Dr C Terry Warner, the founder of The Arbinger Institute in the United States and a former psychology professor, author, influencer, and speaker, is a prominent figure behind studies of mindset and his study reveals two distinct mindsets from which people and organisations operate—a self-focused inward mindset and the inclusive outward mindset, and the path to sustainably changing mindset and results.

According to Dr Warner, changes in mindset can be compared to a change of lens each person uses to perceive his/her true self, others, and the world. This change can bring harmony and happiness in every aspect of life — personal or work.

Arinya Talerngsri, chief capability officer and managing director of SEAC – the region’s leading executives, leadership and innovations capability development centre, proudly presents the programme “Outward Mindset” in Thailand. The programme is now being offered in more than 20 countries across the globe such as China, Korea, Australia, and New Zealand and it is a required course for staffs and executives of many widely-trusted corporations including Apple, IBM, Google, Harley-Davidson Motor, Nestle, Intel, Nokia, Panasonic, Nike, Unilever, Microsoft, FedEx, Boeing and Shell, among others. As the age of disruption is looming, businesses cannot avoid unexpected changes and challenges, so they need to shift their mindsets and quickly and effectively adapt themselves to pursue their envisioned goals.

When people shift mindset outward, they will see things with a broader perspective and focus on the objectives and results of others. Essentially, outward mindset creates an environment where people are inspired to be more responsible, considerate, and helpful towards others. However, shifting from inward to outward is almost equal to when you first wear your new pair of glasses, it will take some time and constant practice for you to adjust yourself seeing things from these new lens or perspectives.

The adoption of outward mindset is crucial for survival, happiness, and achievement in this age of disruption. However, businesses will only see the results when their executives know and understand that they must, first, shift their mindsets. When leader operates with an outward mindset, he or she will become truly accountable on objectives and results of the organisation as a whole, be able to remove possible conflicts from blaming culture, promote self-awareness to lead the outward mindset example by becoming more effective in every moment and situation, and eventually bring out true potentials in themselves and others.

Microsoft, an IT giant, is one of the companies that adopts outward mindset and here is their case. Once the company has been hit hard by unprecedented disruptions from new ventures—both in the same industry and outside the IT sphere, leaps in innovations, and developments in AI. The Redmond-based company thus needed to keep its presence amid of intense competition; hence, they see the need to change in perception. They realised that their leaders and staffs must change how they see the world and not rely on past successes as they can no longer guarantee future accomplishments whereas the blame game would do more harm than good.

The whole firm, then, was greatly transformed through outward mindset with a culture of collaboration, mutual respect and shared objectives which allowed them to stay relevant in the competition.

On the other hand, the recent rescue operation of the “Wild Boar” youth football team stranded inside a flooded cave can also be highlighted as a clear and perfect use of “outward mindset” approach in which every rescuer came together with the sole intention of saving everyone trapped inside the cave showing that they focused on the objectives and results of others.

In the business context, when companies obligate their staffs to undergo behavioural training, follow new rules, adhere to change in processes, and deliver on individual KPIs, it’s human nature to shift inward. Most organisations are set up in a way to make people concentrate on themselves rather than organisational results. Outward mindset is a programme which can unblock these problems and lead to breakthrough sustainable results.

The “Outward Mindset” programme can be applied to both daily life and at work. “For example, let’s imagine when you board any public transportation and you see a standing elderly man. Initially, you consider offering your seat to him but on a second thought, you did not with an excuse of being too tired or you, too, had a long way to go. This excuse happened when you operate with an inward mindset. And only when you shift outward that you will start realising his challenges and needs; hence, you will not hesitate to offer him your seat,” said Dr Siraya Kongsompong, senior consultant of SEAC.

In conclusion, mindset is at the foundation of all that we do and shapes how we do it.

Shifting to an outward mindset is the one change that most dramatically improves performance, sparks collaboration, and accelerates innovation which are the key factors to withstand challenges in the 4.0 Era in which disruptions can happen every second.

