27.7 C
Bangkok
Friday, June 26, 2026
Home Blog Page 894

Adidas Earnings Take Beating on Breakup With Ye, China Slump

Bjoern Gulden, CEO of sporting goods manufacturer adidas AG, right, and CFO Harm Ohlmeyer hold the official match ball "OCEAUNZ" of the Women's World Cup in Australia and New Zealand 2023 in his hands on the sidelines of the company's annual press conference in Herzogenaurach, Germany, Wednesday, March 8, 2023. (Daniel Karmann/dpa via AP)

FRANKFURT, Germany (AP) — Adidas’ breakup with the rapper formerly known as Kanye West and the inability to sell his popular Yeezy line of shoes helped batter earnings at the end of last year, leading to a net loss of 513 million euros ($540 million).

The fourth-quarter loss, also attributed to higher supply costs and slumping revenue in China, contrasts with a profit of 213 million euros in the same period a year ago, the German shoe and sportswear maker said Wednesday.

More losses could be ahead as the company forecast a 500 million-euro hit to earnings this year if it decides not to repurpose the remaining Yeezy products it has in stock. The company is predicting a 2023 operating loss of 700 million euros.

AP23067382700170
FILE – Kanye West, known as Ye, watches the first half of an NBA basketball game between the Washington Wizards and the Los Angeles Lakers in Los Angeles, on March 11, 2022.(AP Photo/Ashley Landis, File)

Adidas split with Ye in October following the rapper’s antisemitic remarks on social media and in interviews, facing pressure along with other brands to end ties. The company is now grappling to find ways to replace its banner Yeezy line, which analysts have said amounted to as much as 15% of its net income.

CEO Bjorn Gulden said in a statement that 2023 would be “a transition year” and “we can then start to build a profitable business again in 2024.”

Fourth-quarter net sales were up a bare 1.3% at 5.21 billion euros from the same quarter a year ago, held back by around 600 million euros in lost revenue by the decision to halt the partnership with Ye.

AP23067356152048
Bjoern Gulden, CEO of sporting goods manufacturer adidas AG, holds the official match ball “OCEAUNZ” of the Women’s World Cup in Australia and New Zealand 2023 in his hands on the sidelines of the company’s annual press conference in Herzogenaurach, Germany, Wednesday, March 8, 2023. (Daniel Karmann/dpa via AP)

The company also cited a revenue drop in China of about 50% and higher costs for supplies and shipping, which could not be offset by higher prices.

For the full year, the Herzogenaurach, Germany-based company said it made net profit of 638 million euros on sales that rose 6%, to 22.5 billion euros.

The company also said it would be replacing its top sales and marketing executives. Global sales head Roland Auschel will leave the company after 33 years and be succeeded by Arthur Hoeld, now head of the Europe, Middle East and Africa region.

Brian Grevy, head of global brands, will step down March 31. CEO Gulden will take responsibility for his product and marketing activities.

AP23067357970172
FILE – Boxes containing Yeezy shoes made by Adidas are seen at Laced Up, a sneaker resale store, in Paramus, N.J., Tuesday, Oct. 25, 2022.  (AP Photo/Seth Wenig, File)

 

Advertisement

AIS and partners build resilient Digital Economy

AIS and partners build resilient Digital Economy Collaboration with Humanica, Conicle and THAICOM builds Ecosystem for the younger generation Launch of Digital Talent | The Masters to identify the true tech wizards

Growing the country’s technological capabilities successfully is down to the irreducible core of “people” who can focus on targets and deliver them. However, nowadays, recruiting the best talent in the digital space requires ecosystem partners who share our vision.

AIS has teamed up with three partners- Humanica, Conicle and THAICOM, to launch Digital Talent | The Masters with the goal of becoming a digital talent hub. This should be a source of opportunity to the younger generation who wish to make progress in their digital careers.

Talented individuals with digital tech competencies can choose to work with four leading companies in a variety of occupations such as AI, Blockchain, Data Analytic, Data Engineering, Data Scientist, UX / UI Designer, Cyber Security, Back-end Developer, Front-end Developer, Mobile Developer, System Analyst & Design

image3 10

Miss Kantima Lerlertyuttitham, Group Chief Human Resources Officer, AIS and InTouch, said, “AIS is highly confident that this cooperation will be a strengthening of society under the concept of building Ecosystems which are consistent with AIS’s operating goals. It is urgent for us to level up our tech infrastructure and promote resilience in the digital economy. We will build capabilities for our companies, society and the economy. The demand for digitally-skilled operatives is not limited to IT or any specific company. Every career type is involved at every level.

