logo
Thai tycoon Sarath meets Trump, eyes stronger US ties

Thai tycoon Sarath meets Trump, eyes stronger US ties

The Star15-05-2025

BANGKOK: Sarath Ratanavadi, CEO of Gulf Energy Development Public Company Limited, was the only Thai business leader invited to a high-level dinner reception hosted in honour of US President Donald Trump in Qatar on Wednesday (May 14).
The event, held at Lusail Palace, was part of Trump's official Middle East visit, with Qatar being the second stop on his tour.
The reception was hosted by Qatari Emir Sheikh Tamim Hamad Al-Thani and attended by members of the royal family, the Qatari Prime Minister, and cabinet ministers.
It also welcomed prominent US officials and business leaders, including Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, Defence Secretary Pete Hegseth, Energy Secretary Chris Wright, and entrepreneur Elon Musk.
Executives and investors from across Asia, including India and Thailand, also took part.
Sarath Ratanavadi was notably the sole Thai invitee at the event.
Speaking after the reception, Sarath stated, 'I had the opportunity to engage directly with President Trump and several US cabinet members. The discussions reflected a positive tone regarding US-Thailand relations, particularly in the area of investment. The US expressed openness to increased Thai investment, especially in the energy sector, where Gulf already has ongoing operations.'
The meeting highlighted growing interest in strengthening US-Asia investment ties, particularly in the context of shifting global energy dynamics and economic diversification strategies. - The Nation/ANN

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Why everyone's obsessed with K-beauty, and this is just the beginning
Why everyone's obsessed with K-beauty, and this is just the beginning

