Charoen, a former head of audit, is a value-driven, inspiring leader and a longstanding member of the firm’s leadership team, the company said. He has served as lead partner on many of KPMG’s largest accounts in Thailand and has a strong track record of building and leading high-performance teams to deliver quality services.

“Winid has been a transformative leader and I look forward to building on the strong foundation he has created,” Charoen said. “My vision for KPMG is to make it the firm of clear choice. We will continue to invest in our people, solutions and technology in order to help our clients anticipate and respond to challenges they face today and in the future. Our unwavering commitment to quality, integrity and ethics will continue to underpin everything we do,” he added.

Winid will retire from the firm on September 30 after a long and successful career with KPMG. During his tenure as CEO, Winid strengthened the company’s culture, increased the range of services offered to clients and forged stronger ties with communities and the public, the firm said.

“Charoen has a deep understanding of the business, as well as the vision and determination to deliver positive and sustainable change for our people, clients and society at large,” said Winid.

Winid and Charoen are working together to ensure a smooth transition, the company added.

Thailand’s economic growth has risen in the three years since the plans were launched, gaining 3.3 per cent in 2016, 3.9 per cent in 2017 and 4.2 per cent in 2019. Thailand has received positive feedback from both Thai and foreign inventors, and it performance in terms of economic competition has increased in three areas: economic condition, government efficiency, and infrastructure. The EEC will be the major push for the country’s future economy and will help Thailand come out of the middle income trap.

“Sheraton was the first international hotel brand to open in China in 1985,” noted Mike Fulkerson, Marriott International’s vice president for Brand & Marketing, Asia Pacific. “It has since grown to be one of the most popular brands, with more than 70 hotels in China – each serving as a warm gathering place where travellers and local communities come together to celebrate their everyday special moments. Sheraton Shanghai Fengxian embodies our vision for Sheraton, which centres around being the gathering place for our guests and local community members alike,” he added.

Backed by more than 80 years of history, Sheraton revealed its vision for the future of the brand last year with a new design philosophy, including reimagined social spaces equipped with the latest technology that promote socialisation and productivity, new dining concepts and service culture. The modernised logo symbolises Sheraton’s present transformation while also tying back to its brand heritage. The laurels in Sheraton’s signature crest were reimagined into a closed circle to represent the world – celebrating the brand’s history of being the place where people gather, the company said.

The new Sheraton Shanghai Fengxian is situated in Fengxian Qingcun, a fast-developing suburban community reputed for its natural ecological environment and rich cultural attractions. All 290 spacious and premium guestrooms and suites offer unmatched comfort, according to the hotel.

To celebrate its opening, Sheraton Shanghai Fengxian is offering a package for a deluxe room including two buffet breakfasts at 698 yuan (Bt3,080) net.

Customers who buy SYS material or products from Steel Solution by SYS from today until October 31 will receive one QR Code coupon to stand a chance of winning a prize in the draw.

This campaign is now in its fifth consecutively year and gives customers spending Bt10,000 on SYS material on any one purchase/receipt from distributors, steel shops, construction material shops nationwide and from Siam Yamato Steel Company Limited (SYS) one QR Code coupon. To participate in this campaign, customers just scan the QR Code and enter information for a chance to win the lucky draw.

There are two Grand Prizes of H-Beam gold worth over Bt100,000 each and 100 gold bar prizes valued Bt20,000 each. The draw will be held at the Siam Yamato Steel on November 18 and the winners announced on December 2.

Over the past few years, Mybank has already loaned 2 trillion yuan or about Bt8 trillion to 16 million SMEs in China using real-time data and credit-risk management models covering over 3,000 variables, according to Bloomberg and other sources.

Mybank’s success is a wake-up call for traditional banking services in Thailand and other countries where the consequences of disruptive technologies are increasingly prominent in banking and other sectors.

Besides fewer loan defaults and lower costs, Mybank offers speedy transactions; loan applications can be approved within three minutes, compared to up to 30 days for traditional banking services.

As an online banking platform, potential customers can apply for loans on their smartphones without having to go to bank branches. Mybank does not need human employees to process loan applications hence its cost is as low as three yuan per transaction compared to an average cost of 2,000 yuan for traditional banks.

Due to the massive data collected by Alibaba and related e-commerce platforms, Mybank can make use of potential customers’ business data and social credit scores with their consent.

As a result, the huge benefits of big data and analytics result in more SME loans being approved and lesser non-performing loans, as noted by Mybank itself.

