Mr. Takeyuki, a 63-year-old Japanese national, and Ms. Banag, his 40-year-old Filipino wife, file a complaint at Chokchai Police Station on October 16, 2024.
BANGKOK — Officials from the Japanese Embassy in Thailand, including a Police Attaché, brought Mr. Takeyuki, a 63-year-old Japanese national, and Ms. Banag, his 40-year-old Filipino wife, to two police stations in Bangkok. The couple reported being extorted by a group of Japanese and Thai individuals after asking them for help with visa renewal.
They filed a complaint at Chokchai Police Station on October 16 and at Phaya Thai Police Station on October 17. The couple is seeking legal action against four individuals, including three Japanese nationals and one Thai national, who allegedly collaborated to threaten, physically assault, and extort them.
The incidents occurred in two areas under the jurisdiction of the Bangkok Metropolitan Police, specifically within the Phaya Thai and Chokchai Police Station jurisdictions. The events began at an apartment on Phahonyothin Soi 3, Phaya Thai District, and continued at a hotel on Prasert Manukit Road, Lat Phrao District, Bangkok, on October 14-15.
The couple first reported the crime to investigators on October 16 at Chokchai Police Station. The officers could recognize that Mr. Takeyuki suffered injuries including bruises and swelling around his right eye.
Pol. Lt. Col. Yongyuth Thongma, the lead investigator, disclosed that the case began in early September when Mr. Takeyuki sought to renew a visa for his wife, Banag. A Japanese friend named Daisuke introduced him to Mr. Niki, a 45-year-old Japanese national, claiming Niki could assist with the visa renewal.
Niki, along with Mr. Pao, a 32-year-old Thai national, arranged a meeting with the couple at a shopping mall near Wat Phra Si Mahathat, Bang Khen District. At the meeting, they informed the couple that the visa renewal would cost 200,000 baht. Mr. Takeyuki agreed to the amount.
On September 13, Niki and his accomplices instructed the couple to meet them at Crystal Park, Lad Phrao District. From there, the suspects drove the couple to the Cambodian border. Niki accompanied Banag across the border to request a renewal of her visa, which was set to expire on September 17, 2024.
Several days later, when Mr. Takeyuki inquired about his wife’s visa, Niki told him that it was not ready yet and asked him to wait. During this time, Takeyuki experienced financial difficulties and borrowed 55,000 baht from Niki in three installments (20,000 baht, 25,000 baht, and 5,000 baht).
Takeyuki later learned that Niki had received a government concession in logistics but needed capital to continue. To help Niki, Takeyuki offered to lend Niki and Pao an international bill of exchange.
However, this gesture backfired and escalated tensions.
Niki and Pao visited Takeyuki’s apartment to demand an additional deposit of 20,000 US dollars. Takeyuki refused and explained that the bond belonged to a British citizen, and he demanded the return of the previously borrowed bond.
This angered Pao, who threatened to stop the processing of Banag’s visa. Takeyuki replied that he would find another way to extend the visa himself. Pao retaliated with threats and warned that his connections in Thailand would prevent the couple from escaping. Niki also made death threats over the phone.
Feeling cornered, Takeyuki prepared 100,000 baht and tried to return the 55,000 baht he had borrowed, but Niki refused to accept it. In desperation, Takeyuki sought help from his friend Daisuke, who told him that resolving the situation would require 300,000 baht, as Niki would have to bear the cost of the visa procedure.
The investigative unit of Phaya Thai Police Station arrested Mr. Ryo, a 40-year-old Japanese national, and charged him with conspiracy to extort others.
On October 13, around 5-6 p.m., Niki and Pao visited Takeyuki’s apartment again and intimidated him into agreeing to pay 300,000 baht by October 18. However, Pao insisted that they could not wait and took Takeyuki to the Phaya Thai police station where another suspect, Mr. Ryo, a 40-year-old Japanese national, attacked Takeyuki by punching him repeatedly in the eye in front of the police officers. The officers intervened and released Ryo from the station before taking the group to a private room for mediation.
When negotiations failed, the suspects took Takeyuki and his wife to an undisclosed location. One of the suspects coolly remarked, “If we kill you here, no one will know.” Ryo attacked Takeyuki throughout the night until the morning of October 14. In the end, Takeyuki managed to collect 200,000 baht from his wife’s relatives.
Although Niki had received 200,000 baht, he wrote further demands on a whiteboard, including a handling fee, an annulment fee for an arrest warrant, and miscellaneous expenses.
The 200,000 baht that Takeyuki initially provided was split as 100,000 baht toward the arrest warrant cancellation and the remaining 100,000 baht as repayment for the borrowed money. However, the suspects refused to release the couple, assigning Mr. Tomoki to guard them.
Before midnight on October 14, Pao took the couple to a hotel; Ryo and Tomoki followed in another car. The couple was locked in a small room, where Takeyuki secretly asked the Japanese embassy for help. This led to immigration officials and Chokchai Station police intervening and rescuing the couple.
Subsequently, Phaya Thai Police Station conducted an investigation and obtained arrest warrants for a total of four individuals involved in this case. On October 17, the investigative unit of Phaya Thai Police Station arrested two suspects:
Pao, who was apprehended at his residence in Bueng Kum district, Bangkok.
Ryu, who was arrested at Chokchai Police Station.
Both suspects were charged with conspiracy to extort others. Additionally, Ryu was previously charged with overstaying his visa at Chokchai Police Station, as his passport was only authorized for stay in the kingdom until September 30, 2024.
Meanwhile, the police are continuing to pursue the arrest of two more suspects, Niki and Tomoki, to proceed with legal action against them.
FILE - Yahya Sinwar, Palestinian leader of Hamas in the Gaza Strip, places his hand over his heart on stage after greeting supporters at a rally on May 24, 2021, in Gaza City, the Gaza Strip. (AP Photo/John Minchillo, File)
JERUSALEM (AP) — Prime Minister Benjamin Netanyahu said on Wednesday that Israel had “settled its account” with “the person who carried out the worst massacre in the history of our people since the Holocaust.”
Netanyahu said the killing of Hamas leader Yahya Sinwar was an “important moment in the war” to bring home the hostages being held in Gaza. He also said anyone who surrendered weapons and assisted with the return of the hostages would be allowed to leave Gaza safely.
Still, he added, “our war has not yet ended.”
Sinwar has topped Israel’s most wanted list since the beginning of the Israel-Hamas war just over a year ago, and his killing strikes a powerful blow to the militant group. There was no immediate confirmation from Hamas of his death.
