202002

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Asian Pacific Business Journal 2020 February Issue

Issue Number 0127

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December Jobs Report: Asian Americans Continue to Thrive Under President Trump

“President Trump’s winning policies have put the economy into high gear, and another fantastic jobs report is showing that the job market remains strong for Asian Americans. Throughout the Trump presidency, Asian American unemployment has remained at historic lows as wage growth continues to rise, and December was no different. As the economy continues to boom, President Trump will continue to deliver for all Americans, now and into a second term.” – Dr. Marina Tse, RNC Director of APA Media Affairs December Jobs Report Highlights • Asian American unemployment fell to 2.5 percent, a near historic low!

• 145,000 jobs created nationwide • Wage growth remains strong at nearly 3 percent.

• Employers are optimistic about the influx of job openings across the country.

President Trump is delivering on his promise to revitalize the American economy, and as it continues to boom throughout 2020, President Trump is sure to win in a landslide. Democrats cannot deny the success of our robust economy, and as they play political games to distract from this Administration’s undeniable economic accomplishments, President Trump will continue to deliver for Americans everywhere.

For more information on the December Jobs Report go to www.gop.com.

RNC Statement on the Democrat Debate

WASHINGTON — Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on tonight’s Democrat debate: “Democrats are only in Iowa because they have to be. If they got their way, they would abolish the Electoral College and never set foot in our nation’s heartland again,” said Chairwoman Ronna McDaniel. (Continued to Page 2)

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Asian Pacific Business Journal

(Continued from Page 1) “If they did care about hardworking Americans, they would not be touting a radical, socialist agenda that threatens to undo all of the economic progress that has been made over the last three years. Their multi-trillion dollar policies stand in stark contrast to President Trump’s record of results for the American people. Voters will overwhelmingly choose his winning agenda in November.”

President Trump’s Historic Phase One Trade Deal with China Is A Win for All Americans

“President Trump’s Phase One trade deal with China an historic victory both at home and abroad.

Hardworking Americans in every sector of the economy from manufacturing and agriculture to energy and technology will benefit from this momentous step forward in world trade policy. As Phase One takes effect and Phase Two takes shape, President Trump will continue to defend the American worker, remedy unfair trade practices, and boost the American economy well into a second term.” – Dr. Marina Tse, RNC Director of APA Media Affairs The Facts: TODAY, PRESIDENT TRUMP WILL SIGN A PHASE ONE TRADE AGREEMENT WITH CHINA, WHICH WILL INCLUDE KEY COMMITMENTS FROM CHINA ON STOPPING UNFAIR TRADING PRACTICES AND INCREASING PURCHASES OF U.S. GOODS Today, in fulfillment of his campaign promise to renegotiate U.S. trade with China, President Trump will sign a phase one new trade agreement with the country.

In the deal, China has committed to purchasing at least $200 billion American products and services over the next two years; The move will nearly double U.S. exports to China and is expected to reduce the current trade deficit between the two countries.

China has committed to increase its purchase of U.S. agricultural products by $32 billion over two years and to reduce its non-tariff barriers to the U.S. agricultural market.

The trade deal includes stronger legal protections on American goods for patents, trademarks, copyrights, pirated and counterfeit goods.

The deal contains commitments by China to eliminate pressure for foreign companies to transfer technology to Chinese firms as a condition of market access.

The deal also contains a commitment by China to refrain from supporting outbound investment aimed at acquiring foreign technology.

China has also committed to end its currency devaluations and to not target its exchange rate for a competitive trade advantage The deal also includes improved access to China’s financial services market for U.S. financial compa-

nies.

For more background on the deal and President Trump’s record of supporting fair trade practices with China, go to www.gop.com

RNC Chairwoman’s Statement on State of the Union Address

“Our country is on a Great American comeback as a result of the promises that President Trump has made and kept. Tonight, he re-capped all he has accomplished for the American people while previewing all the great things that are to come if we continue to put our country and our people first.

Whether it is a booming economy with the lowest unemployment rate in 50 years, a rebuilt military, or new and improved trade deals, by every single measure the state of our union is stronger now than it was on the day President Trump took office.

“In selecting my home state governor, Gretchen Whitmer, to sell their socialist policies, Democrat leaders chose a messenger who supports a government takeover of health care, abolishing our immigration and customs agency. Just like so many House Democrats, Whitmer broke her promise to work across the aisle on issues like infrastructure, and instead backed bogus witch hunts that have wasted an inordinate amount of taxpayers’ time and money.

“Voters in Michigan and across America will resoundingly reject their socialist policies by re-electing President Trump to a second term this November.”

