Category: The Bangkok Post

Trade on the Stock Exchange of Thailand (SET) was volatile this week, in line with global bourses, on renewed trade war worries.

After China announced tighter curbs on rare earth exports, President Donald Trump threatened to slap an additional 100% US tariff on Chinese goods. There was speculation Trump might decline to meet with Chinese President Xi Jinping when the two attend the Apec summit in South Korea on Oct 31 and Nov 1.

In our view, both countries are engaging in limited tactical escalation rather than aiming for a full-out conflict. We expect them to enter a “narrow deal” phase or reach a temporary agreement ahead of the Apec talks, with no major structural shift in the trade relationship over the long run.

We still anticipate a meeting between the two leaders, but any rebound in sentiment will depend on their stances and the level of agreement achieved.

Markets did hear some encouraging words from Federal Reserve chairman Jerome Powell, who said the US economy was healthy overall and left the door open to more interest rate cuts to help stimulate activity. He said the Fed might soon start winding down its effort to shrink its balance sheet.

Over the past week, we recommended investors take a more cautious approach by reducing their stock position and increasing cash holdings to at least 30% of their portfolios. We also suggested trimming holdings of stocks linked to the global economy in sectors such as energy, refining and petrochemicals, electronics and shipping.

However, some domestic plays, particularly tourism stocks, also fell substantially with the end of Golden Week and a rapid slowdown in the momentum of Chinese tourist arrivals.

Shares of Thai Airways were pressured by concerns over new board appointments, which dragged its stock price below a key support level. The board’s chairman assured the market the political interference that once plagued the carrier would not resurface.

Elsewhere, tech stocks in China and Hong Kong were pressured by concerns over potential imposition of non-tariff barriers against tech products. Meanwhile, a recent rebound was partly responsible for selling pressure in tech plays as investors sought to lock in profits.

Gold kept hitting new highs on consistent buying by central banks and safe-haven demand spurred by renewed trade war worries, even as concerns about actual wars eased slightly with the Gaza ceasefire.

We expect the SET index to remain rangebound between 1,250 and 1,300 points next week. Market participants will likely shift their focus towards particular industries or individual stocks as banks are about to release third-quarter earnings.

Bank stocks have largely declined in anticipation of weak results (except for KTB, which will likely post solid gains from investment in THAI). We believe banks have already priced in negative factors and see potential to buy on dips.

As well, any shift in fund flows into Thailand, after a recent steep fall, could be directed into banks if earnings worries dissipate, while non-banks could be affected by escalating trade tension.

Power industry plays are also interesting as government measures, expected within a month, tend to be positive for power producers. These include speeding up foreign direct investment by streamlining procedures; progress on direct power purchase agreements and a new Power Development Plan, which should help the Board of Investment meet its goal of attracting up to 500 billion baht worth of data centre projects.

Meanwhile, worries over a power tariff cut will probably not add more pressure than they already have, given the recent stock price setbacks in the sector. We prefer laggards such as GULF, BGRIM and GPSC over EGCO, BPP and BCPG, which have rather tight technical indicators.

Among the positive factors that could support investor sentiment this week:

The government’s Half-Half Plus co-payment consumption stimulus is due to start on Oct 29 and continue for the rest of the year;

Chinese GDP data due on Monday is not expected to be any weaker than already anticipated, implying the impact from US tariffs has been contained so far;

US economic indicators, as slowing price pressure and softer employment data could support another Fed rate cut;

Thai bank earnings are expected to be in line with modest expectations, barring any negative surprises.

Among the negative factors that investors should keep in mind:

Pressure on the local market from the large-cap DELTA, which could be weighed down by high valuations and sell-ahead-of-facts behaviour prior to its third quarter earnings release on Oct 24;

US-China trade friction;

Volatile commodities and foreign exchange may cause certain groups of investors to remain in wait-and-see mode.

The Apcom Hero Awards this year honours LGBTI advocates and celebrates Thailand’s milestone in passing the Marriage Equality bill.

The Apcom Foundation, an Asia-Pacific LGBTI advocacy foundation based in Thailand, earlier this month posted a video clip on their Facebook page about the return of its annual Apcom Hero Awards.

