France stumbles through an autumn of woe

France has faced a tumultuous autumn. The usual strikes, government shuffles, and sensational events — from a high-profile daylight heist at the world-famous Louvre Museum to the imprisonment of a former president — have characterised a disquieting period.

Indeed, just a year after hosting the successful Summer Olympics in Paris, the country has sunk into the same political miasma of discontent, decay, and the grand delusion of spending money which has not yet been created. Everyone seems peeved about something.

During the past 18 months, France has had four prime ministers! And this is France, a prosperous European country in the G-7, a major player in the European Union, and a permanent seat at the UN Security Council. Why? Because the vanity of the current centrist/globalist President Emmanuel Macron could not please either the right or the left with his policies, but rather emboldened them with his ego.

Mr Macron’s reckless gamble of calling early legislative elections last year, hoping to profit from deadlock, turned into a massive miscalculation. The National Rally, a conservative small party of Marine Le Pen, nearly seized the political heights. The far-left movement, the New Popular Front, gained surprisingly, returning the country to a political carousel not seen since the post-war period. But no party gained a majority, resulting in a hung parliament.

France has endured perpetual budget battles to reduce bloated social state spending. Yet both left and right quickly aligned with each other to oppose Mr Macron’s recently appointed prime minister in the latest battle to trim spending. The president has united both sides of his opposition.

Current Prime Minister Sébastien Lecornu narrowly escaped a censure motion tabled by the hard-left La France Unbowed (LFI) and the right-wing Rassemblement National (RN). Now the deputies endlessly debate the 2026 budget in the Assembly. The political lightning rod of pension reform has been tabled to avoid further parliamentary logjams.

Meanwhile, France stands near the top of the list of the European Union’s 27 member states for people in public employment. Massive government spending is nothing new, but now there’s simply not enough money to go around. The situation goes well beyond the United States government shutdown, and contrary to America, French production and GDP growth are lagging.

For 2025, French GDP growth has slowed to 0.6% compared to the US, rising to 1.8%. Unemployment stands at 7.8% nearly double that of the US.

Of course, Mr Macron has played a cavalier figure in Ukraine’s resistance against Russia, offering all the right rhetoric but getting the US, Britain and Germany to actually pay the bills for supporting Kyiv. Equally, he has vainly pursued his Middle East policy through France’s formal diplomatic recognition of Palestine during the recent UN Assembly.

Though Mr Macron remains popular on the international stage, his standing in France has fallen like a rock. A recent poll in the centrist weekly Le Point top 30 political personalities, he ranks last. Ranked first and second are none other than his political nemesis from the right, RN, namely the youthful Jordan Bardella, and Marine Le Pen, scion of the old party dynasty, but convicted and barred by law from running again in the upcoming 2027 presidential contest. Her conviction, though under appeal, opens the door to Mr Bardella to represent the resurgent RN party in the 2027 presidential election.

Amidst the political pyrotechnics in the Parliament, the embarrassing Louvre Museum heist serves as a metaphor for the French Republic. We are strong. It can’t happen here. And then, when it does, France’s reputation becomes a global laughingstock. The brazen Sunday morning robbery of Napoleonic era crown jewels jolted France out of complacency.

After the usual suspects were rounded up, the blame game began. The second-storey window accessed by the criminals adjoins a busy thoroughfare along the River Seine. I regularly passed the site on the local bus. The audacious caper, using a moving truck with a lift ladder, was carried out right in front of pedestrians on the sidewalk and traffic on the Quai Francois Mitterrand.

The enduring charm of Paris, with its undeniable glam and gentrification, often obscures the sordid picture of some crime-ridden banlieue (suburbs) where socio-economic rot continues despite massive state spending. Equally, the enduring political deadlock undermines the republic.

CIMBT targets higher bancassurance revenue

CIMB Thai Bank (CIMBT) wants to strengthen its bancassurance business to support fee-based income, offsetting sluggish loan growth.

According to Bhudinan Sethanandha, the bank’s head of affluent and wealth management, CIMBT expects total first-year premiums from bancassurance to reach 670 million baht this year, up from 640 million in 2024.

Around 75% of this amount will come from life insurance, with the remainder from non-life insurance, he said.

Based on this year’s projection, 510 million baht of first-year premiums are expected to be generated from life insurance. CIMBT aims to double that figure to around 1 billion baht next year.

