Korea Finance – Aisa Net http://aisa-net.com/ Tue, 21 Jun 2022 23:06:44 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png Korea Finance – Aisa Net http://aisa-net.com/ 32 32 (Korea Herald EDITORIAL June 22) https://aisa-net.com/korea-herald-editorial-june-22/ Tue, 21 Jun 2022 21:54:44 +0000 https://aisa-net.com/korea-herald-editorial-june-22/

Control inflation
Stronger and realistic policy measures are needed to curb soaring prices and avert an impending crisis

High-ranking government officials are often quick to cast as optimistic an outlook as possible, but slow to admit a looming crisis. But there are some exceptions, such as the comment made by President Yoon Suk-yeol on Monday.

Yoon admitted that there are few fundamental solutions to the current economic challenges as countries around the world raise interest rates to curb rising inflation.

In a striking move to tame inflation, the US Federal Reserve raised its benchmark rate by three-quarters of a percentage point to a range of 1.5% to 1.75% last Wednesday, marking the highest rise since 1994. The so-called “giant leap” came after US inflation hit 8.6% in May, the fastest pace since 1981.

The European Central Bank has announced it will raise interest rates for the first time in 11 years next month to control inflation in the euro zone, which hit a record 8.1% in May.

Inflationary pressure is building everywhere due to rising demand, supply chain disruptions, rising energy and commodity prices, and the protracted war between Russia and Ukraine .

To combat runaway inflation, a growing number of central banks are raising interest rates, watching the Fed’s decision closely, amid growing concerns about the side effects of aggressive rate hikes.

South Korea is not immune to such strong external headwinds. The country’s consumer prices jumped 5.4% year-on-year in May, the fastest rise in nearly 14 years, after peaking 4.8% in April. In an effort to control inflation, the Bank of Korea raised its key rate by a quarter of a percentage point to 1.75% in May.

The BOK is now expected to raise the rate in its upcoming rate-setting meetings, especially as inflation picks up further. On Tuesday, the central bank said in a report that Korea could see its highest inflation rate since 2008, when the figure was 4.7%, largely due to the mismatch between higher demand and a restricted offer. The updated projection came after the BOK had already revised up its inflation forecast for this year from 3.1% to 4.5% last month.

“There have been quite a few changes in the inflation situation,” BOK Governor Rhee Chang-yong told reporters on Tuesday. “Now that inflationary pressure at home and abroad is likely to continue, the country could end up with high inflation if we fail to properly control inflation expectations.”

The question is whether the South Korean government is doing enough to keep inflation expectations from skyrocketing. On Sunday, he unveiled a package of measures to tackle inflationary pressures, such as extending tax cuts on fuel consumption and doubling income tax deduction rates for fuel use. 80% public transport.

Finance Minister Choo Kyung-ho said the government would freeze utility tariffs including railway and postal service charges in the second half of this year and minimize tariff hikes for electricity and gas bills.

But the issue of electricity tariffs, which directly affects loss-making state power company Korea Electric Power Corp., is no easy task. The Ministry of Finance was due to announce details of the rate hike on Tuesday but suddenly delayed the timetable, apparently unhappy with Kepco’s proposal for a 2.7% hike from the third quarter.

One of the reasons is that consumer prices, which are expected to remain above 5% in the coming months, could exceed 6% if the government accepts Kepco’s request. After all, piecemeal electricity rate hikes would not help solve the structural problems of Kepco, which suffered 7.78 trillion won ($6.03 billion) in operating losses in the first quarter of this year.

Critics say the new measures unveiled by the government are far from enough to bring inflation under control, let alone solve Kepco’s problems. Even if there are few fundamental solutions, Yoon and policymakers should take stronger action to try to steer the country away from a deeper crisis.
(END)

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X2M) wins major tenders in China and South Korea https://aisa-net.com/x2m-wins-major-tenders-in-china-and-south-korea/ Mon, 20 Jun 2022 06:07:19 +0000 https://aisa-net.com/x2m-wins-major-tenders-in-china-and-south-korea/

X2M Connect Limited (ASX:X2M), an Internet of Things (IoT) technology company, is set to expand its presence in Asia and South Korea. On a significant note, the company secured a tender in China and South Korea.

The upbeat market update triggered a surge in X2M stock price today. At the time of writing (MON JUNE 20 2:18 PM AEST), shares of X2M were trading at AU$0.095, up 5.555%.

