Thailand Finance – Aisa Net Tue, 21 Jun 2022 07:28:04 +0000 en-US hourly 1 Thailand Finance – Aisa Net 32 32 Full fire for the ex-stockbroker who founded an adventure bike school at 49 Tue, 21 Jun 2022 07:13:37 +0000

Lee was a stockbroker until his late thirties, but always had a passion for motorcycles. (PHOTO: Tommy Lee)

SINGAPORE — After decades of racing motorsports and adventure bikes, it seemed natural for former stockbroker Tommy Lee to turn to cycling as a business.

The 54-year-old signed up Route 55 – an adventure bike training school that also distributes motor parts and accessories – in 2019, years after leaving the stock exchange. But it hasn’t been easy. Lee said Yahoo Finance Singapore how the pandemic left his cycling plans in the dust.

For Lee, a Malaysian and Singaporean permanent resident, most of his life has been guided by vehicles in one way or another. He started motor racing at 17 when he got his license and later enrolled in college to learn mechanical engineering, as he was determined to learn how engines work.

“But after I graduated…I figured the only way to fund the race is to get a good paying job. And at that time the market was really bullish, so I got into stock brokerage more for fun and also for money,” he said candidly. During this time, Lee continued to participate in motor racing, counting 300 to 400 local, regional and international events to date.

Work-wise, Lee went full throttle until his late thirties, when he decided he’d had enough. The commission was no longer worth it. He quit and worked temporarily at a racing circuit in Malaysia until he too had had enough.

In 2013, he decided to buy a motorcycle to travel the world and immediately became addicted. “The best way to see a country is on a motorcycle because not only do you see it, but you feel the country, you really feel what the whole country is about, and the cycling community tends to be very warm, welcoming” , he said.

“When I started riding I realized that actually a lot of people aren’t very good riders either. When I started I wasn’t good either, but I took lessons and I learned,” Lee said of why he turned to teaching.

He earned his motorcycle instructor certification in 2017 and founded Route 55 two years later, with plans to run bike trips in the area starting in 2020. He also landed a dealership as a source of income.

“(The company) needs to be self-sufficient… It can’t constantly burn money. So it has to be able to be essentially self-sufficient on some level,” he said.

But the pandemic put a damper on the work and his business plans came to a halt.

Lee posing while cycling in Thailand in 2016.

Lee rode motorcycles in Thailand in 2016, a year before getting his instructor certification. (PHOTO: Tommy Lee)

Pandemic issues

With bike tours suspended due to travel restrictions, Lee has fallen back on student training and distribution to generate income. It also had to cut marketing and promotions to cut its losses.

He originally put S$150,000 in savings into the business, intending to break even in the second year. But that never happened because of COVID-19. Until a few months ago, the company was still “depleting its reserves” and only recently started to break even.

Lee barely earned a fraction of what he earned as a stockbroker. He declined to reveal how much, instead giving an apt comparison.

“I used to make a Mercedes S-Class, now I make an A-Class, or maybe a B-Class,” he remarked.

“When you start doing trainings and events like this, obviously it’s a source of income. But whether it makes me really rich or not, 100% not. In relative terms, what I was earning in a bank and what I earn now is completely different.

Either way, he knew the business wouldn’t pay him as much as before. Besides, Route 55 was not really about money, but about sharing the passion for adventure travel.

For Lee, it all came down to good financial planning and spending within your means. Lee had also put money aside for his two children.

Tommy Lee was photographed cycling with six other cyclists.

Route 55 includes cycling trips to Mongolia, Vietnam, Thailand and other parts of Asia. (PHOTO: Tommy Lee)

And after

While Lee’s past has been characterized by an adrenaline-fueled hobby and career, now it’s all about slowing down to enjoy the scenery – via his bike travels.

“(I) have a different outlook, a different outlook on life now, as people get older, people see things differently,” he added. “I guess when you’re young the fast pace is a lot more fun, you feel the adrenaline rush, but nowadays the world has moved on. I think technology has changed and you do things differently.

“I’m still doing fast things, I mean, I’m still riding, I’m still running but…I would say I’m not as competitive as I used to be because before anything I do I’ll do everything in my power to make sure I win. Now it’s like I don’t compete as much anymore.

Now that the borders have reopened, Route 55 has traveled to Malaysia and India on bike trips. Future trips to Mongolia, Vietnam, Thailand and other Asian countries are in the works.

Lee hopes to continue running the company for as long as he is physically able.

“It will always come to a point, then when you don’t like doing it, don’t do it. I’m not quite young and physically I might not be able to do it because sometimes a lot of traveling takes a lot of energy from you.

But even if he stops riding one day, Lee can at least say he once lived the fast life.

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3 ways to build a sustainable and digital Asia-Pacific Sun, 19 Jun 2022 11:18:27 +0000

Many Asia-Pacific countries have published national digitization strategies.
Cloud and IT technologies are the cornerstone of the digital frontier.
For digital economies to thrive, they must embrace an open and green ecosystem.

The past two years have been a series of trials. These changes have sparked increasing attention in the digital world and reinvigorated the way people, businesses and organizations need to adapt.

As one of the most populous and diverse regions in the world, Asia-Pacific is expected to be the first rapidly growing economy at the forefront of the global digital landscape. It represents two-thirds of the world’s population and is said to reap an economic dividend of more than $1.7 trillion per year. McKinsey also notes that COVID-19 accelerated digital transformation by seven years globally and 10 years in Asia-Pacific.

To catch up with this drastic trend, many countries have published national digitization strategies. For example, Singapore released its Smart Nation 2025 plan, Indonesia and Malaysia released strategies for going digital, Bangladesh released its Digital Bangladesh plan, and Thailand announced its vision to become a digital hub in the ASEAN.