In Digital Talent | The Masters, AIS is cooperating with three other companies – Humanica, Conicle and THAICOM. Each of these companies has different outstanding business attributes. The attraction for this event is additional opportunities for talent to choose a company which they admire and embark on a career in their chosen path, so they can truly demonstrate their professional potential.”

Soontorn Dentham, Chief Executive Officer of Humanica Public Company Limited commented, “This project is a cooperation between four leading companies. Despite differences in business model, scale and corporate structure, all of us give priority to innovation. We all have the opportunity to grow together.

With our cooperation in this project to attract the best talent to our businesses, and giving young people opportunities to get to know us, we hope we will stimulate their interest to work with one of the companies at the event. I believe that people have different skill sets and preferences.

Some people like the security of working with large company such as AIS, and some would rather work at a midsized enterprise like Humanica, who nevertheless want to create world breaking innovations. Still others may prefer a startup like Conicle. Some may like THAICOM, a burgeoning and transforming Space Tech Company. Therefore, applicants to the program do not just have just us to choose from.

They have opportunities to hear about preferences to work with whatever team or company, because every company has a structure and is attractive for different reasons. It is another reason why this program is unprecedented. It will be attractive to people looking for good jobs, because they can choose from a number of companies who are similar in their tech focus. We are all modern companies giving opportunities for everybody to grow in businesses at a variety of scales.”

image2 10

Nakorn Phuekphiphatmet, Chief Executive Officer-Conicle, noted, “Conicle is a leader in solutions and developing platforms for companies that we call “Learning Experience Solutions”. We see that it is crucial to establish a Digital Talent Hub in Thailand in cooperation with our partners at this Digital Talent | The Masters. We are providing opportunities to talent who are seeking out challenges to display their capabilities and become part of Conicle, a Thai startup.

We are the younger generation who is passionate about working hard to level up Thailand into a new labour market, informed by know-how and innovation. People can develop their potential and grow in a startup working culture. We give opportunities to talent to learn and develop for themselves, and become “The Masters” for real.”

image5 4

Sanpetch Sanpasiri, Vice President-Human Resources & General Administration, Thaicom Public Company Limited said, “Thaicom is on a path to become the top Space Tech Company in Thailand and the region. We are always on the lookout for digital talent with the passion to develop space technology solutions and platforms which benefit the Thai people. The New Space economy provides opportunities to all businesses. I’d like to invite all digital talent with an interest in becoming part of space tech innovation which will improve quality of life for the whole nation of Thailand.”

image4 4

“Digital Talent | The Masters” is a recruiting program giving opportunities to younger people with the attributes and potential necessary for careers in digital tech such as AI, Blockchain, Data Analytic, Data Engineering, Data Scientist, UX / UI Designer, Cyber Security, Back-End Developer, Front-End Developer, Mobile Developer, System Analyst & Design. They should be people seeking new challenges in becoming part of creating technology and providing digital services to promote growth of the digital economy.

They will also contribute to development of resilient tech infrastructure to give the country extra capabilities, through working with any one of these four leading organizations, either AIS or its partners Humanica, Conicle or THAICOM. For more details and to apply from today onward see

https://event.aisacademy.com/digitaltalent-themasters 

Advertisement

MWC2023 AIS and ZTE Co-announce The World’s First Eyewear-free 3D Tablet Using AI Technology, and Sign A Memorandum of Understanding

Barcelona, Spain – Feb 28, 2023 – ZTE Corporation (0763.HK / 000063.SZ) , global leading integrated communication information solution provider, has partnered with AIS,Thailand’s largest mobile carrier,to jointly announce the world’s first AI-powered 3D tablet – the nubia Pad 3D , at the 2023 MWC World Mobile Communications Exhibition. This innovative device features embedded technology that enables fully eyewear-free immersive 3D calling, streaming, and gaming experiences, as well as content sharing and creation applications. 

At MWC2023, the two parties signed a memorandum of understanding: AIS and ZTE agreed on a comprehensive strategic partnership to further enhance the cooperation in innovative products for the benefits of each other’s product ecosystem. ZTE will work with AIS to maintain its continuous technological leadership in Thailand, and AIS will ensure ZTE’s market position as the key digital economic valuable partner of AIS in Thailand, and jointly promote the development of Thailand’s communication industry.

image4 3

Pratthana Leelapanang, Chief Consumer Business Officer of AIS , indicates ” As a Digital Life Service Provider with the most 5G spectrum in Thailand, our obligation is to deliver excellent digital experience over both Mobile and Home Broadband (100% Fiber) to the Thai public. Working with ZTE as a strategic partner on both networks and devices is a clear fulfillment of this policy.”

