Korea Finance – Aisa Net http://aisa-net.com/ Wed, 22 Sep 2021 13:54:32 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png Korea Finance – Aisa Net http://aisa-net.com/ 32 32 Failure to address structural issues lowers Korea’s potential growth rate https://aisa-net.com/failure-to-address-structural-issues-lowers-koreas-potential-growth-rate/ https://aisa-net.com/failure-to-address-structural-issues-lowers-koreas-potential-growth-rate/#respond Wed, 22 Sep 2021 13:35:46 +0000 https://aisa-net.com/failure-to-address-structural-issues-lowers-koreas-potential-growth-rate/

A general view of Lotte Tower (center front) and Namsan Tower (center back) amid Seoul city skyline and the Han River at sunset in 2018. Before the outbreak of the pandemic in Korea. South early last year, there were warnings that a decline in labor productivity, a shrinking working-age population and other negative factors would continue to reduce the country’s growth potential in the future. ‘to come up. afp

Failure to address structural issues lowers Korea’s potential growth rate

A report released by the Bank of Korea last week estimated the country’s potential growth rate for 2021-2022 at 2 percent, down 0.2 percentage point from its previous estimate made in August 2019. The rate for 2019-20 was estimated at 2.2%. , also a decrease from the previous projection of 2.5 to 2.6 percent.

The fall in South Korea’s potential growth rate has been accelerated in recent years not only by the economic fallout from the Covid-19 pandemic but by structural problems weighing on Asia’s fourth-largest economy. The potential growth rate refers to the maximum possible rate at which an economy can grow without triggering inflation.

The International Monetary Fund (IMF) remains more cautious about Korea’s economic fundamentals, estimating its potential growth rate for 2020-22 at 1.8%.

Before the outbreak of the pandemic here early last year, warnings were issued that declining labor productivity, shrinking working-age population and other negative factors would continue to reduce the potential. growth of the country in the future.

Local research institutes predict that unless these issues are addressed effectively and urgently, Korea’s potential growth rate could fall below 1% by 2030.

The downward trend in potential growth cannot and should not be minimized, as the indicator points to the overall health of an economy and serves as a barometer of a country’s future growth.

It is somewhat inevitable for mature economies to see their potential growth rate decelerate. But Korea, which is on the verge of crossing the threshold and becoming one of the world’s advanced economies, could further boost its economic growth.

Government officials expect Korea’s economy to accelerate amid a global economic recovery and register a growth rate of more than 4% this year, following a 1% contraction last year under the influence of the pandemic.

But without a serious overhaul of its economic fundamentals, the country will remain in a rut of low growth over the long term. In a context of sluggish growth, youth unemployment will worsen and tax revenues will decline. With weakening economic fundamentals, interest rate hikes aimed at correcting financial imbalances could have a more negative impact on consumption and investment.

The administration of President Moon Jae-in has delayed or abandoned the structural reforms necessary to consolidate the long-term strength of the economy. On the contrary, the displaced policies she has pursued since Moon came to power in 2017 have undermined Korea’s growth potential.

The revenue-driven growth of the Moon administration, which places greater burdens on employers, has pushed many workers out of work.

Its pro-labor measures have made the labor market more rigid and hampered efforts to improve the country’s labor productivity, which remains near the bottom among member states of the Organization for Economic Co-operation and Development.

The Moon administration also introduced more regulations, discouraging companies from increasing investment and hiring more workers.

It should be noted that the impact of the pandemic on a country’s potential growth rate differs depending on the policy response of its government.

The Moon administration should redouble its efforts to accelerate regulatory and labor reforms to revitalize business activity, nurture new engines of growth and attract more women and young people to the labor market .

It may be too much to expect him to revisit the economic framework before Moon leaves office in May. But at the very least, it’s the administration’s obligation to remove the restrictions it has added in recent years.

Worryingly, presidential candidates from ruling and opposition parties show little interest in bolstering the country’s declining growth potential. Most of them are concerned with coming up with populist spending plans. But whoever succeeds Moon will struggle to fund his welfare promises without increasing tax revenues through continued economic growth.

Korea’s economy has struggled to grow ever since its gross national income per capita hit the $ 30,000 level. Now is not the time to let the economy contract while neglecting efforts to strengthen its growth potential.

THE KOREA HEARALD / ASIA INFORMATION NETWORK

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South Korea’s role as a middle power https://aisa-net.com/south-koreas-role-as-a-middle-power/ https://aisa-net.com/south-koreas-role-as-a-middle-power/#respond Tue, 21 Sep 2021 19:40:25 +0000 https://aisa-net.com/south-koreas-role-as-a-middle-power/

Lost in the whirlwind of media coverage on Afghanistan last month, brilliant news featuring Afghan families, including dozens of children holding pink or white teddy bears, has rolled out of the international airport in Incheon in South Korea on August 26. They were among 391 Afghans flown from Kabul by the South Korean army after the city fell to the Taliban. Considered “people of special merit”, many Afghans had worked as translators, medical assistants, professional trainers and engineers with the South Korean government. What does the US withdrawal mean for allies such as South Korea who have offered support to US missions in Afghanistan (and also in Iraq), and more importantly, what should be South Korea’s broader role in a “More and more multiplex world”?

