Erudite Risk on LinkedIn: N. Korean leader marks delivery of 250 nuclear-capable missile launchers… (2024)

Manufacturers are enhancing safety measures to protect workers from heat-related illnesses amid an ongoing heat wave expected to last until after Aug. 15. Shipbuilders, particularly those employing many foreign nationals, face significant challenges in mitigating heat risks. HD Hyundai Heavy Industries has implemented safety guidelines translated into eight languages, installed portable shelters, and increased lunch breaks. Similarly, Hanwha Ocean has tripled its budget for heat relief tools, while Samsung Heavy Industries has introduced movable air conditioning and cooling jackets. Other companies like POSCO, Hyundai Steel, Dongkuk Steel, SK Innovation, LG Chem, Hyundai Motor, and EcoPro have also initiated measures such as designated ice days, regular breaks, and distribution of cooling products. The government has allocated an additional 2 billion won for cooling kits and air conditioners at vulnerable worksites. Severe heat-related incidents may lead to site operations being halted and investigations into potential violations of safety regulations. Company managers face legal consequences for deaths resulting from heat-related illnesses or multiple incidents within a year.#AsiaRisk #ExtremeWeatherEvents #SouthKoreaFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gZNAtEvv

A Chinese envoy, Dai Bing, reiterated the call for an immediate ceasefire in Gaza during a United Nations Security Council briefing. He highlighted the ongoing conflict, which has lasted over 300 days, resulting in the deaths of more than 10,000 women and over a million Palestinian women and girls facing famine. Dai urged all parties to heed the international community's consensus and effectively implement relevant Security Council resolutions to cease hostilities and address the humanitarian crisis. He emphasized the importance of creating a peaceful environment for civilians, particularly women, and advocated for the protection of women's rights and participation in peace processes. Additionally, Dai supported the UN's role in formulating clear transition plans for peace operations in alignment with the concerns and priorities of the affected countries.#AsiaRisk #GeopoliticalConflictandDisputes #ChinaFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gE974gsX

Korean investors are seeking resolution after the sudden cancellation of U.S. daytime stock trades amounting to 630 billion won ($457.5 million) on Monday, leading to disruptions in trading services until Aug. 15. The Financial Supervisory Service (FSS) confirmed that approximately 90,000 accounts were affected after Blue Ocean, an alternative trading system in the U.S., notified domestic brokerage firms of cancellations for orders placed after 2:45 p.m. due to a surge in sell orders during a market downturn. Many investors reported significant financial losses and have filed 109 complaints with the FSS, claiming inability to trade during high volatility. FSS Governor Lee Bok-hyun indicated some responsibility may lie with the brokerage firms, while market observers suggest that the primary cause relates to the overseas exchange. Blue Ocean has announced that only select exchange-traded funds (ETFs) will be available for daytime trading until Aug. 15. The FSS plans to investigate the incident and explore measures to enhance the stability of overseas stock investments.#AsiaRisk #RegulatoryEnforcementActions #SouthKoreaFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gpDPZxWP

Announcing a natural disaster emergency in Ha GiangRecent floods in Ha Giang province have severely damaged traffic infrastructure on major national highways, threatening public safety. The Ministry of Transport has tasked the Vietnam Road Administration and Ha Giang Department of Transport with assessing the damage and implementing repair solutions, including issuing an Emergency Construction Order. The Vietnam Road Administration will report to the Ministry upon completing emergency work to conclude the disaster emergency status. In Lao Cai, a significant landslide has blocked roads in Bao Yen district, leading to temporary motorbike access. Recovery efforts are ongoing, but challenges persist due to the volume of debris and ongoing landslide risk.#AsiaRisk #NaturalDisasters #VietnamFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gSJMqatq

Limit damage caused by flooding of Thac Ba hydroelectric reservoirWater levels in most flooded areas downstream of the Thac Ba hydroelectric reservoir in Yen Bai province have receded, allowing evacuated families to return home for cleaning and sanitation. The Natural Disaster Prevention Steering Committee is coordinating efforts to support damage recovery, including environmental cleanup and disinfectant spraying to prevent epidemics. Local authorities are reviewing damaged households and factories to enable timely recovery of production. Currently, the Thac Ba reservoir has opened two flood gates, releasing approximately 1,800 m³/s of water. Officials are assessing the reservoir operation process and recommending adjustments to flood prevention plans while enhancing public information on water levels. Proactive measures by local authorities and the community are deemed essential for minimizing flood damage.#AsiaRisk #NaturalDisasters #VietnamFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gurrQ433

