EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; buys Korean recycler and seeks .5bn fundraise | FinanceAsia

PropertyGuru Group, a leading property technology company in Southeast Asia ( SEA ), has been purchased by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

In support of the merger, TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), and KKR ( through Epsilon Asia Holdings II ), have entered into voting and support agreements with the business and EQT Private Capital Asia.

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial advisor. Ropes &amp, Gray is acting as legal counsel to EQT Private Capital Asia, and Morgan Stanley Asia ( Singapore ) is acting as financial advisor to the company. Latham &amp, Watkin is a legal advisor to KKR and TPG, and JP Morgan Securities Asia Private is their economic advisor.

 

PropoertyGuru Group intends to combine with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to allow EQT Private Capital Asia to acquire the business. &nbsp,

 

Progress potential&nbsp,

 

The company founded in 2007 and has a modern home platform across Singapore, Malaysia, Vietnam and Thailand. It was listed on the NYSE in March 2022 and raised$ 24 million through a Richard Li and Peter Thiel-backed special purpose acquisition ( SPAC ) deal with Bridgetown 2 Holdings. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru Group, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes in the wake of centuries of transformative growth, which TPG and KKR have supported, making us the industry’s leading proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant group,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer effectively positions PropertyGuru to fully exploit its long-term development possible while offering shareholders compelling value and certainty.” With EQT’s considerable knowledge in the technology, online classifieds and market sectors, we aim to further improve PropertyGuru’s system, driving increased innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

” We look forward to utilizing EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space,” said Sang Jun Suh, a partner in the EQT infrastructure advisory team.

The Platform strengthens EQT’s global portfolio of businesses that conduct waste-related business and builds on its track record of supporting infrastructure businesses in the Asia Pacific region. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work in the Asia Pacific portfolio that is managed by EQT’s infrastructure team.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX. &nbsp,

 

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EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; seeks .5bn fundraise | FinanceAsia

PropertyGuru Group, a leading property technology company in Southeast Asia ( SEA ), has been purchased by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

In support of the merger, TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), which owns around 26.5 %, and KKR ( through Epsilon Asia Holdings II ), which owns around 29.6 % of the firm, have entered into voting and support agreements with the business and EQT Private Capital Asia.

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the specific committee’s legal counsel, and Moelis &amp, Company is its financial advisor. Ropes &amp, Gray is acting as legal counsel to EQT Private Capital Asia, and Morgan Stanley Asia ( Singapore ) serves as financial advisor to the company. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their financial director.

 

PropoertyGuru Group has a consolidation program with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to have the business acquired by EQT Private Capital Asia. &nbsp,

 

Progress potential&nbsp,

 

The company founded in 2007 and has a modern home platform across Singapore, Malaysia, Vietnam and Thailand. In a special purpose acquisition ( SPAC ) agreement with Bridgetown 2 Holdings, which Richard Li and Peter Thiel supported, it was listed on the NYSE in March 2022. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru Group, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes after decades of transformative growth, which TPG and KKR have supported, making us the industry’s top proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property marketplace platform in Lake, and we are greatly impressed by the solid foundation it has built over the past 17 times as well as its brilliant staff,” said Janice Leow, companion in the EQT Private Capital Asia advisory group and nose of EQT Private Capital SEA.

Leow continued,” We think our offer strategically positions PropertyGuru to fully exploit its long-term growth potential while offering shareholders compelling value and certainty.” With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

Sang Jun Suh, a partner in the EQT infrastructure advisory team, stated:” We look forward to applying EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space.

The Platform strengthens EQT’s track record of supporting infrastructure companies in the Asia Pacific region by expanding its global portfolio of businesses that conduct waste-related business. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work in the Asia Pacific portfolio that is managed by EQT’s infrastructure team.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX. &nbsp,

 

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PropertyGuru Group’s board agrees .1bn sale to EQT Private Capital Asia | FinanceAsia

PropertyGuru Group, a leading property technology company in Southeast Asia ( SEA ), has been purchased by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

In support of the merger, TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), and KKR ( through Epsilon Asia Holdings II ), have entered into voting and support agreements with the business and EQT Private Capital Asia.

