Latest news with #AthitPerawongmetha
The Star
2 days ago
- Politics
- The Star
Thai PM will not resign or dissolve parliament, official says
FILE PHOTO: Thailand's Prime Minister Paetongtarn Shinawatra speaks during a press conference at the Government House, in Bangkok, Thailand, May 19, 2025. REUTERS/Athit Perawongmetha/File Photo BANGKOK (Reuters) -Thailand's embattled prime minister Paetongtarn Shinawatra will not resign, or dissolve parliament, a senior official of the ruling Pheu Thai party said on Saturday. Sorawong Thienthong, who also serves as Thailand's tourism minister, said in a Facebook post that the prime minister will not quit, despite growing calls for her resignation after her mishandling of a border row with neighbouring Cambodia. (Reporting by Devjyot Ghoshal, Orathai Sriring, Panarat Thepgumpanat; Editing by Tomasz Janowski)
Straits Times
3 days ago
- Business
- Straits Times
Thailand's economy teeters as political turmoil threatens recovery efforts
FILE PHOTO: A view of the city at twilight as the sun sets, in Bangkok, Thailand, May 15, 2025. REUTERS/Athit Perawongmetha/File Photo FILE PHOTO: Thailand's Prime Minister Paetongtarn Shinawatra speaks during a press conference at the Government House, in Bangkok, Thailand, May 19, 2025. REUTERS/Athit Perawongmetha/File Photo BANGKOK - Thailand's economy is already on the ropes. Consumption has remained tepid despite a government stimulus programme, few of its economic engines are firing, and uncertainty wrought by U.S. President Donald Trump's reciprocal tariffs means that the Thai economy could grow just over 1% this year. Now, Southeast Asia's second-largest economy faces a fresh challenge: a new round of political chaos that can bring down Prime Minister Paetongtarn Shinawatra or her ruling Pheu Thai party. "We are currently in a period of economic downturn, with many issues affecting us," Visit Limlurcha, vice chairman of the Thai Chamber of Commerce, told Reuters. "This could make things even more complicated." The most significant short-term concern is the passage of a 3.78 trillion baht ($115 billion) budget for the 2026 fiscal year, which starts on October 1, that must pass through parliament over the next few months. That process could get stalled if Paetongtarn, who is under siege for her handling of a festering border row with neighbouring Cambodia, dissolves parliament and triggers fresh elections. "If parliament is dissolved before the budget is passed, the process will be delayed significantly," said Prakit Siriwattanaket, managing director of Merchant Partners Asset Management. Thailand's economy has lagged regional peers as it struggles under high household debt and borrowing costs, and sluggish demand from China, which is also a key tourism market. It expanded 2.5% last year, and growth could be further halved this year due to U.S. tariffs, Finance Minister Pichai Chunhavajira said last month. Thailand's stock market has been the worst performing bourse in Asia so far this year, down 23.4%. Industrial sentiment also hit its lowest in eight months in May, even as consumer confidence dropped to a 27-month low. There is a clear need to press ahead with government spending, which has dropped by over 38% annually during April-May 2025, OCBC economists Lavanya Venkateswaran and Jonathan Ng said in a report on Thursday, warning of a "double whammy" for the economy if both government expenditure and exports weaken. PROTESTS AND TARIFFS Amid the ongoing tumult, Paetongtarn may be able to hang on to her premiership and a coalition led by her Pheu Thai party could retain its majority, albeit in a weaker position compared to its previous grip on the parliament. Such an arrangement will prolong political instability and raise the spectre of street protests, which have been part of previous crises and could hit one of Thailand's key remaining economic engines: tourism. "I'm worried. I don't want the situation to cause people to take to the streets," Thienprasit Chaiyapatranun, President of Thai Hotels Association, which represents around 1,000 hospitality establishments, told Reuters. "If they take to the streets, it will hit tourism." Activists - including those who have in the past agitated against Paetongtarn's father, the divisive former premier Thaksin Shinawatra - met on Friday to plan a major protest next week, and demanded the prime minister's resignation. A government lacking full authority may also struggle in ongoing trade negotiations with the United States, which has threatened to impose a 36% tariff rate on imports from Thailand, said Natapon Khamthakrue, an analyst at Yuanta Securities. "The United States certainly would not want to talk to a government without full power or with few votes," he said. Some business chambers and analysts are, nonetheless, holding out hope that a political resolution can be found quickly, minimising damage to the Thai economy, which has been rattled by multiple coups in the last eight decades, including two against governments led by the Shinawatra family. "Although the economy is no stranger to political uncertainty," OCBC's economists said, "the timing could not be more inconvenient considering external headwinds." REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
The Star
4 days ago
- Automotive
- The Star
Honda-backed Helm.ai unveils vision system for self-driving cars