RNC Statement on the End of the Democrats' Latest Witch Hunt

WASHINGTON — Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement after the Senate's vote to acquit the President: "Today’s vote to acquit President Trump ends the latest political witch hunt, a dark moment in our nation’s history, that wasted millions of taxpayer dollars," said Chairwoman McDaniel. "Once again, Democrats have failed in their quest to erase the votes of 63 million Americans and destroy a duly-elected President. The American people won today, but they will not forget the division that Democrats brought upon our country for three years. This November, voters will hold Democrats accountable at the ballot box and vote to re-elect President Trump and Republicans across the board."

January Jobs Report: Asian Americans Start the Decade Strong Under President Trump’s Leadership

“The U.S. economy is soaring to new heights, smashing expectations for the month of January and kickstarting the decade with record growth as the job market remains strong for Asian Americans. Thanks in part to President Trump’s historic phase one trade deal with China, record low unemployment across the board, and now 225,000 jobs added in January,

2020 February Issue

Americans everywhere are benefiting from this great American comeback. As President Trump continues to deliver on his promise to revitalize the economy, voters are ready for four more years of a booming economy under his leadership.” – Dr. Marina Tse, RNC Director of APA Media Affairs January Jobs Report Highlights • Asian American unemployment is at three percent.

• 225,000 jobs created nationwide this month, surging past expectations.

• Since the President was elected, 7.1 million jobs have been created.

• Wage growth remains strong at three percent, with workers’ wages rising faster than managers’.

• Workers are coming off the sidelines as labor force participation hit 63.4 percent, the highest of this recovery so far.

With a January jobs report that surpassed expectations, a State of the Union address that resonated with Americans everywhere, and Democrats’ latest witch hunt now behind us, this week was huge for President Trump and all Americans. The Iowa caucuses have left the field of Democrat candidates more divided than ever as support for President Trump remains strong. The choice for voters this November is clear: let Democrats reverse all the progress that President Trump has made for Americans, or continue the great American comeback that he and Republicans have started.

For more information on the January Jobs Report, go to www.gop.com.

RNC Statement on the Democrat Debate

WASHINGTON — Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on tonight’s Democrat debate: “Unfortunately for Democrats, what happened at tonight’s debate in Las Vegas won’t stay in Vegas.

Americans saw for themselves just how radical and out of touch today’s Democrat Party has become.

Their party is betting it all on far-left, socialist policies which would gamble away our future.

“Americans are on a winning streak thanks to the Trump Administration’s pro-growth, America first policies. Come November, Nevadans, and voters across the country, will double-down on President Trump’s record of real results and re-elect him to a second term.”

How COVID-19 Spreads

Current understanding about how the virus that causes coronavirus disease 2019 (COVID-19) spreads is largely based on what is known about similar coronaviruses.

Person-to-person spread The virus is thought to spread mainly from person-to-person. Between people who are in close contact with one another (within about 6 feet). Via respiratory droplets produced when an infected person coughs or sneezes. These droplets can land in the mouths or noses of people who are nearby or possibly be inhaled into the lungs.

Spread from contact with infected surfaces or objects It may be possible that a person can get COVID-19

by touching a surface or object that has the virus on it and then touching their own mouth, nose, or possibly their eyes, but this is not thought to be the main way the virus spreads.

When does spread happen?

People are thought to be most contagious when they are most symptomatic (the sickest). Some spread might be possible before people show symptoms; there have been reports of this with this new coronavirus, but this is not thought to be the main way the virus spreads.

How efficiently does the virus spread?

How easily a virus spreads from person-to-person can vary. Some viruses are highly contagious (like measles), while other viruses are less so. Another

factor is whether the spread continues over multiple generations of people (if spread is sustained). The virus that causes COVID-19 seems to be spreading easily and sustainably in Hubei province and other parts of China. In the United States, spread from person-to-person has occurred only among a few close contacts and has not spread any further to date.

There is still more to be learned COVID-19 is an emerging disease and there is more to learn about its transmissibility, severity, and other features and what will happen in the United States. New information will further inform the risk assessment.

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Asian Pacific Business Journal

2020 February Issue

FirstBank Multicultural Banking Center Grand Opening

LAKEWOOD, Colo., Feb. 14, 2020 (GLOBE NEWSWIRE) -- FirstBank, one of the nation’s largest privately held banks with a focus on “banking for good,” announced the grand opening of its Multicultural Banking Center at 550 S. Wadsworth Blvd. in Lakewood. This represents FirstBank’s longstanding commitment to empowering diverse groups (watch the bank’s newly released Diversity and Inclusion video).

The new Multicultural Banking Center will serve as a hub for all 119 FirstBank locations, including the bank’s Asian and Spanish Banking Centers, where customers can receive banking services in their preferred language and with an understanding of their culture.