It was stated that this year the Hero Awards returns for a ninth edition under the theme “Celebration Of Equality”, marking Thailand’s historical achievement in marriage equality and that the event will be hosted by just one person for the first time.

Midnight Poonkasetwattana, Apcom Foundation executive director, said in a video clip they have been organising the Hero Awards annually in Bangkok for LGBTI advocates who uphold and promote the rights of people living with HIV, equality and human rights across the Asia-Pacific region.

There are 10 award categories — Business Ally, Community Ally, Community Hero, Community Organisation, Health and Wellbeing, HIV Hero, LBQ Her, Social Justice Hero, Transgender Hero and Young Achiever.

“This awards shine a spotlight on the LGBTI community as well as those who have made significant contributions to HIV response in this region while bringing guests from around the world to celebrate activists and connect diverse stakeholders ranging from diplomatic missions, government, community-based organisations, private sector, academia, allies and the media,” he added.

Regional community partners Asia Pacific Network of People Living with HIV/Aids; the Asia Pacific Transgender Network; and the Asian Region of the International Lesbian, Gay, Bisexual, Trans and Intersex Association will also join the Hero Awards. Midnight explained that the number nine carries a deep significance as a symbol of luck, prosperity and success in Thai culture.

This year the Hero Awards highlight the celebration of equality and honour Thailand’s passing of marriage equality on Jan 23 (the third country in Asia after Taiwan and Nepal and the first in Southeast Asia).

This award is co-hosted by the Dutch, British, Australian, German and Irish embassies and supported by other agencies.

Midnight also pointed out that this year’s award ceremony will be much more special as it will be hosted by Mel Heifetz, the 97th recipient of the Philadelphia Award who established the GLBT Fund of America at the Philadelphia Foundation in 2007.

According to the Philadelphia Award Website, Heifetz was a key person who addressed homelessness among LGBTI communities. He also kept several HIV/Aids nonprofit organisations afloat and at the peak of the crisis in the 1980s, he put countless uninsured people on his company’s health insurance plan.

Midnight added that individual support meant that not only the organisation but individuals could play a vital role in celebrating equality and justice.

“We welcome everyone to join this celebration to create an equal society in Thailand and beyond the Asia-Pacific region,” he ended.

To join the event, individuals need to purchase tickets through Line: Apcom Foundation.

The Digital Economy and Society (DES) Ministry is committed to driving Thailand’s gaming industry onto the global stage and establishing the country as a gaming hub in Southeast Asia.

The ministry is pursuing the passage of the Gaming Industry Promotion Act, which would be the first law of its kind in Southeast Asia. The bill already passed a public hearing.

DES Minister Chaichanok Chidchob said the local gaming industry is valued at more than 35 billion baht and continues to grow.

He said this proves games are no longer just about the act of playing — they are ready to transcend mere entertainment and transform into learning opportunities, fostering creativity and providing future careers.

Thailand has one of the largest populations of gamers in Southeast Asia, along with the Philippines and Indonesia, and ranks third globally in terms of the number of gamers, said Mr Chaichanok.

He said the government must accelerate development of the gaming industry for stable and sustainable growth.

Mr Chaichanok spoke at Gamescom Asia x Thailand Game Show 2025, which opened yesterday at the Queen Sirikit National Convention Center and ends tomorrow. The event combines Gamescom Asia with Thailand Game Show.

“We believe in Thailand’s potential, in the country’s gaming industry, and in the power of public-private partnerships,” he said.

Mr Chaichanok said the Gaming Industry Promotion Act not only provides a regulatory framework, but is also a tool to create opportunities and enhance the potential of the country’s gaming industry, fostering sustainable growth and global competitiveness.

“What you love today can truly become a stable career tomorrow,” he said.

“In addition to providing entertainment, games can create future careers, helping everyone to grow together.”

Finance Minister Ekniti Nitithanprapas said during the event’s opening Thailand is a key player in the region’s gaming industry.

The local gaming market has expanded rapidly at a rate of 10% a year, said Mr Ekniti.

Thailand has more than 32 million gamers, indicating it has a large and highly resilient consumer base, he said.

This large consumer market means the potential for Thai intellectual property revenue generation is enormous, said Mr Ekniti.