Mr Bhudinan said bancassurance plays a crucial role in supporting the bank’s wealth management growth. The segment typically contributes about 30% of total fee-based income for the wealth management business.

CIMBT plans to aggressively expand its wealth management operations over 3-5 years, he said.

Total assets under management under CIMB Preferred, the bank’s wealth management division, are roughly 400 billion baht. The bank wants to triple this figure within 3-5 years.

Insurance remains a key product for the segment, and the bank intends to focus on protection products in light of the slowing economy and a downtrend in interest rates, said Mr Bhudinan.

CIMBT offers a range of new protection insurance products designed to meet the needs of affluent customers amid weaker economic conditions and declining interest rates.

These products are designed to assist customers in comprehensive financial planning and long-term retirement preparation, aligning with the needs of Thailand’s aged society, he said.

The bank’s research centre is reviewing its Thai GDP forecasts for 2025 and 2026, respectively 1.8% and 2.3%. The Bank of Thailand recently revised its GDP projections for this year and next to 1.7% and 1.6%, down from 2.3% and 2.2%, respectively.

CIMBT expects the central bank’s Monetary Policy Committee to cut the policy rate by 25 basis points (bps) to 1.25% in December.

The MPC has cut the policy rate four times since October last year, a reduction of 100 bps. In 2025, the regulator has lowered the benchmark rate three times, reducing it to 1.5%.

PwC Thailand Highlights Tax and Legal Reforms

As Thailand moves closer to joining the Organisation for Economic Co-operation and Development (OECD), PwC Thailand brought together legal and tax experts at its 24th annual tax and legal seminar, titled ‘Maximising Shareholder Value.’ Held on 22 October as part of the annual PwC Thailand Symposium under the theme ‘From insight to action: Staying ahead of change’ at the Siam Kempinski Hotel Bangkok, the event offered in-depth insights into emerging reforms and strategies for future-ready governance.

Niphan Srisukhumbowornchai, Tax and Legal Lead Partner at PwC Thailand, led a team of experts in sharing perspectives on Thailand’s evolving tax and legal landscape. The session aimed to help entrepreneurs and business leaders prepare for wide-ranging reforms in law and taxation, which represent key milestones on the country’s path towards OECD membership.

The seminar also emphasised the growing role of advanced technologies and artificial intelligence (AI) in enhancing tax management efficiency, offering innovative solutions to address the challenges of modern tax avoidance in all its forms.

ONE Championship: Seksan vs Pakorn trilogy, Kulabdam vs PTT added to Friday Fights 137 in Bangkok

Two major Muay Thai matchups have been added to the ONE Friday Fights 137 ‘tentpole’ card on December 19.

Seksan Or Kwanmuang is set to face Pakorn PK Saenchai in a trilogy bout, and Kulabdam Sor Jor Piek Uthai will meet PTT Apichart Farm in another all-Thai showdown, ONE Championship announced this week.

The event at Bangkok’s Lumpinee Stadium is expected to close out ONE’s 2025 calendar in Thailand and is currently slated to be headlined by a featherweight kickboxing clash between Tawanchai PK Saenchai and Liu Mengyang.

For Seksan, it’s a significant move up to 145 pounds after spending much of his ONE career fighting at 140.

The 36-year-old fan favourite – known as ‘The Man Who Yields to No One’ – is looking to end a difficult year on a high after three straight defeats to Asa Ten Pow, Muangthai PK Saenchai, and Suablack Tor Pran49.

Before that run, Seksan had lost just once in 11 bouts under the ONE banner, building a reputation as one of the most entertaining fighters on the Friday Fights circuit – and even scoring some big wins at coveted ONE numbered events.

‘I don’t know if I will win or lose, but I know it’s going to be fun,’ Seksan wrote on social media, hinting that excitement, not caution, remains his trademark.

His opponent, 35-year-old Pakorn, has not fought since September 2024 when he was stopped by Fabio Reis.

The two men share one of Muay Thai’s classic rivalries, having split their first two meetings more than a decade ago – both at Lumpinee Stadium, outside the ONE promotional banner. Seksan won the first by decision in April 2014, before Pakorn edged the rematch a month later in another five-round war.

Also announced for December 19, Kulabdam will continue his push for a full-time ONE Championship contract when he takes on PTT in a bantamweight Muay Thai contest.