The Chinese online banking platform said it could approve four times more SME loans than traditional banks as most traditional banks turn down about 80 per cent of loan applications from SMEs due to lack of sufficient credit and other data.

Citing the benefits of social credit scores, Mybank reportedly has recorded a loan default rate of only 1 per cent since subtle indicators such as failure to return a borrowed umbrella on a social platform could affect a loan application outcome.

Besides Mybank, which reported earnings of 670 million yuan last year, other Chinese banks and non-banks such as Tencent, Ping An, and China Construction Bank are moving into online banking services for SMEs and other customers.

In Thailand, Jack Ma has spearheaded his e-commerce business drive via Alibaba and related platforms as well as Ant Financial units. Alibaba also owns Lazada, the leading e-commerce platform in Thailand and other Asean countries where online sales of goods and services are increasing rapidly.

Since giant e-commerce and other online platforms such as Alibaba, Lazada, and Grab have expanded into payment and other financial services, traditional Thai banks are responding with unprecedented business transformation to stay competitive.

For example, Siam Commercial Bank (SCB) has joined hands with Go-Jek of Indonesia, which is setting up GET in Thailand to provide taxi and ride-hailing, food delivery and other services similar to those of Grab.

SCB is understood to be working with tech startups to reform its business model to stay relevant in the era of disruptive technologies where business boundaries have been blurred by tech and consumer preference factors.

The station cited a THAI source as saying that Ekniti’s resignation offer followed the recent signal by Transport Minister Saksayam Chidchob for the board members of departments under the Transport Ministry to resign as they were appointed by the previous government.

He said it was up to the new deputy ministers to decide if these board members should be reappointed.

Saksayam made the remark after assigning his deputies Athirat Rattanaset and Thaworn Senniam to oversee the water transportation and air transportation departments respectively. As of last Friday, there was no statement from THAI to the Stock Exchange of Thailand on this matter.

It was speculated that the ministry’s permanent secretary Chaiwat Thongkamkoon will be nominated to replace Ekniti at THAI.

Ekniti assumed the top job at the national carrier in July last year.

This resulted in profit before tax of 1,563 billion dong, making an increase of 16 per cent year on year. Consolidated revenue including the business results earned from the trade of aircraft, reached more than 26.3 trillion dong, increasing 24 per cent. Profit before tax was nearly 2.4 trillion dong, equal to 11 per cent year on year increase, the company said.

During the last six months, Vietjet operated 68,821 flights, equivalent to 45 per cent of total flights operated by all other Vietnamese airline carriers. Those number of flights meant Vietjet had transported 13.5 million passengers in all routes the carrier is operating. Vietjet maintained its leading position in Vietnamese aviation with 44 per cent market share in the first six months of the year.

Vietnam Airlines arrived at the second place, with 34 per cent. Vietjet finds room for it to grow in international market is still large thanks to good profit margin from ancillary revenue and low fuel cost. Growth in international market earned Vietjet a sound increase of foreign currencies. Number of passengers in international routes operated by Vietjet grew by 35 per cent, with nearly 4 million passengers.

Revenue of international transport service surpassed that of domestic to reach 54 per cent of total Vietjet’s airway transport revenue. Ancillary and cargo revenues were more than 5.5 trillion dong, increasing from 21 per cent last year to 27 per cent this year thanks to the growth of international route operation.

During the year’s first six months, Vietjet has opened nine new international routes to Japan, Hong Kong, Indonesia and three other domestic routes. Those newly-opened routes totalled Vietjets routes around the world to 120; of which, 78 international routes and 42 domestic ones. Vietjet’s flight network now covers number of destinations in Vietnam, Japan, Hong Kong, Singapore, South Korea, Taiwan, Thailand, Myanmar, Malaysia, Cambodia and China. Vietjet has also operated at large to many airports in the world, including in Dubai and Doha.

In that period, Vietjet’s revenue passenger kilometres (RPK) was at 16.3 billion dong, increasing 22 per cent year on year. Its load factor was averagely 88 per cent, technical reliability was 99.64 per cent and on-time performance (OTP) reached 81.5 per cent.

Vietjet’s equity reached 15,622 billion dong, increasing 32 per cent over the same period last year. Vietjet’s total assets are nearly 44.5 trillion dong, an increase of 30 per cent year on year; of which more than 21.9 trillion dong long-term assets, accounting for 49 per cent of total assets. Debt to equity ratio was 0.5, which was positive compared to 0.64 of last year. The airline at the annual general shareholders’ meeting in April decided to pay the 2018 dividend at the rate of 55 per cent.