“Enhancing our gaming industry will enable us to compete and tap into the global gaming market, which was estimated to be worth US$300 billion last year, reaching more than $600 billion by 2030,” he said.

Mr Ekniti said the government’s “Quick Big Win” policy wants to turn industry challenges into opportunities.

The gaming and digital content industries could become pillars of investment in the future, or new S-curve areas for the country, he said.

The government is investing in people and technology, training Thai workers in digital skills such as game creation and artificial intelligence.

Mr Ekniti said he plans to urge the prime minister to push the development of stakeholders in the gaming sector through government policies that enhance their capabilities.

The People’s Party (PP), a progressive party in Thai politics, secured a small victory in parliament this week, with its charter rewriting draft becoming the primary legislation for constitutional amendment.

Despite this, the struggle continues.

The PP and the two other main parties, Bhumjaithai (BJT) and Pheu Thai, all have their own bill, with the main focus on revising Section 256 in the current junta-sponsored charter.

The change to this section is necessary to pave the way for establishing a Charter Drafting Assembly (CDA), which will serve as charter rewriters. Needless to say, each party wants to have a say in the new CDA so as to set a fresh political direction.

During the two-day deliberations, we hardly saw coordinated efforts toward a better charter or reconciliation. Instead, we witnessed a new twist in political polarisation, this time with Pheu Thai and the PP doing a kiss-and-make-up, while the BJT was isolated on the other side.

Initially, BJT joined hands with the Senate, shooting down Pheu Thai’s bill. This prompted Pheu Thai to make a U-turn and give full support to the PP’s draft, helping this draft garner 300 votes in support, while BJT’s draft received 287 votes.

In theory, the BJT should have collaborated with PP, given the latter’s support for its leader Anutin Charnvirakul’s premiership bid while leaving Pheu Thai in the cold.

But in practice, such alignments are short-term, and the two parties have engaged in fierce competition when it comes to charter rewriting that may reset the country’s politics. This confirms what I said previously in this column: BJT, which massively benefits from the current charter that allows its networks to thrive in independent agencies, is reluctant, or not willing, to have a new charter.

Yet, BJT must align with PP because the MOA it signed with the progressive party obliges the Auntin government to support the charter amendment. So keep an eye on the subsequent political manoeuvring.

BJT has remained confident and has kept its cool, nevertheless. After all, the Upper House will determine the direction and destiny of this charter amendment. It is believed that the so-called senators in the blue camp will make or break the bill in the final stage. Constitutional amendments require support from an absolute majority of the joint parliament plus at least one-third of the senators. It is believed and widely reported that the so-called blue-camp senators make up almost 75% of the 200-seat Senate.

The question is: What benefits can voters and citizens expect from the CDA?

In its draft, the BJT proposed that the CDA selection would follow a similar format to the 2007 charter — the parliament would select the CDA, comprising provincial representatives and experts from various fields. This draft is believed to play into the hands of the BJP, given its strong alignment with the Senate and independent agencies.

The PP’s draft, similar to Pheu Thai’s version, proposes a CDA comprising 35 members selected by parliament from 70 public-elected candidates and a 100-member advisory council chosen directly from constituencies across all provinces. In short, it advocates direct election. If their version is adopted, voters will select experts to help write the constitution, the supreme law governing the country’s legal basis.

Another crucial matter is that BJT’s draft will prohibit the amendment of Sections 1 and 2 of the charter, which outline the country’s sovereignty as an undivided kingdom and its royal prerogatives. The PP’s version, meanwhile, leaves this matter open, without mentioning whether they would be amending the two crucial sections or not.

The next move will be tense, with regard to the composition of the 43-member House panel tasked with charter rewriting, which, at 24:19, sees little difference in their force. BJT and the senators have fewer votes than a grouping of PP and Pheu Thai, which also includes minor parties in its camp. The panel will have to wrap up its work around mid-December to accord with political timelines.

Watch for a few political machinations that will unravel in the weeks to come.

As sure as the sun rises, the BJT will utilise all its might and resources to ensure that Section 256 is fixed in a way that the CDA is formed in its favour, thereby ensuring maximal dominance of its alliance and networks.

