How Jubilee Diamond is using personal digital touch to sparkle in economic gloom
TUESDAY, NOVEMBER 22, 2022
Nongluck Ajanapanya
Thailand’s near century-old jewellery brand is celebrating sparkling success after wedding tradition with digitization’s personal touch.
Unyarat Pornprakit, CEO of SET-listed Jubilee Enterprise, the mother company of Thailand’s leading jewellery brand Jubilee Diamond, told a press conference on Monday that data combined with artificial intelligence (AI) is helping the company meet the individual needs of clients.
“It assists our designers and marketing teams in predicting what type of design they prefer or which promotion we should use for each customer segment,” Unyarat explained.
She also highlighted the importance of data digitization, stating that it allowed her brands to respond quickly during crises like the Covid-19 pandemic.
After closing all nationwide stores and counters in 2020, Jubilee launched its online channel within five days.
Currently, data digitalization is sustaining the growth of Jubilee Diamond, Unyarat revealed. The internet is now the main platform for engagement with customers.
“We now know in real time whether or not customers are satisfied with our products and services. If not, we are alerted and can correct it quickly,” she said.
The CEO explained that the personal touch is powered by systematic data collection, which is being expanded via advanced technologies such as artificial intelligence (AI) and Net Promoter Score (NPS), a tool that measures customer satisfaction after using services or products. World-class brands use NPS as a business management standard.
The CEO said the results of the analysis have been very satisfying, especially when used in marketing activities and product development.
For instance, it has driven up repeat purchases among Jubilee Diamond’s membership programme, which currently accounts for 55% of total revenue.
Under advanced data digitalisation, the programme has been rebranded “The Sparkling Club”, offering a whole new level of benefits.
Jubilee Diamond now has a new member base that accounts for 60% of its total 200,000-plus members. The company expects to add 20,000 new customers this year and 30,000 in the following years.
Unyarat also revealed that by the end of this year, Jubilee Diamond will have 130 branches nationwide, with 6-8 new flagship stores and counters opening in 2023.
She dismissed the idea that inflation and looming economic recession would affect her business, stating that diamonds are always in demand and that data digitisation allows her to target market segments accurately and quickly.
“The brand is growing 5-7% per year on average,” she said.
Jubilee Diamond has been innovating in the jewellery trade for more than 93 years, making it the top jewellery company in Thailand. It is also the only diamond jewellery retailer listed on the Stock Exchange of Thailand.
SEC suspends all operations of broker Asia Wealth Securities
TUESDAY, NOVEMBER 22, 2022
The Securities and Exchange Commission (SEC) suspended all operations of brokerage firm Asia Wealth Securities (AWS) after its net capital was recorded at below zero for more than five days.
The company blamed this on the More Return Plc (MORE)’s trading debacle.
The SEC announced on Tuesday that it has also ordered AWS to transfer its clients’ assets to other brokers immediately.
The SEC said AWS’s capital had stayed at below zero since November 14 and it had failed to take proper action as required by the law, like cancelling all advance selling and purchasing orders placed by clients.
The commission also accused AWS of failing to inform its clients and transferring their accounts to other brokers as required by law.
Meanwhile, Asia Wealth Securities explained on its website that its stock broking rights had been suspended on November 18 because it had been hit by default orders to buy MORE shares.
The Anti-Money Laundering Office and police said major shareholder, Apimuk Bamrungwong, and 24 alleged accomplices, had issued a purchase order for 1.5 billion MORE shares in a supposed move to manipulate share prices. However, they defaulted on the payment, causing severe damage to brokers handling the orders.
AWS has apologised for the inconvenience caused and said it always complied with SEC regulations and would try to solve the issue as soon as possible.
AWS clients can call the SEC 1207 hotline and press 7 to file complaints against the broker or they can e-mail info@sec.or.th.
Amlo freezes THB5.3bn in assets of alleged MORE stock manipulator
TUESDAY, NOVEMBER 22, 2022
The Anti-Money Laundering Office (Amlo) has frozen 5.3 billion baht in assets belonging to the fourth-largest shareholder in More Return Plc (MORE) and his associates over suspicion they manipulated the share price.
Amlo said it froze the assets of Apimuk Bamrungwong and 24 other suspects and is seeking legal action against them over alleged money laundering.
The Stock Exchange of Thailand (SET) last week suspended trading in MORE stock at the request of brokers after a major buyer defaulted on payment for 1.5 billion shares worth 4.4 billion baht.
An investigation then found that Apimuk and 24 of his alleged accomplices had lodged purchase orders with their broker to buy 1.5 billion shares at 2.90 baht on November 10 – after the MORE stock closed at 2.79 baht on November 9.