Contributed by ARINYA TALERNGSRI, chief capability officer and managing director of SEAC

Chantavarn Sucharitakul, BOT assistant governor, said that the central bank has been monitoring developments in global money markets from Turkey’s problems, but that indications were for only a limited impact on Thailand’s money markets. This is due largely to the fact that there are few linkages Thailand and the financially troubled country in trade, investment and financing.

However, Jitipol Puksamatanan, a strategist at Krungthai Bank, said that concerns Turkey’s financial tailspin would sink other emerging markets over the medium term had not yet eased. Still, the currencies of Asian emerging-market countries, including China and Thailand, were little changed as investors holding Turkish lira typically do not hold the baht or the yuan.

In the past five trading days after Turkey’s market ructions, the lira slid 20 per cent, emerging-market currencies weakened 5 per cent and the baht depreciated only 0.16 per cent.

If a new emerging-market currency crisis occurs, the baht is forecast to weaken by 0.5-1 per cent against the US dollar – or about 15-30 satang. If Turkey’s predicament leads to a full-blown crisis, the baht will likely depreciate to 33.70 to the dollar, and that represents little impact, Jitipol said. In yesterday’s afternoon session, the baht rose to 33.27 to the greenback.

The baht is forecast to see a chance to, at most, weaken to 34.50 per US dollar in the third quarter of this year and move in a range of 33.20-34.20 in the fourth quarter and later appreciate to 32.50.

Photo by AFP

Bank of Ayudhya’s Global Markets Group projects the baht to move in a range of 33.20-33.50 to the dollar, while expecting the Thai economy to see limited direct impact from Turkey’s financial and economic upheavals.

However, it would be difficult for Thailand to avoid market volatility and indirect impacts from Turkey’s market turmoil as money markets are connected globally, the research unit said, expecting a low possibility for the crisis’s contagion to expand due to Turkey’s unique problems in economic imbalances, low foreign reserves and a US decision to double tariffs on steel imports from Turkey.

In Thailand, the research house said that there has been a signal for less necessity for monetary easing after the BOT’s Monetary Policy Committee decided to leave the policy rate unchanged.

The research house expects the MPC to raise the policy rate in the last quarter of this year.

Kasikorn Research Centre expects the baht to move in a range of 33.20-33.50 to the US dollar today, with the market keeping a close watch on the lira’s movements.

The Stock Exchange of Thailand (SET) has been hit indirectly by Turkey financial crisis, say experts.

The plunge in value of the Turkish currency has adversely affected emerging markets, including Thailand, said Prinn Panitchpakdi , managing director at CLSA Securities (Thailand).

The benchmark SET index yesterday dropped 10.61 points or, 0.62 per cent, from Monday, closing at 1,695.35 points. The trade value Bt54.24 billion, with foreign investors recording net sales of Bt2.14 billion, and institutional investors making net sales of Bt2.01 billion.

“Investors were worried about the contagious impact on emerging markets, so they pulled money out from riskier assets and relocated it to safe haven markets in developed countries,” said Prinn.

The threat of a trade war also played a role in dampening market sentiment, he said.

He expected it would be a short-term impact only as, previously, the SET Index had moved up from the 1,600 level to well over 1,700 points.

Anusorn Tamajai, dean of Rangsit University’s economics faculty, said both the Turkey crisis and trade dispute between the United States and China had hurt the Thai stock market. The impact from Turkey would be limited, he added.

Soraphol Tulayasathien, a senior economist at Finance Ministry, said that any impact would be small as the Thai economy does not depend much on foreign borrowings and the country has a large current account surplus.

“Trade relations between Thailand and Turkey are not large, with Thailand’s exports to Turkey making up only 0.5per cent of the total exports and imports from Turkey were only 0.1 per cent of total Thailand’s total imports in 2017,” Soraphol said.

Under the initiative, launched as Pathum Thani Market 4.0, all the big traditional markets in the province will be modernised, becoming more hygienic and boasting store-like decorations.

Staff will be trained in improved service and English-speaking capability. Each retail market would have its own brand and logo, as well as a website, which should be developed in at least two languages.

