Category: The Bangkok Post

With the passage of the Genius Act, the United States will allow all manner of companies to issue their own money in the form of crypto assets known as “stablecoins”.

With a single piece of legislation, Congress has made the US financial system more vulnerable to crises, increased the chances of government bailouts for tech platforms and further entrenched Silicon Valley’s already substantial political power.

Nor do the risks end there. By blessing a less regulated alternative to bank deposits, Congress may have created conditions that will choke off the flow of credit to productive enterprises, as well as circumscribing the US Federal Reserve’s ability to conduct monetary policy through open market operations.

Moreover, the House of Representatives recently passed the Clarity Act, which would upend securities laws by creating gaping loopholes for assets whose ownership is recorded on a blockchain. The bill is not guaranteed to pass, now that other financial market players seem to be waking up to the dangers that could be unleashed by destroying the integrity of US capital markets. Yet the risk of it becoming law cannot be ignored. If it does, we will effectively be reverting to the “buyer beware” markets of the 1920s.

Making matters worse, these laws will inevitably create pressure for other countries to follow suit. Special interests and various constituents will pepper foreign lawmakers with arguments about not wanting to be left behind on innovation, and with concerns about local currencies being supplanted by US dollar-denominated stablecoins.

But it would be wrong to view America’s new crypto laws as examples of shrewd innovation measures or wise geopolitical policies. On the contrary, these bills are advancing at a time when the US is gutting public funding for scientific and technological research, raising serious doubts about the country’s commitment to innovation. Moreover, the dollar’s dominance rests on political and economic foundations, not the currency’s technological plumbing, and the administration’s trade policy and attacks on central-bank independence may end up threatening those foundations.

Even the crypto industry could come to rue these laws’ passage. It has prospered, so far, from playing by a more lenient set of rules than its regulated counterparts in the traditional financial sector. Will it lose that edge as these laws unleash broader financial deregulation? In financial markets where no one can trust anything, why should we expect crypto, which already has a bad reputation among the vast majority of Americans, to boom?

If these laws are not in the long-term interest of the American people or even the crypto industry, what is motivating their passage? No doubt the crypto industry desires this legislation because it sees an opportunity for short-term profits and does not care about the legislation’s likely long-term effects.

But we also should factor in some of the unusual ideologies that hold sway in Silicon Valley. Consider the “Network State” movement. Championed by some key figures in the crypto industry, such as Brian Armstrong, the CEO of the crypto firm Coinbase, it aims to build social networks linked by cryptocurrencies that would opt out of the jurisdiction of national governments and eventually gain diplomatic recognition from real nation-states.

True adherents of this movement have no interest in making nation-states work better, and they would surely see the chaos following a financial crisis as an opportunity to advance their vision.

There is also an eschatological dimension to many Silicon Valley elites’ worldview. As the philosopher Émile Torres points out, Silicon Valley types increasingly subscribe to the belief that true AI will end the world as we know it. In this context, a global financial crisis would seem like a non-event. If you are convinced that our current way of life is ending, it makes sense that you would fixate instead on ensuring that our cyborg descendants can prosper in other galaxies.

In addition to the obvious consumer-protection and financial-stability risks posed by embracing deregulated crypto markets, these ideological motivations should concern foreign lawmakers who are contemplating their own crypto legislation.

For many, the point of US-style crypto laws is to construct monetary and financial systems that lie beyond the boundaries of democratic accountability.

Anyone concerned about their own democracy and sovereignty would do well not to follow America down this path.

The cosmetic surgery and aesthetics sector in Thailand is projected to post minimal growth next year due to weakened spending among locals and an increasingly competitive market, according to Meko International Hospital.

Dr Wararat Sirikudta, chief executive of Meko International Hospital, said the industry might record slim growth next year, affected by the diminished purchasing power of Thais.

She said businesses targeting price-sensitive customers could face more challenges due to decreased customer purchasing power in a challenging economic environment, while new entrants into the market are expected to continue.