Amlo took action after receiving the Central Investigation Bureau (CIB) report on the deal dated November 20 (Sunday).
The CIB launched its investigation after representatives of 11 security brokerages met with the Economic Crime Suppression Division on Wednesday, seeking a probe of Apimuk and MORE.
According to the SET, irregularities were spotted on November 10 when trading in MORE stocks rose to more than 7.14 billion baht – the highest in both the SET and MAI (Market for Alternative Investment) – while the share value plummeted from 2.9 baht to 1.95 baht, shocking investors.
Amlo said the 25 suspects have no family connection but their purchase orders shared the same Internet Protocol (IP) address as the IP address of Apimuk.
Amlo alleged that Apimuk and his associates did not really intend to buy the MORE shares but were instead manipulating the share price to profit from the margin.
On Monday, the SET removed the suspension on MORE stock trading, which resulted in the price plummeting another 29.93% to close the day at 0.96 baht. Trade volume in the stock on Monday hit 8.5 million baht.
SET president Pakorn Peetathawatchai said the resumption of trading in MORE stock would not affect the system as the SET has anticipated all possible impacts by running a computer simulation. He said the affected brokers would still be able to conduct their business as normal.
How business schools are gearing up to create future global business leaders
TUESDAY, NOVEMBER 22, 2022
Vitaya Saeng-Aroon
Top-notch local and international business schools gathered in Bangkok recently to examine their responsibilities and future in light of growing pressure to create the next generation of business leaders.
Since the focus nowadays is not just on making profits, but also on caring for people and protecting the planet, we wanted to know how they tackled these challenges.
“I don’t think most of them have the answer. In higher education, there are new challenges. Business managers now go back to school, and they need a new skill set to make societal changes,” said Caryn Beck-Dudley, president and CEO of the Association of Advance Collegiate Schools of Business (AACSB) in an interview with The Nation.
While working as dean of the Leavey School of Businessat Santa Clara University as well as the College of Business at Florida State University and the Jon M Huntsman School of Business at Utah State University, Beck-Dudley identified the persistent demands of enterprises and challenges faced by business schools in producing future leaders.
So what qualities should future leaders have to successfully run businesses?
“Historically, they were taught to make profits. That cannot be the goal anymore. They have to make societal impacts as well. Business leaders should have these new skill sets: compassion, empathy, and depolarisation, which is the ability to deal with conflicts,” she said.
In addition, she said, business schools should collaborate more across disciplines. From her experience and observation, business schools are well behind other disciplines like law, engineering, medicine, and architecture in getting connected to industry.
“It has become apparent, following the pandemic, that we are globally connected. The world has difficult and complex problems. To solve these problems, [we] require a whole bunch of people to work in a whole bunch of ways,” she said.
AACSB is a non-profit organisation, providing quality assurance, business education intelligence, and learning and development services to over 1,850 member organisations and more than 950 accredited business schools worldwide. AACSB’s accreditation processes are ISO 9001:2015 certified.
At the annual two-day Asia Pacific Annual Conference, held recently at Samyan Mitrtown in Bangkok, participants were provided with networking opportunities and stages to discuss a variety of topics, ranging from the classroom in the post-Covid era; application of technology and innovation; integrating diversity, equity, inclusion and belonging; and supporting changes in the faculty’s role, both in terms of research and teaching.
Geoff Perry, executive vice president and Chief Officer: Asia Pacific at AACSB International
“The purpose of the conference is to bring together business schools around Asia-Pacific to share and analyse challenges and trends in business education. We also talked about details around credentials. We support networking,” said Geoff Perry, executive vice president, and chief officer for Asia Pacific at AACSB International.
One challenge for business schools is that the pandemic has accelerated online learning. There are growing concerns about how teachers now engage students in learning, he said.
“Business schools should be more ‘purposeful’ to differentiate themselves and that’s what students are looking for. Students tend to have more interest in companies with a bigger purpose,” he said.
In April 2022, the organisation released an insight report titled “Five Forces Driving the Future of Business Education”. The 25-page paper points out how business schools should adjust to the changing landscape of the market’s demand by lining up five areas of development.
1. Commit to a positive societal impact The new generation of learners is rethinking what business education could – and should – be as customers and employees to push businesses into prioritising their purposes.
While many business schools are enmeshed in structures that impede them from increasing societal impact, they are called to generate good change in the communities they serve. The development of the information, abilities and behaviours necessary for future leaders with societal effect will require educators and administrators to think strategically about how they might generate research with impact.
Suggested action: Encourage the faculty to explicitly address societal effects in their research, teaching and outreach in a way that is consistent with your institution’s mission, values, and impact goals by increasing incentives and success indicators.
