Thailand’s Constitutional Court unanimously upheld the government’s emergency decree allowing 400 billion baht ($11.95 billion) in borrowing to address the energy crisis. Judges ruled 7-2 to maintain provisions for renewable energy transition funding, rejecting lawmakers’ constitutional challenge, enabling the government to proceed with its economic support plan.

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Key Points

• Thailand’s Constitutional Court unanimously upheld the government’s emergency decree allowing 400 billion baht ($11.95B) in borrowing to address the energy crisis, rejecting claims from 133 lawmakers that it bypassed normal legislative процесс.

• The court ruled 7-2 to approve using funds for renewable energy transition, with 200 billion baht easing living costs amid Middle East-driven price hikes.

• This decision provides legal backing for Thailand’s energy support and clean energy investment plans.

Constitutional Court Upholds Emergency Borrowing Decree

On July 9, Thailand’s Constitutional Court ruled that the government’s emergency decree authorizing a 400-billion-baht (about $11.95 billion) loan to address the energy crisis is constitutional. A panel of nine judges unanimously approved the core provision empowering the Ministry of Finance to borrow funds to counter the effects of volatile global energy prices. By a 7–2 vote, the court also upheld the clause allocating budget resources toward transitioning from fossil fuels to renewable energy. The ruling followed a challenge by 133 members of the House of Representatives, who argued that the decree bypassed normal legislative procedures reserved for genuine emergencies or economic crises.

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Allocation and Purpose of the Loan

The 400-billion-baht plan, approved by the Thai cabinet in May, is divided into two main components. Approximately 200 billion baht will help ease the cost-of-living burden on citizens amid rising global energy prices linked to the Middle East conflict. The remaining funds are earmarked for energy transition initiatives, supporting Thailand’s shift away from fossil fuel dependency toward cleaner, more sustainable energy sources. The government emphasizes that this dual-purpose funding strategy aims to stabilize the economy in the short term while laying the groundwork for a resilient, diversified energy sector capable of adapting to future global market fluctuations.

Broader Implications for Thailand’s Energy Strategy

The Constitutional Court’s decision provides the government with a solid legal foundation to proceed with its large-scale economic support package. Officials view this ruling as pivotal in accelerating investment in energy infrastructure and diversification programs over the coming years. As many nations intensify efforts toward emission reduction and energy security, Thailand’s approved borrowing plan positions the country to align with these global trends. Beyond immediate economic relief, the initiative reflects a broader strategic vision—balancing short-term financial stability with long-term structural reform, reinforcing Thailand’s commitment to sustainable growth and energy resilience amid ongoing international market uncertainties.

Source : Thailand officially approves emergency loan of nearly 12 billion USD

Other People are Reading

Digital platforms now provide multiple services within one system. Instead of relying on separate services for communication, customer management, accounting, and reporting, businesses can access these functions on a single platform.

For example, Microsoft 365 includes email, file storage, meetings, and collaboration, while HubSpot combines CRM, marketing, and support within one environment.

This model is not limited to business software. Consumer platforms follow the same structure. Netflix, for instance, started as a streaming service but now offers films, series, mobile games, and personalised content within one platform.

The same applies to platforms like Amazon, which combine shopping, streaming, cloud services, and subscriptions. A similar approach can be seen in online gaming platforms such as MrQ Casino, which offers slots, live casino games, bingo games, and jackpot games within one platform.

Software Fragmentation Is Creating Operational Inefficiencies

Many UK businesses operate with multiple software tools across departments. Sales, finance, customer support, and internal communication are often managed through separate systems. While each tool addresses a specific function, this structure creates fragmentation at the operational level.

The primary issue is not the number of tools, but the separation of data and workflows. When systems operate independently, information must be transferred manually or through integrations. This introduces delays, duplication, and inconsistencies.

In practice, this leads to:

• Multiple versions of the same data
• Delayed reporting and decision-making
• Increased administrative workload
• Higher risk of errors in financial and customer records

These inefficiencies become more visible as businesses grow and processes become more complex.

Integration-Based Systems Have Structural Limitations

Most multi-tool environments rely on integrations to connect systems. These integrations are typically API-based and allow data to move between applications.

However, integration does not eliminate fragmentation. It only creates a link between separate systems.

Common limitations include:

• Data synchronisation delays
• Inconsistent data structures between tools
• Partial or failed data transfers
• Increased maintenance requirements

For example, customer data may be updated in a CRM system but not immediately reflected in accounting or support platforms. This results in misaligned records and incomplete reporting. As the number of tools increases, the number of integrations grows, adding further complexity.

Platform-Based Systems Use a Shared Data Structure

In contrast, platform-based systems operate on a unified architecture. Multiple business functions are managed within a single environment, supported by a shared data layer.

This approach eliminates the need for data transfer between systems.

