Business

Thailand’s Lawmakers Bet Heavily on Domestic Tourism for Economy

Thailand’s lawmakers on Tuesday approved two stimulus packages worth 22.4 billion baht to revitalize domestic tourism which has been left reeling from the Covid-19 pandemic. The packages will start today and run until Oct 31.

Deputy government spokeswoman Traisuree Taisaranakul, said that originally there were three domestic tourism packages known as “Happiness-sharing trips”; “Let’s travel”; and “Moral Support,” — proposed by Thailand’s Tourism and Sports Ministry.

But two of them — “Happiness-sharing trips” ;and “Let’s travel” have now been merged and are known as “We travel together”, she said.

The “Happiness-sharing trips” package worth 2 billion baht is to subsidies domestic flights in Thailand. Also inter-provincial bus fares and car rental fees for a total of 2 million people.

Domestic tourism flights and hotels subsidized

The government will subsidies 2 million domestic flights tickets, with the subsidy limited to 2,000 baht per person. Eligible people must pay for their tickets first and the government will pay them back 40% of ticket prices. For round-trip tickets, the subsidy is limited to no more than 1,000 baht per seat.

The “Let’s travel” package worth 18 billion baht. Will fund subsidies for accommodation, food and other services provided at tourist destinations.

The government will subsidize 5 million nights of hotel accommodation at 40% of normal room rates. With the subsidy limited to 3,000 baht per night for up to five nights. Tourists will be responsible for the other 60%.

Subsidies for other services, including food, are capped at 600 baht per room per night. The subsidized tourist facilities must be outside the tourists’ home provinces to qualify. The subsidies are limited to 40% of actual expenses, with tourists paying the rest.

Public must register for domestic tourism kickbacks

Hotels and eateries can register to join the package today and they must have a certificates issued by the Department of Tourism. The public can register on July 15 on www.เราเที่ยวด้วยกัน.com or We travel together, Ms Traisuree said.

As for the “Moral Support” package worth 2.4 billion baht, it will fund holiday travel for 1.2 million health volunteers and officials of sub-district hospitals. The package is also expected to help more than 13,000 tour companies.

The subsidy is limited to 2,000 baht per tourist for a trip of at least two days and one night. The domestic tourism scheme is expected to help 13,000 tour firms.

Speaking after Tuesday’s cabinet meeting, Gen Prayut said he has instructed state agencies to hold meetings and seminars in the provinces in a bid to promote the hotel industry. Agencies must report their spending of the budgets, the prime minister said. He also stressed the need for all hotels to take precautions to prevent Covid-19.

Gen Prayut also floated an idea to promote domestic tourism on weekdays to ease overcrowding on Saturdays and Sundays. Employees who take days off for holiday travel on weekdays under the campaign would have to work other days instead, he said.

Extension of the state of emergency for Thailand

Meanwhile, Lawmakers on Tuesday also formally approved the extension of the state of emergency decree nationwide until July 31. Proposed by the Centre for Covid-19 Situation Administration (CCSA), government spokeswoman Narumon Pinyosinwat said.

The cabinet also endorsed the fifth phase of the easing of restrictions on the remaining businesses and premises as proposed by the CCSA.

They include pubs and bars, karaoke bars, and bath-sauna-massage establishments, which will reopen today.

From today, shopping malls, department stores and community malls will be allowed to open until 10pm from the current 9pm.

Other premises allowed to reopen will include schools and educational institutes, while night entertainment venues, pubs, bars, karaoke joints, beer halls and beer gardens will be allowed to open until midnight, with the enforcement of social-distancing rules. Customers must use the “Thai Chana” app to check in and out.

Ms Narumon said the CCSA proposed the extension of the decree because the Covid-19 pandemic was still at serious levels in many parts of the world.

With the fifth phase of the relaxing of restrictions in Thailand beginning today. Powers under the executive decree for administration in emergency situations were still needed to control travel in and out of the country and support the tracking and quarantine of people suspected of being infected with the coronavirus, she said.

Gen Prayut reiterated that the extension was for the sake of public health, not for his power. He also warned against the sex trade at bath-sauna-massage establishments. Those involved will face legal punishment, he said.

Source: Bangkok Post

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