Latest news with #DIT
Yahoo
9 hours ago
- Business
- Yahoo
Thailand's DIT enforces pricing transparency rule for restaurants
The Department of Internal Trade (DIT) in Thailand has implemented a new rule requiring restaurants to display their prices clearly, with non-compliance potentially resulting in fines of up to Bt10,000 ($306.9) under Section 40 of the Price of Goods and Services Act 1999. It has issued a reminder to all dining establishments to follow the guidelines in the Central Committee on the Price of Goods and Services Notification No 68 (2025), which pertains to the proper display of prices for goods and services. The Nation reports that under these regulations, restaurants are obligated to present prices in a manner that is accurate, clear and comprehensive, allowing customers to easily assess and compare costs before making any purchase. This initiative aims to reduce confusion and prevent billing errors. The guidelines specify that prices must be prominently visible and can be displayed in various formats, provided they are shown per unit by using Arabic numerals. While additional languages may be included, food items need to be listed in Thai. Any extra charges, such as service fees or value-added tax, must be indicated alongside the displayed prices. The DIT has also clarified that the prices shown must reflect the actual selling price, except in instances where the price charged is lower than what is displayed. In March 2025, Loob Holding, owner of Malaysian tea beverage chain Tealive, unveiled its plan to open 80 outlets in Thailand by 2035, and signed a licensing agreement with Restaurants Development "Thailand's DIT enforces pricing transparency rule for restaurants" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bangkok Post
18 hours ago
- Business
- Bangkok Post
Department to probe Raan Jay Fai pricing scandal
The Department of Internal Trade (DIT) will investigate Raan Jay Fai's crabmeat omelettes following a claim by an influencer concerning an excessive additional charge. PEACHII, a London-based Thai YouTuber who has 1.6 million followers, reported via her X account on Aug 15 that she took a foreign friend to dine at Raan Jay Fai, which is renowned for its signature crabmeat omelettes. She ordered as usual from the restaurant's menu, which clearly listed the crabmeat omelette at 1,500 baht. However, when the bill came, she was charged 4,000 baht. The restaurant later told her the higher price was applied because it had used crab from a "better source", she claimed. Wittayakorn Maneenetr, director-general of the DIT, said officials attempted to investigate the matter at the restaurant on Monday but found it was closed. Since the restaurant operates from Wednesday to Saturday, inspectors plan to return on Wednesday to gather more information. The department is also reaching out to the complainant to collect additional details. The inquiry will focus on two main aspects: whether the restaurant displayed price labels accurately and whether there was any inconsistency between the prices listed and those charged at the time of payment. He said it is common for restaurants to offer crab dishes at varying prices. For instance, fried rice with crab might be priced at 300 baht, a dish prepared with "super crab" could cost 1,500 baht, while a dish featuring "emperor crab" may be priced at around 3,000 baht. However, restaurants must clearly provide these details to their customers. Mr Wittayakorn said the department conducts routine inspections based on complaints received through the 1569 hotline, as well as random checks. Restaurants that fail to display price labels face potential fines of up to 10,000 baht. If any restaurant is found to be engaged in price gouging, it could be penalised under Section 29 of the Price of Goods and Services Act, which carries a potential fine of up to 140,000 baht, as well as imprisonment for up to seven years, or both. Chanon Koetcharoen, president of the Restaurant Association, said the Thai tourism sector is facing some issues, including overcharging and the country lacks clear regulations on food pricing, such as price ceilings. Mr Chanon pointed out the complexity of regulatory oversight in the restaurant industry, which involves multiple agencies. He proposed the establishment of a centralised agency to manage, oversee and support restaurant operations more effectively. "All restaurant operators must be sincere and honest with customers. It is essential that the food served matches the promotional images and that prices are clearly stated," he said.
The Journal
12-08-2025
- Business
- The Journal
The millionaire millennial seeking the presidency: How did Gareth Sheridan get so rich?