Key characteristics include:

• Centralised data storage
• Unified user identity and access control
• Built-in workflows across departments
• Real-time updates across all functions

Examples of platform-based systems used in the UK include:

• Microsoft 365, which combines communication, document management, collaboration tools, and automation within one environment
• HubSpot, which integrates CRM, marketing, sales, and customer support on a single data model
• Zoho One, which provides a suite of business applications covering finance, HR, operations, and customer management
• Sage, which combines accounting, payroll, and compliance functions tailored to UK regulatory requirements

In these systems, actions performed in one area are immediately reflected across the platform.

Workflow Continuity Improves Operational Efficiency

A key advantage of platform-based systems is workflow continuity. Processes can operate across departments without interruption or manual intervention.

In a fragmented system:

• Data must be exported or re-entered
• Teams rely on manual updates
• Processes are delayed at each transition point

In a platform-based system:

• Data flows automatically between functions
• Processes are triggered in real time
• Reporting reflects current operational activity

For example, when a sale is recorded in a unified platform:

• The customer record is updated automatically
• Billing processes can be triggered immediately
• Support systems have access to the same information
• Reports are updated without manual input

This reduces administrative effort and improves data accuracy.

Regulatory Requirements Support Platform Adoption in the UK

Regulatory developments in the UK are reinforcing the move toward integrated systems.

The introduction of Making Tax Digital requires businesses to maintain digital financial records and submit data using compatible software. This increases the importance of accurate, consistent data across financial processes.

Using multiple disconnected tools increases the risk of:

• Inconsistent financial records
• Manual reconciliation errors
• Delays in reporting

Platforms such as Sage address these challenges by combining accounting, payroll, and reporting within a single system. This reduces the need for data transfers and supports compliance requirements.

Artificial Intelligence Requires Integrated Data Environments

The adoption of artificial intelligence is further accelerating platform consolidation. AI systems depend on access to structured, consistent data. In fragmented environments, data is incomplete or distributed across multiple systems, limiting the effectiveness of AI tools.

In platform-based environments:

• AI can access a complete dataset
• Automation can operate across workflows
• Insights are based on real-time information

This allows businesses to implement automation and analytics at a broader operational level, rather than within isolated tools.

Platform Adoption Introduces Dependency Considerations

While platform-based systems reduce complexity, they also introduce dependency on a single provider.

Key considerations include:

• Data portability and export capabilities
• Integration options with external tools
• Long-term pricing structures
• Vendor lock-in risks

In the UK cloud market, switching between providers remains limited due to the complexity of migration and system dependencies. As a result, platform selection becomes a strategic decision.

ET Intelligence Group: The performance of Tata Consultancy Services (TCS) in the June 2026 quarter was on expected lines with sequentially flat dollar revenue, margin contraction and sustained order flow.

Amid top line deceleration, the country’s largest software exporter has been reporting traction in new contracts involving solutions based on artificial intelligence (AI) platforms. However, AI revenue currently forms only a small portion of the total revenue. To improve client engagement in a fast-evolving technology landscape, it needs to scale up rapidly thereby requiring higher capital investments. If this has to happen without burdening the balance sheet, it requires a relook at the current policy of returning cash to investors.

TCS reported a double-digit sequential growth of 13.6% in annualised AI revenue, even though annualised total revenue in the June quarter failed to increase. To be sure, at $2.6 billion, AI revenue accounts for just about 8.5% of total annualised revenue of $30.5 billion, implying that it has a long way to go before AI initiatives start contributing meaningfully without affecting overall operating margins. This may require greater investments in AI capabilities and partnerships.

In this backdrop, the company needs to revisit its liberal dividend policy. It paid ₹39,571 crore in dividends in FY26 while generating an estimated ₹47,288 crore in free cash flow (FCF), which is operating cash flow net of capital expenditure. In the previous three years, dividends ranged between ₹44,962 crore and ₹46,223 crore, while FCF was between ₹41,440 crore and ₹46,449 crore. This shows that it has been returning the majority of free cash to shareholders. While it may be a suitable option for a mature business such as consumer goods, a company such as TCS that caters to client requirements shaped by tectonic shifts in technology will need to divert internal accruals to invest for future growth. The dividend yield at present is over five considering the FY26 dividend, buoyed by a sharp 36% fall in the TCS stock price in 2026 so far. Historically, it has remained under three. For the June quarter, the company has declared an interim dividend of ₹12.

Amid slower revenue growth, continued momentum in fresh orders may offer some solace. TCS clocked $9.5 billion in total contract value orders bagged during the June quarter, in line with the $9-10 billion range seen during the past few quarters. Its employee attrition rate remained stable sequentially at 13.6%. Its headcount expanded sequentially for the second straight quarter, this time by 9,279 to 5.9 lakh. These factors offer hope for long term growth amid short-term uncertainty.