“At FirstBank, diversity and inclusion aren’t just buzzwords — they’re core company values,” said Amber Hills, Lakewood Market President who

oversees the company’s multicultural efforts. “We’re committed to meeting the unique needs of our customers, and celebrating the cultures that comprise and enrich the communities we serve.”

The new Center will also create opportunities for various businesses, nonprofits, and community members to attend networking events, financial literacy classes, collaborate on community projects, and more.

Additionally, and as part of its multicultural initiative, FirstBank will continue hiring and retaining talent that speaks Spanish, Mandarin, Cantonese, Vietnamese, Korean, and Ethiopian dialects. It’s also further engaging Spanish, Black/African American and Asian communities through educational offerings, events and sponsorships, which include supporting organizations such as the African Leadership Group, Mexican Cultural Center and Asian Chamber

of Commerce, to name a few.

FirstBank was recently recognized as a corporate diversity champion by the Urban Leadership Foundation of Colorado, a leader in diversity and inclusion by the Mortgage Bankers Association, and was the recipient of Colorado Women’s Chamber of Commerce “Champions of Change” award for driving women and people of color forward.

The bank maintains an inclusive board of directors that reflects the diversity of both its employees and customers. Over half of FirstBank’s management roles — from assistant manager through executive management — are occupied by women. And nearly 40 percent of the bank’s employee population represent different races, ethnicities, military statuses and abilities.

Prevention & Treatment of COVID-19

There is currently no vaccine to prevent coronavirus disease 2019 (COVID-19). The best way to prevent illness is to avoid being exposed to this virus.

However, as a reminder, CDC always recommends everyday preventive actions to help prevent the spread of respiratory diseases, including: Avoid close contact with people who are sick.

Avoid touching your eyes, nose, and mouth.

Stay home when you are sick.

Cover your cough or sneeze with a tissue, then throw the tissue in the trash.

Clean and disinfect frequently touched objects and surfaces using a regular household cleaning spray or wipe.

Follow CDC’s recommendations for using a facemask.

CDC does not recommend that people who are well wear a facemask to protect themselves from respiratory diseases, including COVID-19.

Facemasks should be used by people who show symptoms of COVID-19 to help prevent the spread of the disease to others. The use of facemasks is also crucial for health workers and people who are taking care of someone in close settings (at home or in a health care facility).

Wash your hands often with soap and water for at least 20 seconds, especially after going to the bathroom; before eating; and after blowing your nose,

coughing, or sneezing.

If soap and water are not readily available, use an alcohol-based hand sanitizer with at least 60% alcohol. Always wash hands with soap and water if hands are visibly dirty.

There is no specific antiviral treatment recommended for COVID-19. People with COVID-19 should receive supportive care to help relieve symptoms. For severe cases, treatment should include care to support vital organ functions.

People who think they may have been exposed to COVID-19 should contact their healthcare provider immediately.

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Asian Pacific Business Journal

2020 February Issue

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2020 February Issue

Asian Pacific Business Journal

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Colorado Abolished No-Fault Auto Insurance How the switch hurt consumers

One of the most important concerns for people injured in auto accidents is receiving adequate compensation to cover all losses and injuries. While it may be possible to pursue the individual assets of the party responsible for the injury, more times than not, compensation will be recovered from an insurance policy.

Colorado changed its law concerning auto insurance coverage policies a few years ago. Previously, Colorado used a no-fault system. This means that anyone injured in a car accident could receive personal injury protection (PIP) benefits under his or her own insurance policy. PIP covered the policyholder’s medical expenses up to $100,000 regardless of who was at fault for the accident. This way, drivers or passengers injured in car accidents could immediately file claims for payment of medical bills under their own auto insurance policies without having to hire an attorney and wait for a determination of fault for the accident.

This, however, is not the law anymore.

What is the difference between no-fault and tort auto insurance?

Under recent changes, Colorado has switched from a no-fault jurisdiction to a tort jurisdiction. This means that drivers and passengers injured in car accidents typically cannot recover medical expenses from their own insurance policies even if they were not at fault for the accidents. Rather, the injured are now required to seek coverage for their medical bills from the at-fault drivers’ auto insurance companies.

This change in the law can have devastating consequences for those injured in car accidents. Now, Colorado requires that you carry a minimum of $5000 in Med Pay coverage. Med Pay is supposed to pay for the treatment of injuries you or your passengers suffer in a car accident, no matter who caused

the crash, however, $5000 is a far cry from $100,000 and in nearly every case doesn’t come close to what is required to pay for the treatment you will need to recover from your injuries.

The switch in coverage has left literally 10’s of thousand of people in severe financial distress. Colorado consumers were misled by legislators on the change in coverage, claiming that it would save them significant amounts of money on their auto insurance premiums, the truth is it saved the average consumer less than $17.00 a year.

