Month: June 2022

Corporate confidence hits 15-month low

Corporate confidence hits 15-month low

Business confidence has fallen to a 15-month low as rising inflation and corresponding living expenses have put pressure on executives.

According to a long-term monthly survey by Lloyds Banking Group, corporate sentiment has fallen to its lowest point since March 2021 this month, when the UK economy is emerging from the second wave of Covid-19.

The bank said employers were “broadly positive” while they “face a number of challenges ahead, including concerns about high costs and slow demand”.

“If these trends continue, businesses may have a lower chance of passing at higher costs to support their margins,” said Han-Xu Ho, a senior economist at Lloyds.

Despite the decline, business confidence levels were close to the long-term average for the survey, which began in 2002.

Business confidence seems to be more resilient among consumers than economic sentiment.

Confidence in the family has fallen to record lows this month as it struggles with the cost of living and the possibility of months of strikes.

Last week, GfK, a market research firm, said its consumer sentiment index, launched 48 years ago, fell to -41 in June – from -40 in May, below the previous level of the previous recession.

The consumer price index, the key measure of inflation, is the highest in 40 years. The Federation of Small Businesses, Britain’s largest employers’ group, has warned that companies are “doing what they can to absorb higher inputs, labor and energy costs, but only so much”.

Lloyds said citing optimism about their business prospects, the proportion of companies fell from 56 percent in May to 49 percent this month, while those who were less optimistic saw their shares rise from 23 percent to 27 percent.

Confidence fell in June for the third time in four months, Lloyds said, although 56 percent of businesses plan to raise their prices next year, slightly lower than in May.

Confidence in the services sector has fallen to its lowest level in a year, reflecting the weakness of hospitality, Lloyds said, although it was offset by strong confidence in business services.

Recruitment intentions have declined somewhat but expectations of wage increases are much higher. A separate study from CWJobs, a technology jobs platform, found that employees remained “confident in their ability to call shots and discuss salary increases and promotions, despite widespread market uncertainty.”

The Lloyds survey found that the biggest regional declines in business confidence were in London and the West Midlands.

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The Office for National Statistics said this month that input inflation was the main concern reported by businesses looking to July.

Supply chain problems remain widespread. The statistics agency found that in May, one in five companies reported that they were either unable to get the necessary goods, products or services from within the UK, or had to change suppliers or find alternative solutions to do so.

Lloyds surveyed 1,200 companies with annual sales of more than £ 250,000 and its research aims to provide early signs of economic trends.


COVID-19 led to a global rise in the use of digital payments

COVID-19 led to a global rise in the use of digital payments

Washington, June 29, 2022—Kovid-19 epidemic encourages financial inclusion মধ্যে Digital payments are growing exponentially amid the global expansion of formal financial services.

According to the Global Findex 2021 database, this expansion has created new economic opportunities, narrowed the gender gap in account ownership, and created resilience at the family level to better manage financial shocks.

The epidemic has led to an increase in the use of digital payments. In low- and middle-income economies (excluding China), more than 40% of adults who made a payment using a card, phone, or Internet store or made an online payment did so for the first time since the epidemic began.

The same is true for more than a third of adults in all low- and middle-income economies who have paid a utility bill directly from a formal account. In India, more than 80 million adults paid their first digital merchant money since the epidemic began, while in China more than 100 million adults did.

In East Asia and the Pacific, financial inclusion is a two-part story

Inside East Asia and the Pacific Ocean, Financial inclusion is a two-part story of what is happening between China vs. other economies in the region. In China, 89% of adults have an account, and 82% of adults use it to pay digital merchants.

In the rest of the region, 59% of adults have an account and 23% of adults have made digital merchant payments – of which 54% have done so for the first time since the outbreak of the COVID-19 epidemic. Cambodia, Myanmar, the Philippines and Thailand have achieved double-digit increases in account ownership, while the gender gap across the region is lower, at 3 percentage points, but the gap between poor and rich adults is 10 percentage points.

Two-thirds of adults worldwide now make or receive digital payments

With two-thirds of adults worldwide now making or receiving digital payments, participation in the developing economy has risen from 35% in 2014 to 57% in 2021. In developing economies, 71% have an account with a bank, other financial institution or with a mobile money provider, up from 63% in 2017 and 42% in 2011. Mobile money accounts have seen a huge increase in financial inclusion in sub-Saharan Africa.

“The digital revolution has catalyzed the growth of access and use of financial services around the world, the way people pay and receive, borrow and save.” Says David Malpas, President of the World Bank Group. “Creating a viable policy environment, promoting the digitization of payments, and further expanding access to formal accounts and financial services among women and the poor are some policy priorities to mitigate developmental reversals from the ongoing overlapping crisis.”

