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Prime Minister Anutin Charnvirakul has defended the government’s push to roll out the “Khon La Khrueng” co-payment economic stimulus scheme, dismissing criticism that the scheme is a thinly veiled attempt at pre-election campaigning.

Speaking during the government’s policy statement to parliament on Tuesday, Mr Anutin stressed that the administration has only four months in office and therefore must act swiftly on measures deemed feasible and beneficial.

“There is no such thing as rushing. There is only working quickly, transparently and in the people’s best interest,” he said.

He maintained that the co-payment scheme is designed around public participation, with citizens contributing half the cost and the state subsidising the rest.

“If people do not join, the project has no effect. But if they do, spending will circulate and help stimulate the economy,” he added.

When asked about accusations of premature electioneering, Mr Anutin replied that every party engages in political messaging in parliament.

“Debate itself is also a form of campaigning,” he said, before laughing off further questions about concerns over the use of taxpayers’ money.

Opposition criticism was led by Sirikanya Tansakun, deputy leader of the People’s Party, who said the government’s policy statement lacked clarity and urgency. While acknowledging the administration’s time and budgetary constraints, she said its role should be to manage the country responsibly until the next election without making irreversible decisions or exploiting public funds.

She further questioned why it was deemed necessary for unspent stimulus funds from the previous government, which had already helped reduce the deficit and borrowing needs, to be now deployed in full by the current administration.

As business, government and nonprofit leaders debate the future of climate action ahead of the United Nations Climate Change Conference (COP30) in Brazil, the global economy remains vulnerable to acute and chronic climate-driven shocks whose impact could be more severe than that of the 2008 global financial crisis. At a time when many governments and businesses continue to underestimate and underprice physical climate risk, we must remember that neither financial markets nor regulators are always right. What if their current complacency about climate risks is catastrophically wrong?

The 2008 financial crisis and its aftermath showed how fast our expectations can be shattered. In the mid-2000s, deregulation and simplification were the norm: balance sheets were run thin, and profits and losses ran high. Financial engineering boomed as risks were packaged, diluted, and obfuscated, and as credit was given where it hadn’t been earned.

In the face of all this, expressions of concern were drowned out by the din of transactions. But the signs were there. The fundamentals were not right.

By late 2008, the global economy was teetering on the brink of collapse. In the space of days, longstanding banking giants were swept away. Only government bailouts prevented the entire financial system from melting down.

The post-crisis banking sector looks very different from the one that preceded it. Owing to tougher rules and tighter oversight, good governance and resilience restored trust in the banking sector. Long-term investors — pension funds and insurance companies — patiently endured years of expensive recovery before value was restored and dividends resumed. If the banks had gone, so, too, would those holdings, and most of today’s financial system with them.

The post-crisis era was marked by collective humility and acceptance of systemic risk. This was reflected in the Financial Stability Board’s recognition in 2015 of climate change as perhaps the greatest systemic threat of all.

Ten years later, however, our systems and processes remain ill-equipped to measure and manage the systemic risks posed by climate change. With the focus on climate issues slipping down investors’ agendas, this is a dangerous lapse. From broken supply chains and damaged assets to infrastructure shocks, public health crises, and community disruption, many businesses are already feeling the profound impact of climate change.

Nor is the problem confined to headline-grabbing disasters. Subtle, chronic effects are quietly eroding value, often in ways that our systems are ill-equipped to detect or manage. Once again, the fundamentals are not right.

Data from NASA underscores this point. US satellites show that the intensity of extreme weather events is now double the average recorded in the 2003-20 period. This trend has tragic consequences for human well-being. In Africa, for example, 23 million people faced acute hunger in 2023, owing to record droughts.

The global economy is also taking a beating. Research by the World Economic Forum finds that weather-related damage to businesses, infrastructure, and other fixed assets may have almost tripled since 2000. The bill for the last decade topped $2 trillion, with costs in 2022-23 alone reaching $451 billion.

Yet rather than take steps to mitigate these risks, many investors, corporations, and governments continue to incentivise activities that compound them. Leading companies must battle to convince their boards and investors to buy into forward-looking strategies. Banks — the traditional stewards of opportunity — are struggling to manage lending risk associated with new and emerging technologies. The business case for pre-emptive resilience and innovation just isn’t clear enough to overcome the allure of the status quo. In other words, markets are getting things very wrong once again.

