Aisa Net Tue, 07 Dec 2021 02:54:38 +0000 en-US hourly 1 Aisa Net 32 32 Toshiba presents new anomaly detection AI for large-scale industrial installations at ICDM2021 LITSA Tue, 07 Dec 2021 02:04:37 +0000

Workforce transformation technology manages complex operating conditions through massive sensor data, contributes to efficient plant operation and maintenance.

TOKYO, December 7, 2021 / PRNewswire / – Toshiba Corporation (TOKYO: 6502) has developed a new anomaly detection AI that enables large-scale industrial facilities to meet a widespread and growing challenge: using a small workforce to ensure constant and efficient monitoring of thousands of sensors and the precise detection of abnormal signals hidden among small variations in sensor values. AI can currently be applied to power plants and industrial plants that use pumps to move fluids, and is the first of its kind* 1 to achieve high-level precision in the detection of anomalies in the complex interactions between the operating conditions of the plant and the massive values ​​of the sensors. Toshiba will present the technology at the 21st IEEE ICDM2021 International Conference LITSA Workshop on Data Mining on December 7.

Fig. 1 Technical overview of Toshiba’s new Anomaly Detection AI.

Fig.  2 Mikawa Factory in Omuta City, Fukuoka Prefecture, Japan.

Fig. 2 Mikawa Factory in Omuta City, Fukuoka Prefecture, Japan.

Fig.  3 The AI ​​for detecting anomalies in operation (demo).

Fig. 3 The AI ​​for detecting anomalies in operation (demo).

At the heart of AI is Toshiba’s “two-stage automatic encoder,” a proprietary deep-learning model that provides highly accurate predictions of sensor values ​​under normal operating conditions; it detects anomalies hidden in massive sensor data by identifying deviations between actual and predicted values.

Industrial facilities that have to move fluids with pumps, such as power plants and water treatment plants, use sensors to detect the values ​​of small and large fluctuations in operation. Relatively small and rapid fluctuations occur simultaneously on a few sensors due to pump vibration or local temperature change. The large fluctuations that occur on many sensors, with greater amplitude and slower cycle, reflect changes in power and plant operation.

Commenting on the new AI, Susumu Naito, Principal Investigator at Toshiba’s Corporate Research & Development Center, said: “The key factor in the success of this technology is the deep and extensive know-how that Toshiba has acquired through many years of experience in the automotive industry. energy and infrastructure. design of two deep learning models, one for each fluctuation characteristic, and guarantee of a very high level of precision in the prediction of the normal values ​​of the sensors. These are compared to the actual values ​​to detect anomalies. “

AI tests on open datasets from the Water Distribution (WADI) benchmark* 2 confirmed the highest level of detection accuracy in the industry, a 12% improvement over prior art* 3. In another test, Toshiba also verified that AI can recognize and report abnormal signs 6.8 days earlier than possible with manual monitoring by a trained operator. Early detection of anomalies enables condition-based maintenance and aids in the efficient operation and maintenance of the plant.

Toshiba conducts a demonstration experiment of online AI monitoring and early anomaly detection at the Mikawa power plant, operated by SIGMA POWER Ariake Corporation, a subsidiary of Toshiba Energy Systems & Solutions Corporation, in Omuta, Fukuoka, Japan (Figures 2 and 3).

In the future, Toshiba will prepare proof of concept (PoC) systems and explore applications on other types of industrial facilities. Once released, Toshiba plans to deliver AI both as an on-premise solution and as a cloud solution in the Toshiba SPINEX Marketplace, Toshiba’s IIoT service portal.


* 1 Toshiba poll.

* 2 Water Distribution (WADI): The scaled-down data set, including anomalies, of the actual water treatment plant.

PA Mathur and NO Tippenhauer, “SWaT: a water treatment testbed for research and training on ICS security,” Proceedings of the 2016 international workshop on cyber-physical systems for smart water networks, pp. 31-36, april 2016.

* 3 Machine learning techniques for anomaly detection such as Unsupervised Anomaly Detection (2020) and OminAnomaly (2019). The comparison of each of these methods is discussed in the following document.

S. Naito, Y. Taguchi, K. Nakata, Y. Kato, “Anomaly Detection for Multivariate Time Series at a Large-Scale Fluid Processing Plant Using a Two-Stage Automatic Encoder.”

About Toshiba Corporation

Toshiba leads a global group of companies that combine the knowledge and capabilities of over 140 years of experience in a wide range of businesses, from energy and social infrastructure to electronics, with world-class capabilities in health technologies. information processing, digital and AI. These distinctive strengths support Toshiba’s continued evolution to become an infrastructure services company that promotes the use and digitization of data, and one of the world’s leading cyber-physical systems technology companies. Guided by the Toshiba Group’s core commitment, “Committed to People, Committed to the Future”, Toshiba contributes to the positive development of society with services and solutions that lead to a better world. The Group and its 120,000 employees around the world have generated annual sales exceeding 3.1 trillion yen (US $ 27.5 billion) in fiscal 2020. To learn more about Toshiba, visit

Toshiba logo (PRNewsfoto / Toshiba)

Toshiba logo (PRNewsfoto / Toshiba)

SOURCE Toshiba Corporation

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Covid-19, Vaccine Mandate and Omicron Variant News: Live updates Mon, 06 Dec 2021 17:42:51 +0000



New York City Institutes Vaccination Mandate for All Private Employers

New York City Mayor Bill de Blasio said a broad coronavirus vaccine mandate would go into effect for all private employers on December 27 to curb the spread of the Omicron variant. De Blasio said the measure would apply to around 184,000 businesses.

Omicron is here. No more debate on this. Regardless, we only get a few cases in different states. We know it’s here, we know it’s going to spread. It seems to be very transmissible at this time. We are waiting for more facts and more evidence, but this is what we are seeing so far. What does it mean? You can expect, and I’m sorry to say, community spread. We have to assume that this will become widespread. We have to assume that this is going to give us a real challenge. This is how we prioritize health and safety, ensuring that there is a vaccine mandate that reaches everyone in the private sector. Many people in the private sector have told me that they believe in immunization, but they are not sure how they can do it themselves. Well, we’ll do it. We’re going to do this so that every employer is on an equal footing, a universal standard from December 27, we’re going to be working with businesses across town, and that’s almost 200,000 businesses that aren’t already covered. by Key to NYC guidelines, now. We will be working with the business community. We’re going to talk to them in the next few days about how to put in place the right plan to implement this, the specific guidance, the specific rules, will be coming out on December 15th.

New York City Mayor Bill de Blasio said a broad coronavirus vaccine mandate would go into effect for all private employers on December 27 to curb the spread of the Omicron variant. De Blasio said the measure would apply to around 184,000 businesses.CreditCredit…Kirsten Luce for The New York Times

Mayor Bill de Blasio on Monday morning announced a broad coronavirus vaccine mandate for all private employers in New York City to combat the spread of the Omicron variant.

Mr de Blasio said the aggressive measure, which goes into effect on December 27 and which he described as the first of its kind in the country, was needed as a ‘preemptive strike’ to block another wave of coronavirus cases and help reduce transmission during winter months and holiday gatherings.

“Omicron is here, and it looks like it’s very transferable,” he said in an interview on MSNBC. “The timing is horrible with the winter months.”

New York City has already implemented vaccination warrants for city employees and for employees and customers of restaurants, entertainment and indoor gyms. Almost 90 percent of adult residents in New York City now have at least one dose of the vaccine.

But Mr de Blasio said the city must go further to tackle another wave of the virus in New York City, once the center of the pandemic. Some private employers have required their employees to be vaccinated, but many others have not.

De Blasio said the new measure would apply to around 184,000 businesses. Employees who work in person in private companies must have received a dose of the vaccine by December 27; teleworkers will not be required to be vaccinated. There is no testing option as an alternative.

The city plans to offer exemptions for valid medical or religious reasons, de Blasio said. City officials will issue detailed guidelines on issues such as enforcement by December 15 after consulting with business leaders.

Source: State and local health agencies. Daily cases are the number of new cases reported each day. The seven-day average is the average of the most recent seven days of data.

The mayor also announced that the dining and entertainment rules would apply to children between the ages of 5 and 11, who must have a fix to enter restaurants and theaters from December 14, and that the requirement for adults would drop from one dose of vaccine. to two from December 27, with the exception of those who initially received the Johnson & Johnson single injection vaccine.

Mr de Blasio and Governor Kathy Hochul held a press conference last Thursday to announce the first five cases of the Omicron variant in New York state, and several more have been announced in New York since then. The number of coronavirus cases in the city has increased rapidly in recent weeks; the number of daily cases has increased by more than 75 percent since November 1.

Mr de Blasio, a Democrat with less than a month in power, said he was confident the new mandate would survive any legal challenges and noted that the city’s past mandates had been honored.

“They won in court – state court, federal court – every time,” the mayor said on MSNBC. “And that is because they are universal and consistent.”

Eric Adams, the mayor-elect who takes office on January 1, is on vacation in Ghana this week. His spokesman, Evan Thies, said in a statement that Mr Adams would assess the measure once he becomes mayor.

“The mayor-elect will assess this term and other Covid strategies when he is in office and makes decisions based on science, effectiveness and advice from healthcare professionals,” he said.

The Biden administration has tried to set a federal mandate that all large employers must require workers to get vaccinated or submit to weekly tests from January, but that measure is blocked in court.

The Occupational Safety and Health Administration, or OSHA, issued an “emergency” rule earlier this month requiring the vaccination of employees of companies with 100 or more workers, although it exempts those who work from home or exclusively from home. outside.

Georgia M. Pestana, legal counsel for New York City, told a news conference on Monday that the city’s health commissioner clearly had the legal authority to issue a warrant to protect New Yorkers during a health crisis. She argued that the legal questions over the Biden administration’s mandate were different and centered on whether OSHA had the appropriate authority.

Kathryn Wylde, president of a leading business group, the Partnership for New York City, said she was surprised by Mr. de Blasio’s announcement.

“We were caught off guard,” she said. “There’s no warning, no discussion, no idea if it’s legal or who he expects to enforce it.”

About half of the employers in Manhattan offices have adopted vaccination mandates, she said, although some policies include testing options and medical and religious exemptions.

