Business

Thailand’s Foreign Businesses Question Immigrations Stricter Tracking

The commander of Immigration Division 1 said the bureau was making efforts to ease the burden on foreigners.

BANGKOK – The foreign business community in Thailand has broken its silence on the Immigration’s TM30 regulation. An onerous immigration law that dates back to 1979.

For months, foreigners working and residing in Thailand have been venting about dramatically increased immigration reporting requirements under a regulation known as TM30.

But it was not until late last week that the Joint Foreign Chambers of Commerce of Thailand (JFCCT) issued a statement on the urgent need for a rethink.

The umbrella body also sent a letter of “concerns and recommendations” to Interior Minister Anupong Paochinda.

“Ease of doing business is a hallmark of any nation’s attractiveness for trade, investment and tourism,” said Stanley Kang, the JFCCT’s Taiwanese chairman. “TM30 is undoing those good achievements. Our neighbors do not have this continuous tracking requirement.”

TM30 is intended to closely monitor the movements of foreigners. The regulation requires house owners, landlords or hotel managers who accommodate visitors from overseas to notify immigration authorities within 24 hours of the person’s arrival.

Immigration TM30 Reporting

The decision to apply it after four decades in abeyance has baffled foreign business people, long-term expatriates, students and retirees.

The chairman of the JFCCT, which comprises 33 chambers with 9,000 member companies, questioned the Immigration Bureau’s rationale that the more stringent reporting requirements will be effective in combating crime and terrorism. “This particular form does not seem to be the best way to do this as it relies on self-disclosure,” Kang said.

Kang noted that those with business visas and work permits already disclose their places of residence and work. They are also still required to reconfirm their residential address every 90 days at an immigration office using another reporting form, the TM47.

The commander of Immigration Division 1 said the bureau was making efforts to ease the burden on foreigners.

“Some of the rules may not be modern, but we are trying,” Police Maj. Gen. Patipat Suban Na Ayudhya told Khaosod English. “We will not always be million-year-old turtles, but in terms of the law, we have no power to change it. It’s not under our authority… if you want change, you have to change the law.”

David Lyman, a U.S. lawyer and former president of the American Chamber of Commerce, said that police officers were not to blame for the situation. “Publicly they cannot criticize this law, or their superiors who command them to enforce it and who do have the power to modify it,” he wrote in a group email.

TM30 reporting requirements have always been observed by properly licensed hotels — they are completed when guests check in — but not until recently by private landlords renting or leasing properties to foreign nationals.

Immigration Spot Checks in Bangkok

Although the rules barely affect the vast majority of tourists who visit on 30-day visas, they now pose a serious threat to any foreigner staying longer. Landlords who do not report the arrival of foreign tenants — even for a single night — within the required 24 hours risk fines ranging from 800 baht ($26) to 2,000 baht.

The fines, however, are generally paid by the foreigners if they wish to renew their visas.

Several theories are being floated as to why the rules are now being fully applied.

One is the arrival in May of a new immigration chief, Police Maj. Gen. Sompong Chingduang, who is keen to burnish his no-nonsense, crime-busting credentials.

Another is that immigration officials are opportunistically stoking their cash flows with additional fees and fines.

And a third is that vested tourism and property development interests are lobbying against disruptive players in the travel industry, such as California-based Airbnb.

“The immigration guys saw there were definitely some more revenues and fines from foreigners to be collected,” a veteran European hotel general manager in Bangkok told the Nikkei Asian Review.

But he also said he believed a combination of other factors played a part, including disgruntlement over stressful working conditions at the Immigration Bureau.

Immigration Division 1 Bangkok

During a panel discussion at the Foreign Correspondents’ Club of Thailand last month, Patipat broke an old taboo among Thai law enforcers by admitting that terrorism can occur in Thailand. “A lot of terrorists came here and did something not good to my country,” he said.

Foreign terrorist acts are extremely rare in Thailand. By far the most serious was the bombing of the Erawan Shrine in Bangkok in August 2015 that left 20 dead and 125 wounded.

The atrocity was linked to a people-smuggling operation moving Muslim Uighurs from China to Turkey through Thailand and Malaysia. The gang had been operating for months from a rundown private apartment block in Nong Chok, in eastern Bangkok.

Nikkei asked a Western security analyst if he thought TM30 reporting — if it had been operative at that time — would have made a difference.

“There is no reason why that single TM30 report, amid hundreds of thousands of other reports from foreigners returning from a weekend visit to the beach, would have attracted any attention whatsoever,” he said.

Meanwhile, some foreign business leaders are optimistic that the clampdown will be short-lived.

“TM30 has now attracted attention at the highest levels,” Eric Brand, chair of the JFCCT tourism committee, told Nikkei. “We are confident that TM30 will be abandoned soon.”

Source: Nikkei Asian Review

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