Kulabdam, 27, has won four straight and eight of his last 10 bouts, with his only defeats in that span coming against current champions Nabil Anane and former king Nong-O Hama.

PTT, 28, remains a fan favourite but has yet to hit top form since joining ONE earlier this year after a long stint with Thai Fight. He dropped a surprise split decision to kickboxer Elies Abdelali in June before narrowly beating Alessio Malatesta in September.

ONE Friday Fights 137 will air live on Channel 7 HD in Thailand from 7:30pm.

BONAVENTURA Unveils Largest Flagship in Southeast Asia

The Italian luxury leather goods brand BONAVENTURA has opened its first Southeast Asian flagship store at Central Park, a new shopping destination in the heart of Bangkok, on 4 November 2025. This new space the largest in the brand’s global portfolio embodies the spirit of Italian craftsmanship and refined design, offering visitors a fresh interpretation of modern luxury.

Founded in Milan on the concept of ‘a journey of good fortune that leads to destiny,’ BONAVENTURA is renowned for its meticulous approach to craftsmanship. Each creation is made from the finest European leather and combines precision with timeless design, blending elegance and functionality to complement every lifestyle.

At the heart of the brand lies its use of premium leather sourced from Germany’s leading tanneries, Perlinger and Weinheimer, paired with the traditional expertise of Italian artisans. This dedication to quality and beauty has earned BONAVENTURA acclaim from discerning consumers around the world.

Thailand serves as a strategic hub for BONAVENTURA’s expansion in Southeast Asia, reflecting the country’s dynamic fashion landscape and rising appreciation for fine craftsmanship. The brand recognises Thailand’s unique blend of cultural sophistication and market potential, aligning with its philosophy of ‘Beyond Luxury’ the belief that true luxury enriches everyday life through quality and meaning.

The new flagship at Central Park is designed as an immersive luxury experience. Its interiors combine traditional Italian elegance with contemporary minimalism, creating an atmosphere of understated refinement. Visitors can explore the tactile beauty of the leather, appreciate intricate craftsmanship, and enjoy a shopping experience that transcends the ordinary.

Mr Giacomo Cortesi, CEO of BONAVENTURA Group Co., Ltd., said: ‘We are delighted to open our first flagship store in Southeast Asia, allowing people to experience the essence of BONAVENTURA’s craftsmanship and Italian beauty first-hand. In Bangkok a city rich in culture and energy we hope this space reflects our vision of ‘True Luxury’: refinement that harmonises with everyday life. This marks an important step in our journey to bring a deeper, more accessible brand experience to the region.’

To commemorate the grand opening, BONAVENTURA presents exclusive products and services available only at the Central Park branch. The highlight is the Vanity Bag, offered in signature hues and two limited-edition shades exclusive to Thailand: Mocha Mousse and Butter Yellow. The store also provides Order Made and personalisation services, including name and initial engraving. Visitors will receive a Cable Holder crafted from genuine BONAVENTURA leather as a souvenir, while customers who make a purchase will receive special gifts based on their spending tier a gesture of appreciation for their continued support.

Carbon capture, hydrogen and net zero

Solar farms, wind turbines, and electric vehicles are crucial to slashing carbon emissions, but they can’t carry Thailand all the way to net zero.

The real game-changers might be two lesser-known technologies: Carbon Capture, Utilisation and Storage (CCUS) and hydrogen.

Together, CCUS and hydrogen are being hailed as the “last-mile” solutions to slash emissions that can’t be avoided, especially in heavy industries like steel, cement, and petrochemicals. These sectors are the backbone of the economy, but also among the hardest to clean up.

These two technologies of the future are the missing pieces to help the world — and Thailand — reach its carbon neutrality and net-zero targets.

In short, to save the planet and humanity.

The catch? They’re still very costly and stuck in a tangle of policies and legal gaps. But if Thailand wants a truly low-carbon future, these two technologies might just be the keys to getting there.

How CCUS works

CCUS works by capturing carbon dioxide (CO2) before it escapes into the air — usually from factory chimneys or other emission sources. The captured gas is then stored deep underground in layers of rock or put to use in other ways, such as being processed into new materials or reused in the energy and petrochemical industries.

