Fitch slashes assessment for banking sector to neutral
Fitch slashes assessment for banking sector to neutralFitch Ratings has downgraded the outlook for the Thai banking sector to neutral from improving, citing a subdued pace of economic recovery that is likely to constrain earnings growth. The Thai banking system's operating profit to risk-weighted assets ratio increased to 1.9% in 2023 from a pandemic low of 1.2% in 2020, driven by rising interest rates and reduced credit costs. Hence, rating downside would depend on changes in our assessment of extraordinary support prospects," said Fitch Ratings. Fitch expects Thai banking groups to increasingly seek other business opportunities, such as in non-bank financial institutions or overseas expansion, which could impact their risk profiles. Thai banks have been bolstering their defences in anticipation of a likely rise in non-performing loans.
Source:Bangkok Post
June 21, 2024 11:02 UTC
Alibaba rumoured to dump Lazada
Lazada Thailand posted a profit for a third consecutive year in 2023. Lazada Thailand reached profitability in 2021, tallying 226 million baht after operating for a decade and posting a loss of 3.9 billion baht in 2020. In 2022, Shopee Thailand recorded a profit of 2.3 billion baht, compared with a loss of 4.9 billion baht in 2021. In 2023, TikTok Shop (Thailand) reported a loss of 290,000 baht and assets of 5 million baht, with registered capital of 50 million baht. However, Shopee Thailand has a higher profit than Lazada Thailand, as the former restructured its operations in early 2023.
Source:Bangkok Post
June 20, 2024 14:13 UTC
Thai LGBT community celebrates marriage equality bill
People from the LGBTQ community gathered in Bangkok on Tuesday (June 18) to celebrate the passing of a marriage equality law. Waaddao Chumaporn, a member of the Civil Society Commission, said it was a "relief" that the community can now use the new law in their lives.
Source:Bangkok Post
June 19, 2024 15:42 UTC
Friend mourns death of US tourist amid high temperatures in Greece
Christos Katechis, the friend of a U.S. tourist who was found dead in Greece amid high temperatures, said the man "came to Mathraki only because we had told him that it was very quiet, calm." Police on Monday (June 17) said a 55-year old man from the United States was found dead on Sunday on a remote beach, the third tourist death in a week.
Source:Bangkok Post
June 19, 2024 15:42 UTC
PTTGC to turn Thailand into petrochemicals hub
PTTGC to turn Thailand into petrochemicals hubPTT Global Chemical (PTTGC), the largest petrochemical producer in Thailand by capacity, aims to jump-start a downbeat industry by transforming the country into a high-value speciality petrochemical production hub in Southeast Asia. To develop as a regional speciality petrochemical hub, PTTGC will produce more high-value products from a manufacturing process with low carbon dioxide emissions, said Narongsak Jivakanun, the company's new chief executive. Allnex and Natureworks will help PTTGC develop high-value petrochemical products in the industrial coating and PLA categories, said Mr Narongsak. PTTGC plans to use Allnex's technical know-how to develop its petrochemical factory in the Map Ta Phut area. Plants in Map Ta Phut and Nakhon Sawan will play a key role in helping Thailand become a speciality petrochemical production hub.
Source:Bangkok Post
June 19, 2024 11:38 UTC
China's next-gen sexbots powered by AI to hit the shelves
BEIJING - Chinese scientists and engineers are applying ChatGPT-like technology to sex robots, aiming to create interactive, artificial intelligence (AI)-powered companions in the face of technical and ethical challenges. In Shenzhen, Starpery Technology, a major producer of sex dolls, is now training its own large language model to enhance its product with AI. These sex dolls with unprecedented capabilities - available in male or female forms - will soon be hitting the shelves. (Photo: Reuters)In the past year, large language models have significantly advanced various sectors, notably transforming the humanoid robot industry. AI-driven sex robots could blur ethical boundaries and reinforce harmful attitudes regarding consent and negative gender stereotypes.
Source:Bangkok Post
June 18, 2024 18:07 UTC
Maritime route to link Trat islands with Cambodia, Vietnam
Maritime route to link Trat islands with Cambodia, VietnamLong beaches are seen during low tide on Koh Mak in Trat province. (File photo: Karnjana Karnjanatawe)Thailand, Cambodia and Vietnam are looking to join hands to establish a maritime route that links the islands near Trat province with Cambodia’s Sihanoukville province and Vietnam’s Kiên Giang. “The maritime route will not only function as a modern-day economic route, but it will also be a charming tourism route, with beautiful nature and culture along the way,” Mr Chamnan said. The meeting, he said, developed a plan to boost tourism and the Mice industry on the maritime route to make more progress on the initiative. Wiyada Suang, vice president of the Tourism Council of Trat province, said the maritime tourism route will open during this year’s high season in November.
Source:Bangkok Post
June 16, 2024 16:02 UTC
New highly-transmissible Covid strain will elude vaccines: expert
(Photo: Chanat Kantanyu)The KP.2 strain of Covid-19 will become dominant in Thailand, according to a renowned virologist. Prof Yong Poovorawan at the Center of Excellence in Clinical Virology at Chulalongkorn University wrote on Facebook on Saturday that the KP.2 strain was spreading and replacing JN.1 as the dominant strain in the country. Since existing vaccines were developed from the XBB.1.5 strain, the World Health Organization recommended new vaccines to be developed to cope with JN.1. Available vaccines for the XBB.1.5 strain were less effective with JN.1, and less effective still with KP.2, he wrote. It is difficult to produce vaccines that match a presently dominant strain, Prof Yong wrote.