BUSINESSMAN GARETH SHERIDAN is seeking to become the youngest-ever Irish presidential candidate during this year's election, and claims to have secured support to make that possible. Much of the Irish public were introduced to 35-year-old Sheridan for the first time this week as a millionaire, pharmaceutical tycoon who recently returned to Ireland having spent the last seven years building up his company in the US. But how, exactly, did he earn his millions? And what does his company do? Acquisitions and mergers Nurtiband, a US-based healthcare-led company valued at approximately $80m, was started by Sheridan in 2012, during his final year at DIT in Dublin, where he was studying businesses and management. Taking inspiration from a transdermal patch his father had for a heart condition, Sheridan wrote his undergraduate thesis on providing properly-dosed medicine to patients through more accessible means, like patches, which are less likely to abuse. Early social media posts from Sheridan show that the company began by selling supplements, such as energy and metabolism-boosting patches, but the Dubliner wanted to branch out into the opioid market. Former Áras contender Seán Gallagher was later enlisted as the company's President (he has since left and has no current relationship with Sheridan) as the CEO worked towards getting the company listed on the Nasdaq stock exchange. Nutriband's strategy focused on carrying out a number of mergers and acquisitions, purchasing companies through its own stock options as a private company, over the last ten years, Sheridan explained on The Entrepreneur Experiment podcast in April. Sheridan focused on merging with firms with existing specialities in pharmaceuticals and biotechnology. It listed on the New York-based stock exchanged in October 2023, generating over $6m on its first day. Nutriband has now focused wholly on opioids through transdermal patches – similar to products used for nicotine-replacement therapy. Opioids, a type of pain-relief medication, have proven to be addictive among some patients. While they are an effective method to treat chronic pain, doctors – particularly in the US – have been reluctant to prescribe the medicines. Image posted by Sheridan in 2023 after his company was listed on the Nasdaq stock exchange in New York. Gareth Sheridan Gareth Sheridan As a result, more people have sought to purchase opioids illegally, and the black market drugs trade responded by introducing potent or synthetic alternatives over the last decade. The most-famous of these in the US is fentanyl, currently. Sheridan said that the most-important of Nutriband's acquisitions was the purchase of 4P Therapeutics in 2018, a company from two pharma veterans who created AVERSA technology , which prevents the misuse of opioids. It is today his lead product. During one acquisition, Nutriband pulled out of purchasing the manufacturer of transdermal patches . It was subsequently reported that a lawyer representing the firm did not disclose their ownership position in both companies. Asked about this on RTÉ Radio One yesterday, Sheridan explained that it was the only time that his firm had faced any trouble with US authorities and that, for Nutriband, it was seen as a minor issue and required the firm to correct submitted paperwork. Advertisement Unique selling point Sheridan has said he wants Nutriband to benefit those who are ill, developing patches that provide patients with a safe dose of medicines that are commonly abused – primarily opioids – targeting those who are in need of the controversial medicines. If abused, the drugs can cause long-term health complications, impact organ health and – in the case of synthetic and potent alternatives especially – minor doses can result in death. We're up and running! Excited to have announced my intention to seek a nomination for the upcoming Presidential election. I look forward to setting out my values and vision for the Presidency over the coming days and continuing to engage with Councillors across the country. — Gareth Sheridan (@GPSheridan1) August 11, 2025 Sheridan's business case is that there are still many people, in the US particularly, who need these pain medicines for proper health-related reasons. He believes the managed doses from his firm's patches is a unique selling point and a prevention of abuse and addiction. He said that there's been an increase of American patients being told to use over-the-counter pain medication for illnesses, and claims his patches could be a safer and more appropriate option. Pharmaceutical patches Sheridan in April said acquisitions and mergers were 'the strategy' for the company. Some of the previous owners from the purchased