Aisa Net Wed, 25 May 2022 07:04:21 +0000 en-US hourly 1 Aisa Net 32 32 Quad to Donate Over $50 Billion in Indo-Pacific Infrastructure and Investment in Five Years Wed, 25 May 2022 04:00:00 +0000

Tokyo: Amid China’s efforts to increase its global footprint by funding infrastructure projects, Quad leaders on Tuesday reaffirmed their shared commitment to deepening infrastructure cooperation, which is key to boosting productivity and growth. prosperity in the Indo-Pacific region.

A statement released after the leaders of Australia, India, Japan and the United States met here said Quad will seek to extend more than $50 billion in infrastructure aid and investment across the country. Indo-Pacific over the next five years.

Quad executives said in the statement they shared a commitment to addressing debt issues, which have been exacerbated by the pandemic in many countries.

“Quad’s partners bring together decades of skills and experience to catalyze infrastructure delivery in the region. We are committed to working closely with partners and the region to drive public and private investment to fill the gaps. To achieve this, Quad will seek to expand more than $50 billion in infrastructure assistance and investment across the Indo-Pacific, over the next five years,” the statement said.

“We will strive to build the capacity of countries in need to address debt issues within the framework of the common G20 framework and by promoting debt sustainability and transparency in close collaboration with the financial authorities of the countries concerned. , including through the ‘Quadruple Debt Management Resource Portal’, which consists of multiple bilateral and multilateral capacity building assistance,” he added.

The leaders welcomed the meeting of development finance institutions and agencies from the four countries on the sidelines of the Quad leaders’ meeting.

“We are working closely with experts, our region and each other to link our toolkits and expertise to better connect the Indo-Pacific,” the statement said.

“We will further deepen collaboration and pursue complementary actions in identified areas, such as regional and digital connectivity, clean energy and climate resilience, including disaster resilience in energy-related facilities, which reflect the region’s priorities, including ASEAN’s outlook on the Indo-Pacific, to contribute to sustainable and inclusive growth in the region,” he added.

The Quad meeting brought together Prime Minister Narendra Modi, Australian Prime Minister Anthony Albanese, US President Joe Biden and Japanese Prime Minister Fumio Kishida.

Regarding COVID-19 and global health security, Quad executives said they welcome the progress made in expanding production of J&J vaccines at the Biological E facility in India as part of the capacity to sustainable manufacturing of the Quad Vaccine Partnership. COVID-19 and future pandemics.

Leaders said they were looking forward to the WHO’s emergency use list (EUL) procedure for vaccines.

“In this regard, we look forward to the granting of WHO EUL approvals for the above-mentioned vaccines in India. We celebrate the Quad’s donation to Cambodia and Thailand of WHO-approved Made in India vaccines, as well as the Quad members’ other vaccine-related support, as an example of the tangible achievement of our collaboration,” the statement read.

PSD2 and Financial Software Solutions Market Size and Forecast Tue, 24 May 2022 15:00:25 +0000

New Jersey, United States – PSD2 and financial software solutions market The 2022-2029 report has been prepared based on an in-depth market analysis with input from industry experts. The PSD2 and Finance Software Solutions Market study sheds light on the significant growth momentum that is expected to prevail during the assessment period 2022-2029. The study offers statistics on key segments in important geographies, along with detailed mapping of the global competitive landscape. Additionally, the market report tracks the global sales of PSD2 and Financial Software Solutions across 25+ high-growth markets, while analyzing the impact COVID-19 has had on the current industry and the PSD2 and Financial Software Solutions sector. financial software solutions in particular.

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PSD2 and Financial Software Solutions Market – Type Outlook (Revenue, USD Million, 2017-2029)

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UNITY Value (million USD/billion)
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BY REGION North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
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➛ North America (United States, Canada and Mexico)
➛ Europe (Germany, France, United Kingdom, Russia and Italy)
➛ Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
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$40 Billion Crypto Collapse Turns Korea Against ‘Lunatic’ Leader Mon, 23 May 2022 23:01:39 +0000

After Do Kwon indicated that he would inject $300 million into the reserves that underpinned the 20% yield of his cryptocurrency luna, a Twitter user asked him where would the money come from.

Kwon’s response was succinct: “Your mother, of course.”

