Latest news with #SET
Los Angeles Times
2 days ago
- Sport
- Los Angeles Times
5 O.C. players help SET 18U girls win USA Water Polo Junior Olympics gold
IRVINE — Corona del Mar High graduates Didi Evans and Reagan Weir weren't quite sure where to go after the high school girls' water polo season ended last winter. The club season before college, with Evans headed to Princeton and Weir bound for Stanford, amounted to a free agent period. But the young women soon found their destination in the Saddleback-El Toro Water Polo Club and coach Ethan Damato. 'SET welcomed us with open arms,' Evans said. 'Immediately, I felt like part of the team. There was no transition period. We just really, really blended with them. It was like we had been playing together for years.' The result was a gold medal, SET's third straight in the 18-and-under division. SET Black beat Regency 8-5 in the title match Sunday at Woollett Aquatics Center. Evans had a goal and three assists in the final, while Weir also scored. Laguna Beach graduates Siena Jumani and Kara Carver, as well as incoming Breakers senior Brooke Schneider, also contributed for SET. Carver, bound for USC, capped her junior club career by earning her eighth Junior Olympics gold medal. 'It's just an incredible experience,' she said. 'This team is like no other, and I just loved being a part of it. It was really nice to have this be our last game and our last club experience before college, and going out on a win.' Jumani, a goalkeeper bound for UC Santa Barbara, made six saves in the first half of the title match before Clarysa Sirls played goalie in the second half. She also helped the Breakers win the CIF Southern Section Division 1 title in February. 'It's like the perfect ending for everything,' Jumani said. 'We've just had fun throughout all of it.' Christina Flynn scored three goals in the final and earned MVP honors for SET, coached by Damato, the former longtime Laguna Beach coach who recently was hired to guide the JSerra girls' water polo team. SET had lost to top-seeded SOCAL in group play on Friday, but beat SOCAL 10-9 in the 18U semifinals earlier Sunday. Weir scored the equalizing goal, then Evans netted the game-winning counterattack goal after stealing the ball up top, helping SET beat SOCAL for the first time in four meetings this year. 'I saw the opportunity and I took it,' said Evans, who could say the same about joining SET for the title run. The Corona del Mar 18U girls finished with gold in the Classic Bracket on Sunday, beating San Clemente 12-5 for the title at Yorba Linda High. CdM went a perfect 7-0 in the tournament, including an 18-10 semifinal win over North Irvine Black.
Bangkok Post
3 days ago
- Business
- Bangkok Post
Analysts wary of border standoff
Analysts recommend avoiding Thai stocks that have significant exposure to Cambodia and suggest investors monitor the border situation as it could escalate and subsequently affect the economy. If the conflict can be contained quickly, the investment impact is likely to be limited, with technical support for the Stock Exchange of Thailand (SET) index expected at 1,190 points, they said. "So far, the effect on Thai listed companies' earnings is considered modest," Bualuang Securities (BLS) said in a research note. Companies with more than 5% of their revenue from Cambodia were mainly energy drink producers, while those with 1-5% exposure include hospitals, energy firms and construction materials companies. Retailers and banks have an exposure of less than 1%, according to the brokerage. Carabao Group (CBG) has more than 10% of revenue or profit derived from Cambodia, while Osotspa (OSP) and Siam City Cement (SCCC) have 5-10% exposure. Stocks with 1-5% exposure include hospital groups, namely Bumrungrad Hospital (BH), Bangkok Dusit Medical Services (BDMS) and Bangkok Chain Hospital (BCH). Other companies with this level of exposure are cinema operator Major Cineplex Group (MAJOR), food producer Betagro (BTG) and those in the petrochemical and energy sectors, comprising Bangchak Corporation (BCP), IRPC, Star Petroleum Refining (SPRC), Thai Oil (TOP), PTT Global Chemical (PTTGC), Siam Cement (SCC) and oil retailers such as PTT Oil and Retail Business (OR). Other firms with Cambodian operations that face a limited impact based on revenue of less than 1% are CP All, CP Axtra (CPAXT) and Berli Jucker (BJC). Major banks with branches in Cambodia, including Bangkok Bank (BBL), Kasikornbank (KBANK), Siam Commercial Bank (SCB) and Krungthai Bank (KTB) are also considered to have a minimal level of exposure. Utility firm Power (BGRIM) was mentioned by BLS for its investment-type business model. Piriyapon Kongvanich, a strategist at BLS, said the impact from the Thai-Cambodian border conflict remains limited, citing the 2011 armed conflict near the Preah Vihear temple area that was confined to a specific zone and did not escalate. "The current episode is unlikely to expand beyond the border area due to Thailand's stronger military capacity," he said. "Cambodia may be escalating the issue to bring it before the International Court of Justice, suggesting political rather than military motives." From a macroeconomic perspective, Cambodia accounts for roughly 3% of