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The next general election is likely to cause the country its biggest headache ever. It will be the first time that voters will have four ballots — two for electing lawmakers and two for public referendums.

The first two ballots will include normal voting papers to elect constituency MPs and list-MPs to parliament and Government House. The third ballot will be a referendum about the content and process of planned constitutional amendments.

The real conundrum is the final ballot. It is a referendum on whether eligible voters should retain or repeal MoU 43 (2000) and MoU 44 (2001), signed with Cambodia, regarding the establishment of joint border committees to resolve land and maritime border disputes.

The fourth ballot is a fresh initiative of the new government of Prime Minister Anutin Charnvirakul. It is facing pressure to address the Thai-Cambodia border issue, especially from an angry public that wants to see the government scrap both of the MoUs.

However, it remains a significant question why the Anutin government is allowing this foreign policy decision to be made by voters. Regarding the voters, deciding on the MoUs with Cambodia requires an understanding of history and its long-term effects.

Both MoUs have served as key diplomatic frameworks for the two countries to negotiate border demarcation and long-term resource sharing.

Political experts have publicly warned about the troubles ahead. Former election commissioner Somchai Srisutthiyakorn even warned that parliament could face delays in passing the required organic laws for elections and referendums.

A delay in parliament would mean another big political conflict for the Anutin government, which may face protests if it stays beyond the promised four-month term in office.

But the biggest challenge is preparing voters for the referendum. How will the government provide quality, well-balanced information for the public to decide?

Elections and public referendums require more than just setting days and venues, as both issues are complex and highly politicised.

Charter amendment has been a divisive issue. The opposition People’s Party and its pro-democracy allies have been campaigning for the rewriting of a new charter, aiming for drastic reforms.

The conservative camp and its political parties, meanwhile, prefer the least amount of amendments to the charter, opposing a full rewrite.

Another challenge now is providing voters with access to fair and balanced information, rather than propaganda from political camps. With the ongoing border conflict and surge of jingoism, it remains a big question whether voters can obtain sensible and quality information.

How will the government provide an honest view on the pros and cons of both MoUs without fearing backlash? How can voters digest the complex situation and make informed decisions?

The referendum has been enshrined as the mantra of a direct democracy. Mr Anutin said his decision to run the referendum is a form of “showing respect to public opinion”.

No matter how inspiring this sounds, the reality is that the referendum will only be successful if voters are well-informed on the matters at hand. The onus now falls on MPs and the Election Commission to run a campaign that communicates to voters and educates them.

The tourism and sports minister has acknowledged Thailand is no longer a “tourism giant”, but he plans to attract 2-3 million more Chinese tourists during his four-month term.

“Thailand is not a tourism giant anymore as new competitors are emerging. This situation has forced us to adjust our mindset. We should target markets that truly have growth potential,” said Tourism and Sports Minister Artthakorn Sirilatthayakorn during his first visit to the Tourism Authority of Thailand (TAT) on Thursday.

He presented his working policy called “Big Impact, Act Fast” to TAT executives and is scheduled to meet ministry officials on Saturday.

Among the markets shrinking this year, Mr Artthakorn said China still has potential and the government is aiming for 2-3 million more Chinese tourists during his four-month term.

He said the TAT is tasked with promoting Thailand’s strengths, such as Thai food and hospitality, which requires strong collaboration between domestic stakeholders and overseas partners.

Mr Artthakorn said the ministry and the TAT plan to focus on markets with high growth potential, including Japan, China, South Korea, India, Saudi Arabia, United Arab Emirates, Qatar and Jordan.

Meanwhile, he said Thailand should be able to maintain the flow of inbound markets that already recorded strong performance, including the US, Europe, Scandinavia, Russia and Poland.

To spread tourism revenue, Mr Artthakorn said the government will continue encouraging both local and foreign tourists to visit second-tier cities.

According to the TAT, foreign arrivals this year are projected at 33.4 million, down from 35.5 million recorded last year.

He said he wants the TAT to work ambitiously in the final months to push arrivals past that forecast.

Mr Artthakorn also emphasised upgrading tourism safety measures by promoting use of the Thailand Tourist Police app, as well as utilising artificial intelligence technology to detect suspicious behaviour and prevent crime.