Now the brash 30-year-old Korean, who regularly mocks his critics as ‘poor’, is being asked to report on the $40 billion collapse this month of a creation he has once described as “the oldest and most widely used algo”.[rithmic] existing stablecoin”, before adding: “Bow to the king”.

As the casualties mounted, South Korean news reports linked the crash to a local increase in online searches for Seoul’s Mapo Bridge, a notorious suicide spot. Local police announced increased patrols around the bridge in response.

South Korean prosecutors opened an investigation into Kwon’s Terraform Labs on Friday after five Korean crypto investors with combined damages of 1.4 billion won ($1.1 million) filed a criminal complaint alleging fraud and violation of financial regulations.

“Do Kwon was like a successful cult leader,” said Donghwan Kim of Blitz Labs, a Seoul-based crypto consulting firm. “But now he’s the most hated man in Korea.”

Galaxy Digital chief Mike Novogratz with his luna tattoo © Mike Novogratz/Twitter

Kwon attended an elite foreign language high school in Seoul and studied computer science at Stanford University. In 2018, he co-founded Terraform Labs in Singapore with Daniel Shin, the prominent founder of Korean unicorn Ticket Monster.

The pair launched the stablecoin terraUSD in 2020. Terra is expected to hold a stable value of $1. Its peg to the dollar was maintained by an algorithmic relationship with the cryptocurrency luna. To buy terra, users need luna, and vice versa.

This seesaw dynamic is supposed to keep the price of terra stable, but in early May, a run took place. As luna’s supply was sold, the value of the cryptocurrency plummeted towards zero, undermining the delicate algorithmic balance of the ecosystem and breaking the peg of the earth to the dollar.

The Luna Foundation Guard, a non-profit organization supporting the terra ecosystem, failed to mobilize enough bitcoin reserves to safeguard terra’s stability, and faith in the model evaporated.

“The market capitalization of coins grew too fast while their reserves or tools to defend their value were not yet ready,” said a former colleague close to Kwon. “They started preparing reserves, buying $3.5 billion worth of Bitcoin, but it was too late.”

Individual investors had been attracted to a system in which customers could lend their land for a 20% return. But hundreds of millions of dollars of investment in Terraform Labs came from venture capital firms, including Galaxy Digital, whose chief executive Mike Novogratz would later acquire a luna tattoo on his left shoulder.

“The commitments of some of the most respected funds are a testament to the shared vision to bring decentralized finance to the masses,” Kwon said in July last year.

Do Kwon’s close colleague at Terraform Labs had another explanation: Many investors had been “hypnotized by his genius.”

“Do was able to attract many famous investors because many people in the crypto market agreed with his philosophy and slogans on the need for decentralized finance and DeFi tokens,” the former colleague said. “They found the algorithm model fresh and appealing because there was a growing need for stablecoins and the coins were in no way tied to the real economy, only backed by each other and Bitcoin.”

Kwon’s high-profile backers, global marketing strategy and killer social media persona have all helped attract attention and retail investors, some of whom have formed into an army of online supporters dubbed the Lunatics.

The skeptics were overlooked. “I don’t debate poor people on Twitter, and sorry I don’t have a change for her at the moment,” Kwon wrote last year after a British economist raised doubts about the algorithmic stablecoin model.

“Crazy people believed that his lack of manners was a way to protect their wealth,” Donghwan Kim said, “so his arrogance received a lot of support from the community and it quickly became his trademark.”

Kwon’s former colleague from Terraform Labs identified the decision to offer investors a 20% annual return as when terra/luna began to “grow too fast.”

“About Won14tn-15tn ($11-12 billion) was deposited in just one year after it started offering the 20% yield,” he said. “Retail investors were attracted by the high yield, while venture capital was attracted by the rapid growth of the coins. The speed of growth was unsustainable.

Another former colleague, ex-Terraform Labs engineer Kang Hyung-suk said, “The engineers inside knew all the risk of the 20% return. They all thought it wouldn’t be sustainable because we didn’t have enough funds to support it. But no one voiced their concern to Do, who often ignored opinions that contradicted him.

Kim Hyoung-joong, director of the Center for Cryptocurrency Research at Korea University, said, “Kwon was calling for decentralized finance, but he was making all the decisions alone. It’s ironic that corporate decision-making is so centralized.

The death spiral has claimed high-profile victims.

“Still poor,” Changpeng Zhao, founder of crypto exchange Binance, tweeted in response to a news report about the value of his investment in Luna falling from $1.6 billion to less than $2,500.

Hashed, a Seoul-based venture capital firm that was a major backer and promoter of Do Kwon and Terraform Labs, is estimated by crypto site CoinDesk to have lost more than $3.5 billion from the crash.

But the most devastating losses were borne by ordinary retail investors.

Ji-hye, a South Korean office worker and mother of three children under the age of five, said she invested all of her savings in cryptocurrency after reading about the 20% return and seeing that Daniel Shin was involved in the project.

“I did my best to accumulate savings, but the bank rate seemed far too low during this period of high inflation. I was desperate for ways to save more for my three children,” said Ji-hye, whose name has been changed to protect her identity.

“I saw my savings increase day by day with the 20% interest rate, so I borrowed more money from the bank and put more on the land. It’s my fault for not having deepened before investing, but I despair without my savings.

Kwon, who did not respond to a Financial Times request for comment, wrote on Twitter following the collapse that “I am heartbroken at the pain my invention has inflicted on you all.”

But still defiant, he also tried to garner developer support for a second chance. Terra’s failure, he argued in an online manifesto published last week, was “a chance to rise from the ashes”.

Additional reporting by Scott Chipolina in London

Modi meets with heads of Japan’s biggest companies Mon, 23 May 2022 14:50:20 +0000

Prime Minister Narendra Modi held detailed discussions with the heads of Japan’s biggest companies, including SoftBank, Suzuki Motors, NEC and UNIQLO, on their future plans for the Indian market during one-on-one meetings in Tokyo on Monday.

Modi, who is on a two-day visit to Japan for the Quad Summit, also met with executives and CEOs of 34 Japanese companies, most operating in India, in various sectors such as automotive, electronics, semi- conductors, steel, technology, trade and banking and finance, according to an official statement released by the Prime Minister’s Office.

Investment Opportunities

Modi and SoftBank Corporation founder Masayoshi Son discussed the Japanese multinational conglomerate’s future involvement in India in key areas such as technology, energy and finance. “Specific proposals have been shared with SoftBank where it could boost its investments in India,” the External Affairs Ministry said.

Strategies for building India’s local innovation system, including skills development through Japan-India manufacturing institutes and Japanese endowment courses, were discussed in interviews with Osamu Suzuki , Senior Advisor, Suzuki Motor Corporation.

“They discussed new investment opportunities in India, including setting up electric vehicle and battery production facilities as well as recycling centers, to achieve the goal of sustainable growth,” a statement from the government.

During his meeting with the chairman of the major electronics company NEC Corporation, Nobuhiro Endo, Modi discussed the opportunities in India in new and emerging technologies and the various tax and labor reforms undertaken in the country to improve the ease of doing business. business.

The Prime Minister invited UNIQLO to participate in the PM-Mitra program aimed at further strengthening the textile sector, during his meeting with Tadashi Yanai, Chairman and CEO of Fast Retailing Co. Ltd, UNIQLO’s parent company.

At the business roundtable, key business bodies and organizations from India and Japan such as Keidanren, Japan External Trade Organization, Japan International Cooperation Agency, Japan Bank for International Cooperation, the Japan-India Business Advisory Committee and Invest India also participated.

Modi pointed out that during Prime Minister Fumio Kishida’s visit to India in March, the two countries set an ambitious investment target of 5 trillion yen over the next five years. “The Prime Minister highlighted recent developments in economic relations, such as India-Japan Industrial Competitiveness Partnership and Clean Energy Partnership, among others. He spoke about initiatives such as the National Infrastructure Pipeline, Production Linked Incentive Scheme and Semiconductor Policy and highlighted India’s strong start-up ecosystem,” the statement read. .

Published on

May 23, 2022

Thailand’s airports hope to turn a corner as travel restrictions ease Mon, 23 May 2022 01:20:27 +0000


  • Thailand’s Airports of Thailand (AoT) announces its financial results for the last three and six months.
  • Revenues have risen sharply, but losses are still recorded.
  • Revenues were boosted by the relaxation of medical entry requirements for foreigners.
  • The overall inbound tourism market is growing, with the UK and the US becoming the main source of visitors in 2021.
  • Financial measures to help airlines afford to fly in Thailand have been extended.

AoT has taken three airports from the Department of Airports but has not yet commissioned them

Airports of Thailand (AoT), the main and partly privatized operator of major Thai airports, including those in Bangkok, has released its financial statements for the three and six months ending March 31, 2022.