Around the world, this technology captures about 400 million tonnes of carbon each year, still a drop in the ocean compared to total emissions.

Some countries are moving fast. In the United States, the Gulf Coast industrial cluster now traps more than 20 million tonnes of CO2 a year, with plans to scale up sevenfold to 140 million tonnes.

This progress didn’t happen by accident. It’s driven by the Inflation Reduction Act (IRA), which gives companies up to US$85 in tax credit for every tonne of carbon they capture. Capturing one tonne of carbon can cost anywhere between $15 and $120, depending on the emission source.

Without tax incentives from the government, CCUS would be too costly and economically unviable.

Thailand also has potential. A study by the Global CCS Institute suggests the Gulf of Thailand could store more than 8.4 billion tonnes of carbon dioxide. This is enough to keep emissions safely locked away for decades.

But CCUS won’t take off in Thailand unless the government get four things right.

First, it needs to set clear national CCUS targets that fit with the country’s net-zero goals. Second, there should be one government body in charge, with proper laws and rules covering every step of the value chain.

Third, investors need a reason to get on board. They need financial support and incentives that make the effort worthwhile. And most importantly, Thailand needs a fair carbon price, so the market itself starts pushing the change.

Green Hydrogen

While CCUS tackles emissions that can’t be avoided, hydrogen offers a path to cleaner fuel. When burned or used in fuel cells, hydrogen releases no carbon at all. Hydrogen, particularly green hydrogen made with renewable energy, can even store power for weeks to solve one of the biggest problems of solar and wind energy: their instability.

Many developed countries are racing ahead with hydrogen technology. Germany is building a 1,200-kilometre hydrogen pipeline network to connect industries across the country by 2030.

Japan has had a hydrogen strategy since 2017 and recently passed new laws — the GX Promotion Act (2023) and Hydrogen Society Promotion Act (2024) — to speed up real-world use, including testing ships that carry liquid hydrogen. Meanwhile, Australia aims to become a major hydrogen exporter, starting with hydrogen made from coal and CCUS, and moving to full-scale green hydrogen by 2030.

Thailand has started to move too. There are plans to test green hydrogen mixed with natural gas to generate electricity, but that may not be efficient in the long run. Making hydrogen from clean electricity only to turn it back into power wastes energy at several stages. A better use would be in heavy transport as fuel for trucks, buses, and cargo ships that need steady, high power. There are several pilot projects in the heavy transport sector. For example, the state energy firm PTT aims to produce green hydrogen and build filling stations to serve 30-50 hydrogen-powered trucks. A Thai-Japanese partnership is also testing 20 trucks that can run more than 600 kilometres a day on hydrogen fuel cells.

But cost remains a major roadblock. Green hydrogen now costs 280 to 340 baht per kilogramme. To compete with diesel, it must drop to around 200. Domestic demand is still weak too, as Thailand lacks both infrastructure and a clear policy direction. Thailand is taking its first steps into the hydrogen era. The progress is small but promising. Still, without faster action, the country risks becoming just an importer of hydrogen rather than a developer that can add value and create jobs at home.

To make hydrogen part of the real economy, Thailand needs to move on several fronts.

Green hydrogen should first be used in heavy transport — trucks, buses, and ships that need powerful, continuous energy. The government also needs to set clear safety standards and update the rules to officially allow hydrogen as a fuel.

Costs have to come down, too, so green hydrogen can compete with diesel. And to make it practical, Thailand must expand its refuelling network, attract private investment, and fund more research and development.

Both CCUS and hydrogen hold enormous promise. But that promise will remain out of reach without clear long-term goals, coherent policies, strong laws, and the right financial incentives.

The sooner Thailand invests in these technologies of the future, the greater its chance of shaping, not just surviving, the world’s next energy revolution.

The Ultimate Trade Show of the Year

Grand Master Exhibition Co., Ltd., in collaboration with the Thai Garment Manufacturers Association (TGMA) and the Thai Advertising Business Development Association (TABDA), proudly announces the launch of three major trade shows of the year:

Bangkok Ad and Sign Expo 2025 – Showcasing the latest technology in signage and outdoor advertising production.

Bangkok Digital Textile Print Expo 2025 – Featuring cutting-edge innovations in digital textile printing for apparel, fashion and sportswear.

Bangkok Pack and Label Expo 2025 – Presenting the newest trends in eco-friendly packaging and labelling technologies.

