Thailand to begin first month of foreign visitor arrivals

BANGKOK (NNT) – The kingdom will this month begin to open up to more groups of foreign visitors.

On October 8th, the kingdom will be receiving its first group of foreign visitors, as the country gradually opens itself through the issuance of the new Special Tourist Visa (STV), permitting foreign visitors up to 270 days in the kingdom.

The first group will comprise 150 Chinese visitors who have scheduled a charter flight from Guangzhou to Phuket. There are also another seven international business operators coming to Thailand on the same day.

Foreign Ministry Deputy Spokesperson, Natapanu Nopakun shared that following the first flight, the kingdom will be receiving other special flights this month, mostly bringing in a hundred or so people on each flight.

14-day quarantine required

All inbound passengers will be screened upon arrival and transported to each individual’s chosen hotel for the required 14-day quarantine. Prio…

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AMLO is investigating four Thai banks’ alleged role in suspicious transactions

The ICIJ’s report refers to files leaked from the Financial Crimes Enforcement Network in the US. They allegedly indicate that many commercial banks worldwide turned a blind eye to suspicious transactions between 1999 and 2017.

The International Consortium of Investigative Journalists (ICIJ), says that four Thai banks have been involved in suspicious financial transactions, worth about 41.31 billion baht, over nearly two decades.

Responding to the ICIJ report, AMLO Acting Secretary-General Pol Maj-Gen Preecha Charoensahayanont said today that checking suspicious financial transactions is a normal practice of AMLO, as he asked for time to verify the report.

Meanwhile, it is reported that, since the 1997 financial crisis, the Bank of Thailand has demanded information from commercial banks about their credit transactions, for risk analysis of financial institutions and economic stability.

The central bank has not, however, demanded i…

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Four Thai banks Probed Over Anti-Money Laundering Investigations

The Anti-Money Laundering Office (Amlo) is currently investigating an international report claiming that four major Thai banks were involved in suspicious financial transactions, according to the International Consortium of Investigative Journalists’ report referring to alleged leaked files from the Financial Crimes Enforcement Network of the US.

The 92 transactions included in the four Thai banks’ records covered combined amounts of $41.31 million — $9.56 million transferred in and $31.75 million transferred out.

Bangkok Bank and Kasikornbank have allegedly transferred the biggest amounts with a total of 31.75 billion USD transferred out.

Bangkok Bank Public Company Limited46$ 22,300,000$ 5,920,731Export Import Bank of Thailand1$ 0$ 2,557,005Kasikornbank Public Company Limited18$ 0$ 511,606Kasikornbank Public Co Ltd19$ 9,450,000$ 324,000Krung Thai Bank Public Company Ltd2$ 0$ 200,000Bangkok Bank Ltd6$ 0$ 45,410Source : http…
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Why Vietnam Has Become a Promising Alternative for US Businesses in Asia

Following four decades since the end of the Vietnam War, Vietnam’s relationship with the US has changed significantly.

After the Vietnam War in 1975, the US and Vietnam announced normal diplomatic relations on July 11, 1995.

Vietnam and the United States celebrated 25 years of diplomatic relations in July this year – a testament to improving bilateral and economic ties since the Vietnam War.Vietnam has emerged as an ideal alternative manufacturing destination to China for US businesses, in part due to the US-China trade war and disrupted supply chains due to the coronavirus pandemic.Vietnam Briefing discusses trends in the Vietnam-US relationship, growing economic ties, and how US businesses can leverage and benefit from moving their production to Vietnam. US and Vietnam commemorate 25 years of diplomatic relations

This year in July, the US and Vietnam commemorated 25 years of diplomatic relations – with the US congratulating Vietnam on its ASE…

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Asian refiners EBITDA will decline by around 30% says Moody’s

Moody’s Investors Service says in a new report that the aggregate EBITDA of Asian refiners will decline by around 30%

Aggregate EBITDA will decline around 30% in 2020 on steep inventory losses and weak marginsA gradual economic recovery will improve margins in 2021, but risks are tilted to the downside

“EBITDA and margin will improve in 2021 as a gradual economic recovery results in higher refining margins and the absence of inventory losses leads to higher earnings. But risks to margin recovery are firmly tilted to the downside.”

Hui Ting Sim, a Moody’s Analyst.