The frenzied withdrawal of US forces from Afghanistan and the recent passing of the 20th anniversary of September 11 has highlighted the wisdom of US intervention and America’s role in the world in the 21st century so far. This in turn stimulated debate over the best course of action for US foreign policy in the future. Whether advocating greater restraint or more activism on the world stage, however, most experts seem to agree that U.S. allies can do more to support regional stability and world order.

South Korea’s role in the Indo-Pacific

As stated in a joint leaders’ statement in May, South Korea and the United States “share a vision of a region governed by democratic standards, human rights and the rule of law in the country and abroad ”, and seek“ a partnership that continues to bring peace and prosperity to our peoples, while serving as a pivot to regional and global order. For South Korea and other key U.S. allies in Asia, such statements meant offering diplomatic support to the U.S. Indo-Pacific strategy. More concretely, close allies are expected to coordinate their economic, security and defense policies with the United States to deter threats from strategic adversaries (read China) and promote shared interests and values. On the Korean Peninsula, Seoul has strengthened its conventional deterrence capabilities against North Korea by increasing defense spending and developing new weapon systems, as evidenced by the submarine-launched ballistic missile (SLBM) test last week.

Nonetheless, South Korea’s increased commitment to infrastructure investment, development finance and human capital in Southeast Asia and India through its New Southern Policy has been hailed by Washington. South Korea is also expected to do more to coordinate with other U.S. allies and partners such as Japan, and join like-minded states in supporting democratic rights and standards and international laws, especially with regard to Chinese behavior in the region.

Peace, development, soft power and global governance

Beyond the Indo-Pacific region, South Korea has sought to make a larger global footprint inside and outside the reach of the US alliance. South Korea sent 3,600 troops to Iraq between 2004 and 2008, and a contingent of 500 troops to Afghanistan from 2010 to support reconstruction and peacekeeping efforts. Until last month, the Korea International Cooperation Agency operated a civil servant training institution to strengthen the administrative capacity of Afghan government officials. Capitalizing on its own economic success, Seoul also highlighted its development model which has caught the attention of sub-Saharan African countries among other developing countries.

In Afghanistan, the absence of US forces resulted in the evacuation of embassy personnel from most (if not all) of the US allies, including South Korea. Aid and development operations have ceased due to the uncertainty and dangers of the Taliban regime. However, Seoul’s decision to evacuate Afghan families, at the risk of great danger and potential internal reaction given the strong anti-Muslim sentiment among them, indicates that South Koreans are ready to contribute to the good. global common when needed. Accounts highlighting South Korea’s past as a war-torn country with fleeing refugees in the 1950s suggest the country’s willingness to ‘pay it forward’, reflected in Korea’s steady growth. South of its official development assistance (ODA) budget (despite the decreases in 2020 linked to the impact of the COVID-19 pandemic).

South Korea’s soft power, including the popularity of K-pop and K-dramas, also enables the country to solve complex global issues such as sustainable development, climate change and global poverty. This week, K-Pop boy group BTS accompanied President Moon to the United Nations in his new diplomatic role as “the President’s special envoy for future generations and culture.” More than a million fans tune in to watch their video dance performance at the UN, followed by remarks on climate change, the pandemic and youth issues.

Defending democracy in Asia

Paradoxically, as South Korea has found ways to support stability, governance and human security on the global stage and in remote places, its closest engagement in the perpetual humanitarian and human rights crisis home in North Korea has been on hiatus due to sanctions, pandemic lockdowns and political positions. Seoul has also remained relatively calm as China undermines democratic principles in Asia and abroad. The Moon government has also not been as loud as other neighboring countries such as Japan in defending international laws and standards in the South China Sea.

Beyond ODA, bilateral investment and soft power, South Korea should muster its domestic voice and growing power (albeit limited) to speak out on behalf of individuals, groups and communities. marginalized citizens, despite geopolitical sensitivities. Address human rights in North Korea at home and abroad, the oppression against Uyghurs in Xinjiang, and the restriction of free speech and civil rights in Hong Kong under the Law on national security would strengthen South Korea’s reputation as a country willing to uphold democratic principles, rights and international law, all of which form an important basis for regional peace, governance and security.

South Korea, with the world’s tenth largest economy and defense budget in 2020, shows how middle powers could take responsibility for maintaining fragile regional orders, in addition to a fragmented world order. However, as a newly developed and non-Western democratic country, South Korea needs to do more to take advantage of its unique experience to work with and encourage other Indo-Pacific countries to adhere to good governance that empowers citizens, respects human rights and supports international rules. and laws to protect global commons.

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Czech central banker Holub “quite likely” to support a 50bp hike in September, open to more https://aisa-net.com/czech-central-banker-holub-quite-likely-to-support-a-50bp-hike-in-september-open-to-more/ https://aisa-net.com/czech-central-banker-holub-quite-likely-to-support-a-50bp-hike-in-september-open-to-more/#respond Tue, 21 Sep 2021 07:44:23 +0000 https://aisa-net.com/czech-central-banker-holub-quite-likely-to-support-a-50bp-hike-in-september-open-to-more/

By Robert Muller

PRAGUE (Reuters) – Czech central banker Tomas Holub has said he will likely support a 50 basis point rate hike at the next policy meeting on September 30, adding to signals that the central bank may make its biggest hike since 1997 next week.

