Tag Archives: Economics

Chubb announces leadership appointments in Thailand

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/pr-news/more/pr-news/40021485

Chubb announces leadership appointments in Thailand

Chubb announces leadership appointments in Thailand

FRIDAY, OCTOBER 28, 2022

THAILAND, OCTOBER 28, 2022 – Chubb today announced two leadership appointments for its insurance operations in Thailand. The appointments will take effect upon completion of the pending amalgamation of Chubb Samaggi Insurance Public Company Limited and Cigna Insurance Public Company Limited. The combined business will operate under the Chubb Samaggi name.

Khun Nittaya Piriyathamwong, who currently serves as Chairman of Samaggi’s Executive Committee, will remain in this position in the combined business. In this role, she will leverage her deep knowledge and industry experience to provide strategic directions for Chubb Samaggi and oversee the business’ executive committee.  

Andrew Nisbet, currently Country President for Chubb Samaggi, will remain in this role. His responsibilities will include leading the integration of the two businesses while continuing to meet the growth goals of the operations in Thailand. Khun Nittaya and Mr. Nisbet will report to Mr. Edward Ler, Head of Southeast Asia for Chubb.

Chubb announces leadership appointments in Thailand

“Khun Nittaya and Andrew are experienced and talented insurance executives.  I am very excited that we have affirmed their leadership roles at Chubb Samaggi at this important time for the business,” said Mr. Paul McNamee, Regional President for Chubb in Asia Pacific. “I look forward to seeing an even stronger team take our growth to a higher level in Thailand.”

Mr. Ler said, “Thailand is the largest general insurance market for Chubb in Southeast Asia. When the combination is completed, Chubb Samaggi will be the largest accident and health insurer, as well as one of the top 10 general insurers, in Thailand. With the broadest, multi-line distribution for consumer and commercial clients, I’m confident we are positioned to harness the potential of a high growth market.”

Khun Nittaya has more than 20 years of experience in insurance and reinsurance. Prior to her current role, Khun Nittaya also served as Chubb Samaggi’s Country President.  In addition to her current role, She is also a member of board of directors of the Thai General Insurance Association. 

Mr. Nisbet has also more than 20 years of experience in the industry. He started his career at Chubb in 2006 as an Accident & Health Account Manager in his native New Zealand. Since then, he has held several leadership roles with Chubb across New Zealand, Australia, Japan and the United Kingdom. Credited with building and profitably growing accident, health and travel portfolios through diverse channels, he relocated to Thailand to lead the team at Chubb Samaggi in 2019. 

SEC officials visit Saudi Arabia’s Capital Market Authority

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/pr-news/more/pr-news/40021469

SEC officials visit Saudi Arabia’s Capital Market Authority

SEC officials visit Saudi Arabia’s Capital Market Authority

THURSDAY, OCTOBER 27, 2022

Officials from Thailand’s Securities and Exchange Commission (SEC) paid a courtesy visit to the Capital Market Authority of the Kingdom of Saudi Arabia in Riyadh to build a bilateral relationship, share information on capital market developments, and discuss possibilities for cooperation and challenges of mutual concern. Both sides also exchanged views on developmental policies of their respective capital markets.

On October  26, 2022, the SEC Thailand led by Ruenvadee Suwanmongkol, Secretary-General, and  Pornpong Sakdapat, Assistant Director of the Investment Management Policy Department, together with Worrapat Pensawang, First Secretary, the Royal Thai Embassy, Riyadh, the Kingdom of Saudi Arabia, paid a courtesy call to His Excellency Mohammed Bin Abdullah El-Kuwaiz, CMA Chairman, Khaled Bin Abdulaziz Al-Homoud, member of CMA Board of Directors, and other CMA executives, to discuss and share information on capital market developments of both countries as well as exchange views on capital market policies, challenging issues, and mutual cooperation.

On this occasion, Secretary-General of the SEC Thailand cordially extended an invitation to CMA to attend the IOSCO Annual Meeting 2023, which will be hosted by the SEC Thailand during 13-15 June 2023, and the SEC Thailand Public Conference on 16 June 2023. CMA has accepted the invitation.

