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Americans are flocking to Asia. Why?

The Thaiger & The Nation

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Americans are flocking to Asia. Why? | The Thaiger
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Asia is sexy. From K-Pop sensation BTS topping the Billboard charts to “Crazy Rich Asians” owning the summer box office in the US, Americans can’t get enough of Asian film, music, and of course, noodles.

“It’s all a sign of the Asianisation of the world”, reports CNN.

“Asia has the world’s lowest taxes. Despite having some of the world’s largest economies such as China, Japan, and India, tax revenues are just one-fifth of GDP compared to one-half in Europe.”

The article measures the success of the Asian Tiger and its swift growth as a major economic driver, outstripping the economies of the rest of world but without Brexit, Donald Trump and America’s ballooning debt.

‘Want sunny weather, lower street crime, and affordable food and rent? HSBC’s Expat Monitor ranks Asian cities from Tokyo and Taipei to Singapore and Sydney as offering the best mix of quality of life and dynamic professional environments.’

Easy budget travel, new exotic experiences and taste temptations for bored American palettes, a burgeoning start-up vulture and a relative ease of business and taxation structures make Asia tempting for a growing number of businesses looking to expand, retirees and travellers.

There’s a new crop of thriving megacities such as Ho Chi Minh City and Yangon are being hailed as the “next tigers.”

Read the rest of the CNN article HERE.

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Hong Kong

Up to 5,900 jobs to go as Hong Kong carrier Cathay Dragon shuts down

Maya Taylor

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Up to 5,900 jobs to go as Hong Kong carrier Cathay Dragon shuts down | The Thaiger
PHOTO: Kwok Ho Eddie Wong / Flickr

Hong Kong airline Cathay Pacific is set to close its subsidiary, Cathay Dragon, with the loss of up to 5,900 jobs. The carrier, that used to be called Dragon Air before being absorbed by Cathay, has become yet another casualty of the Covid-19 pandemic that has decimated the aviation business.

The Bangkok Post reports that 5,300 jobs are expected to go in the airline’s Hong Kong base, with a further 600 axed overseas, accounting for 17% of Cathay’s total workforce. Cathay Dragon primarily operated short-haul routes within Asia, including direct flights from Hong Kong to Bangkok and Phuket.

Cathay Pacific bosses have hammered out a HK$2.2 billion restructuring plan that involves thousands of job cuts, pilots and cabin crew having to sign cheaper contracts, and total closure of its subsidiary carrier. The South China Morning Post describes the plan as, “life or death”, reporting cuts to a total of 8,500 jobs across the group. The parent airline is understood to be applying for approval to absorb Cathay Dragon’s routes into the Cathay Pacific network, as well as that of its low-cost carrier, HK Express.

Cathay Pacific CEO, Augustus Tang, says the restructuring plan is essential to Cathay’s future survival as the effects of the Covid-19 pandemic show no sign of abating.

“The global pandemic continues to have a devastating impact on aviation and the hard truth is we must fundamentally restructure the Group to survive. We have to do this to protect as many jobs as possible and meet our responsibilities to the Hong Kong aviation hub and our customers.”

SOURCE: Bangkok Post| South China Morning Post

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Thailand’s media spend shrinks as brands shy away from ‘bad’ news

The Thaiger

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Thailand’s media spend shrinks as brands shy away from ‘bad’ news | The Thaiger
PHOTO: Thailand Business News

Young protesters, who use social media and messaging intuitively vs Thai officials and police who try and track those messages to keep up with the plans of the protest movement. Although Thai police have water cannons and brute force, the Thai youth at the core of the current protest movement also have a valuable weapon. And it’s being used more than ever at the moment. But this increased traffic is not transforming into increased media spending from Thailand’s main brands.

Social media analyts Wisesight say social media is being ‘weaponised’, not only to plan and communicate with fellow protesters, but also “spread the word” of the issues behind their campaign and share their stories with friends. Posts on social media have nearly doubled to 40 million messages a day over the past week. The daily average of posts in past months are around 20-22 million a day.

“Some 40 million messages were posted on social media in Thailand on Oct 15, mainly driven by political strife,” according to Kla Tangsuwan, CEO of Wisesight.

But the increased traffic on social media hasn’t meant that brands are increasing their spending to take advantage of the additional ‘reach’.

In fact, Wisesight say brands are pausing digital media spending after the political conflict ramped up this week. Usually digital media spend spikes in Q4 with the approaching festive season, a peak buying time for consumers. Media were hoping that sentiment would rebound as the world “pandemic” started the settle in October, but fresh political protests, and a surge in new global Covid-19 cases, have caused brands to “pause or wait and see”.

“Brands have begun to hold back on digital media spending in the fourth quarter as political messages flood online platforms, drawing attention away from commercial activity.”

According to the business director of Media Intelligence, Pawat Ruangdejworachai, businesses are pausing their media spend.

“They lack confidence and are hard to gain attraction from audiences that have more interest in political movements.”

The report also notes that Thailand’s social media landscape, and broader media landscape generally, are entering a new paradigm where usage is driven mainly by Generations Y and Z who use their media intuitively and consume it in real time, the vast majority on their smartphones.

Gen Y. Gen Y, or Millennials, were born between 1980 and 1994. They are currently between 24-39 years old.

Gen Z. Gen Z is the newest generation to be named and were born between 1996 and 2015. They are currently between 5-24 years old.

According to Media Intelligence, media spending is expected to fall 20% in Thailand to 71.2 billion baht this year. Internet channels are forecast to be the only media which will see growth this year, up 0.5% to 19.7 billion baht.

SOURCE: wisesight.com

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Business

Foreign investors and businesspeople seek clarity about the current “situation” in Thailand

The Thaiger

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Foreign investors and businesspeople seek clarity about the current “situation” in Thailand | The Thaiger
PHOTO: Are business groups still able to "meet"? - EU Business Avenues

With Thailand battling to come up with a safe and sustainable manner of re-opening its borders, and the footage of the street protests reaching out to a world audience, foreign investors are saying they need more details of what they can or cannot do in Thailand under the new State of Emergency.

The Thai Chamber of Commerce is calling for additional details and a long term “plan” about how Thailand is going to slowly re-open and how foreign businesses can continue to invest in the country under the current “restrictions”. The State of Emergency, announced hastily on Thursday morning at 4am and then endorsed by the Thai cabinet yesterday afternoon, sends mixed signals to business and the Thai Chamber of Commerce is seeking more clarification.

TCC chairman Kalin Sarasin says that foreign investors are enquiring whether they can go ahead with holding conferences and meetings in Thailand, after the decrees’ ban on gatherings of more than 5 people. People in a BTS Skytrain carriage, or even the meeting of the Thai cabinet yesterday are gatherings of more than 5 people, so the TCC want answers to what, specifically, is allowed and what is not.

The Nation reports that Chambers of commerce in Thailand’s provinces are also asking Kalin if they will be able to continue with planned activities.

“It would take a few days to judge whether emergency rule will hit foreign-investor confidence. The economy could escape damage from political turmoil if the anti-government protests end soon.”

Meanwhile, according to the Japan External Trade Organisation, Japanese “faith in Thailand remains high”, JETRO president Atsushi Taketani says that Japanese investors “were still confident in Thailand and remain committed to driving its economy regardless of current political situation”.

The Industrial Estate Authority of Thailand says that Thailand’s core economic showpieces, including development of the Eastern Economic Corridor, won’t be affected by escalating political tensions.

And the deputy governor of the authority, Attapon Jirawatjanya, stated that… “ongoing anti-establishment protests would be a short-term problem”.

SOURCE: Nation Thailand

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