Korea Finance – Aisa Net http://aisa-net.com/ Thu, 10 Jun 2021 19:53:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png Korea Finance – Aisa Net http://aisa-net.com/ 32 32 G7 finds new goal as G20 takes a step back https://aisa-net.com/g7-finds-new-goal-as-g20-takes-a-step-back/ https://aisa-net.com/g7-finds-new-goal-as-g20-takes-a-step-back/#respond Thu, 10 Jun 2021 15:27:24 +0000 https://aisa-net.com/g7-finds-new-goal-as-g20-takes-a-step-back/

From June 11 to 13, G7 leaders meet in Cornwall, UK. The rally highlights the renewed vigor and influence of the G7, with a British Presidency engaged in action, the first public international outing of multilateralist President Joe Biden and growing concerns from the United States and Europe over the Chinese and Russian behavior.

In the meantime, we hear little about the G20.

It wasn’t meant to be that way. In the midst of the 2008 financial crisis, G7 leaders and finance ministers realized they no longer had the clout to run the global economy on their own. Emerging markets, symbolized by the BRICS countries (Brazil, Russia, India, China and South Africa), had become a force on their own. The G20 summit in Pittsburgh in September 2009 declared the G20 to be “the premier forum for international economic cooperation”. The G7 was in turn to become an informal body.

What happened?

  • The years between the 2008 financial crisis and the pandemic have been tough for the G7 economies but harder for emerging markets, with the exception of China. The heady outlook for emerging markets, especially Brazil and Russia, has been shattered.
  • The West’s relationship with China has fundamentally changed. As the creation of the G20 neared, the West has focused heavily on engagement with Beijing, seeking to manage China’s rapidly accelerating global footprint. But engagement has been replaced by strategic competition. President Xi Jinping has pushed the Chinese economy in a state-run direction, and China’s actions in Hong Kong, the South China Sea and Xinjiang, in addition to Xi’s efforts to become “president for life,” have had an impact. adverse impact on the western view of China and its rise. Meanwhile, Russia has been kicked out of the G8 following President Vladimir Putin’s invasion of Crimea and authoritarian and aggressive behavior.
  • The G20 is big and bulky. While there may be logic in the G20 as an economic / financial grouping, the political argument is less convincing. In addition to wishing for a greater role in global governance, it is not clear what the BRICS have in common.
  • The last decade has seen the advent of major cybercrimes and growing threats to national security from technology as key issues. China and Russia are seen as evil forces on these fronts in the United States and Europe, undermining G20 cooperation.

At the height of the G7 before the 2008 financial crisis, economic and financial cooperation was strong – within limits. In the face of a synchronized economic and financial crisis, countries can coordinate their policies. But under normal circumstances, the scope of macroeconomic coordination is limited. Cyclic conditions vary.

A US president cannot credibly embark on a fiscal path when Congress is in control of the fiscal purse. Germany’s macroeconomic culture is different from that of the United States, and emerging markets face their own challenges. The big central banks are independent – their mandates apply at home. In addition, Europe and the United States have different personal interests and priorities, especially after the Donald Trump administration sowed considerable mistrust.

But in other areas, the cohesion of the G7 was and remains strong. Nations often work collectively to alleviate the debt of heavily indebted poor countries, such as through the Multilateral Debt Relief Initiative, and to manage international financial institutions in indebted countries. Most of the major globally interconnected financial institutions are located in the G7 countries and cooperate in financial markets. They have collectively fought against terrorist financing and money laundering and have common interests in the fight against cybercrime. Their cohesion has just been underlined in the recent global tax agreement of the G7 finance ministers.

When the G7 countries are united, they can provide a powerful platform to advance progress within the G20. If the other G20 countries don’t agree, they can block the G7. But a united G7 is more easily able to push forward a global agenda.

The G7 countries represent democracy, believe in multilateralism and a rules-based international order. China’s growing authoritarianism and Russian belligerence have underscored this reality, bolstering the G7 goal. Trump challenged this view, but Biden clearly returned to it – a critical point that will be well underlined in Cornwall.

This does not mean that the G20 is irrelevant. Emerging markets represent a growing part of the global economic and financial system. Global goals – greening the environment, overcoming the pandemic – require close work between developed and emerging markets. The G20 can be a useful forum for discussion, for leaders and ministers to meet with their counterparts, and for advancing collective challenges, even if it remains onerous.

Where does that leave global economic management as the G7 meets in Cornwall? As before, in motion. The G7 has found new legs and new goals, although its members have their own internal differences. But emerging markets have yet to be involved in managing the global economy. Regardless of the G7 or the 20, the United States and China have yet to find ways to engage, even though they are strategic competitors. To strengthen the democratic cohesion of the G7, new actors can be brought in ad hoc in the discussions of the leaders – like Australia, India and South Korea, which will participate in the G7 summit in Cornwall.

