Alex Morgan
- 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…
- Business News
Former ByteDance executive sues company for wrongful dismissal over alleged culture of lawlessness
A former high-ranking executive at ByteDance, the Chinese firm behind the immensely popular TikTok platform, has filed a lawsuit against the company, charging it with wrongful dismissal. According to Yintao Yu’s testimony, he was terminated from his position for exposing what he describes as the company’s “culture of lawlessness.” The legal action in the San Francisco court comes when political…
- Tourism News
Thai tourism rebound evident with surge in new business registrations
Thailand’s tourism sector has witnessed a strong rebound, as evidenced by the significant surge in new registrations for tourism-related businesses during the initial four months of this year. The Ministry of Commerce revealed yesterday that the number of new tourism-related business registrations had doubled year-on-year, reaching 2,579 in the first four months, with a total registered capital increase of 135%…
- Business News
UFC Gym eager to re-enter Singapore market after sudden closure of franchise
UFC Gym has expressed its keen interest in returning to the Singapore market and is committed to offering support to customers affected by the unexpected closure of its franchise in the country, according to CEO Adam Sedlack. He highlighted that Singapore continues to be an attractive market for the UFC Gym brand and their unique training approach. Members of UFC…
- Business News
Canon targets 10% revenue growth in Thai printer market with new laser models
Canon Marketing (Thailand), the local branch of the Japanese technology company, has set a target of achieving a 10% revenue growth for its printer business this year, while simultaneously launching new laser printer models in the market. Thailand ranks as the fourth largest growth market in Asia-Pacific for both inkjet and laser printers, following India, Indonesia, and the Philippines. The…
- Business News
Thai, Bangkok Airways report first-quarter earnings surge
Thai Airways International Plc and Bangkok Airways Plc have experienced a significant increase in their first-quarter earnings as tourists return to Thailand in growing numbers. Thai Airways reported a net income of 12.51 billion baht for the three months through March, a considerable improvement from the 3.25 billion baht net loss they incurred during the same period last year. Meanwhile,…
- Business News
Kasikornbank halts plans to sell stake in asset management business
Kasikornbank (KBank) Public Company Limited, the second-largest lender in Thailand, has put the plans to sell a share in its asset management business on hold, according to individuals familiar with the situation. Negotiations between KBank, based in Bangkok, and several prospective buyers have reached an impasse due to disagreements on terms of a potential agreement, said those familiar with the…
- Business News
BlockFi bankruptcy allows return of funds to non-interest-bearing account holders
Bankrupt cryptocurrency lender BlockFi has been granted court permission to return US$297 million to clients holding non-interest-bearing accounts. However, this does not include repayment to customers who made last-minute attempts to transfer funds into those accounts. It was concluded by the UK Bankruptcy Judge that customers owned their deposits in BlockFi’s Wallet programme, a non-interest-paying scheme that maintained customer deposits…
- Business News
Thai Bankers’ Association considers new fee structure for industry
The Thai Bankers’ Association (TBA), which represents the banking industry in the country, is contemplating the introduction of a new fee structure in response to increasing operating costs. Banks are planning to take into account expenses from traditional and digital banking services while finalising the updated fee structure. This will be done in conjunction with the Bank of Thailand. The…
- Business News
Nine executives apply for NBTC secretary-general role
A total of nine executives have applied for the position of secretary-general at the National Broadcasting and Telecommunications Commission (NBTC). Seven individuals submitted their applications during the initial application period running from March 20 to April 7, with a further two applying during the extended period, concluding May 7. According to Dr Sarana Boonbaichaiyapruck, NBTC chairman, the new secretary-general will…
- Business News
State banks offer higher deposit rates at Money Expo 2023
State-owned banks in the country are eager to offer customers higher deposit rates, with one scheme providing up to 17%. At the 23rd Money Expo 2023, Government Savings Bank (GSB) and the Bank for Agriculture and Agricultural Cooperatives (BAAC) unveiled campaigns to attract patrons to open short-term deposits for three-to-five months by presenting step-up interest rates. Monetary Policy Committee members…
- Business News
Proposal to tackle illegal tour guides and boost job opportunities submitted to prime ministerial candidates
Tour guides have presented a proposal to numerous prime ministerial candidates from various political parties, with the aim of eliminating unlawful tour guides and nominee businesses. They also hope that the proposed Tourist Guide Act will expand the scope of the profession, leading to increased employment opportunities. Yesterday, representatives from the Professional Tourist Guides Association of Thailand visited political party…
- Business News
WhatsApp in-chat payments roll out in Singapore: A new chapter for SMEs or a security risk?