Many questions remain about the Omicron variant. Some early signs exist that it can only cause mild illness, although this observation is based mainly on cases in South Africa among young people, who are generally less likely to become seriously ill from Covid. Scientists are also waiting to see if the cases lead to significant hospitalizations and deaths; both are lagging indicators.

And at the moment, scientists say there is no reason to believe Omicron is impermeable to existing vaccines, although they may prove to be less protective to an unknown degree.

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Global stocks are mixed as China prepares to boost markets Mon, 06 Dec 2021 10:12:19 +0000

BANGKOK (AP) – European stocks and US futures rose on Monday after a lackluster day in Asia, where stocks fell in Hong Kong and Shanghai after struggling Chinese real estate developer Evergrande warned it could running out of money.

Take action to reassure investors and avoid blocking growth, The central bank of China reduce the amount of funds that banks are required to keep in reserve. This freed up 1.2 trillion yuan ($ 190 billion) for banks to lend.

Meanwhile, investors are also grappling with uncertainty over the latest variant of the coronavirus and when the Federal Reserve will end its support to the markets.

“This is a week that will force an uncomfortable reflection on the ‘known unknowns’ primarily associated with omicron, Fed tightening and China’s (regulatory / real estate) risks,” Mizuho Bank said in a comment.

This will bring even more uncertainty after a tumultuous period last week, he said.

The German DAX jumped 0.9% to 15,298.76 while the CAC 40 in Paris climbed 0.8% to 6,820.83. The UK FTSE 100 rose 0.8% to 7,181.36. The future of Dow industrials was up 0.8%, while the contract for the S&P 500 gained 0.6%.

Chinese regulators rushed to reassure investors after Evergrande, one of China’s biggest developers, said he might run out of money to “meet his financial obligations” as he struggles to bow to pressure to reduce his $ 310 billion debt.

The concern is that unsustainable debt levels in the real estate sector could trigger a financial crisis. China wants to avoid a bailout, but it is also unlikely that the situation will deteriorate to the point where problems cascade down to that level.

A number of real estate companies have run into problems as the government lobbied to reduce debt levels, but officials have issued statements saying China’s financial system is strong and default rates are low. Most of the developers are in good financial health and Beijing will continue to operate in the credit markets, according to the most recent statements.

Hong Kong-traded Evergrande shares plunged 19.6% on Monday, helping push the Hang Seng Index down 1.8% to 23,349.38. The Shanghai Composite Index dropped its early gains, losing 0.5% to 3,589.31.

India’s benchmark fell 1.7% and Taiwan’s also edged down. Thai markets were closed for a public holiday.

In Tokyo, the Nikkei 225 lost 0.4% to 27,927.37. But the S & P / ASX 500 in Sydney ended slightly higher, gaining 0.1% to 7,245.10. In Seoul, the Kospi rose 0.2% to 2,973.25.

Chinese tech giant Ali Baba, which was embroiled in a multi-faceted crackdown on the industry, lost 5.6% after the company announced it was replacing CFO Maggie Wu and restructuring its e-commerce business.

Last week’s volatile swings on Wall Street ended on Friday with more losses for stocks, as a mixed batch of US labor market data sparked another dizzying trading episode.

The S&P 500 closed 0.8% lower at 4,538.43. The Dow Jones lost 0.2% to 34,580.08. The Nasdaq fell 1.9% to 15,085.47, while the Russell 2000 fell 2.1% to 2,159.31.

Friday’s jobs report, which is typically Wall Street’s most anticipated economic data each month, showed employers added only 210,000 jobs last month. Economists had expected much higher hiring of 530,000 people, raising fears of stagnation in the economy as inflation remains high. This is a worst-case scenario called “stagflation” by economists, and the the arrival of the omicron variant makes its probability more uncertain.

In other trading on Monday, benchmark US crude oil rose $ 2.00 to $ 68.26 a barrel in electronic trading on the New York Mercantile Exchange. It lost 24 cents to $ 66.26 on Friday.

Brent crude, the standard for international oil pricing, rose $ 1.85 to $ 71.73 per barrel.

The US dollar rose from 112.92 yen to 113.26 Japanese yen. The euro weakened to $ 1.1297 from $ 1.1309.

Elaine Kurtenbach, The Associated Press

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Migrants, finance, gas … are now weapons in our hyperlinked world | Marc Leonard Sun, 05 Dec 2021 09:00:00 +0000

Sometimes a gas bill isn’t just a demand for payment – it’s a secret weapon. And as millions of British voters see their bills skyrocket this spring, they will find themselves in his sights.

Recently, three other energy sources went bankrupt – Bulb, Orbit Energy, Entice Energy – bringing the total number of failed suppliers to 24 in less than 12 weeks. In October, European gas prices were six times higher than a year earlier, meaning suppliers have to pay more for wholesale energy than they can sell under the EU’s price cap. government energy. And in the spring, when the government raises the price cap, the few surviving companies will raise their prices to recoup the losses they suffered during the winter. It’s a frightening prospect, but readers trying to understand our cost-of-living crisis must look beyond the business pages to delve into geopolitics.