Whether through the G7, the G20 or bilaterally, there is room for maneuver for changing coalitions on any given topic. Architecture today is neither orderly nor solid, but it is not rudderless. The role of the G7 is experiencing a renewal, supported by its collective democratic and multilateral roots. Hopefully Cornwall will be a success.

Mark Sobel is the US President of OMFIF.

Image credit: WPA Pool/Swimming pool, Getty Images Europe

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Jio named India’s strongest brand in Brand Finance, Telecom News, ET Telecom report https://aisa-net.com/jio-named-indias-strongest-brand-in-brand-finance-telecom-news-et-telecom-report/ https://aisa-net.com/jio-named-indias-strongest-brand-in-brand-finance-telecom-news-et-telecom-report/#respond Thu, 10 Jun 2021 02:03:23 +0000 https://aisa-net.com/jio-named-indias-strongest-brand-in-brand-finance-telecom-news-et-telecom-report/

New Delhi: Large telecommunications and digital communications firm Reliance Jio is the most powerful brand in India, according to the latest Indian Brands report from Brand Finance.

Jio is also the world’s most powerful telecommunications brand, according to Brand Finance.

The report notes that, although it was only founded in 2016, Jio quickly grew to become the largest mobile network operator in India and the third largest mobile network operator in the world, with nearly 400 million ‘subscribers.

Known for its affordable plans, Jio has taken India by storm, offering 4G for free to millions of users and simultaneously transforming the way Indians use the internet – known as the ‘Jio effect’, a- he declared.

As brand strength is one of the main drivers of brand value, this year Jio is also ranked among the top 10 most valuable brands in India for the first time.

Savio D’Souza, Director of Valuation, Brand Finance, said, “The dominance of the Jio brand across the country is evident from the results of the original Brand Finance market research. Jio scores the best in all measures – consideration, conversion, reputation, recommendation, word of mouth, innovation, customer service and value for money – compared to its telecom competitors in India. “

D’Souza also noted that the brand does not have any major weaknesses in the industry, and unlike many telecom brands around the world, Jio has shown that it has broken the mold and enjoys genuine affection from the share of consumers.

The five strongest brands are Taj, Maruti Suzuki, HDFC Bank and Britannia.

In addition, Tata Group retained the title of India’s Most Valuable Brand with a huge lead with a brand value of $ 21.3 billion. Present in more than 100 countries on six continents and employing more than three quarters of a million people, the Tata Group is a force to be reckoned with on the global stage, according to the report.

With 30 companies under the umbrella of the Tata Group, ranging from Tata Steel and Tata Motors to TCS and Tata Consumer Products, the brand has managed to protect itself from the damage of Covid-19 – recording a 6% increase in the value of the mark this year.

The report notes that the total value of India’s top 100 brands grew by 2%, from $ 162.1 billion in 2020 to $ 164.9 billion in 2021.

This increase in brand value in the first year of the pandemic is an impressive achievement given the global economic crisis following the implementation of national lockdowns in March 2020, when commercial activity was halted, affecting both production and consumption, he mentioned.

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P4G Seoul summit unites world leaders for inclusive green recovery and serves as springboard for next climate COP https://aisa-net.com/p4g-seoul-summit-unites-world-leaders-for-inclusive-green-recovery-and-serves-as-springboard-for-next-climate-cop/ https://aisa-net.com/p4g-seoul-summit-unites-world-leaders-for-inclusive-green-recovery-and-serves-as-springboard-for-next-climate-cop/#respond Wed, 09 Jun 2021 08:24:00 +0000 https://aisa-net.com/p4g-seoul-summit-unites-world-leaders-for-inclusive-green-recovery-and-serves-as-springboard-for-next-climate-cop/

  • Seoul P4G summit ends May 31st, proclaiming inclusive global green growth in the Seoul Declaration

  • Summit calls for global cooperation in responding to climate change; developed countries announce their support for carbon neutrality; developing countries to accelerate green growth

  • The summit strengthens innovative private-public cooperation in five major areas, contributes to the response to climate change and the proliferation of the new green paradigm

Seoul, South Korea, June 9, 2021 / PRNewswire / – The 2021 P4G Seoul Summit closed its two-day meeting on May 31st with world leaders affirming their commitment to an inclusive green recovery and carbon neutrality. At the first multilateral climate summit hosted by the Republic of Korea, leaders of developed and developing countries discussed measures to respond to climate change and reaffirmed expanding support for green growth in developing countries and their commitment to the objective of the Paris Agreement (to achieve carbon neutrality by 2050).

Major countries such as USA, UK and Germany expressed their determination to reduce greenhouse gas emissions in their country and globally, and to support sustainable growth in developing countries. During the leadership dialogue on May 31stThe President’s Special Envoy for Climate John Kerry noted that to achieve net zero emissions by 2050, three things must be accomplished: ending the use of carbon-intensive fossil fuels, diffusion of clean energy technologies and major investments in such technologies. He said the United States would double its public climate finance to developing countries by 2024.