The number of clinics offering non-surgical cosmetic treatments in Bangkok is approaching saturation point, said Dr Wararat.

In a strategic move, she announced the merger of Meko Clinic with Someko Clinic to establish Meko International Hospital, targeting both Thai and foreign patients.

Dr Wararat said the company predicts business opportunities in overseas markets, particularly from customers travelling to Thailand for services from Indonesia, China, Malaysia, Cambodia, Laos, Myanmar and Vietnam.

The company is focusing on customers from Indonesia and China as both countries have large populations and their economies are growing, while other Southeast Asian nations record gradual growth.

The tension between Thailand and Cambodia also hurts the industry, she said, as the number of customers from Cambodia declined.

The company aims to increase its foreign customer base to 25% of customers by 2026, up from the current 20%.

In September, Kasikorn Research Center (K-Research) predicted the cosmetic surgery and aesthetics industry would be worth 75.2 billion baht this year, a 1.6% year-on-year growth.

For 2026, the report projected an industry value of 76 billion baht, up 1% year-on-year. The slight uptick reflects the ongoing competitive environment in the industry.

As Thailand transitions to an aged society, the potential market for anti-ageing surgery or aesthetic procedures is expected to expand, providing further opportunities for growth in the industry, according to the K-Research report.

The report also anticipated a growth in medical tourism, suggesting that the cosmetic surgery sector could benefit from Asian customers seeking services in Thailand.

K-Research warned intense market competition in the market poses a challenge to this industry, which is expected to see around 470 newcomers on average each year.

Microsoft has admitted that two widely used features in Windows 10 and Windows 11 are slowing down computers, with OneDrive file synchronisation and visual effects identified as the main causes.

The company has also shared advice for users and pledged improvements in future updates.

The disclosure follows Microsoft’s claim that Windows 11 version 25H2, its latest update, delivers far better performance than versions 24H2 and 22H2, particularly in speed and responsiveness. However, the company acknowledged that certain built-in features can counteract these improvements.

The first culprit is OneDrive sync. Microsoft described OneDrive as an essential tool that allows users to access files across devices and provides cloud backup in case of hardware failure. But the process of real-time syncing consumes significant system resources, especially when large folders such as Documents, Desktop or Pictures are uploaded or downloaded. This can cause noticeable slowdowns at peak times.

To mitigate the issue, Microsoft recommends that users pause OneDrive synchronisation temporarily if their PC feels sluggish. The company stressed that doing so will not affect existing files, and syncing can be resumed at any time. Microsoft added that the new OneDrive app for Windows 11 may optimise resource usage in future updates, reducing the problem.

The second feature slowing systems is Windows 11’s visual effects, including animations and shadows, that enhance the look of the interface. Microsoft explained that these consume additional CPU, GPU and RAM resources. Devices with limited specifications, particularly those with less than 8GB of RAM, are most affected, resulting in lag or delays when multiple applications are opened simultaneously.

Turning off the effects can be done through the Performance Options menu. Users can search ‘performance’ in Windows, select ‘Adjust the appearance and performance of Windows’, and then choose ‘Adjust for best performance’ before applying the changes.

Disabling the effects simplifies the interface but makes systems more responsive, especially on entry-level laptops and PCs.

Microsoft confirmed that OneDrive sync and visual effects are the two main factors slowing down Windows systems. Small adjustments, such as pausing sync or disabling animations, can noticeably boost performance in both Windows 11 and Windows 10, without the need to install additional software.

Thailand’s rapidly growing electric vehicle (EV) market is facing significant structural gaps that pose challenges to consumer rights, including battery safety risks, unclear warranty conditions, and unfair after-sales service, according to a new Thailand Consumer Council (TCC) study.

Researchers, led by Manon Suklamai of King Mongkut’s University of Technology Thonburi, surveyed more than 400 EV users and compared global regulatory practices as part of the study.