SEC officials visit Saudi Arabia’s Capital Market Authority
SEC officials visit Saudi Arabia’s Capital Market Authority

Terry Smagh to lead Infor’s cloud business in Asia Pacific and Japan

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/more/pr-news/40021468

Terry Smagh to lead Infor’s cloud business in Asia Pacific and Japan

Terry Smagh to lead Infor’s cloud business in Asia Pacific and Japan

THURSDAY, OCTOBER 27, 2022

Asian leader and software as a service firm Infor has set its sights on aggressive cloud adoption across the fastest-growing region. The industry cloud company has announced the appointment of Terry Smagh as senior vice president and general manager for Asia Pacific and Japan.

Based in Singapore, Smagh will be responsible for growing Infor’s business and driving customer success across key markets in the region, including Australia and New Zealand, Greater China, Japan, India, Southeast Asia and Korea.

“Businesses today have moved past the point of merely navigating economic recovery and uncertainty. Instead, they are doubling down and investing aggressively in building the competencies, technologies and skillsets that will truly position them to thrive in a new era of business, and fast. Cloud will continue to play a crucial role in that,” said Smagh. 

“Terry is a seasoned expert in the Asia Pacific enterprise software market and comes armed with over 20 years of international experience in driving exponential revenue and market growth,” said Wolfgang Kobek, executive vice president and general manager for international business at Infor. 

Smagh brings deep industry expertise in SaaS and data analytics to his role at Infor and has a proven track record in helping customers transform and grow their businesses across the region. He joins Infor following senior leadership roles at BlackLine, IBM, and Qlik, where he played an instrumental role in driving revenue growth opportunities and profitability.

A Singaporean at heart, Smagh also has an extensive understanding of local and regional market nuances and growth opportunities, having worked in regional roles for most of his career.

With a background in entrepreneurship, Smagh is passionate about scaling businesses and grooming leaders, and a huge believer in “get the right team, and the rest will follow”.  

Smagh will be responsible for spearheading growth for Infor across a broad range of sectors in APJ, including industrial manufacturing, food and beverage, automotive, high tech, distribution and logistics.

Marriott joins hands with SOS Thailand to continue improving food security and combating hunger in Phuket

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/pr-news/more/pr-news/40021464

Marriott joins hands with SOS Thailand to continue improving food security and combating hunger in Phuket

Marriott joins hands with SOS Thailand to continue improving food security and combating hunger in Phuket

THURSDAY, OCTOBER 27, 2022

THE NATION

Phuket, Thailand – October 16th is World Food Day, and considered an important day for raising awareness of global food waste. For the second consecutive year, the Marriott Bonvoy portfolio of hotels and resorts in Phuket, together with Scholars of Sustenance Foundation Thailand (SOS), and in cooperation with local authorities, have initiated a Rescue Kitchen activity on October 14th.

The objective is to promote World Food Day, and serve over 20,000 freshly cooked nutritious meals, along with drinking water, milk, and snacks to 18 local communities in Mueang Phuket, Thalang, and Kathu districts in Phuket. 

“Serving our world is one of Marriott’s core values. Marriott’s International Business Councils are formed in markets where there are multiple hotels to support the communities they operate in. Together with our local partner SOS, we’ve been serving thousands of nutritious meals across the island throughout the year and we plan to continue over the coming years.” said, Mr. Brad Edman, Multi-Property Vice President Phuket and General Manager at Renaissance Phuket Resort & Spa.

Marriott joins hands with SOS Thailand to continue improving food security and combating hunger in Phuket

The Rescue Kitchen activity seeks to promote food equity – it demonstrates that everyone should have access to warm, nutritious meals regardless of their religion, skin color, race, age, or gender; and all sectors in the community shall take care and support each other. 

Marriott joins hands with SOS Thailand to continue improving food security and combating hunger in Phuket

“At Marriott, we are dedicated to supporting the communities in which our associates and their families live and work. This is an important part of our culture and our core values.” added by Ms. Khanittanee Kanthanit, Director of Human Resources at JW Marriott Phuket Resort & Spa. 

