- Business News
Sony considers spinning off financial arm to focus on entertainment, sensors
Sony Group Corporation announced today that it is exploring the possibility of a partial spin-off of its financial business, Sony Financial Group, just three years after obtaining full control. The move comes as the conglomerate focuses on strengthening its entertainment and image sensor sectors. Sony is considering a two to three-year timeline for the spin-off, with plans to list the…
- Business News
Boeing launches Cascade tool to aid zero-emission aviation by 2050
Boeing Co has introduced a data modelling tool, Cascade, designed to assist airlines and policymakers in determining the most efficient route to achieve zero aviation emissions by 2050. The tool enables users to manipulate various variables, such as the adoption of sustainable fuels or electric propulsion, the replacement of older aircraft, operational enhancements, and other advanced technologies, to better comprehend…
- Business News
Tesla to embrace advertising, Musk hints at unique approach
Elon Musk has announced plans for Tesla Inc to venture into traditional advertising, marking a significant shift for the electric vehicle (EV) manufacturer that has previously relied on its CEO’s star power and customer enthusiasm. Speaking at the company’s annual meeting, Musk stated that Tesla would “try out a little advertising and see how it goes.” The news led to…
- Business News
FTX founder eyes Supreme Court ruling in bid to dismiss fraud charges
FTX founder Sam Bankman-Fried is seeking to use a recent Supreme Court ruling to strengthen his defence against fraud charges related to the collapse of his cryptocurrency exchange. However, legal experts have suggested that the chances of having the charges dismissed remain low. Bankman-Fried requested on May 8 that most of the charges against him be dropped, arguing that some…
- Business News
Diesel prices dip amid global economic recession fears and interest rate hikes
On Monday, Diesel prices have fallen to around 32 baht per litre, as global crude oil prices continue to decline amidst concerns about an economic recession. The Oil Fuel Fund Office (Offo) has attributed this decrease to economic contraction, resulting from central banks’ interest rate hikes. As central banks, including the Federal Reserve and the European Central Bank (ECB), continue…
- Business News
Financial institutions step up to help mortgage customers amid rising interest rates
Financial institutions are taking steps to assist mortgage customers in coping with increasing rates as Central Bank hikes impact floating mortgage interest rates. Thakorn Piyapan, president of TMBThanachart Bank (ttb), mentioned that the bank provided some mortgage clients with the option to raise their monthly debt repayment amount or prolong the loan period to alleviate the higher monthly debt burden…
- Business News
AIS resumes HBO partnership, offers affordable streaming via AIS Play app
Advanced Info Service (AIS) has renewed its collaboration with global content provider HBO, making content available to customers through the AIS Play mobile app and AIS Playbox set-top box platform at competitive rates. Pratthana Leelapanang, Chief Consumer Business Officer at AIS, stated that the move aims to capitalise on the growing market for streaming services, encompassing both short-form and long-form…
- Business News
Biden and McCarthy near deal to avoid US debt default
United States President Joe Biden and leading congressional Republican Kevin McCarthy moved closer to striking a deal to avert the impending US debt default yesterday. Despite the two sides remaining far apart on an agreement to increase the debt ceiling, McCarthy expressed optimism that a deal could be reached by the end of the week. While Democrats were less positive…
- Business News
China’s new home prices rise for 4th month, but pace slows
China‘s housing market experienced a fourth consecutive month of growth in April, albeit at a slightly reduced pace, as the government‘s efforts to stabilise the sector continue to boost sentiment following the country’s rapid recovery from Covid-19 restrictions. New home prices in April increased by 0.4% month-on-month, compared to a 0.5% rise in March, based on Reuters calculations using data…
- Business News
Singapore’s key exports drop for seventh month amid electronics slump
Singapore‘s non-oil domestic exports (NODX) suffered a decline for the seventh consecutive month, with a 9.8% drop in April compared to the same month last year. This is according to data from Enterprise Singapore, which also revealed an 8.3% contraction in March. The decline in April was worse than the 9.4% drop predicted by a Reuters poll. The slump in…
- Business News
FTI urges swift Thai coalition to back high-tech hub and green growth