He said the ministry will cooperate with relevant stakeholders to welcome visitors during the 33rd SEA Games in the fourth quarter, as the event could help reassure the international community about safety in Thailand if it runs smoothly.

Despite its sizzling momentum, the ongoing gold rally is not a bubble as strong fundamentals and technical signals continue to support the market, says YLG Bullion and Futures, adding that a US$4,000 target remains in sight.

Bullion surged by 45% this year to reach $3,850 an ounce on Thursday, with domestic gold prices rising 39.6%, repeatedly setting all-time highs.

“Gold has entered overbought territory and may face bouts of selling pressure,” said Tipa Nawawattanasub, chief executive YLG. “But in the medium to long term, the uptrend remains intact, and prices could reach $4,000 an ounce.”

YLG highlights four key factors driving gold’s powerful rally. First, concerns over the independence of the US Federal Reserve (Fed) have cast doubt on the dollar’s long-term credibility, making gold an attractive hedge against political interference in monetary policy.

Second, expectations of Fed rate cuts have grown due to weak US labour market data, reinforcing the appeal of non-yielding assets such as gold.

Third, central banks continue to provide strong support to the market. Since 2022, they have collectively purchased more than 1,000 tonnes of gold annually, twice the average of the previous decade. Notably, China has been a consistent buyer for 10 straight months, boosting its reserves to more than 2,300 tonnes.

Finally, investor flows into gold-backed exchange-traded funds (ETFs) have resumed after two consecutive years of outflows. This year ETFs have accumulated nearly 588 tonnes, underscoring renewed confidence and strengthening the demand side of the market.

These four forces — monetary policy risks, rate cut expectations, sustained central bank buying, and a revival in ETF demand — have formed a solid foundation for gold’s continued ascent, Ms Tipa said.

In the short term, YLG views possible pullback “as a pause before climbing higher”. Breaking through resistance near $3,850 could pave the way toward the trader’s 2025 target of $4,000.

She said the gold rally has also been fuelled by temporary events, including heightened uncertainty around a potential US government shutdown, which historically shaves around 0.15% off quarterly GDP growth and disrupts employment figures.

For investors, YLG recommends futures trading as an attractive vehicle in a high-price environment as futures generally allow profit opportunities in both rising and falling markets.

“Despite short-term volatility, the foundations for gold remain rock solid,” said Ms Tipa. “This is not a bubble, but a structural uptrend driven by central banks, monetary policy shifts, and renewed investor demand.”

Bangkok United were stunned by Persib Bandung 2-0 in their AFC Champions League Two Group G tie at the Pathum Thani Stadium on Wednesday night.

Goals from Andrew Jung and Uilliam Barros on either side of half-time secured the victory for the Indonesian visitors, who drew 1-1 with Singapore’s Lion City Sailors in their opener.

Philipe Maia had the first sight of goal in the fifth minute but fired his shot high, while Kyoga Nakamura also came close four minutes later when he tested Persib goalkeeper Teja Paku Alam with a long-range effort.

Persib nearly broke the deadlock in the 21st minute when Beckham Putra latched onto a wayward clearance with an acrobatic strike that just missed the target.

Maia again threatened Persib’s defence, forcing a fine low save from Teja in the 34th minute.

Persib, however, stunned the home fans in the 42nd minute when Marc Klok played a neat exchange with Uilliam, who then broke into the box to set up Jung for the simplest of finishes.

The Angels were let off the hook at the hour mark when keeper Patiwat Khammai spilled Luciano Guaycochea’s shot onto the path of Jung, who turned the rebound into the net, only for the goal to be ruled out for offside.

Persib doubled their lead in the 71st minute when Jung’s cross into the box was deflected into the path of Uilliam, whose curling effort came off Everton and settled in the back of the net.

Bangkok tried to respond in the closing stages with Seia Kunori and Richairo Zivkovic seeing their efforts thwarted, while Patiwat parried William Marcilio’s shot away as Persib held on for the impressive win.

“It was very disappointing that we couldn’t get three points at our home ground. But the players did well under the circumstances,” said Bangkok head coach Totchtawan Sripan.

“We have to deal with crowded fixtures and injuries although it’s still very early in the season. We had to send in players who are still sick. But of course that’s not an excuse. We just have to manage the rotation better,” he added.

Lion City beat Selangor 4-2 at home to top the group with four points from two games, but have a better goal difference than Persib, who also have four. The Angels are third with three points while Selangor are bottom without a point.

