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Thai govt calls for calm after reformist’s PM bid fails
Thai caretaker Prime Minister Prayut Chan-o-cha urges calm after military and pro-royalist lawmakers thwart a popular progressive candidate’s bid to become the next premier.
A peaceful protest follows, expressing frustration over the situation. The Move Forward Party’s reformist platform poses a threat to the establishment’s agenda, leading to the suspension of its leader, Pita Limjaroenrat, from parliament. Pita has promised to step aside, and property tycoon Srettha Thavisin is expected to lead the coalition backing him.
Markets mostly rise on rate hopes but China fears weigh
Markets rose as global interest rate hikes subdued inflation, allowing central banks to adopt a softer monetary policy. Investors hoped for Beijing’s support amid weak data, while Wall Street’s strong earnings were tempered by Netflix and Tesla reports. Cautious optimism persisted, given the receding risk of recession but lingering concerns over China’s economy.
Netflix adds 6 mn subscribers after password crackdown
Netflix gained nearly 6 million subscribers after cracking down on password sharing, totaling 238 million subscribers and US$1.5 billion profit.
As a writers and actors strike hits the industry, Netflix is better positioned to weather the storm. However, revenue was lower than expected, leading to an 8% drop in shares.
Thai reformist Pita’s PM bid crashes on establishment opposition
Thai reformist leader Pita Limjaroenrat’s bid for prime minister was blocked by the military and pro-royalist establishment.
Despite his party’s popularity, Pita faced disqualification due to media company shares, leaving a path open for a potential compromise candidate. The situation could trigger civil unrest in Thailand.