One exception is the insurance industry. Experts at pricing risk, these firms are learning fast. Between 2023-24, climate-related disasters forced insurers to shell out $143 billion in claims payments. More and more of them are doing the math and concluding that climate coverage simply doesn’t add up. They must either hike premiums to exorbitant levels or exit the disaster-risk market altogether.

The latter scenario is all too likely. Gnther Thallinger, a board member at the global insurer Allianz, recently warned that “entire regions are becoming uninsurable” as key asset classes degrade “in real time”. If markets haven’t realised this, that is because it takes time to work through the system.

The parallels to past crises are clear. Again, expressions of concern are being drowned out. This time, though, the stakes are higher, the effects are more widespread, and the consequences will be irreversible. The global economy has a massive blind spot, and unlike in 2008, there is no one on the winning side of the short bet. We all will lose.

Of course, there is a difference between a systemic blind spot and an ordinary one. We know the spot is there, but our financial system cannot address it until it is translated into monetary terms. For this, we need to mobilise executive action across the private sector to improve how we measure, manage, and respond to climate risks. Working with capital providers, standard setters, and policymakers, we need to align actionable information with the need to allocate capital towards climate-change mitigation and adaptation.

But having the numbers is not enough. To paraphrase Ernest Hemingway, climate collapse is a process that happens slowly, then all at once. Businesses and investors must create and maintain the capacity for rapid change within our organisations and across our value chains and spheres of influence. This starts with humility and acceptance of systemic risk.

The 2008 financial crisis shocked the world and demonstrated that nothing can be taken for granted. The stakes now are far higher, and there can be no bailouts. We must pursue pre-emptive action, and we must do it immediately. ©2025 Project Syndicate

Sri Trang Gloves (Thailand) Public Company Limited (STGT) welcomed ambassadors and diplomatic representatives from 21 countries on an official visit to its Anvar Branch factory in Songkhla and Sri Trang Group’s rubber plantations, underscoring the strength of Thailand’s rubber glove industry and the promise of the southern border provinces.

The delegation included envoys from Australia, Austria, Belgium, Canada, Denmark, Finland, France, Greece, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Singapore, Spain, Sweden and Switzerland. They were joined by officials from the National Security Council, the Ministry of Foreign Affairs, Songkhla authorities and members of the media. The visit formed part of a project to enhance international understanding and cooperation, jointly organised by the National Security Council and Ministry of Foreign Affairs.

STGT, one of the world’s largest producers of natural rubber and nitrile gloves, operates 14 manufacturing facilities across southern Thailand. The tour highlighted the company’s fully integrated supply chain, traceability systems and Environmental, Social and Governance (ESG) initiatives under the theme ‘Clean World Clean Gloves.’ Visitors also observed glove production driven by innovation and AI, alongside natural rubber tapping demonstrations.

Mr Veerasith Sinchareonkul, CEO of Sri Trang Group, and Ms Jarinya Jirojkul, CEO of STGT, led the welcome. Mr Veerasith said the occasion was both an honour and an opportunity to showcase Thailand’s industrial potential while fostering sustainable cooperation.

‘This visit is not only a chance to highlight our capabilities but also a platform to build bridges for economic collaboration, social exchange and sustainable development,’ he said.

The event reinforced Thailand’s status as a global leader in rubber gloves and the industry’s role in driving growth in the South.

US President Donald Trump lambasted the United Nations on opening day for its failure to stop global crises in the midst of major regional wars, humanitarian disasters, looming security threats, never mind costly bureaucratic waste. But as the leader of the most prominent and founding UN member state, he then added that the world organisation isn’t living up to its potential, and scathingly challenged, “What’s the purpose of the United Nations?” The old rebuke, “You can do better!” Sometimes it works.

The 80th General Assembly, which was supposed to originally be a celebration of the UN’s founding in San Francisco in 1945, turned out to be a gloomy and plaintive session as most of us sadly expected. Founded from the ruins of the Second World War, the new multinational organisation would offer the brave new world a future of peace and security. Then postwar reality intervened.

Key crises confront the UN and the global community.

Ukraine’s conflict, the largest war in Europe since World War II, devastates a central European country and, as importantly, imperils neighbouring states. Thus, beyond millions of refugees and massive human carnage, the war is spilling over into neighbouring Nato countries.

Ukraine’s President Volodymyr Zelensky, in a powerful address to the Assembly, stated bluntly; Ukraine has no security guarantees, except friends and weapons”. What can the UN really do, he asked. He rhetorically cited, “What can Sudan or Somalia or Palestine or any other people living through war really expect from the UN or the global system?” He added, “For decades, just statements and statements.”