Speaking to Reuters in an interview on Monday, Holub adopted a broadly hawkish tone, also saying the debate over whether to drop 25 or 50 basis points could be repeated in November. The central bank last raised its key rate by more than 25 basis points in December 1997.

The Czech National Bank raised its main two-week repo rate by 25 basis points in June, then an additional 25 basis points in August, bringing the rate to 0.75%.

Holub said monetary tightening is likely to continue until 2022, a view bolstered by the sharp rise in inflation last month and signs of further price pressures to come.

Central Europe is grappling with stronger inflationary pressures than some other European countries. The region’s economies have faced tight labor markets and strong post-pandemic demand, as well as external factors such as rising energy costs and global supply shortages.

Holub said he had already considered voting for a 50 basis point hike last month and would likely support a bigger decision at the September meeting, noting that inflation has far exceeded expectations for the central bank in July and August.

“For me, this visibly leaned not only towards the need to continue rate hikes at each subsequent meeting, but also towards the need to insert a stronger step,” Holub said.

“It is very likely that I am already looking into it now, in September,” he said.

Headline inflation accelerated to 4.1% year-on-year in August, its highest since 2008. It was also one percentage point higher than the central bank forecast and doubled its official target of 2%.

Producer prices (PPI) rose 9.3% year-on-year in August, the fastest growth since April 1993.

MAJORITY FORMATION

A board member had voted for a 50 basis point hike in the last two meetings and at least two others signaled their openness to a 50 basis point hike.

Holub said he expected debate on the size of a hike to continue at the November meeting, adding that he was “open” to the possibility of another 50 point increase. base at that time.

“If the news (staff forecast expected in November) shows the need to go one step further, then I will certainly be open to such a debate,” said Holub.

“Rates are still nominally low, and even lower in real terms, so from my perspective even the debate at the November meeting can probably be over a quarter or a half (percentage point movement)” , did he declare.

Several central banks around the world have embarked on a path of monetary tightening as their economies rebounded from the COVID-19 pandemic, including those in Hungary, Iceland or South Korea. A Reuters poll showed the Norwegian central bank would likely join that camp with a rate hike on September 23.

Financial markets expect the Czech repo rate to rise by around 100 basis points by the end of the year, according to the futures contracts. Holub said such bets were “not irrational”.

“I think the market has fundamentally understood the situation,” he said.

Three more political meetings are planned this year, including the one to take place on September 30.

(Reporting by Robert Muller; Editing by Ana Nicolaci da Costa)

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Latham & Watkins Expands Structured Finance Practice to Chicago https://aisa-net.com/latham-watkins-expands-structured-finance-practice-to-chicago/ https://aisa-net.com/latham-watkins-expands-structured-finance-practice-to-chicago/#respond Mon, 20 Sep 2021 17:30:00 +0000 https://aisa-net.com/latham-watkins-expands-structured-finance-practice-to-chicago/

“Matt is a highly regarded structured finance lawyer, both in the Chicago market and nationwide, and we are delighted to welcome him to the company, ”said Cathy Birkeland, Managing Partner of the Chicago office. “by Latham Chicago office provides the full spectrum of transactional capabilities on complex domestic and cross-border transactions, and Matt’s arrival adds additional depth that will be of tremendous value to our clients. ”

Hays has particular experience in warehouses, asset sales, forward flow transactions, and public and private securitization transactions for clients spanning a wide range of industries, including auto finance, banking, technology and security. manufacturing.

“Matt’s experience advising major market players on innovative transactions and capital raising across a range of asset classes and industries is perfectly complementary to that of our group,” said Sanjev Warna-kula-suriya, World Chair of by Latham Practice of Structured Finance. “The continued expansion of our structured finance practice globally is a strategic priority for the Company, as Latham is ideally positioned to offer truly tailor-made solutions to clients’ most complex financing needs. ”

Latham is one of the most respected international law firms with both a major presence in the Chicago market and a leading global structured finance practice, and I look forward to leveraging the Company’s impressive global platform and robust transactional offerings to provide the best possible service to my clients, ”said said Hays. “Personally, I am drawn to the team at the company. , collaborative culture, and I look forward to continuing to develop my practice of Chicago Office.”

Hays is the second partner to join by Latham Practice of Structured Finance in recent weeks. The firm announced in August the arrival of Alex martin to the London Office.

Hays received his JD, cum laude, from Notre Dame Law School and its BS, magna cum laude, of Boston College. he joins Latham by Dechert LLP in Chicago.

About Latham & Watkins (lw.com)

Latham & Watkins provides innovative solutions to complex legal and business challenges around the world. From a global platform, our lawyers advise clients on market-shaping transactions, high-stakes litigation and litigation, and sophisticated regulatory matters. Latham is one of the largest pro bono service providers in the world, strongly supports initiatives designed to advance diversity within the firm and the legal profession, and is committed to exploring and promoting environmental sustainability.

Notes to Editors

1 Latham & Watkins operates worldwide as a limited liability company organized under the laws of State of Delaware (United States) with affiliated limited liability companies practicing in France, Hong Kong, Italy, Singapore, and the UK and as an affiliated partnership practicing in Japan. Latham & Watkins operates in South Korea as a foreign legal advisory office. Latham & Watkins works in conjunction with the law firm of Salman M. Al-Sudairi in the Kingdom of Saudi Arabia.

