Erudite Risk

"Regulatory agencies and companies are partners, not enemies" DLG Law Firm and DreamPlus hosted a seminar in Seoul focused on innovation and regulation, highlighting the partnership between companies and regulatory agencies. Key speakers included startup executives from various sectors who shared experiences and insights on navigating regulations. Attorney Yang Jae-seok outlined eight regulatory sandboxes managed by six government ministries and emphasized viewing regulatory bodies as collaborators. He provided strategies for effectively utilizing these sandboxes. Attorney Wonhee Cho stressed the need for balance between innovation and regulation, citing successful international examples. Various startup leaders discussed the importance of appropriate regulations, self-regulation, and understanding global regulatory environments. CEO Heo Eun underscored the implications of regulatory sandboxes on business competitiveness, while CEO Kang Sung-ji shared insights on digital therapeutic regulations in Korea and the U.S. #AsiaRisk #Regulation #SouthKorea Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gCzCvkSq

North Korea launched multiple short-range ballistic missiles into the East Sea from the Pyongyang area, marking its first missile test since July 1 and ending a two-month hiatus. The launch coincided with ongoing joint military exercises between Russia and China and followed the first U.S. presidential debate, suggesting a calculated attempt to assert influence over U.S. politics. Analysts note these actions may correlate with North Korea's arms exports to Russia for the Ukraine conflict and a shift back to military development after a recent focus on flood recovery. Kim Jong-un emphasized enhancing nuclear capabilities and readiness, even as the Unification Ministry criticized the missile tests amid urgent recovery needs. Other provocations include sending balloons filled with trash toward South Korea and broadcasting unusual noises through loudspeakers near the inter-Korean border. #AsiaRisk #NorthKorea #SouthKorea https://lnkd.in/gmxK-ZTx Crisis Management Planning for an NK Crisis Get the Erudite Risk NK Crisis Toolkit https://lnkd.in/gSGK9_fS

State Bank directs support for customers affected by storm No. 3 On September 11, the Permanent Deputy Governor of the State Bank, Dao Minh Tu, held discussions with local banks and businesses in Quang Ninh province and Hai Phong city to formulate support measures for those affected by storm No. 3. The storm significantly impacted the industry and construction sectors, with 533 customers in Quang Ninh facing losses amounting to over VND5,200 billion. In Hai Phong, losses in production and trade sectors reached nearly VND11,000 billion, affecting around 69% of outstanding debt. The agriculture, forestry, and fishery sectors also reported losses totaling nearly VND3,500 billion. The State Bank is directing credit institutions to develop support plans, restructure loans, and possibly reduce or exempt interest rates for affected clients, while also facilitating new loans for recovery efforts. #AsiaRisk #ExtremeWeatherEvents #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gw9GAGdb

Hai Duong: Urgent flood warning on rivers Hai Duong province has issued an urgent flood warning for major rivers, including Thi Binh, Cat Kh, Kinh Thy, Kinh Mn, Ga, Rong, and Luc, due to rising water levels. As of 7:30 PM on September 11, water levels exceeded warning thresholds, with Thi Binh at 6.15m and Cat Kh at 5.56m. Continued rainfall is expected to increase water levels further, and there are warnings of potential flooding in lower-lying areas, which may impact residential activities and transportation. The local authorities are on high alert and are implementing measures to mitigate damage and ensure public safety. #AsiaRisk #ExtremeWeatherEvents #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gPV3Tm_5

Kim Byoung-hwan, chairman of the Financial Services Commission (FSC), reported that the implementation of stricter household loan regulations is starting to yield results, noting that the debt balance for the first week of September was half of the previous month's level. In August, household loans saw a substantial increase of 9.8 trillion won, the highest monthly growth in three years. In response, authorities have tightened lending regulations through stricter debt service ratio (DSR) rules, which became effective on September 1, and are monitoring the situation for potential further measures. Kim emphasized the need to distinguish between borrowers with genuine needs and those seeking loans for speculative purposes. Additionally, preparations are underway to lift the full ban on stock short selling by March 31, 2024. This ban, introduced in November, was extended after its original expiration date in June. The move aims to enhance Korea's capital market and is part of efforts to address the country's exclusion from the MSCI-developed market index. Kim stated that the objective is to improve corporate value and attract global investment, while the success of these efforts is contingent on meeting necessary market criteria. #AsiaOperations #FinancialSystemProblems #SouthKorea Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gJntccZn

