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Miami Herald
5 hours ago
- Miami Herald
Thailand warns of war with Cambodia as US, China urge calm
Thailand warned its conflict with neighboring Cambodia could "potentially develop into a war" as troops used rockets and artillery to shell targets along their contested border for a second day. Acting Prime Minister Phumtham Wechayachai told reporters Friday that the severity of the clashes was escalating, endangering civilians, and Thailand was committed to defending its territory and sovereignty. "This situation could potentially develop into a war," Phumtham said. "At present, it is still considered an armed clash involving heavy weaponry." Cambodian Prime Minister Hun Manet said his country was ready for a ceasefire but accused Bangkok of backing out of a deal brokered by Malaysian Prime Minister Anwar Ibrahim, as the current chair of regional group Asean. The truce had been set for early Friday, he said. Thailand's government has put the latest death toll from the worst clashes in more than a decade at 14, including a soldier, with more than three dozen people injured. One Cambodian civilian was killed and five others injured in the clashes, Agence France-Presse reported, citing a provincial administration official. Thailand also said it has evacuated more than 130,000 civilians from conflict zones. Cambodia has closed 260 schools in the province of Oddar Meanchey, the center of the conflict, the Khmer Times reported. Thai financial markets were mixed amid the violence. The baht fell 0.4% to 32.39 per dollar, in line with regional peers, while the benchmark stock index rose 0.4% to cap a fifth straight weekly advance. While the U.S., China, and Malaysia have reached out to both parties, no country has publicly emerged yet as a mediator. Officials in Bangkok are intent on resolving the hostilities bilaterally, foreign ministry officials said Friday. "We do appreciate their kind offers and do not rule them all out," Russ Jalichandra, vice minister for foreign affairs, told Bloomberg News, adding that China, U.S. and Malaysia had offered to help. "But at the moment we still want to solve the problems bilaterally through negotiations, and existing bilateral mechanisms that both sides agreed upon," he said, citing a memorandum signed in 2000. Thailand will not be the first to call off military action, Russ said, adding that a ceasefire offer can be considered only if Cambodia ends hostilities. On Friday, Chinese foreign minister Wang Yi said Beijing is willing to play a constructive role in easing military conflict and supports efforts by Asean to encourage dialog and a political settlement. In a meeting with Asean Secretary-General Kao Kim Hourn in Beijing, Wang also blamed the border clash on "legacy of western colonizers." The U.S. has engaged both sides, according to a person familiar, who asked not to be identified discussing private conversations. The embassy in Bangkok said in a statement that "we have consistently encouraged Thailand and Cambodia to resolve their differences peacefully in a manner that respects diplomatic obligations and norms." Thailand, a long-time Washington treaty ally, developed closer diplomatic relations with China during almost a decade of military-backed rule under previous Prime Minister Prayuth Chan-Ocha. The U.S., meanwhile, is the Southeast Asian nation's largest exports destination, accounting for about 18% of all Thai shipments and creating a trade surplus of $46 billion last year. But amid President Donald Trump's tariff war, Vietnam, Thailand and Indonesia are among Asian countries seeing the sharpest surge in Chinese imports as the higher duties upend regional trade, according to Citigroup Inc. China is Thailand's largest trading partner with bilateral business estimated at $129 billion last year, according to the U.S. Census Bureau. Beijing shipped goods worth $81 billion to Thailand. Trading accusations Thailand and Cambodia have claimed they are operating only in self-defense, and the United Nations Security Council is scheduled to discuss the issue Friday in New York. The Thai army said Cambodian forces "conducted sustained bombardment" using heavy weapons, field artillery and rockets through Friday morning, and that it responded appropriately and advised civilians to avoid the conflict zones. Cambodia's defense ministry confirmed shelling overnight and claimed to control the site of two disputed temples and another area, according to the Khmer Times. It separately reported 40 workers are trapped at Preah Vihear temple, one of the points of conflict. The clashes on Thursday included Thai airstrikes on Cambodian military bases using F-16 fighter jets, while Bangkok accused Phnom Penh's