From a technology perspective, the future Asia-Pacific will require a digital economy supported by state-of-the-art information and communications technology (ICT) solutions and an open and green industrial ecosystem is needed as a breeding ground for innovation. . And finally, we will need to chart an effective path that closes the gaps in equality to level the playing field.

1. Building ICT infrastructure for a digital economy

ICTs have already proven their value in accelerating economic recovery from the pandemic. Connectivity and computing are the cornerstone of the digital frontier. As connectivity continues to bridge the digital divide by providing new education and employment opportunities, companies are turning to cloud, connectivity and AI to optimize their businesses.

However, the digital preparation of the region varies considerably. For example, China is embarking on the data dividend and the information dividend, and Southeast Asia (SEA) is still in the peak phase of the demographic dividend. In China, 5G has been widely covered across the country, and the penetration rate is over 40% – the home pass rate of 100+Mbps fiber is over 90%. However, the large-scale use of 5G is just beginning in some SEA countries. In SEA, 4G mobile coverage is slightly over 50%, and fiber broadband only reaches a third of households. Cloud penetration in SEA enterprises is less than 20%, indicating considerable space for data monetization and industry digitization.

The unprecedented disruption created by COVID-19 has accelerated digitalization and exposed inequalities in who benefits from the benefits of technology, increasing the urgency for an inclusive digital transformation.

The World Economic Forum’s platform for shaping the future of the digital economy and creating new value helps businesses and governments leverage technology to create new value for business and society in an unstable global environment . The platform aims to ensure universal 21st century digital infrastructure and inclusive digital services while transitioning to a new normal.

The Digital Transformation for Long-Term Growth program helps companies leverage digital technologies to create value for people, planet and prosperity.
The EDISON Alliance mobilizes leaders across industries to accelerate digital inclusion. It is committed to improving the lives of one billion people by 2025 through affordable access to digital solutions in education, health and financial services.

When it comes to 5G technology, it is already a game-changer in key industry sectors. For example, Siriraj Hospital, Thailand’s largest public hospital on the front line in the fight against COVID-19, launched the first 5G smart hospital in the ASEAN region with smart logistics, 5G ambulance and intelligent inventory management (see photo below). According to Professor Dr. Prasit Watanapa, Dean of Faculty of Medicine, Siriraj Hospital, Mahidol University,

“The 5G smart hospital project will be a new model for modern medical facilities. 5G provides the high-speed connections needed to ensure seamless transfer of patient data and operation of telemedicine equipment. »

In some remote areas where access to 5G is limited, digital infrastructure plays an even more important role. The Government of Bangladesh has made great efforts and progress in establishing a network in more than 2,600 townships, representing 60% of the total townships in the country and enabling social welfare services including l e-government and finance.

In Malaysia, known as “the Kingdom of Spices”, HEXA Food established an Internet of Things (IoT) team to train a chili pepper identification model on Cloud ModelArts. Atlas 500’s image recognition technology quickly and accurately identifies the quality of chillies. AI-powered smart sorting eliminates manual sorting errors and improves efficiency by 50%.

2. Create an open and green ecosystem

Meanwhile, every country, business and individual has recently faced common questions: how to survive and grow with resilience and robustness in an environment full of uncertainties? The booming digital and low-carbon economy will generate new forms of business, new production relationships and new value distribution systems. A healthier and greener industrial ecosystem is therefore necessary.

First, the adoption of a digital Asia-Pacific will make an open and collaborative ICT ecosystem essential. These ecosystems will include government, partners, operators and users and will help shape transformation opportunities in different industries. A good example would be the joint open laboratory in Singapore. All businesses, academics, and government agencies can use the lab, where they will have access to cutting-edge robotic solutions, smart digital twins, and AI development kits for research.

Second, towards carbon neutrality, digital energy technologies will be key to enabling the digitalization of energy for a greener future. In Thailand, smart photovoltaic (PV) roofs are installed in more than 1,200 convenience stores. This is expected to reduce carbon dioxide emissions by more than 1,300 tonnes each year. By integrating AI and cloud into PV for optimal power generation, it makes the solar power plant highly efficient, safe and reliable and lays the foundation for solar to become the primary power source.

3. Chart a sustainable and inclusive path

At the same time, we must be aware that half the world still does not have access to the Internet. In Asia-Pacific, according to the APNIC Foundation, the region’s total Internet adoption rate remains below half of the total population at 48.4%. By 2023, it is estimated that this figure will rise to 72% (3.1 billion users), leaving more than a quarter of the region’s population still disconnected.

This is simply untenable in an increasingly digital world, people cannot be empowered by technology if they don’t know how to use it. Services such as mobile payments, government services, access to digital education and healthcare should all act as gateways to everyone and help underserved communities, including women, girls and children. older generations.

Take the example of education, the ability to acquire knowledge regardless of location has helped to democratize access to educational resources. In the Philippines, PLDT-Smart Foundation (PSF) worked with the technology company to promote the School-in-a-Bag project. Each backpack includes a laptop for the teacher, 20 tablets and a Smart LTE pocket Wi-Fi kit. It has significantly improved students’ learning abilities, helped children assimilate their lessons, and improved teaching strategies.

The future is digital

Technology has the power to level the playing field. It can bring education, healthcare and jobs to anyone, anywhere in the world. It will revolutionize business and industry and it can help manage our use of global resources to enable a sustainable and green future.

In the Asia-Pacific region, the digital economy is driving social recovery and enabling a resilient future. It provides synergies for public-private industry collaborations across country borders and scenarios. As we come to the precipice of a digital future, we must strive to focus on the harmony that exists between our real world and the digital world to come.