If not, the senators in the blue camp, as earlier mentioned, may exercise their power and sink the bill in the third reading; or they may request the charter court to step in and rule against the move, citing the court ruling that prohibits direct CDA election or against the PP’s option to leave open the change to lese majeste law.

And in case the party fails, it will have to campaign against the charter amendment so that it is crossed out in the referendum, set to take place on March 29. Lastly, Mr Anutin, if necessary, may seek to dissolve the House while the bill is being vetted. In doing so, the whole process will be further delayed. And it will depend on the next government whether it will pick it up. It has two months to make a decision on this.

The last option is highly likely. This scenario predicts Pheu Thai will seek a no-confidence motion in December in its attempt to shore up its popularity, which has gone downhill. Indeed, political news reporters have started filing stories about the party planning to launch a no-confidence vote.

If that is the case, Mr Anutin will not be able to afford to face such a motion, and House dissolution is his only option. According to the law, if Mr Anutin chooses this option, he must do it before Pheu Thai submits the motion.

In that case, it would be unfortunate. All law scrutiny, including the current charter rewriting, will automatically stop, which is not good for the public as a whole. After all, this country needs a better charter that provides better rules so that it can get out of its current political conundrum.

The civic sector and the public at large must keep a close watch on the process to prevent any foul play that may derail the charter rewriting effort.

A 79-year-old woman has died of serious injuries caused by a roadside bomb that exploded in Yi-Ngo district in the southern province of Narathiwat on Thursday.

Her death prompted some local residents to rally on Saturday to protest against the sectarian violence that has plagued the Muslim-majority southernmost provinces for more than 20 years.

The explosion occurred at about 9am on Thursday in front of a tea shop on Ram Komut Road. Investigators said the improvised device was contained in a 10kg cooking gas tank placed in a bin. The device was detonated remotely when police from the Yi-Ngo station on a routine patrol stopped at the location.

The blast injured a total of 14 people, including police officers and civilians.

One of the victims was a 79-year-old, identified as Grandma Ror Meo, who had been receiving treatment at Naradhiwas Rajanagarindra Hospital, where she was pronounced dead early Saturday.

‘Grandma saved money her whole life from selling seaweed to go on Hajj this year, with the deposit already paid of over 100,000 baht,’ said Mrs Surarak, a relative of the deceased. ‘She was so happy.’

Despite doctors’ efforts to save the woman, her survival was impossible due to the severity of her injuries and her advanced age.

Her passing sparked a response from local residents. They united in a public rally on Saturday to reject all forms of violence and demand condemnation of the brutality that has been part of daily life for too long.

Since the insurgency re-emerged in 2024, a total of 7,764 people – about 65% of them civilians – have been killed in violent incidents in Narathiwat, Pattani and Yala, according to Deep South Watch.

The Thai Coral Reef and Marine Life Conservation Foundation is stepping up its efforts to restore seagrass beds across the Andaman Sea, following reports of a drastic decline in dugong populations caused by food shortages and deteriorating marine ecosystems.

Kongkiat Kittiwatthanawong, a member of the foundation’s academic promotion subcommittee, said the dugong population, surveyed this year using drones, had dropped sharply from 248 two years ago to just 114.

The largest remaining dugong populations were recorded in Trang and coastal areas along the Andaman Sea. Mr Kongkiat said the steep decline is primarily due to the critical loss of seagrass — the dugong’s main food source — resulting from the effects of climate change.

He said the decline began early last year, when a “sea drought” in the Andaman Sea destroyed at least 20,000 rai of seagrass beds. “The decline in food resources has forced dugongs to migrate in search of food, leading to more frequent sightings and population records this year,” he said.

Fishing gear, such as gill nets and fish traps, has also contributed to the drop in numbers. Mr Kongkiat said many dugongs are injured or killed after becoming entangled in ropes connecting traps and bobbers, which can cause them to drown, as dugongs are mammals that rely on lung-based respiration.

“With these findings, the foundation’s mission to rescue the dugong population will focus heavily on restoring seagrass beds,” Mr Kongkiat said.

The restoration project is being carried out in collaboration with the Phuket Marine Biological Centre. Seedling cultivation takes place on a four-rai plot in Ban Bang Phat, Bang Toey subdistrict, Muang district of Phangnga.