It found that Thai consumers remain exposed to multiple risks and called for stronger protection measures, including the introduction of “lemon laws” to ensure accountability from manufacturers. Lemon laws, found in countries such as the US, China, and Singapore, provide consumers with legal recourse if they are sold a defective vehicle.

“A product recall should not be seen as something alarming — it is a sign of responsibility from the manufacturer,” Mr Manon said. “Thailand urgently needs clear and comprehensive consumer protection mechanisms, and a lemon law is not about forcing replacements alone, but about improving product quality from production through to post-sale service.”

The study identified three key areas of concern: safety and lack of central standards — especially for battery systems, fire prevention, home charger installation and emergency response; unclear legal and after-sales frameworks — including vague warranty terms, slow claims processing, long waits for spare parts and complicated registration for modified or converted EVs; and economic instability and loss of consumer confidence — stemming from sudden price cuts on new models that devalue secondhand cars and increase debt burdens, along with uncertainty about the long-term presence of manufacturers and importers.

Researchers also found that the release of new EV models at high prices, followed by rapid price reductions, has left early buyers feeling shortchanged and undermined trust in the market.

This volatility not only affects consumers but also disrupts the broader automotive industry and financial stability, the researchers said.

The TCC study also compared Thailand’s situation with six other regions.

It found that Europe, China and the United States have established frameworks similar to the lemon law, requiring manufacturers and dealers to take responsibility for defective vehicles or those requiring frequent repairs.

Japan, meanwhile, enforces strict penalties on violators to prevent issues from occurring at the source, it said.

Thailand, by contrast, continues to face repeated consumer complaints and lacks any formal, preventive mechanism to protect EV buyers, it noted.

The research team proposes a comprehensive policy package involving coordination among multiple agencies to ensure fairness, safety and stability in the EV market.

Mr Manon said that lawsuits should be “the last resort” and that strong preventive policies are more crucial.

“If Thailand develops solid standards for manufacturing, conversions, installation, after-sales service and insurance — along with safety measures for charging stations and buildings — recurring EV problems will decline significantly,” he said.

He added that Thailand is now at a pivotal stage, transitioning from being a global car assembly hub to an EV production base, and must therefore focus on increasing local content and technology transfer to strengthen domestic industry and competitiveness.

The report concluded that implementing these measures would enhance consumer confidence, promote fairness, reduce safety and debt risks and help Thailand achieve its goal of becoming a sustainable regional hub for EVs.

The TCC is urging all relevant government agencies to integrate their efforts and act swiftly to turn these recommendations into concrete policy outcomes.

Pheu Thai will nominate three quality candidates for the prime ministership at the promised general election next year, party leader Paetongtarn Shinawatra said on Tuesday.

Ms Paetongtarn said the three nominees would be presented “when the time comes”, and they would not let the voters down.

“I am confident that the names will give people hope for the future,” the former prime minister said at an event to revamp the party in prepration for the coming polls.

“I would like to be a candidate. Sadly, I cannot,” she added.

Ms Paetongtarn was ousted from Government House by the Constitutional Court in August for serious ethical breaches in a leaked phone conversation with Cambodian Senate President Hun Sen in June, when tensions rose at the border.

The ruling effectively ended any chance of her returning to the premiership, but she remains Pheu Thai leader.

The party has given former transport minister Suriya Jungrungreangkit the responsibility of taking the party into the election.

SKF (Thailand) Ltd, a global leader in bearing manufacturing from Sweden, has reaffirmed its sustainability vision with the official launch of the “SKF Ayutthaya Circular Solution Centre” in Thailand.

The launch strengthens its commitment to the circular economy and drives Thailand’s sustainable industrial growth.

The new facility is an innovation hub for bearing remanufacturing, showcasing advanced technology that “brings used bearings back to life” with performance comparable to brand-new products.

The initiative reduces resource and energy consumption, significantly cuts carbon emissions and helps businesses lower operational costs.

For more than 38 years in Thailand, SKF has delivered world-class Swedish technology and innovation to support the nation’s key industries.

