the 4th day of the Farnborough Airshow and the final day for AX Media Thailand team. This weeks recap was the new Business class launch for Qatar Airways and Turkish airlines. With Qatar Airways announcing their latest Q suites for the 777-9 and the Airbus A350....
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Today July 25th was the 4th day of the Farnborough Airshow and the final day for AX Media Thailand team. This weeks recap was the new Business class launch for Qatar Airways and Turkish airlines. With Qatar Airways announcing their latest Q suites for the 777-9 and the Airbus A350. But they have ordered another 20 777-9 which they are totalling for 60. They are not the launch customer for the 777-9 but they are the launch customer for the 777-8F which isnt coming to service before 2027.
They had also announced a new first class which at this very moment is roughly 70 percent completed. But they will unveil it soon. For Turkish Airlines their new Business class product will be installed on the Airbus A350 to begin with and followed by the 777 which is roughly to complete around 2025-2026. This week they were suppose to order the 737MAX and 787-9 but due to engine issues etc they have postponed the order. Turkish Airlines hasnt confirmed anything in regards to the 777-9 order as they are a 300ER operator.
This week Airbus seems to be getting more orders vs Boeing. Boeing had log a big order for widebody jets with Korean Air. Especially for the 777-9 as they are the latest customer for the type. The 777-9 hasn’t been able to come to this years airshow due to certification etc. Which according to Boeing should be arriving in late 2025. Its uncertain if Emirates or Lufthansa maybe the launch customer.
Airbus has singed today an MOU with Flynas based in Saudi Arabia for 75 A320NEO’s and 15 A330NEO’s. Seems this week Airbus is the main contender for this years Farnborough Airshow.
From AX Media Thailand and Bangkok One news it has been a great week out at the Farnborough Airshow with range of networking and making new media partners. Today is the end of our time here and our next airshow is scheduled for November in Bahrain and followed by the MEBA in Dubai for 2024. For 2025 we will be attending the Paris Airshow in June and the Dubai Airshow in November.
Article and photos by Alexi Van Damme AX Media Thailand
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25 July 25 2024Aviationhttps://bangkokone.news/?p=202666 - Car production drops sharply
Car production in Thailand fell by 20.11% in June compared to the previous year due to tighter financing rules and high consumer debt, the Federation of Thai Industries (FTI) reported on Thursday. This follows a 16.19% year-on-year drop in May. In the January-June period, car production contracted by 17.39% from...
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Car production in Thailand fell by 20.11% in June compared to the previous year due to tighter financing rules and high consumer debt, the Federation of Thai Industries (FTI) reported on Thursday. This follows a 16.19% year-on-year drop in May.
In the January-June period, car production contracted by 17.39% from a year earlier, totaling 761,240 units, according to the federation.
“Stricter measures for credit approval from financial institutions, coupled with household debt nearing 90% of gross domestic product (GDP), led to a higher rejection rate for auto loans,” said Surapong Paisitpattanapong, spokesman of the FTI’s automotive industry division, during a news briefing.
Domestic car sales dropped 26.04% in June from a year earlier, following a 23.38% annual decline in May.
The federation has lowered its domestic sales target to 550,000 vehicles from an earlier forecast of 750,000 units. It also revised its production target to 1.7 million units for the year, down from the previously projected 1.9 million vehicles. In 2023, Thailand produced 1.84 million vehicles.
Auto exports are still expected to reach 1.15 million vehicles this year.
Thailand remains Southeast Asia’s biggest auto production center and an export base for some of the world’s top carmakers, including Toyota and Honda, with pickup trucks among the key vehicles manufactured.
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25 July 25 2024Bangkok Newshttps://bangkokone.news/?p=202660 - Digital wallet information unable to boost Stock Exchange of Thailand (SET).
The government’s announcement regarding the delayed digital wallet handout scheme failed to boost the Stock Exchange of Thailand (SET) as the index slipped below the psychological level of 1,300 points on Wednesday with major commerce company CP All (CPALL) among the biggest losers. Shares of CPALL, the operator of 7-Eleven...
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The government’s announcement regarding the delayed digital wallet handout scheme failed to boost the Stock Exchange of Thailand (SET) as the index slipped below the psychological level of 1,300 points on Wednesday with major commerce company CP All (CPALL) among the biggest losers.
Shares of CPALL, the operator of 7-Eleven convenience stores, plunged by 1.32% to 56 baht by midday yesterday as the SET index closed at 1,297.91 points, down 0.28%, with a total trading value of 17.6 billion baht.
The decline came as analysts expected the release of the final details regarding the digital wallet stimulus, the centrepiece of Prime Minister Srettha Thavisin’s efforts to revive economic growth, could provide positive sentiment to the SET with commerce and food stocks, including CPALL, CP Axtra (CPAXT) and Berli Jucker (BJC), the main beneficiaries.
Teerasak Tanavarakul, first vice-president of retail research at CGS International Securities (Thailand), said despite full details of the scheme being revealled, uncertainties remain in terms of the implementation period, the legal framework and funding sources.