For the wholesale market, traders should have their own applications to help them sell their products and provide information. They should develop a logistics system and provide efficient delivery services.

The province will also cooperate with modern trade stores and shopping malls to promote tourism destinations in Pathum Thani as well as the community products available.

Pathra Mora, senior manager for public relations at Rangsit Plaza, the operator of the Future Park shopping complex that is participating in the initiative, said Future Park will this year would focus on work and income creation in the community under its corporate social responsibility programme.

More broadly, the initiative is in line with Pathum Thani’s Pracha Rath project that aims to develop individual entrepreneurs in the province.

“Under Pathum Thani Market 4.0, the province wants to develop its markets for sustainable growth and to position itself as the Market City of Thailand and, in turn, be recognised by the world market,” Pathra said.

She said the markets are divided into four categories determined by size: the S Market for Pracha Rath markets; the M Market for general retail markets; XL Market for wholesale markets; and XXL Market for all modern-trade markets.

Pathra said that Future Park has been included in the XXL Market category.

“We view Future Park as a place to connect traditional entrepreneurs, especially farmers, with end-consumers. The move will help generate income for the community,” she said.

From 2014, Future Park began allocating space, for free, at its shopping mall for individual entrepreneurs and farmers to sell their agricultural and community products.

The project, called Community Market on the Shopping Mall, has been conceived as a win-win strategy as it is not only generates retail channel and income to individual entrepreneurs and farmers, but also brings traffic at the shopping mall – especially in the lower traffic areas.

Between Mondays and Thursdays, there will be a Pracha Rath Market of Prathum Thani for the sale of agricultural and community products produced in the province.

Meanwhile, the area will turn into a market for green-themed products on Fridays and Sundays. This market will be run by the Green World Education Foundation in Pathum Thani, the Agricultural Service – Saraburi, and the Chaipattana Foundation.

Green foundations

Chonthicha Srisuk, president and founder of the Green World Education Foundation, said that the GreenWEF is a non-profit organisation established in 2012 with the objective of promoting education and creating a curriculum for integrated organic farming. The foundation is also involved in the development of indigenous medicinal agriculture and encourages better management of the environment, as well as improving public health.

“We also supports youth, women and disadvantaged groups in the community by involving them in these practices and helping them to earn income and to pursue careers in these fields of study,” Chonthicha said, adding that GreenWEF has more than 200 members, including farmers in Surin, Buriram, Nakhon Ratchasima, Pathum Thani, and Bangkok.

She cites the foundation’s consultancy services to farmers in Surin that help them give up the use of chemicals in their farming process, enabling them to switch to environment friendly practices.

“We need to have good food to be healthy. Some foods, however, need a management process that is environmental friendly from upstream to downstream,” said Chonthicha.

She said that farmers need to improve themselves to become smart farmers and become involve in the whole value chain from planting to processing and distributing to the retailing of their agricultural products. The end result is to gain good margins and provide reasonable prices to the end-consumers.

Buakham Poowa, owner of Poowa organic farm for fruits and vegetables in Pathum Thani, said that by having a retail outlet at Future Park, the farm is able to create more business value from good customer connections.

“With our fresh organic vegetable and fruits, shoppers who visit our booth will always ask for our farm location,” Buakham said. “They tend to visit our organic farm and buy products there. This prompted us to come up with the idea of developing eco-tourism and a learning centre for organic farming at our farm in the near future,” she said.

Thosaporn Sirisumphand, the newly appointed secretary-general of the state think tank, said the first draft for a Southern Economic Corridor (SEC) had been completed and a revised version would be submitted to the Cabinet for its mobile meeting for Chumphon and Ranong provinces on August 20-21.

The Board of Investment is expected to give tax and other incentives for investment in the southern part of the country, said Thosaporn, whose organisation expects growth in the national economy to largely track the 4.8 per cent pace logged for the first quarter – the best performance in five years.

He said the SEC could operate in parallel with the EEC, even though the latter is mapped out as larger and the plans more advanced.

