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- Flotilla on Seine, rain and Celine Dion mark start of Paris Olympics
Paris – French President Emmanuel Macron declared the Olympic Games open on Friday after a soaking wet ceremony in which athletes were cheered by the crowd along the Seine, dancers took to the roofs of Paris and Lady Gaga sang a French cabaret song. France’s three-time Olympic gold medallists Marie-Jose Perec and Teddy Riner then […]
<p>The post Flotilla on Seine, rain and Celine Dion mark start of Paris Olympics first appeared on Thai PBS World.</p>
Paris – French President Emmanuel Macron declared the Olympic Games open on Friday after a soaking wet ceremony in which athletes were cheered by the crowd along the Seine, dancers took to the roofs of Paris and Lady Gaga sang a French cabaret song.
France’s three-time Olympic gold medallists Marie-Jose Perec and Teddy Riner then lit the Olympic cauldron, suspended on a hot-air balloon, before Canada’s Celine Dion sang Edith Piaf’s “Hymn to Love”, in her first public performance in years, drawing huge cheers from the crowd.
The 30-metre (98 ft) high balloon carrying a 7-metre diametre ring of fire took to the air and was hovering dozens of metres above the ground.
It will be in the air from sunset until 2 am local time every day, organisers said.
“We are so proud of this show, I’m so proud that sport and culture were celebrated in such a fantastic manner tonight, it was a first and the result was fantastic despite the rain,” Paris 2024 organising president Tony Estanguet told reporters.
A fleet of barges took the competitors on a 6 km-stretch of the river alongside some of the French capital’s most famous landmarks, as performers recreated some of the sports to be showcased in the Games on floating platforms.
It was the first time that an opening ceremony has taken place outside a stadium, adding to the headaches for a vast security operation, just hours after a sabotage attack on the high-speed TGV rail network caused travel chaos across France.
“I invite everybody: dream with us. Like the Olympic athletes, be inspired with the joy that only sport can give us. Let us celebrate this Olympic spirit of living in peace,” International Olympics Committee President Thomas Bach said as the ceremony came to an end at the foot of the Eiffel Tower.
More than 10,500 athletes will compete at the Olympics, 100 years since Paris last staged the Games. Competition started on Wednesday and the first of the 329 gold medals will be awarded on Saturday.
As the show started four hours earlier, a giant plume of blue, white and red smoke, resembling the French flag, was sent high above a bridge over the Seine as part of a show that included many postcard-like depictions of France, including a huge cancan line performed by Moulin Rouge dancers on the banks.
A more modern image of the country was on display when French-Malian pop star Aya Nakamura, the most-listened to French female singer in the world, sang some of her biggest hits, accompanied by the French Republican Guard’s army choir.
Nakamura’s performance drew some of the ceremony’s biggest cheers. Rumours of her inclusion had sparked a row over French identity, with supporters saying she represented the vibrancy of modern-day France while her detractors said her music owes more to foreign influences than French.
POURING RAIN
While the celebration of French culture, fashion and history was warmly cheered by many of the 300,000 spectators lining the river, hundreds were seen leaving early as the rain fell.
“It was good other than the rain, it was nice, it was different, instead of being in a stadium being on the river, so that’s always a good thing – interesting, unique,” said Avid Pureval, 34, who came to the Games from Ohio.
“Once you’re wet, it’s fine,” he said. Still, he was heading back to his hotel after the French boat passed, long before the ceremony ended.
“It would have been better with sun,” said Josephine, from Paris, sitting beside her 9-year-old daughter and who paid 1,600 euros ($1,736) for her seat.
With many world leaders and VIPs present, the ceremony was protected by snipers on rooftops. The Seine’s riverbed was swept for bombs, and Paris’ airspace was closed.
Some 45,000 police and thousands of soldiers were deployed in a huge security operation in Paris for the ceremony. Armed police patrolled along the river in inflatable boats as the armada made its passage along the Seine.
WELCOMED IN TAHITI
A mix of French and international stars, including soccer great Zinedine Zidane, 14-times French Open champion Rafa Nadal, 23-times Grand Slam champion Serena Williams and three paralympic athletes were among the last torchbearers before the cauldron was lit.