“Weapons decide who survives,” he stated bluntly. Mr Zelensky’s address was assertive, confident and combative. He earned the right.

Peace negotiations are a process; often slow, stop/start, jolt and then movement. Ukraine’s long-awaited ceasefire is yet to happen. Russia’s war slogs on.

Secretary General Antonio Guterres commended the efforts by the United States and others seeking to facilitate diplomatic solutions to the conflict. Nevertheless, progress on achieving a ceasefire and a lasting peace settlement remains “painfully slow”. He added, “We cannot afford to lose the current diplomatic momentum, fragile as it may be.”

The perennial Palestine debate continued to be energised by the ongoing fighting and Gaza’s humanitarian tragedy. As promised, key Western powers recognised the State of Palestine; France, Britain, Canada and Portugal, among others, made the diplomatic gesture. Palestine’s President Mahmoud Abbas spoke by video-link to the Assembly, thanking the Europeans and at the same time condemning the horrific Hamas terror attacks on Israel on 7 Oct 2023. Hamas “will have no role in governing”, he promised.

When Israeli Prime Minister Benjamin Netanyahu spoke defiantly before the General Assembly, he was publicly insulted by a crass walkout of Arab and Muslim diplomats who left the hall to the cheers of many remaining delegations. Mr Netanyahu responded, reminding delegates of Israel’s stand and why he opposes the Two-State solution. He intoned, “The Palestinians, they don’t believe in this solution. They never have. They don’t want a state next to Israel. They want a Palestinian state instead of Israel.”

United Arab Emirates Foreign Minister Abdullah bin Zayed Al Nahyan underscored the necessity for a Gaza ceasefire and rejected any potential Israeli annexation of Palestinian territories during a meeting with Mr Netanyahu in New York.

Then came the diplomatic breakthrough in Washington. The Trump administration, working in overdrive with both Israel and Arab states, outlined a 21-point deal to stop the fighting, gain the release of the Israeli hostages, and demilitarise and rebuild Gaza under international auspices. Though Hamas has yet to accept, it’s under strong pressure from the Arab states and the threat of renewed Israeli military operations. European countries hailed Donald Trump’s plan to end the Gaza war.

What may be a major win for Mideast peace reflects closed-door diplomacy and some sideline discussions at the UN Assembly. Earlier, during a meeting with the Secretary General, Mr Trump stressed, ” I think the potential of the United Nations is incredible, really incredible. So, I’m behind it. I may disagree with it sometimes, but I am so behind it because I think the potential for peace with this institution is so great.” Within a week, these sentiments were proven right.

Fitch Ratings has revised the ratings outlook for five Thai banks to negative from stable, following the downgrade last week of its outlook for Thailand’s sovereign credit rating.

The revision affects the following banks, while their long-term issuer default ratings (IDRs) have been affirmed:

Export-Import Bank of Thailand (EXIM)

Krungthai Bank Plc (KTB)

TMBThanachart Bank Plc (ttb)

Standard Chartered Bank (Thai) Plc (SCBT), and

United Overseas Bank (Thai) Plc (UOBT).

The long-term ratings with a stable outlook remain unchanged for the following banks:

Bangkok Bank Plc (BBL)

Bank of Ayudhya Plc (BAY)

Kasikornbank Plc (KBank)

Siam Commercial Bank Plc (SCB), and

SCB X Plc (SCBX).

The adjustments follow Fitch’s revision of the outlook on the Thai sovereign rating of BBB+ to negative from stable on Sept 24.

KEY RATINGS DRIVERS

Potential change in government support ability: The long-term IDRs of Exim, KTB and ttb are driven by their government support ratings, and the negative outlook for their ratings reflects the reduced ability of the government to provide extraordinary support.

The government support ratings for Exim, KTB, ttb, BBL, KBank, SCB and SCBX have been affirmed. However, they will likely be downgraded in the event of a sovereign downgrade.

Possible constraint on shareholder support: The shareholder support ratings of SCBT, UOBT and BAY have been affirmed. The negative outlook for SCBT and UOBT reflects their long-term IDRs being capped by Thailand’s country ceiling. Any downward revision of the country ceiling would lead to negative rating action on their shareholder support ratings, and hence on their long-term IDRs.

The long-term local currency IDR of SCBT is not constrained by the country ceiling and the outlook for that rating remains stable. The shareholder support rating for BAY is not constrained by country risk factors, and its long-term IDR would not be affected by a one-notch change in Thailand’s country ceiling.