For the first time since the launch of the Global Findex database in 2011, surveys have found that the gender gap in account ownership has narrowed, helping women gain more privacy, security and control over their finances. Since the last survey round in 2017, the gap has narrowed from 7 to 4 percentage points worldwide and from 9 to 6 percentage points in low- and middle-income countries.

About 36% of adults in developing economies now receive a wage or government payment, payment for the sale of agricultural products, or a domestic remittance payment to an account. Data shows that people who pay into one account instead of cash can start using the formal financial system – when people receive digital payments, 83% also use their accounts to pay digitally. About two-thirds used their accounts for cash management, while about 40% used to save – further boosting the financial ecosystem.

Despite progress, many adults around the world still lack a reliable source of emergency money. Nearly half of adults in low- and middle-income economies say they can access extra money with little or no difficulty during emergencies, and they usually return to unreliable sources of money, including family and friends.

Borrow a boat, the crowdfund has raised more than 3 million pounds

Borrow a boat, the crowdfund has raised more than 3 million pounds

The UK’s leading boat rental and yacht charter marketplace, Boat A Boat, has closed its most successful crowdfunding round to date, raising £ 3,017,030 from 670 investors.

This increase brings the total lifetime crowdfunding of the business to over মোট 7.8 million.

Founded in 2017, Borrow A Boat has access to more than 45,000 boat rentals and yacht charters in more than 65 countries, including the UK, the Mediterranean, the Caribbean, North America and Southeast Asia.

This growth follows growth and accelerating revenue in 2022, expanding to several new countries and three acquisitions of competing Helm, Barco and Beds on Board in the last 12 months. The business is currently planning a boat charter marketplace – the first in the world in an IPO.

Matt Owenden, CEO and founder of Borough A Boat, said: “In 2017, when the Borough A Boat was launched, the yacht charter industry was stagnant.

“We have always believed that boat rental should be as easy as booking a hotel, flight or train, so the upcoming market revolution sees an opportunity for both boat owners and customers.

“Despite launching this round in the context of rising interest rates, inflation and the risk of a recession, we have now successfully completed our largest increase, bringing our lifetime crowdfunding to a total of 7.8 million.

“The huge success of this crowdfund, 402% of the target, is a clear recognition of our growth and progress towards making boating accessible to all. It shows support from investors for our plan to expand the marketplace internationally.

“We will continue to innovate and disrupt in the future – to make boating more accessible, affordable, flexible and inclusive for everyone, to help drive participation and to make it easier to rent a boat wherever you are in the world.”


Fitch maintains Thailand’s credit rating on BBB + with a stable outlook

Fitch maintains Thailand’s credit rating on BBB + with a stable outlook

Fitch ratings confirm Thailand’s long-term foreign exchange issuer default rating (IDR) on ‘BBB +’ with a stable outlook.

A complete list of rating actions is at the end of this rating action comment.

The original rating driver

Strong external, structural limitations

Thailand’s ratings are based on the country’s sustainable external financial strength and strong macroeconomic policy framework. The ratings also reflect weaker structural features than ‘BBB’ peers, including lower per capita incomes and World Bank governance scores. Furthermore, the medium-term prospects for growth and fiscal consolidation are limited by adverse demographic factors and potential stains from the Covid-19 epidemic.

Recovery to strengthen

Fitch predicts the Thai economy will expand by 3.2% in 2022 (BBB Medium: 3.4%), up from 1.5% in 2021, strengthened by improved domestic use, stable-friendly policy settings and a light recovery in inbound tourism. Thailand has relaxed its internal controls and opened its borders to international travelers.

Fitch projects will accelerate GDP growth to 4.5% in 2023 (BBB average: 4.0%), based on the continued recovery of domestic demand and the rapid recovery of domestic tourism. Our baseline expects tourist arrivals to increase to 22 million in 2023, or 55% of its pre-epidemic level, from 6.5 million in 2022. We anticipate that it will take several years for tourism flows to fully recover to pre-epidemic levels, especially given the slow revival of arrivals from China.

Narrow revenue deficit

Fitch predicts that the general government deficit will gradually shrink to 5.3% of GDP (based on official financial statistics) – in the fiscal year ending September 2022 (FY22) (BBB median: 3.9%), and 3.7% in FY23 (BBB median: 3.1%). ), From an estimated 7.0% in FY21. A narrow revenue deficit reflects a measured irregularity of strong revenue collection and epidemic-related economic relief measures. Our expectation for only a moderate fiscal consolidation reflects Thailand’s ongoing economic recovery still at an early stage.