The military confirmed Sinwar’s death after conducting DNA tests on a body it said was among three militants killed Wednesday during operations in Gaza. Foreign Minister Israel Katz called Sinwar’s killing a “military and moral achievement for the Israeli army,” saying it would “create the possibility to immediately release the hostages.”
Defense Minister Yoav Gallant addressed Hamas fighters, saying it “is time to go out, release the hostages, raise your hands, surrender.”
Smokes rise following an explosion in southern Lebanon as seen from northern Israel, Thursday, Oct. 17, 2024. (AP Photo/Leo Correa)
Sinwar was one of the chief architects of Hamas’ attack on Israel on Oct. 7, 2023, and Israel has vowed to kill him since the beginning of its retaliatory campaign in Gaza. He has been Hamas’ top leader inside the Gaza Strip for years, closely connected to its military wing while dramatically building up its capabilities.
An Israeli security official said it appeared that the man who turned out to be Sinwar was killed in a battle, not in a planned targeted airstrike.
Photos circulating online showed the body of a man resembling Sinwar with a gaping head wound, dressed in a military-style vest, half buried in the rubble of a destroyed building. The security official confirmed the photos were taken by Israeli security officials at the scene. The official spoke on condition of anonymity because of the ongoing investigation.
The Israeli news site N12 said Sinwar appears to have been killed by chance in a battle on Wednesday. It said that troops tracked a group of militants into a building, then attacked the militants with tank fire, causing the building to collapse. As troops unearthed the dead militants, they noticed that one appeared to resemble Sinwar.
FILE – Yahya Sinwar, head of Hamas in Gaza, delivers a speech during at a hall on the seaside of Gaza City, on April 30, 2022. (AP Photo/Adel Hana)
Sinwar was imprisoned by Israel from the late 1980s until 2011, and during that time he underwent treatment for brain cancer – leaving Israeli authorities with extensive medical records.
President Joe Biden has been briefed on Israel’s investigation into whether it killed Sinwar, and U.S. officials have been in close contact with Israeli officials throughout Thursday morning, according to a senior administration official.
Sinwar was chosen as Hamas’s top leader in July after his predecessor, Ismail Haniyeh, was assassinated in an apparent Israeli strike in the Iranian capital Tehran. Israel has also claimed to have killed the head of Hamas’ military wing Mohammed Deif in an airstrike, but the group has said he survived.
The report of his death came as Israeli forces continued a more than week-old major air and ground assault in the Jabaliya refugee camp in northern Gaza. On Thursday, an Israeli strike hit a school sheltering displaced Palestinians, killing at least 28 people, according to Gaza’s Health Ministry.
Fares Abu Hamza, head of the Gaza Health Ministry’s emergency unit in the north, said the dead included a woman and four children, correcting an earlier report of five children. He said dozens of people were wounded.
The Israeli military said it targeted a command center run by Hamas and Islamic Jihad inside the school. It provided a list of around a dozen names of people it identified as militants who were present when the strike was called in. It was not immediately possible to verify the names.
Israel has repeatedly struck tent camps and schools sheltering displaced people in Gaza. The Israeli military says it carries out precise strikes on militants and tries to avoid harming civilians, but its strikes often kill women and children.
Palestinians look at the damage after an Israeli strike hit a tent area in the courtyard of Al Aqsa Martyrs hospital in Deir al Balah, Gaza Strip, Monday, Oct. 14, 2024. (AP Photo/Abdel Kareem Hana)
Israel launched its campaign in Gaza to eliminate Hamas after the militants stormed into southern Israel on Oct. 7, 2023, killing some 1,200 people, mostly civilians, and abducting around 250 others. Some 100 captives are still inside Gaza, about a third of whom are believed to be dead.
Israel’s offensive has killed over 42,000 Palestinians, according to Gaza’s Health Ministry. It does not differentiate between civilians and combatants but says women and children make up a little more than half of the fatalities.
Northern Gaza was the first target of Israel’s ground invasion nearly a year ago and has suffered the heaviest destruction of the war, with entire neighborhoods in Gaza City and other towns reduced to rubble. Most of the population fled after Israel issued evacuation orders in the opening days of the war, but about 400,000 are believed to have remained despite the harsh conditions.
Earlier this month, Israel once again ordered the full-scale evacuation of the north, and allowed no food aid to enter the area for around two weeks. That led many Palestinians to fear that it had adopted a surrender-or-starve strategy suggested by former Israeli generals.
Since the start of the conflict, Israeli forces have launched repeated operations into Jabaliya, a densely populated urban refugee camp dating back to the 1948 war surrounding Israel’s creation. The military says militants have repeatedly regrouped there after major operations.
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Who was Yahya Sinwar, the Hamas leader Israel says it killed?
BEIRUT (AP) — Yahya Sinwar masterminded an attack on Israel that shocked the world, unleashing a still-widening catastrophe with no end in sight.
In Gaza, no figure loomed larger in determining the war’s trajectory than the 61-year-old Hamas leader. Obsessive, disciplined and dictatorial, he was a rarely seen veteran militant who learned Hebrew over years spent in Israeli prisons and who carefully studied his enemy.
On Thursday, Israel said troops in Gaza had killed Sinwar. There was no immediate confirmation from Hamas of his death.
FILE – Yahya Sinwar, head of Hamas in Gaza, chairs a meeting with leaders of Palestinian factions at his office in Gaza City, on April 13, 2022. (AP Photo/Adel Hana, File)
The secretive figure feared on both sides of the battle lines engineered the surprise Oct. 7, 2023, attack into southern Israel, along with the even more shadowy Mohammed Deif, head of Hamas’ armed wing. Israel said that it killed Deif in a July airstrike in southern Gaza that killed more than 70 Palestinians.
Soon after, Hamas’ leader in exile, Ismail Haniyeh, was killed while visiting Iran in an explosion that was blamed on Israel. Sinwar was then chosen to take his place as Hamas’ top leader, though he was in hiding in Gaza.
Palestinian militants who carried out the October 2023 attack killed around 1,200 people, mostly civilians, and abducted around 250 others, catching Israel’s military and intelligence establishment off guard and shattering the image of Israeli invincibility.
Sinwar has held indirect negotiations with Israel to try to end the war. One of his goals was to win the release of thousands of Palestinians held in Israeli jails, much like the deal that got him released more than a decade ago.
