Death of Princess Bajrakitiyabha

Thailand is in a 15-day national mourning period following the death of Princess Bajrakitiyabha (Princess Bha), the eldest child of King Vajiralongkorn and a figure widely regarded as a potential successor to the throne. She passed away at age 47 in a Bangkok hospital after spending three and a half years in a coma. Mourners lined the streets of Bangkok to pay their respects, with tears and tributes marking the occasion across the country. The Guardian | The New York Times

Princess Bha was well known for her legal and humanitarian work, and her legacy is remembered as people-centred and dedicated to public service. Taiwan, along with several other nations, expressed formal condolences. The mourning period serves as an advisory for businesses and tourists operating in Thailand to observe appropriate protocols during this time. BBC | Asia News Network

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History and Heritage

WWII Death Railway Resurfaces

In a striking historical development, the sunken remains of a World War II-era train station on the infamous “Death Railway” have resurfaced from a Thai reservoir after more than 40 years underwater. The Death Railway, constructed under brutal conditions using Allied prisoners of war and Asian labourers during Japanese occupation, stands as one of the most harrowing symbols of wartime suffering in Southeast Asia. AP News | Reuters

The resurfacing has reignited international interest in preserving and documenting this dark chapter of history. Multiple photo galleries and reports have circulated widely, drawing renewed attention to the human cost of the railway’s construction and its significance as a site of historical memory.

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Diplomacy and Regional Affairs

Thailand-Cambodia Border Dispute

Thailand has appointed South African and German experts to assist in a UN arbitration process under UNCLOS to resolve an ongoing maritime and border dispute with Cambodia. Cambodia has simultaneously urged Thailand to resume border survey work, citing delays in joint mechanisms. Despite a recent ceasefire, more than 28,000 Cambodians remain displaced and unable to return home. Reuters | Foreign Policy

Regional Security and Trade

Russia’s Moscow has alleged that the United States is targeting Russian nationals in Thailand, raising diplomatic tensions. In response, Thailand’s Tourism Ministry reaffirmed that the country remains safe for Russian tourists. Separately, Prime Minister Anutin has traveled to Russia to pursue energy deals and expand Thai export orders, reflecting Thailand’s active multi-directional foreign policy approach. Thai PBS World

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Economy and Business

Economic Challenges and Taxation

Thailand continues to navigate economic headwinds in 2026, with the Iran ceasefire bringing some market calm but failing to fully resolve domestic economic pressures. A KBank economist has warned that Thailand risks becoming a “landlord economy” rather than a technology player, highlighting structural concerns about the country’s economic trajectory. Thailand is also advancing a 15% global minimum tax on multinationals, aligning with international tax reform frameworks. Nation Thailand

Real Estate and Industry

Thailand’s branded residences market has surpassed THB 205 billion (approximately USD 6.4 billion), representing Asia’s largest share of launched supply. Meanwhile, Bangchak Group has unveiled Thailand’s first commercial sustainable aviation fuel (SAF) production facility, positioning the country as a regional leader in green energy transition. Hospitality Net | Biofuels International

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Environment and Climate

El Niño and Flood Risks

Thailand is bracing for a prolonged El Niño risk, with the Department of Climate Change and Environment stepping up its response. Climate risk maps are being developed, and the Thai Meteorological Department has issued warnings of heavy rain and flooding across multiple regions. Experts warn of a potential Super El Niño that could have severe agricultural and economic consequences. Bangkok Post | Nation Thailand

Mekong River Contamination

A toxic “time bomb” is threatening the Mekong River basin, with arsenic levels reported at nine times the danger level in some areas. The contamination poses serious health risks to the region’s poorest communities, who are disproportionately exposed to the crisis. This environmental emergency is drawing urgent attention from regional governments and international observers. France 24 | The Japan Times

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Tourism and Culture

Tourism Strategy and Challenges

Thailand is implementing a high-value, calm tourism strategy for 2026, leveraging AI-driven marketing tools — including an AI influencer named Nong Mali — to rebuild confidence in the Chinese tourist market, targeting 6.7 million arrivals. However, the country faces risks from visa rule changes that could cost up to 8 billion baht in lost Indian wedding tourism revenue. Travel And Tour World | TTG Asia