Originally a state-owned enterprise, AoT was incorporated in 2002 and a subsequent partial IPO (30%, institutional and retail investors) took place in 2004, with the state retaining 70% through of the Ministry of Finance.

AoT operates Bangkok’s two airports and four others (Chiang Mai, Chiang Rai, Hat Yai and Phuket).

In September 2021, Thailand’s Minister of Transport announced that the management of Udon Thani Airport, Krabi Airport and Buriram Airport would be transferred from the Department of Airports (DoA) to AoT control. on 30-year leases. The objective was to increase the capacity of airports, making them regional air transport hubs to accommodate more tourists. The decision caused friction because these airports are the main sources of income for the DoA.

Udon Thani Airport and Buriram Airport would be handed over to AoT on January 1, 2022, with Krabi Airport to be transferred at a later date. However, the January transfer did not happen and at the end of March 2022 it was announced that he would do so in April 2022.

This is not yet officially the case, but AOT may have taken on management functions. The most recent report states that Krabi and Udon Thani airports will officially open in August 2022, with Buriram airport to follow in September 2022.

Thailand emerges from the COVID gutter, with its tourist activity

The AoT results are released against the backdrop of Thailand’s slow emergence from the COVID-19 pandemic and associated lockdowns and travel restrictions.

The country could argue that it has been the most affected in the world that depends on tourism. In normal years, the percentage of Thailand’s GDP that is represented by tourism reaches 12%, the same as in Spain.

In the first half of 2022, cases peaked for the second time in a year, following a year in which, inexplicably (and like North Korea), Thailand reported virtually no COVID cases. -19. This second peak reached its peak in April 2022, with 50,000 cases per day, although this is only a quarter of the number in some countries with a similar population size.

However, this second peak is rapidly diminishing at present, with the number of daily reported cases now falling to 5,000. The AoT and tourism authority will be desperate for this to be a signal of the end of the pandemic in the country.

A ‘quarantine waiver’ helped bring some visitors back

Thailand has, where it could, introduced a “quarantine waiver” for foreign tourists to revive its vital tourism sector.

Thai and foreign passengers who have been fully vaccinated do not need to quarantine under the “Test & Go” program, effective February 1, 2022.

The CAPA chart below shows that overall seat capacity in Thailand, while still well below 2019, is now at least consistently higher than 2020 and 2021.

The state planning agency now expects 5.5 million tourists in 2022, up from the previous forecast of five million made in November 2021.

But that remains well below the 40 million foreign tourists in 2019, suggesting the economic recovery will be slow and uneven.

Economic growth falters from one crisis to another

Thailand is Southeast Asia’s second largest economy, and both the government and the AoT will be relieved that the economy returned to growth in the fourth quarter of 2021. It rebounded faster than expected, driven by exports robust and a resumption of domestic activity after an easing. the brakes of the pandemic and that the borders have started to reopen to foreign visitors.

In 2021 as a whole, Thailand’s economy grew by +1.6%, one of the weakest rates in Southeast Asia, after contracting -6.1% in 2020.

However, no sooner had one impediment to growth begun to ease than the Russian invasion of Ukraine introduced another, forcing the Bank of Thailand to revise the country’s growth forecast downward. for the year, at +3.2%, from +3.4% to +4.5%. % he had previously considered as prices began to rise.

As Chinese tourists melt, a growing market is the UK and the US

At least the economic sanctions against Russia won’t have a big impact on tourism. In 2019, visitors from Russia made up just 3.7% of visitors, although this figure rose to 6.7% in 2021.

The biggest loss is to Chinese tourists, which is expected to continue. In 2019, they were 27.6% of the total, but in 2021 – only 2.4%.

The largest supply of tourists in 2021 actually came from the UK, followed by the US, which did not even account for 3% of visitors in 2019, and this is where the tourism authority might be tempted to concentrate its marketing this year.

Revenues doubled in 1Q2022…

AOT’s revenue increases have more than doubled in the last three months compared to the six-month period.

Aeronautical increases in both cases exceeded non-aeronautical increases, indicating a slow return to normal in parts of this segment, although concession income was higher than in other non-aeronautical elements.

Office and property leasing was the worst performing segment, along with several other airports and groups that reported for the first quarter and indeed a small loss was recorded during the period of six months.

