Business

Women in Thailand Successful in Business But Not in Male Dominated Politics

Published

6 years ago

February 27, 2019

Bchcomber

BANGKOK – The Asian country where women hold 37 per cent of leadership roles, compared with an average of 24 per cent globally, may come as a surprise. In this same nation, women make up 40 per cent of chief executives and 34 per cent of chief financial officers.

Further, it ranks first in the world for enrollment of women in higher education with 1.41 women attending a university for every man.

Done guessing? It’s Thailand, where women score well in nearly all measures of leadership in the corporate sphere, far surpassing most other Asian countries and gaining good marks globally.

Women leaders in real estate, transportation, retail and manufacturing say one of the most important reasons for Thailand’s success in empowering women in corporations is a culture of working women via family businesses – women have always worked “outside the home” in Thailand. And women have had access to education, another key factor. The statistics from consulting firm Grant Thornton and the World Economic Forum’s Global Gap report provide that evidence.

“In the past, men would be conscripted to work outside of home, so women would be in charge of running the household and trading products in the market. It’s the role that ingrained in the sexes,” said Juree Vichit-Vadakan, former president of the National Institute of Development Administration, who’s at the forefront of women’s studies in Thailand.

Thai women’s involvement in family is different from other countries like South Korea and Japan, where women still run the household and hold few corporate jobs.

Women leaders have more opportunities to run corporate Thailand because the culture allows them to work alongside men in such fields as finance and insurance, while women in politics typically need the support of political parties to break into that male-dominated sphere. For instance, females make up only about 5 percent of the military-appointed legislature – a place where women need backing to get ahead.

Kamonwan Wipulakorn, 56, illustrates the ability of women in Thailand to lead companies after working their way up slowly.

Kamonwan Wipulakorn, 56, illustrates the ability of women in Thailand to lead companies after working their way up slowly. She started “at the bottom” of a brokerage firm. Yet in an unusual winding trajectory over three decades, she rose through the ranks, switched industries and is now leading a major real estate company as chief executive officer.

Kamonwan is now CEO of One Origin, a subsidiary of one of Thailand’s largest real estate developers Origin Property Pcl. She started her career in the financial industry as an analyst, leaving after 15 years as a vice president because she wanted to try something else. She joined a petrochemical company for five years as chief financial officer, and then left for a similar role at Erawan Group Pcl, where she became president within three years.

“Maybe I’m lucky but I’ve never been in a situation that I felt there’s a limitation because I’m a woman. I’ve never felt like they would choose a male executive over me,” Ms Kamonwan said.

Ms Kamonwan’s story echoes through corporate Thailand, Southeast Asia’s second-largest economy. Thai women are the driving force behind businesses across many industries and they make up more than one third of senior management positions.

While Ms Kamonwan has worked her way through the corporate world, many women leaders in Thailand inherited family businesses, which is one of the key reasons for the high percentage of women leading companies in the country.

Supapan Pichaironarongsongkram, CEO of Chao Phraya Express Boat.

“This is the country of opportunities for women. Opportunities are here if we want to take them, so we see local businesses started and run by women,” said Supapan Pichaironarongsongkram, CEO of Chao Phraya Express Boat, a company that was started by her grandmother about a century ago. Ms Supapan, 74, represents the third generation of women who have run the family business.

Ms Supapan took complete control of the company after her mother died, saying she feels it’s her “duty” to oversee the business to which her grandmother and mother had devoted their lives, and that running the low-margin ferry company is a “public service.”

She developed the small river ferry company in Bangkok into a conglomerate that serves 17 million boat passengers annually, sells advertising space on boats and operates piers, malls, hotels and restaurants. Her daughter is next in line to run the company.

“A lot of people thought we dreamed the impossible dream,” says CEO Chadatip Chutrakul of Icon Siam, her newest and biggest project.

Another woman who inherited a family empire is Chadatip Chutrakul, 57, CEO of Siam Piwat Co, a mall operator founded by her late father. Yet Ms Chadatip didn’t start at the top, instead her father required her to work in every position at the company, including in mall security and at the information desk.

“It wasn’t easy but I learned from everybody,” she said, adding that her father groomed her to take over the company though she worked in insurance companies early in her career. She said her brothers “successfully escaped” working for the family business.

Under Ms Chadatip’s leadership, the company expanded its portfolio of malls and recently opened a gleaming US$1.7 billion riverside complex, a cornerstone of Bangkok’s efforts to develop that part of the city.

Another factor behind women’s corporate success in Thailand is that they stay in the workforce even after having children, unlike in other countries where workforce participation typically drops. The Thai family structure has grandparents often living in the same household, or involves help from other family members or domestic workers, allowing more Thai women to remain in the labor force, said Anna-Karin Jatfors, UN Women regional director for Asia and the Pacific.

“For women who come from certain socioeconomic groups, they have been able to balance the family and career obligations and aspirations with these support networks,” Ms Jatfors said.

On the political front, matters are not nearly as rosy. According to Juree, things are different for women in politics from business because of the party structure. National politics is historically a male domain, unlike businesses where women have participated from the start.

Kobkarn Wattanavrangkul was tourism minister and at the time was one of three women cabinet members in the male-dominated government. – Photo Reuters

Kobkarn Wattanavrangkul, who has returned to Toshiba Thailand Co., was the first woman tourism minister and at the time was one of three women cabinet members in the male-dominated government. She said the main difference between the world of business and politics in Thailand is the lack of support for women, though she’d like to see more women take charge in the business world as well.

“From my experience, I see that women run businesses and their households, but sometimes we let men speak on our behalf at meetings,” 58 year-old Kobkarn said.

Similar to Kobkarn, Juree was once in government, as a member of the national legislative assembly. “Parliament is a very lonely place for women,” said Juree, who was also was part of the constitutional drafting committee. “It’s easier for men to form a coalition,” she said.

By Randy Thanthong-Knight
Bloomberg

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

Published

2 months ago

October 8, 2024

Salman

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

Published

2 months ago

October 8, 2024

Salman

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

Published

2 months ago

October 8, 2024

kiaragrace

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP