Thailand to allow foreign tourists to convert Crypto to Baht

2 days ago

Tourism-reliant Thailand will relax restrictions on foreign visitors converting digital-asset holdings into the baht to fund their travel expenses and spending while in the country.The government wants to promote innovation and support the use of digital assets to stimulate Thailand's tourism industry while offering convenient payment options for foreigners, Finance Minister Pichai Chunhavajira told a press briefing on Monday. The so-called TouristDigipay program will start its 18-month trial period through a regulatory sandbox in the fourth quarter, he added.Digital assets cannot be used directly as a means of payment for goods and services — only for conversions into the baht — and merchants will receive payments only in baht, according to officials.'We want to take every action to facilitate foreign tourists for their stays in Thailand,' said Pichai. 'This new program adds a new innovation to replace overseas visitors' cash and credit card use here.'Southeast Asia's third-biggest economy is trying to lure international tourists from a wider range of countries, with visitors from China slumping amid safety concerns. The government hopes to boost the flow of tourists from the Middle East and Southeast Asia to help offset a 33% drop in Chinese travelers in the first half of the year, following news of Chinese actor Wang Xing's kidnapping near Thailand's border with Myanmar.On Monday, Thailand's main planning agency lowered its foreign tourist arrival forecast to 33 million this year from 37 million earlier, citing a slump in the number of Chinese visitors. The tourism industry makes up about 12% of Thailand's gross domestic product. Year-to-date tourist arrivals have topped 20.2 million as of Aug. 10, down 6.9% from the same period a year ago.Foreign tourists who wish to convert digital assets into the baht to pay for goods and services must transact through licensed digital-asset business operators and e-money service providers, according to a Finance Ministry statement.Spending through the program is limited to 500,000 baht per month. Those limits, alongside strict requirements around opening new accounts and activating e-wallets, are designed to prevent money laundering, according to Pichai.

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BorgWarner secures electric cross differential project in China

Time of India

4 minutes ago

Time of India

BorgWarner secures electric cross differential project in China

BorgWarner has announced a new programme for its electric cross differential (eXD) technology with a Chinese original equipment manufacturer (OEM) for use in electric vehicles . The company said in a statement that the development aligns with the transition of traditional powertrain technologies towards electrification to address rising performance and safety requirements. The eXD system dynamically controls power distribution between wheels to improve handling and traction. Isabelle McKenzie, Vice President of BorgWarner Inc. and President and General Manager of Drivetrain and Morse Systems, said, 'BorgWarner's eXD technology improves handling and vehicle stability in various driving conditions. The technology has proven effective in combustion vehicles, and we are now expanding its application to electric vehicles to elevate the driving experience for electric vehicle users.' Application in different driving conditions The eXD adjusts slip control in real time based on driving conditions and vehicle status. The system enhances stability during high-speed driving, rapid acceleration, and sharp turns. According to BorgWarner, the eXD also adapts across different friction levels. On dry roads, it transfers more power to the outer wheels for cornering. In conditions such as ice, snow, or mud, it identifies reduced friction and limits power to slipping wheels, reallocating drive force to wheels with better traction.

China-Pakistan Economic Corridor phase II to be launched during Pak PM's China visit

Time of India

6 minutes ago

Time of India

China-Pakistan Economic Corridor phase II to be launched during Pak PM's China visit

Prime Minister Shehbaz Sharif's visit to China later this month will mark the formal launch of the second phase of the China-Pakistan Economic Corridor , focal person on the multi-billion-dollar bilateral initiative said here. Planning Minister Ahsan Iqbal made the official announcement during a high-level meeting on Tuesday to review preparations for the forthcoming session of the Joint Cooperation Committee ( JCC ) of the second phase of the China-Pakistan Economic Corridor (CPEC-II), as well as the prime minister's scheduled visit to Beijing. "Prime minister's upcoming visit will mark the formal launch of CPEC-II, with both sides expected to set clear priorities and agree on tangible, measurable outcomes," minister Iqbal was quoted by Dawn as saying on Wednesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Shooter Action MMO Crossout Play Now Undo While the JCC is expected to meet in October, official sources said the prime minister will travel to Beijing at the end of this month to attend the Shanghai Cooperation Organisation (SCO) summit from August 31 to September 1. On the sidelines, Sharif is also expected to meet Chinese President Xi Jinping and Russian leader Vladimir Putin . Live Events The planning minister stressed that the future of CPEC "must be anchored in quality rather than quantity," emphasising that only carefully selected, high-impact projects should be advanced to ensure sustainability and institutional strengthening. The CPEC, which connects Gwadar Port in Pakistan 's Balochistan with China's Xinjiang province, is the flagship project under Beijing's ambitious Belt and Road Initiative (BRI). China has invested in various power projects and road networks in Pakistan under the USD 60 billion CPEC plan. However, the implementation of various projects had slowed last year following terror attacks on Chinese personnel working on the ventures. Iqbal also disclosed that during his recent visit to China, he had conveyed PM Sharif's invitation to President Xi to visit Islamabad in 2026 to commemorate the 75th anniversary of diplomatic relations between Pakistan and China. Underscoring the need to expand Pakistan's trade and export footprint in China, the minister directed the authorities concerned to resolve visa processing delays on priority to facilitate genuine businesspersons. He also instructed the preparation of an outcome-focused plan to diversify exports, enhance industrial linkages, and maximise benefits from market access under CPEC. The minister also noted that with China importing goods worth over USD 2 trillion annually, Pakistan should strategically aim to capture at least USD 30-50 billion of this trade by building competitiveness and sectoral readiness, according to Dawn.