Vietnam is emerging as a rival hotspot in Southeast Asia, with analysts noting it is actively working to avoid Thailand’s past tourism mistakes. Meanwhile, Thailand’s same-sex romance dramas have gained significant global popularity, with millions of viewers drawn to the genre, further boosting the country’s cultural soft power internationally. Fortune | Bloomberg

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Legal and Regulatory Updates

Clean Air Act and Labor Rules

Thailand’s Draft Clean Air Act has returned to Parliament, with significant implications for environmental regulation and corporate compliance across industries. Additionally, the government has published a list of 10 jobs that foreigners cannot perform even with valid work permits, tightening labor market protections for Thai nationals. Lexology | Nation Thailand

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Andrew Eriksen
Allele Capital Partners, LLC

I think we’re live right now. So let’s jump in. Thank you, everyone, for joining today — into today’s webinar, inside the PetVivo story. What veterinarians are seeing, and how access is expanding. So my name is Andrew Eriksen. I’m a Managing Director on the Allele Capital team. We work with the PetVivo team here, and I’ll be moderating today’s call. So today, we’re going to introduce the speakers. I’ll walk through a little bit of background on the PetVivo story, talk about how their Spryng technology is being used in practice today and talk a little bit about the commercial landscape, and what they’re seeing on their side.

So we will run through the presentation. If you have any questions, there will be a Q&A chat box on either platform that you’re watching on. So submit your questions there, and we’ll make sure we get to those at the end of the call.

So without further ado, let’s jump in. I will start with some brief introductions from the team. So John, maybe you can kick things off for us and introduce yourself.

John Lai
CEO, President & Director

Thanks for having us on here. So my name is John Lai. I’m the CEO of PetVivo. I’ve been the CEO for about 14 years, and I’ll pass it off to the next person.

Andrew Eriksen
Allele Capital Partners, LLC

Dr. Juli, if you don’t mind, you can go next.

Market regulator Sebi on Tuesday introduced a new framework allowing Alternative Investment Funds (AIFs) to retain liquidation proceeds beyond their prescribed fund life under certain conditions and seek an “Inoperative Fund” status, providing greater flexibility during the winding-up process.

The move follows amendments to the existing Sebi rules, and is aimed at addressing practical challenges faced by AIFs while settling liabilities, litigation matters and residual operational expenses after the expiry of a fund’s tenure.

Under the new guidelines, AIFs and their schemes can retain liquidation proceeds beyond the liquidation or dissolution period if they have received litigation notices, regulatory communications, tax-related demands or other legal claims that may result in future liabilities. Funds can also retain proceeds for anticipated liabilities if they secure consent from at least 75% of investors by value.

Sebi has additionally permitted retention of money for residual winding-up expenses, provided the amount is supported by invoices or comparable historical expense records. Such retention for operational expenses cannot continue beyond three years from the end of the permissible fund life.

The regulator said managers must disclose the amount proposed to be retained and the estimated retention period to investors while seeking consent for anticipated liabilities.

To facilitate closure of fund structures, Sebi has also introduced an “Inoperative Fund” category. AIFs that have retained money for pending liabilities and wish to surrender their registration can apply for this status. Funds that do not retain any money but want to continue registration while awaiting the outcome of pending litigation may also seek the designation.
Applications for obtaining the status will have to be submitted directly to Sebi in a prescribed format.Once tagged as an Inoperative Fund, the AIF will not be permitted to launch new schemes and cannot charge management fees on existing schemes. Retained money must be invested only in liquid instruments permitted under Regulation 15(1)(f) of the AIF regulations.

Sebi has simultaneously granted significant compliance relief to such funds. Inoperative Funds will be exempt from several reporting and regulatory requirements, including quarterly and annual activity reports, compliance test reports, performance benchmarking submissions, periodic investor disclosures, valuation requirements and certain certification norms for key investment personnel.