Contacts
Cathy Birkeland, Managing Partner in the Chicago office, +1.312.876.7681
Sanjev Warna-kula-suriya, Global Chair, Structured Finance Practice, +44.20.7710.3034

SOURCE Latham & Watkins LLP

Related links

http://www.lw.com

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Breaking News: IAEA Says North Korea’s Nuclear Program Going “At Full Speed” https://aisa-net.com/breaking-news-iaea-says-north-koreas-nuclear-program-going-at-full-speed/ https://aisa-net.com/breaking-news-iaea-says-north-koreas-nuclear-program-going-at-full-speed/#respond Mon, 20 Sep 2021 08:55:05 +0000 https://aisa-net.com/breaking-news-iaea-says-north-koreas-nuclear-program-going-at-full-speed/ Live

  • Latest News from September 20, 2021: Get the latest news, breaking news, latest updates, live news, top headlines, latest business news and top news of the day.

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  • 20 SEP 2021 14:24 IST

    “Full steam ahead”: IAEA chief on North Korea’s nuclear program

    The director general of the International Atomic Energy Agency (IAEA), Rafael Mariano Grossi, said North Korea’s nuclear program was “going full steam,” Reuters reports.

  • 20 SEP 2021 13:32 IST

    8 people die in Russian city shooting

    The Russian commission of inquiry said people died in a shooting at a university in Perm, AFP news agency reported.

  • 20 SEP 2021 13:16 IST

    The rule of Aam Aadmi is established, says the new Punjab CM Channi; urges the Center to resume agricultural laws

    After his swearing-in ceremony, the Chief Minister of Punjab Channi calls himself “aam aadmi”. “I represent the poor. The rule of Aam aadmi has been established. Calls on the center to take up the three agricultural laws. The government of Punjab is with the farmers in their struggle. I am on the side of the farmers, ”he also said.

  • 20 SEP 2021 13:01 IST

    West Bengal BJP will not challenge Rajya Sabha’s polls

    West Bengal’s Bharatiya Janata Party (BJP) has decided not to contest Rajya Sabha’s by-election to be held in October.

  • 20 SEP 2021 12:06 IST

    Sonu Sood, under surveillance for tax fraud, comes out of silence

    Actor Sonu Sood released a statement after an investigation into his finances reportedly revealed discrepancies. The Central Direct Taxation Council recently alleged that the actor and his associates evaded the tax from ??20 crores. Read more

  • 20 SEP 2021 12:04 IST

    Former bureaucrat Rajiv Aggarwal takes charge of Facebook’s public policy

    Social media giant Facebook announced on Monday that former bureaucrat and Uber executive Rajiv Aggarwal would take over as director of public policy. Read more

  • 20 SEP 2021 09:32 IST

    India reports 30,256 new cases of Covid-19, 295 deaths

    India is reporting 30,256 new cases of Covid-19, 43,938 recoveries and 295 deaths in the past 24 hours.

  • 20 SEP 2021 09:26 IST

    Sensex tumbles 355 points and trades at 58,660

    Sensex tumbles 355.27 points to 58,660.62 in the opening session; Nifty collapsed 108.50 pts to 17,476.65.

  • 20 SEP 2021 09:16 IST

    UP publishes guidelines for Navratri, Dussehra and Chehallum. Details here

    The government of Uttar Pradesh issued guidelines for Shardiya Navratri, Vijayadashami, Dussehra and Chehallum on Sunday. The government has asked people to maintain public order and community harmony during the festival season. Read more

  • 20 SEP 2021 08:20 IST

    From Panjshir, women’s stories of resistance: “Fighting the Taliban with stones”

    In the Taliban blitzkrieg that swept through Afghanistan last month, one province was determined not to let the insurgents succeed. Read more

  • 20 SEP 2021 08:03 IST

    BJP leader Kirit Somaiya arrested at Rly station ahead of visit to Kolhapur

    Kirit Somaiya, a top Bharatiya Janata Party (BJP) leader and former Lok Sabha member, was arrested Monday morning at Karad train station in Satara district of Maharashtra and then taken to Circuit House by Mumbai police. Read more

  • 20 SEP 2021 07:16 IST

    Taliban remove Uzbek from official language status

    Contrary to their promises to form an inclusive government and to respect all ethnicities in its Islamic emirate, the Taliban withdrew Uzbek from official language status

  • 20 SEP 2021 06:28 IST

    The 11-day protest by opposition parties against the Center begins today

    From Monday, nineteen opposition parties will organize protests and protests across the country against the Bharatiya Janata Party (BJP)-led government at the Center. Read more

  • 20 SEP 2021 06:06 IST

    Covid-19 vaccination campaign intensifies in states linked to poll

    Administering at least one dose of Covid vaccine to the entire eligible population in electoral states such as Punjab, Uttar Pradesh and Uttarakhand is a priority for the government, people close to them said on Sunday. folder. Read more

  • 20 SEP 2021 05:27 IST

    Charanjit Singh Channi’s appointment does not hurt Sidhu’s CM prospects in Punjab

    Congressional plan for the Punjab has gone smoothly with the impeachment of Captain Amarinder Singh as CM and the search for a suitable replacement in Charanjit Singh Channi, 58, who was chosen to lead the border state on Sunday. party insiders said.

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International collaborations & COMEUP 2021 https://aisa-net.com/international-collaborations-comeup-2021/ https://aisa-net.com/international-collaborations-comeup-2021/#respond Sun, 19 Sep 2021 08:26:34 +0000 https://aisa-net.com/international-collaborations-comeup-2021/

Korean startup First Face wins against U.S. giant Apple over patents, and content startup OGQ could acquire leading stock content company Getty Images. Korea Institute of Startups and Entrepreneurship and Turkish Presidency Investment Office sign MoU to boost investment and enable mutual support for startups. COMEUP 2021 opens pre-registrations for entrepreneurs, investors and visitors. Socar Mobility Malaysia, a unit of Korean car-sharing unicorn startup Socar, is attracting new funding.

South Korean startup wins another case against Apple

Source: Korea Affairs

The Federal Circuit Court of Appeals (CAFC) upheld the Patent Trial and Appeal Board (PTAB) ruling on September 13 that two of First Face’s three patents are valid. First Face filed a patent infringement complaint against Apple against the three patents in July of last year, the PTAB so ruled, and then Apple filed an inter partes review appeal with the CAFC.

First Face is a South Korean startup that has researched and developed user and IT interfaces since 2011. It currently holds approximately 50 registered user authentication and lock screen advertising patents in South Korea, United States, in China, Japan and Europe.

The litigation between First Face and Apple dates back to April 2018, when the first filed a patent infringement action relating to the three patents in the U.S. District Court for the Northern District of California. At that time, First Face claimed that the touch ID technology of iPhone 5S, fifth generation iPad, etc. infringed its US patents. Apple took the case to the PTAB in January 2019.

Korean content platform start-up buys Getty Images unit

Source: The Korea Economic Daily

South Korean content platform startup OGQ Corp. is set to take over the unit of Getty Images Inc., the world’s leading content company, in the country.
OGQ is known to be in talks on the details of the terms of the deal, while working to raise 50 billion won ($ 42.6 million) for the deal, banking industry sources said. investment (IB) on September 12. shareholder of Getty Images Korea, a 50-50 joint venture created in 2017 by Getty Images International and Imazins, a subsidiary of the South Korean IT and finance conglomerate Daou Kiwom Group.

OGQ is expected to use the extensive content owned by Getty Images Korea and improve its financial structure through the acquisition. Getty Images Korea maintained annual operating profit of around 1 billion won and sales of around 10 billion won. Last year, it reported operating profit of $ 1.7 billion with revenues of 13.6 billion won.

Online pre-registrations begin for the Startup Festival ‘Come Up 2021’

Source: Platinum

The Ministry of SMEs and Startups and the Comeup Organizing Committee are launching online pre-registrations for ‘COMEUP 2021’. Entrepreneurs and investors, including those involved in the startup ecosystem, and visitors in general wishing to participate in ‘Come Up’, can apply for a one-month pre-registration from September 16 (Thursday) to October 15 (Fri ).

Online “pre-registration” through the COMEUP website must adhere to the quarantine guidelines for the “advance reservation system” applied to exhibits and exhibitions among the government’s strengthened social distancing quarantine measures. This year’s COMEUP will be held at Dongdaemun Design Plaza (DDP) for three days from 17 (Wednesday) to 19 (sells startups and investors.

Socar Mobility Malaysia obtains new financing

Source: KoreaJoongangDaily

SOCAR

Socar Mobility Malaysia, Malaysia’s No. 1 carsharing company, has attracted 65 billion won of investment to finance its growth in Southeast Asia. Socar Mobility Malaysia, a unit of Korean car-sharing start-up Socar owned at 79% by SK Inc., has secured funding from global private equity fund East Bridge Partners and multinational Sime Darby, SK announced Thursday Inc.

“With the latest investment along with various partnerships, Socar Malaysia is expected to strengthen the competitiveness of its platform,” said Shin Jung-ho, head of SK’s digital investment center. Socar Mobility Malaysia, which launched in 2018, has more than one million subscribers and controls more than 90% of the local market share, according to the company. It launched a service in Indonesia in December 2020 and garnered 100,000 subscribers in six months, the company said.

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Boston Dynamics robot is now a watchdog at Korean auto factory https://aisa-net.com/boston-dynamics-robot-is-now-a-watchdog-at-korean-auto-factory/ https://aisa-net.com/boston-dynamics-robot-is-now-a-watchdog-at-korean-auto-factory/#respond Sat, 18 Sep 2021 18:53:00 +0000 https://aisa-net.com/boston-dynamics-robot-is-now-a-watchdog-at-korean-auto-factory/

GIF: Hyundai Motor / Gizmodo Group

The spot may not be work for the cops more, but Boston Dynamics’ four-legged robot already has a new watchdog post at a South Korean auto factory. Cue a new wave of “Black mirror” memes.

Its official role will be that of “factory security service robot,” according to a press release from Hyundai Motor Group, which acquired Boston Dynamics from Softbank in June. The automaker announced this week that Spot is operating at Kia’s plant in South Korea as part of a pilot program.

To monitor and enforce safety rules at the factory, Spot is equipped with an extensive toolkit of high-tech features that ring true for slightly dystopian. Its integrated thermal camera and 3D LiDAR sensor can detect whether a door is open or closed or whether there are people in the immediate vicinity. It can also detect potential fire hazards and temperature spikes.

