Corporate

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Tesco considers sale of its operation in Thailand and Malaysia

Published December 10, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379259?utm_source=category&utm_medium=internal_referral

Tesco considers sale of its operation in Thailand and Malaysia

Dec 10. 2019
By The Nation

189 Viewed

Tesco this week confirmed that, following inbound interest, it has commenced a review of the strategic options for its businesses in Thailand and Malaysia, including an evaluation of a possible sale of these businesses

The evaluation of strategic options is at an early stage, no decisions concerning the future of Tesco Thailand or Malaysia have been taken, and there can be no assurance that any transaction will be concluded. A further announcement will be made if and when appropriate, the statement read.

True Digital Group sets up subsidiary in Indonesia

Published December 10, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379250?utm_source=category&utm_medium=internal_referral

True Digital Group sets up subsidiary in Indonesia

Dec 09. 2019
By THE NATION

1,070 Viewed

True Corporation’s wholly owned subsidiary True Digital Group (TDG) has established a new, wholly owned subsidiary, PT True Digital Indonesia in the Asean country.

The company will operate a Web portal and/or digital platform for commercial purposes, according to its filing to the Stock Exchange of Thailand on Monday (December 9).

The firm has invested 24.99 billion rupiah, or approximately Bt57.18 million (calculated according to the Bank of Thailand’s exchange rate on December 6). The source of funds is from TDG’s working capital.

Pet-food boom drives crop giant ADM’s push in $91 billion market

Published December 9, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379216?utm_source=category&utm_medium=internal_referral

Pet-food boom drives crop giant ADM’s push in $91 billion market

Dec 09. 2019
Pet dogs stand in a shopping cart inside a Lowe's Cos. Home Improvement Warehouse store in Burbank, Calif., on May 19, 2017. MUST CREDIT: Bloomberg photo by Patrick T. Fallon.

Pet dogs stand in a shopping cart inside a Lowe’s Cos. Home Improvement Warehouse store in Burbank, Calif., on May 19, 2017. MUST CREDIT: Bloomberg photo by Patrick T. Fallon.
By Syndication Washington Post, Bloomberg · Isis Almeida

1,045 Viewed

At Archer-Daniels-Midland Co.’s new animal-nutrition lab in Decatur, Illinois, food scientists aren’t coming up with the next generation of rations for the world’s pigs, cows or chickens. They’re making dog cookies.

Just-baked bone-shaped treats containing ancient grains including quinoa, buckwheat and chia sit on a lab counter that looks more like a large kitchen island. The smell is so good they could be mistaken for real cookies. And that’s the objective, as animal lovers across America increasingly project their personal tastes on their cats and dogs.

Dog treats may seem like a strange bet for one of the world’s largest traders of crops such as corn, wheat and soybeans. But the $91 billion pet-food market is growing so rapidly it will be almost as big as the chocolate confectionery market by 2024, according to data from Euromonitor International Ltd.

“What we are seeing is a trend toward humanization of pets, so pet food solutions and labels are starting to mirror more and more what the pet owners are thinking and eating,” Ian Pinner, vice president of growth and strategy at ADM, said in an interview. “Think about gluten-free pet food. It’s a very small category, but it’s a category that’s growing very quickly at the moment.”

The newly-opened research center is part of ADM’s push to transform itself into an ingredients and animal-nutrition business, a drive largely responsible for billions in acquisitions in recent years. This year’s $1.8 billion buyout of Neovia, ADM’s second-biggest deal ever, expanded the pet-food business from just supplying ingredients, premixes and treats to manufacturing and owning consumer brands.

ADM is already seeing strong results. In the third quarter, the nutrition unit — which also contains Wild Flavors, a maker of flavors, colors and food ingredients — accounted for 17% of earnings before interest, taxes, and amortization, up from 9.5% a year earlier.

Dogs and cats have become so popular that American households now have more pets than children. As a result, the pet-food market is expected to have grown at an average annual rate of 5.5% to $91 billion in the 10 years through 2019, according to Euromonitor data. By 2024, the researcher found, pet food sales may hit $115 billion, just $1.1 billion less than the chocolate market.

Pet food usually contains a blend of meat and grains, including corn, wheat, rice and soy products. But just like in human food, the gluten-free craze is spreading with pet owners increasingly seeking grain-free options. Many brands and treats have replaced traditional recipes with ingredients that include pea protein, sweet potatoes and even tapioca starch.

