Page 4 - Thailand

Thai firm to pay $20 mn to settle with US over Iran sanctions violation

A Bangkok -based plastics firm has agreed to pay USD20 million to settle with the US over 467 egregious violations of Iran sanctions, the US Treasury announced on Friday. SCG Plastics Co. used US banks to process USD291 million in sales of Iranian high-density polyethylene resin from 2017 to 2018, according to the signed settlement agreement between the firm and Treasury's Office of Foreign Assets Control. The resin, used for product bottles and industrial items, was manufactured by an Iranian joint venture owned in part, by SCG Plastics' parent company, SCG Chemicals and the National Petrochemical Company of Iran, which is a government entity. The settlement states that SCG Plastics used shipping and documentation practices that obfuscated the product's Iranian origin and Iranian parties' involvement, which caused banks to unknowingly process transfers in violation of OFAC's sanctions on Iran. As a result of these transactions, significant economic benefits were conferred to Iran'

Thailand plans Schengen-style visa for Asia: How does it impact you?

Thai Prime Minister is in discussion with Cambodia, Laos, Malaysia, Myanmar, and Vietnam for a Schengen-style visa programme

Thailand lawmakers overwhelmingly pass bill to legalise same-sex marriage

Lawmakers in Thailand's lower house of Parliament overwhelmingly approved a marriage equality bill on Wednesday that would make the country the first in Southeast Asia to legalise equal rights for marriage partners of any gender. The bill passed its final reading with the approval of 400 of the 415 members of the House of Representatives who were in attendance, with 10 voting against it, two abstaining and three not voting. The bill amends the Civil and Commercial Code to change the words men and women and husband and wife to individuals and marriage partners. It would open up access to full legal, financial and medical rights for LGBTQ+ couples. The bill now goes to the Senate, which rarely rejects any legislation that passes the lower house, and then to the king for royal endorsement. This would make Thailand the first country in Southeast Asia to pass such a law and the third in Asia, after Taiwan and Nepal. Danuphorn Punnakanta, a spokesperson of the governing Pheu Thai party a

Thailand sends aid to war-torn Myanmar, critics say it will only help junta

Thailand delivered its first batch of humanitarian aid to war-torn Myanmar on Monday, in what officials hope will be a continuing effort to ease the plight of millions of people displaced by fighting. But critics charge that the aid will benefit only people in areas under the Myanmar military's control, providing it with a propaganda boost while leaving the vast majority of displaced people in contested areas without access to assistance. Myanmar is wrecked by a nationwide armed conflict that began after the army ousted the elected government of Aung San Suu Kyi in February 2021 and suppressed widespread nonviolent protests that sought a return to democratic rule. The fighting has displaced millions of people and battered the economy. Thailand sent ten trucks over the border from the northern province of Tak, carrying some 4,000 packages of aid to three towns in Kayin State, also known as Karen State, where it will be distributed to approximately 20,000 displaced people. The parcel

Thailand replaces its Ambassador to WTO following strong protest by India

Thailand has replaced its Ambassador to WTO Pimchanok Vonkorpon Pitfield from here following a strong protest lodged by India on her contentious comment on New Delhi's rice procurement programme, a top government official said on Friday. The official said that Pitfield has been asked to report back to Thailand after the 13th ministerial conference (MC), which has entered the fifth day of talks. She has been learnt to have replaced the Thai foreign secretary. India has expressed strong disappointment over Pitfield's remarks during a consultation meeting on Tuesday accusing New Delhi that India's rice procurement programme at Minimum Support Price (MSP) for the public distribution system is not for people but for capturing the export market, the official said. Following this, India has formally registered its protest with the Thai government and has also expressed displeasure with the WTO chief Ngozi Okonjo-Iweala, agri committee chair Kenya and UAE. "The Thai Ambassador has been ...

