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☆ Jack Ma, who disappeared from public view in 2020, has resurfaced in Thailand. Here's how the Alibaba and Ant Group founder got started and amassed a huge fortune.
▼ + stars: | 2023-01-07 | by ( Madeline Stone | Avery Hartmans | Sam Tabahriti | ) www.businessinsider.com time to read: +1 min

Jack Ma, the billionaire founder of Alibaba and Ant Group, resurfaced in Thailand on Friday. Ant Group said Ma will give up control of the fintech company amid closer scrutiny from Beijing. He grew up poor and faced multiple job rejections but amassed billions. Jay Fai restaurant in Bangkok, Thailand, posted a photo of Ma, which he appeared to have just visited. The billionaire faced a crackdown from Chinese regulators in 2020 that resulted in an antitrust investigation, a suspended IPO, and Ma losing $12 billion of his fortune in just a few months.

☆ Chinese billionaire Jack Ma spotted in Bangkok - Thai media reports
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Jan 7 (Reuters) - Alibaba Group (9988.HK) founder Jack Ma was spotted socialising in Bangkok this week, having stayed out of the public eye since regulators in China launched a clampdown on his business empire in late 2021, social media posts and local media reports showed. Several local media also reported that Ma was at the restaurant with Supakit Chearavanont, Chairman of the Board of Charoen Pokphand Group (CP Group) and Charoen Pokphand Foods PCL (CPF.BK), Thailand's largest agribusiness group. Media also reported that Ma attended a boxing match at Bangkok's Rajadamnern Stadium where he posed with clenched fists for a photograph with Thai boxing champion Sombat "Buakaw" Banchamek. The Jack Ma Foundation did not immediately respond to Reuters' request for comment. Ma will give up control of the Chinese fintech giant Ant Group in an overhaul that seeks to draw a line under a regulatory crackdown that was triggered soon after its $73 billion IPO was scupper two years ago.

☆ With few entry tests, Southeast Asia may gain most from China's travel revival
▼ + stars: | 2023-01-06 | by ( Xinghui Kok | ) www.reuters.com time to read: +4 min

Except for airplane wastewater testing by Malaysia and Thailand for the virus, the region's 11 nations will treat Chinese travellers like any others. As many as 76% of Chinese travel agencies ranked Southeast Asia as the top destination when outbound travel resumed, according to a survey released in December by trade show ITB China. Thailand already expects to welcome 5 million Chinese travellers this year, or about half of the 10.99 million of 2019. Neighbouring Malaysia projects 1.5 million to 2 million Chinese tourists this year versus 3 million before the pandemic. "But for Cambodia, it’s an invitation to Chinese people: Chinese tourists, come to Cambodia."

Tuesday's slide knocked off nearly $50 billion in market value, roughly equal to the valuation of rival Ford Motor Co (F.N), which last year sold three times as many cars as Tesla. The sell-off came after Tesla missed market expectations for fourth-quarter deliveries despite shipping a record number of vehicles. Tesla's market value has declined by about $370 billion since Chief Executive Elon Musk closed the deal to buy social media firm Twitter. Tesla shares biggest loser among Big Tech Tesla shares biggest loser among Big Tech since AprilTesla delivered 405,278 vehicles in the fourth quarter, short of analysts' estimates of 431,117. The gap between production and deliveries has widened to 34,000 vehicles as more cars got stuck in transit.

☆ More victims recovered from Cambodia casino hotel fire
▼ + stars: | 2022-12-30 | by ( The Associated Press | ) www.nbcnews.com time to read: +3 min

POIPET, Cambodia — The confirmed death toll from a massive fire at a casino hotel complex in western Cambodia rose to 25 on Friday as the search resumed for victims, officials said. The blaze at the Grand Diamond City casino and hotel in the town of Poipet on the Thai border started around midnight Wednesday and was extinguished more than 12 hours later on Thursday afternoon. The Grand Diamond City casino complex has 500 employees, and it had 1,000 customers Wednesday, according to a report from Soth Kimkolmony, a spokesperson for Cambodia’s National Committee for Disaster Management. Many of those inside, both customers and staff, were from neighboring Thailand, which sent firetrucks and emergency workers to help. Khmer Times, a Cambodian English-language news website, quoted Poipet city governor Keat Hul describing the chaos when the fire broke out.