These events will be held from 6-9 November 2025 at Halls 6-7, IMPACT Muang Thong Thani, under the central theme ‘ECO Friendly.’

Event Highlights:

10,000 sqm of Exhibition Space – Immerse yourself in groundbreaking digital printing innovations across signage, fashion, sportswear, packaging and labelling industries.Creative Ideas on Display – Explore integrated printing technologies from more than 80 leading local and international companies.Unbeatable Promotions – Enjoy exclusive offers from Thailand’s top distributors.In-Depth Seminars and Workshop Series – Gain fresh insights and hands-on experience from leading industry experts. Build business networks, explore partnerships and expand your customer base.

Accused senator Nantana petitions NACC to investigate ethics panel

Senator Nantana Nantavaropas on Wednesday filed a complaint with the National Anti-Corruption Commission (NACC) accusing the chairman and 17 other members of the senate ethics committee of malfeance and serious ethical violations.

The panel chairman is Senate Deputy Speaker Gen Kriangkrai Srirak. The charges were laid under Section 157 of the Criminal Code.

Speaking at parliament, Ms Nantana, accompanied by lawyer Ananchai Chaiyadet, alleged the ethics panel violated senate regulations governing ethical standards and complaint procedures. She alleged their action was intended to unfairly punish her.

The controversy stems from an ethics complaint accusing Sen Nantana of insulting and belittling a pork seller, who happened to be a fellow senator, during a public discussion.

The ethics committee concluded on Oct 28 that her remarks violated ethical standards outlined in the constitution. Subsequently, 130 senators found her guilty of a serious ethical breach, forwarding the case to the NACC for further action.

Ms Nantana, a media academic-turned-senator, argued that the investigation was flawed and biased, noting that 15 of the 22 committee members had previously been implicated in a vote-rigging scandal involving the selection of senators – a case in which she was the complainant.

She said this conflict of interest rendered the committee unfit to judge her case, and her formal objection to the committee’s composition was ignored.

She also claimed she was denied the opportunity to testify, as the committee scheduled her hearing on July 29, the same day she was due to submit a constitutional amendment motion to parliament. She asked for a postponement, but her request was rejected.

Moreover, the senator alleged, the investigation exceeded the 150-day timeframe specified under senate ethics regulations.

The complaint was initially filed on Oct 7 last year. The Senate vote occurred 316 days later, rendering the process invalid, she said.

She had therefore decided to file a formal petition asking the NACC to investigate all 18 members of the senates ethics committee for alleged abuse of authority.

Lawyer Ananchai said he had formed a legal team to assist Ms Nantana without charging any fees. Their support came purely from goodwill.

They felt the senator was unfairly treated. Fifteen of the senators who handled the matter had a vested interest, he claimed.

Mr Ananchai said the senate committee’s actions were unlawful and pledged to pursue criminal charges if the NACC failed to act promptly.

‘I have filed a petition with the NACC requesting an investigation into Gen Kriengkrai, the ethics committee and the 17 others for alleged serious ethical violations,’ he said.

Gen Kriangkrai has previously denied allegations the ethics probe against Ms Nantana was politically motivated or intended to target her, following criticism that the inquiry into her remarks belittling a fellow senator was unfair.

On Monday, Sen Nantana submitted a formal petition to House Speaker Wan Muhamad Noor Matha calling for an inquiry into the senate’s “governance failure” and “misuse of authority”.

She said the case reflected a broader crisis of integrity within the legislative branch.

She urged the House speaker to establish a committee to investigate “abuse of power” in the Senate. The ruling against her was politically motivated and aimed at silencing dissent, she said.

Oklahoma City Thunder poised to become NBA’s next dynasty

Is the NBA Dynasty dead? We haven’t had a repeat champ in The League since the Stephen Curry-led Golden State Warriors pulled off the feat in the 2016-2017 and 2017-2018 campaigns — that’s eight seasons ago.

It seems Dynasties have always been a part of NBA lore. In previous decades, teams regularly won consecutive crowns, qualifying them for such exalted status.

In the 1950s, the Minneapolis Lakers, with pro hoops first superstar George Mikan, won back-to-back titles. Then came Bill Russell and the Boston Celtics’ phenomenal run in the 1960s and ’70s,

After that, it was the Magic Johnson-Kareem Abdul Jabbar Showtime Lakers ruling the ’80s.