Higher, but stable debt ratio

FYE22 (FYE21: 53.8%) predicts that gross public debt (GGGD) will rise to 55.4% of GDP, largely consistent with the ‘BBB’ median (55.9%). We expect the ratio to rise to 56.6% by FYE26, which is about 21pp higher than its pre-epidemic level. We see the risks of GGGD / GDP only leaning towards a reversed plan for gradual consolidation, especially if the recovery is further prolonged, but the risks are mitigated by the government’s record of financial prudence, deep internal capital markets and a public debt stock. It is mainly financed.

Strong external financial

Thailand’s resilient external position is a key strength, which, in our view, provides a sufficient buffer to handle the harshness of the global financial situation and the larger geopolitical risks. Fitch predicts that Thailand will maintain its large net external creditors position at 41.5% of GDP in 2022, above the projected median level for peers ‘BBB’ (-4.4%) and ‘A’ (-6.2%). We expect USD232 billion foreign exchange reserves by the end of 2022, which is enough for the current 7.8 months of current external payments in 2022, more than the 5.6-month ‘BBB’ average.

Fitch predicts that the current account deficit will shrink from an estimated 2.1% in 2021 to 1.8% of GDP in 2022, reflecting a slight recovery in tourism receipts offset by high energy imports and freight payments. We expect the current account to return to a surplus of 1.0% in 2023 and expand further to 2.8% in 2024, as tourism picks up speed.

Inflationary pressures increase

Fitch project headline inflation will average about 6.0% in 2022, rising to 1.2% in 2021, initially extending to cost-push factors. We expect the Bank of Thailand (BoT) to raise the benchmark interest rate to 25bp on 2H22 after keeping the policy rate at a historic low of 0.5% from May 2020. The BoT has taken a more aggressive stance in recent months, but Fitch believes the rate hike will be slow to avoid a recovery line. We predict that inflation will return to 2.3% in the BoT 1% -3% target band in 2023.

High family debt

Thailand’s household debt rose to 90.1% of GDP at the end of 4Q21. Debt-ridden low-income households and SMEs are hit by the epidemic and remain a source of weakness for the banking sector, if the recovery is prolonged beyond our forecast. Fitch hopes that with the expiration of the regulatory relief system in 2022, the credit crunch of banks will increase, but the pressure on asset quality will be alleviated by adequate debt-loss allowances and capital.

Structural headwinds

The prospect of medium-term growth is dampened by an aging population, which could be further exacerbated by potential economic wounds from the epidemic. The traumatic effects may be manifested through extended periods of increased investment, a slowdown in productivity growth, and a decline in labor efficiency and earnings. To address these potential headwinds, the government seeks to increase productivity by investing in rigid and soft infrastructure and promoting targeted innovation and technology industries.

Elections bring political uncertainty

The forthcoming general election by March 2023 could enter into additional uncertainty around the policy outlook. The election race also carries the risk of escalating political tensions, which could potentially re-emerge in the protests, although we do not expect these risks to impede economic recovery. The outcome of the election remains uncertain, but it could lead to another broad coalition government, which in Fitch’s view could challenge the effectiveness of policy-making.

ESG – Governance

Thailand has an ESG Relevance Score (RS) of ‘5’ and ‘5’ for political stability and rights[+]For rule of law, institutional and regulatory quality and control of corruption. Thesis scores reflect the high weight of the World Bank Governance Indicator (WBGI) in our proprietary sovereign rating model. Thailand has a moderate WBGI ranking in the 45th percentile, which partly reflects good institutional capacity and regulatory quality, and offset rule of law is established by permanent political instability.

Read more: fitchratings.com

Warehouse robot startup BotsAndUs is raising £ 11m

Warehouse robot startup BotsAndUs is raising £ 11m

Autonomous warehouse robot maker BotsAndUs has raised 13m (10.6m) in a seed round led by Swiss venture capital firm Lexter.

London-based BotsAndUs will use the capital to build its robots that are used to measure, track and identify stock in a warehouse.

Startup robots use artificial intelligence (AI) to create a warehouse digital twin. That mapping data can be used by operators to make them run logistics more efficiently in the warehouse.

BotsAndUs is also looking at international expansion in new markets such as Germany, France, the Nordics, the United States and Canada.