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Crypto lobbyist donated £500,000 to Tories ahead of UK ‘crypto hub’ move Fri, 17 Jun 2022 14:07:36 +0000

The Conservative Party received a £500,000 donation from a British crypto investor two months before the government pledged to make the UK “the best place in the world” to set up crypto businesses.

Thailand-based businessman Christopher Harborne made the payment on February 9.

Two months later, the government announced its intention to turn the UK into a “global hub” for the crypto industry.

This new enthusiasm for crypto has surprised some in the industry, given warnings from the Financial Conduct Authority and the Bank of England about the dangers of cryptocurrencies.

Andrew Bailey, governor of the independent Bank of England, has called cryptocurrencies “the new front line” for criminal scams and warned that they have “no intrinsic value”. Since the government’s announcement in April, cryptocurrencies have crashed, with the price of bitcoin falling by more than half.

The BoE declined to comment on the matter.

The Conservative Party said there was no connection between Harborne’s donation and government support for crypto. “Government policy is in no way influenced by party donations – they are entirely separate,” a party spokesman said.

Harborne did not respond to requests for comment.

MP Tulip Siddiq, Labour’s shadow economic secretary, called the donation a “shocking revelation”.

“Instead of protecting the public by properly regulating the crypto market, it seems the Conservatives have been looking after the interests of their wealthy donors.

“This government’s wild west approach to crypto has threatened the security of people’s economies, and crypto-related crimes such as fraud and money laundering have reached record levels.”

The UK Treasury, which is responsible for planning around the crypto hub, has been contacted for comment.

In recent years, Harborne has become active in the crypto world. In 2020, he was named in EU filings as an accredited lobbyist for the Digital Currencies Governance Group, set up to “raise awareness of the role of digital currencies among European political representatives,” according to analysis by LobbyFacts. EU documents. Members of the group include Bitfinex, a cryptocurrency exchange whose parent company Harborne has been a shareholder, according to crypto news website Protos.

Harborne has made no public statement about his crypto investments.

Bitfinex and DCGG have been contacted for comment.

In 2020, French business school Insead said Harborne gave the institution money to fund research into blockchain, the technology that underpins most cryptocurrencies.

Bangkok-based Harborne is known as a generous backer of Reform UK, the former Brexit party, to which he has given more than £10million since 2019, according to documents filed with the UK’s Electoral Commission. United. He also gave a total of £489,000 to the Conservatives between 2001 and 2019.

The Conservative Party declined to tell the FN whether the £500,000 payment in February was a one-off payment or the first in a series of planned donations.

Harborne’s donation was the second highest received by the Tories in the first quarter, after a £973,000 payment from JCB’s Mark Bamford, according to his regular filing with the Electoral Commission.

Harborne, a Cambridge graduate and former McKinsey consultant, is the owner of aviation fuel company, AML Global. Over the past month, he has built up a 7% stake through AML, valued at £140million, in the MoD research spin-off Qinetiq, a filing on May 30.

The UK’s Financial Conduct Authority has been tougher on crypto firms than regulators in some other leading countries, banning the trading of crypto derivatives by retail investors and blocking the launch of exchange-traded crypto products.

Firms have complained about the difficulty of registering with the FCA to conduct crypto business, with many dropping out and moving overseas. In March, Treasury Minister John Glen said he had told FCA Chief Executive Nikhil Rathi that the regulator needed to be “more responsive” to crypto firms.

However, it’s not just crypto firms that have complained about regulators’ stance. Many of the city’s mainstream businesses have also privately criticized the FCA’s approach, which some say forced them to work on blockchain technology outside the UK.

To contact the author of this story with comments or news, email David Wighton

]]> Thai government at odds with central bank over rate hike Wed, 15 Jun 2022 06:03:32 +0000

(Bloomberg) – Thailand’s government leaders are publicly pleading to keep interest rates lower for longer, a call that puts them at odds with the country’s monetary policymakers who want to raise borrowing costs earlier to prevent inflation from overheating.

Bloomberg’s Most Read

Deputy Prime Minister Supattanapong Punmeechaow on Tuesday warned of risks to economic growth from higher rates. This contrasts with earlier statements by Bank of Thailand Governor Sethaput Suthiwartnarueput and his deputy, Mathee Supapongse, who argued that raising rates early would avoid steeper hikes later in their fight against inflation. which is already close to a 14-year high.

As the BOT left its key rate unchanged last week in a 4-3 split decision, concerns over the impact of faster US Federal Reserve tightening prompted some policymakers to voice support for a hike. earlier rates. Supattanapong, who is in charge of the economy, is not alone in opposing the rate hike: Prime Minister Prayuth Chan-Ocha and Finance Minister Arkhom Termpittayapaisith earlier this month urged the central bank to keep borrowing costs low.

The divergent policy approaches highlight the predicament facing Thai monetary authorities even as central banks around the world tighten rates to fight inflation. Prayuth and his ministers are wary of the prospect of higher borrowing costs with a general election just months away, and complicating matters for the Bank of Thailand is that the country’s economic recovery from the pandemic is slowest in the region.

“It’s impossible to say how much these public cries played into last week’s split decision, but it wouldn’t be an overstatement to conclude that it had no bearing on Thailand’s current political situation,” said Miguel Chanco, senior economist for Asia at the Hall of Fame. Macroeconomics Ltd. “If the government is successful in forcing the BOT into an extended pause, much more aggressive interest rate hikes will likely be needed later.”

The BOT’s inflation fight could get tougher with aggressive Fed tightening likely to further weaken the national currency from a five-year low and drive up energy costs imported and other raw materials. That prompted economists from Standard Chartered Plc., Australia & New Zealand Banking Group and DBS Group to speculate that the BOT could rise ahead of its next rate meeting scheduled for August 10.