No impact on viability ratings: The viability ratings of KTB, ttb, UOBT, BBL, BAY, KBank, SCB and SCBX have all been affirmed. Fitch’s operating environment score for Thai banks is at bbb/stable, which is lower than the Thai sovereign rating, and we assess it as not affected by the sovereign rating action.

The outlook on BBL’s bbb+ funding and liquidity score was revised to negative from stable to reflect potential constraints from the sovereign rating, but there is no impact on the bank’s viability rating.

The long-term IDRs at BBL, KBank, SCB and SCBX are driven by their viability ratings, and hence are unaffected by the sovereign rating action.

JW Marriott Hotel Bangkok invites you to step into a world of calm on the 6th floor where the newly transformed Spa by JW awaits. A sanctuary of soft, natural tones, gentle curves, and warm wood textures, the spa offers an environment that feels effortlessly inviting. Subtle aromas of lemongrass linger in the air as sunlight filters through serene spaces, setting the stage for an experience that nurtures both body and mind.

Following an extensive renovation, the all-new Spa by JW at JW Marriott Hotel Bangkok introduces the brand’s signature spa concept, making it the first of its kind in Thailand. More than a spa, this thoughtfully reimagined space is a destination for their discerning guests to pause, restore, and reconnect through treatments and experiences that feel intuitive and personal.

‘At JW Marriott, we believe that well-being is the sum of your whole life,’ said Peter Caprez, General Manager of JW Marriott Hotel Bangkok. ‘Our newly introduced Spa by JW reflects this philosophy by offering an experience that prioritises both mental and physical balance. We are proud to be the first in Thailand to bring this globally recognised concept to life.’

The Spa by JW philosophy is guided by four wellness pillars – Invigorate, Renew, Calm, and Indulge – each designed to support a guest’s state of mind. Every element of the spa has been created to inspire connection and comfort. A welcoming Curator’s Desk provides personalised guidance, while open seating areas encourage guests to relax before treatments or enjoy time with friends. Natural materials and soothing colour palettes bring harmony to the space, creating a true sanctuary in the heart of Bangkok.

Treatments include signature experiences such as Hot Stone Harmony, a deeply soothing massage using warm volcanic stones to relieve tension; the Pink Himalayan Salt and Lemongrass Body Scrub, a mineral-rich exfoliation that refreshes and energises; and the JW Blissful Relaxation Massage, a signature ritual combining herbal compress therapy with Swedish techniques for profound tranquillity. For advanced skincare, ELEMIS Expert Touch Facials deliver clinically proven results, while the indulgent Rose Body Scrub pampers the skin and uplifts the senses.

This transformation extends beyond the spa to the entire sixth floor, which now offers a comprehensive wellness destination. Guests can enjoy a fully upgraded fitness centre featuring the latest TechnoGym® equipment, a revitalised outdoor pool, and the lush JW Garden. Adding to the experience is the Serene Space, a dedicated area designed for quiet moments of reflection, and a Juice Bar offering nutrient-rich smoothies, protein shakes, and wholesome snacks to nourish well-being from within.

‘Spa by JW is designed to make well-being approachable and effortless,’ said Natcha Jitjumnong, Spa by JW Manager. ‘Whether you want to restore energy, find calm, or simply indulge, our team ensures that every experience feels thoughtful and personal.’

JW Marriott Hotel Bangkok continues to redefine luxury hospitality, offering guests unparalleled experiences that nurture body, mind, and spirit.

Spa by JW at JW Marriott Hotel Bangkok opens at 6.00 am – 11.00 pm (fitness and swimming pool) and 10.00 am – 10.00 pm (spa). For reservations or more information please call +662.656.7700.

Myanmar refugees living in nine border camps will be allowed to work legally in Thailand for the next 12 months Prime Minister Anutin Charnvirakul said on Wednesday, sending a message to Cambodia that Thailand does not need its recalled workforce.

The prime minister said that from Oct 1 Myanmar refugees were allowed to work outside their camps for one year.

In allowing this, Thailand complied with humanitarian principles and opened opportunities for refugees who obeyed regulations and laws and could be helpful, he said.

‘For those who disagree with our regulations and conditions, these regulations cannot be eased. This is sending a message to the country that has problems with us that it cannot assume we will be short of labour or workers,’ Mr Anutin said, in a clear reference to Cambodia.

He gave an assurance that employers would provide working Myanmar refugees with standard welfare and access to provident funds in accordance with labour laws.

‘These workers will be protected because they are legitimate workers,’ the prime minister said.