Palestinians surround aid trucks in northern Gaza in what officials described the day before as the first major delivery in a month. (IDF via AP)
He worked on bringing Hamas closer to Iran and its other allies across the region. The war he ignited drew in Hezbollah, eventually leading to another Israeli invasion of Lebanon, and led Iran and Israel to trade fire directly for the first time, raising fears of an even more expansive conflict.
To Israelis, Sinwar was a nightmarish figure. The Israeli army’s chief spokesperson, Rear Adm. Daniel Hagari, called him a murderer “who proved to the whole world that Hamas is worse than ISIS,” referring to the Islamic State group.
Always defiant, Sinwar ended one of his few public speeches by inviting Israel to assassinate him, proclaiming in Gaza, “I will walk back home after this meeting.” He then did so, shaking hands and taking selfies with people in the streets.
Among Palestinians, he was respected for standing up to Israel and remaining in impoverished Gaza, in contrast to other Hamas leaders living more comfortably abroad.
But he was also deeply feared for his iron grip in Gaza, where public dissent is suppressed.
In contrast to the media-friendly personas cultivated by some of Hamas’ political leadership, Sinwar never sought to build a public image. He was known as the “Butcher of Khan Younis” for his brutal approach to Palestinians suspected of collaborating with Israel.
Sinwar was born in 1962 in Gaza’s Khan Younis refugee camp to a family that was among hundreds of thousands of Palestinians driven from what is now Israel during the 1948 war surrounding its creation.
He was an early member of Hamas, which emerged from the Palestinian branch of the Muslim Brotherhood in 1987, when the coastal enclave was under Israeli military occupation.
The figure of a hand is marked with blood on the wall of a bomb shelter located in the Thai workers’ housing section of Kibbutz Nir Oz, Israel, near the Gaza Strip, Thursday, Nov. 9, 2023. The kibbutz was attacked on Oct. 7 by Hamas militants, who killed and kidnapped members of its community. (AP Photo/Bernat Armangue)
Sinwar convinced the group’s founder, Sheikh Ahmed Yassin, that to succeed as a resistance organization, Hamas needed to be purged of informants for Israel. They founded a security arm, then known as Majd, which Sinwar led.
Arrested by Israel in the late 1980s, he admitted under interrogation to having killed 12 suspected collaborators. He was eventually sentenced to four life terms for offenses that included the abduction and killing of two Israeli soldiers.
Michael Koubi, a former director of the investigations department at Israel’s Shin Bet security agency who interrogated Sinwar, recalled the confession that stood out to him the most: Sinwar recounted forcing a man to bury his own brother alive because he was suspected of working for Israel.
“His eyes were full of happiness when he told us this story,” Koubi said.
But to fellow prisoners, Sinwar was charismatic, sociable and shrewd, open to detainees from all political factions.
He became the leader of the hundreds of imprisoned Hamas members. He organized strikes to improve conditions. He learned Hebrew and studied Israeli society. He was known for feeding fellow inmates, making kunafa, a treat of shredded dough stuffed with cheese.
“Being a leader inside prison gave him experience in negotiations and dialogue, and he understood the mentality of the enemy and how to affect it,” said Anwar Yassine, a Lebanese citizen who spent about 17 years in Israeli jails, much of the time with Sinwar.
An Israeli soldier stands in an underground tunnel found underneath Shifa Hospital in Gaza City, Wednesday, Nov. 22, 2023. Israel says that Hamas militants sought cover on the grounds of the hospital and used the tunnel for military purposes. (AP Photo/Victor R. Caivano)
Yassine noted how Sinwar always treated him with respect even though he belonged to the Lebanese Communist Party, whose secular principles conflicted with Hamas’ ideology.
During his years in detention, Sinwar wrote a 240-page novel, “Thistle and the Cloves.” It tells the story of Palestinian society from the 1967 Mideast war until 2000, when the second intifada began.
“This is not my personal story, nor is it the story of a specific person, despite the fact that all the incidents are true,” Sinwar wrote in the novel’s opening.
In 2008, Sinwar survived an aggressive form of brain cancer after treatment at a Tel Aviv hospital.
Prime Minister Benjamin Netanyahu released him in 2011 along with about 1,000 other prisoners in exchange for Gilad Schalit, an Israeli soldier captured by Hamas in a cross-border raid. Netanyahu was harshly criticized for releasing dozens of prisoners held for involvement in deadly attacks.
Back in Gaza, Sinwar closely coordinated between Hamas’ political leadership and its military wing, the Qassam Brigades. He also cultivated a reputation for ruthlessness. He is widely believed to be behind the unprecedented 2016 killing of another top Hamas commander, Mahmoud Ishtewi, in an internal power struggle.
He also married after his release.
In 2017, he was elected head of Hamas’ political bureau in Gaza. Sinwar worked with Haniyeh to realign the group with Iran and its allies, including Lebanon’s Hezbollah. He also focused on building Hamas’ military power.
CCTV footage captures the moment an Iranian couple pretends to chat with a Saudi man and asks to see the money in his wallet, before snatching it when he's distracted, on Sukhumvit Road, Bangkok, October 16, 2024.
BANGKOK — An Iranian couple tricked and stole money from foreign tourists in Bangkok by asking to see their wallets, exhibiting the same behavior as two previous cases this year where the suspects were also Iranian.
In the previous cases, the first victim was Chinese (the perpetrators were an Iranian duo), and the next was Russian (the perpetrator was an Iranian man). In this latest case, the victim was a Saudi Arabian tourist.
Police officers from Thonglor Police Station revealed on October 17 that they arrested the Iranian couple, Mr. Mirazim, 51, and Ms. Afsaneh, 47, near Sukhumvit Soi 33, Khlong Toei Nuea, Watthana District, Bangkok, on October 16 at 8:30 p.m. They were charged with joint theft at night, with evidence of one 500 Saudi riyal banknote.
Previously, the police had received reports from several tourists on different days and times around Asoke intersection and along Sukhumvit Road between Soi 21-35. The victims reported that foreign suspects approached them, engaged in conversation, asked to see their money, and then stole it when the victims were distracted.
CCTV footage captures the moment an Iranian couple pretends to chat with a Saudi man and asks to see the money in his wallet, before snatching it when he’s distracted, on Sukhumvit Road, Bangkok, October 16, 2024.
From questioning the victims, it was learned that the couple’s tactic was to target foreign tourists. They would approach them, ask to exchange money, and while one distracted the victim with conversation, the other would steal their money. The victims usually realized the theft after the fact.