One of the most useful features of Spot is its ability to use image recognition powered by machine learning to learn custom tasks and skills, such as navigation patterns or how to play fetch. The robot can navigate the factory autonomously or be controlled remotely through a secure web page that broadcasts a live feed of its movements in real time.

Through this same web page, Spot sends regular updates to superiors on its activity log and photos of any on-site situations it encounters. If it detects a danger during its tour, its systems automatically send an alert to plant managers. Due to the robot’s small size, it can navigate tight spaces and identify blind spots that can be difficult for its fellow humans to see, Hyundai said.

Spot’s role as a factory security service robot marks Hyundai’s first collaborative project with Boston Dynamics, Dong Jin Hyun, head of Hyundai’s robotics lab, said in a statement.

“The Robot will make it possible to detect risks and ensure the safety of people on industrial sites,” he continues. “We will also continue to create intelligent services that detect hazards at industrial sites and help ensure a safe work environment through ongoing collaborations with Boston Dynamics. “

As part of its pilot program, Spot will conduct nighttime security patrols at the Kia plant. Hyundai will access the robot’s effectiveness once its trial is complete to determine whether to expand its patrol areas or give other sites their own spots.

Boston Dynamics under fire from critics earlier this year for partnering with the New York City Police Department to put the so-called Digidogs on the ground. Under the contract, most of Spot’s tasks would have involved mundane tasks such as performing safety inspections for network workers or scanning building plans for companies interested in new construction projects. However, given the NYPD long story misconduct, people were understandably worried that they had an army of robodogs in command.

Widespread backlash prompted the NYPD to quietly cut ties with Boston Dynamics in April. At the time, a company spokesperson said the New York Times its robodogs were never designed “to be used as weapons, to hurt or intimidate people or animals”.

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Celltrion’s monoclonal antibody treatment for COVID-19, regdanvimab (CT-P59) becomes the first authorized COVID-19 treatment approved by the Korean Ministry of Food and Pharmaceutical Safety (MFDS) https://aisa-net.com/celltrions-monoclonal-antibody-treatment-for-covid-19-regdanvimab-ct-p59-becomes-the-first-authorized-covid-19-treatment-approved-by-the-korean-ministry-of-food-and-pharmaceutical-safety-mfds/ https://aisa-net.com/celltrions-monoclonal-antibody-treatment-for-covid-19-regdanvimab-ct-p59-becomes-the-first-authorized-covid-19-treatment-approved-by-the-korean-ministry-of-food-and-pharmaceutical-safety-mfds/#respond Sat, 18 Sep 2021 13:34:00 +0000 https://aisa-net.com/celltrions-monoclonal-antibody-treatment-for-covid-19-regdanvimab-ct-p59-becomes-the-first-authorized-covid-19-treatment-approved-by-the-korean-ministry-of-food-and-pharmaceutical-safety-mfds/
  • Approval Marks First Time Monoclonal Antibody Therapy For COVID-19 Receives Full Approval To Treat Patients With COVID-19

  • Approval includes an increase in the number of patients who can be treated with regdanvimab (CT-P59) for COVID-19 and a reduced time period for administration of treatment

  • Celltrion continues discussions with global regulators to make regdanvimab (CT-P59) available to patients with COVID-19

INCHEON, South Korea, September 18, 2021– (BUSINESS WIRE) – The Celltrion Group announced that the Korean Ministry of Food and Pharmaceutical Safety (MFDS) has approved regdanvimab (CT-P59), a monoclonal antibody treatment for COVID-19 for prolonged use in patients aged 50 and over or with at least one underlying medical condition (obesity, cardiovascular disease, chronic lung disease, diabetes, chronic kidney disease, chronic liver disease and patients with immunosuppressive agents) with mild symptoms of COVID-19, and adult patients with moderate symptoms of COVID-19. This is the first time that a monoclonal antibody treatment for COVID-19 has received full approval to treat patients with COVID-19 from the Korean MFDS.

In February, the Korean MFDS granted conditional marketing authorization (CMA) for the emergency use of regdanvimab (CT-P59) and authorized the use of CT-P59 in adult patients aged 60 years. and more, or with at least one underlying medical condition. (cardiovascular, chronic respiratory disease, diabetes, high blood pressure) with mild symptoms of COVID-19, and adult patients with moderate symptoms of COVID-19.

The duration of administration of the recommended dose of regdanvimab (CT-P59), a single intravenous (IV) infusion of 40 mg / kg, has been reduced from 90 minutes to 60 minutes.

Celltrion successfully enrolled more than 1,315 people in its global Phase III clinical trial, which evaluated the efficacy and safety of regdanvimab (CT-P59) in 13 countries, including the United States, Spain and Romania. Data showed that regdanvimab (CT-P59) significantly reduced the risk of hospitalization or death from COVID-19 by 72% for patients at high risk of progressing to severe COVID-19 and by 70% for all patients. Additionally, preclinical data for regdanvimab (CT-P59) demonstrated strong neutralizing activity against the Delta variant (B.1.617.2, first identified in India) with results showing a 100% survival rate. with eradication of the virus in all animals treated with therapeutic agents. dose of CT-P59.