Warriors hope to rebound

Lamphun Warriors host Muang Thong United in Thai League 1 action on Friday.

Lamphun will hope to rebound from last week’s 4-0 defeat to promoted Kanchanaburi Power. They are third from bottom with five points, having won just one of six matches.

Seventh-placed Muang Thong will also look for three points after drawing 1-1 with Nakhon Ratchasima.

Critics are arguing the new government’s proposed online lottery for retirement savings is a weaker tool for building savings than the previous administration’s “retirement lottery” programme.

Former deputy finance minister Paopoom Rojanasakul said he is concerned that this is an attempt to avoid implementing the retirement lottery by merely changing the name and format, resulting in a less effective programme.

He said the online lottery for retirement savings is less efficient than the National Savings Fund’s (NSF) retirement lottery. Under the online lottery system, for each 80-baht ticket purchased, the Government Lottery Office (GLO) allocates a portion of its 17% share of sales revenue (normally used for administrative costs) to a savings account for the ticket buyer.

In practice, this means the maximum amount from an 80-baht ticket diverted to a savings account is roughly 13 baht, and likely it will be even less, said Mr Paopoom, also deputy leader of the Pheu Thai Party.

In contrast, under the retirement lottery the full 50-baht price of each ticket is deposited into the buyer’s retirement savings account, regardless of whether the ticket wins a prize.

He said the online lottery savings plan stipulates ticket buyers on online platforms agree to a portion of their purchase allocated to their savings accounts.

These accounts can only be withdrawn when the holder reaches age 55, or after being held for at least five years. For older buyers, such as people age 58, they must hold the account for another five years before withdrawing the money.

The funds for this programme are allocated from GLO revenue.

Of GLO’s total ticket sales, 60% goes to prize payouts, 20% to the national treasury, 17% to GLO activities, and 3% to operating expenses.

Meanwhile, the retirement lottery programme under the NSF, which has already been passed by parliament, is designed as a tool to encourage retirement savings, with lottery prizes as an incentive.

Anyone age 15 or older, regardless of NSF membership, can purchase retirement lottery tickets at 50 baht each, up to a maximum of 3,000 baht per person per month.

Five million tickets are issued each week, with draws held every Friday. The top prize is 1 million baht, and there are also three-digit ending prizes of 1,000 baht.

All money used to purchase tickets is accumulated and returned to buyers when they turn 60.

People older than 60 can still buy tickets, with the money returned five years after the initial purchase.

The government provides the budget for prize payouts. If all prizes are claimed each week, the cost is 15 million baht weekly, or about 780 million baht per year.

If there are no winners for a given draw, prize funds roll over to the next one.

The NSF’s retirement lottery aims to increase retirement savings among Thais, particularly among informal workers not covered by savings systems after retirement, such as the Social Security Fund or provident funds.

The NSF has 2.78 million members and expects to reach 2.8 million by year-end.

Thailand has around 21 million informal workers, about half of the workforce.

Independent scholar Aat Pisanwanich criticised the online lottery savings proposal, describing it as “a way of intoxicating people”, using the promise of a certain amount of savings as an incentive.

Instead of spending this money on daily necessities, people may be tempted to spend it on lottery tickets, said Mr Aat.

However, he noted from an investment perspective, the scheme could appear more attractive than depositing money in a bank, where savings interest rates are less than 1%, offering little incentive to save.

Thai commercial banks have a very high interest spread — the difference between deposit and lending rates — of 5-7%, allowing them to reap large profits, said Mr Aat. In contrast, banks in Singapore and Malaysia operate with spreads of only around 2%.

Amid the growing presence of Chinese household appliance factories in Thailand, LG Thailand anticipates intensified price competition in the market.

In September, Chinese household appliance manufacturer Haier opened a 10-billion-baht air conditioner plant in Chon Buri. The first phase has an annual capacity of 3 million units, with plans to double the output to 6 million units by 2027.

Hisense, another Chinese home appliance maker, announced a 4.7-billion-baht investment in Thailand to establish a manufacturing park in Chon Buri. The first phase of the operation, expected to open in 2026, is slated to produce refrigerators and washing machines.

“The industry could see more aggressive price competition,” said Amnaj Singhachan, head of marketing at LG Electronics (Thailand) Co Ltd.