On October 16, 2023, undercover police officers conducted surveillance to apprehend the suspects. Around 8:30 PM near Sukhumvit Soi 33, they observed the couple approaching a Saudi Arabian tourist and engaging him in conversation.
Mr. Mirazim took the victim’s wallet and opened it while Ms. Afsaneh distracted the Saudi man with conversation. The Saudi tourist didn’t notice when the Iranian man secretly removed money from his wallet. The officers then intervened and asked the Saudi man to check his wallet. He discovered that a 500 riyal banknote was missing.
At this point, both suspects attempted to flee, but the police ordered them to stop and conducted a search. Mr. Mirazim quickly tried to discard the banknote on the ground to destroy evidence, but the police seized it in time. Mr. Mirazim then admitted that the discarded money belonged to the Saudi man.
Background checks revealed that the couple had previously committed similar offenses in Bang Phli district, Samut Prakan province. The police arrested them for the current caught-in-the-act offense and handed them over to investigators for prosecution. The charge of joint theft at night, committed by two or more people, carries a heavier penalty of 1-7 years imprisonment and a fine of 20,000-140,000 baht. The offenders must also compensate for the stolen property.
Initially, the police had the suspects return the money to the Saudi tourist.
The winning logo showcases Moo Deng's unique characteristics, particularly the design of its open mouth and the attractive typography of "Moo Deng" that met the specified criteria.
CHONBURI — “Moo Deng the Pygmy hippo” phenomenon has not only attracted visitors from all over Thailand and abroad to Khao Kheow Open Zoo but has also created business opportunities for the Zoological Park Organization of Thailand. Recently, a logo was chosen to be registered as a trademark.
On October 17, the Zoological Park Organization of Thailand announced the results of the logo design contest for “Moo Deng,” the famous pygmy hippo star of Khao Kheow Open Zoo. The contest was open for public voting, and Logo No. 5 received the highest number of votes, with over 57,000 votes out of more than 100,000 total votes.
The committee found that Logo No. 5 distinctively showcased Moo Deng’s unique characteristics, particularly the design of its open mouth and the attractive typography of “Moo Deng” that met the specified criteria.
Miss Grand International 2024 contestants visit Moo Deng and other animals at Khao Kheow Open Zoo in Chonburi Province on October 16, 2024. (Khaosod Photo/Pattarayoot Phukpol.)
Ms. Piyapatsara Kaewteentan, the designer, will be called to sign a contract with the Zoological Park Organization of Thailand and receive a prize of 10,000 baht. The Moo Deng logo No. 5 will become the sole copyright of the Zoological Park Organization of Thailand.
Mr. Attaporn Srihayan, Director of the Zoological Park Organization of Thailand, stated that they are preparing to register the winning “Moo Deng logo” as a trademark with the Department of Intellectual Property to obtain commercial protection. The 38 products that previously requested permission to use Moo Deng’s image will need to seek permission individually if they want to use this new logo on their products.
“Anyone who uses the Moo Deng logo without permission from the Zoological Park Organization of Thailand, which owns this trademark, will be in violation of the law,” Mr. Attaporn said.
Free Fire is the first online game to partner with Moo Deng.
Garena Free Fire, a popular mobile battle royale game, is one business which has partnered with the Zoological Park Organization of Thailand to launch exclusive “Moo Deng” collaboration collectibles in November. Free Fire will also donate 150,000 baht to the “Moo Deng Project for Flood Victims and Animal Welfare.”
Meanwhile, the Moo Deng phenomenon has also boosted the local economy around Khao Kheow Open Zoo. Food stalls, souvenir shops, and even parking services have seen increased business, especially on weekends when tourists flock to see Moo Deng.
Local business owners and community leaders have reported significant increases in income due to the “Moo Deng fever,” particularly on weekends and holidays when visitor numbers surge.
In addition to the direct merchandise and business contracts related to Moo Deng by the Zoological Park Organization, there are indirect businesses surrounding Khao Kheow Open Zoo. The Moo Deng phenomenon has stimulated the economy for people in the nearby communities, circulating money.
Restaurants and shops along the route to Khao Kheow Open Zoo are thriving since Moo Deng’s fame spread worldwide.
Food stalls and souvenir shops at the entrance of Khao Kheow Open Zoo in Bang Phra Subdistrict, Si Racha District, Chonburi Province are benefiting greatly from the Moo Deng fever, according to vendors. This is especially true on weekends and holidays when tourists come to see Moo Deng.
Even the traffic congestion on Saturdays and Sundays has created new job opportunities. In the nearby community, within 250 meters of the zoo, signs have appeared offering parking services for 50 baht per car, along with tuk-tuk and motorcycle taxi services for transportation, increasing individual incomes.
The long line of tourist vehicles on the road to Khao Kheow Open Zoo in Sri Racha District, Chonburi Province, has led to a new parking business run by local residents.
Jeeraphat Somboonsap, village headman of Moo 12, Bang Phra Subdistrict, Si Racha District, said that the Moo Deng craze has greatly impacted local businesses, especially roadside shops and food stalls, which are doing well on weekends.
Ms. Pennapa Piyanant, 46, owner of a grilled chicken and papaya salad stall, revealed that the business is now bustling. During this long holiday, tourists have been continuously visiting Khao Kheow Open Zoo to see the “Moo Deng fever” phenomenon. This is quite different from before when it was not so lively and quiet.
“The long holiday has generated income and stimulated the tourism economy for vendors very well,” she said.
Renovated Mercedes-Benz Full-Service Center Upholds Over 80 Years of Excellence
Bangkok, October 15, 2024 – Thonburi Phanich Co., Ltd., Thailand’s first official Authorized Mercedes-Benz dealer and service center, proudly announces the grand re-opening of its Rachadamnoen branch following a complete renovation. Established in 1941, Thonburi Phanich Group has been at the forefront of luxury automotive services in Thailand for over eight decades, consistently delivering top-tier service and earning the loyalty of Mercedes-Benz owners. Its four service centers—located in Lumpini, Ngamwongwan, Rachadamnoen, and Bang Phlat—are staffed by experienced professionals certified by Mercedes-Benz Thailand, ensuring exceptional service standards. The relaunch of the Rachadamnoen full-service center marks a new era in premium automotive care.
The opening ceremony was honored by the presence of Mr. Papon Viriyaphant, Chairman of Thonburi Phanich Co., Ltd., Mr. Ratapol Viriyaphant, Executive Chairman of Thonburi Automotive Assembly Plant Co., Ltd., Mr. Martin Schwenk, President and CEO of Mercedes-Benz Thailand, along with the executive management team who joined in the congratulatory occasion.