The only people to benefit from this change were attorneys specializing in Personal Injury claims fort automobile accidents; consumers were left holding the bag.

Since Colorado Drivers no longer have the $100000 in Personal Injury Protection they possessed previously, they can find them selves in severe debt as a result of the medical bills that they rack up after being injured in a car accident if they don’t have enough Med Pay coverage to protect them. $5000 in Med Pay can be eliminated by a single trip to the ER following an accident or by the Ambulance Company that shows up at the scene, even though you never asked for one.

Under current law, an injured person will face dealing with the other party’s insurance company, trying to get it to pay medical bills. Even after fault is assessed, the at-fault driver’s insurance company may not turn over the entire requested amount of compensation. It is more likely that the insurance company will continue to dispute the amount.

The bottom line is the $5000 minimum is not adequate. It is important that motorists are educated on the fact that they need to have a minimum of $25,000 in Med Pay coverage to protect themselves. Their insurance carriers will not tell them this, and that

is criminal. Consumers were tricked into accepting these changes without being warned about the consequences. It’s not fair and something needs to be done about it.

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WUHAN VIRUS/COVID-19 origin could be natural or synthetic: NTU professor

Taipei, Feb. 22 (CNA) A professor at National Taiwan University’s (NTU) College of Public Health on Saturday waded into the highly contentious debate over the origins of the COVID-19 coronavirus, saying that the virus could indeed be synthetic, but that much more research is needed before a definitive conclusion can be reached.

At an educational forum hosted by the Taiwan Public Health Association, Professor Fang Chi-tai ( 方啟泰) said finding the virus’ origin is vital because of its implications for response measures, which usually differ based on whether viruses are naturally occurring or synthetic.

The theory that the COVID-19 was developed in a laboratory and accidentally released has gained enough attention in recent weeks to draw a statement from the World Health Organization (WHO), which said conspiracy theories only undermine its response efforts.

In an open letter Wednesday, public health scientists from nine countries also denounced the notion of a laboratory virus, saying it was a “conspiracy the-

ory” that threatened “the rapid, open and transparent sharing of data” between China and other countries.

Wading into the controversy, Fang argued that public health officials should remain open to all possibilities that are supported by evidence.

He said scholars find it interesting that the COVID-19 outbreak started close to China’s Wuhan Virology Institute, a government research laboratory that has the highest biosafety level (BSL-4), which means it most likely houses fatal pathogens such as the severe acute respiratory syndrome (SARS) and Ebola viruses.

Given China’s reputation for lax safety standards and lab culture, there are valid grounds for suspicion regarding the COVID-19, Fang said.

Citing recent research by French scientists on the genetic sequencing of the COVID-19, Fang said it has a 96 percent resemblance to the RaTG13 bat virus, samples of which were reportedly stored at the Wuhan Virology Institute.

This similarity had “raised discussions” in academic circles, with some researchers saying bats may

have been the natural source of the COVID-19, given the fact that they are among the many species of wildlife sold at China’s wet markets, he said.

However, a 99 percent similarly between viruses is a more accurate standard for determining origins, Fang said.

Nonetheless, in terms of the virus’ structure, the COVID-19 shows mutations of a complexity that are highly unlikely to be natural, although that is a possibility, he said.

Fang said public health authorities are working hard to determine the origin of the virus because that will tell them whether it can be eradicated or merely contained.

For example, common influenza viruses occur naturally and have an ecological niche, so the best that can be done is to manage them and reduce their impact, he said.

On the other hand, lab-made viruses have no place in nature, which means they can be eradicated once the contagion stops, he said.

(By Chen Chih-chung and Matthew Mazzetta)

2020 February Issue

Asian Pacific Business Journal

2020 Economic Report of the President

Feb 20, the Council of Economic Advisers released its annual Economic Report of the President.

The Report shows that three years into the Trump Administration, the U.S. economy continues to outperform pre-2016 election expectations, delivering inclusive gains to American families. As President Trump wrote in his letter introducing the Report, “These results did not come about by accident. Instead, they were supported by our foundational pillars for economic growth that put Americans first, including tax cuts, deregulation, energy independence, and trade renegotiation.”

Contrary to expectations that the expansion would slow as it matured, economic output and labor market gains have accelerated over the past three years, as shown in the figure below.

Reflecting on these gains, the Report highlights the role of the Administration’s prioritization of pro-market reforms to tax, labor, regulation, energy, and healthcare policy. It also identifies several Trump Administration responses to challenges to continued growth, including ensuring that U.S. markets remain economically fair and competitive, combating the ongoing threat of widespread opioid addiction, and addressing the overregulation of housing markets.

The Report concludes by setting forth the Administration’s long-run, policy-inclusive economic projections.

