Alex Morgan
- Business News
Thailand and UAE launch first free trade agreement
Thailand and the United Arab Emirates (UAE) revealed the launch of their first free trade agreement (FTA) on Tuesday. The FTA aims to create new opportunities for trade, services, and investment between the two nations, expecting to boost bilateral trade by 10% within the first year of implementation. Commerce Minister Jurin Laksanawisit and the UAE’s Minister of State for Foreign…
- 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
TAT anticipates Chinese tourist arrivals to reach 1 million per month in October
The Tourism Authority of Thailand (TAT) anticipates that Chinese tourists could reach one million arrivals per month by October, similar to figures from 2019. An increase in flight capacity during the high season and resolving e-visa issues are factors expected to contribute to this growth. Chuwit Sirivejkul, TAT’s Regional Director of Marketing for East Asia, expressed confidence that Chinese tourist…
- 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
Chinese tourist arrivals in Thailand set to hit pre-pandemic levels
The Tourism Authority of Thailand (TAT) has announced that Chinese tourist arrivals are set to reach one million a month starting from October, a figure last witnessed prior to the pandemic. The increase in travel is likely to gain momentum during winter and long national holidays. TAT has observed a rise in advanced hotel bookings and chartered flight requests, indicating…
- 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
Singapore increases COE quota for categories A and B cars to reduce supply volatility
Singapore’s Land Transport Authority (LTA) has announced that it will increase the Certificates of Entitlement (COE) quota for cars in categories A and B as a one-time adjustment to reduce supply volatility. The quota will rise from 9,575 to 10,431 for the current quarter, with Category A increasing by 24% and Category B increasing by 15%. The LTA will redistribute…
- 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
Digital bank runs: How social media fuels panic and threatens financial stability
A crisis of confidence in the US banking sector has led individuals to withdraw their money from financial institutions including Silicon Valley Bank, Credit Suisse, First Republic Bank, and California-based PacWest Bancorp. This series of events has given birth to a new term in the finance lexicon: digital bank run. In contrast to traditional bank runs, where people would form…
- 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
Thai company expects more cement consumption due to tourism
SCG Cement-Building Materials, a subsidiary of Thailand’s Siam Cement Group, anticipates cement consumption to grow by 1-2% year-on-year, exceeding 30 million tonnes in the current year. This growth is primarily due to the recovery of the tourism sector. Having developed a “hybrid structural cement” that reduces carbon dioxide emissions during production, the company demonstrates its commitment to battling climate change.…
- 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…
- 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
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
The future of Thai workforce: Embracing flex work and employee experiences
Despite facing economic uncertainties, nearly 60% of global executives anticipate their businesses to achieve stable or significant growth. Asian leaders, however, express concerns about the rising cost of capital and debt, labour market tightness, and competition for talent when planning for the upcoming year. In the Global Talent Trends (GTT) Study 2023 by Mercer, human resources leaders in Thailand shared…
- 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…
- 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…