forces of attacking civilian areas in Thailand. That followed a months-long border standoff that also pushed Thailand's ruling coalition to the brink of collapse. The neighbors share a long history of border tensions, though relations have remained largely stable since a deadly 2011 conflict that left dozens dead. The last major flare-up centered on the Preah Vihear temple, a longstanding flashpoint dating back to the French colonial era. Much of the current dispute stems from maps drawn on differing interpretations of early 20th-century Franco-Siamese treaties, which defined the border between Thailand and Cambodia, then part of French Indochina. Economic impact A prolonged military conflict would add to multiple economic challenges for both nations, including the U.S. threat to impose stiff tariffs. Unlike neighboring Indonesia, the Philippines, and Vietnam - which have secured trade agreements with the Trump administration - export-reliant Thailand has yet to reach a deal. Given the risks to Thailand's local economy and tourism, a vital contributor to the economy, Bangkok may have more reasons to end the conflict as soon as possible, said Trinh Nguyen, Natixis senior economist for emerging Asia. "We expect de-escalation to take place after aggressive actions," Trinh said. "External risks are rising and Thailand cannot afford to derail already weak tourism and soft growth." Cambodia's economic growth was already expected to slow, according to a July 17 report by Maybank Securities Pte., which noted the country's dependence on the U.S. is the highest in Asean, at 38% of nominal exports or 21% of GDP. The country also has more than half a million workers in Thailand, according to official estimates, though Maybank said undocumented migrants could push that number closer to 1.2 million people. Officials in Thailand's Chanthaburi and Trat provinces said some 2,000 Cambodian migrant workers have gathered at a checkpoint to return home. Thai exports to Cambodia totaled $5.1 billion in the first half of 2025, including jewelry, oil and sugar, with $732 million of imports, mostly fruit and vegetables, according to the Thai Commerce Ministry. With Thailand signaling no immediate plan to cease the military actions, a drawn-out conflict poses fresh challenges to leader Paetongtarn Shinawatra, who had already been suspended as prime minister for her handling of the border dispute. Her Pheu Thai-led coalition has been on the brink after the defection of a key party last month left it with a slender majority. Thai nationalist groups, who had initially planned an anti-government rally for Sunday, have pushed it back to Aug. 2. Posts supporting the Thai army and air force are trending on X and Facebook in Thailand. ----------- -With assistance from Katia Dmitrieva, Claire Jiao, Pathom Sangwongwanich and Lee Miller. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Yahoo
9 hours ago
- Yahoo
Sagtec Global (NASDAQ SAGT) Achieves Key Milestone in UAE Smart Hospitality Deal; On Track for 2025 Revenue Recognition
KUALA LUMPUR, Malaysia, July 25, 2025 (GLOBE NEWSWIRE) -- Sagtec Global Limited (NASDAQ: SAGT) ('Sagtec' or the 'Company'), a provider of enterprise software solutions for high-growth verticals, today announced the successful delivery of the first phase of its previously disclosed US$10 million smart hospitality contract in the United Arab Emirates (UAE), in partnership with SMD Tech – FZCO. The Company has received the first milestone payment, validating both project execution and commercial delivery. The deal, originally announced in July 2025, is structured with over 60% of total value as multi-year recurring revenue, covering software licensing, analytics, hosting, and long-term service. The project remains on schedule for full delivery in 2025, with corresponding revenue capture anticipated within the current fiscal year. 'This milestone represents more than operational progress—it reinforces our ability to monetize large-scale SaaS contracts, generate recurring cash flow, and expand strategically in a high-growth international market,' said Kevin Ng, Chairman, Executive Director & CEO of Sagtec Global. 'It reflects our disciplined execution and strong regional partnerships.' Momentum Across Vertical SaaS Offerings In addition to progress in the UAE, Sagtec confirms that its Speed+ Smart Ordering System, which supports a US$30 million pipeline across Southeast Asia, has now been successfully deployed to commercial end-users. Speed+ is a cloud-based solution tailored for the F&B and hospitality industries, designed to improve service efficiency and increase revenue per transaction. These dual deployments reinforce Sagtec's strategy to scale vertically integrated SaaS platforms across multiple industries—hospitality, F&B, and smart infrastructure—with a strong focus on monetizable outcomes. 