- Business News
Chinese suppliers protest Changan’s 10% payment cut amid price war
In the wake of an ongoing price war among automobile manufacturers in China, Chongqing Changan Automobile, a state-owned automaker, has faced backlash from its suppliers after cutting their payments by 10%. The suppliers claim that they are being unfairly forced to bear the brunt of the intense competition in the world’s largest auto market. Since January, over 40 brands have…
- Business News
Asian nations revive Mice industry, Taiwan focuses on preferred destination
As the demand for on-site meetings, incentives, conferences, and exhibitions (Mice) activities recovers following the pandemic, Asian countries are preparing their exhibition venues and marketing strategies to welcome international visitors. Northeast Asia has shown significant enthusiasm, with South Korea’s Busan bidding for the World Expo 2030 and Hong Kong unveiling the West Kowloon Cultural District, a 40-hectare area designed to…
- Business News
WHAUP eyes Vietnam wind, solar assets to meet rising energy demand
WHA Utilities and Power (WHAUP), a subsidiary of Thailand’s largest industrial land developer and operator, is set to acquire wind and solar power generation facilities in Vietnam with a capacity of 50-100 megawatts. This move aims to capitalise on the increasing energy demand in the country. The acquisition is expected to be finalised by the end of the year, according…
- World News
Japan sees fastest wage growth in 30 years but weak household spending persists
In April, Japan experienced a rise in wages as major companies increased pay at the fastest rate in 30 years, responding to workers’ demands for higher salaries to cope with inflation. However, household spending remained weak, highlighting an uneven economic recovery. The wage data offers an early insight into the effects of the spring labour negotiations, known as “shunto,” and…
- World News
Snap hires ex-Google VP to boost ad targeting and measurement
Snap Inc announced yesterday that it has appointed a new senior vice president of engineering from Google, marking the latest addition to its team in a bid to boost its advertising business. Eric Young, who previously served as vice president of engineering for Alphabet Inc’s Google Cloud, will be responsible for overseeing Snap’s core infrastructure, which includes the widely-used photo…
- Thailand News
Microsoft to pay US$20m in FTC settlement over child data collection
Microsoft has agreed to pay US$20 million in order to settle charges brought by the US Federal Trade Commission (FTC) over allegations that the tech giant illegally collected personal data from children without obtaining parental consent. The FTC accused Microsoft of violating the US Children’s Online Privacy Protection Act (COPPA) by gathering personal information from young users of its Xbox…
- World News
China plans AI regulation after Elon Musk’s productive discussions
Chinese authorities are planning to introduce regulations for artificial intelligence (AI) in the country, according to Tesla CEO Elon Musk. He shared this information during a Twitter Space conversation with Democratic presidential candidate Robert F Kennedy Jr, following his recent visit to China. Musk mentioned that he had “very productive discussions” with senior Chinese leadership regarding the risks of AI…
- Business News
Thai future food industry targets 5% growth amid health and eco trends
The Thai future food industry is expected to see a 5% growth this year, as the demand for healthier and more environmentally friendly food options rises. Visit Limlurcha, president of the Thai Future Food Trade Association, highlights the potential for export growth due to global trends that are bringing about significant changes in production, economies, lifestyle, society, and behaviour. From…
- World News
Apple unveils Vision Pro mixed reality headset, challenging Meta
Apple has revealed its first mixed reality headset, the Vision Pro, entering the market dominated by Meta and targeting users beyond gamers and technology enthusiasts. The headset is priced at US$3,499 and will be available in the United States in early 2024. The announcement marks Apple’s most significant product launch since the introduction of the Apple Watch in 2015. Apple…
- World News
UBS set to complete Credit Suisse takeover, creating $1.6tn Swiss banking giant
Today, UBS announced its expectation to finalise the acquisition of Credit Suisse by June 12, forming a colossal Swiss bank with a US$1.6 trillion balance sheet. The completion of the takeover is contingent on the registration statement being declared effective by the US Securities and Exchange Commission and other remaining closing conditions. “UBS expects to complete the acquisition of Credit…