Source:Bangkok Post
June 16, 2024 11:49 UTC
New minister lays out foreign policy
Maris: Focus on mutual peaceMaris Sangiampongsa, the newly appointed Minister of Foreign Affairs, has emphasised Thailand's role in ensuring peaceful dialogue to help solve the conflict in Myanmar. At the gathering, Mr Maris shared his vision of Thailand's foreign policy under the topic of "Ignite Thailand, Re-ignite Thai Diplomacy". "Our foreign policy on neighbouring countries should focus on mutual peace, which would create a collaborative effort to seek mutual benefits," he added. Additionally, he said Thailand will also focus on an initiative called "Six Countries, One Destination", to bring neighbouring countries to work together on tourism. As such, Thailand can use its soft power policy to create integration and creativity in its tourism promotion efforts with neighbouring countries, which could help keep peace and maintain good relationships.
Source:Bangkok Post
June 16, 2024 06:13 UTC
The sameness of the Modi 3.0 govt is a mirage
The sameness of the Modi 3.0 govt is a mirageThe new cabinet of Indian Prime Minister Narendra Modi is much the same as his old. It may also pave the way to new leadership within the world's largest political party. The hype around Mr Modi's "Gujarat Model" of development, which had propelled the prime minister to power in 2014, is long over. Even if television anchors don't tire of promoting Mr Modi's personality cult, media owners will. That became clear with Gautam Adani and Mukesh Ambani, the two Asian centi-billionaires, attending Mr Modi's swearing-in ceremony.
Source:Bangkok Post
June 15, 2024 15:21 UTC
Bdap's arrest a litmus test
Bdap's arrest a litmus testAs Thailand vies for a seat on the UN Human Rights Council (HRC) for the 2025-2027 term -- something the previous Prayut government failed to do -- the arrest of Y Quynh Bdap, a Vietnamese political activist with UN refugee status, will serve as a litmus test for Thailand's human rights standards. Despite living in Thailand, Bdap was accused of organising anti-government riots in Vietnam's central highlands province of Dak Lak last June -- a charge Bdap has sternly denied. After the arrest, Thailand's National Human Rights Commission issued an official statement on Thursday expressing great concern about his safety and whether he would be extradited. The arrest of political refugees like Bdap shows that the United Nations' refugee status card offers refugees little protection in Thailand. In recent years, political refugees have been apprehended and sent back to face justice in their own countries.
Source:Bangkok Post
June 15, 2024 11:15 UTC
New PTT CEO to review expansion strategies
Some non-core activities to come under microscope as competitive landscape is changing fastKongkrapan Intarajang, the former head of PTT Global Chemical, succeeded Auttapol Rerkpiboon as the president and CEO of PTT Plc last month. The new president and CEO of PTT Plc, Kongkrapan Intarajang, says he plans to review the business expansion strategy of the national oil and gas conglomerate to ensure it can take advantage of rapid changes in the global market. Mr Kongkrapan, who previously served as chief executive of PTT Global Chemical, said the global market for many sectors has changed in many dimensions. The petrochemical sector, Mr Kongkrapan noted, was already on a down cycle during the post-Covid period but the outlook has worsened because of additional oversupply from China. Carbon capture storage systems and hydrogen fuel could become part of the company’s arsenal as it strives to reduce emissions, said Mr Kongkrapan, who succeeded Auttapol Rerkpiboon as the leader of PTT last month.
Source:Bangkok Post
June 14, 2024 23:14 UTC
1,200 workers bound for Israel
1,200 workers bound for IsraelThe Department of Employment will send 1,200 Thai workers to Israel after it was given a quota to send 5,000 agricultural workers to the Middle Eastern country in the second half of the year. Department director-general Somchai Morakotsriwan yesterday announced the decision to lift the moratorium on sending Thai workers to Israel due to the ongoing conflict there. As of yesterday, 30,186 Thai workers have expressed their interest to work in Israel, with 25,585 currently awaiting placement under the Thailand-Israel Cooperation (TIC) agreement on the placement of workers. The first group to depart will comprise 1,200 workers who were supposed to leave for Israel late last year. Recruitment agencies sending workers to Israel will also be briefed on safety protocols, he said.
Source:Bangkok Post
June 14, 2024 11:00 UTC
Russia practised electronic missile launches during nuclear drills
Russia practised electronic missile launches during nuclear drillsUkrainian publisher and businessman Sergii Polituchyi shows one of craters next to his printing house, which appeared after a Russian missile strike, amid Russia's attack on Ukraine, in Kharkiv, Ukraine, on May 26, 2024. MOSCOW - Russia practised the electronic launch of missiles as part of a second stage of drills on how to deploy tactical nuclear weapons, the defence ministry said. "As part of the second stage of the exercises of non-strategic nuclear forces, the personnel of a Leningrad Military District missile unit worked out combat training tasks for covertly advancing to the designated positional area and carried out electronic missile launches against conditional enemy targets," the ministry said. President Vladimir Putin ordered the drills after what Russia said were threats from the West, including signals from Western officials that they would allow Ukraine to strike deep into Russia with Western weapons. Video released by the defence ministry showed Russian sailors focusing on a dummy target and then counting down to launch, including pressing the "launch" button.
Source:Bangkok Post
June 13, 2024 18:56 UTC