- Business News
Taiwan’s offshore wind farms amid China tensions and geopolitical risks
In the port city of Taichung on Taiwan‘s west coast, a crane hoists into place the final section of a white wind turbine tower that stands almost a hundred metres tall. This turbine will be one of 111 spinning at a multi-billion US dollar offshore wind project up to 60km into the Taiwan Strait. Constructed by Denmark’s Orsted, this project…
- Business News
Activists throw cake at Volkswagen bosses during annual shareholder meeting in Berlin
Berlin was the setting for protests at Volkswagen’s annual shareholders’ meeting yesterday, as demonstrators voiced their concerns over human rights and climate change issues. Europe’s largest car manufacturer faced pressure from climate protesters gathered outside the event venue, urging the company to take steps to reduce its carbon footprint. Activists from the group Scientist Rebellion displayed a message stating… “The…
- Business News
Exploring the possibility of a new departure tax in Thailand
As the general election approaches, the introduction of a new tax is considered an extremely sensitive issue and a rare political tactic. Despite this, the Revenue Department moved forward last week to address concerns regarding a potential new departure tax on outbound travellers, based on a 40-year-old “emergency decree”. The department confirmed it has no plans to introduce a departure…
- Business News
Biden holds crucial meeting with Republicans on US debt limit impasse
President Joe Biden recently held a crucial meeting with Republican leaders to address the impasse over the US debt limit, which has far-reaching consequences on the world’s largest economy as well as the upcoming presidential election. The meeting at 4pm included Biden, House Speaker Kevin McCarthy, and Senate Republican leader Mitch McConnell. As the national debt ceiling, currently standing at…
- Business News
Fast food slows down amid technology advancements and post-pandemic challenges
Fast food restaurants have long been associated with swift service and short wait times. However, recently in Singapore, a student had to wait for around ninety minutes for her McDonald‘s meal, sparking debate online as to why the fast food industry appears to be slowing down despite the growing use of self-service technologies. The traditional fast food model of operation…
- Business News
Anthropic’s AI constitution: creating a safer rival to OpenAI’s ChatGPT
Google owner Alphabet-backed artificial intelligence (AI) startup Anthropic has revealed its rival to OpenAI’s ChatGPT, named Claude, which comes with a set of written moral values designed to make the chatbot safe to use. The moral values guidelines, known as Claude’s constitution, draw from various sources such as the United Nations Declaration on Human Rights and Apple Inc’s data privacy…
- Business News
UK enjoys well-being boost from rare triple public holiday in May
This year’s coronation of King Charles III has increased the number of public holidays in the United Kingdom. With the special public holiday on the Monday following the May 6 ceremony, along with the early May bank holiday and the spring bank holiday later in the month, many workers are enjoying a celebratory period. Typically, public holidays in the UK,…
- Business News
Twitter CEO Elon Musk reveals new features including calls and encrypted messaging
Details regarding new features for Twitter, including calls and encrypted messaging, have been unveiled by Chief Executive Elon Musk, 49 years old, on Tuesday. Last year, Musk teased plans for “Twitter 2.0 The Everything App,” which he claimed would contain options like encrypted direct messages (DMs), long-form tweets, and payments. Musk announced in a tweet on Tuesday that the platform…
- Business News
OCBC reports record net profit in Q1 as strong net interest income growth boosts earnings
Singapore‘s second-largest lender, Oversea-Chinese Banking Corp (OCBC), has reported a 39% increase in first-quarter profit compared to a year ago, driven by robust net interest income expansion. OCBC, also the second-largest bank in Southeast Asia by assets, revealed a net profit of US$1.42 billion between January and March, up from US$1.02 billion during the same period last year, significantly surpassing…
- Business News
Airbnb forecasts fewer bookings and lower daily rates in Q2 compared to last year
Airbnb Inc announced on Tuesday that it anticipates fewer bookings and reduced average daily rates in the second quarter compared to the previous year, resulting in an 11.5% decrease in share value during after-hours trading. US travel companies, which have profited from increased prices and hybrid work, are adjusting their 2023 forecasts as pre-pandemic travel patterns resume and consumers seek…
- Business News
Doi Kham Food Products expands into ice cream market amid declining fruit juice demand