“As we humanize pets, there are more and more ingredients being introduced,” Ryan Lane, president of ADM’s North American animal-nutrition business, said in an interview in Decatur. There’s now a value proposition with things like food without wheat, or corn or soy, he said.

“That has been the biggest change over the last five years,” Lane said. “And our specialty ingredients business can supply those.”

As consumers become more demanding, so do ADM’s customers.

The 117-year-old agriculture giant is working harder to cater to customer needs as it develops new products. To prototype treats for clients, for instance, ADM’s lab has a 3-D printer that can make “on the spot concepts and designs for what might be a new dog treat,” Pinner said. The research center is also focusing on aquaculture, another growing area for ADM, and should have salmon and shrimp tanks in operation by 2021.

Just like for humans, taste is crucial. The pet treats ADM develops are tested in partnership with the University of Illinois. Dogs will get two bowls of dog food and scientists will note their preferences. Studies also take into account if a dog has a right or left paw preference, meaning they have a tendency to turn one way or the other when deciding which bowl to focus on. And surprisingly, taste is also important for fish.

“Salmons are carnivores and they will spit it right out if it doesn’t taste right,” Lane said.

Overall, Americans last year spent around $72.6 billion on everything from pet food to veterinary care, a figure that’s expected to rise by 3.9% this year, the American Pet Products Association estimates.

“If you think about labels, wanting to be more nutritious and less processed, healthier and more traceable, I think those are trends you’ll see coming through companion animals as well,” ADM’s Pinner said.

The death of the English High Street hits women workers hardest

Published December 9, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379208?utm_source=category&utm_medium=internal_referral

The death of the English High Street hits women workers hardest

Dec 08. 2019
Pedestrians walk along the high street with a view towards Canterbury Cathedral in Canterbury, England, on Feb. 22, 2018. MUST CREDIT: Bloomberg photo by Luke MacGregor.

Pedestrians walk along the high street with a view towards Canterbury Cathedral in Canterbury, England, on Feb. 22, 2018. MUST CREDIT: Bloomberg photo by Luke MacGregor.
By Syndication Washington Post, Bloomberg · Lucy Meakin

1,643 Viewed

When the northern city of Leeds began setting up its retail skills training center, manager Dianne Wainwright knew that one of her biggest problems was simply getting people in the door.

She knew there was an audience, but she had to find a way to fit into the schedule of workers — often women — trying to juggle family life and caring commitments around long hours on the shop floor.

Getting workers up to speed on everything from digital skills and visual merchandising to functional math is becoming more pressing as major chains such House of Fraser, Mothercare and ToysRUs shutter stores and shift online. The employees being left behind are predominantly female, often facing high barriers to securing new positions in a changing workplace, even when initiatives like Wainwright’s Ambition Leeds are stepping in.

It’s a particular problem for Britain, which really is a nation of shopkeepers. Retail is the largest private sector employer with 2.9 million people. Of the sales assistants and cashiers on the front line of stores, around seven in 10 are female, according to the Annual Population Survey.

But while you’re still likely to hear a female voice at the grocery store checkout, it’s increasingly likely to be a machine. Self-service checkouts and home delivery are now ubiquitous. J Sainsbury, the second largest supermarket chain, is even trialing an entirely till-free store in central London, meaning the kinds of jobs available are shifting away from the female dominated end to those more usually held by men.

“Work is gendered,” said Vivian Hunt, managing partner for the U.K. and Ireland at McKinsey. “The further you go back in the supply chain, in manufacturing and warehousing, there are fewer women but those jobs are a little slower to be automated. It’s the customer facing, customer service roles, it’s the call support centers, the back office jobs with low physicality. These roles are more vulnerable.”

The Office for National Statistics estimates that about two-thirds of cashier, sales and retail assistant jobs are at high risk of being replaced by technology. Of the 108,000 job losses in sales and customer service occupations between 2011 and 2018, almost three quarters were women, according to analysis by the Royal Society for the Encouragement of Arts, Manufactures and Commerce.

At department store Debenhams, many workers face an uncertain future. It may close as many as 22 locations next year as part of an agreement with creditors to save the company.

Ex-retail workers are staying unemployed for longer. About 40% have been unemployed for six months or more, the second-highest of all sectors and a stark turnaround from before the global financial crisis, when they had among the shortest periods of unemployment, according to the Resolution Foundation.

Overall, 70% of roles at high risk of automation are currently held by women, according to the ONS. McKinsey estimates that one-in-four working women will need to substantially re-skill — and probably more in retail.