Despite strong headwinds from the slowing global economy and several idiosyncratic adverse shocks, Administration policies have helped to keep the U.S. economy resilient. During 2019, several macroeconomic indicators—including consumer spending, productivity, and labor shares of income—grew at elevated rates. As a result, U.S. output has grown at the fastest rate among the G7 countries’ economies in the past year.

With the unemployment rate falling to a 50-year low in 2019, the labor market also tightened further, disproportionately benefiting those previously left behind during the recovery. In stark contrast to the expansion through 2016, policies that both raised labor demand and incentivized employers to invest more in their workers have resulted in wage gains for historically disadvantaged Americans, as shown

in the figure below.

A major driver of recent economic gains is the Administration’s regulatory reform agenda. Once fully in effect, the Administration’s approach to Federal regulation will have raised real incomes by an estimated $3,100 per household per year. Of this total, 20 notable Trump Administration deregulatory actions alone are projected to save American consumers and businesses about $220 billion per year once they go into full effect, which will raise real incomes by about 1.3 percent, as shown in the figure below.

Shale oil and gas production growth illustrates the benefits of embracing energy innovation i n stead of overregulating America’s abundant human and energy resources. By lowering prices, the shale revolution saves the average family of four an estimated $2,500 annually. Additionally, as shown in the figure below, the shale-driven decline in emissions exceeded the projected savings from the now-rescinded Clean Power plan and allowed the United States to realize a larger decline in carbon dioxide emissions than the European Union.

As with energy policy, the Administration embraces innovation and focuses on consumers for healthcare. Choice and competition are the two guiding Administration principles to foster a healthcare system that delivers high-quality services at affordable prices. This approach stands in stark contrast to government mandates that too often reduce consumer choice in healthcare markets and increase premiums.

Turning to potential obstacles to continued economic gains, the Trump Administration recognizes the vital role that competition plays in economic growth. Based on the best available evidence, there is no need to rewrite the Federal Government’s antitrust rules, as the Federal Government has the tools it needs to ensure U.S. markets remain dynamic.

Moving forward, the

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Administration will focus on changing government policies that create an unfair playing field. As the Administration’s historic regulatory reform has shown, eliminating government-imposed barriers to innovation leads to a revitalized private sector.

The opioid crisis poses a major challenge to continued inclusive growth. Though actions taken by the Administration to lower the supply, reduce new demand, and expand treatment options coincided with a flattening in opioid overdose deaths, there is much more that must be done. The opioid crisis has been responsible for more than 400,000 deaths since 2000, and cost an estimated $665 billion in 2018.

Rising housing unaffordability in some U.S. real estate markets also holds back the economy. A key driver of this problem is overregulation by State and local governments that limits supply and increases costs. By driving up home prices, overregulation adversely affects low-income Americans in particular, who spend the largest share of their income on housing. Among 11 particularly supply-constrained areas, deregulation would increase affordability enough to reduce homelessness by an estimated 31 percent on average, as shown in the figure below.

Addressing these and other challenges will support further economic gains for American families. Overall, assuming full implementation of the Administration’s economic policy agenda, real U.S. economic output is projected to grow 3.1 percent in the four quarters of 2020 and at an average annual pace of 2.9 percent between 2019 and 2030.

The 2020 Economic Report of the President shows the success of the Administration’s economic policy agenda and demonstrates that its foundational policy pillars enable the U.S. economy to overcome structural trends that were previously suppressing growth. As President Trump concludes in his introduction to the Report, “though the American economy is stronger than ever, my Administration’s work is not yet done.

With a continued focus on policies that increase economic growth, promote opportunity, and uplift our workers, there is no limit on how great America can be.”

2020 February Issue

Asian Pacific Business Journal

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No scientific proof of coronavirus 24-day incubation: health minister Taipei, Feb. 12 (CNA) Health Minister Chen Shih-chung (陳時中) on Monday disputed one of the findings of a China-based study that found the incubation period of the 2019 novel coronavirus (2019nCoV) could be as long as 24 days, saying it lacked scientific evidence.

The findings, published Feb. 10 by prominent Chinese epidemiologist Zhong Nanshan (鍾南山), were based on analysis of the medical records of 1,099 confirmed 2019-nCoV patients in China.

The study, which has not yet been peer-reviewed, found that the incubation period of the 2019-nCoV ranged from 0-24 days, Zhong and his research team said.

The incubation period was defined in the study as the duration from a patient’s first contact with a transmission source to the onset of symptoms.

Chen, however, said the study relied solely on medical records, which may reflect different perceptions by patients and doctors regarding symptoms.

There simply was not sufficient scientific evidence to conclude that the incubation period of the 2019-nCoV could be up to 24 days, he said.

According to Taiwan’s Central Epidemic Command Center (CECC), the consensus internationally is that the incubation period ranges from 2-10 days, and in 99 percent of cases, it is less than 14 days.