The mission aims to double the area of seagrass beds within one to two years, with the seedlings to be transplanted to underwater areas in Trang and Krabi to support the dugongs’ nutritional needs.

The foundation is also working with the Sireetarn Marine Endangered Animals Rescue Centre in Phuket to rehabilitate malnourished, sick, or injured dugongs that have washed ashore.

Together, these efforts increased the seagrass bed area to 97,784 rai last year. “We expect the dugong population to stabilise within the next five years, with the hope that it will not decline further,” Mr Kongkiat said, adding that although the current population has already been reduced by half, its chances of survival are improving.

Thailand’s first standard for sustainable aviation fuel (SAF) specifications is expected this month, with enforcement scheduled from Jan 1, 2026 to support a campaign reducing the carbon footprint of the aviation industry, says the Department of Energy Business.

A biofuel for aircraft, SAF produces up to 80% less greenhouse gas emissions than conventional fuel, according to media reports citing various forecasts.

The guideline used for SAF manufacturing in Thailand is based on international standards and covers neat SAF, a mixture of SAF and jet fuel, as well as Jet A-1, said Sarawut Kaewtathip, director-general of the department.

Neat SAF refers to pure SAF, while Jet A-1 is a kerosene-type aviation fuel used commercially by aircraft.

Thailand has never had a standard for Jet A-1, but because SAF will be blended with conventional fuel, a standard for Jet A-1 is needed for the calculation of reduced carbon dioxide emissions, said Mr Sarawut.

“The criteria for SAF manufacturing should be published in the Royal Gazette in the last week of October,” he said.

Thailand has two major SAF manufacturers: Bangchak Corporation produces neat SAF, while PTT Global Chemical (GC), the petrochemical arm of national oil and gas conglomerate PTT Plc, makes an SAF-jet oil mixture.

GC’s products are expected to be distributed and marketed by PTT Oil and Retail Business, a subsidiary of PTT.

Both Bangchak and GC use used cooking oil, also known as UCO, as a raw material to produce SAF.

“It is expected UCO will become scarce in 2027 as demand for SAF continues to increase,” said Mr Sarawut.

This may cause manufacturers to produce SAF from plant fibre, he said.

According to SAF scientists, corn stover, sugar cane bagasse and wheat straw are rich in certain types of fibre that can be converted into alcohols such as ethanol or iso-butanol, which are then transformed into jet fuel using alcohol-to-jet technology.

Thailand has an abundance of raw materials needed for SAF production, supporting the government’s plan to make the country a regional hub of aviation, said Mr Sarawut.

The country, which produces ethanol from sugar cane and methyl ester from palm, has infrastructure such as logistics to support the production of new biofuels in the future, he said.

Authorities have arrested three Taiwanese nationals after discovering dozens of rare animals stuffed into nylon stockings and hidden on their bodies as they attempted to leave the country through Don Mueang Airport.

Police from the Natural Resources and Environmental Crime Suppression Division (NED), wildlife checkpoint and customs officials at Don Mueang airport apprehended three Taiwanese men involved in a transnational wildlife trafficking network while they were about to smuggle rare animals out of the country on Thursday, Pol Maj Gen Anek Taosupap, NED commander said on Friday.

The suspects were identified as Hsu Ching Chung, 53; Hong Zhi-Xian, 40; and Yang Tsung-Ju, 36. Officers seized 52 protected animals as evidence, including three spiny tortoises, one Indian star tortoise, one spider tortoise, 32 baby star tortoises, two adult star tortoises, four big-headed turtles, two mountain tortoises, and seven crocodile lizards.

Pol Maj Gen Anek said the operation followed a previous arrest on Oct 7, when officers at the Don Mueang wildlife checkpoint detained another Taiwanese man, Chiu Kuo-Shu, 54, attempting to smuggle two slow lorises, one squirrel, three otters, and two spiny tortoises out of the country.

Investigators found that the suspect used an inhumane smuggling method, sedating the animals until unconscious, stuffing them into nylon stockings, and wrapping them tightly with cloth before strapping them to his legs and body to evade detection.

Following Mr Chiu’s arrest, police expanded the investigation and uncovered a larger network planning to smuggle a major shipment of rare wildlife through the same airport using similar concealment tactics.

