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December 28, 2022

Taiwan sets new goal of cutting emissions by 23%-25% by 2030

Taiwan aims to reduce carbon emissions by 23-25 percent by 2030 compared with 2005, although it is pursuing the goal of achieving net-zero carbon emissions by 2050, the National Development Council said Wednesday at a press conference.

To reach the 2030 goal, the agency revealed a slew of net-zero transition action plans based on 12 key strategies, including wind power/photovoltaics, hydrogen energy, innovative energy, carbon capture, utilization and storage, and decarbonization across the transportation sector.

The government plans to spend nearly NT$900 billion (US$29.24 billion) by 2030 on the implementation of the plans and the achievement of the goal, according to the agency.

The goal has been set as Taiwan is reviewing the original 2030 Nationally Determined Contribution (NDC) target of reducing emissions by 20 percent below the 2005 level, a base year for the long-term effort, and preparing to submit the next round of new or updated NDCs under the Paris Agreement.

The Paris Agreement adopted in 2015 requires countries to put forward their best efforts through NDCs, which represent targets and actions for the post-2020 period.

Taiwan submitted its intended NDC in 2015 to reduce greenhouse gas emissions by 20 percent of 2005 levels by 2030.

However, parties to the Paris Agreement are requested to submit new or updated NDCs by the end of this year in accordance with the decision made during the 2021 United Nations Climate Change Conference, more commonly referred to as COP26, which was held in Glasgow in the United Kingdom last November.

A new report from U.N. Climate Change showed that while countries are reducing global greenhouse gas emissions, the combined climate pledges of 193 parties under the Paris Agreement will still increase emissions by 10.6 percent by 2030, compared to 2010 levels.

At Wednesday’s press conference, National Development Council Minister Kung Ming-hsin (???) said that while transitioning to a net-zero carbon emissions world is an unshirkable responsibility for Taiwan, doing so can in fact generate enormous business opportunities for the country.

By 2030, the push towards net-zero carbon emissions is expected to spur about NT$4 trillion in private investment, generate production value of NT$5.9 trillion, and create 551,000 jobs, Kung said.

To encourage small and medium-sized enterprises to cut emissions, the government is studying incentive measures including subsidies and tax breaks, Kung added.

Also at the event, Environmental Protection Administration Minister Chang Tzi-chin (???) said that discussion on issues related to carbon pricing such as emissions trading systems and carbon taxes was underway.

He suggested developing ways to structure a carbon tax that reflects the true cost of polluting greenhouse gas emissions and does not place an undue burden on consumers.

Unsatisfied with the goal, several environmental groups including Green Citizens’ Action Alliance and Citizen of the World, issued a joint statement Wednesday, saying that the government needs to take more ambitious actions to decrease emissions and that the 23 percent to 25 percent emissions reduction target is not sufficient.

“The top priority is to disclose basic information — such as budgets, specific goals, quantitative data on energy, and industry assessments — so that discussions on a transition to net-zero can be based on real data,” according to the statement.

Source: Focus Taiwan News Channel

December 28, 2022

Avoid light rail system, Kaohsiung New Year’s revelers told

The Kaohsiung City government is discouraging people who intend to go to the city’s large-scale New Year’s Eve countdown party from taking the light rail system to or from the venue where the festivities will be held.

The city said in a statement Wednesday that its light rail system cannot handle the sudden passenger surges expected for the celebration and will have light rail trains stop but not open their doors at the two stations closest to the Dream Mall, the countdown party’s venue.

Beginning at 5 p.m. on Dec. 31, light rail trains will stop at the Dream Mall and Kaisyuan Jhonghua stations to briefly recharge their batteries but their doors will not open, preventing passengers from getting on or off.

According to the city, Kaohsiung’s light rail network is designed with a capacity of 250 people per run, which is capable of handling moving flows of passengers at big events such as the 2022 Taiwan Lantern Festival.

At the year-end countdown event with sudden surges of people, however, passengers wanting to use the light rail system would be forced to stand in line for a long time if the two stations remained in service, the city said.

