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AI company invests 350 million baht in SE Asia – opens office in Phuket

The Thaiger

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AI company invests 350 million baht in SE Asia – opens office in Phuket | The Thaiger

Invacio, an artificial intelligence company, are busy setting up their operations in Thailand as part of their global operations. They are investing up to 350 Million baht in south east Asia

Invacio Research Analytics, a group subsidiary of Invacio founded by William J D West, has launched in Thailand, led by Linleeya West (Thai/Swiss educated)

Linleeya West felt this was an important move for Invacio, as well as Thailand, to encourage the uptake of AI across the country. She feels that Thailand can be market leaders with early adoption rather than being left behind in the coming technological race.

With an auxiliary operations office being developed in Phuket, they have already started the recruitment process to staff their office with dynamic minds and experience Thailand has to offer.

AI company invests 350 million baht in SE Asia - opens office in Phuket | News by The Thaiger

The second site in Thailand is to become a server centre to house some major elements of the Invacio stage 3, self learning, AI system (Jean). They are in the process of collecting and shipping components to construct a supercluster/supercomputer. The components of choice are the old style PlayStation 3s that Sony built in order to win the Blu-Ray war. Sony effectively put so much unrestricted parallel processing power into their system that it is now possible to rewrite the Central Processing Units (CPUs) and create an environment into which Artificial Intelligent software can be uploaded. Creating a remarkably powerful yet scalable system that even today can beat a lot of specifically designed AI hardware for power.

Phuket has been chosen as a site for a number of reasons with the main ones being: The welcoming and innovative nature of the Thai state, its relatively-close proximity to major emerging markets of the world (a mere six-hour flight from most major financial centres in Asia), access to a growing pool of highly qualified and experienced personnel and also because of the security arrangements around the island.

Once the new server and operations centre are fully functioning, Invacio will be reaching out to local universities and inviting applications from their faculties and students to join the team and help grow the company from the inside. Additionally, any and all local government agencies are invited to get in touch and explore ways to pool resources and to discuss ways to integrate into any areas where AI may be of assistance in their day to day activities.

In addition to the projects in Thailand, Invacio have also secured brand new office space in India and recruited additional personnel into the rear-development team, moving with the times these personnel are predominantly female coders – diversity something we here at invacio are very proud of.

With ready access to an eager and talented workforce Invacio are aiming to become a global player in multiple data and information analysis sectors. Using a global network of contacts, Invacio with their recent addresses at the UN and with multiple States are all set to bring global attention to Thailand as a hub of AI services across many industries.

Invacio’s systems are currently running at limited capacity, across petabyte servers and the cloud, the new facilities will allow Invacio to begin their global multi-chain product roll out.

Invacio’s public services will include, but not be limited to, operations within the financial and market data sectors, data analysis, secure communications and social networking, with further provisions available at corporate and government level in the lines of AI driven intelligence or militarisation of AI analysing.

Please contact Roger Baker via email at Roger@invacio.com for any enquiries or visit invacio.com to learn more about their other divisions.

 

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Business

Fish sauce excluded from Thailand’s proposed tax on salty foods

May Taylor

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Fish sauce excluded from Thailand’s proposed tax on salty foods | The Thaiger

PHOTO: Cook’s Illustrated

Thailand’s Excise Department and Public Health Ministry is considering a levy on salty foods in an attempt to tackle the sodium-rich diets of Thai citizens, and the health consequences.

The director general of the Excise Department, Patchara Anuntasilpa says the tax would be calculated based on the amount of salt in a product, with the proposal being sent to Finance Minister Uttama Savanayana by year end.

Fish sauce is a liquid condiment made from fish or krill that have been coated in salt and fermented for up to two years.[1][2]:234 It is used as a staple seasoning in East Asian cuisine and Southeast Asian cuisine, particularly south east Asia and Taiwan. Following widespread recognition of its ability to impart a savoury umami flavor to dishes, it has been embraced globally by chefs and home cooks.

“If the tax is approved, we will allow entrepreneurs one or two years to reduce the salt content and launch a less-salty version of their product.”

The World Health Organisation and the UN both recommend taxing foods with a high salt content, saying increased sodium intake leads to high blood pressure, cancer and kidney and heart disease.

The Nation reports however, that while the proposal is to levy the tax on frozen and canned foods, along with processed items such as instant noodles, seasoning such as fish sauce and snacks like potato chips would be excluded.

The Federation of Thai Industries has pledged to cooperate with the government’s effort to improve the health of Thailand’s citizens, but its head Wisit Limluecha says he is not in favour of taxing popular seasonings, snacks, frozen or instant foods.