Digital payments are transforming rapidly, and WhatsApp’s recent decision to launch in-chat payments in Singapore highlights this change. The move by Meta, WhatsApp’s parent company, is expected to have a significant impact on local businesses and increase competition among the region’s e-payment providers. However, concerns also arise around security, privacy, and the potential for scams and fraud. With a user…
- Business News
Biden and senior Republicans meeting postponed for further staff discussions
Crunch negotiations between US President Joe Biden and senior Republicans have been delayed until early next week, allowing staff to continue their discussions, according to a statement from the White House yesterday. An insider familiar with the talks between the Democratic and Republican leaders described this as a positive development, implying that it was not the right time for the…
- Business News
Revolut CFO Mikko Salovaara resigns amid banking licence delays
Financial technology company Revolut announced yesterday that its Chief Financial Officer, Mikko Salovaara, aged 31, will be departing the firm after two years in the position. A spokesperson for the London-based start-up cited “personal reasons” as the cause for his resignation. At this time, no successor has been named by Revolut. The company has been going through a challenging period…
- Business News
Elon Musk announces new CEO for Twitter and transition to CTO role
Elon Musk revealed yesterday that he has appointed a new CEO for Twitter, though he did not disclose the individual’s identity. He also stated that he will assume the position of Chief Technology Officer for the social media platform within the next few weeks. “Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in…
- Business News
Bank of Thailand to relax rules on Chinese yuan use for trade this year
The Bank of Thailand (BoT) plans to ease regulations on the use of China’s yuan for trade this year, aiming to mitigate the effects of currency volatility, according to BoT Deputy Governor Mathee Supapongse. Ongoing discussions between the central bank and its Chinese counterpart are focused on promoting the usage of the Chinese currency. China is a significant trade partner…
- Business News
Thai consumer confidence reaches 38-month high in April
Consumer confidence in Thailand experienced an 11th consecutive month of growth in April, hitting a 38-month high, according to a recent survey. It revealed that the continued recovery in the tourism sector, combined with increased activities in anticipation of the May 14 election, were major contributors to this boost. The University of the Thai Chamber of Commerce (UTCC) reported that…
- Business News
China increasingly uses yuan for trade with Russia, sidelining the dollar
China has significantly raised its use of the yuan for purchasing Russian commodities in the past year, with almost all its procurement of oil, coal, and some metals from the neighbouring country now settled in the Chinese currency instead of US dollars, multiple trading executives with direct knowledge of the situation have revealed. The shift towards using the yuan to…
- Business News
Philippine economy grows 6.4 per cent in first quarter, beating expectations
The economy of the Philippines experienced a 6.4% expansion in the first quarter compared to the previous year, according to the country’s statistics agency. This development surpasses expectations, with analysts previously predicting a 6.1% annual growth in the gross domestic product (GDP). On a quarterly basis, growth slowed to 1.1% compared to the earlier reported 2.4% expansion in the previous…
- Business News
Disney reduces streaming losses but sheds subscribers as earnings meet expectations
Walt Disney has reported a reduction in streaming losses by US$400 million from the previous quarter; however, the company also experienced a drop in subscribers. The entertainment giant shared this information on Wednesday as part of its recent quarterly earnings release, which fell in line with Wall Street expectations. Following the report, shares of Disney declined by 4.4% during after-hours…
- Business News
Toyota projects 10% profit growth and five-fold increase in EV sales this year