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial advisor. Ropes &amp, Gray serves as EQT Private Capital Asia’s legal advisor, and Morgan Stanley Asia ( Singapore ) serves as its financial advisor. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their economic director.

 

The PropoertyGuru Group intends to combine with members of BPEA Private Equity VIII, a purpose-driven international funding company, in order to be acquired by EQT Private Capital Asia. &nbsp,

 

Growth 

 

The company founded in 2007 and has a modern home platform across Singapore, Malaysia, Vietnam and Thailand. It signed a particular goal consolidation agreement with Bridgetown 2 Holdings, led by Richard Li and Peter Thiel, in March 2022 and was listed on the NYSE. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru Group, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes in the wake of centuries of transformative growth, which TPG and KKR have supported, making us the industry’s leading proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant group,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer carefully positions PropertyGuru to fully exploit its long-term development possible while offering shareholders compelling value and certainty.” With EQT’s considerable knowledge in the technology, online classifieds and market sectors, we aim to further improve PropertyGuru’s platform, driving increased innovation and deeper engagement with its consumers, customers and stakeholders”.

¬ Haymarket Media Limited. All rights reserved.

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NDR 2024: Business associations support more parental leave but highlight operational challenges for firms

The state acknowledged that bilateral partners and employers were consulted about the design of the keep enhancements in a press release on Sunday.

The new system will be implemented in two stages to give organisations time to adjust their operating and labor preparations in order to control the impact on business costs and operations.  

Additionally, the state will establish a new four-week least notice period that employees may be required to give before participating in any of the parental leave programs.  

To mitigate administrative difficulties, the organizations ASME, SNEF, and SBF stressed the importance of effective communication between employers and employees.  

Employers may offer their employees enough time to apply for leave of absence, and use these leave benefits honestly, ensuring that any extra time off is actually used for filial obligations, according to SBF’s Mr. Lee.  

This fosters respect between employers and employees, which is necessary for the implementation of these policies.

Employees must also be aware that additional coworkers are contributing to the load distribution. Employees on left may also try to be accommodating even when they are on leave, and to be there for their coworkers in case of emergencies. ”

A Good SHIFT 

Kids ‘ advocates for households said the more parental leave will give them more time to care for and bond with their children.  

Marriage advocate Albert Lim, who is a member of People for Life, said the improvements are a step in the right direction to help people. But he said it was   It’s too early to determine whether the improvements will be sufficient to meet parents ‘ wishes for parenting.  

Working parents can better compromise their professional and personal responsibilities, according to Yeo Wan Ling, director of the women and home product at NTUC.  

“Fathers, in specific, you lean in to lead to caregiving needs. Running parents with children does help both parents fulfill their career objectives and responsibilities in the home when combined with flexible function plans and the wider ecosystem of aid, she said.  

She further stated that businesses should switch to outcomes-based performance appraisals so that those who might be away for an extended period of time wo n’t be harmed or depressed.

Xander Ong, the chief executive officer of the non-profit Centre for Fathering, said that whether people feel empowered to use these gains, they must also consider the work culture.

” In some organizations, parents who take parental or fatherhood left are viewed severely, which impacts their job prospects,” said Dr Ong.

Organizations must create an environment where taking parental leave is both urged and accepted. Leaders support and transparent communication of policies can create a culture where employees can prioritize their families while also making effective contributions as employees. “

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More shared parental leave, financial aid for unemployed: 6 takeaways from NDR 2024

On Sunday ( Aug 18 ), Singapore’s Prime Minister Lawrence Wong announced measures as part of what he termed a “reset” of policies to realize a “restored Singapore Dream.” He also announced measures as part of his maiden National Day Rally speech.

