Corruption is escalating in Thailand, reflected by a declining CPI score of 33. Structural reforms are needed, as the public and private sectors push for anti-corruption measures to restore economic competitiveness.

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Key Points

• Declining CPI Score: Thailand scored 33/100 in 2025, ranking lower than Laos and Vietnam, reflecting worsening corruption.
• Economic Impact: Corruption is estimated to cost the private sector up to 500 billion baht annually, stifling growth and investor confidence. Addressing corruption could boost GDP by up to 4%.
• Government Negligence: Successive governments have failed to implement serious anti-corruption measures, entrenching corruption as systemic.

Corruption remains a significant issue in Asia-Pacific, with Thailand scoring 33/100 in 2025, its lowest in 19 years. The private sector estimates annual losses of up to 500 billion baht due to corruption, hindering economic growth and investor confidence. Continued negligence by governments over the past two years has entrenched corruption as a systemic problem.

Countries like Maldives and Vietnam show improvements via structural reforms, while fragile states like Afghanistan and North Korea remain near the bottom of the corruption index due to poor governance and limited civic freedoms. High-scoring countries include Denmark (89/100) and Finland (88/100), whereas most regional countries fall below the global average.

Political parties have proposed diverse anti-corruption measures for the upcoming election, emphasizing transparency and technology. Initiatives include regulatory revisions, creating accessible public data platforms, and strengthening whistleblower protections. A united effort is critical, as solving corruption is vital for Thailand’s economic recovery and national competitiveness.

Corruption and Governance Trends in Asia-Pacific

The recent Transparency International’s Corruption Perceptions Index (CPI) reveals troubling trends in perceived corruption across the Asia-Pacific region, highlighting Thailand’s decline, which saw a score drop to 33 out of 100, marking the lowest in 19 years. Public sentiment indicates that abuse of power is prevalent among those in authority, contributing to a lack of essential public services and economic instability. Nations like the Maldives, Vietnam, and Timor-Leste have made advancements due to governance reforms, yet they still fall below the index average, suggesting a need for continued improvement.

Economic Impacts and Structural Challenges

Corruption in Thailand is projected to result in economic losses nearing 500 billion baht annually, driven by “under-the-table” payments in public procurement. The private sector believes this environment stifles growth, estimating potential GDP increases of up to 4% if corruption issues were addressed.

Despite recent growth concerns, the lack of serious anti-corruption measures from successive governments has entrenched corruption as a systemic issue. Prominent business leaders stress that the focus should not only be on stimulating the economy but also on establishing robust governance to rebuild investor confidence and mitigate risks associated with “grey capital.”

Corruption is not inevitable. Our research and experience as a global movement fighting corruption show there is a clear blueprint for how to hold power to account for the common good, from democratic processes and independent oversight to a free and open civil society.

François Valérian, Chair of Transparency International

Political Responses and Future Directions

In light of the corruption crisis, political parties in Thailand are emphasizing anti-corruption measures in their election platforms. Proposals include the Zero Corruption initiative, aiming for concrete reforms and greater transparency in governance. Key strategies involve regulatory revisions, a move to AI and open data systems, and shifting governmental roles to facilitate easier business practices.

The Pheu Thai and Democrat parties also propose comprehensive legal overhauls and public accountability initiatives. However, consistent political will and stable governance are essential to enforce these reforms and address the systemic roots of corruption effectively, ensuring a healthier economic environment for all.

Global Corruption: Key Findings

The Corruption Perceptions Index (CPI) 2025 reveals a concerning global increase in public sector corruption, attributed to a decline in bold and accountable leadership, and a dangerous disregard for international norms. The global average CPI score has dropped to 42 out of 100, the lowest in over a decade, with 122 out of 182 countries scoring below 50, indicating pervasive corruption. A shrinking number of countries now score above 80, with even high-scoring democracies showing signs of regression.

Key findings and trends from the CPI 2025 include:

• Global Overview of Corruption:
  • The global CPI average is 42, with 122 countries scoring below 50, indicating widespread public sector corruption.
  • Only five countries score above 80, a significant drop from 12 a decade ago, while over two-thirds (68%) of countries fall below 50.
  • Denmark maintains the highest score at 89, while Somalia and South Sudan are the lowest with a score of 9.
• Democratic Backsliding and Civic Space:
  • A strong correlation exists between restricted civic space and worsening corruption; 36 of the 50 biggest CPI decliners since 2012 also saw a reduction in freedoms of expression, association, and assembly.
  • Over 90% of journalists murdered for investigating corruption since 2012 were in countries with CPI scores lower than 50, highlighting the danger faced by those holding power accountable.
  • High-scoring democracies, including the United States (64), Canada (75), the United Kingdom (70), France (66), Sweden (80), and New Zealand (81), have experienced slippage, indicating increased corruption risks due to weakened checks and balances and political polarisation.
  • Autocracies like Venezuela (10) and Azerbaijan (30) exhibit systemic corruption at all levels.