On the question of whether Taiwan’s first asymptomatic patient was an indication that the incubation period could be longer than originally thought, CECC Deputy Commander Chuang Jen-hsiang (莊 人祥) said a lack of symptoms is unrelated to the virus incubation period.

The asymptomatic patient, who was confirmed to

be infected with 2019-nCoV on Feb. 9, is still not showing any symptoms, Chuang said.

On Monday, epidemiologist Zhong told the Chinese media that there was only one case in which the virus incubation period had stretched to 24 days, and people “shouldn’t read too much into it.”

“Using the timeline reported by one patient to determine how long the incubation period could last is not scientific,” Zhong said.

The overall situation is more accurately reflected by the median incubation period of three days, the first quartile (two days), and third quartile (seven days), as found in the study, he said.

(By Chang Ming-hsuan, Chou Hui-ying and Chiang Yi-ching)

Experts find how moderate 2019-nCoV infection ends with death Taipei, Feb. 9 (CNA) Experts have blamed a form of systemic inflammatory response syndrome called “cytokine storm” for killing some novel coronavirus (2019-nCoV)-infected patients who were not very sick in the early stage of infection but eventually died of multiple organ failure, according to Chinese media reports.

The epidemic, which started mid-December in Wuhan, in China’s Hubei Province, had claimed more than 800 lives in China as of Feb. 8, including Li Wenliang (李文亮), a 34-year-old ophthalmologist at Wuhan Central Hospital who tried to issue the first warning about the deadly coronavirus outbreak late last year but was silenced by the Chinese authorities.

Li was confirmed Feb. 1 to have been infected after treating a patient who later tested positive for coronavirus. He died on Friday.

While most victims have been middle-aged, elderly or suffering from chronic disease according to official Chinese data, Li’s death, as well as that of a

39-year-old man in Hong Kong, drew media attention as the epidemic has attacked more than 37,000 people in 28 countries around the world.

According to Chinese media reports, Zhong Ming (鍾鳴), a physician at the department of critical care medicine of Zhongshan Hospital in Shanghai, warned that in some novel coronavirus cases, patients who developed only moderate symptoms at the onset of the disease later fell seriously ill and died of multiple organ failure.

He termed the condition a “storm of inflammations” Once patients are in that situation, “it is very difficult for them to recover,” said the doctor who was sent to Wuhan’s Jinyintan Hospital soon after the epidemic broke out last year.

The hospital was among the first medical centers in Wuhan to receive and treat novel coronavirus patients and is now one of the main hospitals in the city for severe cases.

Zhou Zheng (周正), an expert in respiratory med-

icine at the Second Affiliated Hospital of Zhengzhou University in Hunan Province, said one feature of 2019-nCoV infection is that patients can develop moderate symptoms in the first two days of infection but can become seriously ill on the third day or later.

Attributing this to the phenomenon of cytokine storm -- a high level of circulating inflammatory cytokines -- Zhou said the novel coronavirus can stimulate the body’s immune system, which can further damage the cells.

“A normal immune system protects, but an over-active immune system can not only damage the lungs but also other organs, including the kidneys, liver and heart,” he said.

A recent Lancet publication titled “Clinical Features of Patients Infected with the 2019 Novel Coronavirus in Wuhan, China,” also describes the correlation of the cytokine storm and the severity of illness in patients infected with 2019-nCoV. (By Chou Hui-ying and Elizabeth Hsu)

TSMC to recruit over 4,000 new staff for high-end process development

Taipei, Feb. 25 (CNA) Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest contract chipmaker, said Tuesday it is planning to hire more than 4,000 new staff this year at a time when the company is gearing up to develop high-end processes to maintain its lead over rivals.

According to TSMC, it has listed plenty of job openings on the recruitment website TaiwanJobs run by the Ministry of Labor’s Workforce Development Agency (WDA), and has also actively launched recruitment campaigns on campuses to expand its talent pool.

The more than 4,000 job openings reflect demand for talent in a wide range of fields such as electric/engineering, optoelectronics, machinery, physics, production materials, chemicals, finances, management, human resources and labor relations, TSMC said.

At an investor conference held in mid-January, TSMC said the company expects to benefit from solid demand for smartphones, high performance computer (HPC) devices, Internet of Things related applications and automotive electronics this year.

Amid optimism over global demand, TSMC has devoted itself to high-end technology development, a move expected to boost its global competitive edge and sustain the company’s lead over rivals such as Samsung Electronics Co., which has started advanced technology processes with an eye on a larger share of the global market, analysts said.

The 7 nanometer process is the latest technology the chipmaker has begun mass producing, while the company is also developing the more sophisticated 5mn and 3mn processes.

