Thailand's CP Group invests in AI, data centers to power up telecom business
Last month, the group marked the completion of a 20-megawatt "hyperscale" data center with massive processing power near Bangkok. CP says it is the first facility in the country to specialize in artificial intelligence and machine learning.
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The Diplomat
a day ago
- The Diplomat
Thailand Approves Plan to Hire Sri Lankan Migrant Workers Amid Cambodian Exodus
The Cambodian government estimates that 400,000 migrant workers have returned home since the outbreak of conflict between the two countries last month. Thailand's cabinet has approved the hiring of 10,000 Sri Lankan workers to fill a labor shortage caused by an exodus of Cambodian workers due to the two countries' ongoing border dispute. Speaking to reporters yesterday, Thai Labor Minister Pongkawin Jungrungruangkit said that more than 30,000 workers from Sri Lanka had already registered for the scheme, and that 10,000 will be sent to Thailand in its first stage, the Thai Enquirer reported. 'We will bring this group of workers in, and there will also be other groups of workers from countries such as the Philippines, Indonesia, and Nepal,' Pongkawin said. The Ministry first suggested the plan in late July, shortly after Thailand and Cambodia fought a fierce five-day battle along their disputed border late last month. The conflict killed at least 43 people and displaced more than 300,000 on both sides of the border. It also prompted tens of thousands of Cambodian migrant workers to leave Thailand, due to fears of physical attacks on Khmer-speakers. The Cambodian government has actively supported the repatriation of migrant workers, offering free transport from the border and assurances of job opportunities. It has also put a patriotic spin on the exodus, promising jobs and calling for returnees to contribute to Cambodia's economic development. 'As the job market in Cambodia continues to expand,' the government-aligned Khmer Times reported on August 6, 'returnee workers hope to inspire others to follow their lead and contribute to the country's economic growth.' Incidents of violence against Cambodians and Khmer-speakers in Thailand have also been widely circulated on social media, creating the perception that the country is not safe for Cambodians – a perception that Phnom Penh has also subtly encouraged. Some reports in the Thai press have suggested that Cambodian workers fear that they might 'lose their properties and citizenships' if they don't come home. Before the conflict began, over 520,000 Cambodians worked in Thailand, accounting for 12 percent of the country's foreign workforce, according to official data cited by Reuters – but the real number may be considerably higher. One Thai source puts the number at 1.5 million. About 400,000 Cambodian laborers have returned since the beginning of the conflict, according to the Cambodian government, and hundreds reportedly continue to trickle across the border each day. While Thai border authorities have facilitated the exodus, letting Cambodians pass through border gates that are otherwise closed to trade, it has created more economic headaches for the Thai government, which is currently battling a downturn in the tourism sector. Cambodian migrant laborers, like their counterparts from Myanmar and Laos, fill a crucial niche in the Thai economy, particularly in the agricultural, construction, and manufacturing sectors. In order to stem the flow, the Ministry of Interior and the Ministry of Labor granted a six-month extension to Cambodians' work permits this week, allowing them to remain in Thailand without crossing the border for renewals. It is apparent now that Thailand is willing to look further afield for workers to fill the void, something that it has historically been reluctant to do. While Thailand and Cambodia signed a ceasefire on July 28, the situation remains tense, with both governments trading daily accusations of violations of the letter and spirit of the agreement. If the current dispute persists beyond the short term, it could see a more permanent realignment in the Thai and Cambodian labor markets. It could also create social problems inside Cambodia, where labor migration has long served as a useful social safety valve for the government. The sudden arrival of large numbers of unemployed or underemployed workers could be a potential long-term source of political instability for Prime Minister Hun Manet and his Cambodian People's Party, which has otherwise benefited from a surge of patriotic support since the outbreak of the conflict with Thailand.