The government can ease the pressure on the BOT to raise rates through additional fiscal measures to calm inflation. And new measures could be presented to cabinet next week that will help rein in rising prices, Supattanapong said after a meeting with officials from the central bank, planning agency and other economic ministries on Tuesday.

“Thailand faces a political dilemma,” said Pipat Luengnaruemitchai, chief economist at Bangkok-based Kiatnakin Phatra Securities Pcl. “On the one hand, the recovery has been slow and the economy remains well below its potential. With high household debt and unresolved NPL issues, the economy may not be ready for higher interest rates.

On the other hand, “the economy is facing serious political constraints due to rising inflationary pressures, a widening credit spread and the risk of falling behind the curve and losing the credibility of “If the BOT insisted on not raising rates while the Fed and other countries were tightening aggressively, the rate differential could lead to a weaker baht, which would in turn increase inflationary pressure,” he said. Pipat said.

Public calls for low rates by ministers also raise questions about central bank independence, according to Toru Nishihama, an economist at the Dai-ichi Life Research Institute in Tokyo.

“If the financial market considers that the Thai government violates the independence of BOT, it could lead to capital flight and a sharp depreciation of the baht,” Nishihama said.

Sethaput said the rate-setting panel was independent and monetary policy was solely within its purview. But the panel looks at the overall picture of the economy and fiscal policies before making a decision, he told reporters on Monday when asked about the government’s stance on low rates.

Sethaput managed to emphasize the need for rapid policy normalization without publicly going against the wishes of government officials. He can continue to build on the momentum by having MPC members speak to the press as the Fed allows its officials, said Poon Panichpibool, strategist at Krung Thai Bank Pcl.

“Finding a balance between the impact of higher rates and the risk of falling behind the curve is the art of central banking,” Kiatnakin’s Pipat said. “It’s especially difficult in the stagflation environment.”

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Thailand to host Global Women’s Summit 2022 in June, first major MICE event as Thailand reopens Mon, 13 Jun 2022 14:41:00 +0000

BANGKOK, June 13, 2022 /PRNewswire/ — Thailand will welcome more than 1,000 participants from more than 60 countries to the highly publicized Global Women’s Summit 2022, scheduled for June 23-25, 2022 in bangkok. The event becomes the first large-scale international convention held face-to-face in 2 years. He will shine the spotlight on Thailand The MICE industry as the country reopens and prepares for a rapid rebound in international business events.

Thailand to host Global Women’s Summit 2022 in June, first major MICE event as Thailand reopens

The announcement was made jointly by the Thailand Convention and Exhibition Bureau (TCEB), led by Ms. Nichapa Yoswee, Senior Vice President, with the President of the Global Women’s Summit, Ms. Irene NatividadThai Hospitality Committee Chairperson Ms. Kobkarn Wattanavrangkul and Mr. Siripakorn Chiosamut, Deputy Governor of Marketing Communications and Director of Marketing at the Tourism Authority of Thailand (TAT).

Originally scheduled for 2020, the event is the world’s first large-scale, in-person convention that Thailand will host after a two-year hiatus. The event is also seen as a timely opportunity for Thailand promote itself as a “global destination” for international events as the country has gradually rolled out easing measures for inbound travel and events over the past three months. On April 1, 2022 from there, the requirement for a negative pre-arrival RT-PCR test taken within 72 hours of travel was removed. Since May 1, the Test and Go arrangement which required a test on arrival is no longer in effect and since June 1, a simplified version of the Thailand Pass has been introduced for foreign travelers for better facilitation. Removing these requirements has given MICE organizers the freedom to plan larger in-person gatherings as long as relevant COVID-19 safety measures are in place..

Ms. Nichapa Yoswee, Senior Vice President of TCEBsaid: “Thailand is back and we are once again ready to wow the world with our commitment, our capabilities and our creativity. And the Global Women’s Summit is the ideal platform to do so. With its values ​​of gender equality, diversity and inclusion, the Summit reflects not only our national aspirations as set out in Thailand 12e National economic and social development plan, but also reflects the resilience and economic contribution of our MICE industry. We expect 1,000 participants and women leaders from 60 countries and an income of 80 million baht of this long-awaited world-class convention.”

Ms. Nichapa added that Thailand The MICE industry is putting behind the setbacks caused by COVID-19 and preparing for a strong rebound. According to TCEB, although Thailand has been continuously impacted by the COVID-19 situation, the MICE industry in Thailand could generate more revenue 33.2 billion baht, creating more than 46,000 jobs last year. In addition to 23 TCEB-supported international events announced for 2022, the annual APEC Economic Leaders Meeting scheduled for November 18-19, 2022 in bangkok will be a highlight drawing the attention of the world to Thailand.

Ms. Natividad said: “As Chair of the Summit, I look forward to bringing this renowned summit to Thailand, a country where women are prominent in economic participation in business and government. The 2022 theme – “Women: Creating Opportunity in the New Reality” – will focus on boosting the post-pandemic economy. Male and female senior executives of multinational corporations are expected from countries as diverse as South Africa, Vietnam, France, Spain, Mexico, Germanyand Kazakhstan. There is real excitement to be able to meet in person for the first time in more than two years since the COVID-19 pandemic.”

Ms. Kobkarn said, “The Global Women’s Summit is the biggest stage for international women leaders in the world. The 2022 Summit will confirm our abilities to organize conferences and build confidence in the Thai economy, focusing on further economic development and promoting new investment. . I am sure the Summit will empower women and encourage cooperation across all sectors to build a new generation for economic recovery.”