“We will build on what we already have in the South, such as tourism and the palm oil industry, so the zone can move forward along with the EEC,” he said. The South produces about 12 million tonnes of palm oil a year.

New tourist destinations would be developed, such as in Pattalung, which has high potential to be marketed alongside established popular places like Phuket, Krabi and Phang Nga provinces and Hua Hin district in Prachuap Khiri Khan. Pattalung is well-known for its shadow puppet performances and ecologically rich mangrove forest.

The SEC would also see the deep-sea port in Ranong revitalised after a long period of under-utilisation, Thosaporn said.

The palm oil industry has the potential to be further developed for high value-added products such as heat insulation. For the latter, the resulting products could be substituted for heat insulation made of petroleum-based materials, Thosaporn said.

He said that, in the past, proposals for mega-projects, such as a complex to serve as a refinery hub, were opposed by local communities. But the latest vision for an SEC would not focus on the big projects that had already proved unpopular.

A double-track railway would be extended from Chumphon to Narong province and enable a connection to Myanmar, Thosaporn said.

The construction of the rail project is expected to be completed in 2022.

The NESDB will also propose to the government that it support the development of manufacturing capability for railway-related equipment, such as rail tracks, in the Northeast as the country is expected to rely more on rail transport in the future, given the many new projects that are under construction or planned.

Further, Thosaporn said the NESDB will support the government in its goal of drafting 37 development master plans that form an integral part of the government’s 20-year national strategy.

It will take a few months to create these master plans. A public hearing would then be held on September 27 in order for the government to gauge the response of communities, Thosaporn said.

The government is expected to begin the task of allocating funds for works in the master plans in the 2020 fiscal year.

On the broader economic front, NESDB deputy secretary-general of Wichayayuth Boonchit said the expectations for second-quarter expansion in gross domestic product were robust, with growth to be similar to sizzling pace of the first quarter.

The trade war between the United States and China would have only a limited impact on the Thai economy, he said. Exports, government spending, private investment and tourism have been the main drivers of the economy. The impact of the floods this year would be less severe than seen last year, Wichayayuth said.

The NESDB will release the country’s economic report for the second quarter on August 20.

This issue has to be resolved immediately or there will be a widespread impact in the group’s supply chain: for each day that the matter remains unresolved, the group stands lose millions and, potentially, also lose key client accounts. Luckily, you have a valid tourist visa for Thailand, so you take the red-eyed flight and head over to the Thai office. This shouldn’t take more than a day or two, and you should be back in your home office by Tuesday of the following week. Easy, right? Sure, if this was 20 or 30 years ago. In 2018, it may not be that straightforward.

Principally, a foreign person travelling to Bangkok to engage in any business activity in Thailand is required to have a valid work permit (ie, unless the work permit rule is specifically exempt for that business activity). “Business activity” can cover the most seemingly inconsequential activity such as working for a few days at the hotel on your computer.

Over the past few years, there has been a notable escalation of cases whereby foreign persons travelling to Thailand for business reasons under tourist visas have been noticed by the Thai authorities. The number of business travellers to Thailand has steadily grown over the past few years. And, of such business travellers, a significant number are in violation of the Thai labour and immigration laws as they engage in ‘work’ related activities while entering Thailand on tourist visas and/or without valid work permits.

Foreign business travellers hoping not be noticed by immigration officers may now be running out of luck. In today’s world, the Thai immigration officers have been trained to ask seemingly innocuous questions designed to identify persons attempting to violate the Thai labour and immigration laws. A delinquent foreign business traveller may face penalties ranging from warnings to extensive monetary fines to deportation to being put on a blacklist or to a combination of such penalties. Recent changes in Thai labour and immigration laws, and the improved enforcement measures, have intensified the consequences on individuals who failed to obtain proper work permits and/or to file Thai tax returns. Also, the delinquent business traveller may potentially not be in compliance with Thai personal income tax regulations.