Customer building in China

The new contract in China is worth 1.34 million Australian dollars. Additionally, the agreement expands the customer base in China, implying a further step towards the market growth strategy explicitly articulated by X2M in China. The company initially established a business base in China by selling hardware and then connecting devices to the X2M platform.

Under the contract, X2M will deploy approximately 22,000 water meters with control valve in Qingyuan District of Baoding City, which has a population of over 620,000. It is part of a river water replacement project in the district. Significant efforts have been made in China to improve the distribution and management of water from source to consumers.

Persistent penetration into South Korea

In South Korea, the tender is for 0.66 million Australian dollars, under which X2M will serve 7,777 households in the city of Incheon, the municipality with the second largest number of electricity meters. water in South Korea. Securing the tender follows an initial contract in Incheon for nearly 600 homes, and delivery will be completed by November 2022. This reflects X2M’s continued penetration among existing customers in South Korea.

X2M CEO Mohan Jesudason commented:

These new tenders expand our customer base in China and build on our success to date in South Korea, Taiwan and Australian markets. We are delighted with the growth that continues to be seen by our business in Greater China and expect a portion of the revenue from this deal to add to our China revenue of $3.3 million since the beginning of the current year, more than three times what we have delivered. in Exercise 21.

He added that FY22 was a very successful year for X2M in terms of key metrics including revenue growth, customer acquisition and device deployments. These put the company in a good position for FY2023 with substantial contracts underway for delivery in FY23.

Also read: Why are FCT and X2M making headlines in the ASX tech space?

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South Korea plans to expand fuel tax cuts amid soaring prices https://aisa-net.com/south-korea-plans-to-expand-fuel-tax-cuts-amid-soaring-prices/ Sat, 18 Jun 2022 05:37:40 +0000 https://aisa-net.com/south-korea-plans-to-expand-fuel-tax-cuts-amid-soaring-prices/

SEOUL: South Korea’s government plans to extend fuel tax cuts, as part of efforts to ease inflationary pressure that has built up amid soaring energy prices, officials said on Saturday officials from the Ministry of Finance.

The government plans to extend fuel tax cuts from the current 30 percent to a legal cap of 37 percent, officials quoted by the Yonhap news agency as saying.

Finance Minister Choo Kyung-ho plans to chair an emergency meeting with economy-related ministers on Sunday when the expansion of fuel tax cuts is expected to be confirmed, they said.

Inflationary pressures quickly built up amid soaring oil and commodity prices, caused by Russia’s invasion of Ukraine and the recovery in demand.

Consumer prices in South Korea jumped 5.4% year-on-year in May, the fastest rise in nearly 14 years and a recovery from a 4.8% peak in April.

The average retail price for diesel rose above 2,100 won ($1.62) on Friday, while that for gasoline stood at 2,098.45 won.

The price of gasoline broke through the 2,000 won mark on March 15, the first time in more than nine years.

The continued upward trend in fuel prices is attributable to the shortage of petroleum product supplies triggered by Russia’s invasion of Ukraine and subsequent international sanctions against Moscow, a major energy exporter in the world.

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Shinhan Financial Group suspends review of Korbit investment https://aisa-net.com/shinhan-financial-group-suspends-review-of-korbit-investment/ Tue, 14 Jun 2022 04:56:33 +0000 https://aisa-net.com/shinhan-financial-group-suspends-review-of-korbit-investment/
Shinhan Financial Group has temporarily suspended its investment review on Korbit.



Shinhan Financial Group has temporarily suspended its review of investments in Korbit, one of the four largest virtual asset exchanges in Korea.

The group halted its review of Korbit investments in April. “It is true that we have stopped reviewing investments,” said an official from Shinhan Financial Group. “We can talk about it later, but we won’t be resuming our review in the near future.”

The reason for the suspension is that financial authorities have a negative view of virtual assets. “Financial authorities frown on equity investment by financial companies in virtual asset exchanges,” said an IB industry insider familiar with the matter. “Due to the Terra-Luna fiasco, financial firms will refrain from investing in virtual asset exchanges at this time.”

The first virtual asset exchange launched in Korea, Korbit is one of the top four players in Korea by trading volume. Nexon’s holding company, NXC, and SK Square own 48% and 35% of the exchange, respectively.

Shinhan Financial Group has since March promoted a plan to invest tens of billions of won in Korbit, through the One Shinhan Connect New Technology investment fund under the leadership of Shinhan Capital, to acquire a double-digit stake (minus of 20%) in the exchange. The group was to become Korbit’s third shareholder once the investment plan was fully executed.