Mr. Siripakorn said: “This convention at the global level is an important step in building international confidence that Thailand is ready to welcome tourists after the long downturn of the recent COVID-19 pandemic. It is also an opportunity to provide an impressive tourism experience for women leaders delegates to the 2022 Global Women’s Summit. Women currently play a key role in driving the economy due to their abilities to increase their incomes. They are also one of the main market segments with high tourism potential due to their confidence and courage in the decision to travel.”

As well as being an indicator of the recovery in market sentiment, the 2022 Global Women’s Summit in Thailand will also stand out for its “Carbon Neutral” format. All Summit meetings and activities will be monitored for their carbon footprint, and emissions from energy consumption, participant travel, catering and waste management will be offset through the purchase of Project carbon credits reduction in greenhouse gas emissions by Thailand. The Summit will also feature community products from all over Thailand promote local businesses.

More information on the 2022 Global Women’s Summit:

Related images:

Thailand MICE: meet the magic

About TCEB


Established in 2004, Thailand Convention & Exhibition Bureau (Public Organization) or TCEB – the government agency under the Prime Minister – has been entrusted with the role of promoting, supporting and developing the event industry. business – corporate meetings, incentive trips, conventions, exhibitions, mega events and global festivals. As a strategic partner, TCEB helps deliver creative ideas and solutions to succeed and meet the demands of professional events. The main objective is to drive Thailand become a global destination for MICE and mega-events that can boost strategic industries and the country’s national economy.



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SOURCE The Thai Convention and Exhibition Bureau (TCEB)

Abbots Respond to Accusations of Embezzlement of Temple Funds Sat, 11 Jun 2022 13:41:00 +0000

Abbots Respond to Accusations of Embezzlement of Temple Funds

Monks deny involvement in embezzlement at Lop Buri and Nonthaburi temples

Phra Thep Senabodi, the abbot of Wat Kawisararam in Lop Buri, presented himself to a police investigator from the anti-corruption division on Saturday to admit charges relating to an embezzlement scandal at the temple. (Photo provided)

Two senior monks from Lop Buri and Nonthaburi provinces have come forward to the police to face charges related to a temple embezzlement scandal.

Phra Thep Senabodi, the abbot of Wat Kawisararam in Lop Buri, and Phra Udomsitthinayok, the abbot of Wat Bang Oychang in Bang Kruay district of Nonthaburi, met on Saturday Pol Maj Gen Charoonkiat Pankaew, commander of the anti-corruption division (ACD ) and police investigators.

They have denied any involvement in embezzlement and money laundering in the scandal involving former senior National Board of Buddhism (NOB) officials and monks. They were later released after hearing the charges.

Phra Thep Senabodi, also provincial monastic head of Lop Buri, was asked about the 30 million baht the NOB gave to the temple in 2014 to support the education of monks and novices. However, the police investigation revealed that the money was not used for the stated purpose.

The abbot claimed that the money was used to finance the extension of the Winitsuksa school under the care of the temple. But investigators said they found irregularities in the use of the temple fund.

In the case of Phra Udomsitthinayok, also deputy provincial monastic head in Nonthaburi, investigators said there was corruption related to the use of a 13 million baht fund allocated by the NOB in 2013 to Wat Bang Oychang to support the Phra Pariyadham school. Investigation revealed that the temple never received a permit to establish the Dhamma Teaching School.

Additionally, the NOB had allocated budgets of around 18.5 million baht to support other projects at the temple. But the temple had never completed the projects as stated in the original funding proposal it made to the Bureau.

Investigators found that Phra Udomsittinayok withdrew a total of 23.5 million baht and returned the money to Boonlert Sopha, a former director of the Bureau, who was sentenced to prison in 2020 for his involvement as a negotiator bribes.

Phra Udomsittinayok, the abbot of Wat Bang Oychang in Bang Kruay district of Nonthaburi, is being questioned on Saturday over the alleged embezzlement of funds from the temple to the police’s anti-corruption division.

Critic’s Guide to Beloved LGBTQ+-Owned Restaurants Thu, 09 Jun 2022 18:39:09 +0000

Trip to Thailand: Chef Noopy Areerak, left, and entertainer Billy Manthy, owner of Malakor Thai Café in Northwood, renewed their wedding vows in Yasothon’s home province of Areerak earlier this year.

When I think of restaurants with heartbeats, I think of places driven by family and good friends and great love stories. A few come to mind now during Pride Month, when we celebrate the contributions of America’s LGBTQ+ communities.

I can think of various LGBTQ+ owned restaurants that are not only driven by great love stories, but also by great food. They deserve our attention all year round, especially in June when they shine brightest.

Malakor Thai Cafe

Chef Noopy Areerak, left, and her husband Billy Manthy share a moment in Yasothon, Thailand, where they remarried earlier this year.  The couple own Malakor Thai Café in the Northwood neighborhood of West Palm Beach.

Chef Noopy Areerak, left, and her husband Billy Manthy share a moment in Yasothon, Thailand, where they remarried earlier this year. The couple own Malakor Thai Café in the Northwood neighborhood of West Palm Beach.

Artist Billy Manthy and chef Noopy Areerak opened this charming Thai restaurant 11 years ago. It’s been a favorite of the Northwood Village neighborhood ever since. If you’ve ever eaten Malakor’s green papaya salad, you know why.

The married couple continue to draw inspiration from Thailand’s native Areerak, where they grew up amidst the jasmine rice paddies of Yasothon province in the northeast of the country. In fact, it’s where Areerak and Manthy remarried earlier this year in a traditional Thai ceremony.

The trip was joyous all around, says Areerak.

“I saw my mother for the first time when I was 18,” says the chef.

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Want to know more about restaurants?