companies went on to join Sheridan and held positions at Nutriband for a short time. He explained, due to his own lack of expertise in pharmacology, he needed those who could help actually develop his ideas. He added: 'It also kept us away from expensive money. I am able to retain today a good proportion of the company because we didn't do angel [investor] rounds, seed rounds. We didn't do the traditional route.' News reports of the company's activities recently have focused on its newest patch, which would deliver a proper prescribed dose of fentanyl . The firm is still in ongoing discussions with the US's drugs regulator, the Food and Drug Administration. In preparation for its approval, it has offered shareholders particular stock options to raise funds. Success? Nutriband is yet to generate any revenue. In its most-recent public quarterly report, at the end of October last year, it recorded a net-loss of $1.3m. Speaking to The Entrepreneur Experiment in April, Sheridan said: 'In most public companies it's either one person makes a million dollars or, years later, dozens of people make multiple millions of dollars. So there's patience and trust involved.' The Áras hopeful, who has stepped back as CEO from Nutriband to pursuit the election later this year, said he is certain the company will be worth a billion dollars in the future. Sheridan said the firm has been careful not to waste any funding too: 'We've been very careful not to raise money that we don't need – money that is sitting in a bank account at the expense of shareholders [...] It's just little things like that.' He told RTÉ Radio One yesterday that he believes Nutriband will still achieve that goal, with or without him. He said that he intends to have a stake in the firm, should he be placed on the ballot and elected President. Sheridan said he is seeking to be nominated as a candidate to represent the interests of young people who feel that they must emigrate for work and other opportunities due to the housing situation here. He is due to announced his platform's values later this week. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Bangkok Post
01-07-2025
- Business
- Bangkok Post
Committee endorses 4 rice projects worth over B50bn
The National Rice Policy and Management Committee has approved four projects worth more than 50 billion baht to maintain price stability and strengthen security for rice farmers. According to Wittayakorn Maneenetr, director-general of the Department of Internal Trade (DIT), the committee approved a paddy sales postponement loan programme for the main 2025/2026 crop. Farmers are encouraged to store paddy in their own barns for 1-5 months, receiving a storage support payment of 1,500 baht per tonne, targeting 3 million tonnes total. The maximum budget allocation is 9.30 billion baht. The second project is a credit programme for paddy collection and value addition by agricultural institutions for the 2025/2026 season. The Bank for Agriculture and Agricultural Cooperatives (BAAC) is providing low-interest loans to participating agricultural institutions, targeting 1.5 million tonnes in total, with a supporting budget of more than 656 million baht. An interest compensation programme for rice traders who stockpile for 2-6 months in the 2025/2026 season offers government interest compensation of 3% annually, targeting 4 million tonnes in total, with a supporting budget of 642 million baht. The final project is a support programme for rice farmers that promotes suitable cultivation practices. The scheme offers farmers 500 baht per rai, with a maximum of 10 rai, and consists of a budget of 18.9 billion baht. This project provides support for production input costs via the BAAC's mobile app, which can be used to purchase supplies from participating stores at a rate of 500 baht per rai. For farmers located in areas deemed unsuitable to switch production, they are offered 1,500 baht per rai for roughly 1 million rai, with 10% of the 9.85 million rai deemed unsuitable. This portion of the project has a budget of 1.5 billion baht. A new subcommittee is expected to set criteria, conditions and operational procedures for adjusting production in unsuitable areas, including representatives from the Agriculture and Cooperatives Ministry, the Commerce Ministry, the BAAC, and related agencies. This panel is to present a plan to the National Rice Policy and Management Committee, before submitting it to the cabinet for approval. The DIT was assigned to cooperate with BAAC in preparing the project documentation required for submission to the cabinet, in accordance with Sections 27 and 28 of the State Fiscal and Financial Disciplines Act. For the support programme