Russian President Vladimir Putin did not cause the global energy crisis, but he used it to turn his country’s gas reserves into a loaded weapon directed against the West. He took a look at the conditions – a long winter, growing demand from India and China, destruction of gas storage facilities in countries like the UK, maintenance delays in gas fields. gas elsewhere – and seized its moment. And, in this specific case, he had a specific goal in mind beyond his continuing desire to humiliate the West: to force European and German regulators to certify the now completed Nord Stream 2 pipeline that will transport large quantities of gas. most important under the Baltic Sea. to Europe and provide valuable currency to a struggling Russian economy. Don’t expect more offer is its unsubtle message, unless you are playing ball on Nord Stream.

Russia is in the form of using gas as a weapon. It cut the gas supply to Ukraine and its Western government twice in the 2000s. When Moldova elected a new pro-EU government this year, Gazprom significantly increased its tariffs and cut by a third deliveries, which led to the declaration of a state of emergency. This time, Putin didn’t even have to turn off the taps to put pressure on his rivals. Russia honored its existing contracts, but simply refused to pump more gas as European demand skyrocketed after the lockdowns ended. Far more dramatically than any number of Russian warships or bombers flying close to British airspace, it underscored Putin’s message that Europe should be careful in dealing with him. After all, he has his hand on the jugular of Europe. Putin’s tactic may not have worked in the short term – Nordstream’s approval is currently on hold by German regulators and he ended up ordering more gas pumped. But it is playing a long game and has sown fear in the hearts of European politicians.

British consumers unwittingly found themselves playing a leading role in a geopolitical revolution, of which Putin was a pioneer. Carl von Clausewitz called war the continuation of politics by other means. But in the nuclear age, the price of war is unfathomable. This is why connectivity conflicts are becoming the “other means” of global politics. Countries lead conflicts by manipulating the very things that connect them.

The politics of the great powers have become like a loveless marriage where the couple are unable to divorce. And, like an unhappy couple, it’s the things they shared during the good times that become means of doing harm. In a falling apart marriage, vindictive partners use the children, the dog, and the vacation home to harm each other. In geopolitics, it’s gas, supply chains, finance, movement of people, the internet and even issues like Covid and the climate that are militarized.

Just look at the world’s response to Covid. Rather than working together to increase global supplies of vaccines, masks and gowns, countries like China have used their stocks to intimidate others – 98 countries have imposed export restrictions on PPE and medicine.

When it comes to trade and finance, one of the reasons Putin wanted to fight the West is the fact that his country has been subject to strict sanctions since he annexed Crimea in 2013. The sanctions have become a weapon of first resort with China targeting Japan, Russia sanctions Turkey and the United States listed more than 800 entities in 2020 alone.

Russia is one of the many countries that have used the Internet to interfere in the affairs of other nations. Between fall 2016 and spring 2019, there were attempts to interfere with elections in 20 democracies representing 1.2 billion people – and that’s before looking at issues like Cambridge Analytica.

Even migrants are turned into bullets. Witness the Belarusian dictator and his secret services who have attracted refugees from the Middle East via Belarus to Poland and Lithuania, to put pressure on their governments. Academic Kelly Greenhill has documented more than 75 occasions over the past decades where countries ranging from Cuba and Morocco to Libya and Turkey have used forced migration to achieve political, military or economic goals.

We may be on the cusp of a new silent pandemic. Like Covid-19, it is spreading exponentially across the planet, exploiting the loopholes in our networked and ever-changing world to escape our defenses. But unlike the virus, which pits all of humanity against a disease, this new pandemic is transmitted deliberately. It is not biological, but a set of toxic behaviors that multiply like a virus. The links between peoples and countries become weapons.

It is connectivity itself that gives people the opportunity to fight, the reasons to compete, and the arsenal to deploy. Conventional wars have been declining for decades – each year more people commit suicide than die in armed conflict. But that does not mean that we live in an era of peace.

Academics working on cyber issues sought to describe the gray area their world was immersed in, where they saw millions of attacks every day that did not conform to conventional warfare. They rehabilitated an Anglo-Saxon word: unpeace. And as violence spreads from the internet to commerce, finance, migration and beyond, their word sums up our condition perfectly. British gas customers are familiarizing themselves with an unstable world, prone to crises, of perpetual competition and endless attacks between competing powers. Welcome to the era of peace.

Mark Leonard is the director of the European Council on Foreign Relations (ECFR) and the author of The age of peace.

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Food and non-alcoholic drink prices are out of control Sun, 05 Dec 2021 07:11:09 +0000

Vegetables are on sale Sunday at a traditional market in central Seoul. According to data provided by the Organization for Economic Co-operation and Development (OECD) on Saturday, the price of food and non-alcoholic beverages rose 5% year-on-year in the third quarter in Korea, placing the country fifth out of 38 OECD countries. countries in terms of food price growth rate. [YONHAP]

Food prices are the source of inflation in Korea.

According to data provided by the Organization for Economic Co-operation and Development (OECD) on Saturday, the price of food and non-alcoholic beverages rose 5% year-on-year in the third quarter in Korea, placing the country fifth out of 38 OECD countries. countries in terms of food price growth rate.

Turkey posted the strongest growth at 27.6%, followed by Colombia, Australia and Mexico. Chile tied with Korea sharing 5% growth rates.