A session on AACSB: Asia Pacific Annual Conference: Lessons on Hybrid Pedagogy
2. Embed principles of DEIB (diversity, equity, inclusion, and belonging) into organisational culture and strategic planning Business schools should incorporate DEIB into all aspects of their operations, from faculty hiring to programme development to student enrolment, to fostering inclusive and fair work cultures that advance their goals, values and the communities they serve. To improve standards, business schools should encourage DEIB among their students, teachers, and staff, much as corporations seek workplace diversity.
Suggested action: Examine your strategy for enhancing DEIB by identifying shortcomings or potential improvements. Invite your co-workers to do the same, and after getting input from various stakeholders, create a micro-strategic plan to handle DEIB.
3. Evaluate existing partnerships and create new ones to ensure the business school is solution-driven and relevant to the learner and industry needs To maintain objective alignment and market distinction, business schools must evaluate how collaborations will affect every aspect of the institution, from curriculum development and educational delivery to research and outreach programmes.
Successful partnership necessitates a deliberate strategy, such as prioritising cross-disciplinary cooperation to address difficult problems or utilising education technology providers’ experience to enhance educational delivery.
Suggested action: Analyse present alliances critically, making sure they support strategic objectives. Are you in agreement on concrete initiatives or are you just checking boxes? Check the relationship’s worth versus organisational goals to see if the effort is paying off.
A session on AACSB: Asia Pacific Annual Conference: Transforming the Face of Higher Education Through Innovations.
4. Strategically invest in technology that serves diverse learners’ needs and addresses the educational demands of the future All forms of learning are now accepted, and business schools are required to provide for them. Both online and in-person learning will benefit from technological advancements, for example, immersive platforms to increase distance learners’ engagement or AI-enabled tests to measure each learner’s skill attainment specifically. Business schools will need to catch up with developing technologies, such as decentralised finance, or DeFi, in their curricula and learning experiences as the future ushers in a workforce that is driven by technology.
Suggested action: Examine the learners’ experience for chances to produce more individualised and experiential learning. Keep up with industry best practices as the business IT landscape changes and create curricula that support the future workforce. They may use cutting-edge technologies, such as decentralised finance (DeFi), in their curricula and educational activities.
5. Equip faculty for success as their roles expand to meet new expectations The faculty will need to adjust to technology and hybrid models that are essential to the success of their school in addition to taking on new, demanding duties. Faculty now serve as mentors, facilitators, and counsellors in addition to teaching and conducting their own research, which necessitates that business schools support faculty in a variety of ways, enable the sharing of best practices, and recognise creative online teaching initiatives.
Suggested action: Determine whether faculty members in your institution have the essential skills required to achieve the objectives and deliver results by reviewing their portfolios. If not, think about recruiting a more diverse pool of faculty and determine which areas require more support and training to guarantee effective delivery across a range of delivery modalities.
PTTEP agrees to pay Indonesian seaweed farmers $129 million over 2009 oil spill
MONDAY, NOVEMBER 21, 2022
PTT Exploration and Production Plc (PTTEP)’s subsidiary PTTEP Australasia (PTTEPAA) has come to an out-of-court settlement with Indonesian seaweed farmers and will pay US$129 million in compensation.
The oil spill and subsequent slick took place when the Montara wellhead platform in the Timor Sea had a blowout on August 21, 2009. The leak off the northern coast of Western Australia could only be plugged on November 3 that year, making it one of Australia’s worst oil disasters.
The West Atlas rig is owned by the Norwegian-Bermudan Seadrill and operated by PTTEPAA.
Some 13,000 Indonesian seaweed farmers filed a class action lawsuit against PTTEPAA demanding $200 million in compensation and an Australian court ruled in favour of them on March 19 and October 25 last year. PTTEPAA appealed against the verdicts on December 13, 2021, prompting the court to urge both parties to settle their differences in out-of-court negotiations.
PTTEPAA said the group of farmers has agreed to drop its lawsuit and the settlement does not mean PTTEP Australasia is at fault. It added that details of the settlement cannot be released now because it is still being deliberated in court.
Presence of Kim Jong-un’s daughter may not signal change: analysts
TUESDAY, NOVEMBER 22, 2022
Though the unexpected appearance of North Korean leader Kim Jong-un’s daughter raised speculation that she could be a successor in the making, analysts say it would be an unprecedented uphill struggle in the male-dominated dynasty
Each change at the top in North Korea has raised the prospect of a leadership vacuum or collapse of the Kim dynasty, which has ruled the country since its founding in 1948.