The 2023 Kaohsiung countdown party will kick off at 7 p.m. Saturday at the Dream Mall, with singers, dancers and program hosts on hand to entertain visitors before and after a 180-second fireworks show that will ring in 2023, the city said.

Traffic controls will be in place in areas around the venue on Saturday, including a ban of vehicle traffic and parking in restricted zones, the statement said.

The best option for people to get to and from the venue will be to take the subway to Kaisyuan Station, the city said.

Subway trains will run every three minutes, and service will be extended until 2 a.m. on the morning of Jan. 1.

Source: Focus Taiwan News Channel

December 27, 2022

St Kitts and Nevis introduces raft of changes to its Citizenship by Investment Programme, benefits both locals and an intelligent investor

London, Dec. 27, 2022 (GLOBE NEWSWIRE) — The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens while creating an enriching base for intelligent investors.

“Today, our progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.”

“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.

Watch the full video announcement here.

The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.

Since his election in August, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has hinted at upcoming changes to the country’s Citizenship by Investment programme – reiterating multiple times that the revamped programme needs to be mutually beneficial to both Kittians and Nevisians and international investors.

The Prime Minister said at a recent event “While we navigate the complexities of managing a small island developing state in this unpredictable and highly globalized world, we have made it a priority to craft a solution to ensure that the evolution of our citizenship programme will be a sustainable model filled with integrity, transparency and accountability.”

The Programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.

“We have crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity that will come through administrative improvements. We have also structured our programme to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful endeavour. Lastly, we have tailored our investment options to align with market realities while preserving the platinum brand our proud nation has developed and nurtured for four decades, operating the oldest Citizenship by Investment Programme in the world,” added the Prime Minister.

To achieve this, the most notable change to the programme will be the introduction of a Board of Governors and a Technical Committee.

Effective next year, a professional Citizenship by Investment Board of Governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.

To further the Programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly. This committee will also be tasked with making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

The Technical Committee will be comprised of a chairperson, this role will be filled by the recently appointed Head of the CBI Unit, Michael Martin; a senior officer and a secretary – who will be a civil servant assigned by the Prime Minister.

Applicants can gain second citizenship in 60 days, but only for a limited time

St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its Sustainable Growth Fund – the revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.

Under the Limited Time Offer, investment options are as follows:

Single applicant – US$ 125,000
Main applicant and a spouse – US$150,000
Main applicant, spouse and two dependants – US$170,000
Each additional dependant under 18 – US$10,000
Each additional dependant over 18 – US$25,000

From 1 July 2023 onwards, applicants investing through the Sustainable Growth Fund will be charged as follows and can expect approval in principle within 90 days of submission of application.

Main applicant – US$150,000
Main applicant and a spouse – US$175,000
Main applicant, spouse and two dependants – US$195,000
Each additional dependant under 18 – US$10,000
Each additional dependant over 18 – US$25,000

These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.

“This is an exciting time because these policies will continue our progressive course in the global investor immigration industry and cement St Kitts and Nevis’ place as a leader in the Citizenship by Investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” continued the Prime Minister.

It is important to note that these additional layers are not meant to hinder the application process but rather ensure multiple aspects including keeping processing to agreed timelines, all approved applicants are of the highest repute and most importantly, that projects meet the requirement of benefitting the local economy.

Another change is that the sustainable model of the Citizenship by Investment programme will now involve the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.

The evolved St Kitts and Nevis Citizenship by Investment Programme will invite bold and creative investors to facilitate the development of innovative industries in St Kitts and Nevis including construction of real estate developments pursuant to the new administration’s priority infrastructure list. “All projects must bring substantial benefit to the people of St Kitts and Nevis,” noted the Prime Minister.

The government will approve real estate projects to be developed and of these, a designated number of real estate units will be available to be sold to qualifying investors. Real estate projects will be constructed and completed according to a pre-defined schedule and a designated escrow drawdown process will also be implemented.

Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development”.

Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:

Fines of up to US$200,000 on summary conviction
Revocation/suspension of Approved Development status
Removal of Authorised Agent licence
Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application

A new Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.

Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.

A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.

Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.