Korea’s overall consumer prices rose 2.6% during the July-September period, which is the fastest growing since the first quarter of 2012, when prices rose 3%.

Nonetheless, its ranking for headline inflation was 23rd among OECD countries, showing that food and non-alcoholic drink price growth was relatively stronger in Korea than in other countries.

Korea ranks relatively low in the global inflation rankings, according to an OECD report released on December 1.

“The [global economic] the rebound is losing some of its momentum as the sharp increase in demand for goods has encountered bottlenecks in production chains, ”the report reads.

The OECD cited disruptions in energy, food and commodity markets, high energy prices and fuel shortages and bottlenecks in production chains as the main factors driving global inflation.

“The resurgence of inflationary pressures risks [are] longer than expected a few months ago, ”the report reads. “Rising food and energy prices hit low-income households particularly hard.”

The prices of food and non-alcoholic beverages in Korea have been on the rise since the first quarter of last year. They rose 1.7% in the first quarter of 2020 year on year and reached 8.2% in the first quarter of this year, the highest since the third quarter of 2011.

Increases in the prices of food and non-alcoholic beverages have a direct impact on consumers. There are limits to how much a household can reduce its spending on these items.

According to Statistics Korea, the products that saw the largest increases in the last quarter were eggs, whose prices soared 51.6 percent, followed by pears (45.2 percent), apples (34.6 percent). percent) and garlic (28.1 percent). Prices for pork, spinach, mushrooms, chicken, beef and processed meats like ham have also increased.

The increases are expected to continue in the fourth quarter, according to the Bank of Korea (BOK) on Friday.

“We expected the consumer price increase in November to exceed that in October, but it did so much more than we expected,” BOK said in a report.

“We expect inflation rates to exceed our expectations for some time due to increasing inflationary pressures and bottlenecks in supply chains.”

Finance Minister Hong Nam-ki, however, promised that consumer prices would stabilize this month.

“In December, the international price of crude will stabilize and [government] fuel tax cuts will have an effect, slowing growth [of consumer prices]”Hong said at a government meeting last Thursday.


2 major market risks for 2022, according to Bank of America Sat, 04 Dec 2021 15:55:54 +0000

Markets should be wary of high inflation and the potential spread of new COVID variants in 2022, a new report from the Bank of America (BAC) warns.

“Future waves of COVID are the biggest downside risk,” the report notes. “On the upside, supply is waking up to meet the gains in demand.”

Written by several economists at Bank of America Global Research, the report primarily focuses on the various threats to the global economy in 2022 and beyond.

Among these economic risks are high inflation rates, the spread of variants such as the recent Omicron strain, climate change and supply constraints.

The emergence of the Omicron variant in November left its mark on the markets late last month, with the Dow Jones falling more than 1,500 points the week following Thanksgiving.

Earlier this month, World Health Organization chief scientist Soumya Swaminathan spoke at the Reuters NEXT conference where she underlined the high transmissibility of the variant and noted that it may one day become the dominant COVID strain worldwide.

The report found that the unprecedented fiscal stimulus put in place by the federal government to tackle economic problems related to COVID should ensure that “the United States will resume its role as an engine of global growth, while China will be a reluctant latecomer ”.

Sino-US relations are also a source of concern for the global economy, the authors wrote in the report. “There is also considerable uncertainty about the development of relations between China and the West. A rapid dismantling of economic interconnections could trigger a global recession. “

Even if the new variants of COVID that emerge over the next year are kept to a minimum, inflation concerns could still leave a bleak future for U.S. economic growth.

Trader John Romolo works on the floor of the New York Stock Exchange on Thursday, December 2, 2021. Stocks mostly open higher on Wall Street Thursday as investors continue to monitor the spread of the new variant of the coronavirus as well as the steps the United States and other governments are taking to restrict it. (AP Photo / Richard Drew)

A report ranking of 10 different currencies from around the world found that the United States had the highest inflation score, at 46. It was followed by the New Zealand dollar, at 38, and the British pound, at 37.

“It has been a bit nerve-wracking watching the recent very high inflation figures,” the report notes. “Over the summer, most of the increase was due to spikes in specific sectors, but over the past few months the pressure has shifted to the middle of the inflation distribution… Compared to a year ago, we have raised our forecast for world CPI inflation for this year from 2.4% to 3.9% and for next year from 2.8% to 3.8. %.

Overall, inflation is expected to slow, even in the United States. The CPI was 6.2% in October, continuing the runaway inflation not seen at the national level for decades. While that inflation rate may decline slightly, Bank of America Global Research has warned that inflation could still be a significant problem for the economy in the near term. BofA Chief US Economist Michelle Meyer and Vice President Alexander Lin wrote that three rate hikes in 2022 are very possible in the future.

“Inflation will cool off from current highs but will remain well above target, leaving the Fed to take action,” the report predicts. “While 2021 was a story of excess demand and a shortage of supply, we believe 2022 will be a story of rebalancing, albeit gradually. This should dampen some of the inflation, but not quickly enough, leaving the Fed to increase three times from June and continue quarterly. “

Ihsaan Fanusie is a writer at Yahoo Finance. Follow him on twitter @IFanusia.