The Federation of Thai Industries (FTI) is preparing a position paper outlining the economic policies favoured by businesses, with plans to submit it to the newly formed government once it takes office. Montri Mahaplerkpong, the FTI vice-chairman, stated that the paper is in its final stages and should be approved by the end of the month. The document will highlight…
- Business News
Tesla to test traditional advertising, Elon Musk reveals irony
In a surprising move, Tesla CEO Elon Musk announced today that the electric vehicle manufacturer would experiment with advertising to evaluate its effectiveness. This decision comes as a notable shift for Musk, who has previously shunned traditional advertising methods for Tesla. Interestingly, Musk’s recent acquisition of Twitter, a platform heavily reliant on advertising, may have influenced his change of heart.…
- Business News
China’s April economic data falls short amid low demand, high youth unemployment
Official figures have revealed that China’s economic data for April failed to meet expectations, with low demand and high youth unemployment contributing to an uneven recovery after the easing of strict Covid-19 regulations. According to the National Bureau of Statistics (NBS), retail sales, a crucial gauge of domestic consumer activity, grew by 18.4% year-on-year. However, this fell short of the…
- Business News
AI revolutionising search engines, shifting from links to direct answers
The online search experience, which has been dominated by Google for the past 25 years, is set to undergo a significant transformation as artificial intelligence (AI) reshapes the way users seek answers to their questions. AI-powered chatbots like ChatGPT, Bard, and Bing are revolutionizing the classic search-and-click method, enabling users to receive direct answers to their queries rather than sifting…
- Business News
Thai tycoon’s firm doubles spending amid tourism boom and economic growth
Asset World Corporation, the property and hotel development unit owned by Thailand‘s wealthiest individual, is set to more than double its spending on acquisitions and development of hotel resorts and commercial properties this year due to the tourism boom. The company plans to invest over 20 billion baht (US$590 million) in 2023, up from around 10 billion baht last year,…
- Business News
Vietnam PM approves $134.7bn power plan, unlocking G7 green-transition funds
Vietnam’s Prime Minister Pham Minh Chinh has approved a power development plan requiring US$134.7 billion of funding for new power plants and grids, a move that could potentially unlock billions of dollars in foreign investment. The plan, known as PDP8, aims to ensure energy security for the Southeast Asian country while transitioning from its current heavy reliance on coal to…
- Business News
Khon Kaen Chamber urges rapid election endorsement for timely fiscal boost
The Khon Kaen Chamber of Commerce urged a swift endorsement of General Election results to ensure the timely allocation of the fiscal 2024 budget for the Thai economy. Channarong Buristrakul, the chamber’s president, stressed the importance of forming a new government without delay and removing any hindrances to effective governance. The chamber emphasized the need for a new government to…
- Business News
Phuket tourism seeks elected governor for tailored policies and mafia crackdown
Tourism operators in Phuket are optimistic that electing their provincial governor could help address the island’s long-standing issues, such as the taxi mafia. The Move Forward Party (MFP), which secured the majority of Parliamentary seats recently, has proposed administrative reform that would allow provinces outside Bangkok and Pattaya to elect their governors. Suksit Suvunditkul, president of the southern chapter of…
- Business News
Centel Q1 net profit soars as tourist arrivals boost hotel recovery
Central Plaza Hotel Plc (Centel) has reported a significant increase in net profit for the first quarter of this year, reaching its highest level since the beginning of the pandemic. This improvement is attributed to a substantial rise in tourist arrivals. In comparison to a net loss of 44 million baht in the first quarter of last year, Centel recorded…
- Business News
Business sector urges swift government formation for economic stability
The business community in Thailand is urging the formation of a new government and the agreement of policies by coalition parties, as this will significantly impact the nation’s confidence. Sanan Angubolkul, chairman of the Thai Chamber of Commerce, highlighted the importance of a stable government that can govern without interruption. He also noted the high level of public engagement in…
- Business News
Social media pivotal in Moving Forward Party’s election victory, experts say