Here’s how to keep up to date with what’s happening in your local food scene: follow our food editor, Liz Balmaseda, on Twitter @LizBalmasedaInstagram at @silkpalm or sign up for our free weekly foodie newsletter, At the Table.

Malakor restaurant owners Noopy Areerak, left, and Billy Manthy, right, pay their respects to Areerak's mother, Chanton Areerak, in Yasothon, Thailand.

Malakor restaurant owners Noopy Areerak, left, and Billy Manthy, right, pay their respects to Areerak’s mother, Chanton Areerak, in Yasothon, Thailand.

He and Manthy first married in New York in 2013, two years after opening Malakor in Northwood. Renewing vows in Areerak’s hometown, surrounded by loved ones and blessed by local monks, “brings us full circle,” Manthy said in a Facebook post.

The couple own a string of restaurants in South Florida, including 6-year-old Kao Gang in Palm Beach Gardens, months-old Malakor Thai Express in Loxahatchee, 3-year-old Malakor Thai Isaan in Coral Gables and the next Nour. Thai in Oakland Park.

Malakor Salad, a Thai papaya salad, is a signature dish at Malakor Thai Cafe in Northwood Village, West Palm Beach.

Malakor Salad, a Thai papaya salad, is a signature dish at Malakor Thai Cafe in Northwood Village, West Palm Beach.

What dish to try there this summer: The Malakor Salad. It combines freshly grated green papaya, peanuts, tomatoes, green beans, garlic, chilli, lime juice and palm sugar and tops it with shrimp tempura. It’s the restaurant’s star dish, in my book. Again, Malakor means papaya in Thai.

Malakor Thai Café: 425 25th St. in Northwood Village, West Palm Beach, 561-762-9070

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Table 26

Ozzie Medeiros, left, and Eddie Schmidt own and operate Table 26 in West Palm Beach.  The chic nautical-themed restaurant draws a constant Palm Beach crowd.

Ozzie Medeiros, left, and Eddie Schmidt own and operate Table 26 in West Palm Beach. The chic nautical-themed restaurant draws a constant Palm Beach crowd.

Discover the elegant and welcoming restaurant built by Ozzie Medeiros and Eddie Schmidt. Their romance spans 27 years and fuels Table 26, the South Dixie Highway restaurant they opened in 2012.

They met at a red light in New York in 1995. One night in Nantucket, 13 years later, Schmidt took a knee during a Boston Pops concert and, in front of thousands of spectators, posed at Medeiros the most important question of his life: “Do you want to get married? me?”

Medeiros’ “yes” not only transformed their life as a couple, but also sparked the events that led to the opening of Table 26. In the modern lines of the restaurant named after the latitude of Palm Beach, the focus is on the old – school hospitality.

A signature cheeseburger at Table 26 in West Palm Beach.

A signature cheeseburger at Table 26 in West Palm Beach.

What dish to try there this summer: Go for Executive Chef Martha Encarnacion’s T26 Signature Cheeseburger. It’s beautifully stacked and the smoky peppercorn aioli adds a dreamy touch.

Table 26: 1700 S. Dixie Hwy, West Palm Beach, 561-855-2660

pizza girls

Phoebe Reckseit, left, and Jennifer Morales share a smile at their Pizza Girls restaurant in Palm Beach Gardens in March 2017 when they opened the location.

Phoebe Reckseit, left, and Jennifer Morales share a smile at their Pizza Girls restaurant in Palm Beach Gardens in March 2017 when they opened the location.

Partners in all things in life and pizza in the hand, Phoebe Reckseit and Jennifer Morales have been together since 1991, married since 2013. Together they created one of the most iconic pizzerias in the county, first in downtown West Palm Beach, later at Palm Beach Gardens. .

They kept the flame going even after the longtime Clematis Street location closed in August 2020.

These days, their Pizza Girls story is told in a plaza in Strip Gardens, where a mural reflects their adventures and dreams.

“The rest is his story,” he proclaims.

Pizza Girls, then: Owners Phoebe Recckseit (left) and Jennifer Morales pose for a photo outside their brand new Pizza Girls restaurant in downtown West Palm Beach on October 4, 1999.

Pizza Girls, then: Owners Phoebe Recckseit (left) and Jennifer Morales pose for a photo outside their brand new Pizza Girls restaurant in downtown West Palm Beach on October 4, 1999.

What to try there this summer: Pizza, of course! If you’re sharing with a group (or want leftovers), try the 16-inch square Sicilian pie with your choice of toppings. The dough is left to rise for 24 hours and baked twice to obtain a soft and crispy pizza.

Pizza Girls: 10965 N. Military Trail. (in the Garden Square Shoppes by PGA Boulevard), Palm Beach Gardens, 561-812-2400


Businesswoman Evita Thomas, left, and chef Wendy Tilkaran married on Singer Island in May 2019.

Businesswoman Evita Thomas, left, and chef Wendy Tilkaran married on Singer Island in May 2019.

Welcome to Riviera Beach’s home for Trinidadian roti and doubles, a take-out restaurant and shop owned and operated by Chef Wendy Tilkaran and his wife/business partner Evita Thomas.

They first opened the store in Lake Worth Beach in late 2020, but moved it to its current location in May 2021.

A former Trinidad and Tobago Police Department cop, Tilkaran followed her love and their shared culinary passion to South Florida in the spring of 2019. It turned out to be a happy decision not just for her and Thomas, but also for all of us. who love authentic Trinidadian soul food in Palm Beach County.

Soft, flaky paratha bread is baked at Chunkay, a new take-out store serving Trinidadian dishes. [Provided by Chunkay]

Soft, flaky paratha bread is baked at Chunkay, a new take-out store serving Trinidadian dishes. [Provided by Chunkay]

What dish to try there this summer: Flaky paratha bread or, of course, rotis! Chef Wendy fills soft roasted, toasted, hand-battered flatbreads with curried meats and vegetables. Pair them with an aromatic Trini-style sorrel jus for the full Chunkay experience.

