Latest news with #SethaputSuthiwartnarueput
Nikkei Asia
2 days ago
- Business
- Nikkei Asia
Letter from Nikkei Asia's editor: Nintendo's Switch 2 is out -- now the game is getting one
Hello from Tokyo. Nintendo released its new game console, the Nintendo Switch 2, on Thursday. However, due to supply constraints and a strict and complex lottery-based sales system, eager fans may have to wait quite a while before getting their hands on the device. Our news editor, who once covered Nintendo as a reporter, shared his disappointment after failing to win the lottery on Wednesday. The Switch 2 faces two major challenges. The first is whether Nintendo can ramp up supply in time for the holiday shopping season, amid global disruptions linked to Trump-era tariffs. The second, longer-term challenge is whether the company can break its cycle of hit-and-miss consoles following the massive success of the current Switch. Headquartered in Kyoto, Nintendo stands out among Japanese tech companies. It entered the game console market over 40 years ago, following the success of its portable Game & Watch device, which used display technology originally developed for calculators. Even as tech giants like Sony and Microsoft entered the gaming industry, Nintendo has managed to maintain its market share. In recent years, it has held its ground against the rise of smartphone and PC gaming. Nintendo has two key strengths. The first is its hardware development philosophy, known as "lateral thinking with withered technology." Just as it once adapted calculator-based tech for gaming, Nintendo has consistently introduced new forms of entertainment by creatively combining widely available, mature technologies. The second strength lies in its roster of game characters, developed over more than 40 years. With franchises like Mario and Zelda, it offers games beloved by players of all ages. Will the Switch 2 make it onto your gift list in time for the holiday season? Please stay tuned to Nikkei Asia for the latest updates. My suggested reads 1. The grocery retail market in the Philippines is being shaken up by the rapid expansion of two so-called hard discounters, Dali and O!Save. Characterized by limited selections of mostly own-brand products, a relentless focus on cost efficiency and noticeably lower prices than their competitors, they are carving out a significant niche. 2. In May, Nissan's new CEO, Ivan Espinosa, unveiled a drastic restructuring plan echoing the carmaker's cost-cutting strategy of 1999, which succeeded by slashing over 20,000 jobs and closing factories. But today, Nissan faces far tougher challenges, including the shift toward electric vehicles and growing competition from China. 3. In an exclusive interview, Bank of Thailand Gov. Sethaput Suthiwartnarueput warns that U.S. tariffs and the resulting influx of diverted goods into Southeast Asia's second-largest economy could hurt industries from tires to furniture, with the real impact likely to hit in the second half of the year. 4. South Korea's new president, Lee Jae-myung, faces urgent trade talks with the U.S. as the pause on President Donald Trump's "Liberation Day" tariffs ends next month. With major implications for South Korea's economy, Lee must act quickly -- possibly using his shared outsider status with Trump to his advantage in negotiations. 5. Once a quiet colonial outpost, Malaysia's Penang Island has evolved into a multicultural hub where temples, street art and clan houses meet hip cafes and heritage hotels. Writer and local resident Marco Ferrarese shares how to enjoy the island's rich history, vibrant food scene and lush hill trails. Through the lens This week's top photo pick: South Korea's new President Lee Jae-myung forms a heart shape with his arms as he greets supporters after his inauguration in Seoul on June 4. (Photo by Lee Jin-man/Pool/Reuters) Check out more of our photo coverage here Wishing you a wonderful weekend!