It will blaze until the closing ceremony on Aug. 11.
At the start of the parade, applause erupted for the Greek boat – the first delegation, by tradition – and there were even bigger cheers for the boat that followed, carrying the refugees’ team. The French, U.S. and Ukrainian delegations also got loud cheers.
The two most decorated athletes in the Games’ history, Michael Phelps and Martin Fourcade, unveiled the gold, silver and bronze medals.
At one point, there was a live crossover to the early morning welcome ceremony at the surfing venue, 16,000 km away in the Pacific island of Tahiti.
ISRAEL DELEGATION
France is at its highest level of security, though officials have repeatedly said there was no specific threat to the opening ceremony or the Games.
But since the last Games – the Winter Olympics held in Beijing in 2022 – wars have erupted in Ukraine and Gaza, providing a tense international backdrop.
Israeli competitors are being escorted by elite tactical units to and from events and are given 24-hour protection throughout the Olympics due to the war in Gaza, officials say.
The Israel delegation got some boos, but also a lot of cheers, as it sailed by spectators, Reuters reporters saw. Chants of “Palestine! Palestine! Palestine!” rose from the crowd as the boat passed.
Macron, who won a second mandate two years ago, had hoped the Olympics would cement his legacy. But his failed bet on a snap legislative election has weakened him and cast a shadow over his moment on the international stage.
By Reuters//Photo: Athletes in the delegation of Thailand aboard a boat in the floating parade on the river Seine during the opening ceremony. //AFP
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27 July 27 2024Highlighthttps://www.thaipbsworld.com/?p=338089 - Thaksin, at 75, says he is too old to be PM again
Former Prime Minister Thaksin Shinawatra said today he is too old to become prime minister again, but he may advise his daughter, Pheu Thai party leader Paetongtarn, in a private capacity. The former prime minister, who will complete his parole on August 22, celebrated his 75th birthday at his Ban Chan Song La residence today […]
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Former Prime Minister Thaksin Shinawatra said today he is too old to become prime minister again, but he may advise his daughter, Pheu Thai party leader Paetongtarn, in a private capacity.
The former prime minister, who will complete his parole on August 22, celebrated his 75th birthday at his Ban Chan Song La residence today with his family members, other relatives, close friends and some key members of the Pheu Thai party.
Thaksin said he does not expect to be given any political post after the completion of his parole and will continue to receive a 700 baht monthly subsidy for the elderly from the government.
The former prime minister also said he is not worried about the prospect that Prime Minister Srettha Thavisin may lose his job in a Constitutional Court decision, which it is scheduled to deliver on August 14 over his appointment of Pichit Chuenban as PM Office Minister.
He said that the prime minister appointed Pichit in good faith and would be able to explain as such to the court.
Among the key party members who attended his birthday celebration today were Commerce Minister Phumtham Wechayachai, Transport Minister Suriya Juangroongruangkit, Pheu Thai Secretary-General Sorawong Thienthong, Pheu Thai deputy leader Chusak Sirinil and Deputy Interior Minister Kriang Kaltinan.
Prime Minister Srettha was not present today because he was on an official trip to Nakhon Phanom province.
A pre-birthday celebration was also held yesterday at a hotel in Soi Rangnam in Bangkok’s Phaya Thai district, to which only close friends and colleagues were invited.
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26 July 26 2024Politicshttps://www.thaipbsworld.com/?p=338079 - Police close online gambling networks in Bangkok and Songkhla
Cyber Crime Investigation Bureau (CCIB) police have shut down two online gambling networks and seized about Bt200 million in assets, including five luxury cars, two luxury wristwatches, Bt8 million in cash, 25 land title deeds and several bank books, in coordinated raids in Bangkok and Songkhla province. Pol Lt-Gen Worawat Watnakornbancha, commissioner of the CCIB, […]
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Cyber Crime Investigation Bureau (CCIB) police have shut down two online gambling networks and seized about Bt200 million in assets, including five luxury cars, two luxury wristwatches, Bt8 million in cash, 25 land title deeds and several bank books, in coordinated raids in Bangkok and Songkhla province.
Pol Lt-Gen Worawat Watnakornbancha, commissioner of the CCIB, told a press conference today that the two networks, which were being operated by the same group of people, had about 50,000 subscribers and took about Bt480 million in bets each year.
