Day: August 22, 2022

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S.Korea Reported 59,046 New COVID-19 Cases

SEOUL, Aug 22 (NNN-YONHAP) – South Korea reported 59,046 new COVID-19 cases as of midnight, compared to 24 hours ago, raising the total number of infections to 22,299,377, the health authorities said today.

The daily caseload was down from 110,944, the previous day, and lower than 62,056 tallied a week earlier, according to the Korea Disease Control and Prevention Agency (KDCA).

For the past week, the daily average number of confirmed cases was 125,949.

Among the new cases, 406 were imported from overseas, lifting the total to 55,292.

The number of infected people who were in a serious condition stood at 551, up 20 from the previous day.

Sixty-five more deaths were confirmed, bringing the death toll to 26,109. The total fatality rate was 0.12 percent.

Source: Nam News Network

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Two Dead After Fiery Collision On Expressway In Japan

TOKYO– Two people have been confirmed dead, after a car collided with a bus, on an expressway in Nagoya, central Japan, today, local media reported.

According to local fire officials, the bus caught fire, after overturning in the collision. Seven others were injured in the fatal crash, local emergency services, said.

The fiery collision occurred at 10:15 a.m. near the Toyoyama-Minami interchange.

Fire officials and prefectural police said that, the blaze had since been brought under control.

The bus was en route from Nagoya Station to Nagoya Airport, when the crash occurred, its operator and local media reported.

Investigations are underway, local police said.

Source: Nam News Network

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Malaysia Reported 2,464 New COVID-19 Infections, Nine New Deaths

KUALA LUMPUR – Malaysia reported 2,464 new COVID-19 infections as of midnight, bringing the national total to 4,757,752, according to the health ministry.

There are 16 new imported cases and 2,448 local transmissions, data released on the ministry’s website showed.

Another nine deaths have been reported, pushing the death toll to 36,145.

The ministry reported 4,427 new recoveries, bringing the total number of cured and discharged to 4,682,689.

There are 38,918 active cases, with 69 being held in intensive care and 33 of those in need of assisted breathing.

The country reported 3,336 vaccine doses administered yesterday, and 86 percent of the population have received at least one dose, 84.2 percent are fully vaccinated and 49.6 percent have received the first booster and 1.4 percent have received the second booster.

Source: Nam News Network

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US, South Korea Launch Military Drills

The United States and South Korea on Monday began their largest joint military exercises in years to counter the “evolving threat from North Korea,” according to South Korean officials.

The U.S.-South Korea drills, which will last two weeks, will include field training programs simulating various scenarios, including responding to North Korean attacks on vital South Korean infrastructure.

The two allies had scaled back or postponed drills since 2017 as part of efforts to lure North Korea to the negotiating table, and due to the coronavirus pandemic.

However, South Korean President Yoon Suk Yeol, who took office in May, has vowed to boost the exercises to deter North Korea, which has conducted a record number of missile launches this year.

Although the United States and South Korea say the drills are defensive, North Korea portrays them as preparation to invade and often uses them as an occasion to demonstrate its own weapons and make other threats.

This year, North Korea has conducted more than 30 launches, including intercontinental ballistic missiles designed to target the United States. Other tests have involved short-range weapons meant to evade U.S. and South Korean missile defenses.

U.S. and South Korean officials also say North Korea could conduct a seventh nuclear test at any moment – a step that could dramatically raise tensions on the Korean Peninsula. North Korea has not tested a nuclear weapon since 2017.

The United States and South Korea have agreed they would respond to a North Korean nuclear test by deploying “strategic assets” to the region, South Korea’s Ministry of National Defense said last week. “Strategic assets” can refer to weapons systems including nuclear-capable bombers, nuclear-powered submarines, or aircraft carriers.

South Korea does not have its own nuclear weapons, but relies on the so-called U.S. “nuclear umbrella” for protection. The United States also has about 28,500 troops in South Korea.

Before 2017, the two countries held annual spring and summer joint exercises designed to enhance the ability of the two sides to work together in the event of a war.

Source: Voice of America

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ADB, Orbimed Sign $60 Million Deal to Support Quality Health Care Providers in India and PRC

MANILA, PHILIPPINES— The Asian Development Bank (ADB) signed a $60 million equity investment in OrbiMed Asia Partners V, LP (OAP V), a private equity fund managed by OrbiMed Advisors LLC (OrbiMed), to further enhance health care quality and coverage in India and the People’s Republic of China (PRC).

OAP V is expected to provide mainly growth capital to between 20 and 25 health care companies across the biopharma, medical technology, health care services, diagnostics, and distribution subsectors. Investment sizes will typically range from $10 million to $50 million per company.

“ADB’s investment in OAP V advances its efforts to mobilize private sector financing for long-term health care solutions in developing Asia,” said ADB Private Sector Investment Funds and Special Initiatives Division Director Janette Hall. “Greater health care capacity is more important than ever as we recover from the pandemic, which has also exposed the need for more innovative services and digital health technologies. ”

This is ADB’s fourth investment in an OrbiMed-managed health care fund, following previous commitments in OrbiMed Asia Partners II, LP in 2014, OrbiMed Asia Partners III, LP in 2017, and OrbiMed Asia Partners II, LP in 2021.

“OAP V is expected to deliver effective and sustainable health care solutions and to support research and development in disease detection and vaccine production,” said Ms. Hall. Health care is one of the fastest-growing sectors in India and the PRC, driven by demand from a growing middle class. Health care expenditure per capita in both countries increased by more than 5% annually during 2009–2019.

OrbiMed is a leading global health care investment firm, with about $17 billion in assets under management across a range of private equity funds, public equity funds, and private credit and royalty funds. OrbiMed invests across the health care industry, from start-ups to large multinational corporations, providing tailored financing solutions and extensive global team resources to help build world-class health care companies.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Source: Asian Development Bank

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BSP Ready to Take Action to Anchor Inflation Expectations

Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla (left) said the BSP is ready to take necessary policy actions to anchor inflation expectations and bring inflation back to the target range of 2–4 percent. The central bank chief was a guest speaker during the 2022 Economic Journalists Association of the Philippines forum held recently at the Ayuntamiento Building in Intramuros, Manila. Also present in the forum were (from right) Budget Undersecretary Joselito R. Basilio, Socioeconomic Planning Secretary Arsenio M. Balisacan, and Finance Undersecretary Zeno Ronald R. Abenoja.

Source: Bangko Sentral ng Pilipinas (BSP)