Mr. Papon Viriyaphant, Chairman of Thonburi Phanich Co., Ltd., shared his insights on the company’s forward-looking strategy, stating, “As the Mercedes-Benz customer base in Thailand continues to grow, we remain dedicated to expanding our after-sales service offerings. The renovation of our Rachadamnoen branch is part of our broader mission to provide comprehensive, high-quality care to all our customers, ensuring they receive the best service experience possible.”
The Rachadamnoen branch is designed to deliver an elevated customer experience, combining cutting-edge facilities with a customer-centric approach. The 2,193-square-meter service center is divided into two zones, the customer service areas and the vehicle maintenance zone. The maintenance zone features nine state-of-the-art maintenance bays, fully equipped with the latest technology and tools to meet Mercedes-Benz’s stringent standards, and with the ability to accommodate servicing of up to 16 vehicles per day. The renovation reflects Thonburi Phanich’s steadfast commitment to continuously improving its service capabilities, in response to the growing demand from Thailand’s expanding Mercedes-Benz owner base.
The modernized layout of the Rachadamnoen service center maximizes efficiency and enhances customer convenience, featuring a spacious, comfortable lounge tailored to the lifestyle of Mercedes-Benz owners. Customers receive personalized attention from expert advisors and highly skilled technicians, trained to deliver precise diagnostics and efficient repairs. This meticulous approach ensures faster turnaround times and complete customer satisfaction, in line with Thonburi Phanich Group’s commitment to service improvement and genuine care.
The 2024 strategy at Thonburi Phanich Rachadamnoen Service Center focuses on trustworthiness, proactivity, a service-oriented mindset, quality, effectiveness, and learning agility. Prioritizing continuous staff development, the aim is to elevate work standards, reinforce the brand, and enhance competitive advantage. This approach aligns with evolving consumer behaviors and positions the organization for sustainable success, fully reflecting Thonburi Phanich’s core values.
In addition, Thonburi Phanich is dedicated to elevating the customer experience through dynamic marketing initiatives and relationship-building activities. From creating memorable moments during new car deliveries to offering engaging experiences tailored to couples, families, and diverse lifestyles, the service center caters to a broad range of customer needs. The Rachadamnoen branch is set to establish a new benchmark in premium automotive service, delivering a seamless and satisfying journey from the moment customers arrive to the completion of their vehicle service. Conveniently located on Dinsor Road, just 45 meters from Thailand’s Democracy Monument, the Thonburi Phanich Rachadamnoen branch is open Monday through Saturday, 8:00 AM to 5:00 PM, providing Mercedes-Benz owners with world-class care and service.
For more information or to book a service appointment, please contact the Rachadamnoen Service Center at 02 405 8818 ext. 2 or Line Official: @thonburiservice. Visit our website at https://www.thonburi.com/th.
The Luxury Group by Marriott International today released its new comprehensive report, The Future of Food 2025, which highlights the transformative power of the Asia Pacific region in shaping global culinary and dining trends. With insights from more than 30 top chefs, mixologists, and industry insiders from the region, the report identifies 10 macro trends influencing the food and dining industry and the region’s impact on global gastronomy.
With the Asia Pacific region at the epicenter of culinary tourism, commanding a remarkable 37.8% share of the global market in 2023, with a projected growth of USD 6.2 trillion by 2033*, this vibrant culinary landscape is powered by both tradition and innovative dining experiences, making it a magnet for food and drink enthusiasts from around the world.
“The Future of Food 2025 report highlights Asia Pacific’s pivotal role in shaping global culinary landscapes,” said Oriol Montal, Managing Director of Luxury for Asia Pacific excluding China, Marriott International. “With gastronomy having a significant influence on travel decisions, dining has become an essential component of the global tourism landscape. This report demonstrates our commitment to culinary excellence across all our Luxury Group brands.
We will continue to evolve our gastronomy landscape alongside the F&B industry, providing our guests with dining experiences that highlight the region’s rich heritage, flavors, and techniques.”
Petr Raba, Vice President of Food & Beverage, Asia Pacific excluding China, Marriott International, added, “We’re not just observing these trends; we are actively contributing to their creation and influence. We’re investing in immersive food experiences, sustainable practices, and innovative technologies to enhance our restaurant and bar offerings in the region. By embracing these emerging trends, we’re not only elevating our guests’ dining experiences but also contributing to the evolution of the global culinary scene.”
Key Trends Shaping The Future of Food
From Asia Pacific to the World
From the fusion of Japanese aesthetics into French cuisine, the rising influence of Korean flavours, to the innovative use of traditional spices and techniques from India and Mainland China reshaping Western norms, Asia Pacific is becoming a culinary export powerhouse. The return of diaspora chefs to their native countries infuses local scenes with international flair, showcasing native ingredients and revitalizing traditional recipes. This trend is further bolstered by a growing global appreciation for Asian hospitality and innovation, setting the stage for Asian cuisine to dominate global dining in the future.
Revival of forgotten ingredients and traditions
Amid rising environmental concerns, chefs have a deeper appreciation for labor-intensive traditions and forgotten ingredients, integral to Asia Pacific heritage. Across the region, chefs are not only preserving but innovating within their culinary traditions, from nose-to-tail cooking to artisanal jang production, making significant contributions to both their cultural heritage and global sustainability efforts.
Fine dining redefined: Hyperlocal hype and Superfine dining
Dining outlets are celebrating lesser-known regional cuisines, offering culturally enriching and gastronomically satisfying dining adventures. Fine dining establishments are pivoting towards exclusivity by elevating prices, limiting covers, and introducing membership-based access, creating unparalleled value for guests through exceptional experiences. Additionally, the emphasis on quality over quantity and shorter, faster, more relaxed dining experience in intimate settings is becoming prominent.
Wellness on the plate
The wellness revolution is influencing food choices. While anti-aging foods that support hormone balance and enhance dopamine levels gain popularity, longevity is the new luxury. Food is regarded as medicine, with restaurants shifting to offering nutritious, chef-curated menus that prioritize fresh, whole ingredients and transparent sourcing. Hyper-personalized diets powered by AI can provide meal recommendations based on individual physiological and psychological states.
Emerging Culinary Destinations
As infrastructure and digital connectivity improve, new hotspots for culinary tourism are emerging, solidifying the region’s status as a global center for cultural and culinary excellence. The report identifies the diverse and vibrant food cultures in Bali, Busan, Ho Chi Minh City, Jeju, Kuala Lumpur, Manila, Mumbai, Niseko, Shanghai, and Tasmania. They are redefining local
dining scenes and setting new standards in global gastronomy with unique, hyperlocal dining experiences that celebrate indigenous ingredients and traditional cooking techniques.