St Kitts and Nevis has created a name for itself as a financial nexus with an attractive citizenship programme underpinned by a sound legal framework and robust multi-layered due diligence.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry.

Watch the full video announcement here.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8720436

December 27, 2022

Scholars call for training overhaul after military service extension

Scholars in Taiwan called on the government to expand training capacity and introduce reforms to better meet the nation’s defense needs, after an announcement Tuesday that mandatory military service will be extended from four months to one year starting in 2024, to counter the threat of an increasingly assertive China.

Asked to comment on the decision, Chieh Chung (??), an associate research fellow with the National Policy Foundation in Taipei, said the extension will certainly help boost the capability of the nation’s reserve forces in case of a Chinese invasion.

However, the nation’s armed forces already face a serious shortage of training capacity and a lack of grassroots military personnel to train conscripts, Chieh told CNA.

Taiwan’s military already has difficulty training reservists, who undergo two weeks of intensive training at a time, he said.

“How do they expect to be able to train the 600,000 to 700,000 conscripts who will undergo one-year of mandatory military service starting in 2024?” he asked.

In terms of training capacity, Taiwan’s military has only three large-scale training and drill grounds, the Army’s Northern Joint Testing Center in Hsinchu County; Southern Joint Testing Center in Tainan City and Joint Operations Training Base Command in Pingtung County.

They all have reached their maximum capacity, Chieh said.

As a result, most existing battalions are only able to undergo required intensive training at one of these centers once every two years, he said.

In other words, conscripts will have few opportunities to train at these centers during their mandatory one-year-service period.

He further pointed out that the military already faces a lack of corporals, lieutenants and second lieutenants in combat units, who are mainly responsible for training conscripts.

Despite this shortfall, the Ministry of National Defense (MND) has previously said it expects to establish five to 11 new brigades to train conscripts and reservists.

“Where is the MND going to find all these qualified corporals and lieutenants responsible for training within a year?” Chieh asked.

Currently, conscripts do five weeks of boot camp followed by 11 weeks of specialized training with field units, decided by a lottery draw.

One solution he proposed was for the MND to assign conscripts and reservists to designated “strategic locations” around the country instead of training camps or military bases as they do now for their required service or training period.

That would familiarize them with the locations and facilities they will be assigned to if war breaks out that are considered important to defend against enemy forces, he noted.

Before that can happen, however, the MND needs to tackle its manpower and training capacity issues, he said.

Meanwhile, assistant professor Lin Ying-yu (???) from Tamkang University’s Institute of Strategic Studies said the MND needs to ensure the training these conscripts receive after conscription is extended is practical and boosts the nation’s overall defense capabilities.

“If after the extension, most conscripts do the same administrative jobs or tasks as conscripts used to do when the service period was longer, then it will be useless,” Lin said.

Su Tzu-yun (???), a research fellow at the Taiwan government-funded Institute for National Defense and Security Research, said more better-trained conscripts will definitely help boost the resilience of ground troops and create more depth in defense if war breaks out.

However, the type of training these conscripts undergo is far more important than the length of mandatory service, Su said.

Echoing Lin’s view, Su said the MND should make sure that at least 80 percent of a conscript’s time is spent in combat training and less than 20 percent on administrative jobs.

Asked to comment on what her administration would do to boost training capacity and the need for additional personnel, President Tsai Ing-wen (???) said during a Tuesday press event where she announced the service period extension that her government has one year to make related preparations before the new policy is rolled out in 2024.

“Next year will be a very busy year,” she said.

She promised that Taiwan will learn from other countries’ military training programs and integrate them with existing ones in Taiwan to reform armed forces’ training and boost training capacity, without further elaboration.

All Taiwanese men over 18 initially had to serve two to three years in the military as part of a conscription system adopted by the Republic of China government after it relocated to Taiwan in 1949 following the Chinese Civil War.

After 2000, conscription was gradually scaled back and reduced to one year in 2008.

During the previous Kuomintang administration under President Ma Ying-jeou (???), which governed from 2008 to 2016, the government turned the nation’s military into a mainly volunteer force, with conscripts, serving in support roles, only required to undergo four months of military training starting in 2013.