However, the exposure does not end there. All parties concerned (ie the foreign business traveller, the foreign employer, the Thai related company, etc) may also be investigated by authorities. At the very least, the resulting bad press may bring a negative spotlight to the relevant companies, which could further lead to detrimental consequences as many suppliers and/or customers may not wish to associate with companies that have been non-compliant. And, in case further investigation is conducted on the nature of the delinquent foreign business traveller’s activities in Thailand, there is a real possibility that all parties concerned could face significant liabilities in Thailand.

While the prospect of applying for a work permit to engage in business activities in Thailand may seem tedious, work permits are required to legally conduct most business activities in Thailand.

In a progressively globalised and connected world, where tax authorities of different jurisdictions are more willing to engage in an ‘exchange of information’, it has become even more important to be aware of how every cross-border activity can increase a company’s tax and non-tax exposures.

Go get that work permit.

Contributed by Mark Kuratana, Partner, Tax and Legal Services, Deloitte Thailand; Pornpun Niyomthai, Director, Tax and Legal Services, Deloitte Thailand; and Narisara Chansrichawla, Senior Consultant, Tax and Legal Services, Deloitte Thailand.

From something as simple as making an online purchase, to the more sophisticated applications such as autonomous vehicles – the IoT is having a widespread impact and sees a rapid adoption in many industries including manufacturing.

An important element that enables the IoT in the first place is literally small in nature. Sensors called micro-electro-mechanical systems (MEMS) are highly sensitive, tiny helpers that enable things to “sense.” They collect, translate, and process information gathered from touch, sight, hearing, smell, and taste into readable data.

Bosch is a leading global supplier of these “sensory organs” with around 4.5 million MEMS sensors produced every day. Without sensors, the IoT would not be possible.

IoT is gradually changing the way work is done across all industries. In addition to manual and technical skills; processing, evaluating, and securing of data becomes increasingly important as speed and access to information is crucial in the implementation of IoT. For example, plant managers are able to access the latest production data instantly via a mobile device or access available inventory with the push of a button.

Using sensors and analytic solutions, companies can improve a wide range of business processes for contextual data and real time analysis. For example, if some machinery is vibrating too much, IoT solutions can slow down the manufacturing line just enough to ensure the equipment can operate without damage until the technicians can service it.

As companies continue to invest in hardware, software and IT services, they will need to harness the large and growing amounts of existing data that is necessary as a basis for a highly efficient production. Smart manufacturing enabled by IoT ultimately offers customers significant value-added services. The flow of data, on available materials production performance for example helps manufacturers lower their inventory costs, workflow disruptions and reduce the overall amount of capital required to run their business.

This is exemplified in Bosch’s new smart factory in Thailand, which utilises connected solutions to identify opportunities for automating manufacturing operations and to use data analytics to improve the overall performance of the manufacturing process within a framework that supports Industry 4.0.

IoT holds great promise for the future by making Industry 4.0 possible, and companies that are driving this change are more likely to succeed. However, they will need to continuously adapt to keep up with a constantly and rapidly changing digital landscape.

This is only the beginning as more powerful networks with the ability to rapidly process vast amounts of information are being introduced faster than ever before – inevitably shifting the technological landscape and norm further.

Nevertheless, the benefits reaped through these technologies are exponential. It not only makes our daily lives easier, more comfortable, and safer, it also lowers costs for manufacturers or businesses to produce products with efficiency, profitability and with environmental protection and resource conservation in mind. While we are still in the early stages of the IoT era, we are already witnessing positive outsets unfolding from the tiniest of sensors.

Contributed by Joseph Ngo Hong, managing director of Robert Bosch Limited (Thailand)

The “Tech Trends: Women” survey, conducted by Telenor Group, looked into professional women’s habits and values with regards to mobile connectivity.

“By and large, the women we talked to say that the mobile phone is one of the tools that helps them shape how they balance their personal lives with their professional lives,” said Erica Gibson, vice president of product management and user research at Telenor Group.

“The mobile phone seems to be less of a leash to the office than we expected. We are seeing well-educated, professional women turn to mobile devices for entertainment, maintaining personal connections, and providing a break from the rigours of their busy lives.