During the last six months, Vietjet also introduced a new version of Vietjet Air apps which included buying air tickets quickly on smartphones, offering free tickets every Friday and free payment fees.

The Vietjet Aviation Academy at Ho Chi Minh City High-Tech Park is a modern training facility using equipment and training programmes under European Union Aviation Safety Agency (EASA) standards, which organised 250 courses for 5,623 pilots, cabin crew members and engineers.

The aircraft, on display at Don Mueang International Airport, is a flight test aircraft, featuring a new layout of 143 seats in a single- class passenger cabin.

On Friday, airline executives and members of the media witnessed its capabilities and improved passenger comfort during a one-hour demonstration flight. Airbus representatives also highlighted the suitability of the aircraft for airlines operating in Thailand.

The A220 family comprises the smaller A220-100 and larger A220-300, which are the only passenger aircraft purpose-built for the 100-150 seat market.

In addition, its range and capacity suit airlines that need an aircraft to complement the A320 family airliners that are already in their fleet. It also offers a lower cost per trip compared to previous generation aircraft.

“The A220 is part of Airbus’ modern and comprehensive aircraft family, which covers the market ranging from 100 to more than 400 seats. In the single-aisle category, this comprises the A220 and the A320 family – which includes the A320neo, the best-selling aircraft in aviation history. In the widebody family, Airbus manufactures the A330 family, including the latest A330neo, and the long range leader A350 XWB family,” Airbus said.

“In the region’s single-aisle market Airbus has over 60 per cent market share, with more than 3,000 aircraft in service with 80 airlines, and over 1,500 on order for future delivery.

“Today, the A220-300 is operated successfully in the Asia-Pacific region by Korean Air on both domestic and international services. Air Vanuatu ordered four A220s, comprising two A220-100s and two A220-300s, in February 2019.”

Airbus has had a long-term relationship with Thailand, where more than 150 Airbus aircraft are in service with the country’s major carriers including Thai Airways International, Bangkok Airways, Thai AirAsia and Thai AirAsia X. These include the A320 family, the A330, the A350 XWB and the A380, which operate on services ranging from short domestic hops to medium and long-haul flights within Asia and to Europe.

The banks said the programme, SCB The Dots: Hotel, will provide a training course for budding business operators in the hotel industry in order to help them overcome new challenges.

“The tourism industry still shows strong growth potential, with Thailand among the top tourist destinations, while local people also enjoy travelling both to major and secondary provinces throughout the year,” the bank said

“Indicators reveal that tourists are willing to pay more for hotel and services offering unique experiences. With a looming price war, entrepreneurs should creatively differentiate accommodations and hospitality, while taking advantage of new technology for new and effective marketing tools. SCB is also introducing its SCB Hotel Solution designed to fully cover all the needs of mid-sized and small hotel management.”

Pikun Srimahunt, senior executive vice president and chief SME banking officer of Siam Commercial Bank, said the tourism industry continues to generate significant income for Thailand.

“The booming industry is critical for the development of economic growth, employment, and revenues, with people at the community level playing increasingly important roles. SCB sees the tourism industry continuing to grow steadily from local people travelling throughout the year in both major and secondary provinces as a result of the Thailand Tourism Authority’s campaign, and from increasing foreign tourist arrivals.

“SCB estimates that foreign tourists should reach 42 million visitors in 2020, representing growth of 4.6 per cent year on year. This growth will come from India, Asean, east Asian countries, and China. The hotel business is an integral part of raising the standards of Thailand’s tourism industry. Having realized the strong business potential for mid-sized and small hotels, SCB has focused on the hotel business, which will receive prioritised access to support to enable businesses to remain strong with sustainable growth. The industry focus links every aspect of the hotel ecosystem, enabling entrepreneurs to operate their businesses efficiently from the start, while preparing them to adapt to a changing business environment and tackle challenges before it is too late.”

Pikun said trends in choosing accommodations have changed.

“One of the most evident observations that will provide opportunities for mid-sized and small business owners is that tourists are willing to pay more for unique and memorable experiences,” Pikun said.

“Sought after hotels and services will be those that are unique and suit guest personalities. This trend will require boutique hotels to raise their standards, improve their environment, and add services to create unique selling points. In addition, entrepreneurs should embrace technology to help develop management systems, marketing programs, and new sales channels.