Doi Kham Food Products Co, a Thai manufacturer and distributor of fruit juice and dried fruit has expanded its business to enter Thailand’s 15-billion-baht ice cream market in an effort to counter the ongoing decline in fruit juice demand. Chanannat Polpathapee, the company’s executive vice president for sales and marketing, said the Thai fruit juice market, particularly in the middle…
- Business News
Kerry Express partners with All Speedy to expand services into 7-Eleven branches in Thailand
Kerry Express (KEX), a leading express delivery provider in Thailand, has announced a partnership with All Speedy Co, a subsidiary of CP All, to extend its services to 7-Eleven branches across the country. Through this collaboration with All Speedy, Kerry Express is set to broaden its network of service points, offering services from as little as 19 baht and providing…
- Business News
Former Coinbase product manager sentenced in first cryptocurrency insider trading case
In a landmark legal decision, a former Coinbase Global Inc. product manager has been sentenced to two years in prison in what is being deemed the United State’s first case of insider trading involving cryptocurrency. Ishan Wahi, 32 years old, received his sentence from US District Judge Loretta Preska in a Manhattan federal court yesterday after pleading guilty to two…
- Business News
Biden and Republican lawmakers fail to reach debt limit agreement
In a recent meeting at the White House, US President Joe Biden emphasized that the country’s debt limit must be addressed, warning that a default “is not an option” for the world’s largest economy. Republican leaders Kevin McCarthy and Mitch McConnell met Biden, along with the top two congressional Democrats, Chuck Schumer and Hakeem Jeffries. However, no new developments were…
- Business News
Biden meets Republican leaders in bid to resolve US debt limit impasse
A significant meeting took place between President Joe Biden and Republican leaders yesterday, with the hope of breaking the deadlock over the US debt limit, which could have repercussions in the upcoming presidential election. The key gathering had President Biden, House Speaker Kevin McCarthy, and Senate Republican leader Mitch McConnell discussing the national debt ceiling, which currently stands at US$31.4…
- Business News
ISS backs ValueAct’s boardroom challenge at Seven & i Holdings
A leading proxy advisory firm, Institutional Shareholder Services (ISS), has supported ValueAct Capital‘s bid to secure positions for its four director nominees on the board of Japanese convenience store operator Seven & i Holdings. ValueAct, which owns 4.4% of Seven & i, has been particularly critical of the company’s conglomerate structure and has recently increased pressure further by publicly demanding…
- Business News
Asia-Pacific cyber-attack risks in line with global trends but high attack expectations remain for 2023
Cyber-attack risks in the Asia-Pacific region decreased to a moderate level last year, mirroring the global trend, yet a recent survey found that 78% of organisations worldwide anticipate successful attacks occurring in 2023. Jon Clay, 42 years old, vice-president of threat intelligence at multinational cybersecurity software company Trend Micro, stated that the global cyber-risk index (CRI) shifted into positive territory…
- Business News
Bank of Thailand predicted to raise policy rate to 2% this month
Economists anticipate that the Bank of Thailand will raise its policy rate to a terminal level of 2% this month, following their estimation that the Federal Reserve’s funds rate has reached its peak. The research centre of TMBThanachart Bank (ttb) suggests that the central bank’s Monetary Policy Committee (MPC) will increase the policy benchmark rate by 0.25 percentage points during…
- Business News
Thai organisations collaborate to develop AI-powered chatbot for multiple sectors
Thai artificial intelligence (AI) engineers from public and private organisations have joined forces to create a Thai-language generative AI-powered chatbot, which is set to benefit various sectors such as education and business. The National Electronics and Computer Technology Center (Nectec) revealed its partnership with the Artificial Intelligence Entrepreneur Association of Thailand (AIEAT), the Artificial Intelligence Association of Thailand (AIAT) and…
- Business News
Thailand aims to finalise free-trade agreements with EFTA, Sri Lanka and UAE by mid-next year
Thailand is keen to finalise free-trade agreement (FTA) negotiations with the European Free Trade Association (EFTA), Sri Lanka and the United Arab Emirates (UAE) by mid-next year, with the aim to boost trade and investment. The potential FTA between Thailand and Sri Lanka is particularly appealing due to Sri Lanka’s strategic location in South Asia, with connections to India, Pakistan,…