☆ Myanmar court convicts Aung San Suu Kyi of corruption in final case
▼ + stars: | 2022-12-30 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

BANGKOK — A court in military-ruled Myanmar convicted the country’s ousted leader Aung San Suu Kyi of corruption on Friday, sentencing her to seven years in prison in the last of a string of criminal cases against her, a source with direct knowledge of the proceedings confirmed to NBC News. The 77-year-old Suu Kyi has also been convicted of several other offenses, including illegally importing and possessing walkie-talkies, violating coronavirus restrictions, breaching the country’s official secrets act, sedition and election fraud. Suu Kyi was the de facto head of government, holding the title of state counsellor. The U.N. said in August that Senior Gen. Min Aung Hlaing, the head of Myanmar’s military-installed government, had “expressed openness to arranging a meeting at the right time” between Suu Kyi and U.N. special envoy Noeleen Heyzer. “The Myanmar junta’s farcical, totally unjust parade of charges and convictions against Aung San Suu Kyi amount to politically motivated punishment designed to hold her behind bars for the rest of her life,” he said.

☆ Myanmar court jails Aung San Suu Kyi for 7 more years as secretive trials end
▼ + stars: | 2022-12-30 | by ( ) www.cnbc.com time to read: +1 min

Protesters seen holding portraits of Aung San Suu Kyi during a demonstration outside the Myanmar Embassy in Bangkok to mark International Migrants Day and protest against the Myanmar military's government. A court in military-ruled Myanmar on Friday convicted deposed leader Aung San Suu Kyi on five counts of corruption and jailed her for a combined seven years, a source familiar with her trial said, wrapping up the last remaining cases against her. The source asked not to be identified due to the sensitivity of the issue. A Nobel Peace Prize winner for her decades-long campaign for democracy in Myanmar, Suu Kyi has spent much of her political life in detention under military governments. Friday's verdict adds to sentences of at least 26 years handed down since December last year.

☆ Casino blaze at Cambodia-Thailand border kills 7, dozens hospitalised
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +2 min

Dec 29 (Reuters) - An overnight fire at a casino complex in a Cambodian border town has killed at least seven people, and left 53 injured and eight missing, authorities in neighbouring Thailand said on Thursday. The fire broke out at about midnight on Wednesday at Grand Diamond City, a casino and hotel in the town of Poipet, according to Cambodian police. Poipet's casinos are hugely popular with short-term visitors from Thailand, where gambling is illegal and unlicensed casinos operate underground. At least 32 people were being treated in hospitals in Sa Kaeo province across the border, Thailand's health ministry said. Cambodia has casino complexes in Phnom Penh and along its borders with Vietnam and Thailand.

"It's not a question of if it will happen, it's now just a matter of how many and how fast." As the Lunar New Year holiday - typically a peak travel period for Chinese tourists - starts on Jan. 21, some businesses are already gearing up. Japan, however, is being cautious about Chinese tourism due to the rapid spread of the virus in China. Australia, Germany, Thailand and others, however, said they would not impose additional rules on Chinese travel for now, with France taking to social media platform Sina Weibo to emphasise it welcomed Chinese friends "with open arms". "I suspect any meaningful rebound will have to wait until the travel boom in June or July next year."

One of Asia's most popular travel destinations, Thailand is seeing a much-needed tourism boom, with 1.75 million visitors in November, quadruple the number received for the whole of last year when flights and foreign arrivals were limited by the pandemic. Russian arrivals in November represented about 60% of the number who visited in the same month in 2019. A top destination for Russians is Phuket, where they account for about a quarter of the island's visitors, helped by direct flights to there and Bangkok, according to Yuthasak Supasorn, governor of the Tourism Authority of Thailand (TAT). "In the evening you'll see Russian families strolling in the park along with locals," he said, adding some were staying until March. ($1 = 34.6200 baht)Reporting by Chayut Setboonsarng and Orathai Siring; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Thailand keeps inflation target of 1-3% for next year
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Dec 27 (Reuters) - Thailand's cabinet on Tuesday approved the central bank's headline inflation target of 1% to 3% for 2023, unchanged from this year, government spokesperson Traisuree Traisoranakul told reporters. The inflation target, which guides monetary policy, is reviewed each year. Headline inflation stood at 5.55% in November, far above the Bank of Thailand's target range, suggesting the BOT will continue to raise its key interest rate to curb price pressures. The central bank forecast average headline inflation of 6.3% this year before easing to 3.0% next year. Reporting by Kitiphong Thaichareon Writing by Orathai Sriring; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Daughter of ex Thai PM Thaksin extends pre-election poll lead
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +2 min

Paetongtarn's support rose sharply from 21.6% from a September poll, when the majority surveyed were undecided. Thailand must hold an election by May next year, according to its election commission, but no date has yet been set. Respondents in NIDA's poll who backed Paetongtarn said it was due to her "party's policies and previous achievements of the Shinawatra family." Thaksin and Yingluck have been in self-imposed exile to avoid jail sentences handed down by courts during military rule. Pita Limjaroenrat, leader of the opposition Move Forward party, was third in the poll with 13.25%, while 8.25% were undecided.