Thirteen people have been arrested, including a website administrator, three website owners, nine employees and “mule” account owners.
He said that the two networks had been operating for about five years.
All the suspects will face multiple charges, including money laundering and being engaged in illegal gambling activities.
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26 July 26 2024Around Thailandhttps://www.thaipbsworld.com/?p=338076 - Obama endorsement adds momentum to Harris White House bid
Former US president Barack Obama endorsed his fellow Democrat Kamala Harris’ bid for the White House on Friday, delivering a major boost to her campaign to beat Donald Trump in November’s presidential election. “Earlier this week, Michelle and I called our friend Kamala Harris. We told her we think she’ll make a fantastic President of […]
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Former US president Barack Obama endorsed his fellow Democrat Kamala Harris’ bid for the White House on Friday, delivering a major boost to her campaign to beat Donald Trump in November’s presidential election.
“Earlier this week, Michelle and I called our friend Kamala Harris. We told her we think she’ll make a fantastic President of the United States, and that she has our full support,” Obama said on social media platform X.
“At this critical moment for our country, we’re going to do everything we can to make sure she wins in November. We hope you’ll join us.”
The influential former leader was one of the last Democratic heavy hitters to offer his endorsement, with Harris having already received the backing of President Joe Biden on Sunday to take his place on the ballot.
Obama’s backing will add to the growing momentum behind Harris’ campaign, which has enjoyed a groundswell of support since she announced her 11th-hour candidacy.
Harris, 59, jumped into the election after weeks of turmoil over 81-year-old Biden, who bowed out after a dismal debate performance against Trump accelerated concerns over his mental capacity and persistently low polling numbers.
The country’s first woman vice president — who is seeking to make history again in November — launched a blistering attack on Trump and his “extremist” Republicans as she addressed teachers Thursday.
The momentum appeared to catch Trump off guard, with the bombastic Republican refusing to schedule a debate with Harris, saying Thursday night it would be “inappropriate” until she was officially named the Democratic nominee.
“Democrats very well could still change their minds,” Trump campaign spokesman Steven Cheung said in a statement.
Harris, a former top prosecutor for California, chided her opponent on X, saying: “What happened to ‘any time, any place?'”
She had previously said of a potential September 10 face-off: “I’m ready. So let’s go.”
– Union endorsement –
The first union to endorse Harris — the American Federation of Teachers — applauded at their convention in Houston as Harris warned that the country was witnessing a “full-on attack” by Trump’s Republicans on “hard-won, hard-fought freedoms.”
“While you teach students about democracy and representative government, extremists attack the sacred freedom to vote. While you try to create safe and welcoming places where our children can learn, extremists attack our freedom to live safe from gun violence,” she said.
The speech came with Harris facing increasingly extreme rhetoric from Trump, who on Wednesday called her a “radical left lunatic” and claimed — entirely falsely — that she was in favor of the “execution” of newborn babies.
Trump, who at 78 is the oldest presidential nominee in US history, has promised he will “not give one penny” of federal funds to schools with vaccine mandates. Every public school in America has such mandates.
by Agence France-Presse//Photo: (L-R) US Vice President Kamala Harris, US President Joe Biden, and former President Barack Obama arrive to deliver remarks on the Affordable Care Act and Medicaid in the East Room of the White House in Washington, DC, on April 5, 2022.//AFP
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26 July 26 2024US Presidential Election 2024https://www.thaipbsworld.com/?p=338068 - France’s high-speed railway hit by ‘sabotage’ hours before Olympics
Paris, France – France’s high-speed rail network was hit by arson attacks that disrupted travel for hundreds of thousands of passengers on Friday, just hours before the opening ceremony of the Paris Olympics. A source close to the investigation told AFP the attacks were coordinated acts of “sabotage”. “This is a massive attack on a […]
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Paris, France – France’s high-speed rail network was hit by arson attacks that disrupted travel for hundreds of thousands of passengers on Friday, just hours before the opening ceremony of the Paris Olympics.
A source close to the investigation told AFP the attacks were coordinated acts of “sabotage”.