Mumbai: The Securities and Exchange Board of India (Sebi) on Thursday barred Osiajee Texfab, its managing director and several other entities from the securities market for allegedly manipulating the company’s share price through synchronised trades, misleading corporate announcements and connected entities.

The regulator in an ex-parte interim order said, the textile company’s shares surged nearly 842%, from ₹50.40 on January 30, 2025 to ₹474.80 on January 27, 2026, followed by another sharp rise in May 2026, despite no material positive corporate developments.

Sebi’s preliminary examination found that the top 10 contributors to the stock’s last traded price accounted for 67.38% of the market’s positive LTP contribution during April 30-May 14, 2026. All of them traded through the Hoshiarpur branch of Shreni Shares Ltd, managed by the husband of Osiajee Texfab’s managing director. The regulator also alleged that the company misled investors by claiming its textile business was ‘growing steadily’ even though its standalone textile operations generated virtually no revenue.

By Jennifer Nash

Existing home sales unexpectedly fell in June, dropping 2.4% after a 3.7% increase in May. According to the National Association of Realtors (NAR), sales reached a seasonally adjusted annual rate of 4.09 million units, falling short of the

Success rarely follows a straight path.

For Shahriar James Ekbatani, the journey has included immigrating to the United States as a teenager, building a 40-year healthcare career, founding a nonprofit organization, and developing commercial real estate projects across Florida.

Today, Ekbatani is known for two major areas of impact. The first is Lotus Behavioral Health, a nonprofit organization helping adolescents overcome drug and alcohol addiction. The second is a growing real estate development portfolio that includes projects in Lake Nona, The Villages, downtown Orlando, and Palm Beach County.

While the industries may seem different, Ekbatani sees a common thread.

“Success is accomplishing your goals,” he says. “Everything starts with understanding the outcome you want and then creating the steps necessary to get there.”

From Iran to America: The Beginning of the Journey

Ekbatani grew up in Iran before immigrating to the United States at the age of 18.

Like many immigrants, he arrived with ambition but few guarantees. Education quickly became a priority. He earned bachelor’s and master’s degrees in Industrial Engineering, followed by a master’s certificate in Healthcare Administration.

Those credentials opened the door to a career in healthcare at a time when hospitals and healthcare systems were becoming increasingly complex.

He began in hospital consulting before moving into leadership positions, including Vice President of Operations and Chief Operating Officer.

Over time, he developed a reputation for solving operational challenges and improving organizational performance.

Building a Healthcare Business Over Four Decades

Healthcare became the foundation of Ekbatani’s professional career.

Over four decades, he worked across consulting, hospital operations, healthcare management, and entrepreneurship. Eventually, he launched his own healthcare company and grew it into a successful business that was acquired by a national firm in 2018.

The journey was not without setbacks.

One of the biggest challenges came when his company faced outside opposition that forced a major change in direction.

“In my previous company, we were attacked by a group of lawyers who did not like the relationship that we had built with the hospitals,” Ekbatani recalls. “We had to restart our company in a different direction, working with insurance companies.”

The experience reinforced a lesson that continues to guide him today.

“It’s perseverance,” he says when asked what quality contributed most to his success.

Rather than viewing obstacles as permanent roadblocks, he learned to adapt while keeping his focus on long-term goals.

Why Shahriar James Ekbatani Founded Lotus Behavioral Health

After selling his healthcare business, Ekbatani turned his attention toward another challenge.

In 2020, he founded Lotus Behavioral Health, a nonprofit organization serving young people between the ages of 12 and 17 who struggle with drug and alcohol addiction.

As Chairman of the Board, he has focused on building programs that help teenagers and their families navigate recovery and create healthier futures.

The mission reflects his long-standing belief that meaningful success is measured by outcomes.

For Ekbatani, helping a young person overcome addiction and reclaim their future is one of the most important outcomes possible.

The organization has become one of the defining achievements of his career and remains a major focus of his work today.

How Shahriar James Ekbatani Transitioned Into Real Estate Development

While Lotus Behavioral Health was growing, Ekbatani was also pursuing a new challenge in commercial real estate development.

Following the sale of his healthcare company, he began focusing on opportunities in some of Florida’s fastest-growing markets.

One of the earliest examples was in Lake Nona.

What began as a farmland acquisition evolved into a significant commercial development opportunity as the area experienced rapid growth and attracted new residents, businesses, and investment.

That experience helped shape his approach to development.

Rather than chasing trends, he looks for areas where population growth, infrastructure investment, and business demand are moving in the same direction.

“I look at the outcomes that I desire to have over a one-year period,” he says. “Then I define the steps necessary to accomplish them.”

Major Projects Across Florida

Today, Ekbatani’s real estate portfolio spans several of Florida’s most active growth markets.