In Singapore’s most important political discourse of the year, Mr Wong, who became Prime Minister on May 15, outlined strategies that would impact businesses, employees, families, students and singles. &nbsp,

Below are six important restaurants: &nbsp,

1. New 10 days ‘ shared filial leave&nbsp,

With the approval of mothers or fathers, the government will offer 10 additional days of shared left. &nbsp,

This will be implemented gradually, starting with six days ‘ left for children born from Apr 1, 2025. &nbsp, The whole 10 weeks did use a year later. &nbsp,

The government will cover the cost of the 10 days, which will go along with the latest parentage and maternity leave schedule.

Fathers are now given two weeks of parentage leave, with optional additional two weeks being offered by employers on a volunteer basis. &nbsp, From Apr 1 next month, this further two months will be required. &nbsp,

Parents have 16 months of maternity leave. &nbsp,

With the add-ons, parents may have a full of 30 days or about 7.5 times of paid keep.

A new program is also in development to assist people who already have three or more young children or who have a second baby. Facts are expected at following week’s Budget.

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China to restrict exports of strategic metal antimony – Asia Times

In response to Beijing’s ongoing trade war with the West, China may hinder shipments of antimony for national security reasons. The mercantilist estimate will become effective on September 15.

According to trading CICC, the gleaming white metalloid’s main software is as a fire retardant, which accounted for roughly half of global use in 2023. Around 20 % is used to produce renewable cup to improve the performance of solar cells, with the remainder used in lead-acid batteries, the Reuters statement said.

Antimony is also used as a softening agent for guns and tanks as well as in defense equipment like thermal rockets, nuclear weapons, and night vision glasses.

In a statement released on Thursday ( August 15 ), the Chinese Ministry of Commerce (MC) and the General Administration of Customs stated in a statement that businesses need government approval to export gold-antimony separation technology, oxides and hydrides, indium antimonides, and organo-antimony compounds.

Antimony, superhard supplies, and another related items are subject to export controls, according to a MoC director in a statement.

The spokesperson claimed that imports that are in line with applicable regulations will get approved regardless of the country or region are subject to export controls. He added that the action seeks to fulfill global commitments, including those relating to non-proliferation, and protect regional security.

He claimed that the Chinese govt is opposed to any nation or region engaging in activities that violate China’s national independence, security, and development objectives. &nbsp,

But, a Guangdong-based IT journalist claims in an article published on Friday that China wants to fight against the US device restrictions by using the export settings of arsenic.

The author says China has the world’s largest arsenic reserves and manufacturing capacity, and really enjoy an advantage in developing thermal tools, high-performance communications devices, aluminium products and next-generation semiconductors. &nbsp,

He mentions that Optics Technology Holding and Qingdao Haohan Quancai Semiconductor Co Ltd have already begun producing next-generation bits made of chromium and vanadium antimonides.

According to the US Geological Survey, China has oxide deposits of 640, 000 lots, representing 30 % of the world’s total payments. That’s followed by Russia’s 350, 000 tons ( 16 % ) and Bolivia’s 310, 000 tons ( 14 % ). China accounted for 48 % of the world’s antimony supply in 2023, followed by Tajikistan at 25 % and Turkey at 7 %. &nbsp,

In the semiconductor industry, silicon is doped with a small amount of antimony using the chemical vapor deposition ( CVD ) process.

Antimony narrow films are great photodetectors. &nbsp, Trimethylstibine, an organoantimony compound, is the raw material in the metalorganic CVD ( MOCVD ) process used to make infrared light-emitting diodes ( IR LEDs ). &nbsp,

All of these elements, including those made by US defence companies Lockheed Martin and Raytheon, have been vetted by China since 2019.

Superhard elements

The MoC and Chinese Customs said China will also restrict the exports of cubic press and microwave plasma-enhanced CVD ( MPCVD ) machines, which can make synthetic diamonds and diamond coatings, respectively. &nbsp,

At high temperatures and force, square press machines can produce lab-grown diamonds. Gallium nitride ( GaN ) semiconductors with a diamond substrate, or GaN-on-diamond, are ideal for the making of high-power, high-frequency devices such as amplifiers and transmitters for military use. &nbsp,

Luoyang Qiming and Guilin Metallurgical Machinery General Factory are two of the Chinese square media producers, according to press reports. International players include Germany’s Max Voggenreiter GmbH, which has a system in Beijing. &nbsp,

Due to their high thermal conductivity, high thermal conductivity, and waters repellency, MPCVD machines are able to create stone coatings, which are vital to military detector and detector applications. In 2019, AKHAN Semiconductor, a tech company in the US, said it would use its diamonds covering technology in Lockheed Martin’s weaponry.

Already, Chinese MPCVD equipment manufacturers include Wattsine, Uniplasm, Newman-hueray Microwave Tech. WEC Superabrasives in Taiwan, Seki Diamond Systems in the US, and Iplas GmbH in Germany are just a few examples of international participants.

In August 2023, China imposed import restrictions on chromium and tungsten. Substance semiconductors made of chromium are frequently used to increase radar transmission speed and effectiveness. Germanium is used to power numerous observatories and in night vision glasses. &nbsp,

China controls about 80 % of the world’s gallium supply and 60 % of germanium, according to European industry association Critical Raw Materials Alliance ( CRMA ). &nbsp,

However, some researchers claimed in October that there were n’t any indications of a global market shortage for the two minerals. &nbsp,

Read: China racing to hoard AI-powering HBM bits

Following Jeff Pao on X: &nbsp, @jeffpao3

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UN fans Korea-Japan embers with heritage site move – Asia Times

One of the Yoon Suk Yeol administration’s most notable achievements is the change of relationships between South Korea and Japan over the past two years. Nevertheless, there remain concerns over the strength of this success.

Uncertainty persists as to whether Japan’s colonial history will rekindle tensions with Korea. In recent weeks, Asian demands for historical justice and the ongoing conflict between the two nations have been prominent.

Silver me background and disagreement

On July 27, the World Heritage Committee of the United Nations Educational, Scientific and Cultural Organization ( UNESCO ) &nbsp, formally granted&nbsp, the prized World Heritage Site status to the gold mines located on Japan’s Sado Island.

Japan had included the mine on a list of places that supported its technological revolution in a distribution to UNESCO in 2015. During the Tokugawa period, the Sado silver mine were developed, and they were crucial in modernizing Japan. Although the mining are no longer operating, they have been preserved as a historic site for visitors.

The controversy surrounding Japan’s program centers on the mine ‘ mining history during the war and how Korean workers were employed to carry out dangerous mine operations. The gold mine ‘ designation as World Heritage status was opposed by the South Korean government and municipal protesters.

Koreans, along with several European and Japanese&nbsp, researchers, insist that many of the staff were brought to the mine against their will, through either force or fraud. The only thing Japan could do was make it clear that Korea engaged in forced labour at the page and in its standard accounts.

The South Korean government supported a settlement reached by Japan and reached through political negotiations, and the Sado decision reflected this. It included a Japanese commitment to provide the function of Asian workers and their harsh working conditions as well as to hold an annual festival honoring them.

More than 1,500 Asian laborers who worked there were given knowledge in an exhibit called “exhibit,” which is located near the site and includes details about how they were treated more harshly than their Japanese counterparts.

But, it avoided using the word “forced labor”, which the Chinese government has often opposed. Within Korea, this settlement has been assailed, especially by the opposition Democratic Party and&nbsp, Asian internet criticism. The Yoon state is accused of intentionally and deceptively claiming that Japan had consented to fully accepting this story.

Past Asian Ambassador to Japan Shin Kak-soo told this author in an email exchange that” the Chinese government had not acknowledged the concept of forced labor. It attempted to find language that avoided the term, even in the case of Battleship Island ( discussed below ). It appeared that the agreements did no effectively address this problem this time.