Kim Jong-un’s daughter – who was not named in state media – appeared in coverage of a ballistic missile launch on Saturday, watching the firing and holding her father’s hand as he examined the missile. This provided the first official confirmation that Kim has children, and underscored a message that the family is here to stay, analysts said.
However, the unveiling of Kim’s daughter may not be evidence that the reclusive regime is ready for a woman as its future leader, a North Korean defector said.
“In North Korea, gender is still an important [factor] to be a leader. It would have been possible if Chairman Kim Jong-un didn’t have any sons, however, as far as it’s known, he does have sons. Under that circumstance, he can’t disregard his sons and let a girl be a [future] ruler,” said Hyun In-ae, who now works at the Ewha Institute of Unification Studies in Seoul.
“When I was in North Korea, I had a perception that a leader should be a man. In North Korea, it is said that women have equal rights, but women are still seen as supporting figures for men. Marking Mother’s Day on November 16, the North published an editorial. It says a mother’s role is to raise children well and make them contribute to the country,” Hyun added.
Even so, some analysts said gender may not disqualify a daughter or other women from taking on the reins, despite North Korea’s deeply patriarchal society. Kim has elevated several women to powerful positions, including his sister Yo Jong, and Choe Son Hui, the country’s first female foreign minister.
“The fact that Kim Jong-un came out with one of his three children suggests that he has the daughter in mind as a successor to his nuclear weapons-enhancing rhetoric for the future,” said Cheong Seong-chang, director of the Sejong Institute’s North Korean Studies Centre.
“Since he’s come to power, he has appeared in public with Ri Sol Ju, like the other leaders of the West. He is showing a fairly gender-equal image. So I think being a woman would not be a particular disadvantage to be made a successor for Kim,” Cheong added.
Yet, other analysts cautioned that it is far too early to tell whether she is a successor or simply a symbol used to assure citizens that nuclear weapons would protect children and be “monuments to be passed down to our descendants for generations”, as state media reported.
“If we focus too much on her, we would forget the essential parts, such as the impact of North Korea’s Hwasong-17 on the international community. Only his daughter is being highlighted now. So I think we need to be a little cautious so that we don’t get distracted by the daughter’s appearance and see her as everything about the North Korean regime,” said Prof Kim Yong-hyun at Dongguk University of North Korean Studies in Seoul.
World Cup fans ‘freeze’ in Qatar’s frigid stadiums
TUESDAY, NOVEMBER 22, 2022
Fans attending World Cup matches for the thrills and chills were surprised to find they were getting a bit too much of the latter.
Qatar’s high heat is of the biggest challenges to overcome as it stages the first-ever World Cup held in the Middle East.
Though air-conditioning systems were installed in most of the stadiums to make it more bearable for fans to watch the action, they were instead bundling up to keep warm.
Some wore long-sleeved shirts or jackets, while others wrapped themselves with the national flag they brought with them.
“I put on a jacket during the first half of the game,” said a Japanese fan who wore a short-sleeved shirt and shorts to the match at Al Bayt Stadium.
“I’ll wear long sleeves and long pants at the next game.”
His seat was next to a vent blowing cold air at his feet.
“A supporter from Ghana sitting in front of me also said it was cold,” another fan said
An array of products made in China, from stadiums and souvenirs to new energy vehicles was unveiled on the global stage, with the 2022 FIFA World Cup kicking off on Sunday in Qatar, marking another year of Chinese brands marching massively in the feast of football competition.
Chinese Ambassador to Qatar Zhou Jian highlighted China’s contribution to the Qatar World Cup. “Chinese elements are extremely prominent,” he said, “The Lusail Stadium has become an iconic landmark in the World Cup. From infrastructure to telecommunications, from 1,500 new energy buses to solar power plants, from match supplies to souvenirs, ‘made in China’ can be found everywhere in Qatar.”
Chinese companies are providing more sponsorship revenue, than enterprises from any other country at the 2022 World Cup, with $1.4 billion compared with $1.1 billion from the United States firms, according to London information services firm GlobalData.
Lusail Stadium, constructed in cooperation by Qatar and the China Railway Construction Corp, is the main venue of this year’s World Cup, where 10 matches will be hosted, including the final on Dec 18.
FIFA World Cup Qatar 2022 mascot products are displayed at a gift shop at the Qatar National Museum in Doha, Qatar, Nov 13, 2022. (NIKKU / XINHUA)
The host nation spent over $200 billion over 12 years building roads, hotels, stadiums and soccer facilities. Shaped like a date palm bowl and an enamel lantern, the gleaming Lusail Stadium with its 80,000 capacity, is one of eight lavish stadiums.