The permission to work applies to Myanmar nationals in nine refugee camps in four provinces. They can work in 43 provinces in the North, the Central Plains and the East, he said.

According to the Ministry of Labour three of the camps are in Tak province, four in Mae Hong Son and one each in Kanchanaburi and Ratchaburi. There are 42,601 registered refugees of working age.

The border conflict with Cambodia led to the exodus of hundreds of thousands of Cambodian workers. It was reported they were pressured by their homeland to return or lose their property in Cambodia.

Although the border remains closed, many Cambodians have tried to sneak back into Thailand in search of work.

Central Restaurants Group Co Ltd (CRG) is strengthening its Japanese portfolio with the launch of Ootoya Oki, a premium shabu and sukiyaki restaurant that delivers authentic flavours at Central Pinklao mall in Bangkok.

The new brand offers Thailand’s first “Oozuwai Kani Shabu”, a signature crab fat soup prepared with a whole Zuwai crab, catering to the growing demand for premium Japanese dining experiences and driving sustainable growth for CRG’s Asian cuisine business.

Thirawat Loetthiraphan, head of Asian cuisine at CRG, said the launch represents a milestone for its Japanese portfolio as it taps Thailand’s shabu market, valued at more than 20 billion baht and continuing to expand.

CRG aims to position Ootoya Oki as a flagship brand that appeals to health-conscious diners, shabu lovers and customers who value authenticity and quality, and to elevate the standard of Japanese dining in Thailand.

The company plans to open at least five locations of Ootoya Oki within three years, strategically focusing on leading shopping centres and community malls.

He said CRG is confident this new concept will delight customers and set a new benchmark for Japanese dining experiences in the country.

GreenIO, a Bangkok-based artificial intelligence of things (AIoT) solutions company, has developed an AI-powered air quality monitoring system to help safeguard underserved communities from the harmful effects of PM2.5 pollution.

The company is the first in Thailand to receive support under a corporate social responsibility programme run by Qualcomm Inc aimed at promoting collaboration and developing AI-powered air quality monitoring systems.

GreenIO also plans to develop and commercialise AI-on-device technology by designing and manufacturing the devices in Thailand to reduce imports, build domestic technological capabilities, and capitalise on AI-on-device market opportunities.

The company’s ambition is to make Thailand a regional leader in AI-on-devices in the long term, said Ittichai Phoomsirivilai, managing director and co-founder of GreenIO.

According to Grand View Research, the global AI on-device market was estimated at US$8.60 billion in 2024 and is projected to reach $36.6 billion by 2030.

“Thailand has its own capabilities for designing and manufacturing AI-on-devices but needs to build a community and an ecosystem of universities and developers to build our own local products,” he said.

By integrating Qualcomm’s advanced AI-on-device technology into GreenIO’s intelligence sensors, this AI smart-edge network air pollution detection programme enables real-time detection of air quality and smoke to help safeguard communities, particularly those that are underserved, face budget constraints and are located in remote areas.

Mr Ittichai said the monitoring device can detect humidity, PM2.5, PM10, total volatile organic compounds, carbon dioxide, and can generate real-time alerts with a dedicated dashboard.

“The device also transforms raw environment data into actionable intelligence,” he said.

By having its own design and manufacturing partners, it can make the device price around 20% cheaper than an imported device.

The company deployed the devices with the Bangkok Metropolitan Administration, public hospitals, and schools with 200 monitoring units across 10 provinces reaching 200,000 people. GreenIO aims to scale this proven model nationwide, engaging ministries, universities, and hospitals to integrate air quality data into health protocols and school safety policies, said Mr Ittichai.

The collaboration with Qualcomm is also exploring commercialising the expansion of AI-on-device solutions beyond air quality, with projects such as a visual impairment navigator already under development, showcasing how this innovation can drive sustainable progress across multiple sectors.

Sharon Alalouf, sales director for Qualcomm CDMA Technologies Asia-Pacific Pte Ltd, said as a CSR programme, the Qualcomm Wireless Reach initiative is a global programme that leverages wireless innovation to drive social and economic progress.

Since 2006, the initiative has implemented 150 programmes across 75 countries, impacting more than 27 million people.

Ms Alalouf said with the Thailand 4.0 strategy, the government is pushing for innovation to address environmental challenges.

“We see high potential in Thailand, which is driving a digital transformation that is among the most advanced in the region,” she said.

“The collaboration with GreenIO will drive innovative local companies to adapt this technology to address other solutions to serve local pain points.”