Alex Morgan
- Business News
Thai stock market suffers as Stark Corporation defaults
Investors were cautioned by stock market regulators regarding Stark Corporation’s shares, as the company is expected to default on payments for corporate bonds valued at nearly 9.2 billion baht. Following a bondholders’ meeting, Stark announced its intention to “call default” on two bond series worth 2.24 billion baht within a month, raising concerns about the company’s ability to pay for…
- 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
Burger Thailand’s ‘kids meal’ campaign serves up a whopper of a strategy to win over youngsters
Burger Thailand, the local operator of Burger King, is intensifying efforts to appeal to children as part of its global strategy. According to the company’s general manager, Tanawat Damnernthong, children significantly influence their parents’ choices when selecting a restaurant, with families with children typically spending more per meal than working professionals. For the first time in its 23 year history…
- 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 targets 3 trillion baht tourism revenue in 2023 with sustainability focus
The Tourism Authority of Thailand (TAT) is optimistic that the country’s tourism industry will achieve a revenue of 3 trillion baht in 2023, equal to the revenue generated in 2019. Tanes Petsuwan, TAT’s deputy governor for Asia and the South Pacific, revealed that the agency is developing new promotional strategies for the next fiscal year and anticipates finalising its proposal…
- 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,…
- Politics News
Urgent call for new govt: Thai Chamber of Commerce stresses budget allocation continuity
The Thai Chamber of Commerce emphasised the urgency of forming a new government to ensure the continuity of budget allocation, following discussions with Pita Limjaroenrat, leader of the Move Forward Party (MFP), and other party executives. Sanan Angubolkul, the chamber’s chairman, highlighted the need to address issues such as costly electricity bills, wages, ease of doing business, and legal reforms…
- Business News
Thai entrepreneurs urge government to prioritise reducing energy costs
A recent survey by the Federation of Thai Industries (FTI) has shown that the majority of entrepreneurs are urging the new government to fulfil its promise to lower electricity costs, as outlined in a memorandum of understanding (MoU) signed by the Move Forward Party and seven other political parties. Of the 252 executives across 45 industries surveyed, 75.8% voted for…
- World News
Asia-Pacific markets to gain from US-Europe supply chain diversification
Asia-Pacific emerging markets are predicted to gain from the ongoing supply chain decoupling, as analysts highlight the US and Europe’s efforts to diversify risks in security-related sectors. Steven Cochrane, Moody’s Analytics chief Asia-Pacific economist, recently discussed the decoupling between the US and China within intermediate goods production during an online event. He explained that incentives, rather than government policies, are…
- Business News
Thailand’s MPI growth faces stagnation amid export slowdown and high costs
The Manufacturing Production Index (MPI) in Thailand is predicted to experience subdued growth of 0-1% this year, owing to a combination of domestic and international business challenges. The April MPI reading was the lowest in 34 months, with an 8.14% year-on-year drop to 83.5 points, marking the seventh consecutive decline since October last year, according to the Office of Industrial…
- Business News
Saha Group urges Thai govt to prioritise agriculture over wage hikes
The Saha Group, a prominent consumer product conglomerate in Thailand, advised the new Thai government to prioritise the promotion of the agricultural sector instead of significantly raising the daily minimum wage. The group’s chairman, Boonsithi Chokwatana, believes this approach would contribute to sustainable economic growth. Boonsithi also suggested that the government should concentrate on enhancing the economy through educational initiatives…
- Business News
Singapore Airlines offers free unlimited WiFi to economy passengers
Singapore Airlines (SIA) revealed plans to offer free unlimited WiFi to economy and premium economy class passengers from July 1. To access this benefit, travellers must be members of SIA’s rewards programme, KrisFlyer. With this move, SIA is set to become the first airline to provide free unlimited WiFi across all cabin classes and nearly its entire aircraft fleet. Currently, about…
- Business News
Sappe Plc invests 1 billion baht in warehouse automation amidst wage hike
Sappe Plc, a leading beverage manufacturer, unveiled plans to construct an automated warehouse, establish a new production line, and implement a cost reduction scheme in response to the government’s commitment to increase the daily minimum wage. Piyajit Ruckariyapong, the company’s CEO, disclosed that the project is expected to cost around 1 billion baht between 2023 and 2024. Out of the…
- Business News
Bank of Thailand raises key interest rate amid inflation risks
The Bank of Thailand announced a 25 basis point increase in its key interest rate, bringing it to 2%. This marks the sixth consecutive meeting where the central bank has raised the rate, with a total increase of 150 basis points since August last year. The decision was unanimous among the Monetary Policy Committee members and in line with the expectations…