“ZTE is actively expanding the layout of multi-ecological scenarios, and working together with AIS to bring innovative technology products with high-quality experience to more users worldwide. With the new 3D technology, users can eyewear-free enjoy a rich, natural 3D experience.” Said Fei Ni, Senior Vice President of ZTE Corporation and CEO of Nubia.

image3 9

Rich in science and technology,the nubia Pad 3D, jointly developed by ZTE and the world leading eyewear-free 3D developer Leia Inc., is equipped with the unique 3D display technology of Leia and tremendous AI computing power to adapt various 3D application scenarios, realising AI Face-Tracking, which can match a perfect view (8 views lightfield in maximum) in real time, real-time AI-based 2D to 3D content conversion, AI-powered 3D content shot by front or rear cameras, also compatible with the popular AI 3D applications for artistic creation. It is equipped with a 12.4-inch 2.5K screen and four symmetrical Dolby surround sound speakers, offering an immersive audio and visual experience. With the world’s largest 3D content ecosystem, it allows users to seamlessly enjoy the world’s first 3D augmented video chat, 3D private theatre, immersive 3D games and other scenarios. With the Snapdragon 8 series chipset, nubia Pad 3D is quite outstanding in performance and offers upgraded user experience in all dimensions with the 9070mAh battery and 33W fast charger.

image6 2

This product will be officially launched in Thailand this Q2 through AIS online channel.

Previously, AIS has worked with ZTE on multiple projects. In March 2022, ZTE and AIS worked together with Qualcomm to complete the world’s first 5G mmWave dual connectivity test (NR-DC) based on sub-6G and high-frequency 26GHz. In June 2022, the two parties signed a strategic cooperation agreement to build Thailand’s first high-level 5G network. The signing of this strategic cooperation marks a new breakthrough for AIS and ZTE in the field of innovative consumer electronics products. ZTE and AIS will cooperate deeply in both 2B and 2C fields, including 5G network construction, 5G industry application expansion, and consumer eco-product innovation, to promote the development of digital economy in Thailand.

image5 3

image1 10

Advertisement

Queen’s Cup Pink Polo 2023 is back!!

For the 14th consecutive year, the Queen’s Cup Pink Polo, an annual charity event aimed at raising funds for the Queen Sirikit Centre for Breast Cancer Foundation, will once again be held at the Thai Polo & Equestrian Club in Pattaya, on Saturday 11 March 2023.

Hosted by B.Grimm, the longest-established company with a tradition of 145 years of doing business with compassion, the event attracts professional polo players from around the world and promises to be a thrilling experience for both polo enthusiasts and supporters of breast cancer research. Spectators will be treated to exciting matches, as well as a host of entertainment activities, food and drinks, a horseback fashion show, and a show jumping competition.

image3 8

Nunthinee Tanner, vice president of Thailand Equestrian Federation, the first lady polo player in Thailand who initiated the Pink Polo in Thailand, said that, “breast cancer is the number one cause of death of Thai women, and the casualty keeps increasing. A lot of breast cancer patients struggle with this illness without help or support, while many lack funding for treatment and spend their lives without home or caretakers.

The charity Queen’s Cup Pink Polo that has been held for the past 14 consecutive years plays a crucial role in providing support for breast cancer patients through The Queen Sirikit Centre for Breast Cancer Foundation. We truly hope that with this all-female polo tournament, polo will be recognized and known more widely to the public and that women can come together to play sport and support a good cause.” 

image2 8

The Queen’s Cup Pink Polo has become a highly anticipated event in Thailand’s social calendar and is known for its glamourous atmosphere and charitable cause. The tradition of Stomping Divots commenced to smoothen the grassy pitch and erase the horses’ footprint. The stomping was also delightfully joined by female spectators of all ages.

For more information and reservation on the Princess Pa’s Cup Beach Polo Hua Hin please visit www.thai-polo-club.com or email [email protected].  

