Business
Thailand a Rip-off Rolex Shangri-La
Pick a brand: fake watches seized in Bangkok bear the Rolex name
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BANGKOK – Arjun, an ethnic Gurkha immigrant to Thailand from Myanmar, has sold counterfeit watches for years on the street outside tailors’ shops in Bangkok’s Nana district, where sex workers are ubiquitous.
His customers, mostly tourists, are under no illusions when handling the rhinestone-studded $70 watches. He will try to convince them that his wares are quality fakes: “Not from China! It’s better – from Thailand!”
Without so much as an attempt at haggling by prospective purchasers, he will lower the price to $60 and offers an even bigger discount for bulk purchases. And should a police officer walk past, he would not bat an eyelid.
Bangkok has long been a destination for tourists seeking to buy counterfeit Swiss watches, and the response from the authorities has often been inconsistent. When Lady Gaga, the pop star, tweeted to say she wanted to buy a fake Rolex on her arrival in Bangkok in 2012, she sparked protests and a clampdown on the counterfeiters by the authorities. But a few weeks later, business for vendors was back to normal.
“There’s a big contradiction in attitudes and action here,” says James Evans, an intellectual property lawyer at Tilleke & Gibbins, a Thai law firm. “They are disappointed that somebody with such fame tweets that to try to make a joke – and it clearly did hurt.”
From the Thai authorities’ perspective, clamping down on vendors tackles the problem only on a superficial level. Raids are more effective when carried out on the elusive suppliers and manufacturers of counterfeits.
More than 95 per cent of the world’s counterfeit watches are produced in China, according to the Federation of the Swiss Watch Industry (FH), whose anti-counterfeiting unit includes a specialist section staffed by expert watchmakers to analyse fakes.
Many of those counterfeits make their way to Thailand, though the size of that country’s counterfeit watch market is nearly impossible to quantify, the federation says.
Raids in Thailand have been carried out at a steady rate of between 2,000 and 3,000 a year since 2006, mostly by customs officials, according to the Department of Special Investigation (DSI), Thailand’s equivalent of the US Federal Bureau of Investigation. Thailand’s Department of Intellectual Property held a destruction ceremony in Phuket last year, during which counterfeit goods worth millions of dollars were destroyed.
Thailand’s central intellectual property and international trade court takes on counterfeiting cases. But, according to the DSI, luxury watches are a low priority for the courts, because fakes do not pose a risk to health or safety – unlike, for example, fake car parts.
Even when watch counterfeiters are prosecuted, the penalties are considered lenient, says Mr Evans. “The maximum penalties are so rarely handed out, and even if they are, they’re too low.”
The Office of the United States Trade Representative’s Special 301 Report, on arrangements in the countries with which the US does business, gives Thailand a low ranking for intellectual property enforcement. A lack of ex officiopowers for customs agents was among the reasons cited.
A military coup in May has caused further frustrations. Mr Evans says that while Thailand’s National IPR Center of Enforcement was established last year to address enforcement issues, momentum with government agencies has slowed.
“It’s more difficult to carry out raids, more difficult to get authorities involved, and even the pieces of legislation that were close to being finalised are on hold,” he says.
These include an amendment to the Trademark Act, as well as seven other pieces of intellectual property-related laws that cannot be passed without a functioning legislature.
It is also difficult for luxury brands to claim damages for lost revenue, because counterfeiters are not targeting the same customers as those for legitimate goods.
According to the FH, Thailand ranked 16th in the world in 2013 for Swiss watch imports and has maintained a steady ranking for years, despite its counterfeit market. Hong Kong and China top the rankings for both legal and illegal markets.
“We are very concerned about counterfeits, but somehow we cannot control [them],” says Omega’s Thailand brand manager. “If we try to do something about it, we have to go through a cumbersome process in court. We just have to do our best to make our brand successful in legal retailers.”
Nevertheless, the FH estimates losses from intellectual property infringement in the luxury watch market amount to SFr1bn a year. Yves Bugmann, head of the federation’s legal division, admits the problem is difficult to tackle, but he says it is a question of willingness.
“Counterfeiting should be punished no matter what,” he says. “We work with the Thai authorities and they do good work, but it’s a question of human resources, and how many of those they want to engage in this fight.
“I understand there are other tasks they have to do, but in most places in Thailand you can easily buy counterfeit Swiss watches, so they could do more.”
Meanwhile, back in Bangkok’s Nana district, trade is brisk for Arjun. In the past, he and his fellow vendors have been forced to pay fines after intermittent clampdowns, but he says plentiful supply means he is no longer worried.
“We get our merchandise not far from Bangkok; we don’t even have to cross borders,” he says.
Business
PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.
(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
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Old National Bank And Infosys Broaden Their Strategic Partnership.
(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
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American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack
States Sue TikTok, Claiming Its Platform Is Addictive And Harms The Mental Health Of Children
Qantas Airways Apologizes After R-Rated Film Reportedly Airs On Every Screen During Flight
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.
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
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