- Business News
Saudi Arabia announces fresh oil output cut amid recession fears
Riyadh unveiled a new oil output reduction on Sunday after a gathering of major producers focused on supporting prices despite concerns over a potential recession. The meeting involved the 13-member Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and its 10 partners, including Russia, and featured intense negotiations. Saudi Arabia announced a fresh cut of one million…
- Business News
Bank of Thailand likely to hike rates amid inflation concerns
Inflation concerns prompt predictions of further Bank of Thailand rate hikes this year, as the nation’s economy recovers. Siam Commercial Bank’s research unit, SCB Economic Intelligence Center (EIC), anticipates the central bank’s Monetary Policy Committee (MPC) will increase its policy benchmark rate by a quarter percentage point in both August and September, bringing it to 2.5% from the current 2%.…
- Business News
Lee Kum Kee eyes Thai ready-to-eat market expansion (video)
Asian sauce and seasoning manufacturer Lee Kum Kee Sauce Group is exploring opportunities to enter Thailand’s ready-to-eat food market through collaborations with local partners. Having been in the industry for 135 years, the company recognises the growth potential in this sector as it caters to the demands of busy consumers seeking convenience. Cheryl Chan, the regional marketing director of Mahsuri…
- Business News
Prudential Thailand hits record Q1 results, joins top six insurers
Prudential Life Assurance (Thailand) achieved a record-breaking first quarter in 2023, with the highest weighted first-year premiums in the company’s history, propelling it into the top six insurance providers in the country. During the first three months, the firm’s weighted first-year premiums grew by 36% year-on-year, surpassing the market growth of 17% and raising its market share from 5.7% in…
- Business News
Asian stocks surge as us debt default averted
Asian stocks experienced gains on Friday, following the US Senate’s approval of legislation that prevents a US debt default. The possibility of the US Federal Reserve deciding against raising interest rates this month also contributed to the positive sentiment. Last week, Thai shares fluctuated between 1,521.31 and 1,545.55 points, eventually closing at 1,531.20 on Friday, marking a 0.024% increase from…
- World News
Kremlin bars unfriendly countries journalists from St Petersburg Economic Forum
The St Petersburg International Economic Forum (SPIEF), an event often considered Russia’s response to the World Economic Forum in Davos, will not be open to journalists from “unfriendly countries,” according to the Kremlin. The annual forum, held since 1997, has never before imposed such a blanket ban on Western journalists. Kremlin spokesman Dmitry Peskov confirmed the decision to TASS news…
- World News
Finance Ministry revokes Asia Wealth Securities licence for misusing client funds
The Ministry of Finance has withdrawn Asia Wealth Securities‘ (AWS) securities business license following a recommendation from the Securities and Exchange Commission (SEC) due to the unauthorised use of client funds. The SEC discovered that on November 14, AWS had improperly utilised 154 million baht of clients’ funds to buy shares of More Return (MORE) from Thailand Clearing House without…
- Business News
HSBC Thailand seeks licence, raises capital for local business expansion
In preparation for local business expansion, HSBC Thailand is working to raise additional funds and secure a new licence, in line with the nation’s economic growth. The bank’s capital is set to increase by 3.1 billion baht, reaching 25.7 billion, according to chief executive Giorgio Gamba. Furthermore, HSBC Thailand is seeking a new business licence from the regulator to bolster…
- Business News
Manufacturing Expo 2023 eyes 6 billion baht business deals at Bangkok event
Exhibition organiser RX Tradex is gearing up to facilitate business matching deals worth an estimated 6 billion baht during the Manufacturing Expo 2023, which is set to take place later this month in Bangkok. The event will showcase new Thai manufacturing trends and is anticipated to boost investment in the country, according to Varaporn Dhamcharee, the managing director of RX Tradex.…
- Business News
Thai Cabinet extends contracts of migrant workers, easing labour shortage fears
The Thai Cabinet‘s recent decision to extend employment contracts for over 200,000 migrant workers has alleviated concerns about a domestic labour shortage. Poj Aramwattananont, vice-chairman of the Thai Chamber of Commerce and president of the Labour and Skill Development Committee, said the move addresses management issues related to migrant workers while easing the worker shortage in industries requiring intensive labour…