☆ Travel abroad is poised 'for a big comeback' in 2023 as Americans eye trips to Asia, Europe
▼ + stars: | 2022-12-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

Jackyenjoyphotography | Moment | Getty ImagesAmericans are poised to travel overseas in a big way in 2023. Why travel abroad is poised 'for a big comeback'D3sign | Moment | Getty ImagesThirty-one percent of Americans are more interested in international than domestic travel, according to a recent poll by tourism market research firm Destination Analysts. It cited international travel among the top three trends for 2023, saying it's poised "for a big comeback." Karl Hendon | Moment | Getty Imageswatch nowWhere travel is ramping up mostHo Chi Minh City, Vietnam. Global demand for travel has played out similarly, with most interest directed at Europe and Asia, according to Expedia data.

☆ Thai power price hike to hurt business, competitiveness - business group
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Dec 23 (Reuters) - Thailand's decision to hike electricity prices by 20% in early 2023 will push up inflation and undermine the country's competitiveness as the economy recovers gradually from the pandemic, a leading joint business group said on Friday. The business group urged the government to delay the price hike as manufacturers would be forced to increase the price of goods, said the group, which includes representatives from industry, banking and commerce. Surong Bulakul, vice chairman of the Thai Chamber of Commerce, said higher power prices could increase inflation to 3.5% next year, from 3% currently forecast, with interest rates on the rise. On Monday, the central bank said it would continue to raise rates for a while to help the economy and curb inflation. ($1 = 34.70 baht)Reporting by Orathai Sriring, Kitiphong Thaichareon Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Weed’s next frontier is in Asia
▼ + stars: | 2022-12-23 | by ( Thomas Shum | ) www.reuters.com time to read: +3 min

HONG KONG, Dec 23 (Reuters Breakingviews) - Asia is beginning to warm up to the use of cannabis. Thailand legalised marijuana cultivation at home in 2022, while South Korea, Japan and Malaysia are paving the way for pharmaceutical applications. South Korea was the first country in East Asia to legalise pharmaceutical cannabis, and Japan, Malaysia and Taiwan are all considering similar moves. If American experience is any guide, regulated pharmaceutical use will inevitably trickle into the recreation market, boosting aggregate demand. Cannabis in Asia will burn slowly, but where there is smoke there may eventually be fire.

☆ Thailand hosts Myanmar junta figures in talks, key ASEAN nations skip
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +4 min

Foreign ministers of Myanmar, Laos and Cambodia and Vietnam's deputy foreign minister joined the talks hosted by Thailand's foreign minister, according to Thai foreign ministry spokeswoman Kanchana Patarachoke. "The consultation was a non-ASEAN meeting but intended to complement ASEAN’s ongoing collective efforts to find a peaceful political resolution," Kanchana said in a statement. Myanmar Foreign Minister Wunna Maung Lwin attended along with Kan Zaw, minister for investment and foreign economic relations, and Ko Ko Hlaing, minister for international cooperation, Myanmar's foreign ministry said in a statement. The Philippines said its foreign minister would also not join, without elaborating. "Any meeting convened under ASEAN, formal or informal, should not divert from this decision," it said, according to the source.

☆ Relatives despair as search continues for Thai marines missing at sea
▼ + stars: | 2022-12-21 | by ( Napat Wesshasartar | ) www.reuters.com time to read: +2 min

REUTERS/Napat WesshasartarBANG SAPHAN, Dec 21 (Reuters) - Hopes faded on Wednesday among relatives of Thai marines still missing after their warship sank off the country's central coast, even as military-led rescue teams expanded their search area. The navy and air force mobilised five planes, six helicopters, and at least four warships to find the missing sailors. The navy said on Twitter that search efforts were focused on the area where others had been found on Tuesday. Families awaited news at rescue centres onshore, but some were already grieving as rescue teams flew in the recovered bodies. Including the HTMS Sukhothai, Thailand's navy has lost four warships in the 116 years since its founding.

☆ Thai warship sinks in rough seas; navy searching for 31 sailors
▼ + stars: | 2022-12-19 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

BANGKOK — Thai navy ships and helicopters were searching on Monday for more than two dozen sailors still missing more than 12 hours after a warship sank in rough seas overnight in the Gulf of Thailand. As of noon, 75 sailors from the HTMS Sukhothai corvette had been rescued and 31 were still in the water, the navy said. The high waves that caused the accident had lessened since Sunday night’s sinking, but were still high enough to endanger small boats, the navy announced. A rescued crew member interviewed by Thai PBS television said he had to float in the sea for three hours before he was rescued. We have to fly the helicopters and search for them from a bird’s eye view instead,” navy spokesman Adm. Pokkrong Monthatphalin told Thai PBS.

