Corporate

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WeWork planning to cut thousands of jobs

Published November 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378481?utm_source=category&utm_medium=internal_referral

WeWork planning to cut thousands of jobs

Nov 19. 2019
By The Washington Post

382 Viewed

WeWork could lay off thousands of employees as the company tries to recover from a disastrous attempt to go public.

About 4,000 employees could leave WeWork through a combination of layoffs, divestitures of the company’s ancillary businesses and transfers to a contractor, according to a person familiar with the matter. That means WeWork could lose about a third of the 12,500-person head count it had in June according to a company filing.

WeWork executive chairman Marcelo Claure told employees that layoffs would begin this week, according to an email obtained by The Washington Post. Claure said the layoffs would be “difficult” but necessary to create “more efficient, more focused and even more customer-centric organization.”

In a year of disappointing tech IPOs, WeWork stood out for its meteoric rise and fall before the company ever went public. WeWork was valued at $47 billion in January, according to Pitchbook. Last month, SoftBank announced a $9.5 billion deal to take control of WeWork.

WeWork’s spectacular combustion has become a cautionary tale from a summer of underwhelming IPOs, particularly when it comes to job creation and employee wealth. Uber, which went public in May and has seen stock price fall by about 36% since becoming publicly traded, has laid off about a thousand employees in recent months.

Tech firms have long been criticized for generating a smaller number of jobs than traditional corporate giants as firms automate more tasks and create technology to replace humans, despite their huge streams of revenue.

Still, some have been critical of WeWork’s marketing of itself as a tech startup at all, instead saying it’s closer to a real estate company – and should have always been valued that way.

The company’s core business is converting leased buildings into co-working spaces that offer perks such as yoga classes and kombucha taps. Earlier this year it created a parent company called We Co. and expanded into apartment rentals, data analytics and education. It filed publicly for an IPO in August.

The plans to go public disintegrated after investors questioned the company’s valuation as well as the leadership of former CEO Adam Neumann. Neumann stepped down as CEO in September and was replaced by two co-CEOs: Artie Minson, formerly the company’s co-president and chief financial officer; and Sebastian Gunningham, who was vice chairman.

Without the infusion of Softbank cash last month, WeWork would have run out of money this month. Neumann became a board observer and was given an exit package worth as much as $1.2 billion. The company’s board obtained control of his voting shares.

The news of the job cuts was reported earlier by The New York Times, which said WeWork’s plan involved laying off 2,000 to 2,500 people from the company’s core real estate business. Another 1,000 employees would leave as the company sells or closes its other businesses including a private school, and 1,000 building maintenance workers would be transferred to a contractor, The Times reported.

WeWork declined to comment on the number of layoffs.

WeWork, like other “unicorn” startups including Uber, Lyft and Slack, was one of the many companies investors and employees hoped would generate wealth on the public markets this year. The debuts were especially crucial for tech workers, for whom stock is typically a major component of total compensation, and who have fewer opportunities to sell their shares.

NBC unveils plans for new businesses to boost revenue

Published November 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378477?utm_source=category&utm_medium=internal_referral

NBC unveils plans for new businesses to boost revenue

Nov 19. 2019
By THE NATION

774 Viewed

Nation Broadcasting Corporation (NBC) aims to boost viewer ratings of Nation TV 22 channel to eighth place in the next few months from ninth place currently following readjustment of its TV programmes.

The broadcaster’s managing director, Chatchai Pokogwai, said on Monday (November 18) that Nation TV’s advertising revenue had improved gradually.

Currently, the channel’s advertising revenue averages Bt40 million per month, up 100 per cent from before May last year.

The broadcaster aims to cash in on existing businesses to launch new promising businesses next year. Among the planned ones are a tour-related business, home shopping, and event organising.

The home-shopping business would be a hub to promote local products from across Thailand, he said, targeting monthly revenue of Bt30 million. The event organising business is expected to generate around Bt5 million a month.

ADB, Gulf PD sign Bt5.4-bn deal to build power plant in Rayong

Published November 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378463?utm_source=category&utm_medium=internal_referral

ADB, Gulf PD sign Bt5.4-bn deal to build power plant in Rayong

Nov 18. 2019
The Asian Development Bank (ADB) and Gulf PD Co Ltd signed a $180-million (Bt5.4 billion) agreement on Monday.