Christoph Schuh, partner, Lexter, said: “More than 80% of warehouses have no automation. Warehouses are expected to grow by 50% by 2025 and the labor deficit is expected to exceed 30%. 6 containing the key

Founded in 2015, BotsAndUs works with Menzies Aviation, an air cargo business used by London Heathrow Airport.

BotsAndUs recently entered into a partnership with container logistics company Maersk to explore the application of its robots in one of its warehouses, primarily to manage automated inventory.

“This is an exciting time for technology in London, and robotics and AI are among our most innovative growth sectors. This welcome investment in BotsAndUs further strengthens our position as a global hub for innovation and venture capital,” said Rajesh Agarwal, Deputy Mayor. London for Business.

Investors in the round received additional capital from Maersk Growth, Kindred Capital, and Capnamic. This follows BotsAndUs’ বিনিয়োগ 6m (9 4.9m) investment in July 2020.

Venture capital firm Lexter’s previous backups include the likes of Skype, Spotify, Facebook and Airbnb. It manages প্রাথমিক 1.2bn (1bn) across three initial funds and one growth fund.


Thailand wins ‘Golden Travel Destination Award 2022’ from Dutch tour operator

Thailand wins ‘Golden Travel Destination Award 2022’ from Dutch tour operator

The Tourism Authority of Thailand (TAT) is pleased to announce that Thailand has won the ‘Golden Travel Destination Award 2022’ from Dutch tour operator Reisgraag.nl, scoring 8.5 out of 10 in the company’s latest travel survey.

“Thailand is delighted and honored to receive this award,” said Mrs. Soraya Homchuan, TAT Director of the Paris Office, whose areas of responsibility are France, Benelux, Monaco and North Africa. Our hearts are warmed by the idea that many people love and miss our wonderful holiday destination. And now that Thailand is open again and entry restrictions have been significantly relaxed, we are delighted to welcome not only Dutch travelers, but also our beautiful tropical beaches, our magnificent temples, our busy cities, our lively culinary views. , And everything else on offer. ”

According to Reisgraag.nl survey, Dutch travelers ranked Thailand high in various categories. ‘Hospitality’ received the highest praise with a score of 8.8, followed by ‘Location’, ‘Attraction’, ‘Culture’ and ‘Restaurant’ each with a score of 8.5 and ‘Going Out’ 7.8.

The survey found that Thailand’s favorite destinations for Dutch travelers are Hua Hin (with a score of 8.6), Bangkok (8.4), Chiang Mai (8.3), Ko Samui (8.1), and Phuket (8.0).

“The high scores given to Thailand in the Reisgraag.nl survey well illustrate the state’s enduring popularity with Dutch travelers and help strengthen Thailand’s position as a holiday destination of choice,” concludes Ms Soraya.

Read more here

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There are only 100 days left to spend on paper £ 20 and £ 50 notes

There are only 100 days left to spend on paper £ 20 and £ 50 notes

The days of spending paper banknotes in stores are counted: 100 days, to be exact – so start hunting at home.

The remaining £ 20 or £ 50 notes should be spent or deposited by the end of September, the Bank of England said.

An estimated 163 million paper £ 50 banknotes and about 314 million £ 20 paper notes are still in circulation, the bank said.

These notes are being replaced with plastic versions, just like the £ 5 and £ 10 notes, which are more durable.

The bank says new, polymer notes are also difficult to counterfeit.

“Most of the paper notes are out of circulation now, but a significant number remain in the economy, so we’re asking you to check if they’re sitting at home,” said Sarah John, the bank’s chief cashier, who signed the new notes.

From October, people with UK bank accounts will still be able to deposit paper notes in their accounts or at the post office, but it will be impossible to spend them.

The £ 20 and £ 50 notes issued by Clydesdale Bank, Royal Bank of Scotland and Bank of Scotland will also be withdrawn on the same date.

The কাগ 20 paper notes issued by Bank of Ireland, AIB Group, Danske Bank and Ulster Bank in Northern Ireland will also be withdrawn after 30 September.

Alan Turing is being celebrated

The Bank of England, featuring economist Adam Smith, has had a £ 20 paper circulation since 2007, but has been gradually replaced by a plastic version that includes works and portraits by artist JMW Turner.

Also withdrawn is a £ 50 note on paper showing Matthew Bolton and James Watt. It was introduced in 2011 but has now been replaced by Alan Turing for integrated polymer notes.

He helped speed up the Allies’ efforts to read the German naval messages encipher with the help of the Enigma machine and thus helped to shorten World War II and save lives. He also played a leading role in the development of early computers, first at the National Physical Laboratory and later at the University of Manchester.

Turing was gay at a time when homosexuality was illegal and he was convicted of having an affair with a man.