… but the losses worsened over the longer period

During the six-month period, operating losses and net losses worsened compared to the previous comparative period, but in 1Q2022. While the net loss worsened again, the operating loss was reduced by 13%.

During the six-month period from October 2021 to March 2022, the profitability ratio (the ratio of profit (here: loss) from operations to revenue from operations (%) decreased from (-199.24%) to (-136.63%).

But the return on equity (ROE) fell from (-5.37%) to (-6.35%). Similarly, the return on assets (ROA) fell from (-3.79%) to (-4.00%).

The debt-to-equity ratio remained stable at 0.72, while the liquidity ratio deteriorated from 1.58 to 1.13. A debt-to-equity ratio of around 2 or 2.5 is generally considered good, and for the liquidity ratio, 2.1.

The number of flights decreased while the number of passengers increased slightly compared to the corresponding period of the previous year.

It’s clear that AoT still has a long way to go to break even – let alone make a profit. It continues to introduce measures to help it achieve this goal.

AoT’s financial results are summarized below.


Amount (USD million)

+/- previous comparable period


Total revenue






(Departing passenger service charge)



(Landing and parking fees)



(Flight Service Fee)






(Revenues from concessions)



(Service revenue)



(Rents for offices and state property)



Operating profit (loss)


Compared to a loss of 110 million USD in pcp

Net profit (loss)


Compared to a loss of $90.4 million in pcp.


Amount (USD million)

+/- previous comparable period


Total revenue






(Departing passenger service charge)



(Landing and parking fees)



(Flight Service Fee)






(Revenues from concessions)



(Service revenue)



(Rents for offices and state property)



Operating profit (loss)


Compared to a loss of 214.8 million USD in pcp

Net profit (loss)


Compared to a loss of USD 204.0 million in pcp

Total assets


Cash and cash equivalents


Total responsibilities


Total number of people



Airline relief measures extended

The AOT Board of Directors of November 25, 2021 approved measures to support the activity of airlines and concessionaires by extending the period of aid measures from March 31, 2022 to March 31, 2023. Also by extending d one-year concession period for concessionaires carrying out commercial activities at the six airports under AOT’s responsibility from the end date of the existing concession period, subject to the continued progression of the COVID-19 pandemic. 19 (i.e. this extension could be modified, modified or rescinded as the case may be).

In a section of its report titled “Factors Affecting Future Operating Results”, AoT states that Thailand’s tourism industry entered low season at the end of this quarter (from July 2022), making the recovery of the “difficult” aviation industry. However, due to the easing of pandemic control measures, travelers will “gain comfort” and boost the recovery of the tourism economy.

He adds that AoT has a plan to develop a digital cargo system to bring technology to support and improve management efficiency in Bangkok’s Suvarnabhumi Airport Free Zone.

The report concludes by stating that AOT “remains committed to building passenger and service recipient confidence by being well prepared to provide services under strict measures to prevent the spread of COVID-19 by adhering to COVID Free guidelines. Setting in accordance with the measures of the Ministry of Public Health and has integrated its plans with various collaborating bodies to achieve the objectives”.

“AOT is also focused on security, which is at the heart of airport service, and stands ready to work with the government to support the country’s economic and tourism recovery,” the report added.

Two Strong Hands – The Wire China Sun, 22 May 2022 23:08:05 +0000

Kyodo News Digest: May 21, 2022 Sat, 21 May 2022 11:36:22 +0000

U.S. President Joe Biden arrives at Osan Air Base May 20, 2022 in Pyeongtaek, South Korea. (Picture of swimming pool)(Kyodo)

Here is the latest list of news digests selected by Kyodo News.


South Korea and the United States further strengthen deterrence against North Korea

SEOUL – South Korean President Yoon Suk Yeol and US President Joe Biden agreed on Saturday to further strengthen deterrence against security threats posed by North Korea during their first summit talks in Seoul, condemning Pyongyang for the recent escalating ballistic missile tests.

Yoon and Biden shared the view that North Korea’s nuclear program poses a “serious threat” not only to peace and stability on the Korean Peninsula, but also to the rest of Asia and the world. , and demanded the complete denuclearization of the peninsula, according to the joint statement released. after the two-hour summit talks.


Polls close in Australia’s tight general election

SYDNEY — Voting wrapped up across the country in Australia’s hotly contested general election on Saturday, with ballot counting underway.

