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 Criminal Court on Tuesday sentenced 11 former red-shirt protesters to jail over their role in the 2010 anti-government demonstrations in Bangkok that culminated in an army crackdown that left scores of people dead.

The supporters of former premier Thaksin Shinawatra were found guilty of violating state of emergency rules imposed during the protests, which sought to oust then-prime minister Abhisit Vejjajiva.

The court sentenced five protest leaders, including Jatuporn Prompan, to four years and four months in prison, while six others received four-month sentences and two were acquitted.

Originally there were 13 defendants in the case but one has died and one has fled abroad.

All 11 defendants were granted bail pending appeals, with the five leaders released on a surety of 200,000 baht each and told not to leave the country. The others were released on bail of 50,000 baht each.

‘We respect the court’s verdict,’ Jatuporn said, adding that appeals were being planned.

Jatuporn in recent years has become a vocal critic of Thaksin and participated in rallies held earlier this year to call for the ouster of the Pheu Thai-led government.

The other four leaders sentenced along with Jatuporn were Weerakarn Musikapong, Nattawut Saikuar, Dr Weng Tojirakarn and Adisorn Piangket. Mr Adisorn is currently protected by parliamentary immunity.

All five had been sentenced to 6 years for inciting unrest and violating the emergency decree, but received a one-third sentence reduction due to partial cooperation during the trial.

Tens of thousands of protesters, known by the colour of their attire, took over key intersections in the capital in 2010, with some hunkering down in fortified protest camps and clashing with authorities.

The protests shut down government complexes for more than two months, and ended when soldiers used live rounds to disperse demonstrators from downtown Bangkok.

Human Rights Watch said at least 90 people were killed during the unrest, and more than 2,000 were injured.

Authorities announced murder charges in 2012 against Abhisit and his deputy Suthep Thaugsuban over the deadly crackdown, but they were later acquitted.

A former chief of the Department of Special Investigation, Tarit Pengdit, who had sought to charge the pair, was instead prosecuted himself and sentenced to two years in prison for malfeasance in 2023.

Thaksin was ousted by a military coup in 2006 and fled the country in 2008 prior to being sentenced for conflict of interest and abuse of power while in office earlier. He returned to Thailand in August 2023 and was brought straight to court and then to prison to serve the sentence.

He is now serving a one-year term in a Bangkok prison, after the Supreme Court ruled last month that his 2023 sentence was not properly carried out. Thaksin spent six months in a VIP hospital suite after complaining of chest pains on his first night behind bars in 2023.

Electrolux Group has reaffirmed its commitment to sustainability and its long-term ambition to achieve net-zero carbon emissions across its entire value chain by 2050. Speaking at the SX Sustainability Expo 2025, Southeast Asia’s largest platform for sustainable innovation, Alexis Richard, General Manager of Electrolux Thailand, underscored the company’s progress in advancing circularity as part of its ‘For the Better 2030’ framework.

He also highlighted the Group’s latest target to increase the share of recycled steel and plastic by weight to 35% by 2030 in its global manufacturing, reinforcing Electrolux’s goal of embedding sustainability throughout its product lifecycle.

The For the Better 2030 sustainability framework is built upon three core pillars – Better Company, Better Solutions, and Better Living – as well as the Group’s defined Climate Goals. Its measurable actions span enhancing operational efficiency with reduced environmental impact, strengthening supply chain responsibility, advancing consumer experiences through energy- and resource-efficient product innovations, and driving meaningful community engagement.

‘Sustainability is an integral part of our global strategy,’ said Mr Richard. ‘As the regional commercial hub for Asia, with our Rayong factory serving as one of our global manufacturing sites, Thailand plays a key role in achieving our sustainability targets – particularly by introducing sustainable products to local consumers. We offer circular solutions that enable people to prepare great-tasting food, care for their clothes so they stay new for longer, and enjoy healthier well-being at home.’

Electrolux Group achieved its first science-based climate target in 2022, three years ahead of schedule, and has since set a more ambitious goal to achieve net-zero emissions – reducing operational carbon emissions (Scope 1 and 2) by 85% and product-related emissions (Scope 3) by 42% by 2030.

‘With two-thirds of global consumers considering sustainability an important criterion when purchasing home appliances, being recognised as a sustainability leader is a major advantage,’ Mr Richard added. ‘We will continue to push ourselves and the entire industry towards even bolder commitments that make sustainable living the new standard.’

The company’s leadership in sustainability has been recognised with the EcoVadis Gold rating, placing Electrolux Group among the top 5% of more than 70,000 companies globally for responsible business practices and sustainable innovation.

About Electrolux Group

Electrolux Group is a leading global appliance company that has shaped better living for more than a century. It reinvents taste, care, and well-being experiences for millions of people worldwide, continually striving to advance sustainability through its products and operations. Under its portfolio of leading brands – including Electrolux, AEG, and Frigidaire – the Group sells household products in around 120 markets each year. In 2024, Electrolux Group reported sales of SEK 136 billion and employed approximately 41,000 people worldwide. For more information, visit www.electroluxgroup.com or www.electrolux.co.th.