“This is a massive attack on a large scale to paralyse the TGV network,” SNCF told AFP, adding that many routes would be cancelled.
“SNCF was the victim of several simultaneous malicious acts overnight,” the national train operator said, adding that the attacks affected its Atlantic, northern and eastern lines.
“Arson attacks were started to damage our facilities,” it said, adding that traffic on the affected lines was “heavily disrupted” and the situation would last through the weekend as repairs are conducted.
SNCF chief executive Jean-Pierre Farandou said 800,000 passengers were affected.
Transport Minister Patrice Vergriete called the attacks an “outrageous criminal act” that would have “very serious consequences” for rail traffic throughout the weekend.
He said connections towards northern, eastern and northwestern France would be halved.
SNCF said trains were being diverted to different tracks “but we will have to cancel a large number of them”.
The southeastern line was not affected as “a malicious act was foiled”.
SNCF urged passengers to postpone their trips and stay away from train stations.
– Olympics under heavy security –
The attacks were launched as Paris was under heavy security ahead of the opening ceremony of the Summer Olympics, with 300,000 spectators and an audience of VIPs expected at the event.
The parade on Friday evening will see up to 7,500 competitors travel down a six-kilometre (four-mile) stretch of the river Seine on a flotilla of 85 boats.
It will be the first time a Summer Olympics has opened outside the main athletics stadium, a decision fraught with danger at a time when France is on its highest alert for terror attacks.
At Paris’s Montparnasse train station, passengers were waiting for more information about their trips, with display boards showing delays of more than two hours.
“Normal traffic is expected to resume on Monday, July 29,” read one of the signs in the departure hall.
The station’s loudspeakers told passengers that conditions to exchange and refund tickets would be more flexible.
Graphic designer Katherine Abby, 30, clung to hope that her trip would only be delay and not cancelled. She booked her tickets for Biarritz, a popular southwest beach resort, weeks ago.
“It’s my only vacation of the year, said Abby, who was travelling with her husband.
“I’ve been waiting for this moment for a year, I would be pretty demoralised to have to cancel this trip, especially when you see what Paris looks like with the Olympic Games,” she said.
by Agence France Presse//Photo : Passengers wait for their train departures at the Gare Montparnasse train station in Paris on July 26.//AFP
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26 July 26 2024Olympic Games Paris 2024https://www.thaipbsworld.com/?p=338063 - Biothai claims widespread Blackchin tilapia originate from the same source
The Biothai Foundation has claimed that it has sufficient evidence to prove that the current rapid spread of the Blackchin tilapia fish species in Thailand can be traced to one source, namely the Yeesarn fish farm in Ampawa district of Samut Sakhon, operated by Charoen Pokphand Foods (CPF). Witoon Lianjamroon, secretary-general of Biothai, told a […]
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The Biothai Foundation has claimed that it has sufficient evidence to prove that the current rapid spread of the Blackchin tilapia fish species in Thailand can be traced to one source, namely the Yeesarn fish farm in Ampawa district of Samut Sakhon, operated by Charoen Pokphand Foods (CPF).
Witoon Lianjamroon, secretary-general of Biothai, told a seminar yesterday that CPF was the only private company permitted, by the Fisheries Department, to import Blackchin tilapia since 2010.
Citing reports from the department, he said the Yeesarn fish farm is surrounded by numerous canals, namely Don Jan, Luang, Jek, Somboon, Saphan Han, Tamon and Phi Lok in Yeesarn sub-district. The canals were the sources of water for the fish farm.
He further said that the National Human Rights Commission, which investigated the impacts on fishermen and fish farmers of the invasive fish species, had faulted the CPF’s Yeesarn fish farm for breaching bio safety protocols.
Apart from spreading into several canals in Ampawa district, Vitoon said the non-indigenous fish species has also spread into fish and shrimp farms in Samut Sakhon and neighbouring Phetchaburi province.
He said the public was misled into believing that all the 2,000 Blackchin tilapia imported by CPF were dead within 16 days of their arrival in Thailand, that all the dead fish were properly disposed of and that some preserved samples of dead fish had been sent to the Fisheries Department.
Biothai is the secretariat to the Free Trade Agreement (FTA) Watch group, monitoring the development of FTAs with various other countries. It is responsible for the monitoring and analysis of the impacts of these agreements on intellectual property rights, biological resources and small-scale farmers.