“Research has found that these foods represent only 20% of what we eat each day, and everyone has different eating habits, so the better solution would be to advise consumers on how to eat healthily.”

Wisit warns that the tax may damage the country’s competitiveness in the food sector both overseas and in Thailand, where imported products are easily available. He also voices concern that small businesses will suffer if unable to afford ingredient and packaging changes.

SOURCE: The Nation

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500 people own 36% of equity in Thai companies

Greeley Pulitzer

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500 people own 36% of equity in Thai companies | The Thaiger

Roughly 36% of Thailand’s corporate equity is held by just 500 people, highlighting wealth inequality in the Kingdom, according to a study released by the Bank of Thailand’s research institute.

Each of these 500 amass some 3.1 billion baht (102 million USD) per year in company profits, according to the report from the Puey Ungphakorn Institute for Economic Research. In contrast, average yearly household income in Thailand is around 10,000 USD.

A report out this week from the Economic and Business Research Centre for Reform at Thailand’s Rangsit University also pointed to divisive and polarised politics being another root cause of the economic divide.

Thailand’s private sector is dominated by tycoons running sprawling conglomerates. According to the World Bank, the gap between the mega-wealthy and the rest of the Thai population of 69 million is among the many economic challenges for Thailand. According to Bloomberg, the perception of a divide, exacerbated by an economic slowdown, is a major political fault line.

“Magnates arise in Thailand from institutional factors that privilege certain businesses,” said the executive director of PIER, author of the study.

The institute said Thailand needs to promote competitiveness to reduce profits from monopoly power and bolster entrepreneurship to create a more equitable distribution of corporate wealth.

The research is based on analysis of 2017 Commerce Ministry data on the 2.1 million shareholders in Thai firms, and was funded by the University of California San Diego.

SOURCE: Bangkok Post

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Thai Airways must modify rehabilitation plan to survive: Airline President

The Thaiger & The Nation

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Thai Airways must modify rehabilitation plan to survive: Airline President | The Thaiger

PHOTO: gta5-mods.com

“Thai Airways will have to modify its rehabilitation plans to survive in the face of tight competition.” This frank admission by the airline’s president Sumet Damrongchaith.

The national carrier is now carrying a total debt of over 2.45 billion baht and losses of more than 20 billion, despite being able to reduce its debts by 48 billion baht over the past five years.

Sumet says the first step will be to restructure the airline’s management and finances as well as reconsider its plan to spend 1.5 billion baht on 38 new aircraft. He admits the biggest problem is that Thai Airways has low capital but a high debt-to-equity ratio of eight times.

In order to maintain its competitiveness, the carrier will have to reduce its debts versus assets and boost its working capital with support from the ministries of Transport and Finance. Hence, it plans to borrow approximately 3.2 billion baht in fiscal 2020 in line with the budget limit set by the Office of Public Debt Management.

This loan will be taken to support the airline’s investments as well as for its working capital, to update equipment and maintain existing aircraft, but will not be used to repay old debts.

The Nation also reports that the airline is also concerned about maintaining its liquidity because at the end of June this year, its revolving credit line stood at 13.4% of the total revenue forecast for 2019.

Sumet admits that, though the original rehabilitation plan has a set framework, the situation has now changed due to the appreciation of the baht, so in order to achieve goals, the work method has to be redesigned, such as finding a way to procure more passengers.

“We are now in the process of analysing new markets.”

Meanwhile, Thai Aiways’ board chairman Aek-Niti Nitithan-Praphas says the board is reconsidering plans to procure a new fleet taking into consideration the state of the global and domestic economies as well as the US-China trade war.

“The growth of the tourism industry and the airlines’ financial status needs to be reviewed in line with strong competition and routes that are no longer popular. It’s better to carefully revise the plan instead of exposing the airline to greater risk. The target should be reduce expenses by 20%.”

Meanwhile, Thai Airways aims to boost the sale of tickets, find ways of increasing online shopping of duty-free goods and reducing unnecessary expenses by 10%without affecting the quality of service in the last three months of 2019.

The airline is also negotiating the option of cutting down overtime expenses and is looking into curbing losses incurred by it’s semi-budget offshoot Thai Smile by increasing its flying hours to 10.5 hours daily. These steps are expected to help the airline reach breakeven point in the short term.

The airline is also considering long-term goals such roping in more passengers by offering greater benefits to Royal Orchid Plus members, focusing on digital marketing, retiring non-performing assets as well as increasing revenue from related businesses such as kitchens and aircraft repair centres.

SOURCE: The Nation

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