☆ A Three-Week Vacation in 2023? Yes, You Can
▼ + stars: | 2022-12-19 | by ( Rachel Feintzeig | ) www.wsj.com time to read: 1 min

In August, Shane Sloan did something he’d never done before. He packed his bags, got on a plane and didn’t work for 21 days. “It was almost disconcerting at first,” the 43-year-old from Nashville, Tenn., says of the trip to Thailand with his wife and daughter. He spent time with extended family, hit hotel pools high above Bangkok and relaxed beachside in Phuket. Then he realized he still had a week left.

☆ Turnover surges as funds rush to exit private equity stakes
▼ + stars: | 2022-12-19 | by ( Rae Wee | ) www.reuters.com time to read: +5 min

Conceived as an illiquid but lucrative method of accessing unlisted companies, private investments are typically structured into funds run by buyout firms. Investment firm Hamilton Lane says an unprecedented $224 billion in private equity stakes have been offered in the secondary market this year to mid-November. Others want to deploy their capital elsewhere - a sign that private equity funds are no longer so highly regarded. The need to sell to rebalance can occur when, as this year, private equity funds have outperformed public markets. On paper, plenty of private investments, which are typically valued quarterly, appear to have done very well this year.

☆ Thai navy hunts for 33 missing marines after warship sinks
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

BANGKOK, Dec 19 (Reuters) - Thailand's military deployed warships and helicopters on Monday to try to locate 33 marines missing after a corvette sank overnight in choppy waters in the Gulf of Thailand, the navy said. Three navy vessels and two helicopters were sent to find the missing off Prachuap Khiri Khan province, south of Bangkok, after the HTMS Sukhothai warship suffered an engine malfunction and went down just before midnight about 20 nautical miles off the coast. An overnight rescue mission in bad weather secured 73 of the 106 people aboard, the navy said, with the remaining 33 forced to abandon ship. The Sukhothai, a U.S.-built corvette in use since 1987, was hit by strong waves on Sunday, forcing it to tilt to one side before becoming flooded with seawater, navy spokesperson Admiral Pogkrong Monthardpalin said. Reporting by Juarawee Kittisilpa, Panu Wongcha-um and Napat Wesshasartar; Writing by Martin Petty; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

☆ Thai king's hospitalised daughter stable 'at a certain level' - royal palace
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

BANGKOK, Dec 19 (Reuters) - The eldest child of Thai King Maha Vajiralongkorn is in a stable condition "at a certain level", with doctors using medication and equipment to support her lung, heart and kidney functions after she suffered a heart problem, the palace said on Monday. The princess was taken ill and lost consciousness on Wednesday while preparing her dogs for a competition in northeastern Nakhon Ratchasima province, the palace said. Princess Bajrakitiyabha is one of three children of King Vajiralongkorn who have formal titles, making her eligible for the throne under a palace succession law and the country's constitution. In its statement, the palace said her "condition is stable at a certain level" and her heartbeat was being controlled by medicine, but her heart contraction was still weak. The princess was born on Dec. 7, 1978 as the daughter of the king and his first wife, Princess Soamsawali.

☆ Toyota Chief Says ‘Silent Majority’ Has Doubts About Pursuing Only EVs
▼ + stars: | 2022-12-18 | by ( River Davis | ) www.wsj.com time to read: 1 min

‘Because the right answer is still unclear, we shouldn’t limit ourselves to just one option,’ said Toyota Motor President Akio Toyoda. BURIRAM, Thailand— Toyota Motor Corp. President Akio Toyoda said he represented a silent majority of auto-industry people who are questioning whether electric vehicles should be pursued exclusively as the future of cars. “People involved in the auto industry are largely a silent majority,” Mr. Toyoda said Sunday to reporters in Buriram, a small agricultural town 190 miles northeast of Bangkok. “That silent majority is wondering whether EVs are really OK to have as a single option. But they think it’s the trend so they can’t speak out loudly.”

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☆ Prayers in Thailand for king's hospitalised daughter
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

[1/3] Well-wishers sign a book and pay their respects for Thailand’s Princess Bajrakitiyabha as she has been hospitalized due to a heart problem at Chulalongkorn hospital in Bangkok, Thailand, December 16, 2022. Prime Minister Prayuth Chan-ocha and many senior officials, politicians and religious leaders visited Chulalongkorn hospital on Friday to lay orange flowers, the colour associated with the princess, and sign a book of well wishes. Thailand's Buddhist Supreme Patriarch, Somdet Phra Ariyavangsagatayana has requested all Thai temples at home and abroad to conduct special daily chanting sessions for the princess, an official announcement from the National Office of Buddhism said. The princess is one of three children of King Vajiralongkorn who has a formal title, making her eligible for the throne under a 1924 Palace Law of Succession and the country's constitution. Reporting by Panu Wongcha-um and Athit Perawongmetha; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

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