At present, financial authorities are negative about investments by financial companies in virtual asset exchanges. But financial companies plan to include the advancement of banks in non-financial services and virtual asset management services in their policy recommendations to be submitted to the government.

A financial regulatory reform plan will be delivered to financial authorities with the official inauguration of Kim Joo-hyun as chairman of the Financial Services Commission. The plan calls on financial authorities to add virtual asset services to the banking business under the banking law so that banks with public trust can enter the market.

Financial authorities have not allowed financial companies to enter the virtual asset business directly, as it would give the impression that the government officially recognizes virtual assets. An amendment to the law on the reporting and use of specific information on financial transactions is the only legal regulation on the real market of virtual assets. It only focuses on the prevention of money laundering, but the government has yet to enact any law relating to the promotion of the virtual asset industry. This explains why financial companies try to enter the virtual asset market indirectly through equity investments in virtual asset exchanges.

“Although the virtual asset market is currently stagnating, the global virtual asset market is growing fast enough to eclipse the size of the stock market,” said a virtual asset industry insider. “I understand that the government is considering plans to promote the healthy growth of the virtual asset market in Korea.”

]]> The ISU predicts a reduction in IOC funding and a loss of more than 10 million francs in three years https://aisa-net.com/the-isu-predicts-a-reduction-in-ioc-funding-and-a-loss-of-more-than-10-million-francs-in-three-years/ Sun, 12 Jun 2022 14:08:26 +0000 https://aisa-net.com/the-isu-predicts-a-reduction-in-ioc-funding-and-a-loss-of-more-than-10-million-francs-in-three-years/

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]]> Taiwan says US understands its exchange rate policy https://aisa-net.com/taiwan-says-us-understands-its-exchange-rate-policy/ Fri, 10 Jun 2022 14:13:13 +0000 https://aisa-net.com/taiwan-says-us-understands-its-exchange-rate-policy/

TAIPEI (Reuters) – The United States understands Taiwan’s foreign exchange policy and the two sides have “good” communication, a Taiwanese central bank official said on Friday, after the U.S. Treasury put Taiwan on its foreign exchange list. surveillance.

The U.S. Treasury said Taiwan continues to exceed certain thresholds for possible currency manipulation and moved the island to its watch list of partners who deserve close attention to monetary practices and macroeconomic policies.

The central bank official, speaking on condition of anonymity, told Reuters that over the past year, Taiwan and the United States have been talking via teleconference.

“We have good communication,” the official said. “The US side understands our policy position on the Taiwan dollar exchange rate.”

The Taiwanese dollar is down more than 6% against the US unit this year, following broader weakness in the currencies of other export-dependent Asian economies like South Korea.

The central bank said in March that last year it bought $9.12 billion net to intervene in the foreign exchange market, compared to $39.1 billion net for all of 2020 and equaling 1. 2% of GDP, not exceeding the US Treasury’s 2% threshold. be called a manipulator.

But Taiwan’s trade surplus with the United States reached $40.2 billion in 2021, an all-time high and up nearly 30% from 2020. Taiwan’s current account surplus the year last was 14.8% of GDP. Both exceed US Treasury criteria for possible currency manipulation.

Taiwan and the United States will continue to discuss monetary issues, the central bank official added.

Taiwan’s exports have been boosted by its key role as a semiconductor producer, with Taiwanese companies’ order books full due to a global chip shortage that has particularly affected the automotive industry.

Taiwan was last officially labeled a currency manipulator by the United States in December 1992.

(Reporting by Liang-sa Loh; Writing by Ben Blanchard, Editing by Angus MacSwan and Emelia Sithole-Matarise)

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FirstFT: Japanese yen falls to 20-year low https://aisa-net.com/firstft-japanese-yen-falls-to-20-year-low/ Wed, 08 Jun 2022 22:02:45 +0000 https://aisa-net.com/firstft-japanese-yen-falls-to-20-year-low/

Hello. This article is an on-site version of our FirstFT newsletter. Sign up for our Asia, Europe/Africa or Americas edition to get it delivered straight to your inbox every weekday morning

The Japanese yen fell to a new 20-year low against the dollar on Wednesday, pushed lower by expectations that the Bank of Japan will defy global trends and maintain loose monetary policy.

The yen lost up to 1.4% against the US currency, exceeding 134 yen per dollar. It has fallen about 4% this month and in recent days has approached its lowest level since the start of 2002.

The move came after the BoJ governor said consumers had become “more tolerant” of price hikes, comments he later retracted. Speaking at the FT’s Global Boardroom event, Haruhiko Kuroda said a weaker yen would boost profits for Japanese companies.