“Entrepreneurs in mid-sized and small hotel businesses will be required to adapt new ideas and transform traditional practices, such as relying on online travel agents for sales. They should also seek new business models. Competing by cutting price can backfire, as hotels will be forced to lower their service quality and lose revenue, making it difficult to maintain business. Hotel owners should adjust their attitudes and realise that the hotel business should no longer be seasonal. However, they should lay plans and develop their environment to attract Thai tourists to stay longer and engage in more activities throughout the year. It is expected that Thailand’s hotel industry nationwide this year will show an average occupancy rate of 71-73 per cent.”

Pikun added that even with these opportunities, entrepreneurs are still facing competition arising from increasing supply, which has been accelerating.

“Areas seeking permission for hotel and resort construction nationwide expanded by 12 per cent on average during 2016-2018. However, the SCB Hotel Ecosystem Network, comprising Tourism Authority of Thailand, Association of Thai Travel Agent, Thai Hotel Association and The Department of Provincial Administration, the Department of Public Works and Town & Country Planning, are ready to provide full support enabling mid-sized and small hotels to be successful,” Pikun said.

“The SCB The Dots: Hotel training course will strengthen the new generation of hotel owners to help them overcome obstacles to achievement. Moreover, the bank has also prepared an SCB Hotel Solution that can fulfil demands for products and services for entrepreneurs. The solution offers loans for refinancing and renovation, with interest rates starting from 4 per cent to a maximum amount of Bt100 million.

“Loans can be repaid according to season for up to 10 years. Qualified borrowers are required to have a hotel business license and no less than five years’ experience in the hotel business. The solution will also accommodate credit card payments via an Online Payment Gateway with free entry and annual fees. Last but not least, the solution also includes Google My Business service that will enable hotels to increase their presence on search and navigation engines.”

Compared to the same period last year, sales were 4.1 per cent higher with operating income down 15.4 per cent. Record home appliance profits and strong business solutions profitability offset smaller operating income for home entertainment products and losses from vehicle components and mobile communications.

The LG Home Appliance & Air Solution Company reported record sales of 6.1 trillion won in the second quarter, the highest for the business unit in the history of LG Electronics. Revenue growth was especially strong in Korea and regions such as North America, Europe and the Middle East, increasing 16.1 per cent from the second quarter of 2018. Operating income of 717.5 billion won was the highest ever for the April-June period. The business unit recorded strong profitability on the back of stable growth, increased sales of high demand products such as air conditioners and continuous cost reduction activities.

The LG Home Entertainment Company generated second-quarter revenues of 3.67 trillion won, a decrease of 4.5 per cent from the same period the previous year due to a decline in demand in regions such as Europe and Latin America where major sporting events in the second quarter of 2018 generated strong sales. Operating income of 205.6 billion won declined from the previous quarter due to higher investments in light of greater competition in key markets and exchange rate depreciation. The business unit expects to see a growth in demand in premium products such as OLED TVs, NanoCell TVs and large-screen Ultra HD TVs next quarter.

The LG Mobile Communications Company recorded second-quarter 2019 sales of 1.61 trillion won, 21.3 per cent lower than the same period last year due to stagnant demand in the smartphone market and continued aggressive pricing by Chinese brands. Sales increased 6.8 per cent from the first quarter but the business united reported an operating loss of 313 billion won as a result of higher marketing investment to support the launch of new models and additional costs related to relocating smartphone production to Vietnam. The introduction of competitive mass-tier smartphones and growing demand for 5G products are expected to contribute to improved performance in the third quarter.

The LG Vehicle Component Solutions Company posted quarterly revenues of 1.42 trillion won, an increase of 63 per cent from the second quarter last year. Strong sales of infotainment products and an increase in demand for electric vehicle components resulted in the stronger sales. An operating loss of 55.8 billion won was primarily due to initial production expenditures related to the ramp up of new projects and delays in setting up manufacturing of new applications such as centre information displays (CID). In the quarters ahead, the company will focus on stabilizing the supply of components to major customers and prioritising cost reductions related to new projects.

The LG Business Solutions Company reported second-quarter sales of 675.5 billion won, 14.8 per cent higher than the same quarter the previous year and 8 per cent higher than the previous quarter due to greater demand for LED and OLED commercial display products and solar panels in Europe and the United States. Operating income of 58.1 billion won was 49 per cent higher year-on-year and 4.7 per cent higher quarter-on-quarter mostly through improved efficiencies in cost and productivity. Growth in both information displays and solar modules are expected to remain strong, the company said.