Business
Thailand Boosts Tourism With Visa-Free Entry For 93 Countries
In a bid to revitalize its tourism industry, Thailand has announced visa-free entry for citizens of 93 countries, effective immediately. This move aims to attract more visitors and stimulate economic growth, as tourism remains a crucial sector for the country’s economy .
The expanded visa-free entry policy includes nations from Asia, Europe, North America, and South America, allowing citizens to stay in Thailand for up to 30 days without a visa. The Thai government hopes this move will increase tourist arrivals and bolster the industry’s recovery from the COVID-19 pandemic .
Tourism is a vital component of Thailand’s economy, accounting for around 20% of its GDP . However, the sector has not fully recovered from the pandemic’s impact, with visitor numbers still below pre-pandemic levels .
The Thai government expects this policy change to attract more visitors, especially from China, which is a significant market for Thailand’s tourism industry. Other countries included in the visa-free entry list are the US, UK, Canada, and Australia .
This move is part of Thailand’s broader strategy to boost tourism and stimulate economic growth . The country aims to attract high-spending tourists and promote sustainable tourism practices .
The expanded visa-free entry policy is a welcome development for the tourism industry in Thailand, which has been working hard to recover from the pandemic’s impact . With its rich culture, beautiful landscapes, and friendly people, Thailand is poised to regain its position as a top tourist destination .
The Thai government’s decision is seen as a positive step towards revitalizing the tourism industry and driving economic growth . As the country opens its doors to more visitors, it is expected to attract investment, create jobs, and contribute to the overall development of the nation .
With its stunning beaches, delicious cuisine, and vibrant culture, Thailand is ready to welcome visitors from around the world and reclaim its status as a beloved tourist destination.
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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