During the leaders’ meeting on May 30, British Prime Minister Boris Johnson said no government on its own can achieve a green industrial revolution and that international cooperation is imperative to create massive funds for the climate response. He added that the UK will support the transition to a green economy through investments in R&D and technological development. German Chancellor Angela Merkel says that Germany strives to achieve carbon neutrality by 2045 and has pledged to faithfully deliver on its commitment to the international climate fund.

Leaders and senior officials of Bangladesh, Vietnam and other countries said they would accelerate green growth and actively participate in global efforts for carbon neutrality. Prime Minister Sheikh Hasina of Bangladesh said the country has adopted a 100-year sustainable development plan called Delta Plan 2100. She added that Bangladesh focuses on defending the interests of countries vulnerable to climate change and promoting regional adaptation solutions. Vietnamese Prime Minister Phạm Minh Chính stressed the need to build capacity and improve conditions to address climate issues. He also expressed from Vietnam willingness to cooperate for an inclusive green recovery, calling for a more harmonious approach in which developed countries continue to take the lead in emissions mitigation and all stakeholders participate in these efforts.

Chinese Premier Li Keqiang said that for sustainable green development, international cooperation is essential, especially support to resolve the difficulties faced by developing countries. China contribute to a green and low-carbon recovery by committing to become carbon neutral by 2060 and by organizing the 15th Conference of the Parties (COP15) of the United Nations Conference on Biological Diversity, he added.

The Seoul Declaration, adopted following the P4G Seoul Summit, demonstrated the solidarity and determination of the participating countries. The Declaration declares their commitment to overcome the COVID-19 crisis through a green recovery, to limit the increase in the Earth’s temperature to 1.5 degrees Celsius, to accelerate an energy transition away from fossil fuels, to solve the marine plastics issues and to achieve Nationally Determined Contributions (NDCs) under the Paris Agreement.

The Declaration was endorsed by 38 participating countries, including Korea, the United States, Japan and China, and by nine international organizations, including the World Economic Forum (WEF), the International Renewable Energy Agency (IRENA) and the Global Green Growth Institute (GGGI). Angel Gurria, Secretary General of the Organization for Economic Co-operation and Development (OECD), Fatih Birol, Executive Director of the International Energy Agency (IEA), and Bruno Oberlé, Director General of the International Union for Conservation of Nature (IUCN), also expressed their personal support for the Declaration.

President Moon Jae-in expressed his appreciation for the leaders in Twitter posts on June 3, after the summit is closed. In his tweet to US Presidential Special Envoy for Climate John Kerry, Moon said: “We welcome the return of US leadership in the climate change response. ‘Achieving net zero by 2050 is an incredible economic opportunity. ‘ I agree with your remark and look forward to enhanced cooperation between Korea and the United States in our fight against climate change. ” In a tweet to Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), he said: “The three points you highlighted enriched our discussion session,” referring to his remarks that a successful green transformation requires that the world adopts carbon pricing, green public investments and just transition for those most affected.

The Seoul P4G Summit strengthened public-private collaboration with the participation of leaders and representatives from dozens of nations, international organizations, businesses and civil society groups. In Korea, the preparatory office for the P4G Summit in Seoul organized various events for the response to climate change and sustainable growth, in collaboration with 23 companies, public institutions and non-governmental organizations, including IKEA Korea, Jeju Province Development Co., SK Telecom, Samsung Electronics, Hyosung T&C, Coupang, Pulmuone, Pleatsmama, Tree Planet, World Wildlife Fund (WWF) and Daelim Museum.

Yoo Yeon-cheol, the executive director of the preparatory office for the P4G summit in Seoul said: “The summit is very important for the response to climate change as developing and developed countries have come together to discuss their green cooperation plans and express their commitment. “Thanks to the summit, which is Korea’s first-ever multilateral climate summit, Korea has made a significant contribution to responding to climate change and spreading the new green paradigm. In addition, this event will become an opportunity to go beyond discussions on climate change. focused on developed countries and drive inclusive green growth that engages everyone, ”he added.

P4G 2021 Summit in Seoul (https://2021p4g-seoulsummit.kr)

P4G (Partnering for Green Growth and the Global Goals 2030) was launched in September 2017, directed by Denmark, as a global initiative to accelerate the response to climate change and the achievement of the Sustainable Development Goals (SDGs) through public-private partnerships. Out of the 17 SDGs defined by the United Nations in 2015 with the aim of achieving them by 2030, the P4G specifically targets five objectives related to climate change (food and agriculture, clean water, clean energy, sustainable cities and the circular economy). Twelve countries – the Republic of Korea, Denmark, the Netherlands, Vietnam, Mexico, Chile, Colombia, Kenya, Ethiopia, Bangladesh, Indonesia and South Africa – as well as international organizations (including the World Economic Forum and the Global Green Growth Institute) and private companies participate in the summit. P4G – is a consultative group made up of governments, businesses and civil society organizations, – emphasizes action-oriented public-private cooperation, – is made up of middle-power countries (playing the role of bridge between developing and developed countries) – seeks to build a sustainable economic model (a bridge between development and investment).



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SOURCE Ministry of Foreign Affairs, Republic of Korea

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Yili reports tremendous progress in biodiversity protection and sustainability at BBF 2021 warm-up event https://aisa-net.com/yili-reports-tremendous-progress-in-biodiversity-protection-and-sustainability-at-bbf-2021-warm-up-event/ https://aisa-net.com/yili-reports-tremendous-progress-in-biodiversity-protection-and-sustainability-at-bbf-2021-warm-up-event/#respond Tue, 08 Jun 2021 14:58:00 +0000 https://aisa-net.com/yili-reports-tremendous-progress-in-biodiversity-protection-and-sustainability-at-bbf-2021-warm-up-event/

KUNMING, China, June 8, 2021 / PRNewswire / – Enabled June 6, 2021, the Secretariat of the Convention on Biological Diversity (SCDB) and from China The Ministry of Ecology and Environment hosted the 2021 Business and Biodiversity Forum (BBF) preparation event in Kunming, China, on the theme “Business and Financial Travel to Kunming: We Are Part of the Solution”. The event took place within the framework of the United Nations Conference on Biological Diversity, which aims to build partnerships to share ideas and solutions. Yili Group, asia largest dairy producer, has published its 2020 annual report on biodiversity conservation and Sustainable development report 2020 at the event. The company has been reporting on its practices in both areas since 2018.

Yili released the 2020 Biodiversity Conservation Annual Report and Sustainability Report at the BBF 2021 warm-up event

Fight against climate change and achieve a “carbon neutral” future

Achieving “carbon neutrality” and “peaks in carbon emissions” have become key issues for the well-being of humanity. In 2010, Yili worked on carbon inventory for 11 consecutive years. In response to the UN’s 2030 SDGs, Yili offered solutions to the challenges of global climate change. In 2019, Yili successfully automated its carbon inventory by incorporating the IPCC (Intergovernmental Panel on Climate Change) guidelines on national greenhouse gas inventories into its own information system. EHSQ management in accordance with ISO14064 standards. Yili has reduced its CO2 emissions by 6.51 million tonnes and saved electricity by 10.7 billion kWh over the past 11 years.

Protect the diversity of fauna by afforestation of the desert

“With her roots in Inner Mongolia, Yili is particularly concerned about the ecology of grasslands,” said Su Yufeng, spokesperson for Yili. Due to frequent droughts and overgrazing, the banner of Ar Horqin in Inner Mongolia faces the challenge of widespread deterioration of grasslands and desertification. To solve this problem, Yili launched an innovative model of growing herbs, which uses planting and breeding practices. With an annual output of over 40,000 tons of high quality medicine hay and oats and a saving of 46,000 mu (1 mu667 meters2) degraded grassland, the model produces quality roughage for dairy cows while combating desertification and providing significant social and economic benefits to local communities. This model has significantly increased the rate of vegetation cover in key areas of the Ar Horqin Banner grasslands, from less than 10% in 2008 to more than 90% this year.

Yili is dedicated to the protection and reforestation of wetlands as well as the protection of wildlife habitats. As part of the company’s wetland ecology monitoring project last year, 16,526 bird species were recorded at 39 monitoring stations in three national nature reserves in Jilin Province. Among these listed species are endangered birds such as the eastern stork, the red-crowned crane and the Baer’s fruit bat, which has been described as “rarer than the giant panda” and is listed as an endangered species. criticism of extinction by the IUCN (International Union for Conservation of Nature).

Promote organic lifestyles through environmentally friendly packaging

Yili has been a strong advocate of organic and green lifestyles by promoting environmentally friendly packaging. To protect forests inhabited by wildlife, Yili’s Satine milk uses FSC certified packaging. In 2020 alone, this program successfully converted 185,500 mu of sustainable forest in nearly five billion packages of milk. Satine introduced organic lids partly made from sugar cane, a recyclable and renewable resource.

In addition, Yili has implemented a lifecycle supply chain management system, urging suppliers to build responsible industrial chain for a green future. By the end of 2020, 19 factories in Yili had been identified as “green factories” by from China Ministry of Industry and Information Technologies.

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Some Korean giants could be affected by G7 tax deal https://aisa-net.com/some-korean-giants-could-be-affected-by-g7-tax-deal/ https://aisa-net.com/some-korean-giants-could-be-affected-by-g7-tax-deal/#respond Mon, 07 Jun 2021 05:34:19 +0000 https://aisa-net.com/some-korean-giants-could-be-affected-by-g7-tax-deal/


South Korean conglomerates that operate subsidiaries in foreign countries with a corporate tax rate below 15% face additional tax burdens, following historic G7 agreement on a global minimum tax rate companies by 15%.

The G7 group of advanced economies agreed to set an overall minimum corporate tax rate of 15% to prevent countries from competing undercutting to attract multinational companies. The Economy and Finance Ministry said South Korea could be affected if members of the Organization for Economic Co-operation and Development (OECD) agree to do the same at next month’s conference.

Minor opposition Basic Income Party representative Yong Hye-in said the country’s 51 business groups last year had 473 subsidiaries in 22 countries designated as tax havens by the OECD. They have 146 in Singapore, 93 in Malaysia, 50 in the Philippines, 41 in the Cayman Islands, 36 in Chile, 28 in Panama, 16 in Austria, 16 in Belgium, 12 in Switzerland, 10 in Luxembourg and 6 in the Virgin Islands.

The Samsung group has the highest number of 59 entities in those jurisdictions with a corporate tax of less than 15 percent on multinational companies, followed by SK with 57, LG 34, CJ 33 and Hyundai Motor 25. If they are based in Korea, they must report the difference to the Korean government.

The global agreement on the minimum corporate tax rate will not increase the country’s corporate income tax, however, as the country already levies a much higher corporate income tax – maximum 27.5% corporate tax, including local taxes and 19.1% of the effective tax rate.

By Yang Yeon-ho and Choi Mira

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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Konex, the start-up market, is slowly fading away https://aisa-net.com/konex-the-start-up-market-is-slowly-fading-away/ https://aisa-net.com/konex-the-start-up-market-is-slowly-fading-away/#respond Sun, 06 Jun 2021 09:22:47 +0000 https://aisa-net.com/konex-the-start-up-market-is-slowly-fading-away/

The Korea New Exchange (Konex) is struggling in terms of volume, initial public offerings and upgrading listed companies to higher tier exchanges.

Konex was first introduced in July 2013 as a market for small businesses not yet large enough for proper listing on the Korea Stock Exchange.

According to the Korea Exchange on Sunday, only one company – Ihsung CNI – has been listed on the Konex market so far this year. The number of companies listed on the Konex market has been declining since it peaked at 50 in 2016; 29 companies were listed in 2017 and 12 last year.

Four companies, including ES Power Tools, were delisted between January and May of this year. A total of five companies were delisted in 2019 and eight in 2020.

There were a total of 154 companies listed on the Konex market in 2017, but the total now stands at 137.

Few of the companies listed on Konex have successfully switched to Kosdaq. One of the government’s goals for Konex was to make it a feeder market for the junior scholarship. So far this year, only three companies have been transferred from Konex to Kosdaq. Between 2018 and 2020, around 12 companies took the plunge each year.

The volume of trade has declined.

The daily trading volume in the Konex market averages around 8.8 billion won ($ 7.9 million) this year. This is up 69% from the previous year, but the exchanges were largely concentrated in about twenty companies. Out of 137 companies listed on Konex, around 70 have not been traded so far this year.

Konex’s market capitalization was 6.53 trillion won as of June 4. This roughly equates to the market capitalization of LG U +, one of the three mobile operators in Korea. That’s a third of the market capitalization of the K-OTC market, a relatively low-profile corner of the Korean capital markets that gives investors the opportunity to buy into companies that have not yet gone public, which total 21,000. billion won.

The Korean government in 2018 relaxed registration requirements for Kosdaq and allowed businesses to apply despite losing money. Businesses can now easily target the Kosdaq market, which has resulted in lower demand for Konex listings.

Fees are also an issue.

Although financial authorities have offered financial aid to companies preparing to go public, the costs remain prohibitive for small and medium-sized businesses.

“Many companies are now trying the Kosdaq market directly, or opting for the K-OTC market instead,” said Lee Hwan-tae, head of the K-OTC team at the Korea Financial Investment Association.

Konex says supportive measures are urgently needed to revitalize the market. The government said it is currently reviewing plans to improve the system and related regulations.

“We are currently examining some measures that can reduce the costs of participating in the Konex market, such as abolishing the minimum deposit regulation,” said Lee Seung-han, head of the Konex market department at the Korea Stock Exchange.

BY HWANG EUI-YOUNG, CHEA SARAH [chea.sarah@joongang.co.kr]

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South Korea’s intellectual property laws key to expanding coronavirus vaccine partnership https://aisa-net.com/south-koreas-intellectual-property-laws-key-to-expanding-coronavirus-vaccine-partnership/ https://aisa-net.com/south-koreas-intellectual-property-laws-key-to-expanding-coronavirus-vaccine-partnership/#respond Sat, 05 Jun 2021 11:36:33 +0000 https://aisa-net.com/south-koreas-intellectual-property-laws-key-to-expanding-coronavirus-vaccine-partnership/

By Josh Smith

SEOUL, June 5 (Reuters) – South Korea’s respect for intellectual property rights makes it an ideal partner for the United States as it seeks to decouple its supply chains from China and forge partnerships to manufacture coronavirus vaccines, a trio of U.S. senators said on Saturday during a visit to Seoul.

Democrats Tammy Duckworth and Chris Coons, and Republican Dan Sullivan, were in South Korea on their first official overseas trip since the start of the pandemic.

After last month’s Washington summit between US President Joe Biden and South Korean President Moon Jae-in – who was only the second international leader to be greeted by Biden – senators said their visit was a sign the importance Washington places on South Korea’s role in countering China and strengthening global supply chains amid the pandemic.

“We can trust the legal system here, and we can trust that our intellectual property rights will be protected,” Duckworth told a group of reporters. “South Korea is a logical partner. This is essential, whether it is manufacturing (computer) chips or pharmaceuticals.”

A day after Biden and Moon met, US drugmakers Moderna Inc and Novavax Inc reached a deal with South Korea to have their COVID-19 vaccines made in the country, which is seeking more shipments. and faster vaccines made in the United States. .

Asked about criticism that Moderna’s vaccine would not be made entirely in South Korea, Duckworth said the deal was the first of its kind for the United States.

“Remember, we don’t do this anywhere else in the world,” she said. ” Let’s be clear. “

Coons said the deals didn’t appear to be small or temporary, and were just the start.

The US government’s recently established International Development Finance Corporation could be involved in funding the partnerships, alongside South Korean sources, he said.

“They will (…) increase production, not just for South Korea, but for the whole region,” he said. (Report by Josh Smith edited by Mark Potter)

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Peter Bang ordered to pay more to Montgomery after embezzlement https://aisa-net.com/peter-bang-ordered-to-pay-more-to-montgomery-after-embezzlement/ https://aisa-net.com/peter-bang-ordered-to-pay-more-to-montgomery-after-embezzlement/#respond Fri, 04 Jun 2021 19:08:35 +0000 https://aisa-net.com/peter-bang-ordered-to-pay-more-to-montgomery-after-embezzlement/

A former economic development executive who embezzled about $ 6.7 million from Montgomery County was ordered this week, along with co-defendants, to repay an additional $ 215,000, after a two-year court process.

In February 2019, Byung II “Peter” Bang, was sentenced to 15 years in state prison for orchestrating a six-year embezzlement plan that paid nearly $ 7 million into South Korean bank accounts. .

The project was implemented under the guise of an agreement with the South Korean province of Chungcheongbuk-Do. County officials had agreed to build an incubator space for South Korean businesses.

Bang used the money he embezzled to feed a gambling habit, court documents show. Federal authorities began investigating Bang in April 2017 after the IRS discovered a series of bank checks from Bang that were used at casinos in Nevada, Delaware, and West Virginia. He was fired from the county government on June 12, 2017.

He had worked for the county since 1997. From 2010 to 2016, he was the Director of Operations for the former County Economic Development Department.

Along with his prison term, Bang was ordered to pay back $ 6.7 million to the county, but county officials said they only expected to receive around $ 1 million.

Montgomery County State Attorney John McCarthy said following conviction in criminal case the county “will never see $ 5 million like this” and any restitution will be “pennies per dollar “.

Four months later, in June 2019, the county filed a civil lawsuit against Bang, alleging fraud, conspiracy and unjust enrichment. The county requested at least $ 450,000 in punitive damages and all property obtained with county money.

On Tuesday, a Montgomery County Circuit Court judge ruled that Bang, his wife and several partners also named in the lawsuit must pay the county $ 215,000 on the unjust enrichment charge alone, in addition to the 6, $ 7 million in restitution for embezzlement.

Bang is still being held in the Montgomery County Detention Center, according to court records online.

A county audit published in December 2018 found that a “lack of segregation of duties” within the economic development department helped create a climate in which senior officials, such as Bang, could write checks with little or no no surveillance.

In an interview Friday morning, Montgomery County Director Marc Elrich said he hoped “everyone has learned a lesson, that they need to be more diligent about what is going on in their departments.”

Following Bang’s plea, the county said it has created a new “compliance unit” within the county’s finance department that reviews all financial transactions and performs forensic tests to detect irregular activity.

“The idea that he was able to create a series of fraudulent documents to invent the business, pretend he had invoices for the business, bill the county, with no one to supervise him, we can’t do that, “said Elrich, who took office in December 2018 after serving 12 years on county council. “And that’s one of the things that came out and was fixed. I acted very quickly and we continue to understand that we need to close so many unsupervised money-unlocking lanes, so that this does not happen again. “

Caitlynn Peetz can be reached at caitlynn.peetz@bethesdamagazine.com

Steve Bohnel can be contacted at steve.bohnel@bethesdamagazine.com

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Global adsorption equipment industry of $ 394.6 million to 2027 https://aisa-net.com/global-adsorption-equipment-industry-of-394-6-million-to-2027/ https://aisa-net.com/global-adsorption-equipment-industry-of-394-6-million-to-2027/#respond Thu, 03 Jun 2021 16:45:00 +0000 https://aisa-net.com/global-adsorption-equipment-industry-of-394-6-million-to-2027/

DUBLIN, June 3, 2021 / PRNewswire / – The “Adsorption Equipment – Global Market Trajectory and Analysis” report was added to ResearchAndMarkets.com offer.

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In the midst of the COVID-19 crisis, the global adsorption equipment market is estimated at US $ 394.6 million in 2020, is expected to reach a revised size of US $ 557.5 million by 2027, with a CAGR of 5.1% over the analysis period 2020-2027.

Above 50,000 CFM, one of the segments analyzed in the report, is expected to register a CAGR of 5% and reach US $ 223.5 million at the end of the analysis period. After an initial analysis of the business implications of the pandemic and the induced economic crisis, the growth of the 10,000 to 50,000 CFM segment is readjusted to a revised CAGR of 5.4% for the next 7-year period.

The US market is estimated at $ 106.4 million, while China is expected to grow at a CAGR of 8.2%

The adsorption equipment market in the United States is estimated at US $ 106.4 million in the year 2020. China, the world’s second-largest economy, is expected to reach a projected market size of US $ 118.2 million by 2027, with a CAGR of 8.2% over the analysis period of 2020 to 2027. Other notable geographies include Japan and Canada, each forecasts growth of 2.8% and 4% respectively over the period 2020-2027. In Europe, Germany is expected to grow by about 3.6% CAGR.

The segment under 10,000 CFM will register a CAGR of 4.9%

In the global segment of less than 10,000 CFM, United States, Canada, Japan, China and Europe will lead to the estimated 4.6% CAGR for this segment. These regional markets representing a combined market size of 94.6 million US dollars in 2020 will reach a projected size of US $ 129.5 million before the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 75.6 million by 2027, while Latin America will increase at a CAGR of 5.3% throughout the analysis period.

Some competitors (40 in total):

  • CECO Environment

  • Chemisch Thermische Prozesstechnik (CTP) GmbH

  • Coastal Environmental Systems, Inc.

  • Durr Aktiengesellschaft


  • Environment C & C inc.

  • Evoqua Water Technologies LLC

  • Gulf Coast Environmental Systems

  • Monroe Environmental Corp.

  • Taikisha Engineering India Pvt. Ltd.,


  • TIGG LLC (United States)

Main topics covered:




  • Overview of the influencer market

  • Global market trajectories

  • Impact of Covid-19 and an impending global recession













  • UK















  • IRAN







For more information on this report, visit https://www.researchandmarkets.com/r/glv027

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Grifols to supply the Korean Red Cross with the Procleix Panther for blood screening, expanding its leadership in donor screening in Asia https://aisa-net.com/grifols-to-supply-the-korean-red-cross-with-the-procleix-panther-for-blood-screening-expanding-its-leadership-in-donor-screening-in-asia/ https://aisa-net.com/grifols-to-supply-the-korean-red-cross-with-the-procleix-panther-for-blood-screening-expanding-its-leadership-in-donor-screening-in-asia/#respond Thu, 03 Jun 2021 03:13:16 +0000 https://aisa-net.com/grifols-to-supply-the-korean-red-cross-with-the-procleix-panther-for-blood-screening-expanding-its-leadership-in-donor-screening-in-asia/

The 28 systems that will be deployed in the three KRC laboratories will test around 94% of the country’s blood donation

They will run the Procleix Ultrio Elite Assay, an advanced nucleic acid test (NAT) that ensures donation safety by detecting the potential presence of the most important infectious pathogens in a single concurrent test.

Grifols recently expanded its excellence in blood safety to the region, with more countries trusting it to protect their blood supplies

Barcelona, ​​Spain, June 3, 2021 / PRNewswire / – Grifols (MCE: GRF, MCE: GRF.P, NASDAQ: GRFS), a global leader in the development of plasma-derived therapies and innovative diagnostic solutions, today announced that it will provide the Korean Red Cross (KRC) with its state-of-the-art Procleix Panther system running nucleic acid testing (NAT) technology to help ensure the safety of South Korea blood supply.

Under the KRC contract, Grifols will supply 28 Procleix Panther systems to be deployed over the next few months at the humanitarian organization’s three laboratory sites in South Korea. When fully operational, they will test around 94% of the country’s donated blood, which is mostly needed for transfusions.

Procleix Panther systems are known for their reliability, scalability and versatility, delivering high throughput with a small footprint while streamlining laboratory workflow. They will include the Procleix Ultrio Elite Assay, a high specificity NAT designed to improve blood safety by detecting the potential existence of the most important infectious pathogens in a single simultaneous assay from human serum or plasma.

“More and more countries in Asia Pacific rely on the innovative, robust and efficient screening capabilities of the Procleix Panther system to protect their blood supply, ”said David Rosée, president of the commercial division of Grifols Diagnostic. “The combination of quality, safety and advanced technology from Grifols makes an important difference in improving the health and well-being of patients.”

Grifols has steadily increased its leadership in blood safety in Asia Pacific, where it currently screens more than half of all donated blood, including 100% of those donated Australia, Japan, Malaysia and New Zealand.

Grifols Korea, formed in 2020, is the company’s newest subsidiary in Asia Pacific, where it grew to 13 subsidiaries after establishing its first presence in the region in 2000. China, where Grifols has a strategic alliance with Shanghai RAAS, a leader in the country’s plasma derivatives industry, is one of the company’s most important markets for the sale of Procleix NAT solutions.

About the Procleix Panther System

The Procleix Panther system automates all aspects of NAT (nucleic acid testing) based blood screening on a single integrated platform and is capable of delivering the highest throughput of results per square meter. It eliminates the need for batch processing and combines walking freedom with an intuitive design for easy operation.

About Procleix NAT Solutions

Today, Procleix systems are used to screen more donated blood globally than any other NAT blood screening product, and include testing for HIV, hepatitis viruses (A, B, C and E ), West Nile virus, SARS-CoV-2 *, Zika virus, dengue virus, Babesia, and more.

About the Procleix Ultrio Elite test

The Procleix Ultrio Elite assay is a nucleic acid assay (NAT) that uses magnetic target capture, transcription-mediated amplification (TMA) and chemiluminescence to detect HIV-1, HIV-2, HBV and HCV in donated blood serum or plasma. . Due to the high sensitivity and specificity of the technology, detection of targeted pathogens can be achieved in the early stages of infection, thus helping to prevent transfusion of infected blood or blood components even when the donor is not presents no symptoms and traditional serological screening techniques do not allow detection of the presence of the pathogen or of the antibodies directed against it. The assay runs on the Procleix Panther system, a fully automated NAT instrument launched by Grifols in the EU market in 2012 and currently widely used in laboratories around the world.

About Grifols
Grifols is a global healthcare company founded in Barcelona in 1909 committed to improving the health and well-being of people around the world. Its four divisions – Bioscience, Diagnostics, Hospital and Bio Supplies – develop, produce and market innovative solutions and services which are sold in more than 100 countries.

Pioneers in the plasma industry, Grifols operates a growing network of donation centers around the world. It transforms the collected plasma into essential medicines to treat chronic, rare and sometimes fatal conditions. As a recognized leader in transfusion medicine, Grifols also offers a comprehensive portfolio of solutions designed to improve the safety of donation to transfusion. In addition, the company provides tools, information and services that enable hospitals, pharmacies and healthcare professionals to effectively deliver specialized medical care.

Grifols, with nearly 24,000 employees in more than 30 countries and regions, is committed to a sustainable business model that sets the standard for continuous innovation, quality, safety and ethical leadership.

In 2020, Grifols’ economic impact in its main countries of operation was 7.5 billion euros. The company has also generated 140,000 jobs, including indirect and induced.

The company’s Class A shares are listed on the Spanish Stock Exchange, where they are part of the Ibex-35 (MCE: GRF). Grifols Class B non-voting shares are listed on the Mercado Continuo (MCE: GRF.P) and on the US NASDAQ via ADRs (NASDAQ: GRFS).

For more information, please visit www.grifols.com

*In development. Performance characteristics have not been established.

Facts and figures contained in this report which do not refer to historical data are “future projections and assumptions”. Words and phrases such as “believe”, “hope”, “anticipate”, “predict”, “expect”, “intend”, “should”, “will seek to achieve”, “it is estimated “,” to come “and similar expressions, as they relate to the Grifols group, are used to identify future projections and assumptions. These expressions reflect the assumptions, assumptions, expectations and forecasts of the management team at the time of writing, and these are subject to a number of factors which mean that actual results may differ materially. The future results of the Grifols group could be affected by events related to its own activities, such as a disruption in the supply of raw materials for the manufacture of its products, the appearance of competing products on the market, or changes in the market. regulatory framework of the markets in which it operates, among others. At the time of writing this report, the Grifols group has adopted the necessary measures to mitigate the potential impact of these events. Grifols, SA accepts no obligation to publish, revise or update future projections or assumptions to adapt them to events or circumstances subsequent to the date of writing of this report, unless expressly required by applicable law. . This document does not constitute an offer or an invitation to buy or subscribe for shares in accordance with the provisions of the following Spanish legislation: Royal Legislative Decree 4/2015, of 23 October, approving the recast text of the Securities Market Law movable; Royal decree law 5/2005, of March 11 and / or Royal decree 1310/2005, of November 4, and any regulation developing this legislation. In addition, this document does not constitute an offer to buy, sell or exchange, nor a request for an offer to buy, sell or exchange securities, nor a request for a vote or approval in any other jurisdiction. The information contained in this document has not been verified or reviewed by the external auditors of the Grifols group.

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