Business

Thailand Withers as Myanmar Progresses

Published

12 years ago

May 31, 2013

Bchcomber

Thai Prime Minister Yingluck Shinawatra was meeting with Japanese Prime Minister Shinzo Abe

BANGKOK – Last Thursday while Thai Prime Minister Yingluck Shinawatra was meeting with Japanese Prime Minister Shinzo Abe at his residence and urging Japan to invest in the mega-project in Dawei, there were news headlines in Myanmar that Abe would be visiting Yangon the next day ― offering loads of financial assistance and long-term economic development plans worth nearly $1 billion. Both Japan and Myanmar have the Thilawa port in mind, not the proposed Dawei development plan, for the time being.

President Barack Obama shakes hands with Myanmar’s President Thein Sein at the end of their meeting in the Oval Office of the White House in Washington,

Earlier in the same week in the U.S., President Thein Sein of Myanmar was tete-a-tete with President Barack Obama at the White House. The meeting was followed by the signing of a trade and investment framework agreement to boost their bilateral trade and economic dialogue and cooperation ― something which Thailand, the Americans’ oldest ally in the region, has not yet done.

By the way, Yingluck has not officially visited the White House either. And should we forget, Thailand and the U.S. are celebrating their 180-year-old relationship on Wednesday at the Foreign Ministry with a reception, photo exhibition and some cultural performances. It was a much scaled-down version of the grand celebration discussed last year.

There is a strong sense of let-down in Thailand as Myanmar rises with all kinds of optimism. Now Thein Sein is known in the U.S. as “the icon of reform”, while “the icon of democracy” is the label given to opposition party leader Aung San Suu Kyi, by the U.S. president during her visit to Washington earlier. Indeed, both Thein Sein and Suu Kyi are working together to upgrade their country’s profile and have earned rapid international recognition.

Meanwhile, Foreign Minister Surapong Towichakchaikul visited Washington DC and met with new U.S. State Secretary John Kerry in early May. There was a short two-paragraph press release about their meeting, which was supposed to be a strategic dialogue. No details were given, even when Kerry said the two countries would work out plans for the next 180 years.

Thailand used to be at the centre of foreign policy initiatives emanating from Japan and the U.S. concerning this part of the world. Those days are gone. Now, the Land of Smiles is being replaced by Myanmar. During the Bush administration, Myanmar was named as one of three members in the “axis of evil.” Now, 20 months after the initial reforms, the country has become the most sought after by the major powers and regional groupings, particularly the EU. Myanmar is so popular that some Western countries are loosening up their judgement on human rights and governance issues, revealing their hypocrisy to the bones.

Foreign Minister Surapong Towichakchaikul visited Washington DC and met with new U.S. State Secretary John Kerry in early May

For instance, the plight of the Rohingyas is no longer in the news even though they continue to suffer and their future remains in limbo. The culprits are still out there. The most interesting aspect is how Thailand is now under close scrutiny for its treatment of the Rohingyas who have been stranded in the country for the past 10 months. Thai authorities are not very happy with the criticism waged by the West. The six-month visa extension period will soon have expired and Bangkok is facing a huge dilemma whether to expel the refugees or prolong their stay as no third country has come forward to resettle them.

Diplomats and businessmen interviewed by the author in Yangon recently shared two similar assessments of Myanmar. First, Myanmar is serious about its ongoing reforms in both political and economic areas. They concluded the reforms there will move ahead and accelerate after Thein Sein’s visit to the U.S.

Second, they like to deal with officials and the private sector in Myanmar, as the people know exactly what they want. As a late-comer, Myanmar wants to maximize the existing window of opportunity. In contrast, Thailand is still stuck in a vicious cycle of color politics and efforts to bring Thaksin Shinawatra home. The game of tussle will continue.

After the end of World War II, Thailand was seen as a bulwark against its communist neighbors ― until the collapse of the Berlin Wall. Since then, Thailand’s strategic imperatives have receded to the point of insignificance. After the pronouncement of the U.S. re-balancing policy in November 2011, which Thailand welcomed, Bangkok and Washington are hard at work to revive defence and security cooperation under their alliance. Yet somehow, a sense of disconnectedness still prevails between the two capitals. Other neighboring countries have easily adjusted to the new realignment.

Myanmar indicated to the U.S. three years ago it wanted to distance itself from China and cultivate diversified relations with other major countries such as the EU, India and Japan. As part of such a diversion, Naypyidaw was willing to do whatever it took to reach a level of trust and comfort with the West ― release political prisoners, cease its meddling with missiles and nuclear projects from North Korea, continue dialogue and reconciliation with minority groups, among others. Miraculously, it took exactly two years for President Thein Sein to reach the White House.

From now on, Myanmar will feature in the overall U.S. strategic blueprint for Southeast Asia. Under this security umbrella, the U.S. will continue to engage with Myanmar and to strengthen its relations, especially security and military education, to a new level. Despite ongoing human violations in ethnic areas and other oppressive activities, Washington would be willing to lower its critical voice as it did in the past with friends in Latin America. Given the new strategic landscape in Southeast Asia, Myanmar will have wider room to breathe and to consolidate its position in the region and global arena vis-a-vis the ongoing conflict with the armed ethnic groups at home.

At this juncture, Thailand has to wake up to the harsh reality that the U.S., despite diplomatic pleasantries, is no longer playing the waiting game it used to. With the rise of China and diplomatic commitments that come with it, Washington does not favor Bangkok’s approach. The impression among U.S. policy-makers and academics is persistently strong that Thailand is a pro-China country. So, it is difficult to have a genuine alliance with Thailand under the new security environment.

Thailand will not be a regional catalyst as it so wishes, given its unique location in continental Southeast Asia. Its long envisaged role as the hub of ASEAN Connect-ivity will not be realized. As it stands today and in the foreseeable future, Myanmar is a better alternative, despite its shortcomings.

By Kavi Chongkittavorn

Kavi Chongkittavorn is a senior fellow at the Institute of Strategic and International Studies, Chulalongkorn University, in Thailand. ― Ed.

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