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26 July 26 2024Newshttps://www.thaipbsworld.com/?p=338056 - Court orders BMA and Krungthep Thanakom to pay BTS Bt11.7Bn in 180 days
The Supreme Administrative Court upheld the ruling of the Central Administrative Court today, ordering the Bangkok Metropolitan Administration (BMA) and its investment arm, Krungthep Thanakom, to pay the Bangkok Mass Transit System (BTS) for overdue maintenance and operating costs plus interest, estimated to total 11.755 billion baht. BMA and Krungthep Thanakom were found guilty of […]
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The Supreme Administrative Court upheld the ruling of the Central Administrative Court today, ordering the Bangkok Metropolitan Administration (BMA) and its investment arm, Krungthep Thanakom, to pay the Bangkok Mass Transit System (BTS) for overdue maintenance and operating costs plus interest, estimated to total 11.755 billion baht.
BMA and Krungthep Thanakom were found guilty of breach of contract by not paying BTS for the maintenance and operating costs on the extensions to the Green Line, from Taksin to Bang Wa, from On Nut to Baring, from Mor Chit, through Saphan Mai, to Khu Khot and from Baring to Samut Prakan.
The payments are to be in two tranches; about 2.349 billion baht for the first extension and about 9.406 billion baht for the second.
The BMA and Krungthep Thanakom were ordered to make the payments within 180 days.
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26 July 26 2024Generalhttps://www.thaipbsworld.com/?p=338053 - Cooking across Culture
Food knows no bounds, and for Nathale “Nat” Thaipun, an Australian-born Thai and the newly crowned winner of MasterChef Australia 2024, this sentiment has shaped her remarkable culinary journey. The 28-year-old from Victoria took an unconventional path to victory, marked by both innovation and inspiration. “It feels surreal,” Nat said of her win in an […]
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Food knows no bounds, and for Nathale “Nat” Thaipun, an Australian-born Thai and the newly crowned winner of MasterChef Australia 2024, this sentiment has shaped her remarkable culinary journey.
The 28-year-old from Victoria took an unconventional path to victory, marked by both innovation and inspiration.
“It feels surreal,” Nat said of her win in an interview with Thai PBS World via email.
“Being accepted onto such a prestigious platform was already a pinch-me moment, but being recognised for my innovative cooking is something else entirely. For years, I never saw my cooking as innovative—I just saw it as a way to make the most out of leftover ingredients in my kitchen. I never imagined it could lead to winning MasterChef Australia!”
Raised in Australia by Thai parents who ran a restaurant where her mother, Nutsiree, was head chef, Nat’s childhood was filled with vibrant flavours and diverse cuisines.
“My parents instilled in me a deep appreciation for Thai food and its rich traditions. This dual cultural upbringing shaped my cooking style, allowing me to blend Thai flavours with Western techniques.”
“My Thai heritage is the foundation of my culinary journey, inspiring me to create fusion dishes that honour my roots while embracing new influences,” she shared.
Struggling with her identity between two cultures, Nat left Australia in 2016 to travel and discover herself.
Her passion for travel and adrenaline-fueled adventures led her to snowboarding, skateboarding, surfing, and skydiving.
With over 90 tattoos—80% of which were inked in New Zealand—her body art reflects her connection to her Thai heritage, Maori culture, and personal artistic expression.
Her experiences as a barista and her travels across various countries deeply impacted her culinary approach.
Living in various countries, especially in snow-covered towns with limited access to Asian ingredients, heightened her longing for Thai food.
“The towns I lived in were very transient, filled with people missing the food they grew up on,” she said.
“This longing was even more pronounced during COVID. In New Zealand, we never had a proper lockdown and could still snowboard, but everyone began missing family and home-cooked meals.”
“I started taking requests to make meals inspired by people’s families, whether it was an English breakfast, a Sunday roast, or dishes from my Thai heritage.”
“Travelling allowed me to fall in love with how food connects deeply with story and culture. I began viewing ingredients as interchangeable flavour profiles, which helped me create Thai dishes or any cuisine with local ingredients and seasonal produce.”