Beyond providing premium-quality bearings and tailored solutions, the company has been committed to fostering a sustainable circular economy by reintroducing used products into the production cycle through repair and refurbishment.

This approach not only creates added business value but also promotes environmental responsibility across partners, suppliers and customers, contributing to a more sustainable industrial value chain.

Tawiwat Reongpunyaroj, managing director of SKF (Thailand), said that as industries worldwide accelerate their sustainability efforts, SKF continues to align its global vision of driving business growth alongside sustainability.

He added that the SKF Ayutthaya Circular Solution Centre is more than a hub for restoring used bearings — it reflects the company’s role as a creator of sustainable solutions, backed by over 118 years of global expertise and innovation.

“With this centre, we enable customers to reduce maintenance costs, minimise downtime and, most importantly, achieve up to 90% reductions in both carbon emissions and energy consumption compared to producing new bearings.”

For example, remanufacturing 600 kilogrammes of bearings helps cut carbon dioxide emissions by 1 tonne.

While producing new bearings requires over 100 complex steps, SKF’s remanufacturing process restores used bearings with only 10 steps — highlighting efficiency in time, resources and cost.

Every remanufactured bearing follows the same stringent quality, warranty and performance standards as new products, while customers also benefit from carbon credit certification and comprehensive lifecycle solutions, including inspection and advanced maintenance technologies.

“We are proud to support our customers and partners in achieving their sustainability goals. The opening of this centre is only the beginning of our ongoing commitment to shaping a low-carbon industrial future for Thailand,” Mr Tawiwat said.

The launch ceremony was attended by distinguished guests, including representatives from the Embassy of Sweden, the Thai-Swedish Chamber of Commerce and the Federation of Thai Industries (FTI).

Peter Björk, president of the Thai-Swedish Chamber of Commerce, said Sweden has a long history of innovation and is one of the most innovative countries when it comes to sustainability solutions, which is always a key focus when designing products and services for everyday life and for the industry.

The new SKF Ayutthaya Circular Solutions Centre is an excellent example of how innovation and sustainability go hand in hand to improve products and processes for the benefit of industry, society and people at large, he added.

Thanathorn Trongsittivito, chairman of the FTI’s Environmental Management Industry Club, said the federation’s mission is to propel Thai industry towards a more sustainable and innovative future, prioritising the shift from traditional manufacturing to clean production processes, with the aim of significantly reducing carbon dioxide emissions and maximising the circular economy concept.

The Finance Ministry expects the “Khon La Khrueng” co-payment scheme and increased allowances under the state welfare card programme to lift private consumption by 0.87 percentage points.

According to a ministry source who requested anonymity, additional allowances under the state welfare card scheme are estimated to add 0.35 percentage points to private consumption, while the co-payment scheme will contribute 0.52 percentage points.

Combined, these two measures are projected to lift GDP by around 0.3 percentage points, said the source.

The funds are expected to primarily flow into the grassroots economy, directly benefiting retail (especially small shops), food and beverage, and personal services, which cover a wide range of small and medium-sized enterprises.

In addition, the two schemes are expected to increase value-added tax (VAT) collection by the Revenue Department by around 6 billion baht, assuming private consumption of 10 trillion baht and a VAT rate of 7%.

According to the Fiscal Policy Office’s forecast at the end of July, private consumption is expected to grow by 3.1% per year, within a range of 2.6% to 3.6%.

Roughly 33 million people are expected to benefit under the co-payment scheme and uptick in state welfare card allowances:

1. State welfare cardholders: 13 million people are scheduled to receive a top-up of 1,700 baht each. Combined with the existing monthly 300 baht allowance, this totals 2,000 baht per person. The money can be spent at “Blue Flag” shops under the Commerce Ministry, either gradually or in a lump sum, but must be used by December.

2. People outside the tax system: 9 million people are slated to receive a quota of 2,000 baht each under the co-payment scheme, with the government subsidising 50% of spending, capped at 200 baht per day. Funds must be used by December.