Source: Focus Taiwan News Channel

December 27, 2022

New wage subsidy available to employers of live-in migrant caregivers

Employers of live-in migrant caregivers are eligible for a subsidy of up to NT$3,000 (US$195) per month from the Ministry of Labor to cover a wage hike for such workers, and should apply as soon as they can, the ministry said Tuesday.

The Workforce Development Agency (WDA) under the ministry said Tuesday that the wage subsidies are aimed at covering the NT$3,000 increase in the minimum wage for live-in migrant caregivers from NT$17,000 to NT$20,000 that took effect on Aug. 10.

The program offers different subsidies for two groups of employers: low-income and lower-middle income households, and households not considered to be economically disadvantaged.

Lower income households employing live-in migrant caregivers are entitled to a government subsidy of NT$3,000 a month to cover the wage hike for up to three years, or a maximum of NT$108,000 in all.

They can apply for the subsidy for any live-in caregiver signed to a contract between Aug. 10, 2022 and Aug. 9, 2025, and should submit the application before Aug. 11, 2025.

Other employers with higher incomes will be eligible for a monthly subsidy of NT$1,500 for up to four months, or a maximum of NT$6,000 in total.

They can apply for the subsidy for live-in migrant caregivers who signed new contracts between Aug. 10 and Dec. 31, and should submit their application before Jan. 3, the agency said.

Applicants should provide the employment contracts showing that their employees are paid at least NT$20,000 per month and a copy of the passbook cover of the employer’s domestic bank account, the WDA said.

As of Dec. 15, there have been nearly 40,000 applications, according to the WDA, which made the first subsidy payments on Dec. 5.

Source: Focus Taiwan News Channel

December 27, 2022

COST OF LIVING/Taiwan’s consumer confidence in December falls to over 13-year low

Taiwan’s consumer confidence index (CCI) fell for the fourth consecutive month in December to its lowest level in more than 13 years, amid concerns over inflation and higher interest rates, National Central University (NCU) said Tuesday.

The December index was down 0.88 points from November to 59.12, its lowest level since hitting 56.45 in September 2009, when Taiwan’s economy was starting to rebound from the 2008-2009 global financial crisis, according to data from NCU, which compiles the index.

Taiwan’s CCI fell to its all-time low of 48.42 in February 2009 at the height of the crisis.

The index gauges people’s confidence toward employment prospects, household finances, consumer prices, the local business climate, the stock market and durable goods purchases over the next six months, and is often used to predict consumer spending.

According to NCU, a CCI index or sub-index score of 0-100 indicates pessimism, while a score of 100-200 shows optimism.

Taiwan’s overall CCI has never reached 100, peaking at 92.93 in April 2015.

In the December survey, conducted Dec. 18-21, only confidence in consumer prices rose, by 0.05 points from a month earlier to 27.2, while the sub-indexes for the other five factors all moved lower.

The sub-index on family finances dropped 0.55 points to 70.9, the lowest since April 2010, indicating family finances have gotten worse, said Dachrahn Wu (???), director of NCU’s Research Center for Taiwan Economic Development.

Wu said Taiwan’s economy could face challenges in the coming year because of high inflation worldwide and the ongoing tightening of monetary policy by major central banks around the world.

While people are pinning their hopes on stronger domestic demand to boost the economy and offset an expected decline in exports, those hopes may not be realized given that the manufacturing sector has yet to hit bottom and the labor market is weakening, Wu argued.

Moreover, Taiwan’s central bank has raised interest rates several times this year, leading to rising borrowing costs for Taiwan’s roughly 2 million mortgage holders, Wu said.

The sub-index on employment fell 0.55 points from a month earlier to 61.1, the lowest since January 2010, when it registered 43.50 (before catapulting to 61.95 the next month amid the recovery).

Wu predicted more enterprises will carry out unpaid leave programs and layoffs in the first half of 2023 as export-oriented manufacturers face heavier financial burdens due to declining orders and revenue and higher borrowing costs.

Higher electricity rates for large industrial users could also take a toll on many large businesses, he said.