Chunkay: 8344 Garden Road, Riviera Beach, 561-473-3710

This article originally appeared on Palm Beach Post: LGBTQ+ Owned Restaurants in Palm Beach County: The Critic’s Guide to Restaurants

Fino Payments Bank has the largest number of micro ATMs in India Wed, 08 Jun 2022 06:53:00 +0000
  • Micro PLCs were the fastest growing payment infrastructure in FY22, according to a report by ICICI Securities.
  • MicroATMs are portable devices that enable banking transactions including cash deposit, withdrawal and funds transfer using debit or RuPay cards.
  • Interestingly, while digital payments grew rapidly, cash circulation also increased to 14% in FY21 from 8% in FY17.

While fast digital payments through apps such as Google Pay, Phone Pay, UPI-led PayTM are growing rapidly, it is interesting to note that cash in circulation has also increased over the past couple of years.

Among various withdrawal instruments, micro ATMs were the fastest growing payment infrastructure in FY22, according to a report by ICICI Securities. In fact, the deployment of micro ATMs has exceeded the growth of cards, ATMs.

“The decline in commercial viability, especially in rural parts of India, and the growing acceptance of mATM has led most players to opt for building a mATM network over a traditional ATM” , says the report.

Cash withdrawals via micro ATMs grew by 33% to reach ₹285 billion in April 2022. Meanwhile, micro ATM roll-out jumped 93%, followed by prepaid cards at 45%.

What is a Micro ATM?
A micro ATM is like a mini version of an ATM. MicroATMs are portable devices that enable banking transactions including cash deposit, withdrawal and funds transfer using debit or RuPay cards.

Fino Payments Bank, 4, is the dominant player in the sector
Fino Payments Bank, which markets itself as the “digital banking partner” of hard-working Indians, is the most dominant player in MATMs with a 38% market share of the total number of devices deployed. It is followed by the Mauritian lender SBM Bank India with a market share of 23%.

Fino’s share in micro ATMs is higher than the top 16 banks like HDFC Bank, SBI, Kotak, IDFC.

Yes Bank, however, has an 11% market share in this space – and the only leading bank to exploit this opportunity.

“SBM Bank of India, Yes Bank, NSDL Payment Bank and City Union Bank have aggressively exploited the mATM space for the past 12 months,” the report said.

Micro ATM transactions stood at ₹3 trillion, growing 18% in FY22. Micro ATM device networks grew at a robust CAGR of 70%, while at During the same period, ATM networks grew by a mere 3% since March 2020.

“Notably, unlike the credit market, fintechs and relatively small banks like Fino SBM Bank India, NSDL Payment Bank and City Union dominate the mATM space. The combined market share of the top 5 players stood at 82% as of April 22,” the report states.

Cash remains an important payment method despite the growth of digital payments

As digital payments become increasingly popular, cash also remains an important mode of payment in everyday transactions.

Data shows that in the United States and South Korea, cash in circulation (as a % of GDP) increased to 9.5% and 7.6%, respectively, in 2020 (from 7.6% and 5 .2% in 2015). Malaysia and Thailand have also seen an increase in cash in circulation.

India is the second highest in terms of cash in circulation to GDP ratio in 2020, followed by Thailand, Russia and the United States.

“As a result of the pandemic, cash withdrawals in India decreased by 13% to 28.9 trillion in FY21. However, with economies returning to a normal pace, cash transactions from low value are expected to rise again,” the report said.

India remains a cash economy, hence cash in circulation to GDP has reached 14%, higher than before demonetization. However, nearly 47% and 40% of households do not have access to bank branches and ATMs, respectively, within 2 km of their homes.

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After the war, Ukrainian banks should allocate the wrong assets to the wrong bank Mon, 06 Jun 2022 13:49:12 +0000

The division of bank assets into bad bank and good bank, which proved successful during the period of overcoming the consequences of the East Asian financial crisis, should be applied in Ukraine after the end of the war, believes the Former Finance Minister of Bulgaria Simeon Djankov, who also has significant professional experience at the World Bank and the EBRD.

“I think this option is also the best for Ukraine. In some regions and cities of Ukraine, it is worth allocating non-performing assets to a bad bank and all working assets to a good bank. But it is in the same banks that worked during the crisis, “said the expert, who obtained the right to vote in the majority stake of Alfa-Bank Ukraine in mid-April, in an interview with Interfax -Ukraine.

At the same time, he clarified that this should not be done now, but in a year or two after the end of the war.

“In Korea, where there was no war, it happened after two years, in Thailand – after 2-2.5 years. Just when it became clear that the economy was starting to develop, it was worth doing,” the expert explained.

According to him, this approach was one of the reasons why growth in East Asia after the crisis reached 7-8% per year, and then a similar approach worked in Turkey in 2001-2002, where, after high inflation and a great financial crisis, they were able to do it in a year and a half.

“I hope that Ukraine can also follow this path, when private banks provided loans and other assets that did not work out. And it turned out that the bank has both good and a bad bank. And it is our task, It is not the task of the government to work with such assets. I think that all Ukrainian banks with large portfolios of companies and individuals will need them, “said Djankov said.

He added that such an approach would allow a very rapid recovery in lending to individuals and corporations, which would be necessary for economic growth to be 7-8% in one year.

“If some banks do not meet the capitalization conditions, then it is called differently,” said the ex-minister.

According to the expert, increasing the share of public banks and nationalization is a bad idea.