Unlike other major central banks, the BoJ has decided not to tighten monetary policy in recent months.

“The dollar has seen a meteoric rise against the Japanese yen over the past three months as the Bank of Japan maintains a dovish policy towards the Federal Reserve,” strategists at Bespoke Investment Group said on Wednesday.

Thanks for reading First FT Asia – share your feedback with us at firstft@ft.com. – Emily

1. SEC chief launches ‘uneven’ US stock market review Gary Gensler outlined plans for an overhaul of what he described as an “unequal” and unfair US stock market, drawing fire from traders who have thrived under the current system. Gensler said he asked agency staff to consider significant changes, including a possible auction process to increase competition between services for retail investors.

2. Twitter to share data with Musk Twitter has agreed to share a vast trove of content data on its platform with Elon Musk, after the billionaire entrepreneur threatened to drop his $44 billion acquisition of the social media company unless it provided no more information about fake accounts and bots. A shareholder vote on the deal is expected in early August, according to a person familiar with the matter.

3. Iran removed UN cameras from nuclear facilities The board of governors of the UN’s nuclear watchdog voted overwhelmingly in favor of a resolution criticizing Iran for not cooperating enough at its undeclared sites after it emerged yesterday that Iran had removed two cameras belonging to the UN’s atomic watchdog from one of its nuclear facilities.

4. The UN warns of the risk of hunger Hundreds of millions of people are at risk of ‘hunger and misery’ due to war-induced food shortages in Ukraine, the UN chief warned, as talks bogged down over the end of the Russian blockade of grain shipments from the Black Sea.

5. Moderna Reports Positive Data for Omicron Covid Booster Moderna said its new two-strain Covid-19 booster boosts people’s immunity against the dominant Omicron variant, bolstering the company’s hopes of rolling it out as a fourth dose in late summer. The American biotechnology company is the first to announce the preliminary results of a clinical trial of a vaccine targeted at Omicron.

People prepare to receive a Covid vaccine

Many governments are still debating who should get a fourth dose of a Covid vaccine © Micah Green/Bloomberg

The day ahead

China’s Trade Balance Figures May data is expected to be released today. Earlier this week, data showed the US trade balance has shrunk the most in more than nine years. The decline in imports is likely, at least in part, caused by lockdowns in China due to Covid-19. (Reuters)

The ECB ends the era of easy money When Christine Lagarde outlines the European Central Bank’s plans to end eight years of bond buying and negative interest rates, she can count on the support of the vast majority of her fellow rate setters. .

January 6 committee hearings On Thursday, the House committee investigating the January 6, 2021, attack on the Capitol will share what it learned. Here’s how to watch. (Wapo)

  • Opinion: The spirit of Watergate will be absent from the audience for the January 6 television hearings, writes Edward Luce.

What else we read and listen to

How space debris could threaten modern life After 65 years of spaceflight, the area around Earth is littered with 9,000 metric tons of debris, according to NASA, all spinning uncontrollably at 25,000 km/h. Check out our impressive interactive graphic on the growing threat posed by space waste.

ESG Whistleblowing On this week’s episode of FT’s Behind the Money podcast, host Michela Tindera talks to a former executive who has raised red flags over DWS’ misleading claims about its ‘green’ financial products. FT’s Patrick Temple-West joins us in explaining what this moment means for the future of environmental, social and governance investing. register here to receive our newsletter on sustainable finance, Moral Money.

Is the global real estate market heading for a slowdown? Interest rate hikes are slowing house price growth in Europe and the United States, but experts cite several reasons for relative optimism. Experts expect the rate hikes to end the rapid two-year run-up in house prices and cause price growth to slow sharply.

A house price growth chart

Japan and South Korea seek to reset their relationship Quiet talks are underway to arrange what would be the first meeting of a Japanese prime minister and a South Korean president since late 2019, and a chance to put aside historic differences to focus on the pressing challenges of an emboldened China and a nuclear-armed North Korea. .

New pop song represents Iran’s efforts to embrace young people “Hello Commander! Hello from this fearless and left behind generation. The Islamic Republic’s latest revolutionary anthem may lack something in terms of artistic merit, but the government seems hopeful that it will help create a loyal new generation.

Technology

As global economic forces wreak havoc with stocks, Leo Lewis recounts his fight with his family over a PS5 and weighs in on the family debate over getting a new console.

A PS5 console

© Akio Kon/Bloomberg

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]]> Yoon appoints scholars and career diplomats sent to China, Japan and Russia https://aisa-net.com/yoon-appoints-scholars-and-career-diplomats-sent-to-china-japan-and-russia/ Tue, 07 Jun 2022 06:39:00 +0000 https://aisa-net.com/yoon-appoints-scholars-and-career-diplomats-sent-to-china-japan-and-russia/













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Yoon appoints scholars and career diplomats sent to China, Japan and Russia

From left to right, Hwang Joon-kook, Yun Duk-min, Chung Jae-ho and Chang Ho-jin, who have been appointed ambassadors of South Korea to the United Nations, Japan, China and China respectively. Russia.  Courtesy of the President's Office
From left to right, Hwang Joon-kook, Yun Duk-min, Chung Jae-ho and Chang Ho-jin, who have been appointed ambassadors of South Korea to the United Nations, Japan, China and China respectively. Russia. Courtesy of the President’s Office


President appoints ambassadors to Japan, China and Russia, rounding out list of envoys in 4 key overseas posts

By Nam Hyun Woo

President Yoon Suk-yeol on Tuesday appointed South Korea’s ambassadors to Japan, China and Russia, supplementing the appointments of envoys in the country’s four major foreign postings.

According to the presidential office, Yoon appointed Yun Duk-min, Chung Jae-ho and Chang Ho-jin as ambassador plenipotentiary to Japan, China and Russia, respectively. Former lawmaker Cho Tae-yong had already been named ambassador to the United States on May 17.

They will officially work as ambassadors in these countries after presenting their credentials to the host governments.

Yun, appointed ambassador to Japan, is a full professor at Hankuk University of Foreign Studies and served as chancellor of the Korean National Diplomatic Academy under the conservative Park Geun-hye administration.

He has been vocal in improving relations between South Korea and Japan, calling for a speedy resolution to a dispute between neighboring countries over Japan’s atrocities during World War II and a wartime compensation for korean workers during japan’s forced occupation of korea from 1910 to 1945. the conflict escalated following the 2018 south korean supreme court ruling against japanese companies and ordering them to compensate surviving South Korean victims of wartime forced labor.

During his speech at a Nikkei-hosted conference last month, Yun said, “The Yoon government won’t let Seoul-Tokyo relations get any worse.” At the time, he floated the idea of ​​the South Korean government compensating victims and collecting money from Japanese companies by organizing a fund, adding that was his personal view.

“The ambassador’s most important task in Japan will be to resolve the strained relations between Seoul and Tokyo,” an official in the presidential office said. “If he is officially appointed, I expect him to focus on this case.”

Chung, appointed ambassador to China, is also an academic, professor of diplomacy at Seoul National University. He headed the university’s Institute of China Studies and is known as an expert on trilateral relations between South Korea, China and the United States.

In an interview last year with the JoongAng Ilbo newspaper, Chung said South Korea’s strategic ambiguity over the US-China rivalry was “on its last legs” and the country “shouldn’t have afraid to speak out on outstanding diplomatic issues”, if deemed necessary for national interests.

This is in line with Yoon’s diplomatic initiative for “one global pivot state” which envisions an increased role in promoting freedom, peace and prosperity in the Indo-Pacific region.

Chang, appointed Ambassador to Russia, is a full professor at Korea Maritime & Ocean University. He has spent most of his career as a diplomat, as presidential secretary for foreign policy under the conservative Lee Myung-bak administration and as a political adviser at the South Korean embassy in Russia.

South Korea's Ambassador to the United States, Cho Tae-yong, speaks during an interview with The Korea Times at the National Assembly in Seoul, January 18, 2021, file photo.  Korea Times photo by Choi Won-suk
South Korea’s Ambassador to the United States, Cho Tae-yong, speaks during an interview with The Korea Times at the National Assembly in Seoul, January 18, 2021, file photo. Korea Times photo by Choi Won-suk


With this latest announcement, Yoon finalized the appointments of top South Korean envoys to his four top diplomatic posts.

The president has opted to choose diplomatic experts as his top envoys, in contrast to his predecessor, Moon Jae-in, who appointed politicians as ambassadors to those countries. Cho was a People Power Party lawmaker before taking the job, but is best known as a career diplomat.

This is interpreted as Yoon’s acknowledgment that the current diplomatic situation surrounding South Korea is serious, with the country entwined in US rivalries with China and Russia.

As Yoon directs the country’s diplomacy towards strengthening the alliance with the United States, pressure from China and Russia is expected to weigh on Seoul in terms of economic ties and cooperation on North Korean issues. To address the challenges arising from these dynamics, Yoon appears to have chosen experts with rich diplomatic experience, observers said.

Meanwhile, Hwang Joon-kook has been appointed South Korea’s permanent representative to the United Nations. Yoon also named Credit Finance Association Chairman Kim Joo-hyun as the new Chairman of the Financial Services Commission.


















































































]]> IFF Launches Annual Green Finance Prize Selection on World Environment Day https://aisa-net.com/iff-launches-annual-green-finance-prize-selection-on-world-environment-day/ Sun, 05 Jun 2022 13:45:00 +0000 https://aisa-net.com/iff-launches-annual-green-finance-prize-selection-on-world-environment-day/

BEIJING, June 5, 2022 /PRNewswire/ — The International Finance Forum (IFF) will begin accepting nominations for the annual IFF Global Green Finance Award, beginning on June 5which is also World Environment Day.

Echoing the World Environment Day theme “Only One Earth”, which emphasizes the need for change through policy changes and our choices to live in harmony with nature in a sustainable way, the IFF Prize Global Green Finance Award targets candidates offering green financial services solutions that promote the transformation of economic growth patterns, contribute to the prevention and control of pollution and the fight against climate change, as well as the improvement energy efficiency, energy conservation and emission reduction. This year’s award is a global call for innovation and application practice in policy, systems, industry, services, technology and talent development.

The Earth is our only home and we must protect its limited resources. Unsustainable consumption and production contribute to climate change, natural degradation and loss of biodiversity, as well as pollution and the waste crisis. All these issues intersect and overlap, seriously jeopardizing the future of the planet.

Natural resources are the basis of most goods, services and facilities, and the basis that sustains our economy. However, the linear “take-make-dispose” model is driving the global economy while consuming vast amounts of natural resources. Nature is in “emergency mode” and we have little time left.

To limit global warming to 1.5°C this century, we must ensure that annual global greenhouse gas emissions are halved by 2030. However, due to the impact Continuing from the COVID-19 pandemic over the past three years and the recent intense geopolitical upheavals around the world, economies around the world are sliding to the brink of economic and energy crises. We must take urgent action to deal with the looming crisis. However, all of this requires strong financial support.

Faced with the double challenge of climate change and the global economic crisis, green finance has become a strong tool that countries around the world are striving to promote. Many pioneering practices and attempts have been made in terms of policies, systems, industries and human resource development. Promoting these globally successful best practices and accelerating the popularization of green finance is crucial to promote green growth and sustainable development.

The IFF Global Green Finance Award was launched by the IFF in 2020 and is judged by a panel of 25 globally influential and authoritative financial leaders and elites from the financial and environmental sectors. In 2022, the award will include 10 innovation awards for innovative projects and 10 annual awards for institutions.

The annual Institutional Awards are given to institutions that have made outstanding contributions to global, regional or national sustainable development through green finance practices, including achieving carbon peaking and carbon neutrality, addressing climate change and the conservation of biodiversity. Institutions’ green finance activity must be sustainable and profitable.

The Innovation Awards for Innovative Projects are given to projects that demonstrate significant innovation in the field of green finance, particularly those that have made significant contributions to achieving peak and carbon neutrality, combating climate change and promoting the conservation of biodiversity.

Any institution that carries out activities that promote the development of green finance and produce real benefits is eligible to apply for the awards, including public, private and non-profit organizations.

“Finance is a resilient and effective tool for fostering sustainable development, and green finance will play an increasingly important role. Winners of the IFF Global Green Finance Innovation Award are pioneers, initiators and advocates of green and low-carbon industries.. They steer the flow of green investments into the sustainability sector,” said Han Seung-soo, Chairman of the Jury Committee, Co-Chair of the IFF, 56th President of the United Nations General Assembly and former Prime Minister of the Republic of Korea.

“The IFF Global Green Finance Innovation Award will continue to advance the development of green finance and support a sustainable world with shared benefits for humanity.”

The IFF has been highly regarded by the United Nations and several international organizations and widely recognized for its important role in promoting the practice of green and sustainable development by financial institutions. In the annual reports and CSR reports published by Chinese financial institutions in 2022, Bank of ChinaChina Securities, Postal Savings Bank of ChinaIndustrial and Commercial Bank of ChinaBank of Qingdaoindustrial bank and Huaxia Bank, among others, announced the award to the public as an important achievement in strictly fulfilling their social responsibility and vigorously developing green finance. In addition to promoting the practice of green finance by financial institutions, the IFF Global Green Finance Award also plays an active role in helping local governments implement dual carbon goals.

The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in beijing in October 2003and compiled by financial leaders from G20 countries, emerging markets and international organizations, including China, United States, the European Union and the United Nations, the World Bank and the IMF. The IFF is a historic high-level platform for dialogue and communication, as well as a research network in the financial field, and has been upgraded to F20 (Finance 20) status.

SOURCE International Financial Forum (IFF)

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NuScale Power Reaffirms Financial Outlook and Provides Business Update https://aisa-net.com/nuscale-power-reaffirms-financial-outlook-and-provides-business-update/ Fri, 03 Jun 2022 10:56:46 +0000 https://aisa-net.com/nuscale-power-reaffirms-financial-outlook-and-provides-business-update/

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PORTLAND, Ore. – NuScale Power Corporation (“NuScale Power” or the “Company”) (NYSE: SMR), the leading provider of proprietary Small Modular Nuclear Reactor (“SMR”) technology, today provided an update business and reaffirms its financial outlook.

“We are extremely proud of our recent IPO, which builds on decades of innovation, investment and the expertise of our talented team, many of whom have dedicated their careers to building and bringing to market our revolutionary technology. At NuScale Power, we have built a strong competitive position, won customer mandates, and firmly established ourselves as pioneers in the vast and largely untapped global SMR market,” said John Hopkins, President and CEO. from NuScale Power. “NuScale Power is well positioned and well capitalized to lead the broader energy industry into the future, an industry in which nuclear power is increasingly recognized as a critically important solution for basic power. profitable and 100% carbon free.”

UPDATE HIGHLIGHTS:

  • Customer Pipeline Growth four active relationships around the world. These customers include NuScale Power’s anchor relationship with Utah Associated Municipal Power Systems (UAMPS) and new agreements with Dairyland Power Cooperative in the United States, SN Nuclearelectrica SA in Romania and KGHM in Poland.
  • Made substantial progress with its primary customer UAMPS towards deployment in 2029. The company recently completed field investigation activities at the project site located in the Idaho National Laboratory near Idaho Falls, Idaho. In parallel, NuScale Power has continued to develop a Combined License Application (COLA) and is currently analyzing the data gathered from the comprehensive site investigation and two-year monitoring process, which will be presented in the COLA for meet key safety and environmental considerations. COLA will also provide additional project-specific facility design information that will support the Nuclear Regulatory Commission’s (“NRC”) safety and environmental reviews, as well as public consultations.
  • Creation of new strategic partnerships. NuScale Power has partnered with steelmaker Nucor in the United States and the Japan Bank for International Cooperation (“JBIC”) in Japan, and strengthened a partnership with Doosan Enerbility in Korea. All of these partnerships are emblematic of the growing importance of nuclear power in these regions and globally, and will play a key role in driving the commercialization of NuScale Power’s SMR.

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  • Made significant progress on the commercialization process including the development of technology and production processes. The Company is currently ordering long-lead equipment, which it believes is an important competitive advantage. NuScale Power is simultaneously working with its business partners and suppliers on various testing and validation campaigns, while initiating the production process through initiatives such as the FXM-19 forging trials with domestic and international forging sources.
  • Reaching Additional Licensing Milestones with the NRC in addition to its COLA associated with the UAMPS project. This includes the recent approval of the Building Design and Analysis Thematic Report and the acceptance of three other Thematic Reports for review, including the revision of the Building Ejection Accident Methodology Licensing Thematic Report. stem, the Framatome Fuel Applicability Thematic Report Supplement and the Critical Heat Flux Thematic Report. extra charge.

FINANCIAL UPDATE:

  • Total capital available remains strong at $383.7 million. This includes $42.7 million in cash or cash equivalents as of March 31, 2022 and $341 million from trust assets and the PIPE upgrade, net of transaction fees, raised as part of the combination recently closed with Spring Valley Acquisition Corp. (“Spring Valley”).
  • Revenue of $2.4 million and net loss of ($23.4) million for the three-month period ended March 31, 2022, compared to revenues of $0.7 million and a net loss of ($22.7) million, respectively, for the same period in 2021.
  • Research and development costs of $24.4 million for the three-month period ended March 31, 2022, compared to $18.8 million for the same period in 2021.

FINANCIAL OUTLOOK:

  • NuScale Power reaffirms its financial outlook including $16 million in cash revenue for the whole of 2022, as first announced in its merger announcement with Spring Valley.
  • Sufficient capital to support longer term business development plans, thanks in part to a $54 million increase in PIPE proceeds from $181 million to $235 million. Actual merger proceeds of $341 million exceeded projected $200 million cash requirement through 2024 in projections shared in its Spring Valley merger announcement

“We are excited to be off to a strong start as the premier publicly traded SMR technology provider,” said Chris Colbert, CFO of NuScale Power. “By reaffirming our financial outlook, we believe the capital generated from our successful merger can be successfully deployed to support our near-term business development initiatives while driving our long-term growth plan. We remain in a unique position to capitalize on the growing and urgent demand for cleaner energy worldwide, and we look forward to demonstrating the value of our cutting-edge technology and asset-light business model to a wider universe. wide of investors, customers and others. overtime.”

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CONFERENCE CALL:

NuScale Power will host a conference call at 11:00 a.m. EST on Friday, June 3, which will be webcast live and can be accessed by logging into the Events section at ir.nuscalepower.com or registering at https ://events.q4inc.com/attendee/580415941. The call will also be accessible by phone at 888-660-6537 (US/Canada). The conference ID is 1436219.

A replay of the webcast will be available for 30 days. A replay of the call will be available by phone for one week.

About NuScale Power Corporation

NuScale Power Corporation (NYSE: SMR) is ready to meet the diverse power needs of customers around the world. It has developed small modular reactor (SMR) nuclear technology to provide power for power generation, district heating, desalination, commercial-scale hydrogen production and other heat applications. industrial. The revolutionary NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 megawatts of electricity (MWe) and can be scaled to meet customer needs. NuScale’s 12-module VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) power plants, as well as other configurations according to customer needs.

Founded in 2007, NuScale is headquartered in Portland, Oregon, with offices in Corvallis, Oregon; Rockville, Maryland; Charlotte, North Carolina; Richland, Washington; and London, UK. To learn more, visit the NuScale Power website or follow us on Twitter, Facebook, LinkedIn and Instagram.

Forward-looking statements: This release contains forward-looking statements, including financial guidance and other statements regarding future performance, developments or events. The words “will”, “believe”, “expect”, “anticipate”, “plan” or other similar expressions may identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from anticipated results or events. The Company describes the risks and uncertainties in its filings with the Securities and Exchange Commission, including the discussion under the heading “Risk Factors” in Form S-1 filed on May 13, 2022, that you are encouraged to read. These include risks related to the Company’s corporate structure; its ability to compete with existing SMR producers in China and Russia; that it may be required to reimburse UAMPS, its first customer, for development costs if the Company fails to meet specified performance measures; delays in the development and manufacture of NMPs and related technologies, failure of any trade or demonstration missions, or failure to deliver NMPs to customers on a timely basis; the marketability and acceptance of the Company’s SMR, and its ability to capitalize on strategic relationships and pipeline opportunities to generate sales; developments in the energy industry, including increasing the efficiency of non-nuclear sources of electricity generation; maintaining competitive advantages; manufacturing and construction delays and supply chain issues; the Company’s ability to protect its intellectual property; government regulations and regulatory approvals, including site-specific approvals that customers must obtain; liabilities associated with the provision of nuclear services; and public perception and political risks regarding nuclear energy. The Company disclaims any intention or obligation other than that required by law to update its forward-looking statements in light of new information or future events.

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Additional information regarding these and other factors may be found in periodic public filings by the Company with the Securities and Exchange Commission, including the discussion under the heading “Item 1A. Risk Factors” in the company’s Form S-1 filed March 13, 2022. These documents are publicly available or upon request from NuScale’s Investor Relations Department: ir@nuscalepower.com. The Company disclaims any intention or obligation other than that required by law to update its forward-looking statements in light of new information or future events.

NuScale Power Corporation Summary of Financial Statements

Summary of income statement data

Three months completed
March, 31st,

(in thousands)

2022

2021

Revenue

$

2,445

$

664

Net loss

(23,373

)

(22,666

)

Summary of balance sheet data

March 31, 2022

December 31, 2021

(in thousands)

Total assets

$

91,072

$

121 197

Total responsibilities

45 149

52,799

Total mezzanine and have members

45,923

68,398

Cash flow statement summary

Three months completed
March, 31st,

(in thousands)

2022

2021

Operating cash flow

$

(33,151

)

$

(29,787

)

Cash flow investment

(1,187

)

(111

)

Cash flow financing

(73

)

63,211

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220603005088/en/

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contacts

Investor and media contacts
NuScale Investor Requests:
Gary Dvorchak, the Blueshirt band for NuScale
ir@nuscalepower.com

Media inquiries:
Diane Hughes, NuScale
media@nuscalepower.com

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