Many of the industry’s new jobs, Wainwright says, aren’t on the shop floor. They’re more like social media specialists, visual merchandisers, data analysts and multimedia designers. Even those in more traditional customer service roles face new challenges, from event planning to drive store footfall to the IT skills needed to handle online order collections.

For bosses, a tight labor market and lack of qualified candidates means redeploying existing workers is increasingly attractive. Employment is near record highs and the jobless rate is below 4%. McKinsey estimates the cost of retraining an employee is around 10% of their annual salary, while replacing them can cost as much as 30%.

Retraining isn’t always that simple, though. Despite huge changes in attitude over the past century, women in still spend an average 23 hours per week caring for family members, more than double the time spent by men. As a result they may not be able to commit additional — and usually unpaid — time to learning outside working hours.

Mobility is also an issue for women who are likely to earn less than their partner. Wider caring responsibilities may also mean they need to remain close to elder family members, or near to childcare for their own kids.

For Wainwright and the team at Ambition, the answer was to fit around the lives of those it hopes to reach. That means opening early, for pre-work sessions, and late, with at a location right in the center of the retail district.

“When we’re running a breakfast session, people know that they can leave here and be at work literally within five minutes,” Wainwright said. “The money could be invested in retraining them. It makes far more sense than getting rid of people.”

Paris billionaires’ rivalry fuels pursuit of Tiffany, Moncler

Published December 9, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379205?utm_source=category&utm_medium=internal_referral

Paris billionaires’ rivalry fuels pursuit of Tiffany, Moncler

Dec 08. 2019
Jewerly, boxes and decorations sparkle in Tiffanys Holiday window display at the flagship store in New York on Nov. 17, 2019. MUST CREDIT: Bloomberg photo by Christopher Goodney.

Jewerly, boxes and decorations sparkle in Tiffanys Holiday window display at the flagship store in New York on Nov. 17, 2019. MUST CREDIT: Bloomberg photo by Christopher Goodney.
By Syndication Washington Post, Bloomberg · Eric Pfanner, Albertina Torsoli

1,421 Viewed

The first families of French luxury are at it again, firing up a race to gather the world’s brightest baubles and fanciest fashions under their rival houses.

Only days after the Arnaults’ LVMH snapped up jeweler Tiffany & Co. for $16.2 billion, word surfaced of a possible riposte from the Paris giant’s crosstown rival, the Pinaults’ Kering. The Gucci owner has held exploratory talks with Italian skiwear maker Moncler SpA about a potential acquisition, according to people with knowledge of the matter.

“We had expected the LVMH-Tiffany news to catalyze a round of industry consolidation — which Kering-Moncler would be a part of — but the race seems to have gotten underway even more swiftly than imagined,” said Swetha Ramachandran, investment manager of the GAM Global Luxury Brands Fund.

The rivalry, more than two decades in the making, has defined the modern luxury industry and shows no signs of ending. Since 2001, when Kering founder Francois Pinault beat out LVMH Chief Executive Officer Bernard Arnault for control of Gucci, the companies have increased their hold over the sector through dozens of deals.

Kering has announced at least $14.7 billion of acquisitions since 1995, according to data compiled by Bloomberg, compared with at least $45.5 billion for LVMH. Each family’s wealth has increased vastly as the companies integrated their purchases and rode a wave of demand in China.

As their dominance over the business has grown, the two families have broadened the playing fields on which they compete. The Pinaults and Arnaults have bought up neighboring vineyards in Burgundy, set up separate art museums in Paris and even one-upped each other with contributions to the rebuilding of Paris’s fire-ravaged Notre Dame Cathedral.

On one scorecard, Arnault has a clear lead. He’s the richest person in Europe with a $101.8 billion fortune, after adding $33 billion this year alone, according to the Bloomberg Billionaires Index. Pinault, whose son Francois-Henri now runs Kering, has a net worth of $38.7 billion, up $9 billion in 2019.

Sprawling structures like those of Kering and LVMH — which owns brands ranging from Louis Vuitton to Christian Dior to Dom Perignon — have gone out of style in other industries. But there’s no conglomerate discount for these giants.

Combining many different brands under one umbrella lets LVMH and Kering pool functions like purchasing and information systems, while feeding investment to those that need it most, as individual labels ride the ups and downs of consumers’ changing tastes.