Thailand's total exports. The top five export categories include gems and jewellery, refined oil, sugar, beverages and chemicals. Oil and natural gas exports to Cambodia made up only 0.4% of total exports last year. Maybank Securities (Thailand) expects the ongoing border tensions to have a limited effect on the Thai economy, despite straining diplomatic ties, partial border closures and potential trade disruptions. The situation could affect international relations and cross-border commerce if prolonged, Maybank noted. In the tourism sector, Cambodian tourists comprise 1.6% of total arrivals, a figure that has been declining since 2023. Cambodia contributes a relatively small share of labour in Thailand's construction sector, suggesting minimal immediate impact, noted the brokerage. "The conflict is expected to have a limited effect on listed companies' earnings, though some stocks with direct exposure to Cambodia may experience negative sentiment pressure," noted Maybank.
Bangkok Post
6 days ago
- Business
- Bangkok Post
Investors lock in profits before tariff deadline
RECAP: Asian shares eased back yesterday, with Japanese markets retreating from a record peak, as investors locked in profits ahead of a crucial week that includes US President Donald Trump's tariff deadline. Trading in Thailand was also subdued, as investors monitored the growing border conflict with Cambodia and waited for news on the trade and tariff front. The SET index moved in a range of 1,191.65 and 1,227.71 points this week, before closing yesterday at 1,217.15, up 0.9% from the previous week, with daily turnover averaging 41.5 billion baht. Foreign investors were net buyers of 9.07 billion baht. Retail investors were net sellers of 5.75 billion baht, followed by institutional investors a 3.28 billion, and brokerage firms at 42.1 million. NEWSMAKERS: President Donald Trump announced a "massive" trade deal with Japan that would include a 15% tariff on imports. Under the deal, Japan will invest $550 billion into the US, which Trump said would receive 90% of the profits. Trump also agreed to reduce threatened tariffs on the Philippines, but only by one percentage point to 19%, while Manila would open up completely to US goods, he said after meeting with counterpart Ferdinand Marcos at the White House. US Treasury Secretary Scott Bessent signalled a 90-day extension of the trade "truce" with China, saying he would meet his Chinese counterparts in Stockholm next week for tariff talks, paving the way for continued trade negotiations and keeping triple-digit tariffs on hold. The EU is preparing to impose counter-tariffs on $117 billion worth of American products, including aircraft, automobiles and bourbon whiskey, if trade talks fail and Washington proceeds with threats to impose 30% tariffs on EU imports starting Aug 1. The European Central Bank kept interest rates unchanged for the first time in more than a year as it looks for clarity on EU trade with the US. President Christine Lagarde said the bank was now in a "wait-and-see" mode, with inflation at the 2% goal and the economy performing in line with or better than expectations. China's yuan hit an eight-month high against the dollar on Thursday, after the People's Bank of China set the midpoint rate at 7.1385 per dollar, its strongest since Nov 6. Trump downplayed his clash with Fed chairman Jerome Powell over cost overruns during a tour of the central bank's renovation project, making it clear that he saw lower interest rates as a more pressing concern. The EU announced a new sanctions package against Russia, its most severe yet, cutting the Russian crude oil price cap to $47.50 a barrel from $60, imposing sanctions on "shadow fleets" transporting Russian oil, and an expanded scope that includes banking and military industrial sectors. Nvidia is reportedly facing difficulty delivering its H20 AI chips to China despite recently announcing plans to resume sales, as it had earlier returned production quotas booked with Taiwan Semiconductor Manufacturing Co following a US government ban in April. It may take up to nine months to resume production. Japanese government bonds (JGBs) have been one of the world's most stable securities for decades. However, the 30-year JGB yield this week rose to 3%, the highest since the 2008 subprime crisis, reflecting massive selling. This may raise concern over a new round of financial crisis. South Korea's economy grew 0.5% year-on-year in the second quarter, the central bank said, driven by stronger private consumption and 4.2% export growth, the best in nearly five years. Tesla chief executive Elon Musk said reductions in US government support for EV makers could lead to a "few rough quarters". His company reported a second-quarter profit of $1.2 billion, down from $1.4 billion a year earlier, as sales fell to $22.5 billion from $25.5 billion. Google's parent Alphabet said 2025 capital expenditures will be $85 billion, or $10 billion greater than an earlier forecast. Its sales climbed to $81.7 billion, slightly above projections, while second-quarter profit of $28.2 billion also beat expectations. Malaysia reported second-quarter GDP growth of 4.5% year-on-year, better than the market consensus of 4.2% and