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Trade on the Rise along Myanmar’s Busy Thai Borders

“Chinese products are cheap but low quality, Thai products are good quality but more expensive than those from China. That’s why as a market requirement, Chinese products are more in demand in Myanmar”

“Chinese products are cheap but low quality, Thai products are good quality but more expensive than those from China. That’s why as a market requirement, Chinese products are more in demand in Myanmar”

 

CHIANG RAI  – Thailand will remain the second largest trading partner of Myanmar for the foreseeable future as cheaper goods from top-ranked China continue to make inroads into Asean’s last frontier economy.

Trade between Myanmar and Thailand was worth $5.57 billion, about 22% of all international trade worth $24.86 billion, during the fiscal year that ended in March 2014, according to the Ministry of Commerce in Myanmar.

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Chinese products are more in demand in Myanmar

Myanmar has a huge trade surplus with Thailand because oil and gas account for a large share of its $4.2 billion in exports, while imports from Thailand into Myanmar were worth $1.36 billion.

Overall bilateral trade between Myanmar and Thailand has risen steadily, from $2.9 billion in fiscal 2010-11 to $3.7 billion in 2012-13 and $5.57 billion in the most recent year.

The two countries also maintain a vibrant border trade but its share of the total remains low.

Than Aung Kyaw, a director with the Ministry of Commerce, said that as long as the people of Myanmar have good relations with China and border trade with China remains high, Thailand will remain in second place.

“We have big demand for Chinese products here,” he said.

Trade between China and Myanmar in the 2013-14 fiscal year was valued at more than $7 billion, which included $4 billion in imports from China.

The main products imported to Myanmar from Thailand were foods, electronic goods, construction materials and home appliances. The major export to Thailand from Myanmar was natural gas.

Thai companies in Myanmar have been gradually been increasing their presence since the country began reforming and opening up. Earlier this year PTT Exploration and Production (PTTEP) Plc said it would invest US$3.3 billion in Myanmar over the next five years to serve the rising demand for energy both in Myanmar and in Thailand.

The company invested $1 billion in oil and gas ventures in Myanmar last year, making the country its second biggest for oil and gas investment after Thailand.

“Conventional trade with Thailand is worth far more than border trade because of the amount of natural gas exports,” said Than Aung Kyaw.

However, border trade between Thailand and Myanmar has been on the rise annually.

Five countries border Myanmar: China, India, Thailand, Laos and Bangladesh. Total border trade turnover was $4.46 billion during the 2013-14 fiscal year, the ministry said. China accounted for 83% of all border trade value.

Myanmar has a total of 14 official border trade posts with its neighbours, including five with Thailand. Myawaddy in Kayin State opposite Mae Sot in Thailand is the biggest with imports worth $240 million in fiscal 2013-14 and exports worth $50 million. The others are Tachilek-Mae Sai, Myawaddy-Mae Sot, Tiki-Sunarong and Kawthoung-Ranong.

Border trade also takes place with China in the towns of Muse, Chinshwehaw and Kanpaikti; Bangladesh (Sittwe and Maungdaw) and India (Tamu and Riv).
“I don’t see trade volume with Thailand will be able to overtake that of China anytime soon, but the trade volume will increase annually,” Than Aung Kyaw said.

“Chinese products are cheap but low quality, Thai products are good quality but more expensive than those from China. That’s why as a market requirement, Chinese products are more in demand in Myanmar,” a trader in Myawaddy said.

Prevailing political tensions in Thailand have potential to affect trading along the border but so far there has been little impact.

Among the main trading partners of Myanmar are China, India, Bangladesh, Australia, the UAE, Belgium, Indonesia, Italy, Japan, Korea, Malaysia, Pakistan, the Philippines, Russia, Saudi Arabia, Singapore, Spain, Thailand, UK, the US and Vietnam.

Myanmar’s major exports are natural gas, rice, beans and pulses, pigeon peas, sesame, corn, rubber, fishery products, teak, hardwood, raw minerals, jade and garments. – By Grace Kyaw

Business

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

Pepsi

(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.

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Old National Bank And Infosys Broaden Their Strategic Partnership.

Infosys

(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

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

water

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.

water

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

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