Advertisement

Chinese Minister Warns of Conflict Unless US Changes Course

Chinese Foreign Minister Qin Gang looks on during a press conference held on the sidelines of the annual meeting of China's National People's Congress (NPC) in Beijing, Tuesday, March 7, 2023. Photo: Mark Schiefelbein / AP
Chinese Foreign Minister Qin Gang looks on during a press conference held on the sidelines of the annual meeting of China's National People's Congress (NPC) in Beijing, Tuesday, March 7, 2023. Photo: Mark Schiefelbein / AP

BEIJING (AP) — China’s foreign minister has warned Washington of “conflict and confrontation” if it fails to change course in relations with Beijing, striking a combative tone amid conflicts over Taiwan, COVID-19 and Russia’s invasion of Ukraine.

Qin Gang’s language appeared to defy hopes China’s might abandon confrontational “wolf warrior” rhetoric. It followed an accusation by Chinese leader Xi Jinping that Western governments led by the United States were trying to encircle and suppress China.

Washington’s China policy has “entirely deviated from the rational and sound track,” Qin said at a news conference Tuesday during annual meeting of China’s ceremonial legislature.

China’s relations with Washington and Japan, India and other Asian neighbors have soured as Xi’s government has pursued assertive policies abroad.

“If the United States does not hit the brake, but continues to speed down the wrong path, no amount of guardrails can prevent derailing and there surely will be conflict and confrontation,” Qin said in his first news conference since taking up his post last year. “Such competition is a reckless gamble, with the stakes being the fundamental interests of the two peoples and even the future of humanity.”

On Monday, Xi accused Washington of hurting China’s development.

“Western countries led by the United States have implemented all-round containment, encirclement and suppression of China, which has brought unprecedented grave challenges to our nation’s development,” Xi was quoted as saying by the official Xinhua News Agency.

In the face of that, China must “remain calm, maintain concentration, strive for progress while maintaining stability, take active actions, unite as one and dare to fight,” he said.

A State Department spokesman, Ned Price, said Washington wants to “coexist responsibly” in a global trade and political system and denied the U.S. government wants to suppress China.

“This is not about containing China. This is not about suppressing China. This is not about holding China back,” Price said in Washington. “We want to have that constructive competition that is fair” and “doesn’t veer into that conflict.”

U.S. officials are increasingly worried about China’s goals and the possibility of war over Taiwan, the self-ruled island democracy claimed by Beijing as part of its territory. Many in Washington have called for the U.S. government to make a bigger effort to counter Chinese influence abroad.

Concerns about Chinese spying on the U.S. and Beijing’s influence campaigns there have drawn particular concern.

U.S. Secretary of State Antony Blinken canceled a planned visit to Beijing after Washington shot down a Chinese balloon suspected of being used for spying on U.S. territory. Its electronics and optical equipment are being analyzed by the FBI.

Then last week, Beijing reacted with indignation when U.S. officials raised the issue again of whether the COVID-19 outbreak that first was detected in southern China in late 2019 began with a leak from a Chinese laboratory. The Ministry of Foreign Affairs accused the U.S. of “politicizing the issue” in an attempt to discredit China.

The two countries have traded angry words over Taiwan as Xi’s government tried to intimidate the island by firing missiles into the sea and flying fighter planes nearby.

Qin was ambassador to Washington until last year and in a previous stint as Ministry of Foreign Affairs spokesman was known for cutting condemnation of foreign critics.

On Tuesday, he criticized Washington for shooting down the balloon. He repeated claims that its appearance in U.S. skies was an accident.

“In this case the United States’ perception and views of China are seriously distorted. It regards China as its primary rival and the most consequential geopolitical challenge,” Qin said. “This is like the first button in a shirt being put wrong and the result is that the U.S.-China policy has entirely deviated from the rational and sound track.”

Qin called Taiwan the first “red line” that must not be crossed.

China and Taiwan split in 1949 after a civil war. The mainland’s Communist Party says the island is obliged to unite with China, by force if necessary.

Washington doesn’t public support either unification or formal independence for Taiwan but is obligated by federal law to see that the island has the means to defend itself.

“The U.S. has unshakable responsibility for causing the Taiwan question,” Qin said.

He accused the U.S. government of “disrespecting China’s sovereignty and territorial integrity,” by offering the island political backing and furnishing it with weapons in response to Beijing’s threat to use force to bring it under Chinese control.

“Why does the U.S. ask China not to provide weapons to Russia, while it keeps selling arms to Taiwan?” Qin asked.

In Taipei, Taiwan’s defense minister said the armed forces weren’t seeking outright conflict with China’s military, but nor would they back away in the event of Chinese aircraft or ships entering Taiwanese coastal seas or airspace.

