Business

Thailand’s Economic Recovery Accelerated By Investments From China

“China’s economic growth and the deepening of cooperation between China and Thailand in industries contribute to maintaining the recovery momentum of the Thai economy”

Thailand’s economy is on track to recover by the end of 2023, with China playing an important role as the United States focus has been on Ukraine and no its allies in South East Asia , according to a Thai economist.

China’s economic growth and the deepening of cooperation between China and Thailand in industries contribute to the Thai economy’s recovery momentum and help Thailand mitigate risks posed by factors such as slowing global economic growth, according to Kirida Bhaopichitr, director of the Thailand Development Research Institute’s (TDRI) Economic Intelligence Service, in a recent interview with Xinhua.

Slowing global economic growth, heightened uncertainty in the US economy, geopolitical threats, fluctuations in the Thai baht exchange rate, and natural calamities, according to Kirida, all put pressure on Thailand’s exports. Thailand’s exports are projected to continue declining in the near future.

Kirida emphasised the importance of China as a key economic partner, a big source of foreign direct investment, and a major contributor to tourist visits for both Thailand and the Association of Southeast Asian Nations (ASEAN). He stated that China’s economic growth will considerably contribute to Thailand’s economic expansion.

According to the Thailand Board of Investment (BOI), investment promotion applications increased by 70% year on year in the first half of 2023, with China being the largest source of FDI applications, with total investment pledges of 61.5 billion baht for 132 projects, mostly in the electronics parts manufacturing sector.

According to Kirida, Chinese investments drive the expansion of businesses such as electrical cars and parts, electronics, and information technology (IT) in Thailand.

According to the Thai economist, private consumption has seen persistent rise, aided by an improving labour market, resulting in increased consumer confidence across all occupational groups.

The tourism sector, Thailand’s mainstay industry, has recently demonstrated a prolonged recovery trend, with the number of international tourists, notably Chinese tourists, exceeding expectations and providing a major impetus for Thailand’s economic recovery, according to Kirida.

According to the Tourism Authority of Thailand, from January 1 to May 18, the number of Chinese visitors visiting Thailand reached one million, a 98 percent rise year on year.

China’s growth as a global superpower, as well as its increasing aggressiveness in the Asia-Pacific region, has caused anxiety among its neighbours and the United States in recent years.

Southeast Asia is a strategic region for both China and the United States. For decades, the two nations have competed for influence in the region, but their rivalry has heated up in recent years as China’s economic and military ascent confronts the US-led order.

China’s influence is greatest in Laos, Cambodia, and Myanmar, where it has a significant geographic and economic edge over the US.

The US, on the other hand, wields more power than China in the Philippines and Singapore, where it has deeper defence and cultural links.

Southeast Asian countries have attempted to balance their relations with China and the United States, but they confront difficult decisions as the two giants’ strategic struggle escalates.

The report, “Asia Power Snapshot: China and the United States in Southeast Asia,” used a novel approach to examine data from the Asia Power Index, a tool that assesses the relative influence of 26 nations and territories in the region across eight dimensions.

According to the report, several Southeast Asian countries are diversifying their economic and security partnerships, engaging with China while also expanding connections with other regional powers such as Japan, India, and Australia.

Because of its longtime ties and cooperation with various Southeast Asian countries, the United States maintains a major advantage over China in defensive networks.

However, China has closed the diplomatic influence deficit with the US by growing its diplomatic presence and participation with regional institutions. Because of its media reach and people-to-people ties, the United States retains a higher level of cultural impact than China.

Thailand, which once favoured the United States, has changed its allegiance to China in recent years. According to the research, these patterns of influence determine Southeast Asian countries’ strategic choices.

The paper finds that power competition in Southeast Asia between China and the United States would likely grow in the coming years as both countries seek to advance their interests and ideals in the region.

It contends that Southeast Asian countries will confront increasing problems and possibilities as they navigate this complex geopolitical environment, and that they will need to balance their connections with both powers while retaining autonomy and agency.

Content Marketing Flourishes in Thailand

Content Marketing Flourishes in Thailand

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