Polling centers that opened at 8 a.m. closed at 6 p.m., with results from eastern and central states already in.


Japan, Australia, India, US agree on COVID vaccine cooperation

TOKYO – The leaders of Japan, Australia, India and the United States will agree to step up the supply of COVID-19 vaccines to the international community at their summit meeting next week, a said a Foreign Ministry official on Saturday.

The agreement, which is part of efforts by the four Indo-Pacific democracies to counter China’s growing influence in developing countries, is expected to be spelled out in their joint statement, said the Japanese official, who spoke as covered with anonymity.


Japan, US and 3 others quit APEC trade meeting in protest against Russia

BANGKOK — Representatives of Japan, the United States and three other countries briefly walked out of a meeting of Asia-Pacific trade ministers on Saturday to protest the Russian invasion of Ukraine, officials said.

The two-day meeting in Bangkok of the Asia-Pacific economic cooperation forum will end on Sunday, with promoting trade and investment in a post-COVID-19 world high on the agenda.


Hokkaido tour boat rescue begins, with 12 still missing

SAPPORO — Preparatory work to rescue a tourist boat that sank off Hokkaido last month, killing 14 and 12 people still missing, began Saturday morning.

The lifting of the 19-tonne Kazu I will now take place early next week. The boat, which is currently lying on the seabed about 120 meters below the surface, went missing off the Shiretoko Peninsula on April 23.


Russia declares full control of Mariupol in Ukraine

KYIV – Russia has declared full control of a steel mill in Ukraine’s key port city of Mariupol, finally pushing back remaining Ukrainian resistance, according to the Russian Defense Ministry, as the ongoing war is set to enter its fourth month .

Igor Konashenkov, spokesman for the ministry, quoted by the Tass news agency, reportedly said on Friday that Russian Defense Minister Sergei Shoigu informed President Vladimir Putin of the “complete release” of the plant. Azovstal and Mariupol Ukrainian activists.


Japan protests China over alleged test drilling in East China Sea

TOKYO (Reuters) – Japan’s Foreign Ministry said on Friday it had confirmed China’s ongoing construction of a facility believed to be for the unilateral development of a gas field in the East China Sea.

The ministry lodged a protest with the Chinese Embassy in Tokyo, saying it is regrettable that China has pushed forward unilateral development.


Top Japanese finance official arrested for alleged assault on train

TOKYO — A senior finance ministry official was arrested on Friday for allegedly beating and kicking another passenger on a moving train in Tokyo, investigative sources said.

Heihachiro Ono, the 56-year-old deputy deputy minister for policy planning and coordination, was drunk when he allegedly assaulted the passenger early on Friday and denies having any memory of the incident, the sources said. . The victim suffered no serious injuries.

Alternative credit scoring can promote financial inclusion in India. Read here for more details Sat, 21 May 2022 02:32:08 +0000

With increasing internet penetration and digitalization, new era financial services like digital loans, e-wallets, phygital banking, BNPL and other fintech innovations are fueling financial inclusion in India.

However, access to credit is still clouded by archaic underwriting systems. It is an important pillar of an inclusive financial ecosystem that can support India’s growth, positively affecting economic development and GDP.

Restricted access to credit threatens the equitable distribution of income and wealth and affects macroeconomic stability. On the other hand, it is essential to have an equal chance of obtaining credit when needed.

It helps underserved people seize entrepreneurial opportunities, insure against risks, invest in education and take all other actions that contribute to individual growth. While 190 million people in India are still unbanked, these figures pose a significant barrier to financial inclusion.

The Indian government has taken key steps to improve access to credit and boost growth, especially for MSMEs through programs such as the Credit Guarantee Scheme (CGS), and for borrowers looking for real estate financing through the liquidity infusion facility (Lift). However, these measures have contributed more to solving the liquidity crisis than measuring access to credit itself. And that’s where traditional credit score comes under the spotlight.

Here’s why alternative credit score metrics are the need of the hour. They can in fact catalyze a positive transformation of the Indian financial ecosystem, fostering both inclusion and equity like never before.

Bottlenecks in traditional credit scoring models

scrutinize credit risk and usage, as well as repayment history, credit scoring isn’t quite the anti-hero it’s often made out to be. After all, these markers reveal ability and willingness to repay, thereby reducing defaults, making credit affordable for high scorers, and providing an unbiased system that expands access to credit. But does it really achieve these goals?