“It is the nation’s armed forces’ duty to mount an appropriate response,” Chiu Kuo-cheng told legislators.

Beijing has also accused the West of “fanning the flames” by providing Ukraine with weaponry to fend off the Russian invasion. China says it is neutral but said before the invasion that it had a )“no-limits friendship” with Russia. It has refused to criticize Moscow’s attack or to call it an invasion.

Chinese call for a cease-fire in Ukraine that has drawn praise from Russia but dismissals from the West has done nothing to lessen tensions. U.S. officials accuse China of considering providing weapons to Moscow for use in the war.

“Efforts for peace talks have been repeatedly undermined. There seems to be an invisible hand pushing for the protraction and escalation of the conflict and using the Ukraine crisis to serve a certain geopolitical agenda,” Qin said.

The annual meeting of the National People’s Congress is due to endorse the appointment of a new premier and government chosen by the Communist Party in a once-a-decade change.

The meeting also is expected to name Xi to a third term in the ceremonial post of Chinese president after he broke with tradition and awarded himself a third five-year term as ruling party leader in October, possibly preparing to make himself leader for life.

Advertisement

Georgians Protest Against Draft Law on Media, Nonprofits

The police fire water cannon at protesters outside the Georgian parliament building in Tbilisi, Georgia, Tuesday, March 7, 2023. Photo: Nicolo Vincenzo Malvestuto / AP
The police fire water cannon at protesters outside the Georgian parliament building in Tbilisi, Georgia, Tuesday, March 7, 2023. Photo: Nicolo Vincenzo Malvestuto / AP

TBILISI, Georgia (AP) — Georgian authorities used tear gas and water cannon outside the parliament building in the capital Tuesday against protesters who oppose a proposed law some see as stifling freedom of the press.

The law, which has received initial approval, would require media outlets and nongovernmental organizations that receive more than 20% of their funding from foreign sources to register as “agents of foreign influence.”

International organizations have voiced concern over the draft law, saying it runs against Georgia’s democratic development.

Thousands of people have been massing for days in Tbilisi to protest the proposed law, and a fight broke out at one point among lawmakers. A police statement said several law enforcement officers have been injured. Protesters have also reported injuries.

While Georgia’s president, Salome Zurabishvili, has said she would veto the bill, its authors say it’s needed for the transparency of the work of entities financed by representatives of foreign states. Parliament can override presidential vetoes.

In a video she shot with New York’s Statue of Liberty visible in the background, Zurabishvili supported the protesters.

“I am standing in New York, and behind me is the Statue of Liberty. This is is a symbol for which Georgia has always fought, for which we have come to this day. I am with you, because today you represent free Georgia. Georgia, which sees its future in Europe and will not give anyone the right to take this future. This law must be abolished in any form.”

In Russia, a foreign agent law is often used to shut down organizations and news outlets that report voices critical of the government. Georgian civil activists and opposition representatives have blocked both entrances to the parliament building, chanting: “No to Russian law!” “Russians!” “Slaves!”

The European Union has warned Georgia that by adopting this law it would harm its prospects of ever joining the bloc.

Khatia Dekanoidze, a member of the opposition National Movement Rally, told parliament: “Everyone should understand that saving our country, saving our young generation, saving our future lies only through the European path.”

Advertisement

AWC reports remarkable Q4/2022 operating results, boosting full year 2022 net profit to 3,981 million baht, increasing 2.8 times year-on-year

Robust growth rides on rebounding Thai tourism industry,

Underlines strong performance from expanding portfolio of quality operating assets & continued cost management efficiency

Ms. Wallapa Traisorat, Chief Executive Officer and President, Asset World Corp Public Company Limited or AWC, today announced that company reported a net profit of 1,438 million baht Q4/2022 as stated in the consolidated financial statement. Presenting AWC’s strongest quarterly performance of 2022, the 30% year-on-year increase in net profit helped push up the company’s full-year net profit to 3,981 million baht, a remarkable increase of 280% from a year earlier. The robust growth is in line with the highest ever Average Daily Rate (ARD) that the Hospitality Business Unit has contributed to the company, and Thailand’s full-scale reopening in the latter half of 2022, as well as AWC’s ability to generate cash flow from its growing portfolio of quality operating assets, efficient cost management, and readiness to solidly drive the Thai economy ahead. 