during the dry season in 2025, which offers farmers 1,000 baht per rai, the committee assigned the Rice Department and BAAC to draft the project criteria and conditions for registered farmers under the Agricultural Extension Department. The proposal is to be submitted to the subcommittee on production before heading to the National Rice Policy and Management Committee, then the cabinet. Some 851,696 households have registered for off-season rice farming, covering an area of 11.8 million rai and requiring a total budget of 7.27 billion baht. Global Market Outlook Global rice production is projected at 542 million tonnes this year, a slight increase. Global consumption is estimated at 541 million tonnes, growing faster than production, which could push global rice prices slightly higher. Global trade volume is estimated at 61.6 million tonnes, with year-end stockpiles at 188 million tonnes, up 0.3% year-on-year. However, risks such as natural disasters and intervention policies by major exporters or importers must be monitored. Local outlook For 2025 off-season rice, 96% or 8.2 million tonnes has already been harvested, with the rest expected to be fully released into the market within this month. For 2025/2026 main-season rice, the cultivation area is estimated at 61.9 million rai, a slight decrease from the previous season, but output is expected to increase to 27.2 million tonnes, up 1%, due to consistent rainfall early in the planting season ensuring adequate water supply. Roughly 72% of the crop is expected to enter the market between November and December. Domestic rice demand for 2025/2026 is expected to decline to 28.6 million tonnes of paddy, down 2% from the previous year. Domestic consumption is expected to rise due to tourism and migrant labour, although per capita consumption among Thais continues to decline, now averaging 73.4 kilogrammes per person a year. Most domestic paddy prices have dropped since last year, especially for white and glutinous rice, although jasmine rice remains high at 15,500-17,000 baht a tonne based on ongoing foreign demand. Rice exports the first five months of this year tallied 3.05 million tonnes, 41% of the annual target of 7.5 million tonnes. This amount is a 26% dip year-on-year, attributed to price competition and reduced demand in Indonesia and the Philippines.
Hans India
15-06-2025
- Hans India
NIA files charge sheet against 3 KZF men in Punjab grenade attack case, 'foreign handlers' link unearthed
The National Investigation Agency (NIA) has filed a charge sheet against three individuals in a Special Court in connection with the grenade attack on a police post in Punjab's SBS Nagar district in 2024. The counter-terrorism agency, in its findings, has tracked down the bombing of the police post to a major conspiracy by the banned Khalistan Zindabad Force (KZF) terror outfit. 'Three accused -- Yugpreet Singh alias Yuvi Nihung, Jaskaran Singh alias Shah, and Harjot Singh alias Jot Hundal, all hailing from Rahon village in SBS Nagar, have been charged under various sections of UA(P) Act, Explosive Substances Act and other related provisions, said the agency in a statement on Sunday. The NIA said that it has further launched investigations against KZF chief and Designated Individual Terrorist (DIT) Ranjit Singh alias Neeta, the outfit's member operative Jagjit Singh Lahiri alias Jagga alias Hari Singh (currently in the UK), and other unidentified terror operatives. The police post was targeted by three individuals in 2024, with illicit support from foreign handlers who aided them with money and grenades, said reports. The case was taken over by the NIA from the Punjab Police in March this year. The agency in its statement further said, 'Jagga had recruited Yugpreet Singh through an acquaintance in the UK. Along with other KZF terrorists and operatives, Jagga had radicalised Yugpreet and handled him via encrypted messaging applications. Jagga had also provided Yugpreet with over Rs 4.36 lakh of terror funds through a complex chain of Canada-based entities, who have also been identified and examined.' 'Yugpreet had in turn recruited the other two chargesheeted accused, and the trio had carried out the attack at Police Post Asron during the night between 1st and 2nd December 2024. The three accused had been provided the grenade by their foreign-based handlers earlier in November 2024,' it further noted. In another parallel investigation, the NIA recently conducted multiple raids at 15 locations in Punjab and Haryana, in connection with the January 2025 grenade attack at a police post in Amritsar. A host of damning documents, including mobile phones and digital gadgets, were recovered from their custody.