up from 4.4% in the previous quarter. Finance Minister Pichai Chunhavajira says the United States has now looked at 90% of Thailand's new trade proposals and is expected to give a clear answer before Aug 1. Thailand hopes to receive a reduction in its tariff rate from 36% to below 20%, or similar to the rates in other Asean countries. Deputy Finance Minister Paopoom Rojanasakul says negotiations with the US will not include full opening of markets for US goods with zero tariffs, as seen in other countries that have reached agreements, due to concerns about domestic economic impact, especially on agricultural products. The cabinet approved the nomination of Vitai Ratanakorn as the next governor of the Bank of Thailand. The president of the Government Savings Bank was chosen over BoT deputy governor Roong Mallikamas. Finance Minister Pichai said he hopes to see monetary and fiscal policies moving in the same direction to address challenges. The Board of Investment said the value of applications in the first six months rose 139% from a year earlier to a record 1.06 trillion baht ($32.5 billion), led by a 20-fold increase to 523 billion baht in digital sector pledges, electrical and electronic goods and rail infrastructure. Car production in Thailand rose for a second straight month in June, up 12% from a year earlier to 130,223 units, the Federation of Thai Industries said. The increase followed a rise of 10.3% in May, after nearly two years of contraction. The Ministry of Finance is studying the imposition of a higher excise tax on imported electric vehicles that use a low proportion of local content. The dollar value of Thai exports rose 15.5% year-on-year in June, reflecting the continued front-loading of shipments in anticipation of higher US tariffs in the second half of this year. The House of Representatives approved amendments to the National Savings Fund Act to allow the sale of "retirement lottery" tickets as an alternative for people to save money and create a sustainable savings system. Tickets would be issued weekly with a cap on purchases at 3,000 baht per month. Suvarnabhumi Airport has more airlines serving it -- 113 -- than any other airport in the world, according to data reviewed by FlightConnections as of April 16 this year. The Tourism Authority of Thailand has set a revenue target for 2026 of 2.8 trillion baht, up 5% from this year, while acknowledging risk factors that could repeat some negative trends seen in 2025, such as a 33% decline in Chinese arrivals. Gulf Development, Thailand's largest energy company by market value, has purchased the entire shareholding of the Pak Lay hydropower project in Laos for $128 million. The Government Savings Bank is preparing to launch G-token savings bonds worth 5 billion baht, offering higher returns than market interest rates due to lower issuance costs. These will be sold alongside regular bonds worth 25 billion baht, expected to begin in late August. Real estate developers propose amending property rights laws to promote optimal land utilisation, support foreign investment and megaprojects. They suggest extending long-term land lease rights to 50-60 years from 30 and reducing social risks. The Bank of Thailand issued a warning letter following the cabinet approval of the Financial Hub Bill draft, emphasising the need to manage money laundering and terrorism financing risks, and ensure business separation from mainstream financial system operations. COMING UP: On Monday, Canada releases monthly wholesale sales. On Tuesday the US releases consumer confidence, job openings and weekly crude oil stocks. Wednesday brings German, euro zone and US GDP data; US Federal Reserve and Bank of Japan rate decisions, and Chinese manufacturing PMI. On Thursday, Germany releases an inflation update and the US releases core personal consumption expenditures, the Fed's preferred inflation gauge. On Friday, the euro zone releases an inflation update and the US releases July nonfarm payrolls and unemployment data. Locally, the Thai General Insurance Association presents an industry outlook. On Friday, the Bangkok Post Forum 2025, "Shaping the Future Economy in the New Global Order", takes place. STOCKS TO WATCH: The Thai-Cambodian conflict has had a significant impact on listed companies with exposure in Cambodia, says Krungsri Securities. SAV is the most heavily affected as 100% of its revenue is derived from Cambodia. This is followed by CBG at 13%. Other companies with moderate exposure include: OSP (5%), OR (4%), BDMS (3.7%), MAJOR (3%), BH (3%). Lower exposure is seen in BCH (1.7%), CHG, PTT (1% each). Companies with minimal exposure (less than 1%) include TOP, PTTGC, IRPC, CPF and TFG. Key Q2 earnings to watch next week: SCC, MINT and ADVANC are among the biggest names on the calendar. Large-cap stocks, especially in banking and energy, are expected to attract continued fund inflows. Recommended picks include ADVANC, AMATA and SCB. InnovestX Securities also highlights sustained foreign fund inflows into the region, which are likely to benefit the Thai market. However, short-term sentiment could be weighed down by tariff uncertainties and the Thai-Cambodian border situation. Top stock picks are BCPG, HMPRO and CHG.