The Star

time39 minutes ago

  • The Star

Why everyone's obsessed with K-beauty, and this is just the beginning

It's now clear that Korean beauty has far outgrown its modest local beginnings. Last year was truly a banner year for the industry, with cosmetics exports surging 20.3% to US$10.2bil (RM43.42bil), ranking third globally behind the US (US$11.19bil/RM47.63bil) and France (US$23.26bil/RM99bil), according to the Ministry of Food and Drug Safety. Zooming in on US-bound exports last year, Korea's stature continues to rise: The country is not only in the top three in global exports, it ranks first in the world's largest consumer market, eclipsing former leader France. The breakthrough K-beauty's success formula, rooted in the global K-content wave and lab-based innovation, has worked its magic worldwide, but it's the affordability and e-commerce factors that have propelled K-beauty onto mainstream American shelves. The online retail platform Amazon, unsurprisingly, is the prime stage for K-beauty brands, a gateway essential to nationwide popularity in the US. 'Many leading K-beauty brands have found success entering the US market through Amazon,' noted a Seoul-based cosmetics researcher, adding that their strong sales, fuelled by K-beauty's competitive pricing, have only further driven demand. Amazon reported that K-beauty sellers' net sales on its US platform jumped roughly 170% on-year last year, with the number of brands climbing to 230, a 1.4-fold increase over the past three years. Read more: 'Hyper-competitive, materialistic culture': Luxury fashion fuels K-pop hierarchy Success in online sales creates synergies with social media platforms like TikTok and Instagram, where K-beauty builds familiarity and trust with consumers through viral videos. So much so that TikTok's e-commerce channel, TikTok Shop, has become a new space where brands like Medipeel and Anua now hold top spots. Outside the digital realm, Korean beauty has moved into a new phase of visibility, now stocked in major beauty retailers like Sephora and Ulta Beauty, and supermarket chains such as Walmart and Target. Widespread retail contact, however, is not enough to sustain the K-beauty hype if the products fail to deliver on their promised efficacy. 'K-beauty's ascent owes much to its deep understanding of American consumers and its agility in meeting their needs,' explained Kim Ju-duck, professor in the beauty industry department at Sungshin Women's University. 'It has been quick to deliver localised, high-quality products tailored to American preferences and skin types, while putting emphasis on clean formulations that resonate with sustainability-conscious consumers.' Famous examples include TirTir, whose 30-shade cushion compact appealed to a diverse range of skin tones, topping Amazon's US beauty sales last year. In skincare, Medicube has gained popularity for its collagen-boosting properties, while brands such as Cosrx and Anua stand out for star ingredients like snail secretion and heartleaf extract. Driving this growth in part are original design manufacturers, according to Kim, whose advanced development and production capabilities have enabled smaller Korean brands to scale rapidly. Customers sample cosmetics at a Korean beauty fair at Coex in southern Seoul. Photo: The Korea Herald/ ANN This marks a subtle yet profound shift in consumer behavior from brand loyalty to a product-first mindset, one industry observer noted. Regardless of brand size, more consumers, especially younger generations, are weighing product quality and price above top two ODMs, Kolmar Korea and Cosmax, both posted record-high sales last year at KRW2.45tril (RM7.58bil) and KRW2.16tril (RM6.68bil), respectively. Storied brands and contract manufacturers, which handle the bulk of production for smaller K-beauty brands, also remain well-prepared to meet US regulations, including stricter FDA registration, product listing and labelling requirements under the Modernization of Cosmetics Regulation Act. 'We have a dedicated team that monitors US regulations, including MoCRA and the FDA's requirements for over-the-counter drugs like sunscreens, to ensure compliance,' said a Cosmax official. US hurdles K-beauty's hard-won rise to prominence faces a looming challenge: a delayed 25% tariff set to hit on July 8, adding to the minimum 10% tariff already in place. In a bid to offset the impact, some firms are leveraging their existing capabilities, while others are eyeing market entry. Kolmar Korea is ramping up its US operations, with a second facility entering pilot operations in the second quarter of this year, complementing its existing factory in Pennsylvania. 'With the Trump administration's tariffs in play, we're seeing a rise in domestic brand inquiries for US-based production," a Kolmar official said. Once the second plant comes online, Kolmar Korea expects its local annual production capacity for sunscreens and basic skincare to nearly double from the current US180mil (RM763mil). Cosmax projected its sunscreen production in Korea and the US will more than triple this year, as four times as many clients plan to enter the US OTC sunscreen market. Cosmax's facility in New Jersey produces around 280 million units annually, accounting for 10% of the company's total production. Read more: K-pop stars now among the most highly anticipated celebrities at fashion weeks The move coincides with a tariff scare that, in April, sent US consumers into a buying spree for Korean sunscreens prized for their superior UV protection and seamless compatibility with layered makeup. South Korea's top two beauty giants, Amorepacific and LG Household & Health Care, are also stepping up their US operations. LG H&H announced in April a US$130mil (RM551mil) paid-in capital increase for its North American subsidiary in order to expand its product lineup and boost marketing initiatives. Amorepacific hinted at building its own US manufacturing facilities. In April, CEO Kim Seung-hwan told Bloomberg TV the company plans to invest in US logistics and modular production infrastructure within the next three to five years. Though the tariff situation may seem dire, some industry insiders are more concerned about the strong won against the dollar, which could drive up the prices of Korean imports in the US market. 'Tariffs strike far and wide, not just Korea, and for companies heavily dependent on exports, the won-dollar exchange rate could prove even more critical,' said one insider on condition of anonymity. They went on to describe a new chapter in which technological prowess will shape success in an increasingly personalised and segmented market for years to come: 'In fact, consumers' love for K-beauty is no longer about price alone." K-beauty brands are hardly running behind as they pursue rapid innovation in their products. At this year's CES in January, for instance, beauty powerhouses like Amorepacific, Kolmar Korea and APR showcased next-generation beauty tech, including AI-powered devices, as they charge forward into the tech-infused future. – The Korea Herald/ANN

Thailand cuts border crossing hours with Cambodia over security
Thailand cuts border crossing hours with Cambodia over security