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South Korea defers crypto tax, looking for votes? – Sat, 04 Dec 2021 00:20:33 +0000
The Strategy and Finance Committee of the South Korean National Assembly has approved an amendment to defer to 2023 the imposition that imposes a 20% annual capital gains tax for crypto trading with more than 2 .5 million won (US $ 2,125) in revenue, just after the same tax was rushed. will occur in 2022, as lawmakers have said the delay will result in a “loss of public confidence.”

Some have argued that lawmakers should postpone taxing crypto because the bill still has many loopholes to work on, but on top of that, the presidential election is fast approaching and lawmakers from all parties have intent on winning over young voters, who have shown high rejection of the crypto tax and even formally asked to delay it.

Statista shows that the number of registered users of cryptocurrency exchanges in South Korea in August 2021 was around 14.8 million. In 2018, the country was ranked as the third largest market for bitcoin exchanges in the world.

With rising unemployment rates and a slowing economy, South Korean interest in crypto has only increased. It had even been alleged that a The South Korean decline in Bitcoin investments could have an impact on its price.

South Korean lawmakers can’t decide on crypto

Lawmakers are on the wrong track when crypto-taxation takes effect. There had been a previous proposal to postpone until 2023 which was dropped last September because Deputy Prime Minister and Minister of Finance Hong Nam-ki said the tax was to come into effect next year:

Any further delay in the already postponed execution will lead to a loss of public confidence in government policy and undermine the stability of the legal system,

At the time, there was a huge backlash from crypto investors through protests and online petitions calling on regulators to drop the bill. One of them collected around 201,079 signatures in 25 days.

Protesters claimed the taxation was premature because crypto investors had no protective measures, and the proposal means they would be taxed at higher rates than equity investors. As the tax is scheduled to be imposed on income from virtual assets over 2.5 million won ($ 2,125), the taxation of capital gains on shares begins at 50 million won ($ 42,016 ). Some experts have called for gains from virtual assets to be reclassified as financial income.

Related reading | South Korean financial regulator could impose tax on NFTs

Even before the bill was announced, in 2018, the South Korean government declared the crypto movement in the country to be ‘irrational’ and started threatening to ban all cryptocurrencies and shut down exchanges. .

In March 2020, South Korea adopted an amendment that entered into force in March 2021, the Law on the Reporting and Use of Specific Financial Transaction Information. It focuses on crypto exchanges, custodian wallet providers, ICO projects, global service providers involved in the sale or purchase of crypto, crypto to crypto exchanges, crypto transfer, storage or management of virtual assets.

All of these service providers must register with Korea’s financial regulators before getting involved in any business and rethinking their KYC and anti-money laundering systems.

Related reading | Dogecoin Rival Shiba Inu becomes first meme coin to list in South Korea

Total Crypto Market Cap at $ 2.4 Trillion in Daily Chart | Source:

Vietnam, Taiwan cross US Treasury currency thresholds, but no manipulator labels Fri, 03 Dec 2021 17:31:00 +0000

The United States Department of the Treasury is seen in Washington, DC, the United States, on August 30, 2020. REUTERS / Andrew Kelly / File Photo

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December 3 (Reuters) – Vietnam and Taiwan again crossed US Treasury thresholds for possible currency manipulation and enhanced analysis under a 2015 trade law, but the department on Friday refrained from qualifying them officially manipulators.

Switzerland also narrowly escaped the triggering of the three manipulation criteria in the Treasury’s latest biannual currency report, thanks to revised and broader measures of trade and current account surpluses and interventions in the foreign exchange market.

All three had crossed Treasury thresholds in April, prompting the United States to become more active in reviewing its practices. The administration of former President Donald Trump called Vietnam and Switzerland manipulative in December, citing a 1988 monetary law.

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In the latest report, the Treasury found that no major trading partners in the year through June 2021 sought to manipulate their currencies for trade advantage or to prevent effective balance of payments adjustments.

The department said it would continue to work with Vietnam and Taiwan to address U.S. concerns. For Switzerland, which has only exceeded the trade and exchange intervention thresholds, the Treasury said it would continue to conduct an in-depth analysis of the practices of the Alpine country for another year.

Switzerland was transferred to the Treasury’s “Watch List” of the main trading partners which deserve special attention to their monetary practices, as well as 11 other countries which remained on the list: China, Japan, South Korea, Germany, Ireland, Italy, India, Malaysia, Singapore, Thailand and Mexico.

The Treasury said it was “satisfied with Vietnam’s progress to date” and would continue the engagement started in May with Taiwan.

“This commitment includes the call for the development of a plan with specific actions to tackle the underlying causes of the currency’s undervaluation and external imbalances,” the Treasury said of the Taiwan’s commitment.

The United States in July dropped the threat of imposing tariffs on Vietnamese products after the country’s central bank agreed with the U.S. Treasury to refrain from manipulation and make its exchange rate practices more transparent. The deal follows a Reuters report that Vietnam had sought to shift its dollar cash purchases to forward purchase contracts with banks to evade Treasury criteria.


The latest Treasury report did not trigger any significant immediate moves in the Taiwan dollar, Vietnamese dong or Swiss franc.

A Taiwanese central bank official said talks with Washington will continue, but blamed Taiwan’s large trade deficit with the United States on strong demand for tech products fueled by the COVID-19 pandemic and production changes caused by US tariffs on Chinese products. Read more

Switzerland’s finance ministry reiterated its long-standing denial that the country’s central bank is engaging in manipulation of the franc for economic benefit.

“Foreign exchange interventions are necessary for Swiss monetary policy in order to maintain appropriate monetary conditions and therefore price stability,” the ministry said in a statement.


The Treasury report criticized China’s lack of transparency in its foreign exchange practices, citing a large gap between the People’s Bank of China foreign exchange assets and net foreign exchange settlement data, suggesting that state-owned banks were used to conduct official interventions.

“The Treasury will continue to closely monitor China’s use of exchange rate management, capital flows and macroprudential measures and their potential impact on the exchange rate,” he said in the report. .

A Reuters analysis in June found that Chinese banks had raised more than $ 1 trillion amid little official intervention by the PBOC, posing a risk to the government’s ability to control the country’s exchange rate. yuan.

Treasury Secretary Janet Yellen told a Reuters Next virtual conference on Thursday that she would continue to engage her Chinese counterpart, Vice Premier Liu He, on exchange rate policy issues.


In the second currency report released by the Biden administration, the Treasury also adjusted the three manipulation thresholds under the 2015 law to include somewhat broader measures of trade surpluses, foreign exchange intervention, and surpluses. from the current account. Read more

A treasury official said Switzerland would have passed the old current account surplus threshold and narrowly missed exceeding the new one.

“The Treasury is working tirelessly to promote a stronger and more balanced global recovery that benefits American workers, including through close engagement with major economies on currency issues,” Yellen said in an accompanying statement. The report.

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Reporting by David Lawder and Andrea Shalal; Additional reporting by Ben Blanchard and John Revill Editing by Dan Burns, Chizu Nomiyama and Andrea Ricci

Our Standards: Thomson Reuters Trust Principles.

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Ascletis announces the inclusion in the new catalog of the Chinese national list of reimbursed drugs (NRDL) of the ASCLEVIR® / GANOVO® regimen, an all-oral direct anti-HCV therapy Fri, 03 Dec 2021 04:10:55 +0000

HANGZHOU, China and SHAOXING, China, December 3, 2021 / PRNewswire / – Ascletis Pharma Inc. (HKEX: 1672) today announced that its all-oral direct anti-hepatitis C virus (HCV) ASCLEVIR® (Ravidasvir) / GANOVO® (Danoprevir) has been included in the Catalog of medicines for basic national health insurance, occupational accident insurance and maternity insurance (2021) (??2021??) (the “National List of Reimbursed Medicines” or the “NRDL”).

The results of phase II / III clinical trials in China with direct all oral anti-HCV ASCLEVIR® / GANOVO® The regimen showed a 99% cure rate in non-cirrhotic HCV genotype 1 patients. ASCLEVIR® is a pan-genotypic NS5A inhibitor with a high genetic barrier to resistance, with a 100% cure rate in patients with baseline NS5A resistance. The two ASCLEVIR® and GANOVO® have been included in Guidelines for the Prevention and Treatment of Chronic Hepatitis C (2019 Version) (??2019??) and Process for managing hospital screening for hepatitis C in China (essay) in 2021 (??). Ascletis was the anti-HCV program leader of the major national science and technology project for “innovative drug development” programs, and both ASCLEVIR® and GANOVO® are the significant achievements of this project during the 13th period of the five-year plan.

“The National Healthcare Security Administration (‘NHSA’) assessment is based on several factors, including effectiveness, safety, economy, novelty and fairness. We are pleased that the all-oral Ascletis diet has been recognized. There are approximately 10 million HCV infected patients in China, inclusion in the NRDL will dramatically improve accessibility, ease the financial burden on patients and their families and bring positive impacts to them, ”said Dr. Jinzi J. Wu, Founder, CEO of Ascletis, “Cure of HCV is an important step towards our mission” Innovative remedies liberate life to the fullest. ” Ascletis will continue to support the country’s health system and contribute to the national “healthy China” strategy. “

Teacher. Lai wei, Vice President of Tsinghua Changgung Hospital in Beijing said: “Clinical results of all-oral direct anti-HCV ASCLEVIR® (Ravidasvir) / GANOVO® (Danoprevir) demonstrated a sustained virologic response rate (SVR12) of 99% in non-cirrhotic HCV genotype 1 patients with good safety profiles. The inclusion in the NRDL of the all-oral regimen developed by a national company will further reduce the financial burden of patients infected with HCV, improve the accessibility of drugs, eliminate the threat of viral hepatitis to public health and achieve the objectives “Healthy China 2030”.

About hepatitis C

Hepatitis C is a chronic infection with high morbidity and mortality and is a leading cause of cirrhosis and liver cancer. There are approximately 10 million people infected with HCV in China with around 220,000 new infections each year recently.