Nikkei Asia
24-07-2025
- Politics
- Nikkei Asia
Thai-Cambodia clashes live: Malaysia's Anwar calls for 'immediate ceasefire'
BANGKOK -- Border tensions between Thailand and Cambodia have escalated significantly with their armies exchanging fire on Thursday, leaving 11 civilians dead in Thailand. Cambodian Prime Minister Hun Manet has appealed to the United Nations Security Council to hold an emergency meeting on the issue. Here are two recent Nikkei Asia opinion articles on the crisis: Cambodia seeks justice, not conflict, in border dispute with Thailand Hun Sen's gamble: Why Cambodia ex-ruler turned on Thai ally Thaksin Follow the latest developments in this live blog. (Thailand and Cambodia time) 9:31 p.m. Malaysian Prime Minister Anwar Ibrahim posted on social media that he spoke with Cambodian Prime Minister Hun Manet and Thailand's acting prime minister, Phumtham Wechayachai, this evening. "In our conversations, in Malaysia's capacity as ASEAN Chair for 2025, I appealed directly to both leaders for an immediate ceasefire to prevent further hostilities and to create space for peaceful dialogue and diplomatic resolution," Anwar said. "I welcome the positive signals and willingness shown by both Bangkok and Phnom Penh to consider this path forward." 7 p.m. Japanese Foreign Minister Takeshi Iwaya expressed "deep concern" over military clashes between Cambodia and Thailand. Following such a conflict in May, "Japan has been working to encourage both countries to de-escalate the situation," he said in a statement. "Japan urges both Cambodia and Thailand to exercise maximum restraint and strongly hopes that the tension between the two countries will be eased peacefully through dialogue," he said. 6:30 p.m. Thailand's benchmark SET stock index closed 0.58% lower on Thursday. 6:30 p.m. Cambodian government spokesman Pen Bona said in a news conference that Thursday's events will be added to the government's complaint to the International Court of Justice. "The clashes along the Cambodia-Thailand border will become an additional reason for Cambodia to file a complaint with the International Court of Justice," said Pen Bona. 6 p.m. Thailand's acting Prime Minister Phumtham Wechayachai spoke to reporters after National Security Council and Cabinet meetings. "We condemn this act of violence, which does not comply with international law that has to be strictly adhered to," he said. "We are not declaring war. ... We must try to talk to resolve the issue," he added, "but what happened was that Cambodia kept provoking us." Asked whether the two countries will talk at the government level, Phumtham said: "We must wait for this to stop first, as we weren't the ones to initiate it. If there's sincerity towards each other, then we can talk." 5:30 p.m. Lt. Gen. Maly Socheata, spokeswoman for the Cambodian Defense Ministry, said in a press conference that Thailand had attacked eight locations in the Cambodian provinces of Oddar Meanchey and Preah Vihear. She did not say whether there had been any casualties on the Cambodian side of the border. 4:30 p.m. Thailand's Minister of Public Health Somsak Thepsuthin said 11 civilians and one soldier had died due to the clashes and 24 injured across the country, based on information available as of 2:15 p.m. "The loss of lives today is unacceptable," he said. 4:20 p.m. Loeung Sophon, a representative for the Cambodian labor NGO Central based in Thailand, told Nikkei Asia that Cambodian migrant workers are even more destabilized by the exit of Cambodian embassy staff on Thursday morning. So far, he estimates that some 50,000 migrant workers have returned to Cambodia since June, ranging from those in construction to vendors and laborers on rubber farms. "Those who are still in Thailand really want to go back," he said. 4 p.m. The Philippines' Department of Foreign Affairs has issued a statement on the crisis: "We are hopeful our two fellow ASEAN member states will resolve this issue in accordance with international law and the peaceful settlement of disputes," it said. "We urge both parties to extend due consideration and care to innocent civilians who may be affected by the ongoing conflict." 3.50 p.m. Anthony Davis, a Bangkok-based security analyst with Janes - a defense intelligence group, told Nikkei Asia: "It's not very useful to compare total numbers [of both countries' militaries] -- it's not like they're going to be lining up one-on-one along the border to see who has got more guys. This is about equipment, so whether the Thais have 370,000 or 372,000 men under arms is largely irrelevant. "Assuming this escalates -- which is not a given -- this is about equipment more than numbers. "Both belligerents have enough numbers on the ground in the area to make life very uncomfortable for the other side. The question is what can they bring to the fight in terms of hardware, and we've already seen what the Thais can bring -- F-16 jets, which the Cambodians are in no position to counter." 