Marriott joins hands with SOS Thailand to continue improving food security and combating hunger in Phuket

This activity took place on Friday, October 14th, 2022 at Courtyard by Marriott Phuket Town with support from management and culinary teams from eight Marriott Bonvoy portfolio of hotels and resorts across the island including JW Marriott Phuket Resort & Spa, Renaissance Phuket Resort & Spa, The Westin Siray Bay Resort & Spa Phuket, Le Méridien Phuket Beach Resort, Phuket Marriott Resort & Spa Merlin Beach, Phuket Marriott Resort and Spa Nai Yang Beach, The Naka Island Resort & Spa, and Four Points by Sheraton Phuket Patong Beach Resort.
 

THE NATION

Thailand unveils digital payment plan in 3-year push for cashless economy

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/banking-finance/40021475

Thailand unveils digital payment plan in 3-year push for cashless economy

Thailand unveils digital payment plan in 3-year push for cashless economy

FRIDAY, OCTOBER 28, 2022

The Bank of Thailand (BOT) has unveiled its three-year plan for a payment system that will underpin the country’s digital economy.

The plan is Thailand’s response to the challenges of digital disruption, said Ronadol Numnonda, BOT deputy governor of financial institutions stability, on Thursday.

He added that digital finance is rising in Thailand and across the world, as seen in the popularity of digital payments and currencies.

“The number of digital payments globally increased five times last year,” Ronadol remarked.

He outlined three aspects of Thailand’s three-year payment system plan:

Openness: connecting data to create an ecosystem conducive to competition using new technologies and innovations.

Inclusivity: developing the system to cover all groups of users, as well as creating digital literacy among them.

Resiliency: ensuring that all businesses can operate smoothly and combat risks by developing new tools and cybersecurity cooperation.

“This will enable all groups of people to access digital payment, improve their quality of life and drive Thailand towards the digital economy,” he said.

Bangkok Bank executive vice president Sudsanguan Chusacultanachai said digital payment was essential to drive Thailand towards a digitised economy, adding that traditional transactions add costs for financial institutions.

“If we can reduce the use of traditional financial transactions, we can use the leftover cash to develop other services,” she said.

She said that though most people are now familiar with smartphones, old behaviours pose a challenge to Thailand’s digital development. However, a digital economy would relieve burdens for businesses and reduce errors in their operations.

“Digital payment will be key to streamlining processes, enabling Thailand to move towards a digital economy,” she added.

Musk sacks top execs on first day as Twitter boss

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/corporate/40021476

Musk sacks top execs on first day as Twitter boss

Musk sacks top execs on first day as Twitter boss

FRIDAY, OCTOBER 28, 2022

Reuters

Elon Musk began his regime at Twitter by firing top executives for allegedly misleading him, but provided little information on how he will achieve his outlined ambitions, a Reuters report said.

The CEO of electric automaker Tesla has said he wants to “defeat” spam bots on Twitter, make algorithms that determine how content is presented publicly available and prevent the platform from becoming an echo chamber for hate and division.

Without providing details on how he will achieve these ambitions and who will run the company, Musk has only said he plans to cut jobs, leaving Twitter’s approximately 7,500 employees fretting about their future.

He has said he did not buy Twitter to make more money but “to try to help humanity, whom I love”.

“Musk terminated Twitter chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde,” Reuters said, citing people familiar with the matter.

“He had accused them of misleading him and Twitter investors over the number of fake accounts on the social media platform.”

Twitter, Musk and the executives did not immediately respond to requests for comment.

The US$44-billion acquisition is the culmination of a remarkable saga, full of twists and turns, that sowed doubt over whether Musk would complete the deal.

It began on April 4, when Musk disclosed a 9.2 per cent stake in the company, making him its largest shareholder. He then agreed to join Twitter’s board, only to baulk at the last minute and offer to buy the company instead for $54.20 per share.

Over the course of just one weekend in April, Musk and Twitter reached a deal at the price he suggested.

