Business

Thailand to Issue 60 Billion Baht in Government Savings Bonds

Beginning December 7th, Thailand’s Finance Ministry’s Public Debt Management Office will issue 60 billion baht in government savings bonds for public subscription.

According to Deputy Government Spokesperson Rachada Dhnadirek, the “Sukjai Hai Om” (Happy Saver) bonds will be available with a 3-year maturity period and a 3% interest rate payable every three months, as well as a 7-year maturity period and a 3% interest rate payable every three months.

The public in Thailand can subscribe via the “Sor Bor Mor Wallet” app, which offers 15 billion baht in bonds, or through Krung Thai, Bangkok, Kasikorn, and Siam Commercial banks. The total value of bonds available through banks is 45 billion baht.

Those interested can download the “Pao Tang” app and deposit funds into the “Sor Bor Mor Wallet” using their mobile banking system or Krung Thai Bank accounts.

Subscription is open to anyone over the age of 15, with investment amounts ranging from 100 to 20 million baht.

The first round of subscriptions will be accepted through the four banks on December 13th and 14th. The starting point is 1,000 baht. Bonds worth 40 billion baht are available.

On December 19th and 20th, the remaining 5 billion baht in bonds with a 10-year maturity period will be made available to non-profit legal entities on a first come, first served basis. The bonds have a fixed interest rate of 2.9% that is paid every six months.

The minimum investment is 1,000 baht, with no maximum limit on the total amount available.

Thailand’s public debt stood at 10.37 trillion baht at the end of September, accounting for 60.41% of GDP. The cap is set at 70% of GDP.

How Thai law protects debtors in Thailand

Despite the fact that Thailand has laws to protect debtors, many Thais are unaware of how to deal with repayment demands. When they fall behind on their payments, some of them face verbal or even physical abuse. Others will go as far as faking death to avoid creditors, as a teenage girl recently did.

“When you’re in debt, you don’t have to flee. You are not required to fake your death or to endure physical assaults. Even if you owe money to others, you are protected under Thai law,” said well-known lawyer Ronnarong Kaewpetch, who leads a network that campaigns for social justice.

What exactly does the law say?

The Debt Collection Act, enacted in 2015, restricts the times when moneylenders or their representatives can contact their debtors. For example, if they want to follow up on repayments, they can only do so between 8 a.m. and 8 p.m. on weekdays and 8 a.m. to 6 p.m. on weekends. Furthermore, unless they are friends or relatives of the debtor, they are only permitted to contact their debtors once per day.

In the case of lenders and borrowers, contact includes any form of communication, such as messaging services, phone calls, or physical visits. If a moneylender or their agent shows up in person to demand payment, they can only go to the borrower’s address. They are not permitted to seek repayment at other locations, such as the borrower’s workplace or relatives’ homes.

Demands for repayment may only be made to the debtor, not to people they may know, under the law, because doing so may harm the debtor’s reputation. Moneylenders or their representatives can only inform the debtor’s parents, spouse, children, or other people at the contact address if they are asked why they are there.

The law also prohibits lenders from seizing debtors’ assets or verbally or physically abusing them.

Borrowers who are behind on their payments should also disregard any threats from lenders to file police reports or have them arrested, because failure to pay is not a criminal offence. Moneylenders can only seek repayment through civil courts, and assets can only be seized if the court rules in their favour.

Threats are also prohibited, and messages written on envelopes visible to people other than the debtor are also prohibited.

Thailand's Baht Could Slip Well Below 40 to the US Dollar

Creditors who break the law face a fine and/or incarceration. A threat or physical assault, for example, can result in up to five years in prison and/or a 500,000 baht fine.

Any threat or letter written to the debtor identifying the debt on envelopes is also an offence punishable by up to a year in prison and a 100,000 baht fine.

Debtors who believe they are being attacked or that their creditor is being unfair can contact the Financial Consumer Protection Centre at 1213.

What options do creditors have?

Creditors, on the other hand, are not without protection under the law. If they have clear evidence that they lent money, they have the legal right to get the money back with interest within legal limits.

If the loan exceeds 2,000 baht, the creditor should prepare and sign a contract with the borrower in front of witnesses on both sides. The contract should include the full names of both the lenders and the borrowers, the date of signing, the repayment schedule, and the interest rate.

Thai courts now recognize loans made through social media accounts. So, if a borrower breaches a written promise to repay, the lender can go to court to recover the funds.

Source: Thai PBS

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