“During war, especially when funds are needed for other important things: war, reconstruction. Even in peacetime, I don’t think state banks are the best idea. International experience, by the way, proves it,” he said.

After finance, it’s food, fuel and foreign affairs Sat, 04 Jun 2022 13:28:18 +0000 An attendant pumps gasoline into the tank of a car at a gas station on TM Kalaw street in Ermita, Manila on Saturday, June 4, 2022. PHOTO BY JOHN RYAN BALDEMOR

The announced economic team of President-elect Ferdinand “Bongbong” Marcos Jr., led by new Secretary of the Ministry of Finance (DoF) and current Governor of Bangko Sentral ng Pilipinas (BSP), Benjamin Diokno, has been rightly applauded by businesses, think tanks and the media. and even pillars of the opposition.

Highly respected technocrats also include named chiefs Arsenio Balisacan of the National Economic Development Authority (NEDA), Felipe Medalla of BSP, Alfredo Pascual of the Department of Trade and Industry (DTI), Amenah Pangandaman of the Department of Budget and of Management (DBM) and Manuel Bonoan of the Department of Public Works and Roads (DPWH).

Following his father’s penchant for exploiting the best technocrats for key Cabinet portfolios, Marcos has gone some way to allay the warnings and fears voiced by naysayers, critics, local and foreign analysts and certain business groups. if he won the election.

Of course, what is far more important is to let the economic czars steer things expertly, even as the political leaders continue to voice their concerns and directions. Investors, creditors, analysts and the media will be watching to see if there is undue interference undermining policies and programs.

Three threats today and tomorrow

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Of the Cabinet and agency posts yet to be named as of Saturday afternoon June 4, the most closely watched are the incoming Secretaries of Foreign Affairs (DFA), National Defense (DND), Transportation ( DoTr), Agriculture (DA), Agrarian Reform (DAR) and Energy (DoE). Plus: the National Security Advisor (NSA) and the Commissioners of the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BoC).

Of these remaining key appointments, the most crucial not just for this year and next, but well beyond, are the secretaries of the DA, DoE, DFA and DND and the NSA, as these portfolios cover three threats to which the nation is already facing and could worsen in the years and decades to come. : soaring costs and tight food and energy supplies as well as territorial frictions and even war.

We cover food and fuel today, and foreign affairs and security on Thursday.

According to the Food and Agriculture Organization of the United Nations (FAO), food prices around the world are at their highest level in a decade. The FAO Food Price Index is at or slightly below 160, 60% above the 100 index level for the period 2014 to 2016, propelled by disruptions in grain and other commodity exports food due to the war between Ukraine and Russia, two of the world’s largest grain exporters.

With the food supply tight, major food producers halted exports, such as Indonesia’s ban on palm oil shipments, Malaysia’s chicken export halt and ban on India on wheat shipments. Plus: Major rice exporters Thailand and Vietnam are talking about jointly raising staple food prices. Add to that soaring fertilizer prices that drive food prices even higher.

All of this has driven up our own food costs, with huge imports of rice, pork, chicken, fish and vegetables since last year due to shortfalls in local production. And that’s on top of soaring oil prices as Western sanctions on Russia have prompted a rush to other sources of fuel, driving up prices.

Crude approached $147 a barrel in February, the month Russia invaded Ukraine, and is still around $120, despite increased production from Saudi Arabia and some other producers to compensate the fall of Russian expeditions to Europe. Meanwhile, Russian oil is headed mainly to Asia, often transferred between tankers on the high seas at enormous cost and risk.

There may be no respite this year, as the West and Ukraine have opted to continue the war to degrade the Russian military. Now, the European Union is set to stop almost all Russian oil imports by December.

And even if prices and supplies of food and fuel stabilize next year, it won’t stay that way. Reason: climate change.

Global efforts to reduce the use of fossil fuels have reduced investment in oil production and refining, thereby reducing supplies. If the rebound in travel lifts jet fuel consumption to pre-pandemic levels, that alone would add 2.5 million barrels a day to oil demand, which the global oil sector would struggle to supply.

Then there’s the push to switch from coal-fired power plants to renewables, including phasing out existing facilities. New green power generators and the closure of coal-fired power plants would increase capital expenditures on top of the actual cost of generating electricity.

If it’s not yet clear, these complex food and energy challenges require the same level of technocratic expertise and experience found among Marcos’ economic managers. Therefore, placing political appointees in charge of the DA and DoE may not attract the players and investments needed to develop the power and energy sectors the nation needs. need in the difficult years and decades to come.

green guys

For agriculture, more than a dozen development roadmaps written under his leadership give DA Secretary William Dar unique credentials for President-elect Marcos to consider when selecting his Tsar of farming. Dar also formulated a 10-year plan for transforming food systems. Renaming Dar would ensure that these programs move forward instead of being sidelined.

The other “green guy” Marcos might consider is Arroyo-era DoE chief Vincent Perez. He can bring to the energy portfolio not just international investment banking stature as a former managing director of Lazard. He has also set up Renewable Energy (RE) businesses and knows what policies would attract global investors to embark on RE in the Philippines.

A leading figure in the Global Fund’s green movement, Perez would also strengthen ties with global environmental entities, including the World Bank and other green finance giants, and gain their support and funding for our green efforts. durable energy.

What about the representative of the party list Rodante Marcoleta, currently considered for the post of energy? With his strong advocacy for the interests of the people, he might be equally or even better suited for the position of leader of the National Poverty Alleviation Commission (NAPC), the supreme advocate in Cabinet for marginalized sectors.

There are many other highly qualified technocrats for agriculture and energy. Whoever gets the jobs must bring the same skill, professionalism and development vision as the next economic team. Filipinos can then be better assured of affordable food and sustainable electricity for years to come.