Japan G7 Finance

May 12, 2023

U.S. Treasury Secretary Janet Yellen, left, and Federal Reserve Chairman Jerome Powell, talk prior to a family photo session of Group of Seven (G7) finance ministers and central bank governors with invited non-G7 countries' counterparts, at Toki Messe in Niigata, Japan, on Friday, May 12, 2023. (AP Photo/Shuji Kajiyama)

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US issues first outbound investment fine over Chinese robotics AI deal

The US Treasury on Wednesday announced its first penalty under rules governing American investment in sensitive Chinese technologies, revealing a US$200,000 fine against the parent of Plug and Play Tech Centre for failing to report an investment in a Shanghai robotics AI company. The Treasury said on Wednesday that Amidi, LLC failed to submit a required notification after its Chinese fund subsidiary invested around US$92,478 in Shanghai Qiongche Intelligent Technology Company Limited, known as...

US issues first outbound investment fine over Chinese robotics AI deal

US proposes US$70,000 fee for foreign students to work after graduation

The United States has proposed requiring universities and other certified schools to pay US$70,000 for each foreign student entering a post-graduation work programme, a measure that could sharply raise the cost for thousands of Chinese graduates seeking employment experience in the country. The Department of Homeland Security announced on Wednesday that the proposed fee would apply to initial participation in Optional Practical Training, or OPT, with a further US$30,000 charge for subsequent...

US proposes US$70,000 fee for foreign students to work after graduation

China’s thorium-229 nuclear clock beats Vienna’s on stability, studies show

Initial results from the world’s first two working nuclear clocks indicate that China’s timepiece is about six times as stable as the one in Vienna, according to papers published this week by the journal Nature. The clocks were developed independently but both the Chinese team, led by Tsinghua University in Beijing, and the researchers at Vienna’s TU Wien used thorium-229 nuclei embedded in crystals to keep time by the steady rhythm of the atom’s core, rather than the electrons whirling around...

China’s thorium-229 nuclear clock beats Vienna’s on stability, studies show

24 luxury houses at One Stanley sold amid probe into alleged construction defects

Two dozen luxury houses at One Stanley have been sold since Hong Kong authorities launched an investigation into alleged structural defects in March, with buyers including local and international businesspeople. The transactions have prompted experts to call for stronger homebuyer protections, including implementing a mandatory period for buyers to rescind contracts when statutory violations are discovered. The South China Morning Post learned that 24 transactions were recorded at One Stanley...

24 luxury houses at One Stanley sold amid probe into alleged construction defects

More than 300 hopefuls sign up for Hong Kong’s Election Committee poll

More than 300 people signed up for Hong Kong’s Election Committee poll as the nomination period opened on Wednesday, vying for seats on the body that chooses the city’s leader. The nomination period for committee subsectors for the November 22 election will run until October 20. The 1,500-member body will select Hong Kong’s next chief executive in March next year. The Registration and Electoral Office received 305 nominations for candidacy on Wednesday. It also received two nominations from...

More than 300 hopefuls sign up for Hong Kong’s Election Committee poll

GM Korea's multi-brand strategy falls short on localization

General Motors (GM) Korea’s decision to bring to market its first Buick model — imported entirely from China — is putting its multi-brand strategy at odds with its commitment to local production, experts and industry officials said Tuesday. Last week, the carmaker unveiled Buick, positioning the premium brand as a key pillar of the strategy to offer consumers a wider range of products, along with its other brands, such as GMC, Cadillac and Chevrolet. But since Buick’s first model, the Electra E7 plug-in hybrid electric vehicle (PHEV), will be imported from China, the latest decision has also renewed questions about GM Korea’s long-term commitment to domestic production. In March, GM Korea announced a $600 million (806 billion won) investment plan to expand its production infrastructure. At a media briefing, GM Korea CEO Hector Villarreal highlighted the benefits of operating multiple brands and providing customers with greater choice. But when asked whether Buick or other new models could eventually be produced in Korea, Villarreal did not offer a specific commitment. Kim Pil-so

GM Korea's multi-brand strategy falls short on localization

Chronology of major events leading to Korea's 5th Nuri space rocket launch

The following is a chronology of major events leading to the fifth launch of Korea's homegrown space rocket Nuri from Naro Space Center in the country's southern coastal village of Goheung on Wednesday. June 4, 1993 — Korea launches the homegrown one-stage solid propelled science observation rocket, called the Korea Space Rocket-I, after three years of development. July 9, 1997 — Korea launches the homegrown KSR-II two-stage solid propelled science observation rocket. It adopted such advanced technologies as guided control and stage separation compared with the previous version. March 26, 2001 — Korea joins the Missile Technology Control Regime, an informal international association that oversees the proliferation of unmanned delivery systems capable of delivering weapons of mass destruction. August 2002 — Korea and Russia confirm plans to develop the Korea Space Launch Vehicle-I (KSLV-I) rocket, with a launch planned for 2005. 2005 — Korea and Russia complete work on critical designs for the KSLV-I. The original launch date was postponed until October 2007. June 11, 2009 — Kor