Nat’s journey on MasterChef Australia began with a nudge from friends in Aotearoa (New Zealand), who recognised her passion for cooking and encouraged her to apply.
Known for hosting dinner parties, accidental supper clubs, and potluck dinners, Nat’s love for feeding people set the stage for her remarkable journey on the show.
Kangaroo larb with soy-cured egg yolk and pickled karkalla—a dish that amazed the judges and earned her the only Immunity Pin of the season. One standout moment on MasterChef was her kangaroo larb, a dish that amazed the judges and earned her the only Immunity Pin of the season, as well as a trip to London to cook alongside celebrity chef Jamie Oliver.
Celebrity chef Jamie Oliver, a guest judge for two weeks, tasked the contestants with creating a dish that represents them. “When the judges tasted my kangaroo larb and called me a ‘threat,’ I felt intense pressure build in my chest. I was proud to present a larb dip and win that episode, but it made me realise I needed to find a way to grow from there,” Nat recalled.
“Using kangaroo meat in Thai dishes is unconventional, but I love being thoughtful with the dishes I create,” she explained.
“I knew kangaroo would complement Thai flavours since Thailand also has game meat dishes. The soy-cured egg yolk was inspired by French tartare but with the flavour profile of salted egg, a taste I grew up with.”
“The toasted rice wafer was a nod to Khao Tung, a snack my grandma used to make with leftover rice, recreated to be more like potato crisps to complement the larb.”
The pressure of recreating dishes from renowned international chefs was immense.
“I found it very challenging, despite others thinking I was strong—I wasn’t,” Nat admitted. “I lacked pastry, pasta, and classic French cooking skills.
Nat perfected her striped pasta dough for Smoked Egg Yolk Raviolo with Truffle and Asparagus. Recreating dishes from renowned chefs was challenging. I spent a lot of time researching, reading, and watching YouTube videos of Michelin-star kitchens to understand mise en place and how they run service.”
To cope, she relied on music, exercise, and a mindset of adaptability and creativity. “Entering each cook with no expectations and the knowledge that I can be adaptable and creative set me apart.”
For Nat, cooking is an expression of love, creativity, and resilience. “Food connects people to their roots and brings diverse cultures together,” she affirmed.
Her MasterChef journey was a profound learning experience, pushing her to explore her identity and embrace her heritage through her culinary creations.
Nat’s stunning fusion Thai dish, Sai Oua Scotch Egg and Nam Phrik Noom, exemplifies her skill in blending Thai roots with Western techniques.
Nat’s stunning fusion Thai dish, Sai Oua Scotch Egg with Nam Phrik Noom, exemplifies her skill in blending her Thai roots with Western techniques. “The challenge was in balancing the bold flavours of Thai cuisine with the more subtle, refined aspects of Western cooking,” she said.
“The inspiration came from my desire to showcase the best of both worlds—honouring my Thai heritage while embracing Western culinary techniques.”
Through experimentation, Nat refined her recipes to create a harmonious blend of flavours.
Beyond flavours, Nat’s dishes are known for their visual appeal. “Plating is an art form that adds another layer to the dining experience,” she said.
Inspired by nature and simplicity, she focuses on colours, textures, and shapes, ensuring each element enhances the dining experience.
Looking ahead, Nat plans a global pop-up tour, showcasing Thai fusion dishes worldwide. “I’m excited to explore and incorporate seasonal ingredients from different regions into my cooking,” she revealed.
Roasted Bone Marrow, Jeow Som, Khao Jee, and Betel Leaf Pomelo Salad showcase Nat’s culinary creations, which are as visually captivating as they are flavorful. She’s eager to delve deeper into lesser-known Thai dishes and ingredients, introducing unique flavours to a wider audience.
To her fans around the world and especially in Thailand, Nat expressed her deepest gratitude.
“Your support has been incredible and has kept me going throughout this journey. Let’s keep exploring new flavours and pushing the boundaries of what food can be, together.”
Nat’s MasterChef journey is a testament to food’s power to bridge cultures, tell stories, and connect people.
Her innovative cooking and unique style have won her a prestigious title and the hearts of food enthusiasts worldwide.
As she embarks on new culinary adventures, Nat continues to inspire with her creativity and passion for food.