He warned such intense price competition may not be good for the market in the long run.

Mr Amnaj said he believes distributors would prefer not to see the market heading in that direction.

He emphasised LG will not pursue a price-cutting strategy or engage in price wars. The company aims to focus on communicating the quality of its products and services.

Varapong Oupakaew, the company’s plant director, said LG established a factory in Rayong’s Pluak Daeng district in 1997.

The facility has a total annual production capacity of 5.5 million units, with more than 80% of its output exported to the Americas, the Middle East, Canada, Mexico and Australia.

Regarding trade regulations for products exported to the US, LG’s network in the US will provide further details and the firm in Thailand will adjust accordingly, Mr Varapong said.

He said the firm can utilise multiple sourcing for raw materials.

The company plans to source more materials from local suppliers, rising from 70% to 80-90% in the future.

Mr Varapong said this move would encourage partner investments in Thailand, ultimately creating more jobs for local workers.

Moreover, working with local suppliers streamlines parts management, allowing LG to source parts on demand and reduce the need for excess inventory.

Bangkok turns to AI and LiDAR mapping to fix its weak, uncounted urban forest, promising safer streets and a high-tech defense against deadly air pollution.

Traditionally, checking tree inventory and evaluating the condition of trees are time-consuming and cost-constrained. The maintenance is very expensive because one has to visit every tree in proximity, then decide if maintenance needs to be done. But the Smart Tree Inventory (STI) uses a ground-based car-mounted mobile laser scanner-a 3D scanner and a panoramic camera-to capture trees very quickly.

Mr. Peter Sassi, Vice President of Greehill Asia-Pacific Pte-a Singapore-based tech company specializing in mapping, monitoring, and managing urban tree and green assets-explained that STI provides information analyzed with artificial intelligence. ‘This information is prepared for the experts so that they can focus their attention on the trees that actually need help and focus the limited maintenance efforts on the trees that actually need help,’ Sassi said during a talk entitled ‘Urban Forests for The Future: Global Lessons and Local Actions for Bangkok.’

The technology acts like a diagnostic tool for the city’s green infrastructure. Sassi likened the process to high-tech medical imaging: ‘You can imagine this that this is like a whole city MRI machine and then we go to the three doctors who decide what should be the treatment because currently you either go for one tree and treat it but that’s very expensive or go for the entire district but you have to over-treat it.’

Measurable Impact: Safer Streets and Cost Savings

The adoption of AI-powered technology immediately translates into better public safety and significant cost reduction for the city. Globally, STI has proven its ability to flag dangerous trees before they cause harm. The technology’s predictive analysis minimizes the risk of incidents and property damage, leading to an over 80% increase in safety for communities where it is deployed.

Simultaneously, the STI drives efficiency by allowing city maintenance crews to move from reactive, district-wide over-treatment to targeted care. By focusing resources only on the trees that the AI has highlighted with issues like significant lean angles, diebacks, or structural defects, cities can achieve up to 30% savings on maintenance costs. Sassi emphasized the long-term benefit: ‘If the bad things already happened, it’s a lot of cost to clean up afterwards. But if you just have to do some pruning before, it’s much easier.’

Local Crisis: Air Pollution and the Uncounted Forest

Bangkok’s move to a data-driven system is critical because its urban forest faces unique, severe environmental pressures, particularly from PM2.5 particulate matter. Trees are one of the city’s most vital defenses against this deadly air pollution, but the city cannot manage what it cannot measure.

Assoc. Prof. Dr. Chairat Treesubsuntorn, Head of the Remediation Laboratory at King Mongkut’s University of Technology Thonburi, highlighted the urgency: ‘You could see like in Bangkok we face to many pollutions such as a particulate matter during the winters.’ He noted the current manual method-where arborists must check tree height, diameter, and leaf count one by one-is impossible at a city scale. ‘Imagine if you have to walk to the tree and then you have to check… and then you have to do it one by one,’ Dr. Chairat stressed.

Local experts estimate that of the city’s approximately 3 million trees, fewer than 1% have been electronically documented. This massive data gap prevents Bangkok from strategically using its green assets. Dr. Chairat explained that the technology is necessary to apply his lab’s findings on effective local species: ‘We have a very high diversity of the tree species and we need to we cannot use the references easily from the publication or from research in other countries.’