However, Musk had second thoughts in the following weeks, complaining publicly that he believed Twitter’s spam accounts were significantly higher than the company’s estimate of less than 5 per cent of its monetizable daily active users.

The acrimony resulted in Musk giving notice to Twitter on July 8 that he was terminating their deal on grounds that Twitter misled him about the bots and did not cooperate with him.

Four days later, Twitter sued Musk in Delaware, where the company is incorporated, to force him to complete the deal. Twitter accused Musk of buyer’s remorse, arguing he wanted to get out of the deal because he thought he overpaid.

However, Musk on October 4 performed another U-turn and offered to complete the deal as promised. The Delaware judge gave him an October 28 deadline to close the transaction and avoid trial.

Reuters

Amid interest from foreign investors, KBank ‘to invite bids’ for its asset management business

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/corporate/40021466

Amid interest from foreign investors, KBank 'to invite bids' for its asset management business

Amid interest from foreign investors, KBank ‘to invite bids’ for its asset management business

THURSDAY, OCTOBER 27, 2022

Kasikornbank (KBank) will invite bids for its asset management business after seeing interest among foreign investors, according to a Bloomberg report on Thursday, citing a source familiar with the matter.

Among investors who have reportedly expressed interest in bidding for Kasikorn Asset Management (KAsset) are French asset management company Amundi, American investment company TPG and Luxembourg-based private equity and investment advisory firm CVC Capital Partners.

It is expected that the bidding agreement would cover acquisition, share purchase or even business partnership.

KBank had earlier expressed its intention to sell its asset management business and that the bank was seeking business opportunities to benefit customers and shareholders.

“If the transaction [sale of KAsset] is made, the bank will reveal information in line with the Stock Exchange of Thailand’s regulations,” the bank said.

Bloomberg had reported that Thailand’s large financial institutions, SCBX and KBank, also have planned to sell their asset management business.

China’s durian market threatens to become less juicy for Thai exporters

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/economy/40021498

China's durian market threatens to become less juicy for Thai exporters

China’s durian market threatens to become less juicy for Thai exporters

FRIDAY, OCTOBER 28, 2022

Thailand’s durian exporters should start making adjustments as fierce competition is bound to reduce their market share in China from 2025.

Krungthai Compass research centre warned on Friday that successful durian cultivation in China and competitors’ expansion will make Thailand’s market share drop from 95.9 per cent in 2021 to 90.4 per cent in 2025 and 88.1 per cent in 2030.

“Even though competitors’ market share is still lower than Thailand, it is likely to start surging,” the research house said.

The report pointed out that Malaysia’s market share has been expanding since 2016, as its Musang King variety is becoming increasingly popular. It said Chinese consumers are starting to develop a taste for this variety even though it is four times more expensive than Thai durian.

It added that China opening its durian market to Vietnam will also create a dent in Thailand’s market share.

“Competition will become intense when it comes to pricing,” Krungthai Compass warned.

However, it said China’s success in cultivating durian should not have a short-term impact on Thailand’s export because the harvests are not big enough.

It expects China to harvest 150 to 250 tonnes of the Musang King and Black Thorn varieties this month, accounting for only 0.3 per cent of Thailand’s durian export.

However, the report said, China’s productivity is expected to rise by up to 20 per cent annually between 2024 and 2030.

Krungthai Compass concluded its report by advising exporters to follow the D-U-R-I-A-N principles to boost their competitiveness. The principle is:

Develop: Apply smart agriculture, innovative packaging and product development to meet demand.

Unique: Promote and build awareness of Thai durian’s unique taste via online and offline channels.

Research: Research and develop new durian varieties that are of high quality and resistant to disease.

Improve: Improve the fruit to become a high-value product and promote sales through e-commerce platforms.

Assurance: Boost confidence among consumers throughout the durian supply chain.

New market: Expand exports to other potential markets such as Japan, Taiwan, South Korea and the US, to avoid reliance on China alone.

Related stories:

Thailand on path to economic recovery as unemployment figures fall

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/economy/40021478

Thailand on path to economic recovery as unemployment figures fall

Thailand on path to economic recovery as unemployment figures fall

FRIDAY, OCTOBER 28, 2022

The Thai economy is showing signs of improvement with the gross domestic product rising 2.4 per cent year on year in the first half of 2022.