MasterChef Australia Season 16 airs every Monday to Friday, starting on July 23 at 7:30 PM on TrueVisions, Lifetime channel (145, 339), and the TrueVisions Now application.
By Veena Thoopkrajae with additional report by Chusri Ngamprasert
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26 July 26 2024Food, Travel and Lifestylehttps://www.thaipbsworld.com/?p=338043 - Making Thailand a financial hub an uphill task
Prime Minister Srettha Thavisin recently presided over the Finance Ministry’s “Ignite Finance” vision that aims to make the country a financial hub. The Finance Ministry plans to consolidate supervision of financial markets, facilitate new investment and draw in foreign capital and professionals. Actions in the pipeline include licensing virtual banks, establishing a national credit guarantee […]
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Prime Minister Srettha Thavisin recently presided over the Finance Ministry’s “Ignite Finance” vision that aims to make the country a financial hub.
The Finance Ministry plans to consolidate supervision of financial markets, facilitate new investment and draw in foreign capital and professionals.
Actions in the pipeline include licensing virtual banks, establishing a national credit guarantee agency, and providing incentives to foreign financial institutions to operate in Thailand.
Deputy Finance Minister Paopoom Rojanasakul said Thailand needs three factors to woo foreign funds that would support the goal of becoming a financial hub: high return on investment; ease of doing business; and an attractive place to live in.
Thailand meets the third requirement so it needs to create the other two conditions, he said.
Thailand has seen major capital outflows over the last year and a half, as the earnings of listed Thai firms are not attractive and Thai government bonds offer a lower interest rate than United States bonds and those of other countries.
A large amount of money exited the Thai stock market last year, making it one of the world’s worst performers. Capital outflows have continued this year while the bond market is also experiencing large capital outflows.
Previous efforts at creating a financial hub
Prior to the 1997 financial crisis, Thailand had implemented policies aimed at becoming a hub by liberalising the financial market. One of the key initiatives was to allow banks to establish Bangkok International Banking Facilities.
This resulted in large amounts of foreign loans flowing into the country as the Bank of Thailand kept the interest rate high while the baht had a fixed exchange rate to the dollar.
But as foreign debt piled up, the country could no longer maintain the fixed exchange rate regime leading to the collapse of the baht.
Thailand was forced to adopt the managed float exchange rate as part of the International Monetary Fund’s rescue package. Many banks and finance firms collapsed and the real estate bubble burst.
The global financial market has drastically changed since then: financial liberalisation is coupled with the digital economy.
“Financial institutions need not be physically present in other countries in order to provide financial services. I don’t know how Thailand’s financial hub could be designed to meet the changing global financial landscape,” said Nada Chunsom, financial economist at the National Institute of Development Administration.
While allowing virtual banks to operate could increase competition with traditional banks, this may also open up a new market.
Critics often argue that the interest rate spread between deposit and lending rates in the Thai banking sector is much wider than those in Singapore and Malaysia, suggesting that Thai banks are less efficient.
For example, the net interest margin of Thai banks as of the third quarter of last year was 3.2 per cent compared with 2.2 per cent and 2.1 per cent of banks in Singapore and Malaysia respectively.
“This is partly a result of central bank regulations aimed at guarding financial stability,” says Nada.
As compared to stock markets in the region, the Stock Exchange of Thailand (SET) is not as attractive. For example the SET index is currently just over 1,300 compared with Singapore’s Straits Times index of over 3,400.
“The Thai local bourse also has many limitations. For instance, businesses selling alcoholic drinks cannot list on the SET as Thai morality opposes the alcoholic drinks business,” Nada pointed out.
The financial hub plan
To pave the way for a financial hub, Paopoom says the government would ensure all Thais have access to financial services. Licenses for virtual banks would be issued.
Virtual banks are expected to fill a gap, as financial institutions and non-banking financial institutions do not give loans to those who don’t have a financial record.
The National Credit Guarantee Agency would be established, which would give ratings to potential retail and small business borrowers, enabling them to apply for loans from banks, according to Paopoom.
The government would provide subsidies to the credit rating agency, which will provide insurance to lenders against non-performing loans.