Other trends identified in the report
Conscious Cuisine: Sustainability efforts include regenerative farming, addressing the water crisis, and digitizing the supply chain are seen to enhance food security and waste reduction.
Farm-to-Future: The integration of sustainable practices from biodynamic farming, plant-centric dining to upcycled ingredients are driving incremental improvements, ensuring that our future generations can continue to enjoy diverse cuisines.
Pour it Forward: Innovations in beverages, including craft cocktails and non-alcoholic options alongside the experience-driven spaces, are redefining bar experiences.
High-Tech, High-Touch: Technology enhances the dining experience without diminishing the personal touch that is central to hospitality.
Sensory Dining and Sustainable Spaces: Restaurants are becoming arenas for multisensory experiences integrated with technology that are both enjoyable and environmentally conscious.
BANGKOK — Immigration police officers, especially those in Chonburi, have been embarrassed after a video clip of a Korean man using his phone to livestream himself from inside a detention room and a prisoner transport vehicle was shared on social media.
On October 17, Police Major General Choengron Rimpadee, spokesperson for the Immigration Bureau, revealed that the bureau had ordered the Chonburi Immigration Police Commander to investigate the facts.
The preliminary investigation report states that Mr. Seo, 44, a Korean national wanted by Korean authorities for drug-related charges, was involved.
Seo was arrested on October 3, 2024, by Chonburi Immigration investigation officers in collaboration with the Office of Narcotics Control Board (ONCB) officers. He was charged with “being a foreigner entering and staying in the Kingdom after his permission had expired for more than 373 days” and was prosecuted according to the law.
Thai authorities arrest Mr. Seo Jung Nu, 44, a fugitive wanted on drug charges in South Korea, at a hotel in Pattaya City, Bang Lamung District, Chonburi Province, on October 4, 2024.
Subsequently, the Pattaya District Court sentenced him for “being a foreigner entering and staying in the Kingdom after his permission had expired,” with a fine of 3,000 baht and a suspended prison sentence. He was to be deported from Thailand.
During this time, Chonburi Immigration detained Seo at Bang Lamung Police Station, Chonburi Province, to transfer him to the Immigration Detention Center in Bangkok for deportation.
The video clip of the suspect using a phone was found to be taken in the detention room at Bang Lamung Police Station and in the vehicle while being transferred to the Detention Center in Bangkok on October 15, 2024. Police Lieutenant Pramote Fuangfung, Deputy Inspector of Chonburi Immigration, and Police Sergeant Arthit Thongbai, Squad Leader of Chonburi Immigration, were in charge of the transfer.
Police Major General Choengron explained that even though foreign detainees have been sentenced and served their punishment, they must still be considered as persons under control according to the Criminal Procedure Code and tactical security standards during the control of suspects or persons of interest.
This case is particularly sensitive as the individual is wanted by South Korea on drug-related arrest warrants and could potentially escape during transfer by using a phone to coordinate. The appearance of such images indicates that the controlling officers were not thorough in their search.
Currently, the Chonburi Immigration Police Commander has ordered both immigration officers to cease their duties and transfer to the Chonburi Immigration Police Operations Center. A disciplinary investigation committee has been set up to impose strict disciplinary punishment.
Seo has an arrest warrant in South Korea for conspiring with others to send drugs from Thailand to South Korea. He allegedly sent 38.46 grams of ice (methamphetamine) hidden in coffee and nut bags via air parcel on December 10, 2023. Korean authorities intercepted this parcel in Korea and issued an arrest warrant for him.
Police Colonel Naphatphong Khositsuriyanmanee, Commander of Chonburi Immigration, stated that this incident was a mistake by officers who failed to conduct a thorough inspection. It’s possible that the suspect hid the phone on his body.
Regarding the clip that the suspect recorded in the detention room, Bang Lamung Police Station will investigate how the suspect managed to bring the phone inside and will proceed with further steps accordingly.
FILE - Liam Payne performs during the first day of BBC Radio 1's Biggest Weekend at Singleton Park, in Swansea, Wales, May 26, 2018. (Ben Birchall/PA via AP, File)
BUENOS AIRES, Argentina (AP) — Shockwaves spread around the world Thursday at the death of Liam Payne, who shot to stardom as a member of British boy band One Direction and had to deal with intense global fame while still in his teens.
Fans, music-industry figures and fellow musicians paid tribute to Payne, 31, who died after falling from a hotel balcony in Argentina.
Buenos Aires police said Payne fell from the third floor of the Casa Sur Hotel in the trendy Palermo neighborhood of Argentina’s capital on Wednesday, resulting in “extremely serious injuries.” Medics confirmed his death on the spot, the police said in a statement.
Forensic investigators exit the hotel where former One Direction singer Liam Payne was found dead after he fell from a balcony in Buenos Aires, Argentina, Wednesday, Oct. 16, 2024. (AP Photo/Natacha Pisarenko)
Pablo Policicchio, the communications director for the Buenos Aires Security Ministry, said in a statement to The Associated Press that Payne “had jumped from the balcony of his room.” Police rushed to the hotel in response to an emergency call just after 5 p.m. local time, he said, warning of an “aggressive man who could be under the influence of drugs or alcohol.”
The Associated Press could not confirm details of the incident, as an investigation is ongoing. Alberto Crescenti, head of the state emergency medical system, told Argentina’s Todo Noticias TV channel that authorities were investigating the circumstances of his death and conducting an autopsy.
A hotel manager can be heard on a 911 call obtained by the AP saying the hotel had “a guest who is overwhelmed with drugs and alcohol … He’s destroying the entire room and, well, we need you to send someone, please.” The manager’s voice became more anxious as the call went on, noting the room had a balcony.
Police restrain fans gathering outside the hotel where former One Direction singer Liam Payne was found dead after he fell from a balcony in Buenos Aires, Argentina, Wednesday, Oct. 16, 2024. (AP Photo/Natacha Pisarenko)
Payne was known as the tousle-headed, sensible one of the quintet that went from a TV talent show to a pop phenomenon with a huge international following of swooning fans. In recent years he had acknowledged struggling with alcoholism, saying in a YouTube video posted in July 2023 that he had been sober for six months after receiving treatment. Representatives for Payne did not immediately return emails and calls.