- Business News
Central Pattana invests 1 billion baht in the Greatest Grand Sale 2023 campaign
Central Pattana Plc (CPN) joined forces with companies under the Central Group umbrella and leading business partners to invest over 1 billion baht in a mid-year sales campaign titled The Greatest Grand Sale 2023. The campaign will take place across shopping centres, department stores, and Central’s online platform, offering discounts of up to 80% at 9,500 stores, including over 16,500 brands,…
- Politics News
Thai parties push for Progressive Liquor Bill to boost local alcohol production
The Progressive Liquor Bill, which aims to create fairer rules for small and community-based alcohol producers in Thailand, resurfaced in public discussions after being mentioned in a memorandum of understanding signed by eight parties looking to form a coalition government. The bill, proposed by the Move Forward Party (MFP), narrowly lost approval in the House of Representatives last year by…
- Business News
Virtual twin tech tackles traffic congestion and pollution in smart cities
Virtual twin technology is emerging as a transformative tool for future mobility and smart cities, helping to address issues such as traffic congestion and air pollution, according to Dassault Systèmes, a France-based 3D design software company. This technology is an extension of digital twins, which are digital replicas of physical objects, systems, or processes that integrate advanced technologies and data…
- Business News
Thai e-marketplaces Shopee and Lazada shift to profitability
The e-commerce landscape in Thailand experienced a significant shift as major players Shopee and Lazada reported profits for the first time in almost a decade. This change has been attributed to careful spending, operational adjustments, and increased service fees. In 2022, Shopee recorded a profit of 2.4 billion baht, while Lazada posted a profit of 413 million baht. Shopee’s revenue reached…
- Business News
Thailand sees tourist tax refund surge since reopening in June
Following Thailand‘s full reopening in June last year, the number of tourist tax refunds has surged, as reported by Revenue Department director-general Lavaron Sangsnit. The increase in foreign visitors is evident in the substantial rise in value-added tax (VAT) refund totals. In 2022, over 423,000 tourists received VAT refunds, totalling 1.2 billion baht. Between January and May 2022, there were…
- Business News
Nvidia valuation drops despite rally as earnings estimates outpace share price
Nvidia Corp’s impressive stock rally in recent days has seen the chip developer’s valuation decrease, as measured by the forward price/earnings (P/E) ratio. Over the last three sessions, the company’s stock has risen more than 31%, with a 3% gain reaching $401.11. Despite this, Nvidia’s P/E multiple has fallen due to Wall Street’s earnings expectations for the company rising even…
- World News
SET and SGX launch cross-border trading for Thai depositary receipts
The Stock Exchange of Thailand (SET) and the Singapore Exchange (SGX) announced a joint venture that enables the trading of three depositary receipts (DRs) of Thai-listed companies on the SGX. This innovative collaboration, launched yesterday, is the first of its kind under the Thailand-Singapore DR Linkage project and aims to boost the appeal of Thai-listed companies in the regional market by…
- Business News
Economist warns of panic as new Thai government risks fiscal sustainability
Concerns about fiscal sustainability have been raised by Kiatnakin Phatra Securities (KKP), as the new government‘s potential “addiction to budget deficits” may cause panic in the stock market. KKP’s chief economist, Pipat Luengnaruemitchai, expressed his apprehensions regarding the country’s fiscal outlook if excessive expenditure is allocated by politicians and the government without a clear financing plan. As Thailand prepares for…
- Economy News
Thai exports decline for seventh month as global demand slows
The Thai Ministry of Commerce has reported a decline in the nation’s export value for the seventh consecutive month. In April, the value dropped by 7.6% compared to the previous year, a significantly larger decrease than the 2% fall anticipated by economists. April’s exports were valued at US$21.72 billion, a notable decrease from March’s 12-month high of US$27.65 billion. Despite…
- Business News
Thailand’s NRCT and Chulalongkorn University launch anti-corruption knowledge hub
The Knowledge Hub for Regional Anti-Corruption and Good Governance Collaboration (KRAC) has been established in Thailand through a partnership between the National Research Council of Thailand (NRCT) and Chulalongkorn University‘s Faculty of Economics. KRAC’s main objective is to develop an anti-corruption ecosystem in the country by applying academic knowledge and fostering international cooperation networks. Asst. Prof. Dr. Torplus Yomnak, director…
- Business News
Asia-Pacific consumers to boost health and wellness spending post-pandemic
A recent survey reveals that approximately 70% of consumers in the Asia-Pacific region are prepared to increase their expenditure on health and wellness products, as the pandemic has heightened health consciousness. The study called the Asia-Pacific Health Priority Survey, was carried out by US supplement distributor Herbalife and highlighted a particularly strong interest in health improvement in Southeast Asia, specifically…