The Star

time39 minutes ago

  • The Star

Thailand cuts border crossing hours with Cambodia over security

FILE PHOTO: A royalist activist holds a Thai flag as he protests in front of the Royal Embassy of Cambodia, following a recent clash at the Thailand-Cambodia border on May 28, 2025, in Bangkok, Thailand, June 6, 2025. REUTERS/Chalinee Thirasupa/File Photo BANGKOK (Reuters) -Thailand shortened operating hours at 10 border crossings with Cambodia, citing security concerns, as tensions between the two countries simmered after a deadly clash last month. A day earlier, both the Southeast Asian countries reinforced their military presence along disputed border areas, Thailand's defence minister said. The two governments have exchanged statements, saying they were committed to finding a peaceful resolution after a Cambodian soldier was killed during a clash on May 28 in an undemarcated border area. Checkpoints, including the busiest in Thailand's eastern province of Sa Kaeo, halved operating hours to 8 a.m. (0100 GMT) to 4 p.m. local time, from 6 a.m. to 10 p.m., previously, Thai Foreign Ministry spokesperson Nikorndej Balankura told reporters on Sunday. Thailand operates 17 official border crossings with Cambodia, spanning seven provinces along their shared 817-km (508 miles) frontier, government data shows. "These are no immediate closure orders at border checkpoints. Rather, they are gradual and appropriate to the circumstances in specific areas," he said, adding the situation along the border remained calm. Residents near the Aranyaprathet-Poipet crossing in Sa Kaeo said the atmosphere was calm. "It surprised people a bit, but shops stayed open and most locals crossed back normally," said a staff member at Manue Home Stay, who gave his name only as Rong. Cambodia's Foreign Ministry reiterated a request to bring the border disputes to the International Court of Justice in a letter to Thai officials on June 6. "Given the complexity, historical nature, and sensitivity of these disputes, it is increasingly evident that bilateral dialogue alone may no longer suffice to bring about a comprehensive and lasting solution," Foreign Minister Prak Sokhonn said it the note, shared with reporters on Sunday. "A decision rendered by the ICJ, grounded in international law, would offer a fair, impartial, and durable resolution," he said. The Thai government has said it does not recognise the court's jurisdiction and proposed that all boundary-related issues be resolved through bilateral negotiations, with talks scheduled for June 14. Thailand and Cambodia have for more than a century contested sovereignty at undemarcated points along their shared border, which was mapped by France in 1907 when Cambodia was its colony. Tension escalated in 2008 over an 11th-century Hindu temple, leading to skirmishes over several years and at least a dozen deaths, including during a week-long exchange of artillery in 2011. Both governments have enjoyed warm ties, from a close friendship between former leaders, Thaksin Shinawatra from Thailand and Cambodia's Hun Sen. Thaksin's daughter and Hun Sen's son are the incumbent prime ministers of their countries. (Reporting by Chayut Setboonsarng and Panu Wongcha-um, Editing by Barbara Lewis)

Civilians in Gaza face heavy attacks while seeking food at aid centres, says UN agency
Civilians in Gaza face heavy attacks while seeking food at aid centres, says UN agency

The Star

timean hour ago

  • The Star

Civilians in Gaza face heavy attacks while seeking food at aid centres, says UN agency

People carry relief supplies from the Gaza Humanitarian Foundation (GHF), a private US-backed aid group that has bypassed the longstanding UN-led system in the territory, as displaced Palestinians return from an aid distribution centre in the central Gaza Strip on June 8, 2025. The UN and major aid organisations have refused to cooperate with the GHF, citing concerns that it was designed to cater to Israeli military objectives. -- Photo by Eyad BABA / AFP ISTANBUL (Bernama-Anadolu): The UN Relief and Works Agency for Palestine Refugees (UNRWA) reported that civilians suffering from hunger in the Gaza Strip have come under heavy Israeli attacks while seeking food at aid distribution centres, reported Anadolu Ajansi (AA). UNRWA cited in a statement the testimony of a Palestinian survivor of an attack on a distribution centre in Rafah, which had been established by the US and Israel-backed Gaza Humanitarian Foundation (GHF) under the guise of humanitarian aid. The statement noted that starving Palestinians, in their desperate search for food, are being exposed to intense Israeli assaults at the so-called distribution centers, putting their lives at severe risk. It said many return home empty-handed after surviving attacks. The statement underlined the urgent need to resume secure aid distribution to Gazans and stressed that it must be carried out through UN agencies, including UNRWA. Since May 27, the Israeli army has been launching attacks on distribution zones established under the guise of humanitarian aid by the Israeli-US-backed GHF. Israeli forces have been opening fire on civilians flocking to the distribution sites in "buffer zones' created by Israel. According to data from the Media Office in Gaza, between May 27 and June 6, Israeli forces carried out attacks on Palestinians at the distribution centers, killing 110 victims and injuring 583. The bodies of nine Palestinians remain missing. - Bernama-Anadolu

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store