Bangkok, Thailand – Microsoft has announced the opening of its first regional data center in Thailand. The tech giant revealed plans to establish new cloud and AI infrastructure in the country, along with offering AI skilling opportunities to over 100,000 individuals. This move is aimed at expanding the availability of Microsoft’s hyperscale cloud services, providing enterprise-grade reliability, performance, and compliance with data residency and privacy standards.
In a separate development, Mitsui and Co, a Japanese trading house, reported a 6.4% decline in profit to 1.08 trillion yen for its 2023 financial year. Despite the profit drop, shares of the company climbed by 1.23% following the announcement of a 200 billion yen share buyback plan.
Meanwhile, oil prices have experienced a three-day decline due to increasing U.S. inventories and hopes for a ceasefire agreement in the Middle East. Brent contracts fell by 0.88% to $85.57 per barrel, while U.S. West Texas Intermediate crude saw a larger drop at 1.03% to $81.09 per barrel.
A recent report indicated that the sudden strengthening of the yen on Monday may have been a result of intervention by Japanese authorities. Money market data from the Bank of Japan revealed a significant net receipt of funds, leading to fluctuations in the currency’s value against the greenback.
In South Korea, exports surged by 13.8% in April, surpassing expectations and marking a positive turn from the previous month. The country’s trade balance narrowed to $1.53 billion, contrasting with the higher figure recorded in March.
Consumer confidence took a hit in March, plunging to its lowest level since mid-2022 as concerns over employment and inflation grew. The Conference Board reported a reading of 97 on its main index, below market estimates and signaling a decrease in consumer optimism. Despite the decline, officials noted that current conditions remain relatively healthy.
Additionally, employment compensation costs rose by more than expected in the first quarter, indicating ongoing inflation pressures. The employment cost index increased by 1.2%, outpacing previous quarters and underscoring the continued impact of rising costs for workers. This index is closely monitored by Federal Reserve officials as a gauge of underlying inflation trends.