The Asian Development Bank (ADB) and Gulf PD Co Ltd signed a $180-million (Bt5.4 billion) agreement on Monday.
By The Nation

1,511 Viewed

The Asian Development Bank (ADB) and Gulf PD Co Ltd signed a $180-million (Bt5.4 billion) agreement on Monday to build and operate a 2,500-megawatt combined cycle gas turbine power plant in Rojana Rayong 2 Industrial Park.

 

Gulf PD is owned by Independent Power Development, a joint venture between Gulf Energy Development (GED) and Mitsui.

ADB’s support is composed of a regular loan of $50 million and a B loan of up to $85 million. The bank will also mobilise $45 million through the Leading Asia’s Private Infrastructure Fund (LEAP), established in 2016 and supported by the Japan International Cooperation Agency.

The ADB signed the loan agreement with its cofinanciers – the Japan Bank for International Cooperation and 12 other international and local commercial banks – playing an anchor lender role in the project by catalysing up to $764 million in commercial cofinancing. The B loan will be funded by Singapore’s Oversea-Chinese Banking Corporation and Germany’s DZ Bank.

The agreement for the Eastern Economic Corridor Independent Power Project was signed by ADB deputy director-general for Private Sector Operations Christopher Thieme and the GED CEO Sarath Ratanavadi at a ceremony in Bangkok.

“The project will build the fourth-largest power plant and one of the largest combined cycle gas turbine power plants in Thailand, which will be key to the Eastern Economic Corridor [EEC] development plan, considered as the prime economic growth driver for the country until 2028,” said Thieme. “The ADB is proud to play an essential role in this transaction, which will help provide reliable power to industry and households and boost Thailand’s economic growth and development prospects. We are particularly pleased to bring in additional cofinanciers to this transaction through our B loan programme and LEAP, since the financing gap will be one of the major challenges for the success of the EEC development plan.”

The plant will be fully operational by 2024, delivering at least 16,000 gigawatt hours of electricity. With the state-of-the-art combined-cycle gas turbine technology to be used at the plant, the project will mean one million fewer tonnes of carbon dioxide is emitted every year compared to current electricity grid emissions, said a press statement. The plant will be integral to sustaining Thailand’s energy security given that more than 8,500 MW of generating capacity – equivalent to about 20 per cent of current national energy capacity – of ageing power plants will be retired between 2020 and 2025.

According to the statement, Gulf PD was established in 2012 to develop, construct, own, and operate the 2,500MW power plant, while GED is a leading power generation company with the largest portfolio of contracted power purchase agreements in Thailand. Mitsui, established in 1947, is one of Japan’s largest trading companies involved in the development of more than 74 power projects globally.

The ADB is committed to achieving a sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion.

B.Grimm buys solar power project in Cambodia

Published November 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378461?utm_source=category&utm_medium=internal_referral

B.Grimm buys solar power project in Cambodia

Nov 18. 2019
By THE NATION

1,069 Viewed

B.Grimm Power Public Company Limited’s wholly owned subsidiary, B.Grimm Solar Power 1, last Wednesday entered into a share purchase agreement with Pramote Laocharoenwong, who is not connected with the company, to acquire all shares of Ray Power Supply for a total value of US$300,000 (Bt9.07 million).

According to its filing with the Stock Exchange of Thailand today, the transaction is in accordance with the principle approved by the Board of Directors on November 13, 2019.

The acquisition is currently awaiting approval from the Ministry of Mines and Energy and relevant competent authorities of Cambodia.

Ray Power Supply has been granted the right to develop a ground-mounted solar farm project in Serei Saophoan, Banteay Meanchey Province, pursuant to the power purchase agreement for 30 Megawatts with Electricite Du Cambodge (EDC) with the term of 20 years. The scheduled commercial operation date is October 2020.

Minor acquires Bonchon Chicken in Thailand

Published November 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378456?utm_source=category&utm_medium=internal_referral

Minor acquires Bonchon Chicken in Thailand

Nov 18. 2019
By THE NATION

2,657 Viewed

Minor International Public Company Limited (Mint) has invested in Chicken Time Thailand, the operator of a more than 40 outlets of the Bonchon chicken brand.

According to a statement released today (November 18), the purchase of a 100-per-cent stake in Chicken Time, which amounted to Bt2 billion, will allow Minor Food to operate existing Bonchon stores in Thailand.

As part of the transaction, its wholly owned subsidiary, Minor Food Group (MFG) has set up Minor Food Holding for the acquisition.

While such an investment does not include the franchise rights to open new stores, Mint is in the process of discussing with the master franchise right holder on a potential partnership to allow further expansion of Bonchon outlets across the country.

