Erudite Risk

Ri Il-gyu, a former high-ranking North Korean diplomat who defected to South Korea in November, expressed his embarrassment about representing the North Korean regime during a public forum. Speaking at the North Korea and Unification forum in Seoul, he recalled how North Koreans would remove their loyalty badges before going out and described the shame he felt when asked about his country. Ri, who served multiple terms in Cuba and received accolades from Kim Jong-un, cited disillusionment with the regime as his reason for defecting. He also discussed the increasing aggressiveness of North Korea's diplomatic strategies under Kim Jong-un and highlighted the challenges diplomats faced in falsifying reports for propaganda. He noted that even pro-North Korea countries now face backlash due to the regime's nuclear ambitions. Ri advocated for a strategy involving neighboring countries to facilitate Korean reunification and predicted that social media could undermine the North Korean regime by allowing citizens to access external information. #AsiaRisk #NorthKorea #SouthKorea https://lnkd.in/gQmFrTh3 Crisis Management Planning for an NK Crisis Get the Erudite Risk NK Crisis Toolkit https://lnkd.in/gSGK9_fS

President Yoon Suk Yeol proposed a new law aimed at protecting the rights of gig workers, freelancers, and independent contractors in South Korea, referred to as "underprivileged workers." This legislation seeks to provide them with job security, access to basic insurances, and paid leave, which are currently not guaranteed under the Labor Standards Act. Key aspects of the proposal include establishing a "delivery service mutual aid society" for financial support during illness or unemployment, forming a dispute arbitration council for resolving conflicts, and creating a standard employment contract for these workers. Additionally, Yoon suggested the establishment of a labor court within the judicial system to handle labor law violations and announced a special inspection of employers who fail to pay gig workers on time. The Labor Ministry plans to set up a dedicated unit for gig workers and independent contractors. Yoon emphasized the need for labor reform that includes marginalized workers and indicated that he would continue organizing policy debate sessions across various regions. However, he did not specify a timeline for the proposed legislation. #AsiaRisk #Regulation #SouthKorea Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gnzbQEw4

Ukraine has introduced a new long-range weapon called "Palianytsia," which combines missile and drone technology to strike deep into Russian territory without needing permission from Western allies. This development is a response to ongoing Russian bombings and Ukraine's restricted access to long-range missiles from its allies, particularly in light of Russia's air superiority since the war began in February 2022. Ukrainian President Volodymyr Zelenskyy has described the Palianytsia as "a new class" of weapon, while Defense Minister Rustem Umerov has promised its use in future retaliatory strikes. The Palianytsia reportedly has a range of up to 700 kilometers (430 miles), capable of reaching at least 20 Russian airfields, and represents a significant shift in Ukraine's military capabilities. The weapon's development began about 18 months ago, reflecting Ukraine's aim for greater independence in military operations. Experts involved in the project have confirmed its innovative design, which includes a solid-fuel booster and a jet engine. The introduction of this weapon comes amid heavy Russian missile attacks on Ukrainian civilian infrastructure. Ukraine’s military has struggled against Russian long-range strikes, with Commander-in-Chief Gen. Oleksandr Syrskyi noting that a significant portion of these attacks targets civilians. Each missile is estimated to cost less than $1 million, and Ukraine is looking towards the private sector to boost production efficiency. Ukraine's technology minister, Mykhailo Fedorov, believes the new weapon will change the dynamics of the conflict by allowing strikes where Russia currently does not expect them, emphasizing that the extensive size of Russia's territory presents a potential vulnerability for its air defenses. #AsiaRisk #GeopoliticalConflictandDisputes #India Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gQ3dnPgV

Donald Trump, the Republican presidential candidate, urged NATO member countries to raise their defense spending to at least 3 percent of their GDP, criticizing the current 2 percent guideline as "the steal of the century." Speaking at the National Guard Association conference in Detroit, he claimed that NATO countries have historically spent far less than 2 percent, which has overstretched American forces. Trump's comments coincide with ongoing negotiations between South Korea and the U.S. regarding the Special Measures Agreement, which outlines South Korea's financial contributions to the cost of stationing U.S. Forces Korea. These negotiations are taking place amid speculation that Trump may exert greater pressure on South Korea if he returns to the presidency. Since 1991, South Korea has partially covered costs associated with U.S. Forces Korea. #AsiaRisk #GeopoliticalConflictandDisputes #SouthKorea Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gTWRUUC7

SEBI has issued a notice to One97 Communications, the parent company of Paytm, regarding employee stock options (ESOPs) granted to its MD and CEO, Vijay Shekhar Sharma, for the March 2024 quarter. Paytm clarified that this notice is not a new development, as it had already disclosed relevant information in its financial results for the quarters ending March 31, 2024, and June 30, 2024. The company reported issuing 2.1 crore ESOPs to Sharma in FY 2022 and is in ongoing communication with SEBI regarding the matter. Paytm has sought legal opinion and believes it is compliant with regulations, asserting that there is no impact on its financial results for the year ending March 31, 2024. #AsiaRisk #RegulatoryEnforcementActions #India Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gWmSECAm

President Yoon Suk Yeol of South Korea met with U.S. Sen. Jack Reed, chairman of the Senate's armed services committee, to discuss enhancing defense cooperation against North Korean threats. Yoon emphasized the importance of strengthening the bilateral alliance and collaborating with Japan for effective deterrence. He requested ongoing support from the U.S. Congress to reinforce Washington's extended deterrence, which encompasses the use of a full range of U.S. military capabilities, including nuclear options. Yoon articulated the need for cooperation aimed at the complete denuclearization of North Korea. Reed confirmed bipartisan support for the alliance and expressed interest in deepening defense industry collaboration, particularly in naval vessels and advanced technologies like semiconductors and quantum technology. #AsiaRisk #NorthKorea #SouthKorea https://lnkd.in/gTh7__vz Crisis Management Planning for an NK Crisis Get the Erudite Risk NK Crisis Toolkit https://lnkd.in/gSGK9_fS

The Philippines has accused China of ramming a supply vessel and blocking food delivery to fishermen in the disputed Sabina Shoal, escalating territorial tensions in the South China Sea. Philippine officials reported that around 40 Chinese ships obstructed two Philippine vessels, with recent confrontations marking the sixth instance of reported hostilities between both nations. The Philippine Coast Guard emphasized its commitment to national security and urged China to respect international law, while China claimed it took control measures against the Philippine vessels for intruding into its waters. The ongoing disputes also extend to other claimants in the region, including Vietnam, Taiwan, Malaysia, and Brunei. Sabina Shoal, situated within the Philippines' exclusive economic zone, is close to other contentious areas where past agreements have aimed to ease hostilities. #AsiaRisk #GeopoliticalConflictandDisputes #China Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gythM8eM

U.S. President Joe Biden and Indian Prime Minister Narendra Modi discussed the Russia-Ukraine war and the situation in Bangladesh following Modi's visit to Ukraine. Modi expressed India’s support for peace and stability in Ukraine and called for the safety of minorities in Bangladesh, where recent protests led to the ousting of former Prime Minister Sheikh Hasina. Modi urged Ukrainian President Volodymyr Zelenskyy to engage in talks with Russia and offered assistance for peace. The two leaders acknowledged the need for a peaceful resolution to the conflict in line with international law. Modi's visit to Ukraine marked the first by an Indian prime minister, amid continued ties with Russia, a major arms supplier to India. The situation in Bangladesh involved significant violence during protests against government job quotas, resulting in the formation of an interim government led by Muhammad Yunus after Hasina fled to India. Reports emerged of attacks on minorities, particularly Hindus, in Bangladesh during the unrest. #AsiaRisk #GeopoliticalConflictandDisputes #India Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gRwg3wMF

The Chinese foreign ministry spokesperson, Lin Jian, stated that the Philippines is fully responsible for a ship collision near Xianbin Jiao in the South China Sea. Lin urged the Philippines to cease its "infringement and provocation activities" and withdraw its vessel. He claimed that on August 25, a Philippines Bureau of Fisheries and Aquatic Resources vessel ignored China's objections and deliberately rammed a China Coast Guard vessel. Lin defended the China Coast Guard's actions as necessary and compliant with domestic and international law. He accused the Philippines of repeatedly intruding into China's adjacent waters, infringing on sovereignty, violating the Declaration on the Conduct of Parties in the South China Sea, and threatening regional peace and stability. Lin affirmed China’s intention to protect its territorial sovereignty and maritime rights. #AsiaRisk #GeopoliticalConflictandDisputes #China Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gzBRXUU2

Taiwan and Japan held the sixth Maritime Affairs Cooperation Dialogue in Taipei, focusing on maritime security, marine environment conservation, marine power development, fisheries, and marine science. Taiwan-Japan Relations Association Chairperson Su Jia-chyuan emphasized the inclusion of nuclear energy safety in discussions. Both countries have previously signed MOUs related to maritime emergencies, marine debris, marine science, and smuggling issues, and Su expressed hope for progress in these areas. The meeting addressed tensions caused by Japan's enforcement against Taiwanese fishing boats operating illegally in restricted waters, including recent interceptions. Japan-Taiwan Exchange Association Chairman Mitsuo Ohashi highlighted how the dialogue has facilitated constructive discussions and strengthened mutual trust and cooperation, underpinning regional peace and stability. Various agencies participated in the meeting to enhance maritime collaboration. #AsiaRisk #GeopoliticalConflictandDisputes #Taiwan Follow us for daily updates on risk and operations in Asia! https://lnkd.in/gYSXUfDS