However, Shin believes that the settlement was justified. The former minister, who continues to work on relations with Japan, said,” My guess is that the Asian state strove to put more emphasis on the actual training of history to the visitors to the website than on language arguments.” Given the significant historical gap between the two parties,” we need to determine the output as a result of diplomatic compromise.”

Japan fails to complete out the record

At the time of the 2015 program, the Chinese government, next led by the late Shinzo Abe, denied the forced character of Asian workers and prejudice against Koreans at the websites. However, UNESCO insisted that Japan made it clear that” a large number of Koreans and others were brought against their will and forced to work under severe conditions at some of the sites in the 1940s.”

The coal plant that operated on Japan’s Hashima Island, also known as Battleship Island, was granted World Heritage status in 2015, but only after Japan agreed to include the “full story” that had “allow an knowing that there were a large number of Koreans and others who were brought against their will and forced to work under severe conditions in the 1940s at some of the places.” Even then, a follow-up monitoring team found in 2021 that the information center failed to do this.

In the case of the Sado mine, historians have &nbsp, documented&nbsp, that at least 1, 519 Koreans were forced to work from 1939 until the end of World War II. The local government’s initial request for the island’s tourism status did not mention the wartime era. In an effort to avoid this controversy, it confined itself to the history of the mines during the Tokugawa and Meiji eras (until 1912 ).

The Korean government opposed this application, as did UNESCO experts. A supplemental document was submitted in response to the request from UNESCO’s International Council on Monuments and Sites to deal with the Japanese applicants.

The&nbsp, document&nbsp, offers a description of three phases of labor “recruitment” that implies the Korean workers voluntarily agreed to work at the mines until 1944, when labor “requisition” was compulsory. Additionally, the Japanese official document claims that there was no discrimination against Korean and Japanese workers and that Koreans were paid wages.

The descriptions of the phases of “recruitment” in the document are “misleading”, Dr. Nikolai Johnsen, a British scholar at the University of London who has researched and written extensively on this history, told this writer.

The colonial government, who” compelled large groups of men from impoverished Korean villages to take up dangerous work in Japan under false pretenses,” supported the workers. During the second phase, which began in 1942, the colonial regime directly selected the workers, and opposition “often had dire consequences” in the form of “forced mobilization”, the scholar said.

Further, Johnsen explained that” claiming this system was non-discriminatory is simply historical denialism”. The funds held in Mitsubishi’s accounts but never released, and the wages and working conditions were not all equal. A significant portion of the wages never received paid.

Additionally, the Japanese account employs the phrase “workers from the Korean Peninsula,” which refers to Koreans as being under the control of the Japanese Empire and refuses to label them as foreign forced laborers.

In a paper published two years ago, Johnsen&nbsp wrote&nbsp,” Recognition of the true character of this history would greatly increase the universal value of the Sado mines as a UNESCO World Heritage site.” They” cannot be suppressed” in order to make the victims ‘ neglect known to future Japanese generations.

Lingering conflicts and the history’s shadow

This is not just the status of a World Heritage site. Suits filed by Korean workers and their descendants against Japanese companies that engaged in forced labor ( in the case of these mines, Mitsubishi Materials ) were a significant factor in the Korean-Japan relationship’s decline in 2018.

The successful rulings in favor of the workers, who demanded compensation for unpaid wages, remain an issue despite the Yoon administration’s decision last year to resolve the problem by&nbsp, using a Korean-funded foundation&nbsp, to settle the demands.

That is not how Mitsubishi Materials handled a lawsuit brought by Chinese forewarners that was settled in Chinese courts in 2016 with compensation and a company apology. The company also offered&nbsp, similar apologies&nbsp, to American POWs used as forced labor in their mines during the war. The contrast with Japan’s approach to Korea remains problematic, to say the least.

As noted, the Yoon administration’s drive to improve relations with Tokyo is a signal accomplishment. The most notable outcome of this improvement has been the strengthening of trilateral security cooperation with the United States and Japan, in terms of geopolitics.