Bonchon brand, which was established in 2002 in South Korea, has become a strong global brand as Korean cuisine and Korean-style fried chicken have gained increasing popularity worldwide.

The brand differentiates itself with a specialised Korean-style fried chicken glazed with its signature sauces. With its strong brand equity and customer loyalty for distinctive super crispy chicken and other Asian fusion dishes, Bonchon restaurants have rapidly expanded worldwide, spanning across nine countries including the US, Bahrain, Kuwait, the Philippines, Singapore, Cambodia, Vietnam, Myanmar and Thailand.

“The already-lucrative portfolio of Bonchon brand in Thailand will bring us immediate revenue and earnings to further sharpen our growth trajectory. We believe that Thailand continues to offer promising long-term outlook on the back of its growing middle class and increasing personal income.” said William E Heinecke, founder and chairman of Mint.

“The unique customer proposition of the Bonchon brand combined with our robust four-decade experience and well-established operating platform in Thailand will no doubt equip us to further maximize value of this new investment for our shareholders.”

Paul Kenny, chief executive of Minor Food, added, “We took our time to find the right brand to be added to our food portfolio and we couldn’t be happier that we found this one-of-a-kind food concept. Chicken is undoubtedly one of the top preferred protein for Thai people, and the growth potential of such market is enormous. While Bonchon will fit well within our casual dining restaurant portfolio, at the same time it also enhances our brand diversification. This strategic move will surely take Minor Food to another level, building on our long history as a restaurant operator.”

Shoe brand Nanyang sees red

Published November 19, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378457?utm_source=category&utm_medium=internal_referral

Shoe brand Nanyang sees red

Nov 18. 2019
By The Nation

1,094 Viewed

A shoe has pipped food, alcoholic drinks, retail items and more to the post by walking off with the “Marketing of The Year” prize at the 11th MAT Awards 2019. The shoe is the limited-edition Nanyang “Red”, which was designed to reach more customers after the firm produced footwear in only black, white and brown.

Jakrapon Chantawimon, general manager of Nanyang Marketing, said the company had been working hard to expand its original business of making shoes for male students and now offered footwear for girls and sports though branding still focuses on function more than fashion at a reasonable price.

The “Nanyang RED limited edition 2019” arose from Jakrapon’s passion for Liverpool FC and he announced on his Facebook page that Nanyang would launch new products in red if the club topped the Premier League. The team didn’t but they did win the UEFA Champions League, so he went ahead with the project. And the shoes did even better than expected, selling 12,598 pairs.

The general manager added that one of the key factors of the product’s success was the marketing campaign which used free media like Facebook. Therefore, the company didn’t have to spend lots of money on advertising.

“Marketing people can no longer complain that they don’t have enough budget for promotion. We have shown them that an old brand like Nanyang was able to create a successful promotion strategy without resorting to the traditional advertising method,” he said.

AOT to spend Bt393 billion on expansion of six airports

Published November 17, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378403?utm_source=category&utm_medium=internal_referral

AOT to spend Bt393 billion on expansion of six airports

Nov 16. 2019
By THE NATION

1,297 Viewed

Airports of Thailand (AOT) will spend Bt393 billion on the expansion of six airports as part of its investment plan for 2017-33, the company’s president, Nitinai Sirismatthakarn, said.

The plan, already approved by the board, aims to boost the airports’ capacity to serve a total of 243.7 million passengers.

The budget covers the construction of a passenger terminal in the north of Suvarnabhumi Airport, which will boost the airport’s capacity by another 40 million passengers per year.

It also covers phase 3 of Don Mueang Airport’s expansion and phase 2 of the Chiang Mai Airport expansion.

He added that AOT could afford the huge investment, due to its financial strength.

Presently, AOT runs six international airports: Don Mueang, Phuket, Chiang Mai, Hat Yai, Chiang Rai and Suvarnabhumi.

Price-cutting not on agenda as THAI seeks turnaround in fortunes

Published November 17, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378402?utm_source=category&utm_medium=internal_referral

Price-cutting not on agenda as THAI seeks turnaround in fortunes

Nov 16. 2019
By THE NATION

1,293 Viewed

National flagship carrier Thai Airways International (THAI) will avoid a heavy price-cutting strategy to be competitive next year but will instead focus on building a solid customer base and tap specific segments, airline president Sumeth Damrongchaitham said.

The carrier will continue to recruit stronger marketing partners, he added.

He estimated that the aviation industry would continue to experience intense competition next year.

