Business

Economic Hardship Pushes Thai Single Mothers to Make Tough Choices

With a pandemic gutting the economy, economic hardship from the coronavirus pandemic has push Thailand’s single mothers to make some tough choices

With a pandemic gutting the economy and a family to feed, Pah – a single mother – works odd jobs by day and sells drinks in Bangkok’s entertainment industry at night, one of an untold number of women at the sharpest end of Thailand’s unprecedented economic crisis.

Southeast Asia’s second biggest economy has, so far, avoided the worst of the public health crisis caused by the virus.

Instead, it has been battered by the economic costs of a collapse of tourism and diminishing global demand for its exports.

On Monday the Office of National Economic and Social Development Council (NESDC) announced a 6.1% contraction in gross domestic product over 2020, the worst in two decades.

This year has started badly, with renewed partial lockdowns after a resurgence of the coronavirus and the continued absence of foreign visitors. The NESDC warned tourists are unlikely to return until deep into the fourth quarter as vaccines rollout and travel restrictions ease.

Family breadwinners

The coronavirus pandemic has resulted in economic oblivion for the kingdom’s poorest, especially for women from the Thai provinces who are by expectation – and economic reality – often family breadwinners. Among them is 33-year-old Pah.

She has a 12-year-old daughter at home in the rice-farming province of Sri Saket in the populous but poor northeastern Isaan region.

Pah moved to the country’s economic powerhouse of Bangkok several years ago to work in retail. She is the only reliable income for a family that also includes an elderly mother and two younger siblings.

“I’ve lost more than half my income during this second outbreak. So I’ve taken on any jobs available… ironing clothes to packing boxes for people moving house,” she says, giving only her nickname for her safety.

Millions of women – many single mothers – have left the countryside for Bangkok and tourist hotspots such as Pattaya and Phuket to work in the service sector — from restaurants and bars, to massage spas and the kingdom’s large sex industry.

As the second outbreak hollowed out her income, Pah had little choice but to take work in a street side bar – operating illegally during an alcohol ban – in one of Bangkok’s red-light districts, pressing her onto the fringes of the kingdom’s sex industry during a pandemic.

“I’m really stressed about money. It’s really affecting my mental health. But I’m carrying so much responsibility and I have to make sure I can still support my family.”

Statistics are hard to come by

The government has pledged $7 billion in relief payments for full-time workers suddenly made unemployed, and promised co-payment plans to encourage Thais to spend at street stalls and other small businesses.

But the maximum handout per person over the two rounds of virus is $740 (22,000 baht) – far from enough to cover a year lost to the pandemic. There are also widespread complaints of unequal distribution of government funds.

“Women are over represented in the sectors and jobs which are hardest hit by COVID-19 – manufacturing, textile and garments, care services, hospitality and tourism,” UN Women Thailand said in a statement to VOA news.

They are in “the most vulnerable types of employment with the least protection, such as workers in the informal sector, the self-employed, domestic workers, daily wage workers.”

Also, their situation is exacerbated by responsibilities at home from care for children and elders, to running households.

In a sign of the economic misery gripping the country, photos circulated on Thai social media on Monday showed large queues of elderly in the provinces who have been unable to register for the latest $230 (7,000 baht) handout – a scheme dubbed ‘we-win’ – because they do not own a smartphone.

Majority of bar workers single moms

It is even more disheartening for the hundreds of thousands of women in Thailand’s vast sex industry, which the government broadly turns a blind eye to but does not recognize as legitimate work, therefore rendering women in the industry ineligible for its relief schemes.

“Eighty percent of sex workers are mothers, more than 40% are single moms,” Thanta Laovilawanyakul, coordinator of Empower Foundation, told VOA news.

A 2017 study by the foundation, an advocacy group for sex workers, found on average each sex worker provides for five family members.

“That’s why many women turn to work in the entertainment industry,” Thanta added.

With bars closed in Bangkok and with virtually no foreign visitors to Pattaya and Phuket women in the entertainment industries there are going online for new revenue streams. Many are being bought virtual drinks over Facebook live streams by customers trapped at home from the United States to Britain and China.

“These women will find other ways to make sure their families are taken care of. They won’t give up,” said Thanta.

Driven by duty to provide, for many women like Pah there is no choice but to risk working in shadowy businesses during a virus outbreak.

“Life’s always been hard… now COVID is really kicking me to the bottom,” she said, tears flowing. “What can you do? I was born poor, there’s no other choice but to keep fighting.”

Source: Reuters, VOA

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP