The highly anticipated Heaven747 Songkran Festival 2025 made history with the world's first Songkran Festival held aboard a Boeing 747 aircraft. Over 20,000 attendees celebrated across three unforgettable days, from April 13-15, 2025, solidifying Heaven747 as a symbol of New Poipet's new entertainment future.
The festival featured a powerful lineup of top international DJs, including BOTCASH, DUBVISION, VINAI, RAYRAY, BEAUZ, WUKONG, and more, transforming New Poipet into a true global music destination. The event seamlessly blended traditional Thai New Year celebrations with the energy of a world-class EDM Music Festival, featuring 360? water zones, drone shows, fireworks, and immersive light displays. The success of Heaven747 marks the beginning of a bold new vision for New Poipet — a city set to transform into a mega project of modern lifestyle, entertainment, and innovation. New Poipet aims to redefine itself as the next major hub for festivals, nightlife, and dynamic urban experiences in Cambodia.
This landmark event proves that New Poipet, Cambodia, is ready to step onto the global stage. And this is just the beginning. Let's see what's happening next. More Information: heaven747.com Join the community: Telegram - Heaven747
UnionPay Under the guidance of The People's Bank of China (PBOC) and the National Bank of Cambodia (NBC), UnionPay has further strengthened the China-Cambodia cross-border QR payment interoperability, achieving positive progress. In the first quarter of 2025, the QR payment value via the UnionPay App and UnionPay's domestic partner wallets in Cambodia surged by over 200% year-on-year, reaching a record high. As an important achievement of the Belt and Road Initiative, the QR payment linkage between China and Cambodia is playing an increasingly significant role in facilitating people-to-people exchanges and strengthening economic and trade relations between the two countries. In November 2023, the PBOC and NBC inked the Memorandum of Understanding on Cooperation in the Area of Financial Innovation and Payment Systems , agreeing to collaborate on payment and settlement among other initiatives. The QR payment connectivity project was implemented by UnionPay and Cambodian partners within the cooperation framework established by the two central banks. In December 2023, UnionPay and the NBC jointly announced the enablement of payment acceptance on Cambodia's KHQR network for 200+ UnionPay partner wallets, including the UnionPay App and Chinese banking apps. Since its launch over a year ago, the service has expanded to more use cases and achieved sustained payment volume growth. The first quarter of 2025 saw the number of transactions grow by over 100% YOY, while the transaction value increased by over 200%. In March 2025, UnionPay and the NBC further announced the enablement of Cambodia's Bakong wallets on UnionPay's global QR acceptance network and on WeChat Pay's QR merchant network in China. This achievement establishes the first fully operational two-way QR payment linkage with Southeast Asia. Since March, Bakong e-wallets have recorded steady volume growth across various spending use cases in China, including food and beverage, department stores, and tourism ticketing, becoming a preferred cross-border payment tool for Cambodian residents. Since entering the Cambodian market in 2008, UnionPay has built a comprehensive payment service system in the country with extensive coverage and diverse product offerings. Nearly all merchant POS terminals and 80% of ATMs nationwide accept UnionPay cards. While continuously improving its acceptance network, UnionPay has enhanced its local business offerings in Cambodia, where mainstream local banks have issued hundreds of thousands of UnionPay cards in total. With the implementation of the QR payment corridor, Cambodian residents can use familiar payment products at home and abroad. Currently, UnionPay has either established or is advancing cross-border QR payment partnerships with payment switches in 19 countries and regions. As a result, over 10 million QR merchants overseas have been enabled for UnionPay QR, creating a cross-border payment ecosystem that services daily consumer needs -- from dining and retail to transportation. Moving forward, UnionPay will continue to collaborate with local stakeholders to optimize payment experience, expand the merchant and user adoption for the two-way service, and deliver greater value to consumers. Source: UnionPay
Positive consolidated net result despite fall in sales to EUR11.7 billion
Higher profitability of 3.6 percent (EBIT margin) thanks to cost and efficiency improvements
Debt reduced and liquidity ensured
Innovation power unbroken: focus remains on core products for electrification, thermal management and sustainable internal combustion engines
CEO Arnd Franz: "We have stayed on course. Our MAHLE 2030+ strategy is gaining traction and allows us to be profitable despite difficult market conditions."
MAHLE expects tougher conditions in 2025 and therefore remains cautious and cost-aware
The automotive supplier MAHLE closed the 2024 financial year with a positive consolidated net result, despite challenging market conditions. Operating profit (EBIT) increased from EUR304 million to EUR423 million, raising the EBIT margin to 3.6 percent. However, sales fell 5.6 percent organically to EUR11.7 billion, largely due to weak markets in Europe and North America and sluggish EV demand outside China. "It is only thanks to hard work that we were able to assert our position in terms of business operations," said Arnd Franz, Chairman of the Group Management Board and CEO, during the company's Annual Press Conference. "Our MAHLE 2030+ strategy is gaining traction and allows us to be profitable despite difficult market conditions." MAHLE has consistently improved its earnings through cost-saving initiatives and portfolio streamlining, focusing on electrification, thermal management, and sustainable internal combustion engines. These efforts enabled the company to reduce its debt by EUR186 million, ensuring liquidity through successful refinancing. Looking ahead, MAHLE remains cautious, expecting a tougher environment in 2025 due to factors including new U.S. import tariffs. Market developments and challenges "Despite the extremely adverse conditions and the fall in sales, we were able to stabilize our position. This is a success and the result of sustained, consistent transformation work," said Markus Kapaun, Member of the Group Management Board and CFO. Most business units were affected by the downturn. Thermal Management sales reached EUR4.1 billion, with an organic decline of 9.9 percent. The Electronics and Mechatronics Business Unit posted EUR1.3 billion, 5.7 percent below the prior-year figure. The Engine Systems and Components Business Unit recorded EUR2.4 billion, down 8 percent. The Aftermarket Business Unit, however, reported growth, with sales rising 6.2 percent to EUR1.3 billion, driven mainly by strong growth in Asia/Pacific. Profitability boosted by portfolio streamlining and efficiency measures Despite lower sales, MAHLE improved its EBIT margin to 3.6 percent. This was achieved through decisive portfolio adjustments, including the sale of its stake in Behr-Hella Thermocontrol (BHTC) and its OEM thermostat business. Additionally, MAHLE implemented a comprehensive package of process and efficiency measures, optimizing sales and administration structures, adjusting its production network, selling unneeded property, and aligning employee numbers with lower sales volumes. Debt reduced, equity ratio improved These efforts helped reduce MAHLE's debt by EUR186 million to EUR1.2 billion in 2024. The debt ratio improved from 1.5 to 1.2. With liquidity secured, the company can continue pursuing its transformation. The equity ratio also rose to 20.1 percent, its first increase in five years. Research and development In 2024, MAHLE invested EUR630 million in research and development, raising its R&D ratio to 5.4 percent of sales. The company filed 427 patent applications and reported 536 new inventions, underlining its commitment to innovation and its strong position as a driver of technological progress. Innovations and orders received A highlight of 2024 was the launch of MAHLE's new bionic high-performance fan, which significantly reduces noise in fuel cell and battery-electric vehicles. Additional breakthroughs included an evaporative cooling system for fuel cell trucks and the integration of a Superior Continuous Torque electric motor into a fully electrified drive axle for heavy trucks. MAHLE secured new orders worth EUR10.3 billion, including a record EUR1.2 billion order for a thermal management module and further major orders for battery cooling systems and electric compressors. MAHLE remains firmly on course with its MAHLE 2030+ strategy, with China identified as a key growth market. The company already partners with international and Chinese OEMs and sees further opportunities, especially in the New Energy Vehicles (NEV) segment. New group structure and new business fields MAHLE launched a new group organization at the end of 2024, merging business units to strengthen electrification and thermal management while streamlining its Management Board. The new structure aims to improve internal cooperation and speed up decision-making. MAHLE also sees growth potential beyond the automotive sector. Its Lifecycle and Mobility Business Unit is set to become a pillar of growth, driven by expertise in thermal management, electric motors, and innovative solutions for mobility and the vehicle life cycle. Sustainability strategy achieves successes MAHLE earned a place on the Carbon Disclosure Project's prestigious "A list" for the first time, recognizing its success in cutting carbon emissions across production, supply chains, and product lifecycles. With a 47 percent reduction in Scope 1 and 2 CO2 emissions already achieved, the company is well on track to meet its 2030 target of 49 percent. (Geo-) political and economic conditions must be right Looking ahead to 2025, MAHLE CEO Arnd Franz warned of tougher conditions, especially after the U.S. imposed new import tariffs on automotive goods. "As a globally active company committed to free and fair trade, we cannot understand this trade policy," Franz said, noting the impact on supply chains and consumer prices. Franz also welcomed the EU Commission's plan to review CO2 regulations and stressed the need for technological diversity. "Two-thirds of our jobs in Europe and Germany depend on the internal combustion engine, which supports five times more jobs than e-mobility," he explained, urging policymakers to consider climate, employment, and social policies when shaping the industry's future. He concluded that MAHLE's ability to create new jobs would depend on improved economic and political conditions, underlining the crucial role of clear and supportive policymaking. Key figures compared with the previous year
2023
2024
Sales (EUR million)
12,818
11,681
EBIT (EUR million)
304
423
EBIT margin (percent)
2.4
3.6
Consolidated net profit (EUR million)
26
22
Equity (EUR million)
1,611
1,548
Headcount1 (number of people)
72,373
67,708
1 as at December 31 About MAHLE MAHLE is a leading international development partner and supplier to the automotive industry with customers in both passenger car and commercial vehicle sectors. Founded in 1920, the technology group is working on the climate-neutral mobility of tomorrow, with a focus on the strategic areas of electrification and thermal management as well as further technologies to reduce carbon emissions, such as fuel cells or highly efficient, clean combustion engines that also run on renewable fuels, such as hydrogen. Today, one in every two vehicles globally is equipped with MAHLE components. MAHLE generated sales of EUR11.7 billion in 2024. Employing just under 68,000 people at 135 production locations and 11 technology centers, the company is represented in 28 countries. (as at: 12/31/2024)
Thailand's globally renowned festivals, Songkran and Loy Krathong, possess immense cultural and tourism potential—yet remain underleveraged in driving international travel. Despite high levels of global awareness, participation remains low due to concerns over safety, festival management, and infrastructure. A recent study by Sasin Management Consulting (SMC) reveals that only a fraction of international tourists visits Thailand specifically for these celebrations. To transform Songkran and Loy Krathong into world-class attractions, Thailand must enhance safety, improve infrastructure, and integrate deeper cultural storytelling with engaging experiences—positioning its festivals not just as spectacles, but as meaningful, must-see global events. Thailand's world-renowned cultural festivals—Songkran and Loy Krathong—are celebrated for their unique charm, spiritual depth, and vibrant traditions. Whether it's the exhilarating water fights of Songkran or the serene beauty of floating krathongs under the moonlight, these iconic events captivate global attention. Yet, despite their popularity, these festivals remain an underutilized asset in driving international tourism.
High Awareness, Low Participation According to recent research conducted by Sasin Management Consulting (SMC), there's a significant gap between awareness and actual visitation. The survey of 2,200 potential international tourists showed that while 75% were aware of Songkran, only 20% had traveled to Thailand to experience it firsthand. A similar trend appeared for Loy Krathong, with over 50% aware of the festival, yet only 16% had visited during the celebration.
Tourism data from 2018, 2019, and 2024 (excluding pandemic-impacted years) further supports this trend, showing no significant spike in arrivals during the festival months of April (Songkran) or November (Loy Krathong). Among tourists who did visit during these times, only one-third came specifically for the festivals; the majority were motivated by general interest in Thailand as a destination.
What's Holding Tourists Back? The study highlights several key deterrents affecting international participation in Thai cultural events.
Safety and Security: Cited by 24% of respondents as a concern, particularly regarding large public gatherings.
Lack of Festival Awareness: Nearly a quarter of respondents simply didn't know enough about the festivals to prioritize them.
Poor Festival Management: Tourists expressed dissatisfaction with the organization, crowd control, and accessibility of festival events.
Inadequate Infrastructure: 13% pointed to subpar facilities not meeting international expectations.
These issues create a disconnect between what tourists' value—safety, convenience, cultural authenticity—and what Thai festivals currently offer.
Bridging the Gap: Culture & Entertainment Thailand's cultural festivals are undeniably entertaining, but their deeper meaning and traditions often remain underrepresented in the global tourism narrative. While Songkran's joyful water fights are widely recognized, its Buddhist origins and cultural symbolism are rarely emphasized abroad. Yet the appetite for cultural experiences is strong. In fact, 70% of respondents praised Thailand's rich cultural value. This suggests an opportunity to reposition Thai festivals by integrating both entertainment and cultural depth, making them more meaningful for a broader spectrum of tourists. Turning Festivals into World-Class Attractions To fully capitalize on the tourism potential of Songkran and Loy Krathong, Thailand must:
Improve Festival Infrastructure- Ensure facilities, transportation, and public amenities meet global standards.
Enhance Safety and Security - Increase visible safety measures and provide clear guidelines for tourists.
Strengthen Festival Management - Develop more organized, accessible, and tourist-friendly festival experiences.
Promote Cultural Storytelling - Highlight the historical and spiritual roots of each festival through international campaigns.
Blend Culture with Experience - Create immersive cultural programs that enrich the entertainment value of the festivals.
The Road Ahead Songkran and Loy Krathong have the potential to be more than just beautiful cultural snapshots—they can become flagship events that draw millions of visitors, similar to Brazil's Carnival or Japan's Cherry Blossom season. By addressing current gaps and reimagining the festival experience, Thailand can transform its beloved traditions into world-class tourism magnets.
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