Michael Jordan and the Chicago Bulls dominated the nineties.

And it was Shaquille O’Neal and Kobe Bryant fuelling another Laker run early this century. Golden State then won consecutive titles last decade.

But if there was ever a team in this era of free agency and stars demanding trades that looks like they can win consecutive crowns — and maybe establish a new dynasty — it is the Oklahoma City Thunder.

The reigning NBA champs seem to have all the necessities for doing so.

Most importantly, their big three of stars are all very young. Regular season and Finals MVP Shai Gilgeous-Alexander is 27, All-NBA forward Jalen Williams, 24, and beanpole, scorer-deluxe centre Chet Holmgren is only 23.

Also, Gilgeous-Alexander and Williams have inked long term deals and Holmgren is about to do the same.

Just as importantly, all three recognise what a special thing they have brewing in OKC and are not looking to parlay their success in Oklahoma City for big bucks in a seemingly better environment — like former Thunder stars Kevin Durant, Michael Westbrook and Paul George did.

Greed and a desire for the bright lights elsewhere caused each guy to abandon a burgeoning mid-country powerhouse in Oklahoma City, leaving the club to rebuild each time.

Strong bonds

But that’s not the case with this current OKC outfit. All they seem to care about is getting better — together.

“That’s the fun of this,” stated Gilgeous-Alexander. “So many of us can still get better. There’s not many of us on the team that are in our prime or even close to it.”

Sprinkle in a group of unheralded but hard working — and effective — support players like hustling guard Alex Caruso, Isaiah Harternstein, a sturdy, bulwark of a centre, and solid and improving forward Aaron Wiggins and you have just the right mix of talent. And a ton of chemistry.

In addition, the Thunder have a deep bench of young players and a stockpile of future draft picks.

Yep, the Oklahoma City Thunder look like a good bet to blast that “NBA Dynasties are dead” talk to Smithereens.

Inhaler shame

Shame on those academics criticising the FDA for “destroying” a Thai business and damaging a national brand. Also, shame on the Hong Thai herbal inhaler’s founder for admitting that some production had taken place at unlicensed sites.

It’s ironic that people of his ilk, including those academics, have not been perturbed when they see the problem being swept under the carpet.

Indeed, a business operator should be prosecuted for endangering people’s health. And the academics don’t deserve to be called as such.

As a user of traditional Thai products and a regular inhaler user, I’ve stopped using this product altogether.

S de Jong

Net-zero exodus

Re: “Gates says climate change ‘won’t lead to humanity’s demise'”, (World, Oct 29).

A total of 893 companies have withdrawn their climate commitments from the Science Based Targets Initiative (SBTi).

This represents approximately 7% of all companies that initially signed up for the initiative.

This trend is part of a broader withdrawal of big corporations from voluntary climate agreements due to a re-evaluation of economic and environmental benefits in light of swelling disaffection with the climate change narrative.

Respected Swiss firms like Swiss Re, Zurich, and Sulzer are examples. Additionally, banks including JPMorgan Chase, Bank of America, and Goldman Sachs have left the Net-Zero Banking Alliance (NZBA) this year, an alliance that subsequently ceased its member-based activities.

Widespread criticism of climate change organisations, unfeasible and unrealistic climate policies, and detrimental impingement upon profitability are cited as major reasons for the shift.

It is quite clear that President Trump is having considerable success exposing the UN-centric climate change fraud, and big corporations are only too happy to acknowledge the truth, putting their money where it is most meaningful to them.

Michael Setter

Rails over roads

Re: “Driving in their cars”, (PostBag, Oct 31) and “Airport rail contract not cancelled”, (BP, Oct 8).

PostBag contributor JezzaNong is highly critical of the excessive use of motor cars, especially diesel-engined vehicles — a major cause of air pollution, as we all know and suggested letting the train take the strain.

I had thought Thai rail was pretty good considering other neighbouring countries’ networks, and I see a new line being built to the northeast.

Recently, there have been news reports about a plan to accelerate the construction of a train network linking Thailand with China.

Meanwhile, there is a planned rail project connecting the central airports Don Mueang, Suvarnabhumi, and U-Tapao in Chon Buri province, but a finish date is not yet clear.