The Honda logo is displayed at the 44th Bangkok International Motor Show in Bangkok, Thailand, March 23, 2023. REUTERS/Athit Perawongmetha (Reuters) -Honda Motor-backed on Thursday unveiled its camera-based system to interpret urban environments, dubbed Vision, and said it was in talks with other automakers to deploy its self-driving technology in mass-market vehicles. is working with the Japanese automaker to integrate its technology in the upcoming 2026 Honda Zero series of electric vehicles, which will allow users to drive hands-free and take their eyes off the road. "We're definitely in talks with many OEMs and we're on track for deploying our technology in production," CEO and founder Vladislav Voroninski told Reuters. "Our business model is essentially licensing this kind of software and also foundation model software to the automakers." The California-based startup's vision-first approach aligns with Elon Musk's Tesla, which also relies on camera-based systems as alternate sensors such as lidar and radar can increase costs. However, Voroninski said while has foundation models that work with other sensors, its primary offering remains vision-focused. Industry experts say other sensors are critical to safety as they can act as backup for cameras, which are known to underperform in low-visibility conditions. Robotaxi companies such as Alphabet's Waymo and May Mobility use a combination of radar, lidar and cameras to perceive their surroundings. has raised $102 million to date and counts Goodyear Ventures, Korean auto parts maker Sungwoo HiTech and Amplo among its investors. Vision combines images from multiple cameras to create a bird's-eye view map, which helps improve the vehicle's planning and control systems, the company said. The system is optimized for several hardware platforms made by the likes of Nvidia and Qualcomm. This enables automakers to incorporate Vision into their existing vehicle systems, which include their own technologies for predicting and planning vehicle movements. (Reporting by Akash Sriram in Bengaluru; Editing by Shreya Biswas)
Straits Times
15-06-2025
- Business
- Straits Times
Vietnam says US trade talks made progress but key issues are unresolved
FILE PHOTO: A container ship is seen near the Hai Phong International Container Terminal, after U.S. President Donald Trump announced a 90-day pause on tariffs for many countries, in Hai Phong, Vietnam, April 16, 2025. REUTERS/Athit Perawongmetha/File Photo Vietnam says US trade talks made progress but key issues are unresolved HANOI - Vietnam and the United States made progress during a third round of trade negotiations last week, but critical issues remain unresolved, requiring further analysis and continued dialogue, Vietnam's trade ministry said on Sunday. The talks, in Washington, D.C. from June 9-12, were held as a pause on 46% "reciprocal" tariffs on Vietnamese exports approaches expiration in early July, adding pressure on both sides to reach a compromise. Vietnam's trade surplus with the United States surged to $12.2 billion in May, up nearly 42% year-on-year and 17% higher than April, Vietnamese government data showed. Exports to the U.S. climbed 42% from a year earlier to $13.8 billion, hitting a post-pandemic high. U.S. negotiators have submitted a list of trade demands to Hanoi, which Vietnamese officials described as "tough," including measures aimed at reducing Vietnam's reliance on Chinese imports of industrial materials and components. Vietnam's trade ministry said on Sunday the delegations had narrowed gaps on issues outlined in Vietnam's response to the U.S. requests and worked toward mutually acceptable solutions. Both sides agreed to hold an online meeting in the coming days between Vietnam's trade minister Nguyen Hong Dien and U.S. Secretary of Commerce Howard Lutnick to address unresolved issues, the ministry added. The last round of talks was held between Dien, Lutnick and U.S. Trade Representative Jamieson Greer, a format proposed by the United States. Under pressure from Washington, Hanoi has recently cracked down on illegal transshipment - typically when cargo is moved between ships during transit - of goods primarily from China. It has also expressed willingness to lower non-tariff barriers and increase imports of U.S. goods such as planes, farm products, and energy, though no purchase agreements have been announced. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Straits Times
17-05-2025
- Business
- Straits Times
Vietnam steps up talks with US to reduce hefty tariff
FILE PHOTO: Container trucks queue to enter the Hai Phong International Container Terminal, after U.S. President Donald Trump announced a 90-day pause on tariffs for many countries, in Hai Phong, Vietnam, April 16, 2025. REUTERS/Athit Perawongmetha/File Photo FILE PHOTO: A container ship is seen near the Hai Phong International Container Terminal, after U.S. President Donald Trump announced a 90-day pause on tariffs for many countries, in Hai Phong, Vietnam, April 16, 2025. REUTERS/Athit Perawongmetha/File Photo Vietnam steps up talks with US to reduce hefty tariff HANOI - Vietnam and the United States held their first direct ministerial-level negotiations on Friday against the backdrop of an impending U.S. tariff of 46% on imports from the Southeast Asian nation, which could significantly impact its growth. The Vietnamese trade ministry said in a statement released on Saturday that the meeting, which occurred in Jeju, South Korea, following the 31st APEC Ministerial Meeting on Trade, symbolised both nations' commitment to fostering a stable economic, trade, and investment relationship. The talks follow a phone call last month between Vietnamese trade minister Nguyen Hong Dien and U.S. Trade Representative Jamieson Greer that officially started negotiations. "USTR Greer agreed with Vietnam's current approach and proposal," the trade ministry's statement said. "The United States hopes that with the mutual efforts, the technical-level negotiations in the coming days will yield positive results." The U.S. has postponed the implementation of the 46% tariff on Vietnam until July. If enforced, the levy could disrupt growth in Vietnam, which is heavily dependent on sales to the United States, its largest export market, and substantial foreign investments in manufacturing goods for export. Vietnam has the fourth-largest trade surplus among all U.S. trading partners, worth $123.5 billion last year. In an attempt to diminish that trade surplus, Hanoi has recently implemented several measures, including reducing tariffs on a multitude of goods destined for the U.S. and intensifying its efforts to curb the shipment of Chinese goods to the U.S. via its territory. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