'We are executing on multiple fronts with clear revenue visibility,' added Ng. 'These wins strengthen our position ahead of our next earnings cycle and demonstrate the scalability of our recurring revenue model.' Well-Positioned in a US$30B+ Market With the UAE hospitality sector forecasted to reach US$37.7 billion by 2033 (IMARC Group), Sagtec's expansion into the Middle East positions the Company at the center of a regional transformation toward smart tourism and digital-first guest experiences. Backed by a resilient balance sheet and growing recurring revenue base, Sagtec remains focused on margin-accretive growth, product innovation, and geographic expansion to drive long-term shareholder value. About Sagtec Global Limited Sagtec Global is a technology company delivering customizable software solutions to the hospitality, F&B, and enterprise sectors. The Company also operates digital infrastructure businesses, data hosting & analysis services through its Malaysian Subsidiary, CL Technologies. For more information on the Company, please log on to Contact Information: Sagtec Global Limited Contact:Ng Chen LokChairman, Executive Director & Chief Executive Officer Telephone +6011-6217 3661 Email: info@
Yahoo
21 hours ago
- Yahoo
Straits Orthopaedics Expands Global Footprint with Acquisition of U.S.-Based Medin Technologies, Strengthening Orthopaedic Manufacturing Portfolio
PENANG, Malaysia, July 25, 2025--(BUSINESS WIRE)--Straits Orthopaedics (Mfg) Sdn Bhd ("Straits"), a leading Malaysia-based contract manufacturer specializing in the precision machining of orthopaedic implants and surgical instruments, today announced the successful acquisition of Medin Technologies, Inc. ("Medin"), a U.S.-based manufacturer of sterilization cases and trays for the orthopaedic sector operating two facilities in Totowa, New Jersey, and Manchester, New Hampshire. This strategic acquisition represents a pivotal step in Straits' growth trajectory, reinforcing its commitment to broadening both its product offerings and global manufacturing capabilities. With over 20 years of experience serving the global orthopaedic market, Straits is now uniquely positioned to deliver a more integrated and expansive suite of solutions to its global OEM partners. Hans de Waal, General Manager of Medin, said, "Medin Technologies is excited to become a part of the Straits Orthopaedics organization. Our company has been serving the orthopaedic market since 1979 and has become a major player in the case and tray market. Joining Straits enables the company to provide solutions across multiple segments as a global CMO capable of delivery fully kitted instrument sets ready for distribution." "We are excited to add Medin's case and tray product lines to our broad array of manufacturing capabilities," said Scott Gareiss, CEO of Straits. "Medin is recognized for their design expertise, vertical integration, and innovative quality controls for case and tray production used in systems for joint replacement, trauma, extremities, spine, power equipment, and more for medical device OEM's. The combination of Straits and Medin will enable us to serve our customers more broadly." Ewan Davis, Partner at Quadria Capital and Board Director of Straits Orthopaedics, added, "The addition of Medin demonstrates our continued focus on investing in and expanding the scope of services provided by Straits for our customers and ultimately increasing patient impact across the world. The combined businesses create a truly global footprint and is testament to the ambition and capabilities of this Malaysian orthopaedic contract manufacturing champion." Kirkland & Ellis and PwC served as advisors to Quadria and Straits. About Straits OrthopaedicsFounded in 2003 by TH Su in Penang, Straits Orthopaedics manufactures implants and instruments as a contract manufacturer serving orthopaedic OEM customers. Straits is a vertically integrated provider of precision machined products with in-house surface treatment, heat treatment, and sterile packaging. Please visit for more information. About Quadria CapitalFounded in 2012, Quadria Capital is Asia's premier healthcare investor managing over US$4 billion in assets across 27 investments in South and Southeast Asia including India, Vietnam, Indonesia, Malaysia and Singapore. Quadria Capital aims to create significant and sustainable shareholder value by partnering with exceptional healthcare businesses to enhance their impact and scale, while generating superior returns for investors. For more information, please visit View source version on Contacts Media Contact: Yvette Sign in to access your portfolio