It is the first time a Chinese company has built a World Cup venue, and the Lusail Stadium is featured on the new 10-riyal ($2.75) banknote of Qatar.
Chinese major phone maker Vivo is the official smartphone of the 2022 World Cup, as well as the only mobile device that is an event sponsor.
Dongguan Wagon Giftware in Guangdong province has obtained authorization for global distribution and manufacturing of official commodities at FIFA World Cups for the past 28 years, including this year’s trophy replicas.
The official mascot of the FIFA World Cup Qatar 2022, La’eeb, an Arabic word meaning super-skilled player, was also made in Dongguan.
Data from online marketplace AliExpress involving global trade showed that sales of Chinese-produced flags and soccer shoes skyrocketed by 300 % and 200 %, respectively, in November, from a month earlier, while the sales of Chinese-made table soccer machines soared by 120 % month-on-month in November.
Ma Xiang, who is in charge of World Cup sales at AliExpress, said the platform has stocked about 10 million items for this year’s World Cup.
Photo taken on Sept 9, 2022 shows the interior view of the Lusail stadium, the main stadium of FIFA World Cup 2022, on the outskirts of Doha, Qatar. (NIKKU / XINHUA)
Besides, two giant pandas from China arrived in Qatar on Wednesday ahead of the 2022 World Cup. These “Chinese elements have deepened the friendship between the people of China and Qatar, consolidated the cooperation foundation between the two countries, and injected a strong impetus to the development of bilateral relations,” Ambassador Zhou said.
More than 160 dead, hundreds injured after 5.6 earthquake hits Indonesia
TUESDAY, NOVEMBER 22, 2022
A 5.6-magnitude shallow quake rattled Indonesia’s West Java on Monday, sending tremors as far as Jakarta and killing dozens of people, injuring hundreds of others and damaging scores of buildings.
Strong tremors lasting 10 to 15 seconds saw panicky people fleeing their homes in West Java’s Cianjur regency, just 10km away from the epicentre of the land quake that struck at 1.21pm local time.
West Java Governor Ridwan Kamil said the death toll has risen to 162 and there were more than 13,000 people displaced. Indonesia’s Disaster Management Agency (BNPB) said on Monday night that 25 people were still trapped under the rubble of collapsed buildings.
Earlier, Cianjur Regent Herman Suherman said 40 children were among the dead, while at least 700 were injured, many of them suffering broken bones from falling rubble.
More than 2,270 houses were damaged, as well as a boarding school, a hospital and three educational facilities.
Landslides after the quake left a number of cars buried and blocked off cross-provincial roads in Cianjur regency. Electricity was cut off in several areas.
“Many roads are cut off such that cars and motorbikes cannot pass. Village heads in Cianjur reported that they needed heavy equipment to clear debris from damaged buildings and landslides,” said Herman.
Television footage showed people and children panicking as they poured onto the streets, some crying and bleeding from head injuries. Victims were seen being treated at the Dr Hafiz Hospital’s carpark in Cianjur.
Cianjur resident Jajang, 51, who like many Indonesians goes by a single name, told Kompas.com that he was at a car repair shop when the quake struck. He managed to escape just as the walls started to crumble.
“Without warning, I felt the building shake a little and start to collapse,” he said. “I rode a motorbike to the health centre, with my face totally covered in blood.”
Resident Ai Rohmah, 47, told the same news portal that she was trapped in her house by a refrigerator and falling bricks, and had to be rescued by her neighbours.
Major General Suharyanto, head of BNPB, told the media earlier: “We are continuing to update figures and the number of victims are expected to rise.”
Some areas in Cianjur remained isolated due to landslides.
Aftershocks were also felt in the surrounding West Java regencies including Sukabumi, Bogor and Bandung, and in the capital Jakarta about 100km north. Lower-intensity tremors were still being felt on the ground on Monday night, the authorities said.
Indonesia sits on the geologically active Pacific Ring of Fire and is regularly hit by earthquakes.
Geoff Perry, executive vice president and Chief Officer: Asia Pacific at AACSB International
A session on AACSB: Asia Pacific Annual Conference: Lessons on Hybrid Pedagogy
A session on AACSB: Asia Pacific Annual Conference: Transforming the Face of Higher Education Through Innovations.
FIFA World Cup Qatar 2022 mascot products are displayed at a gift shop at the Qatar National Museum in Doha, Qatar, Nov 13, 2022. (NIKKU / XINHUA)
Photo taken on Sept 9, 2022 shows the interior view of the Lusail stadium, the main stadium of FIFA World Cup 2022, on the outskirts of Doha, Qatar. (NIKKU / XINHUA)
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