DECEMBERASIA BUSINESS OUTLOOK9Japanese smartphone parts supplier Murata Manufacturing wants to expand sales beyond its concentrated base of low-cost smartphone makers targeting emerging markets. Murata, a leading battery supplier, expects the smartphone market to grow by 5% in March 2025, driven by demand for mid-range phones in regions such as India, Africa and Southeast Asia.Chinese manufacturers are increasing their exports to regions where the population is growing. President Norio Murata Nakajima said in an interview.Murata, a supplier to Apple and Samsung Electronics, is one of the industry players facing falling demand for smartphones as consumers spend more time with their phones. Smartphone sales rose 5% in October compared with the same period last year after more than two years of decline, driven by demand from emerging markets, according to data from research firm Counterpoint.Nakajima said the stock is only available in China. Last month, Apple said demand for iPhones in China remained strong, while analysts pointed to strong smartphone sales from local giant Huawei Technologies.Murata Manufacturing is a Japanese electronics manufacturer based in Nagaokakyo, Kyoto. It mainly produces electronic components such as capacitors and has the largest share of the global market in ceramic filters, high-end components and sensors. There are 24 companies in Japan and 52 overseas in the United States, Canada, Mexico, Brazil, Germany, France, Italy, the United Kingdom, Switzerland and India. NEWSROOMMURATA MANUFACTURING TO FORAY INTO LOWER-END CHINESE MARKETSThailand will review a proposal to raise the daily minimum wage by 2.37% but will seek a bigger increase, Thailand's labor minister said on Dec 12 after the wage board decided to offer lower prices than the government's target. His comments came after Prime Minister Sreta Taibshin announced the increase had been agreed last week with government officials, who are limited to labor and labor groups."I don't agree with the wage hike plan and want it to be reconsidered," Labour Minister Phipat Ratchakitprakarn told reporters, adding he would re-propose a different hike to cabinet later this month.A wage committee, including businesses and labor groups, agreed to raise the threshold to between 330 baht and 370 baht ($9.33 to $10.46) per day, up from 328-354 baht at present. The level varies between different parts of the country. A previous government last October raised the minimum wage by 5.02 percent.Phu Thai's ruling party ordered the main promise, raising the minimum wage to 400 baht (per day). Companies have pointed to rising prices and costs as factors that make it difficult to compete in slow economic growth.The East Asian country's second-largest economy grew more slowly than expected in the third quarter, at an annualized 1.5%, due to a slowdown in exports and government spending. The Federation of Thai Industries expressed concern on Dec. 12 that the modest price increase will hit businesses, which are burdened by costs and rising interest rates amid global uncertainty.. THAILAND GOVERNMENT SEEKING TO RAISE MINIMUM WAGE
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