image3 7

“AWC’s Q4/2022 operating results are the most impressive in 2022 thanks to a rebound in tourism following Thailand’s full-scale reopening after COVID-19, and strong performance during the high season festive period at the end of the year. Combined, these factors helped AWC bounce back stronger and deliver steady growth. Our operating results show that AWC is effectively and efficiently meeting the needs of our customer target groups. Our Hospitality Business Unit, in particular, has been growing significantly on a continual basis since the COVID-19 pandemic in early 2020, while the Retail & Commercial Business Unit continues to generate solid cashflow. AWC’s development plans and strategic launches to our projects are continuously meeting the diverse needs of customers, such as the launching of ‘The Empire’ building under the concept of “Co-Living Collective: Empower Future”, creating an ‘ALL DAY EVERYDAY HAPPINESS’ experience at Asiaique The Riverfront Destination, the largest riverside lifestyle tourist landmark in Thailand, and offering entertainment activities, together with The Walt Disney Company, to bring the ‘DISNEY100 VILLAGE AT ASIATIQUE’ to Thailand. Moreover, AWC recorded a profit of over 4,920 million baht from its assets’ fair value in 2022. This part of the profit reflects that the value of our quality assets has been rising higher and faster than the inflation rate,” Mrs. Wallapa said. 

Hospitality Business  

In Q4/2022, the Hospitality Business Unit showed remarkable growth in response to Thailand’s full-scale reopening. More than 11.8 million free independent tourists (FIT) in the High-to-Luxury group visited Thailand in 2022. Growth was recorded across all of the Hospitality Business Unit’s segments, especially its MICE hotels, Bangkok city hotels, luxury resorts, and the F&B segment that benefited from the growing number of events such as New Year parties. In Q4/2022, the overall occupancy rate of AWC hotels was at 63.5%, while the average daily rate (ADR) rose to 5,697 baht per night, an increase of 45.7% year-on-year (YoY), which is the highest ever for the company. 

The Hospitality Business Unit delivered revenue of 2,499 million baht in Q4/2022. Net operating profit (EBITDA) for the Unit was over 848 million baht, a significant increase of 11,535% compared to the same period a year earlier and an increase of 71.9% compared to the previous quarter. The overall Revenue Generation Index (RGI), which compared hotels in the same group in nearby areas, showed AWC’s hotels performed higher than the average such as Bangkok Marriott Hotel The Surawongse which had an RGI score of 223.6, Banyan Tree Krabi which had an RGI score of 184.4, and Courtyard by Marriott Phuket Town which had an RGI score of 176.8. 

AWC has continued to enhance its asset portfolio in the Hospitality Business Unit by investing in The Westin Siray Bay Resort & Spa, Phuket and dusitD2 Chiang Mai with an aim to strengthen its quality asset development for a competitive edge and even stronger cashflow-generation ability. Both assets enable AWC to instantly recognize revenue from the investments. Moreover, AWC has invested in Grand Mercure Bangkok Windsor that is now under development. As of the end of 2022, AWC has 20 hotels in its portfolio with 5,458 rooms altogether – up from 16 hotels and 3,432 rooms in 2019.

image2 7

Retail & Commercial Business

The Commercial Business Unit generated growing cash flow for AWC since the start of 2022 and reported revenue growth of 7.6% in Q4/2022 from a year earlier, due to its Grade-A office quality assets, focusing on green building standards and integrating technologies to manage space efficiency. Moreover, AWC set a new benchmark in the commercial building industry by offering 1,500 sq.m. of co-living space to tenants without any additional charge, empowering people to work in the New Normal lifestyle. This new co-living space will also strengthen Thailand as a world-class destination for the global workforce, and make it a top-of-mind destination for new-gen working people. 

The Retail Business Unit continued to grow in most of its segments thanks to increasingly vibrant economic activities, with consumers spending and dining out for New Year get-togethers, especially the Community malls. These factors contributed to the Business Unit’s revenue growth of 18% compared to the same period a year earlier. Asiatique the Riverfront Destination’s revenue also grew by 98% compared to the same period a year earlier in the face of increasing visitor traffic, both Thai and foreign tourists, and supported by its strategy to respond to the diverse needs of its various target groups with special events throughout the year. 