Surveillance was stepped up until officers spotted the three Taiwanese men acting suspiciously before departure. A body search revealed numerous sedated animals hidden around their legs.

During questioning, all three suspects confessed to being part of the wildlife smuggling ring. They admitted to being hired couriers, each receiving about 30,000 baht per trip, and said they had made two previous deliveries. The animals were reportedly purchased from a Thai man and were intended for resale in Taiwan to exotic pet enthusiasts.

The arresting team charged the suspects with illegal possession and attempted export of protected and controlled wildlife under the Wildlife Preservation and Protection Act, mattempted export of undeclared goods under the Customs Act and violating the Animal Epidemics Act.

All were handed over to police investigators for legal action.

The Organisation for Economic Co-operation and Development (OECD) is requiring Thailand ensure non-discrimination in the bidding processes of its state-owned enterprises (SOEs), while Thailand has requested a five-year period to implement the necessary adjustments.

According to a Finance Ministry source who requested anonymity, in negotiations for Thailand’s OECD membership, one of the chapters requiring discussion and agreement between Thailand and the organisation concerns SOEs.

The OECD frowns upon discriminatory practices in the procurement processes of SOEs, such as setting bidding conditions that favour subsidiaries of those SOEs. Instead, bidding should be open and fair to all participants, whether Thai or foreign.

The source said negotiations on this chapter are ongoing. Thailand requested around five years for SOEs to adjust, as some have established subsidiaries specifically to handle the parent SOE’s projects.

In addition, the OECD wants Thailand to amend certain laws concerning specialised financial institutions owned by the state, which currently stipulate their services are provided only to Thai nationals. The OECD sees this as an unequal practice.

Prime Minister Anutin Charnvirakul said recently the government plans to pursue OECD membership, which requires adherence to standards, good governance and the rule of law, through three main agendas:

1. Creating a rule of law roadmap to prepare Thailand for OECD membership by setting plans to upgrade legal standards and the justice system.

2. Unlocking corruption and reforming laws that hinder business operations, while preventing legal loopholes or opaque mechanisms that could give rise to grey businesses, ensuring that legitimate businesses can compete fairly and receive genuine support.

3. Promoting transparency and public participation by enhancing open government practices, using digital technology to disclose government information transparently and accessibly, and allowing citizens to monitor, scrutinise and provide systematic feedback on government work, with institutions in place to listen to such input.

Mr Anutin said the goal is “creating an ecosystem of transparency” where all decisions and budgetary expenditures are subject to scrutiny, and policies are transparent and genuinely inclusive of public participation.

No Asean country has become an OECD member yet, with Indonesia in the membership application process, while Thailand submitted a letter of intent of its wish to join the OECD to the group’s secretary-general at the end of 2023.

The membership process is relatively long, with some countries taking 7-8 years from application to approval by a council of the 38 OECD member states.

For Thailand, the National Economic and Social Development Council serves as the secretariat for the OECD membership task force, and plans to complete the process in just five years.

However, achieving this would require a collective effort from both public officials and the private sector to elevate various national standards to align with the OECD’s global standards.

Officials are planning to allocate 9 billion baht from the Energy Conservation and Promotion Fund to support the state’s “Quick Big Win” initiative.

A key policy of the Anutin Charnvirakul government, Quick Big Win promotes swift, impactful and broadly beneficial projects across ministries as the administration pledged to work for four months, then dissolve the House for a new general election next year.

“The Energy Ministry’s Quick Big Win focuses on projects that can help people earn revenue and reduce expenses in the energy sector,” said Rathachat Siripanich, manager of the Energy Conservation and Promotion Fund Office.

The budget of 9 billion baht will be forwarded to the fund committee for final approval of allocation in fiscal 2026, which runs from Oct 1 to Sept 30, 2026, he said.

“We want to help the government stimulate the economy and ensure Thailand can achieve its net-zero target in 2050,” said Mr Rathachat.

In fiscal 2025, the office set a budget of 2.75 billion baht, but received project proposals from civic and state sectors totalling 13.4 billion baht.

The committee’s criteria to grant money is based on a policy to promote energy development in remote areas, especially residential areas without electricity.