THAI will continue with its transformation plan next year, which includes focusing on earning ancillary revenue, creating satisfactory customer experiences and effective human resource management.

THAI will cooperate with the Tourism Authority of Thailand to hold a joint marketing campaign in order to boost in-bound tourism and increase national revenue.

Sumeth said that currently several negative factors were impacting the aviation industry and affecting business operations, which had caused several airlines to cease operations. Airlines are incurring losses as a result of the world economic situation, the aggressive and intense competition, technological disruption and political unrest across the globe. THAI was also affected by the continually strengthening baht, he said.

THAI and its subsidiaries reported a total revenue of Bt45.016 billion for the third quarter of 2019, down 6.1 per cent year on year. THAI and its subsidiaries reported a net loss of Bt4.680 billion for the third quarter.

THAI has continued to implement cost cutting measures, such as postponement of unnecessary investments, work reprocessing to reduce expenditure and improve work quality, as well as reduction in employee benefits of management and staff.

THAI has implemented a personalised approach to target customer groups with emphasis on creating ancillary revenue. During the first nine months of 2019 (January to September), THAI earned Bt4.604.17 billion in ancillary revenue.

CP Foods vows to protect human rights of workers as US mounts pressure on Thailand

Published November 16, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378376?utm_source=category&utm_medium=internal_referral

CP Foods vows to protect human rights of workers as US mounts pressure on Thailand

Nov 15. 2019
CPF employs about 12,000 foreign workers under a memorandum of understanding between the Thai government and neighbouring governments such as Cambodia and Myanmar, according to the company.

CPF employs about 12,000 foreign workers under a memorandum of understanding between the Thai government and neighbouring governments such as Cambodia and Myanmar, according to the company.
By The Nation

1,581 Viewed

Charoen Pokphand Foods Pcl (CP Foods) has pledged to achieve sustainable development of labour rights across its entire group and supply chains.

The company said it conducts constant surveillance to ensure good practices.

Under its Human Rights Due Diligence Process, the company said it analyses and assesses risks and impacts on human rights across business activities.

The announcement by CP Foods comes amid mounting pressure on the Thai government and corporates from the United States, which has threatened to cut Generalised System of Preferences (GSP) tax benefits worth $1.3 billion over labour rights issues.

Parisotat Punnaphum, CP Foods' executive vice president for human resource development,

Parisotat Punnaphum, CP Foods’ executive vice president for human resource development,

Parisotat Punnaphum, CP Foods’ executive vice president for human resource development, said the company was much concerned about slavery and human trafficking which are major global human rights issues. It also vowed to stand firm in combating all forms of slavery and human trafficking by preventing, mitigating, and solving any grave violations.

In 2019, CP Foods conducted the Human Rights Due Diligence Process. The salient human rights issues as a result of the assessment are working conditions, health and safety of employees, community health and safety, data privacy, use of illegal labour (child labour, forced labour and illegal migrant workers) in the supply chain, sub-contractors and suppliers’ health and safety and community safety and standard of living in supply chain, he said.

Parisotat added that once those risks had been assessed, the company would closely monitor them and they would be managed and mitigated systematically. Moreover, the Human Rights Due Diligence Process has been conducted regularly every three years, he added.

In October 2019, the company was ranked the third best company in the overall score by Seafood Stewardship Index, reflecting strong performance in most of the sustainability areas. In addition, the company got the highest scores in the areas of stewardship of the supply vhain and human tights as well as working conditions. This showed transparency and sustainable development in the company’s operation, he said.

“CP Foods adheres to all forms of transparent approaches to ensure human rights fundamentals, standards and welfare are met,” noted Parisotat, adding the company also associates with international labour institutions and civil society organisations such as the International Labour Organisation.

The company is committed to continuously supporting the drive to transform Thailand’s seafood industry, in order to achieve responsible sourcing of fishmeal, which is a raw material for shrimp feed, he said. In this mission, the company’s aquaculture business is collaborating with both national and international groups, including Thai Sustainable Fisheries Roundtable, Seafood Task Force, The Fishermen Life Enhancement Centre, Seafood Business of Ocean Stewardship, Global Dialogue on Seafood Traceability and Global Sustainable Seafood Initiative.

He added that the company continued to focus on human rights issues in the supply chain by providing training to business partners and encouraging its suppliers to adopting a similar stance under Thailand’s labour laws and international standards requirement.