“AWC is committed to strengthening Thai tourism in response to the “Visit Thailand Year 2023” policy via experiential tourism, with the number of both Thai and foreign tourists forecast to rise this year. We are therefore in the process of turning our assets under development into operating assets to grow returns on assets in support of AWC’s solid cash flow. At the same time, we continue to efficiently manage our costs without compromising our service quality such as the increase in direct hotel room bookings, installation of solar panels to increase clean energy usage and reduce the environmental impact, along with efficient people cost management and controls (HR multiple) to maximize value and returns to shareholders transmitting as an EBITDA flow through that is greater than the target.

In 2023, AWC continues to develop our many projects that are scheduled for opening later this year. Among them are Innside Bangkok Sukhumvit, InterContinental Chiang Mai Mae Ping Hotel, and Chiang Mai Marriott. Also, we are setting a new benchmark for the office buildings industry and launching the new Asiatique The Riverfront Destination, which promises to strengthen AWC on a sustainable basis,” Mrs. Wallapa added.

AWC is determined to operate its businesses based on its sustainable development strategy for the ultimate goal of “creating sustainability value for all stakeholders via 3BETTERs namely Better Planet, Better People, Better Prosperity”. AWC was recently included in the S&P CSA Yearbook 2023 for the second year in a row. It has been ranked among the “Top 1% S&P Global ESG Score 2022” and was an “Industry Mover Award” winner in the Hotels, Resorts and Cruise Liners category. These accolades reflect AWC’s commitment to its sustainable development strategy, which is implemented under its “Building a Better Future” mission.

Advertisement

UOB Thailand provides clarity in uncharted terrain: Amidst Higher rates and geopolitical uncertainties 

UOB Thailand held its annual outlook seminar providing customers with investment strategies and insights for 2023. Strategies include investing in US Financials, taking advantage of trends in Asia’s growing middle-class consumer spending patterns and tapping into long-term structural tailwinds of Global Healthcare sectors such as health tech. The seminar also discussed how Asia is becoming more independent and less reliant on Developed Markets, making it prime for investment opportunities.

Mr Yuttachai Teyarachakul, Head of Personal Financial Services, UOB Thailand, said, “In 2022, we experienced a dramatic shift in the global investment landscape as interest rates rose precipitously, resulting in an inevitable market correction. As volatility is expected to continue into 2023, UOB Thailand is dedicated to helping our customers navigate this turbulent period with the knowledge and strategies they need to make informed decisions for their financial future.”

image3 6

US financials remain solid investment option despite near-term challenges

US Financials remain a solid investment option due to higher interest rates boosting net interest margins and overall bank earnings. Long-term prospects are promising, as banking remains a core business with significant barriers to entry, while digital banks take time to build presence to compete with traditional brick-and-mortar institutions. Though the near-term may bring challenges such as rising loan-loss provisions for potential recessions and reduced investment banking fees from economic uncertainty, these are likely temporary headwinds. If the recession is shallow and short, it could boost bank stocks in 2023.

Asian economies thrive with growing independence, attractive valuation and positive recovery despite risk of slowdown in developed markets

Asian economies, while not entirely removed from the risk of recession in Developed Markets such as Germany, Japan and the United States, have grown increasingly independent thanks to an expanding middle class driving global consumer trends and spending. This decreased dependency has made Asia’s growth less reliant on economic activity in Developed Markets. Asia ex-Japan valuation is also attractive compared to historical averages, with economic reopening further supporting a positive recovery. China’s re-opening could particularly provide a tailwind for the region. However, a slowdown in Developed Markets could still pose a challenge for companies relying on export revenue.

image2 6

Global healthcare continues to offer opportunity for investors 

As we enter the fourth year of the COVID-19 pandemic, there are opportunities for investors in the Global Healthcare sector. Pharmaceuticals are relatively immune to economic cycles, making them one of the most defensive industries. Furthermore, factors such as an ageing global population and advances in health tech that enable remote healthcare services at reduced costs provide structural tailwinds that support long-term growth in this sector.

Mr Yuttachai added, “Investors must be aware of their risk appetites and maintain a diversified portfolio to mitigate risks due to unforeseen events. UOBs dedicated team of Client Advisors and specialists can provide advice that is built around what matters to each investor. Before coming to any investment decision, investors should always ensure that they are clear about what they are investing in and have considered potential risk factors.

In this photo (from left to right): Mr Abel Lim, Head of Wealth Management Advisory and Strategy, UOB Group; Dr Kirida Bhaopichitr, Director of TDRI Economic Intelligence Service (EIS), TDRI; Mr Nakhon Vorakanonta, Executive Director, Sales and Distribution, UOB Thailand; Mr Yuttachai Teyarachakul, Head of Personal Financial Services, UOB Thailand; Ms Suquan Bulakul, UOB Privilege Banking Brand Ambassador, and Ms Siratthaya Isarabhakdi, MC for the seminar.