Asked when the economy could rebound, Wu said unemployment in the United States has to hit 5 percent or inflation needs to fall below 5 percent before the U.S. Federal Reserve stops raising interest rates and even considers cutting them.

That will help the global economy to recovery gradually, rekindling the potential for export growth in Taiwan, said Wu, who forecast such a rebound could occur as soon as in the second half of 2023.

Meanwhile, the sub-index on durable goods purchases fell 2.1 points from a month earlier to 99.9, edging below the 100 point threshold that divides pessimism and optimism, according to the survey.

As for timing on buying a home, a separate index jointly compiled by the university and Taiwan Realty Co. dropped by 2.25 points to 100.4 this month, the lowest since September 2020.

NCU’s December survey collected 2,870 valid questionnaires from consumers in Taiwan aged 20 and older. It had a confidence level of 95 percent and a margin of error of plus or minus 2.0 percentage points.

Source: Focus Taiwan News Channel

December 27, 2022

Tsai announces military reforms, introduces U.S. training models

President Tsai Ing-wen (???) on Tuesday announced a structural reform of Taiwan’s military aimed at bolstering Taiwan’s defense capabilities that more clearly delineates the main tasks of its voluntary, compulsory, reserve and civil defense units.

According to the proposed reform, Taiwan’s voluntary force, which constitutes the backbone of Taiwan’s armed forces, will be responsible for defending the country’s territory, airspace, and surrounding waters.

Conscripts serving their mandatory one-year-service and reservists, meanwhile, will be responsible for handling homeland defense, guarding military posts and key infrastructure, while serving as backup forces for the armed forces, Tsai said.

Civil defense units will be mainly responsible for playing supportive role during wartime and help disaster relief efforts in peacetime, she said.

Meanwhile, Tsai also announced that Taiwan’s military will introduce the latest training models from the United States and other countries that have actual combat experience to beef up training programs for conscripts.

The president brought up the structural reform at the same press event at which she announced that compulsory military service in Taiwan will be extended from four months to one year to counter the threat of an increasingly assertive China, starting in 2024.

With the service period lengthened, Tsai also promised to increase the monthly salary of conscripts, from the current starting salary of NT$6,510 (US$212) to NT$20,320, to make sure they have enough income to cover their basic daily expenses.

The military said the conscripts would get an additional NT$5,987 in monthly benefits, consisting of health and military insurance coverage and food.

Source: Focus Taiwan News Channel

December 26, 2022

BITPOINT Launches Japanese Weeks for Crypto Users in Latin America

BITPOINT Latam is continuing to expand its services in Latin America, a market that is seeing rapid growth in cryptocurrency adoption. BITPOINT’s executives have stated that their recent focus on the Japanese market is part of their plan to increase education and commercial activity in the cryptocurrency space.

Featured Image for BITPOINT Latam

MEDELLÍN, Colombia, Dec. 26, 2022 (GLOBE NEWSWIRE) — BITPOINT Latam, with its origins from JFSA-licensed BITPOINT Japan, launched Japanese Weeks for its crypto users in Latin America, a period of education and commercial activities aimed at promoting the use, trading, and development of new cryptocurrency-based products in Latin America.

According to the latest Chainalysis’ Global Adoption report, Latin America is one of the fastest-growing regions in terms of crypto adoption. Remittances, Investment and hedging from inflation and local currencies devaluations are driving crypto adoption in the region. Venezuela, Argentina, Colombia, Brazil and Ecuador are the countries with the highest use of crypto in Latin America.

“Our Japanese Weeks are aimed to build the necessary knowledge and crypto culture for the development of the industry in Latin America. The adoption is evolving fast because Bitcoin and other crypto assets have the fundamentals to help people to hedge from the structural failures of the archaic Latin America’s financial system. It is time to build a brand new way of banking for emerging markets and Latin America is the perfect scenario for that,” said Julian Geovo, Operations Director of BITPOINT for Latin America.

BITPOINT’s Japanese Weeks will run from Dec. 26 to Jan. 31.