3:40 p.m. Malaysian Prime Minister Anwar Ibrahim told reporters in Kuala Lumpur that the situation is "concerning." He said he expected to speak to the leaders from Thailand and Cambodia later today. "They are important members of ASEAN. They are very close to Malaysia," Anwar said. "The least you can expect is for them to just stand down and enter into negotiations." He went on to explain that he had the two countries' interests at heart and stressed that both wanted to have a "peaceful and amicable resolution" to the conflict. "Both want to keep ASEAN engaged. And we do precisely that," the prime minister said. "I still think peace is the only option available." 3:29 p.m. Thai Army said in a statement that it "continues to adhere to the principle of limited defensive operations, primarily targeting military objectives." The Thai Army said Cambodia's military action "clearly breaks the Geneva Conventions by using heavy weapons against civilian areas." 3:25 p.m. Paetongtarn Shinawatra, Thailand's suspended prime minister, told reporters: "Since the beginning, of course, we didn't want violence. But once it occurred, the military is well-prepared." Regarding the dispute over who struck first, "As usual, they would say we fired first, but we live in a world where there are many tools that can show [the truth] to the world ... Cambodia is only losing its credibility more and more." 3:20 p.m. Former Malaysian senior diplomat Ilango Karuppannan said the Thai-Cambodian conflict "reflects long-standing historical grievances," especially regarding the unresolved border demarcation around the Preah Vihear area. That this is happening under Malaysia's ASEAN chairmanship is "a real test of Malaysia's leadership and ASEAN's relevance." "If ASEAN is seen as unable to manage tensions between its own members, it could seriously undermine its credibility and raise doubts about its role in regional peace and stability," he said. Malaysia should consider convening an emergency meeting of ASEAN foreign ministers to urge restraint and encourage both sides to reactivate bilateral mechanisms like the Joint Border Commission, Karuppannan added. He advised Prime Minister Anwar Ibrahim personally to reach out to leaders of both countries to encourage de-escalation. "Alternatively, he may choose to appoint a trusted envoy to carry this out discreetly." 3 p.m. China says it is deeply concerned about the latest developments and hopes both sides will resolve the conflict through dialogue and consultation. "Thailand and Cambodia are both China's friendly neighbors and important members of ASEAN," Foreign Ministry spokesperson Guo Jiajun tells reporters, adding that China is willing to play a role in de-escalating the situation. 2:50 p.m. On its Facebook page the Royal Thai Army has invited Thais to post on social media, adding the hashtags #CambodiaShootsFirst #ThailandLovesPeaceButWhenItComesToWar,WeAreNotCowardly and #CambodiaOpenedFire 2:45 p.m. Some Cambodian residents in Oddar Meanchey province -- the Cambodian side of the disputed Ta Moan Thom temple area -- started evacuating, according to local news outlet Kiripost. In neighboring Banteay Meanchey province, the site of bordertown and casino hub Poipet city, some residents say they packed bags to be ready if they need to flee. 2:40 p.m. Cambodia's Defense Ministry laid out a different scenario from its Thai counterparts, claiming that Thai military activity started first. Ministry spokeswoman Lt. Gen. Maly Socheata said in a statement that Thailand started the latest clash by ascending a path to Ta Moan Thom Temple and placed barbed wire around the base at 6:30 a.m. She said Thai forces flew a drone for about two minutes at 7:04 a.m. "Then, at 8:30 AM, they opened fire, and by 8:46 AM, Thai invading forces had initiated an armed assault on Cambodian troops stationed at Ta Moan Thom Temple." Cambodian troops returned fire at 8:47 a.m., the statement says, describing the move as the country's right to defend itself. Fighting expanded later in the morning to the Ta Krabey Temple near Ta Moan Thom, the Phnom Khmao area in a separate area, and then a Thai F16 fighter jet dropped two bombs on a road leading to Wat Kaew Seekha Kiri Svarak Pagoda. The statement asks the international community to condemn the incident as an aggression by Thai forces, and asks residents not to share unverified information, images or videos. 