The roadblocks built into the current system inherently exclude thin-file borrowers who are new to credit, new to income, have limited or no credit histories, are underbanked, or simply unbanked. To empower these previously “credit-invisible” customers and bring them into the formal financial fold, the way financial institutions assess creditworthiness must undergo a dramatic change. This is where data can unlock terabytes of economic opportunity.

How data can change the game

Thanks to artificial intelligence (AI) and machine learning (ML), the two great strengths of digitization, fintechs are now focusing on formulating predictive models for alternative credit scoring, based on data collected from different behavioral attributes of potential customers.

The two main benefits of digitization are artificial intelligence (AI) and machine learning (ML).

Based on easily traceable factors, such as monthly utility bills, emails, social media usage, contact lists and GPS data in smartphones, as well as determined psychological factors through psychometric testing, this use of data has the potential to overcome the challenges of traditional credit reporting mechanisms.

This allows not only customers who have no prior experience with credit, but also opens up new lending avenues for financial institutions, resulting in a win-win situation. Moreover, these scoring models not only reduce loan risk but also increase revenue. In fact, the ability of data to create robust alternative credit scoring models based on digital fingerprints has been explored globally.

In 2015, a report by Omidyar Network found that big data is poised to help 325-580 million people gain access to credit for the first time across the world’s six most emerging markets, including India, Mexico, Brazil and Indonesia. In 2017, Thailand’s oldest and largest bank used non-traditional data to create new credit-scoring mechanisms to lend to borrowers with tight records. In Chile, Destacame, a digital and alternative credit scoring platform works with more than 35 financial institutions, serving more than 2.6 million customers! Thus, harnessing AI and predictive analytics to mine alternative data has already been shown to work wonders in fostering financial inclusion.

Implications of Alternative Credit Scoring from the “glocal” Lens

Although Indian fintechs have already started using alternative credit scoring systems, privacy is a significant concern. After all, creating digital dashboards to screen credit repayment involves getting permission to track data that customers might not want to share. Using historical data that may have its own bias in training ML/AI models can also pose a challenge, as companies will need to ensure that this does not exclude unserved or underserved customers. In India, women in particular may have lower scores if data on the number of mobile contacts are analyzed for example, because men enjoy higher social mobility.

Despite these concerns, alternative credit scoring that uses smartphone data is the way forward to greater financial inclusion. After all, there were 227 million active internet users in rural India and 205 million in urban India in 2020.

To navigate smoothly towards a more inclusive future, fintechs can and should seize every opportunity to ensure their alternative credit scoring mechanisms are transparent about how they determine creditworthiness, remain free of discrimination, and ensure privacy. and data security. By building confidence on both sides of the equation and enabling smart lending, Alternative Credit Scoring can lead to an unprecedented increase in the country’s Financial Inclusion Index.

The author is Vice President, MD CASHe

(Disclaimer: The views expressed are those of the author and Outlook Money does not necessarily endorse them. Outlook Money will not be liable for any damages caused to any person/organization directly or indirectly.)

The S&P 500 recovers from a bear market | Financial market news Fri, 20 May 2022 20:03:45 +0000

A sell-off earlier sent the S&P 500 down more than 20% from a January closing high, meeting the common definition of a bear market.

By Bloomberg

A dramatic late-session rally brought the S&P 500 back to the brink of a bear market, but the index still fell for a seventh consecutive week in a period of weakness not seen since 2001.

The benchmark closed the day with little change, after a massive sell-off sent it down more than 20% from a January closing high, meeting the common definition of a bear market. . At the end of another volatile week, the monthly expiration of options linked to stocks and exchange-traded funds exacerbated price swings. Treasuries gained along with the dollar as safe havens captured bids.

In a week marked by falling buying and rising selling prices, investors grappled with worries about an economic slowdown and the prospect of further monetary tightening, while retailers signaled the growing impact of high inflation on margins and consumer spending.

The S&P 500 plunges into bearish territory

The S&P 500’s seventh weekly decline marked the longest losing streak since the bursting of the dotcom bubble more than two decades ago. It is only his fourth streak of seven or more weekly losses in the post-World War II period, according to Bespoke Investment Group.