The 2023 election results have highlighted the significant role social media played in the Moving Forward Party‘s victory, as digital agencies and communication experts emphasise the importance of appealing content and social media engagement. It has become evident that social media is not just an alternative channel for election campaigns, but a mainstream media channel, reaching 85% of the population,…
- Business News
New government urged to tackle living costs, support steel industry
The incoming government, led by the Move Forward Party, has been urged to address the high cost of living and expensive electricity bills while continuing to support the domestic steel industry, according to Somsak Leeswadtrakul, a prominent steel magnate and philanthropist. Tackling the rising cost of living, particularly for low-income earners, should be among the top priorities for the new…
- Business News
Thailand’s economy grows faster than expected in Q1 due to tourism rebound
Data released today reveals that Thailand’s economy expanded faster than anticipated in the first quarter, with the return of private consumption and tourism helping to counterbalance slowing exports. As the country grapples with the effects of COVID-19, its recovery has been slower compared to regional neighbours. However, the resurgence of tourism – particularly the recent influx of Chinese visitors –…
- Business News
Accessible tourism potential for Thailand’s post-pandemic resilience
The World Tourism Organization emphasizes the importance of accessible tourism as the industry aims to recover post-pandemic. An estimated 10% of the global population is aged over 65, while approximately 16% have some form of disability. As Thailand’s economy increasingly relies on tourism, developments in accessible infrastructure are being implemented in both public and private sectors. Despite existing accessibility laws…
- Business News
National Telecom unlikely to set high-capacity specifications for first satellite
National Telecom (NT), formed from the merger of TOT and CAT Telecom, is focusing on providing satellite specifications for state agency demands, which are estimated to increase by 7% annually, as stated by a top-ranking executive. With the satellite set to launch in the 126° East slot within the coming three years, determining its specifications is paramount. The firm aims…
- Business News
Southeast Asia and China top destinations for overseas business expansion in Asia
Southeast Asia and China are now the top choices for overseas expansion, with 83% of Asian businesses expressing interest in venturing abroad, as revealed in a recent report. The Business Outlook report, conducted by United Overseas Bank (UOB), surveyed over 4,000 small and medium-sized enterprises (SMEs) as well as large organisations in Asia. The study showed that over four out…
- Business News
Thai airlines report surge in earnings as tourism rebounds
Thai Airways International Public Company Limited and Bangkok Airways Public Company Limited have experienced a significant increase in their earnings for the first quarter, as tourists have started to return to Thailand in increasing numbers. In the first three months up to March, Thai Air recorded a net income of 12.51 billion baht (US$370 million), a considerable turnaround from their…
- Business News
Funding populist policies: borrowing or tax hikes?
During the general election, political parties presented various populist pledges aimed at attracting voters. Among these were the controversial 10,000-baht digital wallet handout for individuals aged 16 and over, increasing minimum daily wages, raising minimum monthly salaries for university graduates, suspending debts for farmers, cutting electricity tariffs, and increasing the monthly allowance for people aged 60 and over. The Thailand…
- Business News
Vaping promotion on social media impacting youth in Australia
Social media platforms like Instagram, TikTok, and Facebook predominantly exhibit vaping in a favourable manner, giving the impression that e-cigarette usage is widespread and socially acceptable. In Australia, traditional tobacco advertising has been prohibited for decades; however, e-cigarettes are extensively promoted on social media, undermining some of the progress made throughout earlier years. Most platforms have content policies explicitly prohibiting…
- Business News
Machine anxiety: How to reduce confusion and fear about AI technology
In the 19th century, computing pioneer Ada Lovelace wrote that a machine can only “do whatever we know how to order it to perform”, little knowing that by 2023, AI technology such as chatbot ChatGPT would be holding conversations, solving riddles, and even passing legal and medical exams. The result of this development is eliciting both excitement and concern about…