“I think the digital wallet scheme will boost the stock exchange when the government starts to distribute the handout. Until then, there are some uncertainties which make it difficult to predict,” he said.
The scheme was originally intended for early 2024, but was delayed by wrangling over how the state would pay for the stimulus. Lawmakers last week backed plans for an additional 122 billion baht of spending this fiscal year to fund the digital wallet scheme.
Finance Minister Pichai Chunhavajira said on Wednesday that members of the public eligible for the scheme can sign up for the digital wallet handout scheme between Aug 1 and Sept 15.
Asia Plus Securities said although the digital wallet project is making progress, some issues are still not ready. For example, the budget approved by parliament is still unclear, and the government has not held a bidding process for the payment system yet.
Next week, the Commerce Ministry will announce details of participating stores. Then, the premier is set to reveal exactly when the digital wallet will be ready for people to spend, the brokerage said in a research note.
Investors also have to closely watch the political situation as the Constitutional Court is set to rule on the Move Forward Party (MFP) dissolution case on Aug 7. The court is then expected to provide a verdict regarding Mr Srettha’s dismissal case on Aug 14, regarding an accusation that the latest cabinet reshuffle may have violated the charter.
“The SET index will fluctuate and hardly rise for the short term. However, it may bounce up if clarity about these issues is made.”
According to Krungsri Securities, the SET has lost 8.6% this year to date, underperforming other exchanges globally, with outflows totalling 300 billion baht.
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25 July 25 2024Bangkok Newshttps://bangkokone.news/?p=202657 - KBank records a 20% decrease in mobile app loan applications.
Loan applications via K-Plus, the mobile banking app by Kasikornbank (KBank), have decreased by approximately 20% following the bank’s decision to slow down digital lending growth last year. KBank’s Executive Vice-President, Supreecha Limpikanjanakowit, mentioned that the bank scaled back its promotions for consumer loans through K-Plus to maintain asset quality...
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Loan applications via K-Plus, the mobile banking app by Kasikornbank (KBank), have decreased by approximately 20% following the bank’s decision to slow down digital lending growth last year.
KBank’s Executive Vice-President, Supreecha Limpikanjanakowit, mentioned that the bank scaled back its promotions for consumer loans through K-Plus to maintain asset quality due to high household debt levels and increased credit risks. Consequently, both loan applications and approvals via K-Plus dropped by about 20%.
The majority of loan applicants on K-Plus are from the mass market segment, including salaried workers and freelancers, especially those with payroll accounts and new employees.
While continuing to offer loans to reliable customers with strong repayment capabilities, KBank supports their liquidity needs and access to funding sources.
In light of an uncertain economic recovery and high household debt, Supreecha highlighted that KBank advises K-Plus users to focus on personal financial planning to enhance financial discipline and loan accessibility.
Furthermore, the bank promotes saving, investment, and insurance products among K-Plus users to bolster personal financial planning and boost fee-based income from the digital channel.
KBank’s CEO, Kattiya Indaravijaya, noted the bank’s goal of enhancing credit scoring and risk management systems to enhance the asset quality of its digital loan services. Therefore, KBank chose to moderate the growth of its digital personal loan business to refine its business model and enhance loan product quality.
Despite the slowdown in digital loan growth, the number of K-Plus users has continued to rise. In the first half of the year, the mobile banking app gained approximately 1 million new users compared to the previous year-end.
KBank, ranked as the country’s third-largest lender by total assets, dominates the industry in mobile banking apps with 23 million K-Plus users. The bank attracts new users, especially first-time jobbers and payroll workers, including both local and migrant employees. KBank also holds a notable market share in payroll services for migrants.
While the growth rate of K-Plus users is projected to ease due to a high base effect, transactions through K-Plus are on the rise, comprising roughly 35% of the market share, surpassing KBank’s overall market share of 20%. Additionally, K-Plus services have expanded to regional markets such as Laos, Vietnam, and Indonesia.
In Vietnam, K-Plus users have reached around 2 million. KBank has also collaborated K-Plus with MEB, the digital banking app of its Indonesian partner, Bank Maspion, to enhance digital banking services for customers.
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25 July 25 2024Bangkok Newshttps://bangkokone.news/?p=202654 - Singapore Has Been Re-Crowned as the World’s Most Powerful Passport.
The Singapore passport has now become the most powerful passport in the world. In the most recent ranking released on Tuesday by Henley & Partners, a London-based immigration consultancy, Singapore regains its status as the most powerful passport in the world, breaking away from the group of six nations that...
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The Singapore passport has now become the most powerful passport in the world.
In the most recent ranking released on Tuesday by Henley & Partners, a London-based immigration consultancy, Singapore regains its status as the most powerful passport in the world, breaking away from the group of six nations that had shared the top spot on the Henley Passport Index.