BITPOINT landed in Panama in 2018 and started its regional expansion in Latin America. BITPOINT Latam is currently the most widespread cryptocurrency exchange in the region, with active operations in Colombia, Panama, Ecuador, Peru, Guatemala, El Salvador, Costa Rica, the Dominican Republic, Mexico, Brazil, Argentina, and Paraguay.

“We are proud of our Japanese heritage. The strong operational know-how and compliance policies have helped us to become the crypto exchange with the largest presence in Latin America. We are currently working with local regulators to make crypto safe for users and transparent for authorities in this side of the world, too. We thank our Japanese partners BITPOINT and its Tokyo stock exchange listed mother company, Remixpoint Inc, including distinguished directors Genki Oda, Yoshihiko Takahashi and Yuji Nakagomi for all their support,” added Geovo.

Media Links:

BITPOINT Japan Co: www.bitpoint.co.jp

BITPOINT Latam: www.bitpointlatam.co

Contact Information:
BITPOINT Latam Support
Support Team
support@bitpointlatam.com
+573136539447

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December 26, 2022

Junshi Biosciences and Hikma Sign Exclusive Licensing Agreement for Cancer Treatment Drug Toripalimab for the Middle East and North Africa Region

SHANGHAI, China, Dec. 26, 2022 (GLOBE NEWSWIRE) — Shanghai Junshi Biosciences Co., Ltd (“Junshi Biosciences”, HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, today announces a new exclusive licensing and commercialization agreement with Hikma Pharmaceuticals PLC (Hikma), a multinational pharmaceutical company, for toripalimab in the Middle East and North Africa (MENA). Under the terms of the agreement, Hikma is granted an exclusive license to develop and commercialize toripalimab injection in all its MENA markets. In addition, Junshi Biosciences will grant the right of first negotiation to Hikma for the future commercialization of three under development drugs in MENA.

Toripalimab is an innovative anti-PD-1 monoclonal antibody approved for marketing in China for six indications to date. Over thirty toripalimab clinical studies covering more than fifteen indications have been conducted globally, including in China, the United States, Southeast Asia, and Europe. Ongoing or completed pivotal clinical studies evaluating the safety and efficacy of toripalimab cover a broad range of tumor types including cancers of the lung, nasopharynx, esophagus, stomach, bladder, breast, liver, kidney and skin, among others.

“We believe Hikma is the ideal partner for us in the MENA region. As the third largest pharmaceutical company in MENA, with a history of more than 40 years, Hikma is well established and respected and offers deep-rooted expertise, with unparalleled local knowledge. The company has also demonstrated strong commercial capabilities, particularly in areas such as oncology and biotechnology,” said Dr. Ning LI, CEO of Junshi Biosciences. “We anticipate that toripalimab could be the first marketed Chinese anti-PD-1 antibody in MENA. We look forward to working closely with Hikma to establish toripalimab’s position in the MENA markets in order to provide patients with high-quality innovative care.”

Commenting on this landmark agreement, Mazen Darwazeh, Hikma’s Executive Vice Chairman and President of MENA, said: “Anti-PD-1s have changed the way cancer is treated over the past few years but, unfortunately, patient access to these treatments in the region has been sub-optimal. Toripalimab has a compelling clinical profile with impressive efficacy and safety data, and we are thrilled to be collaborating with Junshi Biosciences to equip doctors and patients in MENA with this innovative treatment.” He added, “This agreement strengthens our biotech and oncology portfolio and enables us to increase patients’ access to PD-1s, an important milestone in delivering on our purpose of putting better health, within reach, every day.”

As part of this collaboration, Hikma is granted rights to commercialize any combination product that comprises any therapeutically active pharmaceutical agent co-formulated or co-packaged with toripalimab. Junshi Biosciences further grants Hikma the right of first negotiation to three of the company’s novel oncology molecules.

About Toripalimab

Toripalimab is an anti-PD-1 monoclonal antibody developed for its ability to block PD-1 interactions with its ligands, PD-L1 and PD-L2, and for enhanced receptor internalization (endocytosis function). Blocking PD-1 interactions with PD-L1 and PD-L2 promotes the immune system’s ability to attack and kill tumor cells.