Tokyo Weekender
a day ago
- Tokyo Weekender
SoftBank To Invest $2 Billion in Intel
Japanese multinational investment holding company SoftBank announced on Tuesday that it will invest $2 billion into struggling American chipmaker Intel. The investment is reportedly equal to about 2% of the US company, which will make SoftBank the fifth-biggest shareholder. According to a joint statement by the two firms, SoftBank will pay $23 per share of Intel common stock. It's a major boost for Lip-Bu Tan, who was made CEO of the once-iconic chip manufacturer in March. List of Contents: SoftBank and Intel Leaders Both Pleased About the Relationship Trump Administration Considers 10% Stake in Intel Related Posts SoftBank and Intel Leaders Both Pleased About the Relationship 'We are very pleased to deepen our relationship with SoftBank,' said Tan. The former CEO of Cadence Design Systems called the Japanese conglomerate 'a company that's at the forefront of so many areas of emerging technology and innovation.' He added that he has worked closely with Masayoshi Son, the chairman and CEO of SoftBank, for many years, and that he appreciates 'the confidence he has placed in Intel with this investment.' Son, meanwhile, said semiconductors were 'the foundation of every industry.' Japan's second-richest man, who last December announced a $100 billion investment in the US over the next four years, described Intel as 'a trusted leader in innovation.' He added, 'This strategic investment reflects our belief that advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role.' A crucial company in the foundation of Silicon Valley, Intel was historically a dominant force in the semiconductor industry. Once so powerful, it allegedly wanted to purchase Nvidia for $20 billion two decades ago. Since then, Nvidia has surged past its competitors, and, earlier this year, became the first publicly traded company worth $4 trillion. Intel, on the other hand, has fallen far behind, having failed to properly develop competitive GPU technology and having missed out on the AI boom. Trump Administration Considers 10% Stake in Intel In addition to SoftBank's investment, the Trump administration is also working on a deal that could see the US government take a 10% stake in Intel. Speaking to CNBC on Tuesday, US Treasury Secretary Scott Bessent said , 'The last thing we're going to do is take a stake and then try to drum up business. The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilize the company for chip production here in the US. There's no talk of trying to force companies to buy from Intel.' Related Posts SoftBank Considering Historic Investment in OpenAI Honda and Nissan Scrap $60 Billion Merger Plan Joe Biden Plans To Block Nippon Steel's Takeover of U.S. Steel Discover Tokyo, Every Week Get the city's best stories, under-the-radar spots and exclusive invites delivered straight to your inbox. By signing up, you agree to our Privacy Policy .
Japan Times
a day ago
- Japan Times
Washington eyeing government stakes in chipmakers given CHIPS Act funds: sources
U.S. Commerce Secretary Howard Lutnick is looking into the federal government taking equity stakes in computer chip manufacturers that receive CHIPS Act funding to build factories in the country, two sources said. Expanding on a plan to receive an equity stake in Intel in exchange for cash grants, a White House official and a person familiar with the situation said Lutnick is exploring how the U.S. can receive equity stakes in exchange for CHIPS Act funding for companies such as Micron, Taiwan Semiconductor Manufacturing Co. and Samsung. Much of the funding has not yet been dispersed. Aside from Intel, memory chipmaker Micron is the biggest U.S. recipient of CHIPS Act cash. TSMC declined to comment. Micron, Samsung and the White House did not respond to requests for comment. White House press secretary Karoline Leavitt confirmed on Tuesday that Lutnick was working on a deal with Intel to take a 10% government stake. "The president wants to put America's needs first, both from a national security and economic perspective, and it's a creative idea that has never been done before," she told reporters. While Lutnick said earlier on CNBC that the U.S. does not want to tell Intel how to run its operations, any investment would be unprecedented and ramps up a new era of U.S. influence on the big companies. In the past, the U.S. has taken stakes in companies to provide cash and build confidence in times of economic upheaval and uncertainty. In a similar move earlier this year, Trump approved Nippon Steel's purchase of U.S. Steel after being promised a "golden share" that would prevent the companies from reducing or delaying promised investments, transferring production or jobs outside the U.S., or closing or idling plants before certain time frames without the president's consent. The two sources said Treasury Secretary Scott Bessent is also involved in the CHIPS Act discussions, but that Lutnick is driving the process. The Commerce Department oversees the $52.7 billion CHIPS Act, formally known as the CHIPS and Science Act. The act provides funding for research and grants for building chip plants in the U.S. Lutnick has been pushing the equity idea, the sources said, adding that Trump likes the idea. The U.S. Commerce Department late last year finalized subsidies of $4.75 billion for Samsung, $6.2 billion for Micron and $6.6 billion for TSMC to produce semiconductors in the U.S. In June, Lutnick said the department was re-negotiating some of former U.S. President Joe Biden's grants to semiconductor firms, calling them "overly generous." He noted at the time that Micron offered to increase its spending on chip plants in the U.S.