With a market value of more than 200 billion euros, LVMH is one of the biggest companies in Europe. Its rival, which owns Saint Laurent, Boucheron jewelry and Brioni suits, trails at 68 billion euros, but Gucci has been the fastest-growing major luxury brand over the past few years.

As the bigger player, LVMH has led the way in turning new acquisitions into drivers of growth. While Arnault has had a few missteps, including purchases of Donna Karan and Marc Jacobs and unsuccessful runs at Hermes International and Gucci, deals for the likes of Bulgari jewelry, Givenchy and Christian Dior have paid off handsomely. LVMH has pushed newly acquired brands upmarket with a sharper focus on marketing and store presentation, boosting profits.

Kering’s offerings include Ulysse Nardin watches, fashion labels such as Alexander McQueen and Bottega Veneta, but it’s less diversified than LVMH. The company has become increasingly dependent on Gucci, which provided more than three-quarters of its operating profit in the first half of the year. That’s putting pressure on Kering to hedge against the risk that demand for the Italian brand’s new looks could fade. Hence the possible interest in Moncler, which has a market value of about $12 billion.

To secure the maker of puffy down jackets worn on the ski slopes of St. Moritz and at the World Economic Forum in Davos, the Pinaults will need the backing of another luxury billionaire. Moncler Chairman Remo Ruffini’s holding company owns a 22.5% stake in the company, valued at about $2.5 billion.

Moncler confirmed that it’s had contacts with Kering, saying there are no concrete proposals. A representative for the French company declined to comment.

So successful have the Pinaults and the Arnaults been that others elsewhere have sought to emulate the conglomerate approach, but so far their acquisitions have been limited to second-tier brands. Capri Holdings Ltd., the U.S. parent of Michael Kors, has added Italian label Versace and Jimmy Choo. Tapestry Inc. owns Coach, Kate Spade and Stuart Weitzman. China’s Shandong Ruyi has talked of turning itself into an Asian LVMH.

With many Italian luxury labels already acquired and others struggling, that means the global luxury business is increasingly controlled from Paris.

“Competition is the mother of invention,” Luca Solca, an analyst at Sanford C. Bernstein in Geneva, said. “The rivalry between LVMH and Kering – or between Arnault and Pinault, if you really want to personalize it – has brought the creation of two incredible companies that sit at the top of the modern luxury goods industry.”

CAAT ordered to monitor financial health of airlines

Published December 8, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379187?utm_source=category&utm_medium=internal_referral

CAAT ordered to monitor financial health of airlines

Dec 07. 2019
Transport Minister Saksayam Chidchob

Transport Minister Saksayam Chidchob
By THE NATION

1,287 Viewed

Transport Minister Saksayam Chidchob has instructed the Civil Aviation Authority of Thailand (CAAT) to check on the financial status of all airlines operating in Thailand to see if they are in financial trouble.

He added that the CAAT should conduct the inspection immediately. If it finds any airlines financially unhealthy, it should increase its frequency of such inspections and order them to improve their financial status.

He said that the move is aimed at proactively preventing financial troubles from causing problems to passengers.

CAAT director general Chula Sukmanop said that it has found several carriers should be closely monitored in relation to their financial status.

If they fail to improve their situations in compliance with relevant rules, they risk having their licences revoked, he added.

PTT to hike LNG imports next year to meet needs of industrial sector

Published December 8, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379146?utm_source=category&utm_medium=internal_referral

PTT to hike LNG imports next year to meet needs of industrial sector

Dec 07. 2019
By THE NATION

1,203 Viewed

PTT Plc will import 5.2 million tonnes of liquefied natural gas (LNG) next year, up from 5 million tonnes this year, the company’s senior executive vice president of its Gas Business Unit, Wuttikorn Stithit, said.

This is in line with the long-term contracts PTT has signed with four suppliers.

The company estimated that the total demand of LNG next year would be almost the same level as this year or a little bit higher.

The LNG demand from power plants is expected to remain the same this year at 4,800-5,000 million cubic feet per day, accounting for 60 per cent of the country’s total demand.

The demand by the industrial sector, which accounts for 20 per cent of total demand, is expected to increase from this year.

He expected the demand for industrial use will expand as PTT’s gas business has continued to expand its gas distribution network to tap more number of industrial customers.

PTT has also increased the number of partners to distribute its LNG on a retail basis. Therefore, he expected growth in LNG demand for industrial use next year.

PTT is expected to begin trial of LNG-related services in the first quarter next year as part of the government’s policy of turning Thailand into the regional LNG trading hub.

The activities include LNG reloading and LNG bunkering services.