The company has also teamed up with Thailand’s Department of Labour Protection and Welfare under “Joint Development Project for Suppliers to Achieve Thai Labour Standard” framework. The project aims to improve labour practices of its suppliers to ensure traceability and sustainability. It is also designed to upgrade workers’ living standards as well as fair treatment of all labour in Thailand.

“We try to strengthen competitiveness and win-win partnership with our suppliers, particularly medium suppliers and raw material traders in the supply chain including corn, cassava, palm oil, rice products and fish meal by promoting them to operate business legally, and responsibly, in line with labour rights protection and international principles,” Parisotat stressed.

CP Foods said it was obliged to responsible sourcing and traceability of key raw materials to achieve sustainable production. The policy has been implemented in line with the Sustainable Development Goals and the United Nations Global Compact.

The company has engaged with the Labour Rights Promotion Network Foundation (LPN). CP Foods’ workers can voice their concerns through the Labour Voice Hotline jointly developed with LPN. As a neutral party, workers can more freely express their concerns, opinions, recommendation and complaints.

“The Labour Voice Hotline helps the company to promote labour protection and a better quality of life for workers, and tackle any risks of human trafficking and forced labour,” Parisotat said.

CPF employs about 12,000 foreign workers under a memorandum of understanding between the Thai government and neighbouring governments such as Cambodia and Myanmar, according to the company.The company earlier said it would not be adversely affected by the US government’s warning to cut GSP. The GSP cut will come into force in April next year if the US is not happy with Thailand’s response on labour rights protection.

Google firm on “leaving no Thai behind”

Published November 15, 2019 by SoClaimon

ศาสตร์เกษตรดินปุ๋ย : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation

https://www.nationthailand.com/business/30378352?utm_source=category&utm_medium=internal_referral

Google firm on “leaving no Thai behind”

Nov 14. 2019
Google has reaffirmed its commitment to leave no Thai behind.

Google has reaffirmed its commitment to leave no Thai behind.
By The Nation

1,781 Viewed

Google has reaffirmed its commitment to “Leave No Thai Behind”, highlighting initiatives that will help more Thai people and businesses participate in the growth and opportunities of the digital economy at the second annual Google for Thailand event today (November 14).

Google’s initiatives span across four pillars: access, digital skilling, localised content/local products, and SMEs – designed to ensure that all Thais would have equal opportunities to access technology and use it to unlock digital opportunities.

Mike Jittivanich, head of Marketing of Google Thailand, has launched two digital skilling programmes under the company’s Grow with Google global economic opportunity umbrella. The new programmes specific to Thais include Primer, an app providing simple training in foundational business and digital marketing skills, and Skillshop, an e-learning platform for Google products. Jittivanich also launched Be Internet Awesome, a programme designed to teach kids to explore the internet safely and confidently. Thailand is the first country in Asia to have the programme in its local language.

Another major announcement is Google’s expansion of its research into harnessing AI for detecting diabetic retinopathy. There are 4.5 million diabetic patients in Thailand, but only 1,500 eye doctors can detect the disease.

Dr Fred Hersh, programme manager of Google Health, said that since the study began in December 2018, Google and its partners – the Rajavithi Hospital, Department of Medical Services and the Ministry of Public Health have expanded their study from one clinic to eight clinics in three Thai provinces (Bangkok, Pathum Thani, and Chiang Mai).

Google also unveiled its most recent culture project in Thailand, the Hidden Fruits exhibit, which is the 5th installment in the Front Palace collection that Google Arts & Culture launched in September. Working closely with the Department of Fine Arts under the support of Thanpuying Sirikitiya Jensen, Google was able to capture high resolution images of the murals in the impressive Buddhaisawan Chapel using their Art Camera technology.

The ultra-high resolution capabilities of the camera results into “gigapixel” imagery made up of over one billion pixels, allowing Thais to see and experience upclose the intricate details of their rich culture online.

For its access initiative, Google said that its free WiFi programme, Google Station, which was launched last year, is now available in over 100 venues nationwide, including markets, malls, airports, and also in key ground transport hubs, connecting Thais to commerce all over the country.

Lastly, Google announced that more Thai SMEs can now have a presence online. Their collaboration with the Ministry of Commerce will allow Thai SMBs who are listed under Blue Flag and ThaiTrade.com to sign up and be verified for Google My Business, a free tool enabling businesses be found on Google Search and Google Maps.

In addition, Google has expanded its partnership with Siam Commercial Bank where SMEs can be verified on Google My Business using SCB Easy app, starting end of November 2019.

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