Vietnam is affected by 21/22 types of natural disastersVietnam has faced significant natural disasters, resulting in over 110 deaths and missing persons, the highest toll in five years. The La Nina phenomenon is expected to bring more extreme weather events starting in August, posing risks to production, lives, and property. Experts from the UNDP emphasize the importance of effective response and prevention strategies to mitigate disaster impacts. Recommendations include classifying disaster-prone areas, constructing safe houses, and proactively managing natural disaster developments. Local authorities are urged to implement comprehensive response plans, identify dangerous zones, and ensure timely evacuations and resource allocation to support affected populations. The overall focus is on safeguarding lives and minimizing property damage amid increasing natural disaster threats.#AsiaRisk #NaturalDisasters #VietnamFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gkYtuvdk

Chiu Chui-cheng, Minister of the Mainland Affairs Council (MAC), stated that China's expansion of laws targeting Taiwan aims to provide justification for potential military action against the island. He highlighted the series of legal measures, including the June guidelines aimed at advocates of Taiwanese independence, which he claims violate international law and cross-strait realities. Chiu emphasized that these Chinese laws lack jurisdiction over Taiwan and would not gain international support. The Anti-Secession Law, enacted in 2005, outlines circ*mstances under which China may resort to non-peaceful methods to annex Taiwan and includes provisions for trying Taiwanese independence advocates in absentia. Experts at a seminar noted that China's actions constitute a weaponization of international law and violate principles of both international law and human rights. They called for a clear rejection of the application of Chinese law to individuals outside of China, asserting it to be both improper and illegal.#AsiaRisk #GeopoliticalConflictandDisputes #TaiwanFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gvdPWk8V

North Korea has appointed Han Su-chol as its new ambassador to Cuba, following the departure of the previous ambassador, Ma Chol-su. His exit occurred after South Korea and Cuba established formal diplomatic ties in February, a move perceived as a diplomatic setback for North Korea. Han is believed to be the vice department director of the international division at the Central Committee of the Workers' Party of Korea. Since Ma's departure, North Korean media has not mentioned Cuba, indicating possible discontent regarding the new diplomatic relations.#AsiaRisk #NorthKorea #SouthKoreaFollow us for daily updates on risk and operations in Asia!https://lnkd.in/g5ZGyKhS

Enterprises provide comments on developing standards and technical regulationsThe Ministry of Science and Technology is preparing a draft Law to amend the Law on Standards and Technical Regulations, which will be submitted to the National Assembly for comments at its 8th Session. The draft includes modifications that may significantly impact businesses and organizations involved in the production and trade of goods and services. Businesses have raised concerns about the clarity and consistency of certain standards, such as fire safety regulations. The VCCI has emphasized the importance of aligning these standards with international trade commitments, urging the incorporation of core principles in the development and application of technical regulations. Canon Vietnam highlighted the necessity of recognizing foreign standards to facilitate access to international markets and improve product quality. A Memorandum of Understanding was signed between VCCI and the National Committee for Standards, Metrology and Quality (STAMEQ) to enhance cooperation in managing standards and providing support to the business community. The cooperation aims to evaluate existing standards, boost business involvement in technical committees, and improve dissemination of legal and technical information.#AsiaRisk #Regulation #VietnamFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gyiR-GCP

Landslide at the pass connecting Binh Thuan - Lam DongA landslide occurred at Ta Pua pass in Me Pu commune, Duc Linh district, due to heavy rain, resulting in large rocks and soil blocking the road. This obstruction halted traffic, forcing cars from Bao Loc and Tanh Linh to turn around. By 11 a.m. the traffic remained disrupted. Local authorities cordoned off the area and dispatched cranes and excavators for cleanup. The pass reopened to traffic by 1 p.m., although some large rocks remained on the road. Efforts to break down these rocks for removal were planned for completion later that afternoon. Ta Pua Pass, spanning over two kilometers, is a crucial route for transporting agricultural products between Binh Thuan province and Lam Dong.#AsiaRisk #NaturalDisasters #VietnamFollow us for daily updates on risk and operations in Asia!https://lnkd.in/gW8ZVqah