Business

Singha Beer Loses Esteem After Heiress’s Remarks

Published

11 years ago

January 11, 2014

Bchcomber

People drank Chang beer at a bar in Udon Thani, Thailand, in January

UDON THANI — It was probably inevitable in a country so obsessed with food and drink that Thailand’s political turmoil would spill over into beer.

Singha beer, made by the oldest brewery in Thailand, is a national icon and a staple of Thai restaurants around the world. But in recent weeks it has also become a target of an informal boycott by Thais who are angry that a member of the wealthy family behind the beer company is one of the leaders of antigovernment demonstrators who are trying to scuttle elections planned for next month.

Thailand’s political turmoil defies concise explanation, but the beer boycott is emblematic of one striking division in Thailand today: the chasm between middle- and upper-class protesters in Bangkok, and the millions of voters in the provinces who are bewildered and angered at the protesters’ attempts to oust the government and to stop the elections that seem almost sure to return the government to power.

Chitpas Bhirombhakdi, 28, the beer heiress and a major player in the Bangkok protests, was quoted last month in a widely circulated article saying that many Thais lack a “true understanding” of democracy, “especially in the rural areas.”

Chitpas Bhirombhakdi, whose family owns the Boon Rawd Brewery, said rural areas did not understand democracy. Athit Perawongmetha/Reuters

The remarks incited palpable anger here in northeastern Thailand, a vast and formerly impoverished rice-growing region that has seen sharp improvements in living conditions and education in recent decades, partly because of the policies of Thaksin Shinawatra, the billionaire tycoon and former prime minister who is the focus of the protests.

For decades, northeastern Thailand was the region that supplied the country with domestic servants, construction workers, taxi drivers. Now, with a third of Thailand’s population, it also delivers the votes that have been instrumental in electing the governing party — which includes Mr. Thaksin’s sister, Prime Minister Yingluck Shinawatra — that the protesters are so determined to oust from power.

To detractors in the northeast, Ms. Chitpas, an aspiring politician who is a direct descendant of a 19th-century Thai king, is a symbol of a Bangkok upper class holding onto vestiges of feudal power and not trusting rural voters to make the right choice at the ballot box.

“She’s rich, and she lives in rich people’s circles — she knows nothing about rural life,” said Patsadaporn Chantabutr, 45, a teacher at an elementary school in a village outside Udon Thani, who like many people here has followed the protests closely. “We reject the idea that we are just hillbillies.”

As the boycott was spreading in the northeast, mostly through social media and word of mouth, Ms. Chitpas wrote on her Facebook page that she was fighting for the country and had no intention to “infringe” on other people’s rights. She did not deny the words attributed to her about Thais lacking an understanding of democracy, but she added, “I would like to inform you that I’ve never looked down on rural people at all.”

She did not respond to a request for further clarification.

Kwanchai Praipana, the head in the northeast of a group of so-called red shirts that supports the government, says the point of the beer boycott is to send a message to companies with links to the protesters: rural people vote in elections — and with their wallets.

“We want to tell the businessmen who are supporting these protesters that they have chosen the wrong side,” Mr. Kwanchai said. “They have to understand that their revenue comes from villagers.”

Boon Rawd Brewery, the company that makes Singha and Leo, a cheaper beer that is popular in the northeast, declined to reveal the extent of the damage caused by the boycott. But some shopkeepers say sales of Singha and Leo around New Year’s, traditionally a time of heavy drinking, were down sharply.

Kittisak Srichan, the owner of Khrua Khun Nit, one of the most famous restaurants here, said he removed Singha beer and Singha bottled water from the dining area last month. “I don’t want to anger the customers,” Mr. Kittisak said. “Customers said to me, ‘Why are you selling this? The only thing this beer should be used for is pouring on your feet.’ ”

Kwanchai Praipana, rear left, the head of a group in the northeast called red shirts that supports the government, says the point of the beer boycott is to send a message to companies with links to the protesters that rural people vote in elections — and with their wallets.

Facebook pages have been filled with images of just that: bottles of Singha and Leo being poured onto feet — a disparaging gesture in Thailand.

Ms. Chitpas — who ran unsuccessfully for Parliament in 2011 — and other protest leaders argue that Thailand’s democracy has been subverted by the governing party, especially the powerful Shinawatra family that has dominated Thai politics for the last decade. They remain unsatisfied by Ms. Yingluck’s decision to call new elections after the protests began — elections analysts say the governing party is almost sure to win.

Instead, the demonstrators want a hiatus from democracy, replacing it with rule by a “people’s council” selected from various professions in the country. Many say they yearn for a return to the absolute monarchy because Thailand is not ready for democracy.

In recent weeks the protesters have become more aggressive, trying to sabotage the election registration process. Starting on Monday they plan to “shut down” Bangkok by blocking major intersections, prompting the United States Embassy to advise American citizens to have plenty of cash and a two weeks’ supply of food and water on hand. There are persistent rumors of an impending military coup.

Ms. Chitpas’s political activity appears to have caused considerable anxiety within her family’s company. A memo by Santi Bhirombhakdi, the brewery’s chief executive and the family patriarch, leaked to the Thai news media last month expressed disappointment about Ms. Chitpas’s role in the protests. In it, he said he had discussed her political career “many times” within the family and warned of consequences for the company.

A few days after the memo leaked, Ms. Chitpas’s father, Chutinant Bhirombhakdi, announced that he, his wife and Ms. Chitpas would change their surname in an apparent attempt to create some distance between political activities and the family business. He did not specify the new name, but Ms. Chitpas now appears to use her mother’s maiden name, Kridakorn.

Mr. Chutinant also said, “I am well aware that all Thais deserve equal rights and freedom and should respect each other’s different thoughts.”

For Charuwan Thanom, 53, a shop owner in northeastern Thailand, the change of surname did little to temper her anger.

“There’s nothing she can do to restore her image now,” said Ms. Charuwan, who made sure that there was no Leo beer at her extended family’s New Year’s celebrations.

“We had been drinking this beer for many years,” she said. “The taste has not changed. My feelings have changed.”

But Mr. Kittisak, the restaurant owner, is betting that the boycott will fade away and he will soon drag the cases of Singha beer out of the storeroom.

“Thais have short memories,” he said. Nearby, two customers enjoyed a meal of northeastern specialties, washed down with bottles of Heineken. By THOMAS FULLER

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