“The survey has given us more crystallised and very useful insights into female digital habits and user needs. We wanted to talk to women about this because we know that they hold large stakes in connectivity and access to information and services, which they make clear in this survey.”

The survey was conducted on a sample of 1,300 professional women aged 25-40 in Scandinavia and Asia (Malaysia, Myanmar, Norway, Singapore, Sweden and Thailand). This was supplemented by in-depth interviews with women in Norway, Singapore and Thailand. The markets surveyed represent a range of economies, socio-political systems, stages of industrial development and mobile penetration.

All six markets share the use of social media, personal messenger apps, music and news as respondents’ most frequent mobile activities. Between 50 per cent and 80 per cent of women in all markets say they use social media apps most out of any other mobile features, despite much talk of social media fatigue.

Messaging apps is a close second in most markets, but stands out as the top choice in Singapore. Reading news is highly ranked in Norway and Myanmar, and listening to music is Sweden and Singapore’s third highest activity. Despite the popularity of Wi-Fi calling, women in Malaysia and Myanmar highlight personal phone calls in their three most frequent mobile activities.

Interestingly, when looking at top mobile activities, the survey found that the degrees to which the personal supersedes the professional on mobile phones shifts as you head from West to East. In Norway and Sweden, women list work among their least frequent mobile uses, and try to completely shut out the office in the evening. Women in Southeast Asia allow work to percolate through more of their personal time. Women in Thailand and Myanmar, however, both list work-related messaging and phone calls as fourth and sixth most frequent activities.

When it comes to feelings associated with mobile usage, women in all six markets were aligned in feeling “entertained” and “connected to the world” when using their mobiles. Interestingly for the third choice, Swedish women say they felt “addicted” while Myanmar women report being “optimistic”. Malaysia, Norway, Singapore and Thailand all share feeling “relaxed” while on their mobile. Feelings such as “depressed”, “stressed”, “overwhelmed”, and “exposed” were least frequently identified across the board.

To shed light on what happens after office hours, respondents were also asked about their last three mobile activities before bedtime and in the middle of the night. Social media came in first across the board, but subsequent options vary greatly.

Ten percent of Swedes cite a midnight online shopping habit. Women in Norway and Myanmar read news as a primary before-bed activity, though in Norway, 1 in 5 admits that “news” shifts to “reading gossip and tabloids” as the night wears on. Not allowed before bed or in the middle of the night are work activities – the least frequent undertakings mentioned by women in all markets.

‘Phone-off’ locations

Professional women use their mobile a lot – but there are situations in which they will disconnect. Women in all six markets say job interviews are among their top “phone off” locations. More than 90 per cent of Scandinavian women say funerals are inappropriate for mobiles, compared to a quarter of Asian women.

The situations where women keep their mobiles on speak volumes, as the mobile permeates previously “sacred” social and private settings. Women in all markets are more accepting of phones in “romantic situations” than they are of phones on during job interviews or on aircraft. Thai and Myanmar women are the most unopposed to phones in intimate settings (only 13 per cent and 3 per cent say “turn them off”) while 39 per cent of Swedes are against mixing phones and romance. Scandinavians are unopposed to mobiles in the loo, while Asians turn them off.

As Telenor Group has committed to supporting the UN Sustainable Development Goal #10 – Reduced Inequalities, the survey also asked women for their thoughts on how mobile connectivity could address societal or economic issues. “Information and knowledge sharing” is cited as the most important way mobiles can do this, according to about sixty percent of women in Norway, Malaysia, Singapore, Sweden and Thailand – and 80 per cent of women in Myanmar. Mobile banking is identified by women in all markets as avenues through which mobile technology can solve societal challenges – cited by 7 in 10 Swedes, 6 in 10 Norwegians, and about half of Thais, Singaporeans and Malaysians.

“We found some interesting, anomalous answers from individual markets as well,” said Gibson, “A quarter of Thai and Swedish women singled out ‘loneliness’ as something mobiles can mitigate, and Singaporean women, in a country known for safety, reported that mobiles can help with personal safety.”