More than thirty company-sponsored toripalimab clinical studies covering more than fifteen indications have been conducted globally by Junshi Biosciences, including in China, the United States, Southeast Asia, and European countries. Ongoing or completed pivotal clinical trials evaluating the safety and efficacy of toripalimab cover a broad range of tumor types including cancers of the lung, nasopharynx, esophagus, stomach, bladder, breast, liver, kidney and skin.

In China, toripalimab was the first domestic anti-PD-1 monoclonal antibody approved for marketing (approved in China as TUOYI®). Currently, there are six approved indications for toripalimab in China:

unresectable or metastatic melanoma after failure of standard systemic therapy;
recurrent or metastatic NPC after failure of at least two lines of prior systemic therapy;
locally advanced or metastatic urothelial carcinoma that failed platinum-containing chemotherapy or progressed within 12 months of neoadjuvant or adjuvant platinum-containing chemotherapy;
in combination with cisplatin and gemcitabine as the first-line treatment for patients with locally recurrent or metastatic NPC;
in combination with paclitaxel and cisplatin in first-line treatment of patients with unresectable locally advanced/recurrent or distant metastatic ESCC;
in combination with pemetrexed and platinum as the first-line treatment in EGFR mutation-negative and ALK mutation-negative, unresectable, locally advanced or metastatic non-squamous non-small cell lung cancer (“NSCLC”).

The first three indications have been included in the National Reimbursement Drug List (NRDL) (2021 Edition). Toripalimab is the only anti-PD-1 monoclonal antibody included in the NRDL for treatment of melanoma and NPC.

In the United States, the Food and Drug Administration (FDA) is reviewing the Biologics License Application (BLA) resubmission for toripalimab in combination with gemcitabine and cisplatin as first-line treatment for patients with advanced recurrent or metastatic NPC and for toripalimab monotherapy for the second-line or later treatment of recurrent or metastatic NPC after platinum-containing chemotherapy. The FDA has granted Breakthrough Therapy designations for toripalimab in combination with chemotherapy for the first-line treatment of recurrent or metastatic NPC as well as for toripalimab monotherapy in the second or third-line treatment of recurrent or metastatic NPC. Additionally, the FDA has granted Fast Track designation for toripalimab for the treatment of mucosal melanoma and Orphan Drug designations for the treatment of esophageal cancer, NPC, mucosal melanoma, soft tissue sarcoma, and small cell lung cancer (SCLC).

In Europe, marketing authorization applications (MAA) were submitted to the European Medicines Agency (EMA) and the United Kingdom’s Medicines and Healthcare products Regulatory Agency (MHRA) in November 2022 for: 1) toripalimab combined with cisplatin and gemcitabine for the first-line treatment of patients with locally recurrent or metastatic NPC and 2) toripalimab combined with paclitaxel and cisplatin for the first-line treatment of patients with unresectable locally advanced/recurrent or metastatic ESCC. In December 2022, the EMA accepted the MAA.

About Hikma
(LSE: HIK) (NASDAQ Dubai: HIK) (OTC: HKMPY) (rated BBB-/stable S&P and BBB-/stable Fitch)

Hikma helps put better health within reach every day for millions of people around the world. For more than 40 years, we’ve been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we are a global company with a local presence across North America, the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people’s lives. We’re committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,700 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner, and through our venture capital arm, are helping bring innovative health technologies to people around the world. For more information, please visit: www.hikma.com

About Junshi Biosciences
Founded in December 2012, Junshi Biosciences (HKEX: 1877; SSE: 688180) is an innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of innovative therapeutics. The company has established a diversified R&D pipeline comprising over 50 drug candidates, with five therapeutic focus areas covering cancer, autoimmune, metabolic, neurological, and infectious diseases. Junshi Biosciences was the first Chinese pharmaceutical company that obtained marketing approval for anti-PD-1 monoclonal antibody in China. Its first-in-human anti-BTLA monoclonal antibody for the treatment of various cancers was the first in the world to be approved for clinical trials by the FDA and NMPA and has since entered Phase Ib/II trials in both China and the US. Its anti-PCSK9 monoclonal antibody was the first in China to be approved for clinical trials by the NMPA.