3. Taxpayers: 11 million people are expected to receive a spending quota of 2,400 baht each under the co-payment scheme, with the government covering 50% of spending, capped at 200 baht per day. Funds must be used by December.

The combined budget for the Khon La Khrueng scheme and the state welfare card top-up amounts to 66 billion baht.

The cabinet approved the state welfare card top-up project on Sept 30.

The Finance Ministry said the co-payment scheme will be submitted to the cabinet on Tuesday, with public registration open from Oct 20-26.

Individuals should be able to start using the scheme on Oct 29, noted the ministry.

Shops wishing to participate can register from Oct 15 until the end of the project in December.

Nida Poll suggests 44.1% of the public do not understand the function of the two memorandums of understanding (MoUs) signed with Cambodia in 2000 and 2001.

The National Institute of Development Administration (Nida Poll) on Sunday released the results of a survey titled “A Referendum is Coming. Do You Understand MoU 43 and MoU 44 Yet?”

The survey was conducted on Oct 1-2, targeting Thais aged 18 and above across all regions, education levels, occupations and income groups.

A total of 1,310 respondents were sampled to assess understanding of MoU 43 (on land boundaries, signed in 2000) and MoU 44 (on overlapping maritime zones, signed in 2001) ahead of a proposed referendum on whether to cancel them after the recent border conflict with Cambodia.

When asked about their understanding of MoU 43, 44.1% said that they did not understand it at all, followed by 24.9% who said they understood it only slightly. Meanwhile, 23.1% said they somewhat understood it and only 7.7% said they understood it well.

As for MoU 44, 45.7% stated that they did not understand it at all, followed by 24.9% who said they understood it only slightly. In addition, 22.4% indicated they somewhat understood it, while just 6.8% reported a high level of understanding.

Regarding the public’s desire to gain a clearer understanding of both MoUs, the survey found that 65.5% expressed a wish to understand both MoUs, while 34% said they did not wish to understand either. A total of 0.23% indicated a desire to understand only MoU 43, and an equal percentage wished to understand only MoU 44.

When asked about holding a referendum on repealing both MoUs, 60.7% said they agreed with holding the referendum. This was followed by 20.9% who said they completely disagreed with such a referendum, 12.6% who declined to answer or were uninterested, 4.9% who said they were unsure, 0.46% who supported a referendum to repeal only MoU 43, and 0.3% who supported a referendum to repeal only MoU 44.

The previous government’s soft power initiatives are facing calls to be cancelled on grounds of a lack of clear, measurable outcomes and misinterpretation of the concept entirely.

Senator Alongkot Worakee, chair of the Senate Committee on Budget Oversight, called on the government to drop all soft power initiatives. The committee will summon agencies from nearly 12 ministries every Monday until Oct 30 to clarify their budget allocations under the soft power framework.

“Soft power isn’t just Lisa (Blackpink) eating grilled meatballs and posting about it — that’s marketing. What we’re seeing now is just event planning,” Sen Alongkot said, criticising the current approach as superficial and ineffective.

While procurement processes may be legally sound, the underlying concept is flawed.

“We’re spending hundreds of millions on events without any real evaluation. If you organise an OTOP (One Tambon One Product) fair, how do you measure its success? Why isn’t there a central system to assess impact, like a cashier in a department store?” he asked.

The government, Sen Alongkot said, should redirect the budget to more tangible infrastructure, such as building border fences along the Cambodian frontier.

Last year, the soft power scheme received a five-billion-baht budget and included plans to develop festivals and events, such as the Maha Songkran Water Festival.

Sen Alongkot said the failure lies with the previous administration’s misguided incentives. “The entire soft power budget allocation should be scrapped. It’s a waste of public funds,” he said.