Xiaomi plans Europe foray in 2027 after EV sales gain pace

Hindustan Times

16 minutes ago

Hindustan Times

Xiaomi plans Europe foray in 2027 after EV sales gain pace

Xiaomi Corp. intends to sell its first electric vehicle in Europe by 2027, declaring plans to take on Tesla Inc. and BYD Co. globally after gaining traction with its year-old Chinese EV business. President Lu Weibing shed more light on the company's expansion plans after reporting a 31% rise in quarterly revenue, riding the successful launch of its second EV over the summer. That helped counter slowing demand for smartphones. Xiaomi has previously described ambitions to go global, though it's never specified a target market. While Europe is a common destination for Chinese EV makers seeking to tap a more lucrative arena, considering they can often sell their cars with higher margins there, they do face punitive tariffs. Also read Looking for a smartphone? To check mobile finder click here. Were Xiaomi to export its EVs to Europe, it would likely be subject to tariffs of up to 48%, including a base 10% import duty and additional countervailing levies of around 35% to 38%. Those measures were imposed by the European Union in response to what it deems unfair state subsidies provided to Chinese EV makers, which the bloc argues distorts market competition and threatens local manufacturers. Chinese EV makers also face tariffs of 100% if they want to sell their cars in the US. That's effectively shut them entirely out of the market. Regardless, strong demand for the YU7 sport utility vehicle, which co-founder Lei Jun released at the end of June, is propelling Xiaomi's $10 billion gamble on the increasingly crowded EV arena. The company aims to become one of the world's top five carmakers within 15 to 20 years, despite a production crunch that's testing its ability to scale up. Wait times for the SUV have stretched to more than a year. 'The business model we have developed in China can also apply in overseas market when we get into Europe,' Lu told analysts on a call. 'We're doing the research and preparation. So far we have not got the specific product plan yet.' Revenue climbed to 116 billion yuan ($16.2 billion) in the June quarter, just edging past average analyst estimates. The tech giant delivered 81,302 cars, taking the total to more than 157,000 in the first half — on track to surpass 2024's haul. But smartphones — its original and largest business — slid 2.1% and missed the average projection by about 5%. While Xiaomi doesn't expect smartphones to see much growth this year, the company's goal is to increase its market share in China by 1% every year, Lu told reporters on a post-earnings call Tuesday. It expects growth of about 5 to 6 percentage points in shipments this year to 175 million devices, executives said. Losses from the EV division narrowed to about 300 million yuan during the period. Lei said at an investor meeting in June that the automaking venture is expected to turn profitable in the second half of this year. Xiaomi has gained some $120 billion of market value over the past year, galvanized by its drive into EVs that's gained momentum against much larger and more experienced rivals. The company seems to have shaken off a fatal accident involving one of its SU7 sedans in March, which had its Autopilot turned on. The crash prompted regulators to rein in the deployment of advanced driver assistance technology nationwide. The Chinese government also intervened in June to try to stop a long-running price war that has squeezed margins all along the auto supply chain. Xiaomi has avoided getting embroiled in the discounting thanks in large part to demand for its vehicles remaining very high. Xiaomi's overall net income roughly doubled to 11.9 billion yuan, helped by fair value gains on financial instruments. Still, the stock is now trading at more expensive valuations than BYD as well as global smartphone rival Samsung Electronics Co. What Bloomberg Intelligence Says Xiaomi's robust 3.2 percentage point EV gross margin sequential growth in 2Q reflects improving economies of scale and a favorable product-mix shift, helping together with solid internet-of-things growth to offset smartphone headwinds. The ramp-up of Xiaomi's second EV factory and a rising sales mix of the YU7 SUV could boost margin, supporting breakeven in the EV segment by end-2025 and potentially driving a 2025-26 profit beat. Xiaomi is grappling with a slowdown in its core business and sluggish consumer spending. Along with rivals Apple Inc. and Huawei Technologies Co., it's been offering steep discounts over the big June shopping festival in an attempt to lure shoppers, pressuring margins. AI and chip design is another arena where Xiaomi is ramping up resources. The Beijing-based firm unveiled a 3-nanometer chip called the Xring O1 chip, designed to power devices including the Tablet 7 Ultra. Lei said the company would invest $7 billion this decade into semiconductors.