“Recent clinical data has helped improve the understanding of healthcare professionals and public health authorities of the potential role of regdanvimab in the treatment of patients with mild to moderate symptoms of COVID-19,” said Dr HoUng Kim , Ph.D., head of the medical and marketing division of Celltrion Healthcare. “Regdanvimab is the first of its kind for the treatment of COVID-19, therefore the efficacy and safety profile should be thoroughly evaluated. Along with continued and positive feedback from expert scientists and clinicians, we are encouraged by the regulatory agency’s decision to confirm that this treatment is safe and effective.The Celltrion Group remains in diligent communication with other regulatory authorities around the world.

As of September 2021, more than 14,857 people had been treated with regdanvimab (CT-P59) in 107 hospitals in the Republic of Korea.

ENDS –

Notes to Editors:

About Celltrion Santé

Celltrion Healthcare is committed to providing innovative and affordable medicines to promote patient access to advanced therapies. Its products are manufactured in state-of-the-art mammalian cell culture facilities designed and built to comply with US FDA cGMP standards and EU GMP guidelines. Celltrion Healthcare strives to deliver high quality cost effective solutions through an extensive global network that spans over 110 different countries. For more information, please visit: https://www.celltrionhealthcare.com.

About regdanvimab (CT-P59)

CT-P59 has been identified as a potential treatment for COVID-19 through screening for antibody candidates and selecting those that have shown the greatest potency to neutralize the SARS-CoV-2 virus. In vitro and in vivo preclinical studies have shown that CT-P59 binds strongly to SARS-CoV-2 RBD and significantly neutralizes wild-type and mutant variants of concern, including the Alpha variant (B.1.1.7, first identified UK). In in vivo models, CT-P59 effectively reduced SARS-CoV-2 viral load and inflammation in the lungs. The results of the phase I and II global clinical trials of CT-P59 have demonstrated a promising profile of safety, tolerability, antiviral effect and efficacy in patients with mild to moderate symptoms of COVID-19.1 Celltrion also recently started the development of a neutralizing antibody cocktail with CT-P59 against new emerging variants of SARS-CoV-2.

FORWARD-LOOKING STATEMENT

Certain information contained in this press release contains statements relating to our future business and financial performance and to future events or developments involving Celltrion / Celltrion Healthcare which may constitute forward-looking statements under relevant securities laws.

These statements can be identified by words such as “prepare”, “hope”, “to come”, “is considering”, “aims”, “to launch”, “is preparing”, “once won” , “Could”, “for the purpose of”, “may”, “once identified”, “will”, “work towards”, “is due”, “become available”, “has the potential to”, the negative of these words or any other variant or comparable terminology.

In addition, our representatives may make oral forward-looking statements. These statements are based on current expectations and certain assumptions of the management of Celltrion / Celltrion Healthcare, many of which are beyond its control.

Forward-looking statements are provided to enable potential investors to understand management’s beliefs and opinions regarding the future so that they can use those beliefs and opinions as a factor in valuing an investment. These statements are not guarantees of future performance and should not be relied on unduly.

Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results for future periods to differ materially from projections of future performance or results expressed or implied by such forward-looking statements. .

Although the forward-looking statements contained in this presentation are based on what the management of Celltrion / Celltrion Healthcare considers to be reasonable assumptions, there can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those provided for in these declarations. Celltrion / Celltrion Healthcare assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

The references

1 Celltrion Data on File

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210918005026/en/

Contacts

holly barber
hbarber@hanovercomms.com
+44 (0) 7759 301620

Donna Curran
dcurran@hanovercomms.com
+44 (0) 7984 550312

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Hyundai Puts Boston Dynamic Spot Robot to Work as Factory Safety Inspector https://aisa-net.com/hyundai-puts-boston-dynamic-spot-robot-to-work-as-factory-safety-inspector/ https://aisa-net.com/hyundai-puts-boston-dynamic-spot-robot-to-work-as-factory-safety-inspector/#respond Fri, 17 Sep 2021 17:57:29 +0000 https://aisa-net.com/hyundai-puts-boston-dynamic-spot-robot-to-work-as-factory-safety-inspector/

Boston Dynamics Spot has found a new job, and luckily this time it’s not one. Hyundai has started testing the robot at a Kia manufacturing plant in South Korea, where it will be one of the tools the company will use to keep the facility safe for workers. The pilot represents the first public collaboration between the two companies since Hyundai at Boston Dynamics last June.

You will notice that the Spot shown in the video posted by Hyundai is different from the robot we saw in the previous clips. That’s because the automaker’s robotics lab outfitted it with what is essentially a backpack with plenty of upgrades, including a thermal camera, LiDAR, and more powerful computing resources to handle AI tasks. additional. The “AI Processing Service Unit” enables Spot to detect people, monitor temperatures and verify fire hazards. Additionally, a secure web page allows plant personnel to monitor the robot remotely and take control if they wish to take a closer look at an area of ​​the facility.

According to Hyundai, the pilot will help it assess Spot’s effectiveness as a night-time security patrol robot before deploying it to other industrial sites. Automation, manufacturing and construction applications are what the automaker said was its big plan for Boston Dynamics when it bought the company.