Chronology of major events leading to Korea's 5th Nuri space rocket launch

LS Electric teams up with Formosa Plastics affiliates for Taiwan expansion

LS Electric said Wednesday it will set up a joint venture with two affiliates of Taiwan's Formosa Plastics Group to win power infrastructure projects in Taiwan, expanding beyond its current business of supplying electrical equipment there. The Korean maker of power equipment and automation systems signed the agreement Tuesday with Nan Ya Plastics and KHI at LS Yongsan Tower in Seoul. LS Electric will hold 50 percent of the venture, Nan Ya 40 percent and KHI 10 percent. Nan Ya is a core Formosa affiliate that makes petrochemicals, electronic materials and electronics. It has been building a power solutions business, moving from distribution products into extra-high-voltage transmission equipment and grid stabilization, according to LS Electric. KHI was set up last year with Formosa investment to commercialize technologies developed at the Korea Advanced Institute of Science and Technology, a state-run research university. The venture will first build local capacity to handle bidding, design and technical support for Taiwanese power projects. It will combine LS Electric's manufacturing and

LS Electric teams up with Formosa Plastics affiliates for Taiwan expansion

Paris Baguette offers healthy Paran Label products across Singapore stores

Paris Baguette, Korea’s largest bakery chain, is expanding its health-focused Paran Label line across all 28 of its Singapore stores — marking the global debut for the brand, named after the Korean word for blue, as local demand rises for breads that balance nutrition and taste. The bakery chain first introduced Paran Label at its Paragon store in Singapore in February before expanding it across its network after testing consumer response. The lineup now includes seven products, five breads and two sandwiches, with Multigrain Rye Bread, Smoked Salmon Ricotta Sandwich and Roasted Chicken Ricotta Sandwich among its best-selling items. After the expansion, average 30-day sales in the sliced-bread category rose 57 percent from the May-to-July average recorded before Paran Label reached all stores, while sales of sandwiches and salads increased 10 percent. Paris Baguette said the brand has drawn customers with products emphasizing dietary fiber, lower sugar, protein and probiotics while retaining varied textures and flavors. The company has also paired breads with sandwiches and salads des

Paris Baguette offers healthy Paran Label products across Singapore stores

Boston Dynamics taps Amazon AI veteran to lead physical AI push

Boston Dynamics has named Rohit Prasad, an artificial intelligence (AI) veteran who helped build Alexa and lead Amazon’s foundation-model efforts, as its new chief executive officer as it moves to fuse AI with advanced robotics. Prasad, who joins the company Wednesday, will lead Boston Dynamics’ push to commercialize intelligent robots and expand physical AI applications across industries, the company said. Before joining Boston Dynamics, Prasad spent 12 years at Amazon, where he served as senior vice president and head scientist for Alexa and artificial general intelligence. He joined Amazon in 2013 during Alexa’s early development and later led work on Amazon Nova, a family of foundation models developed for generative AI applications. Prasad previously spent nearly 14 years at Raytheon BBN Technologies, where he worked on machine-learning research and applications for government and commercial customers. Boston Dynamics said Prasad’s experience turning AI research into products, platforms and business ecosystems would help accelerate commercialization of intelligent robotic sys

Boston Dynamics taps Amazon AI veteran to lead physical AI push

Corporations' excess funds hit record high in Q2 on robust chip exports

Excess funds held by South Korean businesses hit an all-time high in the second quarter as strong semiconductor exports boosted corporate earnings, central bank data showed Wednesday. Net financial funds -- the value of financial assets minus financial liabilities -- held by non-financial corporations totaled 67.1 trillion won ($50.1 billion) at the end of June, sharply up from 20.8 trillion won three months earlier, according to the data from the Bank of Korea (BOK). It marked the highest quarterly figure since the BOK began compiling the data in 2009. Households' net financial funds fell to 60.7 trillion won in the second quarter from 79.2 trillion won in the first quarter, partly due to a fall in incomes and more purchases of homes. Financial assets held by the country's households and nonprofit organizations totaled 6,930.2 trillion won at the end of June, up 513 trillion won from three months earlier. Their debts rose by 28.2 trillion won from three months earlier to 2,495.8 trillion won over the cited period. The ratio of financial assets to liabilities owned by households stood at 2

Corporations' excess funds hit record high in Q2 on robust chip exports

POSCO completes upstream process of 2nd lithium plant in Argentina

POSCO Holdings has completed the upstream process of its second brine lithium plant at the Hombre Muerto Salt Flat in Argentina, laying the groundwork for an annual production capacity of 50,000 tons of lithium hydroxide, eight years after acquiring mining rights to the site. POSCO Holdings held a completion ceremony for the upstream process on Tuesday (local time) near the salt flat, located at an altitude of 4,000 meters above sea level. The ceremony was attended by POSCO Group Chairman Chang In-hwa, POSCO Argentina President Park Hyun, Argentine presidential chief of staff Karina Milei and Korean Ambassador to Argentina Lee Chong-hwa, among others. "Since I became head of the new business division in 2014, I have personally visited sites to find salt flats suitable for lithium development. It is deeply moving to have overcome numerous challenges in the extreme environment at 4,000 meters above sea level and reach today's completion," Chang said. "We will continue to proactively secure competitive resources, turn them into production and profitability and stably supply the critical mi

POSCO completes upstream process of 2nd lithium plant in Argentina

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