- Business News
Singapore car COE prices to remain high due to limited supply and strong demand
Prices for Singapore’s Certificate of Entitlement (COE) are likely to remain high as demand continues to outstrip limited supply. Despite a dip in premiums for cars after the latest bidding exercise closed on 4 May, it is too early to tell if prices have peaked, said analysts who forecast that COE premiums for cars may rise in the next few…
- Business News
Dexon Technology’s overseas expansion strategy amid global recession forecasts
Despite numerous predictions of a potential global economic recession, Dexon Technology’s chief executive Mallika Kaekla is confident that the company’s strategy to expand overseas will help boost revenue this year. Established in 1996 close to the Map Ta Phut industrial estate in Rayong province, Dexon Technology originally provided engineering inspection services for the energy and petrochemical sectors, ensuring efficiency and…
- Business News
Airbnb reports first annual profit and optimistic outlook for tourism
Airbnb has made a strong recovery in 2022, achieving its first annual profit on a 40% revenue growth to US$8.4 billion, and reporting net income of $1.9 billion. Optimistic about further growth this year fuelled by the tourism industry, the company’s co-founder and chief strategy officer, Nate Blecharczyk, highlights the importance of adapting to changing consumer behaviour. The San Francisco-based…
- Business News
Thailand’s One Drone, One Community project aims to boost smart farming and economy
The Digital Economy Promotion Agency (Depa) has announced its plan to launch a pioneering project in Thailand that will provide large drones to communities and offer training in drone maintenance to encourage smart farming development. The initiative, titled “One Drone, One Community,” is backed by the Digital Economy Fund and aims to create an economic impact exceeding 800 million baht…
- Business News
US authorities investigate Goldman Sachs’ role in Silicon Valley Bank collapse
US authorities have launched an investigation into Goldman Sachs‘ work with Silicon Valley Bank (SVB) in relation to the events that led to the collapse of the California-based bank. Goldman disclosed the probe in a recent securities filing, noting that they are cooperating and providing information to various government bodies. The investigation focuses on the bank’s activities for SVB in…
- Cannabis
Thailand’s tourism sector grapples with cannabis legalisation
A year after Thailand legalised cannabis by removing the plant from the list of prohibited narcotics, the tourism sector has experienced both positive and negative repercussions. While it was anticipated that medical cannabis tourism would thrive, increasing concerns about the relaxed regulations have led the Tourism Authority of Thailand to reconsider its promotional strategy. Initially, there was a surge in…
- Business News
TNSC lowers Thailand’s export growth forecast due to global economic challenges
The Thai National Shippers’ Council (TNSC) has revised its export growth forecast for Thailand, predicting a 0-1% increase due to negative factors and uncertainty in the US and Chinese economies, as well as ongoing geopolitical conflicts. Despite the downward revision, the group remains confident that Thailand’s exports will not contract this year. Chaichan Chareonsuk, chairman of the TNSC, stated that…
- Business News
Biodiesel and used cooking oil set to fuel sustainable aviation industry
Biodiesel, which is a combination of diesel and palm oil-derived methyl ester, as well as previously discarded used cooking oil, is now competing to revolutionise the aviation industry. These two oils can be processed to create sustainable aviation fuel (SAF), an eco-friendly biofuel for aircraft. Many companies are keen to produce SAF as airlines become increasingly aware of its potential…
- Business News
White House to discuss AI’s promise and risks with tech giants
The White House is set to host discussions with leading executives from Google, Microsoft, OpenAI, and Anthropic, aimed at tackling the potential risks and benefits of artificial intelligence(AI). The agenda includes Vice President Kamala Harris and other US administration officials exploring methods to ensure consumers reap the advantages of AI while remaining safeguarded from its potential dangers, as stated in…
- Business News
US Federal Reserve considers final interest rate hike to tackle inflation
The US Federal Reserve has commenced a two-day meeting to determine if it will raise its benchmark lending rate for possibly the last time in this campaign, in an effort to tackle persistent inflation. Since March of last year, the Fed has embarked on a bold series of interest-rate hikes to address inflation, which currently stands at 5%, significantly higher…
- Business News
Pakistan inflation reaches record high due to soaring food prices
Inflation in Pakistan escalated to a record 36.4% in the year to April, primarily driven by food prices, making it the highest rate in South Asia and marking an increase from March’s 35.4%, according to the country’s statistics bureau. In rural areas, food inflation reached 40.2%, while for both rural and urban regions, it climbed to 48.1% – the highest…
- Business News
AMD shares fall as second-quarter forecast misses expectations
Shares of Advanced Micro Devices experienced a decline yesterday following a second-quarter forecast that failed to meet Wall Street expectations. This overshadowed the company executives’ optimism that the beleaguered chip market will begin to recover in the latter half of 2023. After AMD announced first-quarter sales below analyst predictions for PC and data centre chips, their two most significant segments,…
- Business News
Go First files for bankruptcy amid faulty engine woes and mounting debt
Struggling Indian airline Go First declared bankruptcy yesterday, attributing it to the “faulty” Pratt & Whitney engines that grounded about 50% of its fleet. The airline’s collapse is the first Indian airline bankruptcy since Jet Airways in 2019, highlighting the intense competition in the aviation sector, where rivals IndiGo and the recently merged Air India and Vistara dominate. Go First…
- Business News
TikTok’s US trust and safety head Eric Han to leave amid ban threats
TikTok revealed that Eric Han, the head of US trust and safety, will leave the company on May 12, resulting in a loss of a key executive as the popular short-form video app faces the possibility of a ban in the US. Owned by Chinese tech firm ByteDance, TikTok has already been prohibited on government-issued phones in countries such as…
- Business News
Starbucks profits boosted by China business recovery
Starbucks Corp exceeded Wall Street predictions yesterday for quarterly earnings, primarily due to a strong recovery in business within China. However, shares dropped approximately 6% in after-hours trading, as the company did not raise its 2023 guidance. Consumer mobility and spending in China have significantly improved since most of the country’s COVID-19 restrictions have been lifted. Despite a 29% drop…
- Business News
Match Group forecasts lower Q2 revenue but sees Tinder growth signs
Match Group recently projected second-quarter revenue below analysts’ expectations, yet indicated signs of potential growth at its dating platform, Tinder. The company implemented changes to product and marketing execution at Tinder and, although not yet evident in financial results, has observed early indications of increased momentum, according to a letter to shareholders. Following the announcement, the firm’s stock, whose revenue…
- Business News
Japanese automakers struggle in China amid rapid shift to electric vehicles
The sales crisis for Japan’s automakers in China continues, as industry data reveals a rapid shift towards electric vehicles (EVs), resulting in a steep decline in gasoline-powered vehicle purchases. In the first quarter, total sales of Japanese auto brands in China dropped by 32% year-on-year, more than twice the rate of overall market contraction. While automakers such as Volkswagen AG…
- Business News
Godfather of artificial intelligence quits Google, warns of technology’s dangers
A prominent computer scientist, frequently referred to as “the godfather of artificial intelligence,” has resigned from Google to voice his concerns about the potential dangers of the technology, according to yesterday’s US media reports. Geoffrey Hinton, known for creating a foundational technology for AI systems, expressed to The New York Times that advancements in the field could pose “profound risks…