“This is a small sample size, but these types of streaks did not occur during particularly positive times for the stock market,” the company’s strategists wrote in a note. “The root causes of the weakness were the hawkish FOMC and growing concerns about the potential for a recession.”

In the latest developments regarding Russia’s war in Ukraine, the Senate passed a Ukraine aid package worth more than $40 billion, sending the bill to President Joe Biden for his signature. Meanwhile, the industrialized countries of the Group of Seven will agree on more than 18 billion euros ($19 billion) in aid to Ukraine, according to German Finance Minister Christian Lindner.

What damage will be done to the US economy and global markets before the Fed changes tack and eases policy again? The “Fed Put” is the theme of this week’s MLIV Pulse survey.

Some of the major movements in the markets:


  • The S&P 500 was little changed at 4 p.m. PT
  • The Nasdaq 100 fell 0.3%
  • The Dow Jones Industrial Average is little changed
  • The MSCI World index fell 0.4%


  • The Bloomberg Dollar Spot Index rose 0.2%
  • The euro fell 0.3% to $1.0556
  • The British Pound rose 0.2% to $1.2489
  • The Japanese yen was little changed at 127.87 per dollar


  • The yield on 10-year Treasury bills fell five basis points to 2.78%
  • Germany’s 10-year yield was little changed at 0.94%
  • The UK 10-year yield rose three basis points to 1.89%


  • West Texas Intermediate crude rose 0.9% to $113.23 a barrel
  • Gold futures are little changed

–With help from April Ma, Tassia Sipahutar, Michael Msika, Robert Brand and Isabelle Lee.

[Column] Korea should curb health-damaging behaviors to improve health financing Fri, 20 May 2022 05:31:03 +0000

Climate change, fine dust, the humidifier sterilizer incident that killed many Koreans, frequent industrial incidents, garbage accumulation, alcohol and smoking, increasing obesity and mental illness – what do they have in common?

Lee Bo-hyoung, CEO of Macol Consulting Group

These are the growing shadows of the rapid expansion of modern civilization. We live in a society burdened with high health risks. Systematic control of health-damaging behaviors alone can help people avoid the risk of disease.

Alcohol, smoking and obesity are particularly dangerous behaviors that threaten people’s health. For example, data from the National Health Insurance Service showed the country’s medical expenses caused by alcohol and smoking recorded 3.2 trillion won ($2.5 billion) and 3.5 trillion won, respectively. in 2020.

The obesity-induced medical cost caused by the Covid-19 pandemic amounted to 4.6 trillion won in 2016.

We can prevent these three unhealthy behaviors from turning into diseases by providing accurate scientific information to consumers and the general public based on a systematic monitoring system.

Obesity, the largest medical expense, is managed through nutrient ingredient labeling for 176 processed foods, sugar reduction plans and sodium comparison labelling.

However, there is no concrete process for consumers to recognize the risk and refrain from consuming unhealthy foods. The medical community and the government are implementing various policies, but sugar consumption continues to rise in Korea.

In Korean culture, people are too generous to drink. The country has only a few regulations to control alcohol consumption, such as restrictions on advertising and drinking sites. For example, the alcohol harm prevention budget is less than 1 billion won per year, less than 1% of the smoking cessation budget. Calories and nutrients in alcoholic beverages, such as saccharides and saturated fat, are not consistently managed and disclosed.

Fortunately, Koreans have a social consensus on the need to quit smoking. Yet the smoking rate is over 20% even after the tobacco tax hike in 2015. The anti-smoking campaign has been running since the 1990s, but it no longer affects cigarette addicts. The regulator does not control the harmful chemicals in tobacco, with the exception of tar. Although various new reduced-risk cigarettes have appeared in the market, the country lacks measures such as health risk assessment to systematically manage them.

The first step in restricting health-damaging behaviors like drinking, smoking, and becoming obese is to provide accurate, science-based information about health-damaging behaviors. If government makes it easier to find the right information consistently, consumers can make wise choices. Rather than having numerous government agencies managing and regulating information individually, the task should be unified under one agency. If Korea can introduce a systematic and detailed system to control health-damaging behavior based on scientific information, health risks in daily life will decrease even a little.

The government and the medical community have struggled to manage the health of patients with chronic diseases and provide community care in primary medical institutions.

However, the government should put in place more aggressive policies such as granting incentives to individuals and companies that enhance social health-enhancing activities or expanding tax benefits for products that reduce risk. for health.