2:30 p.m. Thai government spokesperson Jirayu Huangsap confirmed that the Thai Air Force's six F-16 fighter jets have successfully completed an operation to support the army on the ground and returned to base. The army's regional command posted on Facebook that the Air Force has attacked two brigade headquarters of Cambodia around 11 a.m. 2:30 p.m. Former Thai Prime Minister Thaksin Shinawatra posted on X: "Today, Hun Sen ordered the shooting into Thai territory early in the morning, firing first after laying bomb traps along the border, which is considered a violation of international law and the ethics of living together as good neighbors. "Thailand has exercised patience and restraint, fully adhering to international law and fulfilling its duties as a good neighbor," he added. "From now on, Thai soldiers can respond according to strategic plans, and the Ministry of Foreign Affairs can rightfully implement various measures." 2:15 p.m. The Royal Thai Army has just announced that nine Thai civilians have been killed as a result of the clashes. Six of the fatalities were in Sisaket province, two in Surin province and one in Ubon Ratchathani province. The deadliest incident was in Sisaket province when a gas station exploded, causing six deaths and 10 injuries. A further 14 civilians have been injured, the army says in a statement. 2:00 p.m. Cambodian Prime Minister Hun Manet says that he wrote a letter to the United Nation's Security Council president, seeking an urgent meeting over the clash "to stop Thailand's aggression." In the letter to Asim Iftikhar Ahmad, permanent representative of Pakistan and Security Council president for July, Hun Manet directs frustration toward Thailand, citing the clash this morning, as well as Thailand's attempts to characterize landmine explosions as new acts of aggressions by Cambodia. "This military escalation takes place in spite of regional and international appeals for restraint and peaceful solutions and Cambodia's demonstrated commitment to dialogue," he wrote, noting that Cambodia had sent the case to the International Court of Justice since June 6 and then hosted a bilateral dialogue in Phnom Penh on June 14 and 15. Meanwhile, Cambodia's Foreign Affairs Ministry condemns the attack, which it calls an "unprovoked premeditated and deliberate attacks on Cambodian positions along the border areas." The ministry characterized the clash as a "reckless and hostile act by Thailand," the ministry says. 1:50 p.m. Here's a brief background on why the Thai-Cambodia border is contested. The two neighbors have a long history of border disputes, which center on a disagreement over the Preah Vihear temple, to which Thailand lays claim, and the surrounding area. The issue routinely stirs up nationalistic sentiments in both countries. The controversy stems from a 1907 border treaty between France and Siam -- present-day Thailand -- that placed the Preah Vihear temple in Cambodian territory. The French used a watershed between the two countries to draw the border. However, Thailand contested French maps in the 1930s and occupied the temple complex in 1954. In 1962, the International Court of Justice (ICJ) ruled that the temple complex belonged to Cambodia but did not rule on other contested land. From 2008 to 2011, the two countries routinely engaged in cross-border firings near the Preah Vihear temple complex, resulting in large military deployments from both sides in 2011. The issue once again reached the ICJ, which reaffirmed its 1962 ruling in 2013. In addition, back in 2003, a popular Thai actress said in a Thai TV interview that she hated Cambodia for stealing her Angkor Wat, according to the Cambodia Daily newspaper. Some Cambodians were angered by this, and rioters set fire to the Thai Embassy in Phnom Penh. For more information, read our previous explainer, published last month. 1:45 p.m. Cambodian Prime Minister Hun Manet had a lengthy military career. He joined the Royal Cambodian Armed Forces (RCAF) in 1995 and four years later became the first Cambodian to graduate from the U.S. Military Academy at West Point. He rose steadily through the ranks, becoming a major general in 2011 and deputy commander in chief of the RCAF in 2019. His postings included leading the counterterrorism team and deputy chief of the prime minister's bodyguard unit. He was promoted to the highest rank, four-star general, in 2023, shortly before he replaced his father Hun Sen as prime minister. 