Rolling Stone Ronnie Wood, who performed with One Direction in 2014, said he was “shocked and saddened.”
“God bless Liam, thinking of all his loved ones. He will be dearly missed,” Wood wrote on X.
Paris Hilton also sent condolences on X, saying the news was “so upsetting.” The Backstreet Boys said in a social media post that their hearts go out to “Directioners around the world.”
Dozens of One Direction fans flocked to the Casa Sur Hotel after the news broke, forming lines that spilled into the cordoned-off street outside, where police stood sentinel. Forensic investigators were seen leaving the building, from where Payne’s body was removed around three hours after the fall. Young women filming with their cellphones expressed shock and heartbreak as a makeshift memorial with rows of candles and bouquets quickly grew.
“I didn’t think he was going to die so young,” 21-year-old Isabella Milesi told the AP.
Payne was one of five members of One Direction, which formed after each auditioned for the British singing competition “The X Factor” in 2010, two years after Payne’s first attempt to get on the show. At 16 the second time around, Payne sang Michael Bublé’s version of “Cry Me a River,” appearing nervous at the start but warming up with the audience’s cheers and applause.
FILE – One Direction members, from left, Harry Styles, Louis Tomlinson, Zayn Malik, Niall Horan and Liam Payne perform on NBC’s “Today” show, Nov. 13, 2012 in New York. (Photo by Charles Sykes/Invision/AP, File)
After each singer failed to make it through the competition as solo acts, Simon Cowell and his fellow judges combined Payne, Zayn Malik, Harry Styles, Niall Horan and Louis Tomlinson into what would become one of the most successful boy bands — even though they lost the competition.
Each member had their own persona, with Payne — who hailed from Wolverhampton in England’s West Midlands region — known as the responsible one. The band became known for their pop sound and romantic hits including “What Makes You Beautiful,” “Night Changes” and “Story of My Life.”
Payne had prominent solos on songs including “Stole My Heart” and “Change Your Ticket,” co-writing several of the band’s hits. One Direction had six Top 10 hits on the Billboard charts by the time they disbanded in 2016 and a highly loyal fan base, known as “Directioners,” many of them teen girls.
“I’ve always loved One Direction since I was little,” said 18-year-old Juana Relh, another fan outside Payne’s hotel. “To see that he died and that there will never be another reunion of the boys is unbelievable, it kills me.”
With his meteoric rise to fame, Payne had said that it took some time to adjust to the public eye.
“I don’t think you can ever deal with that, it’s all a bit crazy for us to see that people get in that sort of state of mind about us and what we do,” he said in a 2013 interview with the AP after recounting an experience where a fan was in a state of shock upon meeting him.
Fans light candles outside the hotel where former One Direction singer Liam Payne was found dead after he fell from a balcony in Buenos Aires, Argentina, Wednesday, Oct. 16, 2024. (AP Photo/Natacha Pisarenko)
One Direction announced an indefinite “hiatus” in 2016, and Payne — like each of his erstwhile bandmates — pursued a solo career, shifting toward EDM and hip-hop.
While Styles became a huge solo star, the others had more modest success. Payne’s 2017 single “Strip That Down,” featuring Quavo, reached the Billboard Top 10, and stayed on the charts for several months. He put out an album “LP1” in 2019, and his last release — a single called “Teardrops” — was released in March.
In 2020, to mark the 10th anniversary of One Direction, Payne shared a screenshot of a text message he sent to his father on the day he joined the group, which read: “I’m in a boyband.”
“What a journey … I had no idea what we were in for when I sent this text to my dad years ago at this exact time the band was formed,” he wrote.
Payne had a 7-year-old son, Bear Grey Payne, with his former girlfriend, the musician Cheryl, who was known as Cheryl Cole when she performed with Girls Aloud. She was an “X Factor” judge during One Direction’s season, although their relationship began years later.
Payne was previously engaged to Maya Henry, from August 2020 to early 2022. Henry released a novel earlier this year that she said was based on their relationship.
In addition to his son, he is survived by his parents, Geoff and Karen Payne, and his two older sisters, Ruth and Nicola.
Four celebrities: Boss Sam, Boss Min, Boss Kan, and CEO Boss Paul, are arrested on Wednesday, Oct. 16, 2024. They are brought to the CIB headquarters in Bangkok.
BANGKOK — At least 18 “bosses” of The iCon Group, a direct sales business accused of operating a ponzi scheme, have been arrested. Among them are Boss Paul Waratphon Waratthawarakun, 41, and three famous celebrities.
The story of these bosses has dominated news headlines and social media comments throughout the week since October 10. The TV show “Ride the Waves” or “Hoen Krasae” on Channel 3, hosted by popular star Konchai Kamnerdploy, gradually brought in victims and relatives of those who were persuaded to invest until they were left penniless, and some who had committed suicide, to share their stories and expose the tricks used by the bosses to sell pipe dreams.
Victims continue to come forward to file complaints with investigators at the Consumer Protection Police Division. As of October 16, police have taken statements from 1,063 people, with the total damages approaching 400 million baht.
The Central Investigation Bureau (CIB) holds a meeting to assign tasks and executes arrest warrants for 18 suspects in The iCon Group case, bringing them in for questioning and charging them with public fraud on Oct. 16, 2024.
Meanwhile, the government has had to launch an investigation after the exposé expanded from celebrities and influencers to implicate government officials and politicians. A leaked audio clip revealed monthly payments of 100,000 baht and claims of the ability to transfer government officials.
On October 16, Deputy Prime Minister and Minister of Digital Economy and Society Prasert Chantararuangthong signed an order appointing a seven-member fact-finding committee, all from outside the Consumer Protection Board, to ensure transparency.
The committee began its first meeting on October 17 and is scheduled to report to Prasert and Minister to the Prime Minister’s Office Jiraporn Sinthuporn within 30 days.
Waratphon Waratthawarakun, also known as Boss Paul, founder and CEO of The Icon Group Co., Ltd. The is arrested at the Consumer Protection Police Division in Bangkok, on Oct 16, 2024.
The investigation has also extended to the medical field after it was discovered that Thananon Hiranchaiyawan, who graduated in medical technology, had falsely claimed and misled others into believing he was a doctor. He used medical equipment to pretend to perform health check-ups on others and called himself “Boss Doctor Ek.”
On the same day, public health officials, along with Consumer Protection Police, Department of Health Service Support officials, and FDA officials, inspected the Di Icon Wellness Medical Clinic building of the The Icon Group in the Ram Intra area and collected various pieces of evidence for examination.