Bridging the Gap through Collaboration

Successful implementation hinges on collaboration among the private sector, academia, and local communities. Santi Opaspakornkij of the Big Trees Foundation emphasized that while the current governor’s initiative successfully planted over a million trees quickly, the real challenge lies in long-term, specialized care.

He pointed out that the city’s existing trees are often ‘big, it’s old, but it’s also not very strong’ because roads and buildings were constructed later, unintentionally weakening the root systems. To address this, collaboration and technology are key. Santi noted that international partnership often helps to bring about change locally: ‘When you know that your international friends the visitor the western expert tell you the same thing that some Thai organization has been telling for many years you now listen more.’

The new technology serves as the essential tool to unify these efforts, providing the objective data needed to transform the urban forest into a measurable and actively managed municipal asset.

A Shift to a Data-Driven City

The move to a Smart Tree Inventory signifies more than just an upgrade in city maintenance; it represents a fundamental shift toward making Bangkok a data-driven, resilient city. By embracing this technology, the city transforms its neglected green assets into a crucial part of its infrastructure, actively improving air quality, enhancing public safety, and safeguarding its citizens’ health. This cross-sector collaboration provides the precise, objective knowledge base necessary to manage the entire urban forest proactively, ensuring that Bangkok’s next million trees are not just planted, but scientifically positioned to thrive and deliver maximum benefit to the community for generations to come.

Prime Minister Anutin Charnvirakul on Thursday assured the House of Representatives that the probe into a collapsed road near Vajira Hospital in Bangkok’s Dusit district would be conducted both independently and transparently.

He said he has no business ties to Sino-Thai Engineering and Construction (STECON), founded by his father, which is part of the joint venture contracted to build the Purple Line near the treacherous sinkhole.

People’s Party (PP) MP for Bangkok, Paramet Worawitthayaraksan, pressed Mr Anutin to speak clearly about how the government would take action against the contractors over the incident and whether it would seek compensation for work delays.

“Will they be prosecuted, told to pay compensation or blacklisted? Will they be fined for delays in the project delivery?” Mr Paramet asked.

Mr Anutin said he sold his shares in the company through the Securities and Exchange Commission (SEC) in 2019 in full compliance with all legal requirements for political office holders when he became aware the Bhumjaithai Party (BJT) could secure a significant share of House seats.

The prime minister said he has no involvement with the company and has never used his influence for its benefit.

It was Mr Anutin’s first response to a fresh interpellation since he assumed office.

Founded by Chavarat Charnvirakul, Mr Anutin’s father, STECON was listed on the stock market in 1993 with a registered capital of 300 million baht.

On the probe into the collapsed road, he said the Ministry of Transport will be looking into the incident with the help of a committee comprising specialists and representatives from the Public Works Department and City Hall.

The investigation would be based on engineering evidence, he said, noting that if negligence or recklessness are proven, contractors would be held accountable.

He said the Mass Rapid Transit Authority of Thailand (MRTA) is working on repairs, and traffic is expected to resume on Oct 9, 2025.

TikTok Shop has been recently added to the list of high impact online marketplace platforms required to comply with the Digital Platform Services law, according to the Electronic Transactions Development Agency (ETDA).

Chaichana Mitrpant, ETDA executive director, said that the move follows previous ETDA announcement of names of 19 online marketplaces required to comply with Section 20 of the law.

Those 19 platforms are Shopee, Lazada, One2car.com, Grab, Kaidee.com, SIA E-Auction System, LINE Shopping, Alibaba, NocNoc and AliExpress.

The others are Thisshop, Rakmao, Taobao, SCGHome, ONESIAM Application, ReadyPlastic Auction, ROOTS Platform, Temu and eBay. The announcement of the names of these 19 firms came into effect as of July 10.

The announcement of TikTok Shop will take effect one day after the announcement is published in the Royal Gazette.

ETDA is also preparing to include LINE MAN (Mart) under the same list.

Section 20 of the law obliges these platforms to conduct a business risk assessment and risk management.

Mr Chaichana emphasized that ETDA ensures a fair and thorough review process, allowing platform operators to submit information or objections. Adequate time is given for data collection and verification.

Platforms listed in the announcement must fulfill additional obligations beyond general requirements, including verifying and registering merchants.