CNA
3 days ago
- Business
- CNA
Four candidates confirm applications for Bank of Thailand Governor
BANGKOK : A university dean, a board member at the state planning agency and the head of a state bank are among the seven candidates to Thailand's next central bank governor, with the selection committee to prepare a shortlist over the next month. By Thursday, four people had publicly confirmed their interest in the role after the finance ministry said on Wednesday it had received seven applications. The selection committee plans to shortlist at least two candidates to succeed Sethaput Suthiwartnarueput by July 2, with the finance minister to bring the name of his preferred candidate to cabinet. The final appointment will require cabinet and royal approval. "The country is facing serious problems... I want to propose how monetary policy can help," Somprawin Manprasert, a board member at the state planning agency and former chief economist at Siam Commercial Bank, told Reuters when confirming his bid. "Even if I'm not chosen, whoever is can use those proposals," said the 50-year-old, who holds a doctorate in economics from the University of Maryland. Anusorn Tamajai, the dean of economics at the University of the Thai Chamber of Commerce, also confirmed his candidacy to Reuters. The 59-year-old has been a BOT board member and also served on the Finance Ministry's debt management committee. Other candidates to confirm to Thai media that they had applied for the role are Vitai Ratanakorn, the 54-year-old president of the state-owned Government Savings Bank who previously led Thailand's $34 billion Government Pension Fund, and Kobsak Pootrakool, chairman of the Federation of Thai Capital Market Organizations. Kobsak, 56, served as minister attached to the Prime Minister's Office from 2017 to 2019, and has worked in the BOT's Monetary Policy Department. Local media have reported three other applicants, including two women, who have not publicly confirmed their interest. A current BOT deputy governor, Roong Mallikamas, was reported to have applied. The 56-year-old has held senior roles in financial markets and monetary policy in her two-decade career at the central bank. She declined to comment when contacted by Reuters. Another reported applicant is former IMF economist and finance ministry official, Sutapa Amornvivat, who is the CEO of fintech lender Abacus Digital. The 50-year-old is a cousin of Deputy Finance Minister Julapun Amornvivat. She declined to comment when contacted by Reuters. Thai media also reported businessman and politician Vikran Supamongkol had applied for the role. Reuters could not immediately reach him for comment on whether he was a candidate.
Business Times
09-05-2025
- Business
- Business Times
Thai central bank chief says uncertainty very high over US tariffs impact
[BANGKOK] The effect on Thailand from the United States' tariff policy will be prolonged, with a very high degree of uncertainty over the potential impact, its central chief bank said on Friday (May 8). The impact will be more clear in the second half of the year, Bank of Thailand Governor Sethaput Suthiwartnarueput told a press briefing. Thailand is among the South-east Asian nations hardest hit by US President Donald Trump's trade measures, and is facing a 36 per cent tariff if a reduction cannot be negotiated before a global moratorium expires in July. The United States was Thailand's largest export market last year, accounting for 18.3 per cent of total shipments, or US$54.96 billion. Washington has put its deficit with Thailand at US$45.6 billion. The manufacturing sector will be hit the hardest, but the impact will not be as bad as during the pandemic, Sethaput said, adding there were also concerns over a flood of imports into Thailand from diverted trade. REUTERS
Bloomberg
08-05-2025
- Business
- Bloomberg
Thailand Scouts for New BOT Governor as Tariff Challenges Loom
Thailand will seek applications to appoint a new central bank governor from next week, with the successful candidate facing the twin challenges of guarding the monetary authority's autonomy while working with the government to minimise the impact of a global trade war. Prospective candidates to succeed incumbent Bank of Thailand Governor Sethaput Suthiwartnarueput will have a two-week window from May 13 to apply for the job, Pornchai Thiraveja, secretary of a seven-member independent selection panel, said in a statement on Thursday. Applicants shortlisted by the panel, comprising of retired bureaucrats and regulators, will need to present their 'policy visions' on June 24, he said.
Business Times
08-05-2025
- Business
- Business Times
Thailand to shortlist central bank chief candidates by July 2, official says
[BANGKOK] A Thai selection committee plans to shortlist candidates to be the next central bank chief by Jul 2, an official said on Thursday (May 8), ahead of the end of incumbent Governor Sethaput Suthiwartnarueput's five-year term in September. The new Bank of Thailand governor will face a tough task of steering the country's underperforming economy, the second largest in South-east Asia, through the global trade war. Thai law requires the committee to pick at least two candidates for the finance minister to choose from at least 90 days before the end of the incumbent governor's term. The appointment will also require Cabinet and royal approval. Applications for the role will be open from May 13 to Jun 4, Pornchai Thiraveja, head of the finance ministry's fiscal policy office, told a news briefing. The committee will hold its next meeting on Jun 20. Potential candidates include deputy Roong Mallikamas, a deputy central bank governor, and Sutapa Amornvivat, a former economist at the International Monetary Fund, according to local media. Governor Sethaput's term ends on Sep 30. The 60-year-old former World Bank economist cannot seek a second term as he has reached retirement age. Sethaput has disagreed with some policies of the ruling Pheu Thai party, which took office in 2023, and had long resisted its calls for cuts in interest rates. He has also stressed the need for central banks worldwide to be independent in his speeches. The search for a new governor follows a drawn-out process to select a new Bank of Thailand board chair. The nomination of a government loyalist drew widespread criticism from economists and former central bank governors, and an advisory council said the candidate was ineligible because of a recent political role. When the process restarted, a government-backed candidate, former finance ministry permanent secretary, Somchai Sujjapongse, was appointed to the position in April. REUTERS