- Business News
Banking job boom and surging salaries in Saudi Arabia
Despite ongoing global financial challenges, Saudi Arabia is experiencing a significant surge in banking jobs and salaries. This growth is attributed to the ambitious economic expansion plans by Crown Prince Mohammed Bin Salman, who is utilising oil sales revenue to transform the nation’s economy. With over US$600 billion worth of assets, Saudi Arabia’s Public Investment Fund is hiring swiftly, attracting…
- Business News
Thai business leaders’ wishlist for first 100 days under new government
Business executives are contemplating Thailand’s prospects for the first 100 days under a new administration as the election approaches. Key areas of focus for the incoming government include the appointment of suitable ministers and the prioritisation of business sector policies. Jareeporn Jarukornsakul, the 42-year-old chairman of industrial developer WHA Group, emphasises the importance of appointing knowledgeable and capable ministers to…
- Business News
Thai stocks dampened by US interest rate hike concerns
Thai stocks are projected to face a challenging investment environment in the coming month due to the potential negative impact of the recent US interest rate hike on regional US banks. Tisco Securities has expressed concerns over the situation, with Apichart Phubancherdkul, Tisco’s head of strategy research, stating that “investment conditions in May are not bright”. The US Federal Reserve…
- Business News
Singapore aims to shed stopover status and hit pre-pandemic tourist numbers by 2024
Australians, Bryan and Christine Mansfield were delighted to start their three-day holiday in Singapore, marking the beginning of their golden jubilee celebrations delayed due to the COVID-19 pandemic. Like other tourists, Singapore was their first foreign destination since 2020 when the pandemic halted international travel. Although Singapore served as a layover before proceeding to their main destinations within the Southeast…
- Business News
Binance resumes bitcoin withdrawals after brief closure due to congestion issue
Binance, the world’s leading cryptocurrency exchange, recently announced that it had resumed Bitcoin withdrawals following a temporary halt due to a congestion problem. The exchange experienced an interruption in withdrawals for the most widely recognised cryptocurrency, Bitcoin, lasting for over an hour before the issue was resolved. The cryptocurrency exchange did not disclose additional information regarding the nature of the…
- Guides
Four tips to make your next holiday more environmentally friendly
Being an eco-friendly traveller can pose its challenges, yet with growing concerns for the environment, it becomes evermore important to consider one’s impact during holidays. Tourism often comes with a negative impact on local environments, as seen in Maya Bay on Thailand’s Phi Phi Leh island, where growing visitor numbers led to significant strain on its natural habitats. However, there…
- Business News
Rising electricity bills spark energy policy debate ahead of Thai general election
High electricity bills have become a significant concern for voters, leading political parties to focus on their energy policies as they look to gain support in the upcoming general election. This comes after a new power tariff of 4.70 baht per kilowatt-hour took effect, which has resulted in costlier electricity bills for consumers. The Energy Regulatory Commission decided to reduce…
- Business News
Singaporean youth moving back with parents due to skyrocketing rents
Singapore sees rising rents amidst the COVID-19 pandemic, forcing some young tenants to return to their parent’s homes or face soaring rental fees. Since the onset of the pandemic, the number of Singaporeans and permanent citizens under 35 years old living alone increased from 15,900 in 2019 to 25,000 in 2020. However, data from the Urban Redevelopment Authority and 99.…
- Business News
Increase in fresh fruit exports to China expected due to improved land transport flow
Exports of fresh fruit to China are expected to surge by at least 10% this year, thanks to improved land transport flow and better cross-border trade facilitation. Commerce Permanent Secretary Keerati Rushchano revealed that land border transportation for fresh fruit is predicted to rise significantly in the coming months, with durian making up about 80-90% of the transported produce. Fresh…
- Business News
Philippine annual inflation on track for government target as food prices ease
Philippine yearly inflation is predicted to remain within the government’s 2% to 4% target range in Q4, following a decrease in April due to reduced food prices. The consumer price index increased by 6.6% YoY in April, the lowest rate since August, and lower than the 7.0% predicted in a Reuters poll. As a result, the Bangko Sentral ng Pilipinas…