'Thai economy shrinks, adds to rate cut case amid central bank, PM feud'

From a year earlier, GDP grew 1.7%, faster than revised 1.4% growth in the third quarter but slower than a forecast 2.5% expansion

Ex-Thai PM Thaksin released on parole after serving 6 months in hospital

Former Thai Prime Minister Thaksin Shinawatra was released on parole early Sunday from a Bangkok hospital where he spent six months serving time for corruption-related offenses. Thaksin was seen in a convoy of cars leaving the Police General Hospital just before sunrise and is believed to be headed to his residence in western Bangkok. A homemade banner with the words Welcome home and We've been waiting for this day for so so long was seen hanging at the front gate of his house. A polarising figure in Thai politics over the last two decades, Thaksin was in office from 2001 until he was toppled in a 2006 coup. He was later convicted of abuse of power and other misdeeds while in office and returned in August from more than a decade of self-imposed exile to serve his prison sentence. His original eight-year sentence was commuted to only a year by King Maha Vajiralongkorn on September 1. Thaksin had called his convictions politically motivated. Justice Minister Tawee Sodsong confirmed .

Thailand airport operator expects 8 million Chinese visitors this year

The announcement comes after the two countries mutually waived visa entry requirements for their nationals effective in March. Thailand removed visa requirements for Chinese late last year

Parboiled rice rates spring to record highs on low supplies, firm demand

Traders noted that domestic supplies are accumulating, and that harvest has begun partially in the Mekong Delta, which is expected to peak in March

Waning supplies prop up India rates to 4-month peak, Thai prices rise

Supplies have also dropped, which also contributed to price increases. Traders said new supply is expected to enter the market around next month

Fireworks factory explodes in Thailand, at least 23 people killed

The cause of the explosion is being investigated. The blast came less than a month before Chinese New Year in February, when demand for fireworks is strong

From the US to France: Here's how the world is celebrating Ram temple

From the United States to France and Australia, festivities to mark the historic occasion have been arranged all across the world

India leads in valuation premium but not in EPS growth, shows data

As per an analysis done by CLSA, India price-to-earnings (P/E) multiple is nearly 30 per cent higher than its historical average

Japan automakers to invest $4.3 bn in Thailand over 5 years: Thai govt

Toyota Motor and Honda Motor will invest about 50 billion baht each, while Isuzu Motors will invest 30 billion baht and Mitsubishi Motors 20 billion baht, spokesperson Chai Wacharoke said

Indonesia secures rice import commitments from India, Thailand: Report

Jokowi, as the president is known, said while Indonesia's headline inflation is low, he remains concerned about food prices and imports would help secure supply

India KFC operator Devyani International enters Thailand with $129 mn deal

India's Devyani International said it will begin operating KFC outlets in Thailand after it acquired Restaurants Development Co in deal a worth $128.9 million, expected to be completed by March 2024.

Rajasthan trade body eyes business opportunities in the Asean region

ARTIA's chief advisor Kamal Kandoi said that Asean countries are attracting the entire world because of their enormous business possibilities

China to set up auto research institute in Thailand as EVs gain traction

Thai govt tax incentives and subsidies already drawn Chinese carmakers, including BYD and Great Wall Motor, which committed to investing $1.44 billion in new production facilities in the country

More visa-free travel for Indians beneficial for Goa tourism as well

Visa-free entry is a carrot to expand $28 billion that 27 million Indians spent overseas in 2019. Those numbers had swelled eightfold and sixfold, respectively, in the two decades before the pandemic

Thailand-based MQDC plans to develop luxury housing projects in Delhi-NCR

Thailand-based realty firm MQDC, which is present in co-working space in India, plans to develop luxury housing projects in Delhi-NCR and is in talks with local builders for joint development. MQDC India, Indian arm of Thailand-based Magnolia Quality Development Corporation (MQDC), has one operational co-working facility in South Delhi. It is launching second co-working facility 'Whizdom Club India, at Golf Course Road, Gurugram, on Friday. "We plan to develop luxury housing projects in Delhi and Gurugram. We are in talks with local developers. We are evaluating few sites," MQDC India Country Director Chulamas Jitpatima (Amy) told reporters here. She hoped that the company would be able to announce its partnership early next year with local developer. Amy expects to launch its first residential project by 2025. MQDC is also inviting Indian investors to buy flats in its various properties at Bangkok. It is showcasing its properties to HNIs (High Networth Individuals) here this ...