MBS got his world-beating Aramco IPO. Now the hard work begins.

Published December 7, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379156?utm_source=category&utm_medium=internal_referral

MBS got his world-beating Aramco IPO. Now the hard work begins.

Dec 06. 2019
By Syndication Washington Post, Bloomberg · Alaa Shahine, Matthew Martin883 Viewed

Saudi Aramco’s world-beating initial public offering is a watershed moment for a business that’s bankrolled the kingdom and its rulers for decades. The world’s largest public company will now trade in Riyadh and not New York.

Less clear is how far it will help overhaul the economy of the world’s biggest oil exporter.

First floated by Crown Prince Mohammed bin Salman in 2016 with an ambition to raise as much as $100 billion, the share sale was touted as part of a blueprint for life after oil. Saudi Arabia would raise funds off its biggest asset, and use them to develop new industries.

But after global investors balked at hopes to value the company at $2 trillion, the final deal was not quite what the prince had envisaged. Aramco offered just 1.5% of its shares and opted for a local listing, relying almost entirely on Saudi and regional investors.

And while proceeds of $25.6 billion exceed the 2014 IPO of Chinese internet giant Alibaba Group Holding, it’s unlikely to be a game-changer for the $780 billion economy.

“It’s difficult to see how this level of subscription can be repeated to raise the sort of revenue required by Vision 2030,” said Bill Farren-Price, a consultant at RS Energy Group. “And Saudi economic diversification will need a lot more of that.”

The sale is the first major disposal of state assets under a plan to empower the private sector and attract foreign direct investment, which has tumbled since oil prices crashed in 2014.

“It does provide ammunition to support investments as they move into the main construction phase, but by itself it’s not enough,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank and a longtime Saudi watcher. “The quality of spending remains critical — how much will be spent domestically, how effectively it will be deployed.”

The proceeds will be transferred to the Public Investment Fund, which has made a number of bold investments, plowing $45 billion into SoftBank Group Corp.’s Vision Fund, taking a $3.5 billion stake in Uber Technologies Inc.

At home, the sovereign wealth fund is financing mega projects to develop tourist hubs along the Red Sea and elsewhere.

But the fund has also been criticized for elbowing out private businesses in smaller projects. Plans for a $500 billion futuristic city announced in 2017 have raised concerns that the prince may end up sinking more cash into vanity ventures.

Funds from the IPO “should be invested, in domestic projects, with a large local content, while avoiding white elephants,” according to Ziad Daoud, chief Middle East economist at Bloomberg Economics.

“The government’s recent spending pattern has failed to live up to these criteria. It has cut investment, increased current spending and shown a continued penchant for mega-projects,” he wrote last month.

Still, pulling off the deal can help the prince get his ambitious plan for the economy back on track after setbacks at home, including the backlash against his purge of the elite, and abroad by the outrage over the murder of columnist Jamal Khashoggi and the war in Yemen.

The kingdom’s richest families, some of whom had members detained in Riyadh’s Ritz-Carlton hotel during a so-called corruption crackdown in 2017, are expected to have made significant contributions.

The state-owned oil giant set the final price of its shares at 32 riyals ($8.53), valuing the world’s most profitable company at $1.7 trillion. It received total bids of $119 billion.

Aramco will become the world’s most valuable publicly traded company once it starts trading, overtaking Microsoft and Apple.

The deal opens up one of the world’s most secretive companies that, until this year, had never published financial statements or borrowed in international debt markets.

It will also mean the company now has shareholders other than the Saudi government for the first time since it was fully nationalized in 1980.

Saudi Arabia pulled out all the stops to ensure the IPO got done. It cut the tax rate for Aramco three times, promised the world’s largest dividend and offered bonus shares for retail investors who keep hold of the stock.

Goldman Sachs, acting as share stabilizing manager, has the right to exercise a so-called greenshoe option of 450 million shares. The purchase option can be executed in whole or in part at any time on or before 30 calendar days after the trading debut. It could raise the IPO proceeds to $29.4 billion.

Vietjet launches four new international routes

Published December 7, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379142?utm_source=category&utm_medium=internal_referral

Vietjet launches four new international routes

Dec 06. 2019
By THE NATION

1,462 Viewed

To meet the rising travel demand in the year-end festive season, Vietjet will launch four more direct international services linking Vietnam’s Central Highlands City of Da lat and the hub of Vietnam’s southwest city Can Tho to Seoul, Can Tho to Taipei and Hanoi to Bali.