- World News
Supreme Court grants Slack reprieve in shareholder lawsuit over 2019 direct listing
The US Supreme Court has granted Slack Technologies, a subsidiary of Salesforce, an opportunity to evade a shareholder lawsuit regarding the company’s 2019 direct listing. In a unanimous ruling, the court overturned a previous decision that allowed Fiyyaz Pirani’s proposed class action lawsuit to proceed, citing an incorrect interpretation of federal investor protection law. The San Francisco-based 9th US Circuit…
- Business News
Minor Hotels to reach 600 properties amid optimistic tourism outlook
Minor Hotels is set to expand its portfolio to 600 properties across 59 countries, with over 91,000 rooms this year, as the global tourism industry shows signs of recovery following the easing of Covid-19 infections. Dillip Rajakarier, Group Chief Executive of Minor International Plc and Chief Executive of Minor Hotels, believes that pent-up demand will drive the industry for years,…
- Business News
Thai digital industry sentiment hits three-year high amid economic recovery
A recent survey by the Digital Economy Promotion Agency (Depa) revealed that the Digital Industry Sentiment Index has risen above the 50-point threshold for the first time in a year, reaching a three-year high. The index reached 54.0 during the first quarter, up from 49.0 in the final quarter of 2022, indicating increased confidence among entrepreneurs as Thailand‘s economy recovers…
- Business News
Shocking surge: Chinese EV makers eyeing membership in FTI
Chinese electric vehicle (EV) makers are expressing interest in joining the Federation of Thai Industries (FTI) to support the growth of Thailand’s emerging EV sector. The FTI is currently in discussions with Chinese automobile manufacturers and aims to reach a decision shortly, according to Surapong Paisitpatanapong, vice-chairman of the FTI and spokesman for the FTI’s Automotive Industry Club. He said……
- World News
US House passes bill to suspend US$31.4tn debt ceiling, averts default
The US House of Representatives has passed a bill to suspend the US$31.4 trillion debt ceiling, with both Democrats and Republicans supporting the measure to avoid a catastrophic default. The legislation now moves to the Senate, which must enact it and get it to President Joe Biden‘s desk before the government runs out of funds to pay its bills. The…
- World News
Study reveals senior Singaporean volunteers contribute more time to charities
A recent study has shown that senior volunteers in Singapore contribute more time to charitable causes than their younger counterparts. Conducted by the National Council of Social Service (NCSS) and the Singapore Management University, the study aimed to help social service agencies attract and retain volunteers by identifying what drives people to volunteerism and areas for their own growth. The…
- Business News
Thai rubber industry gets 2 billion baht boost to increase global competitiveness
The Thai Finance Ministry has joined forces with the Thai Chamber of Commerce, and the Rubber Authority of Thailand to launch the Capital Flow in Rubber Industrial Estate project, aimed at enhancing the competitiveness of businesses in the rubber supply chain on a global scale. The rubber and rubber product exports amount to over 680 billion baht annually, with more…
- Business News
Thailand’s PC market set for 7.9% growth amid business transformation demand
The personal computer (PC) market in Thailand is predicted to expand by 7.9% this year, driven by the increasing demand from businesses seeking digital transformation, according to IDC Thailand’s market analyst. The first quarter of 2023 saw the market contract by 20.3% year-on-year, but it experienced a 12.9% growth quarter-on-quarter due to consumer spending through the government’s “Shop Dee Mee…
- Politics News
US-Taiwan trade deal signing set to escalate Beijing-Washington tensions
Taipei has announced that the United States and Taiwan are set to sign a trade agreement, a move that is expected to increase tensions between Beijing and Washington over the island. The Office of Trade Negotiations in Taipei stated that the first set of agreements under “The US-Taiwan Initiative on 21st Century Trade” would be signed in Washington, without providing…
- Business News
Asia’s factory demand eases amid China’s faltering recovery and global trade slump
Factories across Asia experienced a further decline in demand during May, as China‘s sluggish recovery impacted a region already grappling with a global trade downturn. Taiwan’s purchasing managers indexes (PMI) dropped to 44.3 from 47.1 in April, while Vietnam recorded its lowest reading since September 2021, according to S&P Global. South Korea’s factory gauge saw a slight increase in May,…