In the face of the pandemic, Junshi Biosciences’ response was strong and immediate, joining forces with Chinese and international scientific research institutions and enterprises to develop an arsenal of drug candidates to combat COVID-19, taking the initiative to shoulder the social responsibility of Chinese pharmaceutical companies by prioritizing and accelerating COVID-19 R&D. Among the many drug candidates is JS016 (etesevimab), China’s first neutralizing fully human monoclonal antibody against SARS-CoV-2 and the result of the combined efforts of Junshi Biosciences, the Institute of Microbiology of the Chinese Academy of Science and Lilly. JS016 administered with bamlanivimab has been granted Emergency Use Authorizations (EUA) in over 15 countries and regions worldwide. As of December 3 2021, over 700,000 patients have been treated with bamlanivimab or bamlanivimab and etesevimab, potentially preventing more than 35,000 hospitalizations and at least 14,000 deaths. Meanwhile, VV116, a new oral nucleoside analog anti-SARS-CoV-2 drug designed to hinder virus replication, is in global Phase III clinical trials. A Phase III clinical study (NCT05341609) comparing the efficacy and safety of VV116 versus nirmatrelvir/ritonavir (“PAXLOVID”) for patients with mild to moderate COVID-19 who are at high risk for progression to severe COVID-19, has reached its pre-specified primary endpoint and secondary efficacy endpoint. The study results show that compared to PAXLOVID, VV116 provided patients with a shorter median time to sustained clinical recovery, while achieving statistical superiority. The JS016 and VV116 programs are a part of the company’s continuous innovation for disease control and prevention of the global pandemic.

Junshi Biosciences has more than 3,100 employees in the United States (San Francisco and Maryland) and China (Shanghai, Suzhou, Beijing, Guangzhou, etc). For more information, please visit: http://junshipharma.com.

Junshi Biosciences Contact Information
IR Team:
Junshi Biosciences
info@junshipharma.com
+ 86 021-6105 8800

PR Team:
Junshi Biosciences
Zhi Li
zhi_li@junshipharma.com
+ 86 021-6105 8800

GlobeNewswire Distribution ID 8720098

December 26, 2022

President Tsai to announce decision on extending military service Tuesday

President Tsai Ing-wen (???) is set to announce the government’s decision on the extension of the current four-month-long mandatory military service at a press event on Tuesday afternoon, amid the rising threat from China, her spokesman said Monday.

The press event will be held at 3:30 p.m. in the Presidential Office, hours after a high-level national security meeting is scheduled to be held at 10 a.m. to discuss the matter, Presidential Office spokesman Xavier Chang (???) said.

Following this meeting, Tsai will meet with the ruling Democratic Progressive Party (DPP) legislative caucus to discuss the matter at the Taipei Guest House, before holding the press briefing to announce the decision, Chang added.

According to Chang, the issue has been discussed and debated by the Ministry of National Defense and National Security Council for around two years as part of the government’s ongoing review of the nation’s “all-out defense” system.

It is widely believed that the president will announce during the press conference that the mandatory military service for males will be extended from four months to one year because an extension of up to one year requires no related law revisions, thus making it easier for the government to implement the change.

The longer service period will become effective a year after the government has released a public notice, meaning that if the public notice is issued in January 2023, the change will take effect at the start of 2024.

After 1996, conscription was gradually reduced, reaching one year in 2008.

During the previous Kuomintang administration under President Ma Ying-jeou (???), which governed from 2008-2016, the government turned the nation’s military into a mainly volunteer force, with conscripts serving in support roles, for which they were only required to undergo four months of military training, starting in 2013.

During the four months, conscripts do five weeks of boot camp followed by 11 weeks of specialized training with field units.

A public debate on whether to lengthen the service period began earlier this year in the wake of the Russian invasion of Ukraine in February.

Ukraine’s wholesale mobilization to fend off Russian forces has seen a formerly reluctant public in Taiwan warm up to the idea of bringing back longer training for military conscripts.

Source: Focus Taiwan News Channel