TSMC is scheduled to launch mass production of the 5nm process in the first half of this year. The 3nm process is expected to begin commercial production in 2022.

For high-end technology development to meet strong demand for 5G and HPC devices this year, TSMC has said its capital expenditure for 2020 is expected to range between US$15-16 billion, its highest ever.

According to TSMC, it will assign 80 percent of the capex to develop 3nm, 5nm and 7nm technology,

10 percent of spending to advanced packaging and testing technology development and 10 percent to special process development.

Local media have cited sources from the WDA saying TSMC is offering NT$32,000 (US$1,067) in monthly salaries for production line staffers, and NT$38,000-NT$45,000 to semiconductor, equipment and optoelectronics engineers, while some talent can negotiate pay levels with the chipmaker.

Currently, TSMC commands a more than 50 percent share of the global pure wafer foundry market.

(By Chang Chien-chung and Frances Huang)

Page 8

Asian Pacific Business Journal

2020 February Issue

Joint Statement: Vision and Principles for the United States-India Comprehensive Global Strategic Partnership The President of the United States of America, the Honorable Donald J. Trump, paid a State Visit to India on February 24-25, 2020, at the invitation of Prime Minister Shri Narendra Modi.

Comprehensive Global Strategic Partnership As the leaders of sovereign and vibrant democracies recognizing the importance of freedom, equal treatment of all citizens, human rights, and a commitment to the rule of law, President Trump and Prime Minister Modi vowed to strengthen a United States-India Comprehensive Global Strategic Partnership, anchored in mutual trust, shared interests, goodwill, and robust engagement of their citizens.

President Trump and Prime Minister Modi pledged to deepen defense and security cooperation, especially through greater maritime and space domain awareness and information sharing; joint cooperation; exchange of military liaison personnel; advanced training and expanded exercises between all services and special forces; closer collaboration on co-development and co-production of advanced defense components, equipment, and platforms; and partnership between their defense industries.

Noting that a strong and capable Indian military supports peace, stability, and a rules-based order in the Indo-Pacific, and reaffirming his pledge to support the transfer to India of advanced U.S. military technology, President Trump welcomed India’s recent decision to procure MH-60R naval and AH-64E Apache helicopters. These capabilities will advance shared security interests, job growth, and industrial cooperation between both countries. As India works to acquire new defense capabilities, President Trump reaffirmed India’s status as a Major Defense Partner, affording it the highest consideration for procurement and technology transfer purposes. The leaders look forward to early conclusions of defense cooperation enabling agreements, including Basic Exchange and Cooperation Agreement.

President Trump and Prime Minister Modi resolved to enhance security of their homelands through cooperation and to jointly fight international crimes like human trafficking, terrorism and violent extremism, drug-trafficking, and crimes in cyberspace. They welcomed the decision by the U.S. Department of Homeland Security and India’s Ministry of Home Affairs to reinvigorate the Homeland Security Dialogue.

As a demonstration of their shared commitment to combating the threat that illicit drugs pose to their citizens, the leaders announced their intent to establish a new Counter-Narcotics Working Group between their respective law enforcement agencies.

Prime Minister Modi and President Trump recognized the increasing importance of the trade and investment dimension of the United States-India relationship, and the need for long-term trade stability that will benefit both the American and Indian economies.

They agreed to promptly conclude the ongoing negotiations, which they hope can become phase one of a comprehensive bilateral trade agreement that reflects the true ambition and full potential of the bilateral commercial relations, advancing prosperity, investment, and job creation in both countries.

President Trump and Prime Minister Modi welcomed growing links between the United States and India in trade and investment in hydrocarbons. Through their Strategic Energy Partnership, the United States and India are seeking to enhance energy security, expand energy and innovation linkages across respective energy sectors, bolster strategic alignment, and facilitate increased engagement between industry and other stakeholders. President Trump and Prime Minister Modi noted the potential for the United States to meet India’s goal to diversify its import base for coking/metallurgical coal and natural gas, welcoming recent com-

mercial arrangements intended to accelerate access to LNG in the Indian market. President Trump and Prime Minister Modi encouraged the Nuclear Power Corporation of India Limited and Westinghouse Electric Company to finalize the techno-commercial offer for the construction of six nuclear reactors in India at the earliest date.

President Trump and Prime Minister Modi expressed satisfaction with their longstanding and practical collaboration in science, technology, and innovation. They welcomed an endeavor by Indian Space Research Organization (ISRO) and the National Aeronautics and Space Administration (NASA) for development and launch in 2022 of a joint mission with the world’s first dual-frequency Synthetic Aperture Radar satellite, and applauded discussions that advance cooperation in Earth observation, Mars and planetary exploration, heliophysics, human spaceflight, and commercial space cooperation.