According to Creden.co data, TIKTOK Shop (Thailand) revenue in 2024 was 12 billion baht with loss of 3.6 billion baht.

ALMAD Group (the group) officially launched September 21, in Hong Kong, is dedicated to harnessing tomorrow’s opportunities across nine transformative paradigms. Founded by renowned entrepreneur Adrian Cheng, the group’s forward-looking portfolio strategically focuses on the digital space and emerging markets, including Mainland China, ASEAN countries, the Middle East and beyond, along the following three directions:

Investing in transformative industries – including culture, entertainment, sports, media, healthcare, commercial management and cultural tourism in emerging markets.

Breaking boundaries in digital and virtual assets.

Globalising the K11 by AC cultural ecosystem.

Adrian Cheng, Founder and Executive Chairman of ALMAD Group, said:’We are living in an era of profound change in the global economy, where new frontiers are emerging at an unprecedented pace. From ideation two years ago, we have been determined to build ALMAD Group as a movement propelling this shift, investing in transformative industries in emerging markets such as ASEAN and the Middle East, while advancing globally in digital assets and cultural industries.’

He added: ‘Our mission is clear: to build what the next generation needs and to shape a future economy filled with possibilities.’

Investing in Transformative Industries in Emerging Markets

Headquartered in Hong Kong, ALMAD Group strives to become the international hub’s iconic global platform and deliver long-term growth with a worldwide footprint. Its industry priorities span culture, entertainment, sports, media, healthcare, commercial management and cultural tourism. These targeted industries not only demonstrate strong commercial viability today but also have the potential to shape the global economy and society over the next twenty years, serving the needs of Gen Z and Gen Alpha in advance.

‘We firmly believe that Hong Kong is a resilient community with a global outlook, widely recognised as a bridge to the world,’ Adrian Cheng stated. ‘As ALMAD Group’s movement evolves, I look forward to unveiling more projects in the near future, showcasing the group’s commitment to transforming vision into action.’

Breaking Boundaries in Digital and Virtual Assets

ALMAD Group aspires to stand at the forefront of Web3 financial innovation, with a forward-looking strategy to explore investments in digital assets, real-world asset (RWA) tokenisation and other emerging opportunities, while remaining attentive to the evolving market and regulatory landscape. Applications leveraging blockchain technology and immersive digital experiences will also be explored across industries, as this wave of creativity unlocks new possibilities.

As a dedicated supporter of new frontiers, Adrian Cheng has long provided early-stage funding to empower technology start-ups. Previous successes include Xiaohongshu, XPeng Motors, Micro Connect and others, enabling these companies to develop groundbreaking solutions and achieve commercial success. He will continue to guide the group’s financial and technology investment strategies, driving dynamic growth to shape the economy of tomorrow.

Globalising K11 by AC Cultural Ecosystem

K11 by AC is a cultural brand and a member of ALMAD Group, driven by Adrian Cheng’s extensive professional experience and his visionary management team. The brand is redefining the cultural landscape by managing retail assets and art and cultural districts for a diverse range of landlords. Its core differentiation lies in cultural content, co-creation of brand experience, commercial management and strong CRM capabilities targeting younger and more affluent demographics.

In addition, K11 by AC’s Anime IP business, Experience 11, is rapidly expanding in Mainland China and the Middle East. It curates experiences with leading Anime IPs from around the world, leveraging its global art network and expertise. This segment strengthens the cultural ecosystem by capturing the fast-growing ACGN (Animation, Comic, Game and Novel) and ‘two-dimensions’ industries, highly popular among Gen Z, Gen Alpha and others.

K11 by AC is also scaling its Gentry Club business – a high-privacy luxury city club for cultural lovers themed around artisanal lifestyle.

A Continued Journey of Business Innovation

ALMAD Group embodies Adrian Cheng’s latest endeavour in pioneering models and ecosystem innovation. He launched K11 in 2008, the world’s first cultural-commerce model seamlessly integrating art, design and retail. His leadership has driven transformative projects, including Victoria Dockside, Hong Kong’s US$2.6 billion global art and cultural district featuring K11 MUSEA.

As ALMAD Group expands Adrian Cheng’s business ecosystem into new and exciting segments, it continues to attract mission-aligned entrepreneurs and strategic investors, advancing a collective journey to realise tangible opportunities.