Advertisement

RBSO will perform a total immersion Mendelssohn concert with German duo brothers

The Royal Bangkok Symphony Orchestra Foundation, under the Patronage of Her Royal Highness Princess Sirivannavari Nariratana Rajakanya – and in collaboration with the Tourism Authority of Thailand and B. Grimm Group Ltd. – will present a concert on 17th March at the Thailand Cultural Centre, with German brothers Niklas Liepe (violin) and Nils Liepe (piano) performing a wonderfully attractive rarity in the repertoire – Mendelssohn’s Double Concerto for Violin, Piano and Strings in D minor. German conductor Christian Kunert will make his long awaited debut here, a young conductor of exceptional promise, who will also direct the RBSO for the overture to Victor Hugo’s great romantic-tragedy play Ruy Blas, and the incidental music to Shakespeare’s immortal comedy A Midsummer Night’s Dream.

image3 5

The Liepe Duo instinctively and effortlessly started making quality chamber music together as children and, to this day, when they perform together they merge into a near perfect harmony. They share a musical intuition on stage that can only develop through long years of performing together. With the Liepe & Co. Festival, founded by the brothers at a steel warehouse near Hannover’s South Train Station, they aspire to present classical music in entirely new contexts, determined to attract younger audiences whilst challenging more experienced concert-goers with fresh horizons and expectations in terms of interpretation and performance space. 

At the ages of eleven and thirteen they made their first broadcast with Radio Opole in Poland, and in 2014 their CD with works by Albeniz, Turina, and Ginastera was hailed by the media as a brilliant recording, rich in contrasts. They have collaborated with A-list artists such as Andras Schiff, Ana Chumachenco, and Yuri Bashmet, all of whom were full of enthusiastic praise. 

image2 5

Christian Kunert initially studied piano at the Hochschule für Musik Würzburg with Bernd Glesmer and bassoon with Albrecht Holder. After an early career as bassoonist with Staatsorchester Stuttgart, Philharmonishes Staatsorchester Hamburg, and Hamburg State Opera, he has increasingly shared his time between bassoon and podium. Since 2017 he has been conducting the Harvestehuder Sinfonieorchester Hamburg, from 2021 the Nordic European Orchestra Concerts, and from September 2022 he has been chief conductor and artistic director of the HeFai Symphony Orchestra in China, thus developing his reputation in Asia.

Advertisement

U.S. Partners with ICONSIAM and Chiang Khong Community Launches an Art Experience “Rivers of Life”

U.S. Mission Partners with ICONSIAM and Chiang Khong Community Chiang Rai  Launches an Art Experience “Rivers of Life” Celebrating the 190th Anniversary of U.S.-Thai Diplomatic Ties  and Partnership in Protecting our Rivers

The U.S. Embassy Bangkok, ICONSIAM, and the Chiang Khong community of Chiang Rai, launched “Rivers of Life,” an art experience about the United States and Thailand’s shared culture of rivers, the Mekong and the Mississippi.  The exhibition is held March 1-26 at ICONLUX POP UP SPACE, 1st Fl. ICONSIAM.

“Rivers of Life” is the final episode of “A Tale of Two Rivers,” the U.S. Mission’s largest cultural exchange in more than three years.  In late January, the U.S. Embassy brought nine American artists, joined by Thai artists in Chiang Khong, where they learned from the local community, co-created dance, film and art with local youth to tell the stories of the rivers. 

In February, they held four performances in the Chiang Khong market and at ICONSIAM. Part of the experience is a collaboration between Montika ‘Earn’ Kam-On, a young Thai moving image artist, and Alexis Karl, a U.S. filmmaker and perfume artist. 

image4 2

The program celebrates 190 years of U.S.-Thai diplomatic ties and highlights how the United States and Thailand work together to address environmental challenges and protect our rivers.  Join us at ICONSIAM to travel along our two rivers. 

For more information please contact 1338 or www.iconsiam.com 

image3 4

image6 1

image5 2

image1 5

Advertisement

Hot News

LATEST NEWS

Bangkok
broken clouds
27.7 ° C
30.5 °
27.7 °
82 %
2.1kmh
65 %
Thu
28 °
Fri
36 °
Sat
36 °
Sun
37 °
Mon
37 °