President Trump and Prime Minister Modi expressed their desire to increase higher education collaboration and educational exchange opportunities, including through the “Young Innovators” internships, and welcomed the recent growth in the number of Indian students in the United States.

In support of global efforts to prevent, detect, and respond to disease outbreaks such as novel COVID-19, President Trump and Prime Minister Modi committed to continuing their successful efforts in the areas of prevention, early detection, and rapid outbreak response. They hailed a bilateral Memorandum of Understanding (MOU) that seeks to promote access to high quality, safe, effective, and affordable medications for U.S. and Indian consumers. They welcomed the conclusion of an MOU, which will help both countries address mental health challenges through innovative approaches.

Strategic Convergence in the Indo-Pacific A close partnership between the United States and India is central to a free, open, inclusive, peaceful, and prosperous Indo-Pacific region. This cooperation is underpinned by recognition of ASEAN centrality; adherence to international law and good governance; support for safety and freedom of navigation, overflight and other lawful uses of the seas; unimpeded lawful commerce; and advocacy for peaceful resolution of maritime disputes in accordance with international law.

The United States appreciates India’s role as a net provider of security, as well as developmental and humanitarian assistance in the Indian Ocean Region. India and the United States remain committed to sustainable, transparent, quality infrastructure development in the region. President Trump and Prime Minister Modi welcomed the U.S. International Development Finance Corporation (DFC) announcement of a $600 million financing facility for renewable energy projects in India and the DFC’s decision to establish a permanent presence in India this year.

Taking note of their countries’ shared commitment to advancing effective development solutions in the Indo-Pacific and globally, President Trump and Prime Minister Modi look forward to a new partnership between USAID and India’s Development Partnership Administration for cooperation in third countries.

The United States and India took note of efforts toward a meaningful Code of Conduct in the South China Sea, and solemnly urged that it not prejudice the legitimate rights and interests of all nations according to international law.

President Trump and Prime Minister Modi decided to strengthen consultation through United States-India-Japan trilateral summits; the 2+2 Ministerial meeting mechanism of the Foreign and Defense

Ministers of India and the United States; and the United States-India-Australia-Japan Quadrilateral consultations, among others. President Trump and Prime Minister Modi looked forward to enhanced maritime domain awareness sharing among the United States, India, and other partners.

Partnership for Global Leadership President Trump and Prime Minister Modi committed to working together to strengthen and reform the United Nations and other international organizations, and to ensure their integrity. President Trump reaffirmed the support of the United States for India’s permanent membership on a reformed UN Security Council. He also reaffirmed U.S. support for India’s entry into the Nuclear Suppliers Group without any delay.

The United States and India recognize that, to contain the build-up of sovereign debt in developing and low-income countries, it is important to ensure responsible, transparent, and sustainable financing practices for both borrowers and creditors. President Trump and the Prime Minister Modi expressed interest in the concept of the Blue Dot Network, a multi-stakeholder initiative that will bring governments, the private sector, and civil society together to promote high-quality trusted standards for global infrastructure development.

President Trump and Prime Minister Modi noted the importance of advancing education, economic empowerment, and entrepreneurship for women and girls through finance, training, and mentorship initiatives, as well as measures to promote their full and free participation in the economy, in line with the United States Women’s Global Development and Prosperity (W-GDP) initiative and the Government of India’s ‘Beti Bachao Beti Padhao’ program.

The United States and India share interest in a united, sovereign, democratic, inclusive, stable, and prosperous Afghanistan. They support an Afghan-led and Afghan-owned peace and reconciliation process that results in a sustainable peace, cessation of violence, elimination of terrorist safe havens, and preservation of the gains of the last 18 years. President Trump welcomed India’s role in continuing to provide development and security assistance to help stabilize and provide connectivity in Afghanistan.

President Trump and Prime Minister Modi denounced any use of terrorist proxies and strongly condemned cross-border terrorism in all its forms. They call on Pakistan to ensure that no territory under its control is used to launch terrorist attacks, and to expeditiously bring to justice the perpetrators of such attacks, including 26/11Mumbai and Pathankot. They called for concerted action against all terrorist groups, including Al-Qa’ida, ISIS, Jaish-e-Mohammad, Lashkar-e-Tayyiba, Hizb-ul Mujahideen, the Haqqani Network, TTP, D-Company, and all their affiliates.

The United States and India are committed to an open, reliable, and secure Internet that facilitates trade and communication. The United States and India recognize the need for an innovative digital ecosystem that is secure and reliable and that facilitates the flow of information and data. The leaders intend to foster cooperation among their industry and academia for open, secure, and resilient supply of strategic materials and critical infrastructure, and to independently evaluate the risk associated with deployment of emerging technologies.

Asian Pacific Business Journal Publisher: Wendy Chao President: Frank Chao Editor: Alysia Lee