Alex Morgan
- Business News
Thai gems and jewellery exports set to grow 10% despite global challenges
Exports of gems and jewellery (excluding gold) from Thailand are forecasted to grow by 10% this year, despite concerns of economic slowdown and ongoing geopolitical conflicts. This optimistic projection comes from increased demand for high-end luxury jewellery, particularly gemstone jewellery, according to Sumed Prasongphongchai, director of the Gem and Jewelry Institute of Thailand. In the first quarter of this year,…
- 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
Keppel Corp announces major restructuring and growth plans
Singapore‘s Keppel Corp, a former conglomerate with operations in a variety of sectors including data centres and renewable energy assets, unveiled a significant corporate restructuring plan today. The reorganisation will see the company divided into three distinct units – fund management, investment, and operating platforms, aiming to simplify and foster growth. The fund management arm will concentrate on raising funds,…
- 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
Thailand’s export forecast for 2023 suggests 1% growth due to China’s economic recovery
Thailand’s exports are predicted to experience a 1% increase in 2023, with a more significant improvement anticipated later in the year due to the recovery of China’s economy, according to the Thai National Shippers’ Council (TNSC). In a news conference, council chairman Chaichan Chareonsuk stated that although exports faced a downturn in the first quarter, a resurgence is predicted for…
- 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…