As the global shift towards renewable energy accelerates, Thailand continues to emerge as a key player in the region’s clean energy transformation. Building on this momentum, SKYWORTH, a leading global technology group with more than 37 years of expertise in the electronics industry, has expanded beyond smart home appliances and intelligent systems into the renewable energy sector through the launch of SKYWORTH Photovoltaic (SKYWORTH PV). The company now delivers comprehensive solar energy solutions – from modules and inverters to energy storage systems, mounting structures, and EPC services – serving both residential and commercial customers.

Most recently, SKYWORTH PV announced a strategic partnership with Solve System (Thailand), a provider of innovation-driven energy solutions. The two companies have signed a Memorandum of Understanding (MOU) for a 120MW solar project and a 30MW Solar Home strategic cooperation, reinforcing renewable energy development across the ASEAN region with Thailand as the central hub of operations. This collaboration reflects not only confidence in Thailand’s potential but also the enduring friendship between Thailand and China as both nations work together towards a cleaner, more sustainable future.

Strengthening Bilateral Energy Cooperation

Ms Wanfei Qu, Chief Investment Officer of SKYWORTH Group, Director and CEO of SKYWORTH PV, and President of SKYWORTH Renewable Energy (Thailand) Co., Ltd., highlighted the significance of the partnership: ‘It is my great honour to be here today at this important moment, as China and Thailand celebrate the 50th anniversary of diplomatic relations. Over the past five decades, our two countries have built a deep friendship and robust cooperation. I firmly believe that clean energy will be one of the most promising areas for us to move forward together. This partnership is more than a signing – it is a symbol of trust, shared values, and a shared vision. Together with our Thai partners, we will write a new chapter in clean energy cooperation between China and Thailand.’

Through this partnership, SKYWORTH PV will supply solar products, services, and technical support, while Solve System will drive local operations across the region. The collaboration aims to deliver maximum benefits to Thailand by offering clean, affordable, and reliable energy supported by local expertise and efficient installation. It is also expected to boost brand awareness, encourage wider adoption of solar technology, and empower Thai consumers to embrace sustainable living – reducing reliance on the grid, lowering costs, and promoting energy independence.

Expansion and Future Goals

Looking ahead, Ms Qu outlined SKYWORTH PV’s future plans: ‘Over the next three to five years, we plan to expand into larger-scale commercial and industrial projects, integrating advanced energy storage and digital monitoring systems. We are also seeking to strengthen R and D collaboration and extend our presence into neighbouring ASEAN markets. Within the next one to two years, we will pursue additional strategic partnerships and enhance brand awareness through seminars, workshops, and training, enabling households and businesses to embark on their green energy journey with SKYWORTH solar solutions.’

Local Expertise and Long-Term Impact

On behalf of Solve System, Mr Tan Pinthanon, Managing Director of Solve System Group, emphasised the company’s strategic role: ‘Our strength lies in our deep understanding of local and regional markets, supported by well-established distribution channels. With extensive experience in the solar energy sector, we are committed to helping customers access clean energy and achieve true energy independence. Partnering with SKYWORTH – a company with over 37 years of experience, a strong reputation in Asia, and a robust supply chain – creates the perfect synergy to drive Thailand’s solar industry forward.’

Since establishing its Thailand subsidiary earlier this year, SKYWORTH PV has made significant progress in the local market. In July, the company formed strategic partnerships with ICBC (Thailand) and Olympus Capital, supporting cross-border green finance and clean energy investment. The new cooperation with Solve System and Hermis Property marks another milestone in SKYWORTH PV’s efforts to deepen its presence in Thailand and accelerate its localisation and large-scale development strategy – solidifying the company’s continued expansion in the Southeast Asian market.

‘The 120MW project and 30MW Solar Home initiative represent more than just business,’ Mr Tan added. ‘They embody our shared mission to accelerate Thailand’s transition to clean energy. By combining advanced technology with local expertise, we aim to make renewable energy more accessible, reliable, and affordable for all – strengthening energy independence, reducing carbon emissions, and supporting Thailand’s long-term sustainability goals.’