Opposition leader Natthaphong Ruengpanyawut is urging the government to withdraw its plan to hold a referendum on the controversial memorandums of understanding (MoUs) with Cambodia signed in 2000 and 2001, saying such complex international issues fall squarely within the government’s remit — not the public’s.

Mr Natthaphong, who heads both the opposition and the People’s Party (PP), voiced strong reservations about Prime Minister Anutin Charnvirakul’s proposal to let the public decide on whether Thailand should retain or revoke the two MoUs — known as MoU 43 and MoU 44 — which define frameworks for resolving land and maritime boundary disputes with Cambodia.

Citing a recent Nida Poll, he said around 70% of respondents admitted they had little or no understanding of the MoUs’ content, with 44% saying they did not understand them at all.

This, he said, raises serious doubts about whether a referendum could genuinely reflect the people’s will.

“A referendum can only represent the people’s voice when voters are well-informed,” he said. “Educating and engaging the public is far more important than the act of voting itself.”

He noted that the MoUs are filled with technical and diplomatic details that cannot be explained in short public forums or campaign-style communication. Some sections are so sensitive that parliamentary discussions have had to be held behind closed doors.

Without full, balanced information, he warned, the results would be superficial and misleading.

Mr Natthaphong added that responsibility for the MoUs lies with the executive branch.

“The people have already entrusted the management of international relations and national security to the government. Passing the decision to the public is an abdication of responsibility,” he said.

He also voiced concern that holding the referendum alongside the next general election would confuse voters, who must already cast two ballots for constituency and party-list MPs.

“The public would be overwhelmed by multiple complex issues at once,” he said. “We must question whether this serves national interests or political agendas, especially when parliament will be dissolved in four months.”

The PP leader reaffirmed that his party would oppose the government’s referendum plan if it proceeds without ensuring the public receives accurate and comprehensive information from all sides.

However, he said, the party respects democratic principles and will accept the outcome if the process is transparent.

“If the process is flawed, we risk getting results which are meaningless and damaging,” he said, urging Prime Minister Anutin to allow qualified personnel and institutions — such as diplomats, security agencies, and relevant ministries — to handle the issue professionally.

Echoing these concerns, PP party-list MP Rangsiman Rome said holding a referendum without adequate public understanding would be dangerous.

He noted that the House of Representatives has already formed a special committee, chaired by Chaichanok Chidchob, Minister of Digital Economy and Society and Bhumjaithai Party Secretary-General, to study the potential consequences of cancelling the MoUs and compile expert opinions.

“Even many MPs do not fully understand the details,” Mr Rangsiman said. “For a referendum to be meaningful, people must know exactly what they’re voting for. Otherwise, it’s just symbolic.”

Senator Pisit Apiwattanapong said the government should first explain whether the MoUs benefit or harm national security. “If you ask those who know versus those who don’t, the answers will differ,” he said. “It’s the government’s duty to educate the public.”

The Board of Investment (BoI) has granted approval to Homa Appliances (Thailand) Co, a unit of China’s leading refrigerator exporter, to set up two manufacturing facilities in Thailand.

According to Narit Therdsteerasukdi, secretary-general of the BoI, Homa Appliances received approval from the BoI on Sept 30 for an investment of 2.96 billion baht.

One of the facilities will produce smart refrigerators, while the other one will manufacture freezers with EU energy efficiency standards.

“Homa’s investment underscores the growing trend of smart appliance and white goods manufacturers establishing a presence in Thailand in recent years,” said Mr Narit. “Between January 2022 and August 2025, project applications in this sector amounted to a combined value of about 200 billion baht, driven largely by high-value investments from leading Chinese companies. These projects not only create manufacturing jobs for Thais but also expand opportunities in research and development.”

Established in 2015 and headquartered in China’s Guangdong province, Homa Appliances specialises in the design, research and development, and manufacture of electrical appliances such as refrigerators and freezers.

The company’s first two manufacturing projects in Thailand, located in Chon Buri province, will eventually have a combined annual production capacity of over 1.7 million units, including smart refrigerators, high-efficiency refrigerators, and chest freezers, using more than 50-60% local content in their components.

All output from the facilities will be exported, generating expected annual trade revenue of more than 12 billion baht. Upon full operation, the two projects are anticipated to provide employment opportunities for around 3,000 engineers and workers.

“Thailand currently serves as an important production base for electrical appliances in the region. Over the years, many leading companies have established production bases in Thailand to export to markets worldwide, including Samsung, LG, Electrolux, Beko, Arçelik, Hitachi, as well as major Chinese manufacturers such as Midea, Haier and Hisense,” said Mr Narit.

“Homa is the latest global-level manufacturer and the fourth Chinese appliance company to decide to invest in Thailand, underscoring confidence in Thailand’s potential as a regional hub for smart appliance production and the country’s readiness in terms of infrastructure, supply chains, skilled personnel, and government support measures.

“The BoI will continue to work with Homa and other manufacturers to facilitate business matching, connect supply chains, promote the use of local components, and foster collaboration to develop Thai component manufacturers so they have the opportunity to become part of the global supply chain.”