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Alpha Kappa Alpha Sorority, Inc.® Seeks To Continue To Give HBCU A Financial Boost With Million Dollar One Day Campaign https://aisa-net.com/alpha-kappa-alpha-sorority-inc-seeks-to-continue-to-give-hbcu-a-financial-boost-with-million-dollar-one-day-campaign/ https://aisa-net.com/alpha-kappa-alpha-sorority-inc-seeks-to-continue-to-give-hbcu-a-financial-boost-with-million-dollar-one-day-campaign/#respond Fri, 17 Sep 2021 15:37:00 +0000 https://aisa-net.com/alpha-kappa-alpha-sorority-inc-seeks-to-continue-to-give-hbcu-a-financial-boost-with-million-dollar-one-day-campaign/

Despite progress and national direction, historically black colleges and universities across the country still need public support.

CHICAGO, September 17, 2021 / PRNewswire / – For the fourth consecutive year, Alpha Kappa Alpha Sorority, Incorporated® will devote a progressive objective to $ 1 million in 24 hours for their national HBCU Impact Day initiative. Set for Monday, September 20, 2021, the annual fundraiser is part of the sorority’s four years, $ 10 million commitment to Historically Black Colleges and Universities (HBCUs) led by the President and CEO of AKA International, Dr. Glenda glover. The more than 300,000 graduate members of the organization’s colleges, corporate partners and donors are challenged to make contributions to contribute to the financial sustainability and operations of more than 100 HBCUs across the country.

(PRNewsfoto / Alpha Kappa Alpha Sorority, Inc.)

“The contributions of the HBCU can no longer be overlooked. Just look to the White House or the United States Congress.”

Dr Glover, who is also chairman of Tennessee State University and an HBCU graduate, says that while HBCUs are currently experiencing a renaissance that has brought about a new level of awareness, more needs to be done for their long-term survival and sustainability.

“Despite recent national attention to HBCUs in 2021 and progressive funding from state and federal government, HBCUs still lag far behind other higher education institutions in terms of ongoing and sustainable support,” adds Dr. Glover.

In 2021, the sorority gifted $ 1.6 million to 35 eligible four-year HBCUs. Endowments on these campuses will increase in perpetuity and help schools reduce student debt through scholarships, fund industry-specific research and provide much needed infrastructure maintenance. These funds are proving to be extremely crucial in today’s higher education climate.

HBCUs continue to be underfunded and now have an additional burden of operational challenges with the impact of the ever-evolving COVID-19 pandemic.

“Now more than ever, it is time for Alpha Kappa Alpha to step up, as we have been doing for over 113 years, with our partners and continue our call to action for our historic higher education institutions,” says Glover. “The contributions of HBCUs can no longer be overlooked or minimized. Just look at the White House or the United States Congress. HBCUs account for nearly 25% of bachelor’s degrees awarded to African Americans. I can’t imagine a world without HBCU, but I can imagine how much stronger the world would be if we all supported the HBCU community. “

Members and supporters have gone beyond $ 1 million goal over the past three years. Last year’s Impact Day was lifted $ 1.3 million in 2020.

HBCU Impact Day is part of the HBCU Sisterhood Recognition of the Week. At September 20, chapters around the world will organize fundraising events in support of the $ 1 million fundraising goal. Interested donors can donate by mail or online at http://donate.akaeaf.org during the 24 hour campaign. For more information on the sisterhood’s commitment to HBCUs, visit www.AKA1908.com

About Alpha Kappa Alpha Sorority, Incorporated®
Alpha Kappa Alpha Sorority, Incorporated (AKA) is an international service organization founded on the campus of Howard University in Washington DC in 1908. It is the oldest organization of Greek letters established by African-American women with a university education. Alpha Kappa Alpha is made up of over 300,000 members in over 1,000 undergraduate and graduate sections in United States, the US Virgin Islands, Liberia, Bahamas, Bermuda, the Caribbean, Canada, Japan, Germany, South Korea, South Africa, and in the Middle East. Led by Global President and CEO Glenda Glover Ph.D., Alpha Kappa Alpha Sorority, Incorporated is often hailed as “America’s premier Greek literature organization for African American women.” Visit www.aka1908.com for more information.

About the AKA Educational Promotion Foundation
Over 40 years ago, the Foundation for the Advancement of Education was established by Alpha Kappa Alpha Sorority, Inc. to promote lifelong learning. It is now the largest foundation of minority women in the country with assets totaling over $ 22.7 million. The foundation made a donation $ 6.5 million for scholarships, fellowships and community aid grants and is an organization with a rich and distinguished history of service spanning nearly a century. The establishment of the Foundation for the Advancement of Education was the method by which Alpha Kappa Alpha. Inc. sought to ensure that there would always be support for education, its oldest service program. Today, the Foundation, a financially strong and viable organization, is a powerful tool for good, pooling the resources of others who share this vision of offering a perpetual source of educational support.

Alpha Kappa Alpha is implementing an AKA HBCU endowment initiative in partnership with EAF, in which an endowed scholarship will be established at each accredited four-year HBCU. The goal is to brand the Alpha Kappa Alpha brand of financial support on every HBCU campus to help students stay in school, complete their education, and receive their college degrees. For more information on the Foundation for the Promotion of Education, please visit www.akaeaf.org.

Cision

Cision

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SOURCE Alpha Kappa Alpha Sorority, Inc.

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