Data indicates that democracies, traditionally stronger in combating corruption compared to autocracies or flawed democracies, are witnessing a troubling decline in performance. This concerning trend is evident in countries such as the United States (64), Canada (75), and New Zealand (81), as well as across parts of Europe, including the United Kingdom (70), France (66), and Sweden (80). Equally alarming is the growing imposition of restrictions by many states on freedoms of expression, association, and assembly. Since 2012, 36 out of the 50 countries with significant drops in CPI scores have also faced a shrinking civic space.

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Sports nutrition brand partners with convenience food producer to launch protein food range in Sainsbury’s and convenience stores

Prominent online sports nutrition brand Myprotein has forged a new partnership with convenience food manufacturer Greencore to launch a fresh food on-the-go range. This collaboration will broaden Myprotein’s footprint in offline retail channels, with its products being available in both Sainsbury’s supermarkets and convenience stores.

The partnership furthers the nutrition brand’s ambition to enhance its offline and licencing presence by accelerating its expansion into the convenience channel. The brand has previously entered partnerships with Muller, supermarket Iceland and Jimmy’s Coffee, resulting in over 43m Myprotein retail sales in 2025.

THG, the London-listed company behind the fitness supplement brand, reported robust growth in its Nutrition division in its most recent set of results, with revenue rising by 12.2 per cent. The FTSE 250 group’s share price increased by 1.6 per cent in morning trading to 36.08 pence.

THG plc was the owner of City AM until its Ingenuity division demerged from the wider group at the beginning of 2025. Neil Mistry, chief executive of THG Nutrition, said: “This collaboration is another step in Myprotein’s global leadership across sports nutrition, adding Greencore’s expertise in creating and distributing fresh, on-the-go food to our growing list of partners.

“The range builds on the demand of GLP-1 consumers, along with trends towards cleaner nutrition combined with protein-rich foods and snacks.”, as reported by City AM.

Mistry further highlighted that the brand is well-positioned to “significantly build” on its 2025 results, anticipating sales of more than 60 million licensed products in 2026, up from 43 million.

Andy Parton, chief commercial officer at Greencore, also welcomed the tie-up and its capacity to satisfy consumer appetite for healthier choices.

Parton said: “This collaboration allows us to combine Greencore’s expertise in fresh, ready‐to‐eat food with one of the most recognisable brands in sports nutrition.

“We’re excited about the potential of this partnership and look forward to expanding the range together.”

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Twilio Inc. (TWLO) Q4 2025 Earnings Call February 12, 2026 5:00 PM EST

Company Participants

Rodney Nelson – Vice President of Investor Relations
Khozema Shipchandler – CEO & Director
Aidan Viggiano – Chief Financial Officer
Thomas Wyatt – Chief Revenue Officer

Conference Call Participants

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Aleksandr Zukin – Wolfe Research, LLC
Taylor McGinnis – UBS Investment Bank, Research Division
Mark Murphy – JPMorgan Chase & Co, Research Division
Samad Samana – Jefferies LLC, Research Division
Sitikantha Panigrahi – Mizuho Securities USA LLC, Research Division
Ryan MacWilliams – Wells Fargo Securities, LLC, Research Division
Nicholas Altmann – BTIG, LLC, Research Division
James Reynolds – Morgan Stanley, Research Division
James Fish – Piper Sandler & Co., Research Division
Joshua Reilly – Needham & Company, LLC, Research Division
William Power – Robert W. Baird & Co. Incorporated, Research Division
Koji Ikeda – BofA Securities, Research Division

Presentation

Operator

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Good day, and thank you for standing by. Welcome to the Twilio Inc. Fourth Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today’s conference is being recorded. [Operator Instructions].

I would now like to hand the conference over to your speaker today, Rodney Nelson, Vice President, Investor Relations.

Rodney Nelson
Vice President of Investor Relations

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Thank you, operator. Good afternoon, everyone, and thank you for joining us for Twilio’s Fourth Quarter 2025 Earnings Conference Call.