These new routes aim to expand the airline’s international flight network while offering more travel opportunities for people from the North to the South of Vietnam and creating more convenient connections for travellers to visit Vietnam’s famous destinations.

In celebration of the new routes, millions of promotional tickets priced only from zero dollar (excluding taxes and fees) are up for grabs during the three golden days from December 10 to 12, between the golden hours noon to 2pm (GMT+7).

The promotional tickets are applied to all Vietjet’s international routes between Vietnam and Japan, South Korea, Taiwan, Hong Kong, India, Indonesia, Thailand, Singapore, Malaysia, Myanmar and Cambodia as well as all routes operated by Thai Vietjet.

The promotional tickets for all flights between Vietnam and Japan can be snapped at any time during the three golden days.

The promotional tickets are valid from January 3, 2020 to October 24, 2020 (excluding public holidays).

The Da Lat-Seoul (Incheon) route will operate four return flights per week, starting from January 15, 2020. The flight departs from Da Lat at 5.10pm and arrives in Seoul (Incheon) at 11.55pm. The return flight takes off from Seoul (Incheon) at 2.30am and lands in Da Lat at 5.50am (all in local times).

The Can Tho-Seoul (Incheon) route will operate three return flights per week starting from January 16, 2020.

The flight departs from Can Tho at 4.50pm and arrives in Seoul (Incheon) at 11.55pm. The return flight takes off from Seoul (Incheon) at 2.30am and lands in Can Tho at 6.20am (all in local times).

With the two new routes, Vietjet now has 11 routes, operating the most flights connecting Vietnam and South Korea, including Hanoi/Ho Chi Minh City/Hai Phong/Da Nang/ Nha Trang/Phu Quoc/Can Tho/Da Lat – Seoul, Hanoi/Nha Trang – Busan and Da Nang-Daegu.

The Can Tho-Taipei route will operate four return flights per week, starting from January 10, 2020. The flight departs from Can Tho at 12.40pm and arrives in Taipei at 5.10pm.

The return flight takes off from Taipei at 6.10pm and lands in Can Tho at 8.55pm (all in local times). After five years of operation in Taiwan, Vietjet operates the most routes between Vietnam and Taiwan with nine routes, including Hanoi/Ho Chi Minh City/Da Nang/Can Tho – Taipei, Ho Chi Minh City/Hanoi – Taichung/ Kaohsiung and Ho Chi Minh City-Tainan.

The Hanoi-Bali route will operate daily return flights, starting from January 26, 2020.

The flight departs from Hanoi at 10am and arrives in Bali at 4.25pm. The return flight takes off from Bali at 5.30pm and lands in Hanoi at 9.55pm (all in local times). Vietjet is the first and only carrier to operate direct flights from Hanoi to Bali. This is the second route of Vietjet to Bali following the Ho Chi Minh City-Bali route operated since May 2019.

Thai Union takes stake in cod-liver producer in Iceland

Published December 7, 2019 by SoClaimon

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https://www.nationthailand.com/business/30379137?utm_source=category&utm_medium=internal_referral

Thai Union takes stake in cod-liver producer in Iceland

Dec 06. 2019
 Thai Union CEO Thiraphong Chansiri 

Thai Union CEO Thiraphong Chansiri
By THE NATION

1,852 Viewed

The world’s seafood leader, Thai Union Group, has made a strategic investment in Aegir Seafood Company, one of the leading producers of cod liver in Iceland.

The investment in Aegir will support the growth of the cod liver business for Thai Union’s King Oscar brand, a Norwegian-based manufacturer of cod liver, sardines and mackerel.

“Aegir has built a reputation over almost 25 years for manufacturing some of the most premium cod liver in the market today,” said Thai Union CEO Thiraphong Chansiri.

“The strategic investment in Aegir will strengthen King Oscar’s capacity and market position through the addition of the plant in Iceland, while also providing improved sourcing of cod liver for the brand.”

Aegir sources all of its cod from Icelandic Responsible Fisheries, while its products are also certified by the Marine Stewardship Council (MSC). MSC certification is widely recognised by global experts as the best mark of seafood sustainability.

The investment will play an important role in King Oscar’s strategy to create growth and help it take a leading position in the canned cod liver segment.

King Oscar has a strong brand heritage of more than 140 years and is one of the leading canned fish suppliers in Norway, the US, Poland, Belgium and Australia. King Oscar was acquired by Thai Union in 2014.

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