1:15 p.m. Thailand's foreign ministry issues a statement, urging Cambodia to "cease its repeated acts which constitute a severe violation of international law." Thailand "is prepared to intensify our self-defense measures if Cambodia persists in its armed attack and violations upon Thailand's sovereignty in accordance with international law and principles," the ministry says. 12:30 p.m. Rear Admiral Surasant Kongsiri, spokesperson of Thailand's ad hoc center for the border situation, tells reporters in a press briefing that there have been three serious injuries, including a five-year-old boy, and one death has been reported in the Phanom Dong Rak border community in Surin province. The ad hoc center has elevated the security measures from Level 2 to Level 4, which involves the complete closure of all border checkpoints along the Thai Cambodian border, Surasant says. "The Cambodian side has deployed heavy weapons such as BM-21 multiple rocket launchers and 122 millimeter artillery, causing damage to Thai civilian homes and public facilities along the border," he says. 12:30 p.m. Cambodia's defense ministry said in a statement that it "strongly condemns the reckless and brutal military aggression" of Thailand, Reuters reports. 11:55 a.m. Tataya Sattapanon, deputy mayor of the border district of Tambon Ta Muen in Thailand, tells Nikkei on the phone that she is currently in a bunker near her home, together with her neighbors. "I cannot go to the prepared evacuation center because artillery fire from Cambodia is still coming," she says. She says she learned from social media that one hit near the Phnom Dongrak Hospital and another hit a 7-Eleven store. "We are still hearing sounds of artillery explosions." 11:30 a.m. Thailand's deputy defense minister, Gen. Nattapol Nakphanit, pledges that the Thai army will protect Thailand's sovereignty. "Thai people throughout the country, please be assured that the Thai army will protect our sovereignty and will not allow anyone to encroach on our territory," he says at Government House. "We will not endure anymore because this is the action of the Cambodian military that we cannot accept. We ask the people to give encouragement to the personnel who are on duty along the border, especially in the area of the 2nd Army."
Bangkok Post
24-07-2025
- Business
- Bangkok Post
Baht falls from highest since 2022 on conflict with Cambodia
Thailand's baht fell after touching the highest in more than three years on the escalating conflict with its neighbor Cambodia. The local currency fell 0.3% to 32.29 per US dollar on Thursday after touching 32.11 earlier, the strongest since February 2022. The Stock Exchange of Thailand (SET) index slid about 1%. The baht had surged more than 6% this year on growing optimism over trade negotiations, the return of foreign stock inflows and near-record high gold prices. Thai fighter jets hit two Cambodian army posts near their disputed border on Thursday, as troops clashed in multiple locations in an escalation of tensions between the two nations. 'The escalating border conflict is giving investors a reason to book some gains after the Thai baht has appreciated,' said Lloyd Chan, currency strategist at MUFG Bank. The conflict could put a pause in baht's rally this year. Sentiment was boosted earlier after Finance Minister Pichai Chunhavajira said on Tuesday the nation is close to an agreement with the US to lower a threatened 36% tariff on its goods ahead of the Aug 1 deadline and expects a rate closer in line with regional neighbours. The baht's gain is putting pressure on authorities to curb its strength to protect the nation's economic drivers of tourism and exports. 'Bank of Thailand will continue to watch for any excessive volatility,' said Christopher Wong, senior foreign-exchange strategist at Oversea-Chinese Banking Corporation in Singapore. A break of the resistance level at 32 to 32.1 baht per dollar may add more tailwind to the currency, he said. Thailand's foreign-exchange reserves climbed to a record $263 billion earlier in July, partly as officials stepped up their intervention to slow the baht's appreciation. Easing tensions between two of Thailand's largest trade partners — the United States and China — are also soothing investor worries. Global funds have poured a net $345 million into Thai equities in July, on track for the first monthly inflow in 10 months. On Wednesday alone, global funds poured in $139 million into stocks, the largest single-day inflow in 10 months. The baht is also underpinned by near-record high gold prices, given the country's status as a major trading hub for the precious metal in Asia.