About Ascletis

Ascletis is an innovative R&D-driven biotechnology listed on the Hong Kong Stock Exchange (1672.HK), a global platform spanning the entire value chain from discovery and development to manufacturing and commercialization . Ascletis is committed to developing and commercializing innovative drugs in the areas of viral diseases, NASH / PBC and cancer (oral cancer metabolic checkpoint and immune checkpoint inhibitors) to meet unmet medical needs both in China and globally. Led by a management team with deep expertise and proven track record, Ascletis targets therapeutic areas with unmet medical needs from a global perspective and effectively advances pipeline developments with the aim of dominating global competition. To date, Ascletis has three commercialized products and 18 strong R&D pipelines of globally competitive drug candidates, and is actively exploring new therapeutic areas.

1. Viral diseases: (1) Hepatitis B virus (functional cure): focus on breakthrough therapies for functional cure of CHB with PD-L1 antibody injected subcutaneously – ASC22 and Pegasys® as drugs basic. (2) HIV / AIDS: ASC22, an immune therapy to restore HIV-specific immune responses and eventually lead to functional recovery in HIV-infected patients. (3) Hepatitis C: successful launch of an all-oral treatment regimen combining ASCLEVIR® and GANOVO® (RDV / DNV regimen).
2. Non-alcoholic steatohepatitis / primary biliary cholangitis: Gannex, a company 100% owned by Ascletis, is engaged in the R&D and commercialization of new drugs in the field of NASH. Gannex has three clinical-stage drug candidates against three different targets – FASN, THRβ and FXR, three fixed-dose combinations for NASH, and a PBC program targeting FXR.
3. Cancer (oral cancer metabolic checkpoint and immune checkpoint inhibitors): a pipeline of oral inhibitors targeting FASN, which plays a key role in cancer lipid metabolism, and a pipeline of dot inhibitors next-generation small molecule PD-L1 immune control agent.
4. Exploratory indications: Acne: Following NASH and recurrent GBM, the third indication for AUC40 has been approved for entry into the Phase 2 clinical trial.

SOURCE Ascletis Pharma Inc.

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Asian stocks climb but Omicron worries leave markets nervous Thu, 02 Dec 2021 02:25:04 +0000

By Alun John

HONG KONG (Reuters) – Asian stocks edged up in choppy trading on Thursday, helped by advances in Chinese real estate stocks, although fears over the Omicron variant of the novel coronavirus have capped gains regionally.

Remarks by Fed Chairman Jerome Powell also weighed on stock markets, reiterating that he and other policymakers would consider a faster cut to the Fed’s bond buying program, a move widely seen as opening up. the door to earlier interest rate hikes.

This helped support the dollar which, despite the cautious mood, gained ground against the yen, generally viewed as an even safer haven than the greenback.

The largest MSCI index of Asia-Pacific stocks excluding Japan rose 0.2%, boosted by Chinese blue chips up 0.25% and Hong Kong up 0.2%.

An index of mainland developers listed in Hong Kong rose 2% after news on Wednesday night that Chinese developers plan to sell bonds in China to raise a total of 18 billion yuan ($ 2.83 billion), evidence that Beijing slightly eases liquidity pressures in the cash-strapped sector.

However, Japan’s Nikkei lost 0.6%, and Wall Street’s three major benchmarks fell more than 1% overnight as a global rally came to a halt as news on the Omicron variant of the coronavirus turned negative.

Omicron is quickly becoming the dominant variant of the coronavirus in South Africa less than four weeks after it was first detected there, and on Wednesday the United States became the latest country to identify an Omicron case within its borders.

“All anyone can do at the moment is wait for each title when it is released, as there are a series of unanswered questions about the new variant that remain largely unanswered and will remain so. for days or weeks, ”said Kyle Rodda, analyst at IG Melbourne Brokerage Markets.

He added that with the reduction of its stimulus measures and the rate hike by the Federal Reserve, “this is the first time in a very long time that the markets have not taken bad development as another excuse for buy stocks with the expectation of increased cash flow from the Nourished.

Another sign of a flight to safety, long-term US Treasury yields slipped late in the US hours. The yield on 30-year bonds fell to 1.740%, their lowest since early January, and benchmark 10-year yields fell to 1.404% – a nine-week low. [US/]

Yields at the short end of the curve were more stable due to the chances that the US Federal Reserve would step up its reduction in bond purchases.

On Wednesday, in his second day of testimony to Congress, Powell said the Fed had to be prepared to respond to the possibility that inflation might not decline in the second half of next year, as most forecasters said. are currently waiting there.

This would likely lead to an acceleration in the pace at which the Fed is easing its asset purchase program.

“We now expect (the Fed’s steering committee) to complete asset purchases in April 2022 and start raising the funds rate in June 2022,” CBA analysts said in a morning note.

The dollar index remained stable, although the greenback rose about 0.25% to 113 yen, regaining some of its recent losses, thanks to the hawkish tone.

The risk-sensitive Australian dollar was languishing at $ 0.7114 not far from Tuesday’s low of $ 0.7063, its lowest since early November last year.

Oil prices have also rebounded, albeit after falling sharply in recent days amid fears the new variant might hit travel.

Brent crude futures gained 0.9% to $ 69.48 per barrel, and US crude futures gained 0.76% to $ 66.08 per barrel, although still in sight from Tuesday’s three-month low.

Spot gold slipped 0.12% to $ 1,780 an ounce.

(Edited by Lincoln Feast)

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