The regulator has, however, mandated annual reporting of retained monies and outstanding liabilities. AIFs and Inoperative Funds must submit a status report to both Sebi and investors within 30 days of the end of every financial year until all liabilities are settled and pending amounts are distributed.

The framework has also been extended to Venture Capital Funds registered under the erstwhile Sebi (Venture Capital Funds) Regulations, 1996.

Industry participants have long sought clarity on handling residual liabilities after the formal investment period ends. In many cases, funds faced delays in winding up because of ongoing tax disputes, litigation or regulatory proceedings even after all investments had been liquidated.

The new circular seeks to address those concerns by providing a structured mechanism for retaining proceeds, reducing compliance burdens and allowing funds to formally transition into an inactive status while resolving outstanding obligations.

The Nasdaq Composite and the S&P 500 finished lower on Tuesday under pressure from technology stocks, while the Dow Jones Industrial Average marked its second straight record close.

After rallying sharply on Monday on optimism about a U.S.-Iran peace deal, investors in the S&P 500 and Nasdaq took a breather even as oil prices fell to their lowest levels since early March. Shares of SpaceX rallied, but ‌pared earlier gains. For much ⁠of ⁠the session, the rocket and AI company’s market value was above that of Amazon and it briefly surpassed Microsoft’s value.

While falling oil prices offered some support to equities, Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, said it was too difficult to build on recent steep gains in the heavyweight technology sector without a break. He noted some investor caution ahead of the U.S. Federal Reserve’s policy update due on Wednesday afternoon.

“We had a big move yesterday in the market,” said Luschini, alluding to the S&P 500’s 1.65% rally on Monday and Nasdaq’s advance of more than 3%. “We’re just digesting some of those gains and the setup in ⁠anticipation of ‌the Fed meeting is always a little tentative.”

Also Read | SpaceX options trading debut draws record volume as investors chase rocket stock

According to preliminary data, the S&P 500 lost 41.85 points, or 0.55%, to end at 7,512.44 points, while the Nasdaq Composite lost 301.13 points, or 1.15%, to 26,382.81. The Dow Jones ⁠Industrial Average rose 345.54 points, or 0.67%, to 52,016.57.
TECHNOLOGY LAGS, FINANCIALS RISE

Investors rotated into economically sensitive sectors and sold richly valued technology stocks during the session with chip stocks falling sharply after soaring in the prior three sessions. Of the S&P 500’s 11 major industry sectors, financials and industrials rose. U.S. oil futures settled down 5.8% as some details emerged about the U.S.-Iran interim deal, which is expected to extend a tenuous ceasefire announced in April by another 60 days and reopen the Strait of Hormuz, which Iran has effectively blocked since the U.S. and Israel attacked Iran in February.
U.S. President Donald Trump said the agreement would rule out a nuclear weapon for Tehran, while a U.S. official said ‌that it allows Iran to sell oil upon signing. The war had pushed up oil prices since it started in late February, and fanned worries about sticky inflation, which informs the U.S. central bank’s policy on interest rates. Investors are widely expecting the Fed to hold ⁠interest rates at its current 3.50% to 3.75% range on Wednesday, though they will pay close attention to new Fed Chairman Kevin Warsh’s comments on inflation, unemployment and the economic outlook.

Traders see the Fed holding rates through much of the year but have been betting on a roughly 42% chance of a 25-basis-point rate hike in December, according to CME Group’s FedWatch tool.

In individual stocks, shares of Olin sank after the chemical producer said it would acquire Huntsman in an all-stock deal valued at $2.43 billion. Huntsman shares also fell as the offer stood at a discount to the stock’s recent price.

Yum Brands shares rose after the fast-food company said it would sell its Pizza Hut chain for $2.7 billion, as it struggles with stiff competition and cautious consumer spending.

Q4: 2026-06-16 Earnings Summary

EPS of $1.67 beats by $0.02

 | Revenue of $447.94M (1.21% Y/Y) misses by $2.06M

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