With its powerful passport, Singapore surpassed France, Germany, Italy, and Spain to regain the title of world leader. Singaporeans can now travel to 195 worldwide destinations without the need for a visa.
With visa-free travel to 192 places, the five nations, France, Germany, Italy, Japan, and Spain, have fallen to second place. According to rankings released by Henley in January 2024, these countries had previously shared first place with Singapore having 194 visa-free access out of 227 travel destinations.
For the first time, an “unprecedented seven-nation cohort” occupied the third position. Austrian, Finnish, Irish, Luxembourgian, Netherlands, South Korean, and Swedish passport holders can enter 191 locations without difficulty.
Former passport superpowers Britain and the US have continued to fall down the list since 2014 when they occupied the top spot on the Henley index. Britain shares fourth place with Denmark, Belgium, Norway, New Zealand, and Switzerland with 190 visa-free destinations. The United States ranks eighth with 186 destinations offering visa-free travel.
World’s Powerful Passports
Country Rank Entry to a Count of Nations Singapore 1st 195 France 2nd 192 Germany 2nd 192 Italy 2nd 192 Japan 2nd 192 Spain 2nd 192 Austria 3rd 191 Finland 3rd 191 Ireland 3rd 191 Luxembourg 3rd 191 Netherlands 3rd 191 South Korea 3rd 191 Sweden 3rd 191
Afghanistan continues to have the weakest passport in the world, having visa-free access to 26 nations.Article by Lena Ndolo
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25 July 25 2024Bangkok Newshttps://bangkokone.news/?p=202648 - Highlights from Farnborough Airshow Day 3
Today July 24 the third day of Farnborough Airshow was not many new orders at all with ATR getting 4 orders for Air Thaiti. The weather today was better than the previous 2 days with warm periods during the middle of the day. Today the AX Media Thailand team got...
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Today July 24 the third day of Farnborough Airshow was not many new orders at all with ATR getting 4 orders for Air Thaiti. The weather today was better than the previous 2 days with warm periods during the middle of the day.
Today the AX Media Thailand team got a chance to board the Airbus A330-900 NEO from Virgin Atlantic and also the JetBlue Airbus A220.
More to come tomorrow and another more exciting news to come at this weeks airshow.
Photos by Alexi Van Damme AX Media Thailand
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24 July 24 2024Aviationhttps://bangkokone.news/?p=202628 - Thai Air Asia is eyening new routes in India
Thai AirAsia is strategically focusing on expanding its route network to India and within Southeast Asia in the latter part of the year to offset the impact of reduced flights to China, which continue to face challenges due to the slow economy and heightened competition from domestic travel. Tansita Akrarittipirom,...
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Thai AirAsia is strategically focusing on expanding its route network to India and within Southeast Asia in the latter part of the year to offset the impact of reduced flights to China, which continue to face challenges due to the slow economy and heightened competition from domestic travel.
Tansita Akrarittipirom, the head of commercial at Thai AirAsia, noted a decline in the share of Chinese passengers to 17%, down from 27% pre-pandemic, while projecting an increase in the share of Indian passengers to 10% by the year’s end.
The airline is enhancing its Southeast Asian routes and bolstering capacity on other Asian routes, including leveraging the fifth freedom right to operate flights to Tokyo via Taiwan, to diversify its route portfolio.
Thai AirAsia recently introduced three new routes that will commence operations in October: Bangkok-Hyderabad, Bangkok-Phú Quốc, and Phuket-Siem Reap. Additionally, three more routes are set to launch next month to cater to the peak season later in the year, including Bangkok-Kathmandu and Phuket to Kolkata and Chennai.
These route expansions align with the additional 7,000-seat allocation granted by the Civil Aviation Authority of Thailand (CAAT) to Thai carriers, with Thai AirAsia securing 40% of this quota.
With Indian passengers dominating flights bound for India and growing interest from Thai outbound tourists, the airline is capitalizing on the visa-fee waiver program for Thai nationals applying for an Indian Visa, particularly benefiting beach destinations like Phuket, Krabi, and Pattaya.
Thai AirAsia is in discussions with the Indian government and CAAT for potential future increases in seat quotas, aiming to introduce flights to major Indian cities like Delhi and Mumbai.
Despite the growing demand from Indian passengers, it may take over five years to match the significance of the Chinese market in the airline’s portfolio due to flight quotas and differing purchasing power dynamics.
By the end of 2024, Chinese passengers are anticipated to represent 20% of the total international passengers (estimated around 8-9 million), while Southeast Asian and Indian passengers would constitute 50% and 10%, respectively. The airline could potentially introduce two more Chinese routes from Chiang Mai and Bangkok during the high season.
Thai AirAsia is targeting 21-22 million passengers this year, nearly reaching the 2019 booking numbers of 22.1 million. Enhanced connectivity between airline networks, especially with the relocation of Thai AirAsia X operations to Don Mueang Airport, is expected to strengthen transit passenger services.
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24 July 24 2024Aviationhttps://bangkokone.news/?p=202625