The latest National Economic and Social Development Council (NESDC) report explained that the country’s GDP contracted heavily by -6.2 per cent in 2020 due to the pandemic and subsequent lockdown measures.

However, things began to improve in the second half of 2021, when most of the population was fully vaccinated and the global economy began picking up. This resulted in Thailand’s GDP expanding by 1.5 per cent in 2021, and the unemployment rate also dropping to 1.6 per cent in the last quarter of the year, compared to 1.9 per cent in the same period of 2020.

“The economy in the first half of 2022 maintained this improvement and saw an expansion of 2.3 per cent in the first quarter and 2.5 per cent in the second quarter, or an average of 2.4 per cent,” government spokesman Anucha Burapachaisri said on Friday citing NESDC’s report.

“The rate of unemployment at the end of the second quarter came in at 1.4 per cent, the lowest since the start of the Covid-19 pandemic, signifying a recovery in the labour market.”

Anucha said government stimulus measures, like the “Let’s Go Halves” co-payment scheme and “We Travel Together” tourism scheme, have helped stimulate the economy.

The government also issued two loan decrees for 1.5 trillion baht to cover Covid-19 vaccines and treatment as well as to compensate those affected by the lockdown measures. This, Anucha said, has helped people get back on their feet faster and contributed to economic recovery.

Thailand to get 2.3m foreign arrivals per month until March: Official Airlines Guide

Posted on by
Reply

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/thailand/economy/40021474

Thailand to get 2.3m foreign arrivals per month until March: Official Airlines Guide

Thailand to get 2.3m foreign arrivals per month until March: Official Airlines Guide

FRIDAY, OCTOBER 28, 2022

Thailand can expect an average of 2.3 million foreign arrivals per month until March next year, according to the winter flight schedule posted by the Official Airlines Guide (OAG).

The OAG estimates Thailand will see 573,538 international visitors per week over the winter schedule (October 2022-March 2023).

It forecasts that most international passengers landing in Thailand this winter will be from Southeast Asia (211,744 passengers per week), followed by Northeast Asia (175,588 per week), South Asia (66,877 per week), Europe (56,354 per week), and the Middle East (44,990 per week).

OAG’s passenger estimate for the winter season is 74.2 per cent higher than figures for summer, which saw a weekly average of 329,288 arrivals, Tourism Authority of Thailand (TAT) governor Yuthasak Supasorn said on Thursday.

TAT also expects more visitors from distant markets to land in Thailand thanks to new routes, notably Air Austral’s Reunion Island-Bangkok service, which expects to carry around 280 passengers per flight twice a week.

Reunion Island is a French territory in the Indian Ocean with over 800,000 people comprising mainly high-worth seniors and families, said Yuthasak.

Meanwhile, Oman Air will increase its Paris-Muscat-Bangkok service to five flights per week from December 20. Air France will increase flights on its Paris-Bangkok route to five per week from November and then to seven per week from January.

Yuthasak said TAT is in talks with Air Belgium to open a Brussels-Bangkok route next summer. Thai Airways International scrapped its direct service from Belgium to Thailand last month.

Meanwhile, Airports of Thailand (AOT) estimates that traffic at its six international airports will return to 74 per cent of pre-Covid levels in fiscal year 2023 (October 2022-September 2023), with about 665,000 flights. An estimated 96 million passengers will use its Suvarnabhumi, Don Mueang, Phuket, Chiang Mai, Hat Yai and Chiang Rai airports, or 68 per cent of the pre-Covid tally.

Santisuk Klongchaiya, chief executive officer at Thai AirAsia, said the carrier expects domestic flights this year to return to near pre-covid levels. The airline has witnessed increased bookings from international passengers in Asean countries, India, Japan and Bangladesh after travel restrictions were lifted and it opened routes to Fukuoka and Dhaka.

Thai AirAsia hopes to secure its highest turnover in three years by the end of 2022, said the CEO.