DSI officers traveled to seize a plot of land located along the parallel road to Kanchanaphisek Road in Lat Sawai Subdistrict, Lam Luk Ka District, Pathum Thani Province. After investigation, they found three plots of land, or over 60 rai, related to Di Icon Group, which Boss Paul had purchased under a juristic person’s name, valued at hundreds of millions of baht, to expand the business under the name “The iCon City.” This matter is being handled by the Anti-Money Laundering Office.
DSI officers post a notice as they seize a plot of land located along the parallel road to Kanchanaphisek Road in Lat Sawai Subdistrict, Lam Luk Ka District, Pathum Thani Province, on October 16, 2024.
Regarding the case of an important witness providing information to the Department of Special Investigation that officials under their jurisdiction had received benefits from Di Icon Group, the DSI stated that they would investigate the facts and establish a fact-finding committee.
At 3:30 PM, central investigation police officers executed arrest warrants from the Criminal Court to arrest 18 suspects involved in “defrauding the public and inputting false information into computer systems.” Each person had set themselves up as a boss and had the following nicknames:
Waratphon Waratthawarakun (Boss Paul)
Panjarat Kanokrakthanaphon (Boss Tan)
Thananon Hiranchaiyawan (Boss Dr. Ake)
Natpasorn Chatthanasorn (Boss Suay)
Yasikanjan Ekkachisanupong (Boss Soda)
Nantharat Chaowanapreecha (Boss Om)
Thawinphat Phuphatthonarin (Boss Win)
Hatsayanon Ekkachisanupong (Boss Pop)
Yuranunt Phamonmontri (Boss Sam)
Pheechaya Watthanamontri (Boss Min)
Wilailak Jengsuwan (Boss Oi)
Thanarot Thitijiriyawat (Boss Op)
Kan Kantathawon (Boss Kan)
Jirawat Saengphakdi
Chetnapat Aphiphatthanakon (Boss Tommy)
Saowapa Wongsakhao (Boss Umi)
Kanokthorn Puranasukkhon (Boss Mae Ying)
Klot Setthanant (Boss Peter)
Police gradually brought the arrested suspects to the Crime Suppression Division in the CIB headquarters, along with various pieces of evidence such as computers, branded items, and gowns with The iCon Group logo. They also seized several luxury cars for examination.
On the night of Wednesday, October 16, police gradually interrogated all suspects, who were detained in holding cells at the Crime Suppression Division headquarters. Bail was not granted at the investigation level, so all must wait for the court bail process the following day.
If the court grants bail, it is expected that each person will have to rely on bail money from their family or close associates, as their assets have been temporarily seized by the Anti-Money Laundering Office (AMLO) for a period of 90 days.
The CIB officers seize several luxury cars of the iCon Group’s bosses.
BANGKOK — The Bank of Thailand’s decision to reduce the policy interest rate for the first time in 4 years, following a majority vote of 5 to 2 at the Monetary Policy Committee (MPC) meeting on October 16, 2024, to lower the interest rate by 0.25% per annum from 2.50% to 2.25% per annum, came as a great surprise and caused the stock market to close up +19.98 (+1.36%).
Previously, analysts had predicted that the MPC would maintain the interest rate until the December meeting. The Bank of Thailand executives have always demonstrated that the political sector could not interfere. The previous government under Prime Minister Srettha Thavisin had repeatedly called for consideration of this matter but never succeeded. The MPC insisted that the current decision was also not due to political pressure.
Sakkapop Panyanukul, Secretary of the Monetary Policy Committee (MPC) of the Bank of Thailand (BOT), revealed that the interest rate adjustment was still based on three main factors: 1. Economic growth, 2. Inflation rate, and 3. Financial conditions, with emphasis on the issue of “debt” as a priority.
The majority of the committee members believed that the neutral stance of monetary policy remained appropriate for economic and inflation trends. Most members thus voted to cut the policy rate by 0.25 percentage point to alleviate debt-servicing burden for borrowers.
Moreover, the lower policy rate would not impede debt deleveraging given the expected slowdown in loan growth and would remain neutral and consistent with economic potential.
Sakkapop Panyanukul, Secretary of the Monetary Policy Committee (MPC) of the Bank of Thailand (BOT)
The committee also considered the balance regarding new debt creation, which was a concern. Looking at risk developments, there weren’t many, as it was believed that the cost of this interest rate reduction would not hinder the reduction of the household debt to GDP ratio.
Over the past 10 years, household debt has increased considerably and is higher than in other countries, with the figure in Q2 2024 at 89.6%. Therefore, the policy interest rate doesn’t need to be too high but should be neutral and not too low.
Looking at the data, the economy is expanding close to the assessment, growing by 2.7% this year from an estimated 2.6%, and 2.9% in 2025 from the previous 3.0%. The main driving force is still the tourism sector, private consumption, with additional factors from exports and improved government spending, including the effects of government transfer measures.
As for the inflation rate, it still has developments similar to GDP, consistent with the assessment. This year’s headline inflation is at 0.5% and 1.2% in 2025, expected to return to the lower bound by the end of the year. Factors still include structural problems and the import of cheap goods.
However, concerns about low interest rates leading to “deflation” are mitigated by the fact that prices in many categories are still increasing when looking at the price basket, and people’s incomes remain positive.
Meanwhile, two members voted to maintain the policy interest rate, deeming that it is consistent with the economic and inflation outlook, and to stress the importance of long-term macro-financial stability as well as to preserve policy space amid ongoing uncertainties.
The MPC meeting viewed that the Thai economy is expected to grow close to the projected rates of 2.7% and 2.9% in 2024 and 2025, respectively. The main drivers are the tourism sector and private consumption, which are receiving additional support from economic stimulus measures, as well as improving exports in line with the demand for electronic goods.
However, economic recovery varies across sectors. Exports of certain goods and some industrial production sectors, including SMEs, are still under pressure from structural factors.
Headline inflation in 2024 and 2025 is expected to be 0.5% and 1.2% respectively. Fresh food inflation is likely to rise due to volatile weather conditions, and energy inflation is expected to increase due to base effects. Core inflation is projected to be 0.5% and 0.9% in 2024 and 2025 respectively.
“This interest rate reduction is not the beginning of an easing cycle or a continuous reduction. Rather, it’s an adjustment to observe the effects of this cut. However, we expect that this interest rate reduction will be passed on to financial institutions at a rate similar to previous reductions, which is about half, and we expect the transmission won’t be delayed,” Sakkapop said.