In The Villages region, he has focused on retail and medical development projects designed to serve one of the fastest-growing populations in the country. As healthcare providers, retailers, and service businesses expand into the area, demand for commercial space continues to increase.

He has also acquired and sold notable properties in Palm Beach County, further expanding his footprint within Florida’s commercial real estate market.

One of his most visible current projects is Eola Food Hall in downtown Orlando.

Scheduled to open in 2026, the project is expected to become a destination that brings together local food vendors, visitors, and residents in the heart of the city. The development has already generated significant media attention and represents another example of Ekbatani’s focus on projects that contribute to community growth.

“Looking at the end outcome and staying focused on that,” he says. “That’s how I approach every project.”

What Leadership Means to Shahriar James Ekbatani

Whether he is developing real estate, leading a nonprofit, or building a business, Ekbatani follows the same leadership philosophy.

He starts with the desired outcome.

Then he works backward to identify the steps needed to achieve it.

He measures success by results rather than activity.

“By the outcome of a project,” he says when asked how he evaluates achievement.

That mindset has helped guide a career that now spans healthcare, philanthropy, and real estate development.

Looking ahead, he remains focused on growth, impact, and new opportunities.

“Set new goals and objectives to accomplish over the next year,” he says.

After more than four decades of leadership, that simple philosophy continues to drive everything he does.

From immigrating to the United States as a teenager to leading major development projects and nonprofit initiatives across Florida, Shahriar James Ekbatani’s story demonstrates the value of perseverance, long-term thinking, and staying focused on the outcome that matters most.

The port says it is making efforts to shift its business model.

“We try to work together with the polluters, and slowly phase them out,” says Oscar van Veen, director of innovation at the Port of Rotterdam, speaking on a small boat in the harbour. He pauses, then corrects himself: “As fast as possible, of course.”

But many of the biggest emitters in the port answer to headquarters in the US or China.

Their loyalty lies with boardrooms abroad. If the rules in Rotterdam become too tight, they can simply move – as Shell shifted its headquarters to the UK and Unilever left Rotterdam altogether.

“The Port of Rotterdam is a key player in this sustainable transition but their sphere of influence is limited,” says Bettina Kampman, from environmental consultancy CE Delft, which works for governments, companies and NGOs.

Even transitioning their own activities to lower emissions comes with challenges.

“New developments need physical space. They can speed up the energy infrastructure developments – the electricity needed to electrify the processes. That’s all limited at the moment due to the lack of power cables,” Kampman says.

Emeritus professor Harry Geerlings, of Erasmus University Rotterdam, has spent more than three decades studying sustainable transport and ports.

He is sceptical that any single port authority can drive a full transition on its own. What is needed, he says, is a global level playing field – the kind of framework provided in Europe by the Emissions Trading System and past rules on sulphur in marine fuels.

He points out how EU sulphur limits changed behaviour: ships calling at European ports had to switch to cleaner fuels or fit scrubbers to reduce pollution.

China initially resisted, he says, but when its ships could no longer enter US and European ports without complying, it followed suit. “If you have the right incentives, you change the behaviour of these companies.”

But there are limits to what regional rules can do. Many ships now sail with dual fuel set ups, burning cleaner, low-sulphur fuel as they enter European waters, then flipping back to cheaper, high sulphur heavy fuel oil once they are out on the high seas.

Geerlings believes Rotterdam’s port authority genuinely wants to change and is building the infrastructure for a smoother transition.

“But their biggest income is still tied to fossil fuel industries,” he notes. “It’s not simply a switch you turn on or off. A port needs activity as a logistics node – otherwise it’s no longer a port. It’s a real dilemma.”

Operator

Good afternoon, everyone, and thank you for participating in today’s conference call to discuss Educational Development Corporation’s financial and operating results for its fiscal 2027 first quarter results. As a reminder, this conference is being recorded.

On the call today are Craig White, President and Chief Executive Officer; Heather Cobb, Chief Sales and Marketing Officer; and Dan O’Keefe, Chief Financial Officer. After the market closed this afternoon, the company issued a press release announcing its results for the fiscal 2027 first quarter results. The release will be available later today on the company’s website at www.edcpub.com.

Before turning to the prepared remarks, I would like to remind you that some of the statements made today will be forward-looking and are protected under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied due to a variety of factors. We refer you to Educational Development Corporation’s recent filings with the SEC for a more detailed discussion of the company’s financial condition.

With that, I would like to turn the call over to Craig White, the company’s President and Chief Executive Officer. Craig?

Craig White
President, CEO & Chairman of the Board

Thank you, Chloe, and welcome, everyone, to the call. We appreciate your continued interest. I will start today’s call with some general comments regarding the quarter, then I will pass the call over to Dan to run through the financials, after which Heather will provide an update on sales and marketing and IT projects, and then I will