The use of terminal care and attended deaths at home in Japan increased significantly during the COVID-19 pandemic, according to a study by a Japanese research group. This trend began in April 2020, coinciding with the government's declaration of a state of emergency, and is attributed to reduced hospital visits due to infection concerns, fewer inpatient admissions, and visitor restrictions in hospitals. The study involved an analysis of health ministry data from April 2019 to March 2022, which revealed a continued rise in terminal care and attended deaths at home, while scheduled home visit medical care remained stable. The rise was particularly evident in clinics and hospitals certified to provide home medical care. Takuya Aoki, an associate professor at Jikei University School of Medicine, noted the regional disparities in home visit medical care services and emphasized the need for more certified home care clinics and hospitals to improve medical resources. #AsiaRisk #EpidemicsandPandemics #Japan Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gXZKbVx6

12,000 borrowers in Hai Phong and Quang Ninh suffered losses after the storm Typhoon Yagi severely impacted over 12,000 borrowers in Hai Phong and Quang Ninh, with outstanding loans exceeding VND 26,000 billion. The storm affected 11,000 customers in Quang Ninh with loan amounts around VND 10,650 billion, mainly in aquaculture and related sectors. In Hai Phong, 890 customers faced damages totaling more than VND 15,680 billion, primarily affecting livestock, aquaculture, and trade sectors. VietinBank and Agribank are assessing damages, restructuring loans, and implementing support measures for affected clients. The State Bank of Vietnam has initiated efforts to reduce interest rates and provide ongoing loans to help restore production. Typhoon Yagi, classified as the strongest storm in 30 years, forced nearly 13,000 households to evacuate, leading to widespread damage in the region. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gWY-MtDf

Crude oil futures increased on Thursday morning due to supply disruptions from hurricane Francine in the Gulf of Mexico. By 9:56 AM, November Brent oil futures were priced at $71.03, up 0.59%, and October WTI futures were at $67.66, up 0.52%. The hurricane led to the shutdown of several offshore platforms, resulting in the loss of approximately 675,000 barrels per day of oil production, which is 39% of the U.S. Gulf of Mexico’s output. Additionally, U.S. annual inflation slowed to 2.5% in August, prompting expectations for a possible interest rate reduction by the Federal Reserve, which could boost crude oil demand. The U.S. Energy Information Administration reported an increase in U.S. commercial crude oil inventories by 0.8 million barrels for the week ending September 6, placing current inventories 4% below the five-year average for this time of year. Other commodities trading data included increases in zinc and guargum futures. #AsiaRisk #ExtremeWeatherEvents #India Follow us for daily updates on risk and operations in Asia! https://lnkd.in/g_vyHdiQ

Health sector focuses resources to support localities affected by storms and floods The Ministry of Health is mobilizing resources to support areas impacted by storms and flooding, specifically by preparing a stock of disinfectants and clean water supplies. Chloramine B will be used for water disinfection in affected regions. The Ministry has collaborated with UNICEF and WHO to provide supplies, including 1 million water disinfectant tablets and 4,000 liters of water. Central hospitals are on alert, ready to handle emergency cases, and mobile medical teams have been formed to assist local health units. They are promoting environmental treatment measures and planning for epidemic prevention following flooding. UNICEF is also providing water purification supplies and sanitation resources to ensure essential services for families and children in the affected areas. #AsiaRisk #ExtremeWeatherEvents #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gxNHAuFU

Another landslide in Lao Cai leaves 18 people dead and missing A landslide in Lao Cai has resulted in the deaths and disappearances of 18 people, with the situation particularly grave in the Ba Che district, where rescue efforts are ongoing. The landslide occurred on September 11, causing significant disruption to transportation and rescue operations. As of the same date, there were 51 reported injuries and over 1,400 affected households. Following extensive search efforts, 35 individuals were confirmed to have perished in the landslide at Lang N village in Phuc Khanh commune. As conditions improved on September 12, rescue teams continued their operations. #AsiaRisk #NaturalDisasters #Vietnam Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gAzvCUkw