“Margin recovery will be delayed if a resurgence in infections leads to renewed lockdowns. We’re also seeing higher market imbalance, with a surge in refining capacity continuing through 2022 driven by investments in Asia and the Middle East, which will further weigh on the extent of margin recovery,” adds Sim.

Among rated Asian refiners…

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Thailand Voted Best Place for Starting Business

Thailand was voted to be the world’s best place to start business for the second consecutive year, according to the Department of Business Development. 

Wuthikrai Leeviraphan, director-general of the department, said that recently U.S.News & World Report posted its list of “Best Countries to Start a Business 2020” and Thailand ranked first for the second year in a row because it took only six days and five procedures to start a business in the country. 

Last year the same agency also ranked Thailand in the first place. 

“This year the department will further improve services for operators to start business. Time and procedures for the process will be shortened. It will cooperate with other organizations and apply artificial intelligence to serve businesses and people. This is for Thailand to attract more foreign investors,” Mr Wuthikrai said. (TNA)

The 2020 Best Countries to Start a Business ranking draws from the re…

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State of emergency likely to be extended for another month

General Natapol Nakpanich, the deputy army chief and deputy head of an ad hoc committee on the relaxation of COVID-19 control measures, said the extension of the state of emergency would rarely impact society because people could continue with their normal life and rallies or anti-government protests could be organized.

The Center for COVID-19 Situation Administration (CCSA) needed the executive decree on public administration in emergency situations because the disease control act could not be applied in some situations while the decree could be exercised to integrate efforts by various governmental organizations to swiftly respond to COVID-related situations, he said.

According to M.Natapol the decree is needed to ensure people arriving from other countries are quarantined and to quickly mobilise organisations to respond to any fresh Covid-19 outbreak.

“The panel of CCSA recommends the decree be imposed for another month. It will propose …

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COVID-19 to Boost Thai Medical Industry

BANGKOK (NNT) – Though COVID-19 has badly impacted many industries, some such as medical science and technological advancement may benefit from aspects of the crisis.

The University of the Thai Chamber of Commerce, has suggested Thai entrepreneurs grab the opportunity to develop innovations, and some Chinese medical equipment companies are preparing to move their production bases to Thailand.

Mr. Aat Pisanwanich, Director, Center for International Trade Studies (CITS), University of the Thai Chamber of Commerce, said today a major factor affecting the thinking of foreign entrepreneurs especially Chinese businesses to open branches and production bases in Thailand, is the COVID-19 pandemic.

As it has affected the whole business cycle, business operators must consider the rise in capital costs and other risks.

Foreign entrepreneurs have also noted that Thailand has shown an ability to cope with the pandemic, while the Thai…

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Thailand’s COVID-19 response: an example of resilience and solidarity

In January, Thailand became the second country to confirm a COVID-19 case but, since then, the country has shown remarkable resilience and, as of late July, there had not been any recorded cases of domestic transmission for nearly two months.

Gita Sabharwal, the UN Resident Coordinator in Thailand, explains that this success is thanks to a combination of government action, social responsibility and community solidarity. 

Thailand’s overall response, and ability to curb infections, has led the World Health Organization (WHO) to identify Thailand, alongside New Zealand, as a success story in dealing with the pandemic.

Of course, that success entirely depends on continued vigilance, a whole-of-society approach, and ramped up testing to prevent a second wave as borders open and full economic activities are resumed. 

The economic impact of the pandemic has been serious, with predictions of an 8.1 per cent contraction of the economy i…

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Thailand Ranks First in the Global COVID-19 Recovery Index

Thailand ranks first among the countries with the highest COVID-19 recovery index, according to a report issued by the Global COVID-19 Index (GCI).

The GCI report, published on 28 July 2020, gave Thailand an index score of 82.06 from 100 points, putting it on top of the countries that have made the most progress in curtailing the spread of the pandemic and can be used as examples of best practices.

In the ranking of countries by recovery index, South Korea comes second, receiving 81.09 points. Coming third is Latvia (80.81), followed by Malaysia (79.37), Taiwan (78.94), New Zealand (78.55), Lithuania (77.54), Australia (77.18), Canada (75.87), and Malta (75.79).

Among the 20 countries with the highest recovery index, five are in Asia. They include Thailand, South Korea, Malaysia, Taiwan, and Vietnam.

The GCI bases 70 percent of its calculation on big data and daily analysis, ranking 184 countries on how well they are coping with t…

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