Toyota Motor Corp revealed on Wednesday that a 10% increase in operating profit is expected during this business year, as sales of pure electric vehicles (EV) are predicted to surge five-fold with a reduction in global supply chain disruption caused by the ongoing chip shortage. The ambitious growth plan was introduced by the newly appointed CEO, Koji Sato, who entered…
- Business News
China’s shrinking birth rate impacts baby product manufacturers
A decline in China’s population is creating a challenging environment for the country’s baby and children’s product manufacturers, as domestic sales plummet and companies grapple with finding alternative revenue streams. As the world’s largest market for baby food and diapers, valued at US$37.9 billion annually, prepares to contract for the first time, firms are turning their attention to products for…
- Business News
Indian airline Go First granted bankruptcy protection amid repossession concerns
An Indian tribunal granted bankruptcy protection to Go Airlines (India) Ltd yesterday, a decision that may aid the country’s fourth-largest airline in its revival efforts but could also hinder foreign lessors’ attempts to reclaim their aircraft. The low-cost carrier recently rebranded as Go First, claimed that its financial crisis originated from “faulty” Pratt & Whitney engines, which grounded approximately half…
- Business News
Growing global demand for gold amid banking sector turmoil and geopolitical tensions
The global demand for gold from investors is witnessing an increase due to instability in the banking sector, geopolitical tensions, and a challenging economic environment, prompting individuals to turn to the precious metal as a safe-haven asset, according to the World Gold Council (WGC). The WGC’s most recent Gold Demand Trend report revealed that demand for gold bars and coins…
- Business News
Thai food exports forecast to grow despite challenges
Despite economic uncertainties, inflationary pressures, foreign exchange fluctuations, and rising production costs, Thai food exports are predicted to grow by 2.1% to 1.5 trillion baht this year. The main factors supporting this outlook include the government’s policies to stimulate economic growth, the country’s reopening after the pandemic, global supply chain shortages, increased concerns about food safety, and the high-quality standards…
- Business News
Truemoney partners with Mastercard and Google for contactless payment expansion
TrueMoney, a prominent e-payment and financial service provider, has collaborated with Mastercard and Google to facilitate the integration of TrueMoney Mastercard virtual prepaid cards, formerly referred to as WeCard, into Google Wallet. This development enables Google Wallet users to utilise TrueMoney Mastercard for contactless payment through the Google Pay platform. Apinand Dabpetch, head of TrueMoney’s growth and wallet platform, explained…
- Business News
Marriott upbeat about Thailand’s labour crunch in tourism sector
Marriott International remains optimistic about Thailand’s labour situation in the tourism sector, as employment at its properties across the country has nearly returned to its 2019 levels. The company hopes that the incoming government will prioritise the development of connectivity to secondary cities in order to enhance the country’s competitive edge. Jakob Helgen, Area Vice-President for Thailand, Vietnam, Cambodia, and…
- Business News
CIMB Thai Bank targets 500 million baht in digital personal loans focusing on upper-income segment
CIMB Thai Bank (CIMBT) has announced intentions to expand its digital personal loan offerings in the current year, aiming for a total of 500 million baht whilst primarily focusing on the upper-income segment. Recently, CIMBT introduced two digital personal loan products – the “Personal Cash” instalment loan and the “Extra Cash” credit line. These products have a combined value of…
- Business News
Inspecting Toyota factory in Chachoengsao to assure car buyers of safety standards
Inspectors are set to visit the Toyota factory in Chachoengsao this week to ensure vehicle safety standards are met by the leading Japanese car manufacturer. This decision follows discussions on May 9 between the permanent secretary for industry, Nattapol Rangsitpol, and Akio Toyoda, the board chairman of Toyota Motor Corporation, concerning the safety test results for the eco-car Yaris Ativ.…