When asked whether the role of the new agency would overlap the current responsibility of the Thai Credit Guarantee Corporation (TCG), which offers portfolio guarantee for small businesses seeking loans from financial institutions, Paopoom said the TCG has a limited scope of operation.
It is not clear yet whether the government aims to turn Thailand into a tax haven, but it promises greater incentives for foreign financial institutions to open branches and other foreign businesses to make new investment in the country.
The ministry is in the process of drafting new laws and would soon submit them to the Cabinet for approval before forwarding them to Parliament for enactment, according to Paopoom.
The country needs to strengthen key five businesses: banking, financial securities, future markets, digital assets, and insurance.
A one-stop service would be established to provide foreign investor services including work permits.
The country has the potential to compete with Singapore, he asserted.
By Thai PBS World’s Business Desk
<p>The post Making Thailand a financial hub an uphill task first appeared on Thai PBS World.</p>
26 July 26 2024Analysishttps://www.thaipbsworld.com/?p=338040 - Indonesia presses Myanmar on peace commitments as ASEAN ministers meet
Indonesia’s foreign minister at a regional meeting on Thursday called out warring camps in Myanmar over their refusal to agree to dialogue, as fighting intensifies between the ruling military and an alliance of armed groups. Foreign ministers of the Association of Southeast Asian Nations (ASEAN) held a closed-doors retreat in Laos during which Indonesia’s Retno […]
<p>The post Indonesia presses Myanmar on peace commitments as ASEAN ministers meet first appeared on Thai PBS World.</p>
Indonesia’s foreign minister at a regional meeting on Thursday called out warring camps in Myanmar over their refusal to agree to dialogue, as fighting intensifies between the ruling military and an alliance of armed groups.
Foreign ministers of the Association of Southeast Asian Nations (ASEAN) held a closed-doors retreat in Laos during which Indonesia’s Retno Marsudi stressed Myanmar would remain on the sidelines of the bloc until its junta honoured a peace commitment made months after seizing power in a 2021 coup.
The Myanmar crisis has dogged ASEAN and dented its credibility as the junta pays lip-service to ASEAN’s calls to implement its “five-point consensus”, whereby all sides cease hostilities and start dialogue.
ASEAN has riled Myanmar’s generals by barring them from attending its summits, but has allowed the country to be represented by a senior diplomat instead.
“There is no progress on the implementation of five-point consensus. And if there is no progress still, Myanmar’s participation in ASEAN foreign ministers meetings and summits must be kept at non-political level,” Retno told the retreat, according to a statement from her ministry.
Myanmar’s representative at the meeting, according to Retno, addressed the issue “as if everything goes well, but the facts on the ground do not show it”.
An estimated 2.6 million people have been displaced by fighting, according to the United Nations, with the military widely condemned for its air strikes on civilian areas and accused by rights groups of systematic atrocities, which it has dismissed as western disinformation.
ASEAN has hit a wall in its peace effort, despite moves last year by former chair Indonesia to bring all sides to the table.
Hopes for dialogue are fading, with both sides becoming entrenched in their positions as ethnic minority rebels and resistance groups gain more ground and stifle the junta’s ability to govern.
On Thursday, a major rebel army said it had seized a regional military headquarters in Lashio, close to the border with China, in a major blow to the credibility of one of the region’s best-equipped militaries.
Malaysian Foreign Minister Mohamad Hasan in a statement expressed concern on the absence of dialogue, while his Thai counterpart Maris Sangiampongsa said he had received backing from ASEAN for Thailand to play a greater role and proposed open-ended talks with all stakeholders.
ASEAN will hold meetings on Friday with top diplomats from Russia, Japan, South Korea, the European Union, India and more, ahead of the weekend’s East Asia Summit and ASEAN Regional Forum, where key global issues are to be addressed.
by Reuters//Photo: Indonesia’s Foreign Minister Retno Marsudi attends the retreat session at the 57th ASEAN Foreign Ministers’ Meeting in the National Convention Centre, in Vientiane, Laos, July 25//Reuters
<p>The post Indonesia presses Myanmar on peace commitments as ASEAN ministers meet first appeared on Thai PBS World.</p>
26 July 26 2024ASEANhttps://www.thaipbsworld.com/?p=338030