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Ministry of Digital for Economy launches Cloud Service

Cloud Service can be used immediately by government agencies and the project plans to open Cloud Computing orientation courses for over 2,500 government officials.

National News Bureau of Thailand

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The Ministry of Digital for Economy and Society has launched Cloud Service for the public sector in Thailand

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In cooperation with the Committee on Digital for Economy and Society and CAT Telecom, the Ministry of Digital for Economy and Society has launched Government Data Center and Cloud Service (GDCC) project which stores and provides data via long-distance networks around the clock for government personnel who can have access to intersectional data, control, analyze and have optimum uses of data in an integrated system.

It can considerably save funds for infrastructural development plans and lead to the improved efficiency in providing digital services to the people. Over 400 information technology officials from varied government agencies attended the launch and demonstration on data transfers to Cloud Service.

Digital Minister Phichet Durongkhaveroj said Cloud Service is a new data service and a significant mechanism for Big Data which can push for the making of a digital government and cope with a shortage in human resources for analytic tasks.

The Ministry of Digital administers and manages the system which is now serviceable to government agencies while CAT Telecom sets up Data Service Centers.

Ministry of Digital Permanent Secretary Atcharin Pattanaphanchai confirmed that Cloud Service applies the highest world standards for the information technology service.

Cloud Service can be used immediately and government agencies need not set up a data center of their own. Besides, the project plans to open Cloud Computing orientation courses for over 2,500 government officials.

National News Bureau Of Thailand

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Ecommerce

How will oil prices shape the Covid-19 recovery in emerging markets?

Oxford Business Group

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How will oil prices shape the Covid-19 recovery in emerging markets?
– After falling significantly in 2020, oil prices have returned to pre-pandemic levels
– The rise has been driven by OPEC+ production cuts and an improving economic climate
– Higher prices are likely to support a rebound in oil-producing emerging markets
– Further virus outbreaks or increased production would pose challenges to price stability

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A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.

Brent crude prices rose above $60 a barrel in early February, the first time they had exceeded pre-Covid-19 values. They have since continued to rise, going above $66 a barrel on February 24.

The ongoing increase in oil prices, which have soared by 75% since November and around 26% since the beginning of the year, marks a dramatic change from last year.

Following the closure of many national borders and the implementation of travel-related restrictions to stop the spread of the virus, demand for oil slumped globally.

In the wake of the Saudi-Russia price war in early 2020, Brent crude prices fell from around $60 a barrel in February that year to two-decade lows of $20 a barrel in late April, as supply increased and demand plummeted. The value of WTI crude – the main benchmark for oil in the US – fell to record lows of around $40 a barrel last year on the back of a lack of storage space.

While global demand for oil remains low, one factor credited with reversing the trend is the decision to make significant cuts to oil production, which subsequently tightened global supplies.

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Tech

How the Rural-Urban Divide Plays Out on Digital Platforms

It is one thing for entrepreneurs, whether urban or rural, to create and operate an online store, as some digital platforms have made it relatively easy to manage an e-store – even by using just a smartphone.

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In the West, villages are emptying out due to the lack of economic opportunities. Consider Italy where, in a bid to attract newcomers, a handful of municipalities have turned to selling houses for €1.

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Ecommerce

Will South-east Asia’s tech giants turn to SPACs to boost post-pandemic growth?

Oxford Business Group

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Will South-east Asia’s tech giants turn to SPACs to boost post-pandemic growth?
– SPACs have become a hot-button topic in global finance
– The vehicle is widely used to help tech start-ups go public
– Both Singapore’s and Indonesia’s exchanges are set to allow SPACs
– Several South-east Asian tech unicorns may use SPACs to list publicly

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South-east Asia is seeing a wave of interest in special purpose acquisition companies, or SPACs, with various major tech players considering them as a means to fast-track public listings. In parallel to this, several exchanges in the region are moving to allow SPAC listings, with a view to boosting post-coronavirus growth.

SPACs are shell companies set up by investors and then listed on a given stock exchange. Their sole function is to acquire a private company, enabling it to go public without having to go through a traditional initial public offering (IPO).

A SPAC does nothing beyond its essential function – it neither produces nor sells anything, and a SPAC’s only assets are the funds raised from its own IPO.

Crucially, people who buy into a SPAC do not know what its eventual acquisition target or targets will be. This is why SPACs are often referred to as “blank cheque companies”: they give the founders a free rein to back their choice of private company. A key feature of SPACs is that they are often headed by big-name business executives or fund managers, who trade on past successes to inspire trust in investors.

While they are far from a novel phenomenon, SPACs have become a hot button topic in recent times: SPAC initial offerings quadrupled last year, with the vehicles raising a record $80bn.

Merging with a SPAC enables a company to go public and raise capital more quickly and painlessly than with a traditional IPO, circumventing some of the volatility that Covid-19 unleashed on global markets. At the same time, they function rather like venture capital, helping investors to buy into high-growth start-ups on the ground floor.

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