Her presence on the new 50 50 note is welcomed as a symbol of a country facing gay men being abused by some sections of the LGBT + community.

Polymer fiber featuring Winston Churchill was launched in 2016, and the plastic সহ 10 note with Jane Austen’s portrait was first issued in 2017.

All old paper notes can be exchanged by the Bank of England at any time.


Thai Airways forecasts early financial rehabilitation exit

Thai Airways forecasts early financial rehabilitation exit

BANGKOK (NNT) – Thai Airways International (Thai) says it may be able to exit financial rehabilitation sooner than initially expected and resume stock trading.

According to Chai MCiri, head of finance and accounting at Thai, reducing airlines’ costs and streamlining operations and financial performance will enable revenue growth. With this development, the airline may be able to resolve its trading suspension issue with the Thai Stock Exchange (SET) before the 2025 deadline.

After easing travel bans, the airline’s operating losses fell to 3.1 billion baht in the first quarter of this year, down from 6.9 billion baht for the same period last year.

Chai added that Thai is currently working to raise a new fund as part of an ongoing restructuring program. The company will also sell assets worth about 2 billion baht to focus on online ticket sales.

The International Air Transport Association (IATA) has already revised the 2022 financial performance of the airline industry. Industry losses are expected to fall to 7 9.7 billion from the initial forecast of .6 11.6 billion. In its amendment, the association cited increased travel demand – a trend that continues as more countries move to relax sanctions.

Information and sources

  • Reporter: Paul Rujopakorn
  • Rewriter: Paul Rujopakorn
  • National News Bureau: http://thainews.prd.go.th

Cloudflare solves bugs in hundreds of websites like Shopify and Peloton

Cloudflare solves bugs in hundreds of websites like Shopify and Peloton

A major glitch in the content delivery network CloudFlare caused hundreds of websites across the Internet to stop working and returned a ‘500 internal server error’ message this morning.

A Content Delivery Network (CDN) is a worldwide distribution group that works together. Websites use these CDNs to deliver content safely and quickly from the cloud.

Cloudflare is by far the most popular content delivery network.

Websites affected by website disruptions include Discord, Shopify, Fitbit, Peloton, Grindr, Ring, bet365, Google, NordVPN, JustEat and Ladbrokes, according to Downdetector, which monitors website disruptions.

Cloudflare acknowledged the problem in an update on his official Twitter account.

“The CloudFlare team is aware of current service issues and is working to resolve them as soon as possible,” it said.

The agency now claims to have solved the problem.

The issue prompted many Internet users to express their frustration on social media about the “large part of the Internet” returning 500 internal server errors.

‘Has the internet just shut down? Found 500 internal server errors across several websites, ‘wrote a Twitter user.

DownDector Down, Discord Down, League of Legends Server Down, Valerant Down. Huge internet disruptions are happening, ‘wrote another.

Half the internet is down due to some cloudflare issues due to an internal nginx error on the 500 server. As soon as we talk, Pingu is taking over the world. Twitter is after. It’s up to the people. Not not, ‘wrote another.

“And you thought the train strike was bad …” said cyber security expert Graham Cully.

‘While many websites rely on a single technology, there is always the risk that it could be a single point of failure.’

Jack Moore, global cybersecurity advisor at ESET Internet Security, told MailOnline: ‘There seems to be a problem with CloudFlare and a solution is being worked out but users may be frustrated with the amount of service offline.

‘It simply shows how much the Internet is still funneling through a small series that puts great pressure on these platforms that are designed to provide protection and reliability.

‘When problems occur, disasters can occur in cyberspace. Unfortunately, these are becoming more common. ‘
The cause of the disruption is not yet clear, but Cloudflare was quick to identify the problem and implement a solution.

Cloudflare CTO John Graham-cumming hacker told the news thread that this is not a global outbreak, but has affected ‘many places’.

‘We have problems with our spine. We know what. Rollbacks etc are happening, ‘he said.

Moore explains: ‘Every request from a browser responds with a status. When you visit a website and see a 500 internal server error message, it means there is a problem with the website.

‘Usually no information is given as to why, but nowadays the problem is more with the content distribution network.

“CDNs are struggling with increasing traffic, which is often the cause of the disruption.”

The CloudFlare service status page states: ‘A serious P0 event was announced at about 06:34 AM UTC. Connections to CloudFlare’s network have been disrupted over a wide area, ‘the company said on its system status page.

‘The iBalls will monitor 500 errors trying to reach cloudflare sites in the affected area. The incident affected all data plane services on our network.