Joining me today are Khozema Shipchandler, Chief Executive Officer; Aidan Viggiano, Chief Financial Officer; and Thomas Wyatt, Chief Revenue Officer.

As a reminder, we will disclose non-GAAP financial measures on this call. Definitions and reconciliations between our GAAP and non-GAAP results can be found in our earnings presentation posted on our IR website at investors.twilio.com.

We will also make forward-looking statements on this call, including statements about our future outlook and goals. Such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those

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Wall Street’s fears of business disruption caused by artificial intelligence are turning into a blessing for Asian stocks, fueling demand for the region’s leading chipmakers that dominate the industry’s supply chain.

The MSCI Asia Pacific Index has risen more than 12% in 2026, in contrast to losses in US benchmarks as shares were sold off on fears that AI models may threaten the business of software, legal and real estate service providers. The S&P 500 is down 0.2% for the year, while the technology-heavy Nasdaq 100 gauge has lost around 2%.

The divergence underscores global funds’ shift of preference from AI pioneers burdened by massive spending toward hardware producers with strong pricing power, many of whom are in Asia. Surging memory chip prices have been a boon for the region’s heavyweights such as Samsung Electronics Co., while Taiwan Semiconductor Manufacturing Co.’s irreplaceable role as the world’s leading contract chipmaker has provided support for Taiwanese stocks.

“The main worry of the US is hyperscaler spending money,” said Richard Tang, head of research Hong Kong at Julius Baer. “Most of Asia’s tech exposure is upstream. Whoever wins in the end, upstream will still collect revenue from downstream players.”

The heavy presence in Asia of advanced chip manufacturers, semiconductor foundries and assemblers, which are crucial to the AI infrastructure, is a key reason behind the region’s resilience during the recent rout on Wall Street. Micron Technology Inc.’s latest comments on memory chip supply tightness and Nvidia Corp.’s on sustainable spending have reinforced such a perception.
In a sign of growing foreign demand, Samsung Electronics saw its biggest overseas buying Thursday, sending its shares up 6.4%. They rose again on Friday. Meanwhile, global investors also notched their third-largest weekly purchase in Taiwanese stocks in a holiday-shortened week.Kioxia Holdings Corp.’s shares surged 15% on Friday after soaring AI demand helped the Japanese memory chipmaker deliver a better-than-anticipated results outlook.

That’s as the Nasdaq 100 Index fell 4.6% and shed about $1.5 trillion in market value over the past 10 sessions, hit by a selloff in software names and other stocks deemed at risk from new AI tools.

“Some of the scares in the US are also good news in Asia, particularly when thinking about what infrastructure is really needed to harness agentic AI,” Stephanie Aliaga, a global market strategist at JPMorgan Asset Management, said in a Bloomberg TV interview. “What markets are really beginning to price in is this ChatGPT moment for AI agents.”

Major Asian chipmakers’ outsize weighting in local equities markets further amplifies their impact on stock moves.

TSMC alone is approaching a weighting of 45% in the island’s benchmark Taiex index, three times its level a decade ago. South Korea’s Kospi has become a near duopoly, with Samsung Electronics and SK Hynix Inc. together making up nearly 40%.

While the so-called AI Scare Trade has also hurt US real estate services stocks and insurance brokers, there was less damage in Asia due to some of the local companies’ weaker response to cutting-edge technologies.

The Topix insurance sub-index has risen 6.2% since Feb. 3, with its real estate counterpart surging 15%.

“Old school wins the day so far,” said Andrew Jackson, head of Japan equity strategy at Ortus Advisors. “It’s protecting them from the AI disruption selloff because these industries are more entrenched in Japan and less open to disruption so far.”

As a result, the correlations between Asian and US equities based on weekly returns have slid to 0.43, the weakest level since June 2022, Bloomberg-compiled data show.

To be sure, Asia wasn’t entirely insulated from the global turmoil. Despite accounting for a small portion of the region’s stock markets, shares of software firms including Hong Kong-listed Kingdee International Software Group Co. and Indian tech services companies including Infosys Ltd. slumped along with their US peers during the recent sell-off.

But for now, Asian stocks are expected to continue their outperformance, thanks to the local companies’ different roles in the AI ecosystem, cheaper valuations and stronger earnings growth.

“What we are investing in are the AI enablers such as chip manufacturers,” said Elfreda Jonker, client portfolio manager at Alphinity Investment Management. “One of our big positions is TSMC, which we continue to like. All AI roads lead to TSMC.”