However, improved bilateral ties with Japan and trilateral relations are still vulnerable to both the lingering and potentially explosive effects of unaddressed historical grievances as well as a change in political leadership.

At Stanford University, Daniel Sneider is a non-resident distinguished fellow at the Korea Economic Institute of America and a lecturer on East Asian and international policy issues. The views expressed here are the author’s alone.

This article was originally published by KEIA’s The Peninsula. It is republished with permission.

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Made in Korea: Could K-pop trained Brit band be the new One Direction?

BBC Dexter, Blaise, Reese, James and Olly are the members of Dear Alice in a recording studioBBC

Thousands of screamers from viewers. A global trend. A multi-billion ounce company. No, it’s not Taylor Swift ( this time ). We’re talking K-pop.

And with four of 2023’s top 10 best-selling acts coming out of South Korea, the Brits want a piece of the action.

Move forward recently created boy band, Dear Alice, who applied to take part in the latest BBC One skills show, Made in Korea: The K-pop Practice.

Meet Blaise, Dexter, James, Olly and Reese. From now on, you may learn a little bit more about them.

None of them were intimate before the showrunners put them together as a channel after each audition.

The fresh-faced band were then flown out to South Korea’s money, Seoul, for 100 times of comprehensive K-pop training with fame in their sights.

Most K-pop education takes weeks or even months. The boys ‘ experience involved extended hours of vocal training, intricate dance, and a little Korean sight-seeing thrown in for good measure ( and good Television- the North Korean tourist board will be thrilled ).

Hee Jun Yoon in a black suit

The six-part set is a partnership between the BBC, K-pop superstar company SM Entertainment and Moon&amp, Up Media, run by Television soldiers Dawn Airey, Nigel Hall and Russ Lindsay, whose back library includes shows such as The X Factor, Britain’s Got Talent and Saturday Night Takeaway.

Hee Jun Yoon, the creative power behind some of the biggest K-pop songs of the past 20 years, views the singer’s performance at the end of every week, and it’s safe to say she pulls no blows. Perhaps the mind of BBC spontaneous information, Kate Phillips, says Hee Jun “makes Simon Cowell look like Mary Poppins”.

Cowell, the past X Factor head prosecutor, is, of course, starting his own search for a child band in a pending Netflix series that is still being produced.

Without giving too much apart from Made in Korea’s first season, Hee Jun gives the channel a huge wake-up visit in week one with some uncompromising criticism. ” The level of choreo is so simple, it’s hospital level”. Oops. Her physical expressions only have the potential to get popular.

The band by a Psy statue in Seoul

The boys wo n’t be tipped as to whether any of them intended to end the show at any point. ” You’ll have to wait and see”, says Olly Quinn, 20, from Sunderland, a new student in dance and musical theater. ( Clearly, the media training has also been exacting ).

They only said they’re still “rehearsing hard” and that the effort and harsh feedback was worthwhile, and that they have n’t signed a record deal yet.

Londoner Dexter Greenwood, 22, who also trained in music theater, says:” It was difficult work, truly challenging but the end justifies the means. I believe that SM’s staff was very patient, but we were “different from what they anticipated”!

Reese Carter, 20, from Wiltshire and a previous cruise ship comedian, adds:” At first it hit challenging but we had a wonderful security team in place… and it was all done with love.

” They’re fair because they want to drive us to be that much better. I enjoy the suggestions. They’re on our side. We had happiness, a career coach, we had persons living with us regularly, you may walk inside and talk to someone, “he adds.

Olly concurs:” It’s the brutal honestly. We needed it.”

In episode one, the band’s performance is undoubtedly different from a later video clip that was shown to the audience for a preview.

Blaise Noon

Coco Yeonsoo Do is a K-pop dancer and choreographer, and was a former member of KAACHI, considered the UK’s first K-pop girl group.

She claims to the BBC,” It’s really difficult to make a K-pop group reach BTS or Blackpink level,” but training is what distinguishes successful groups.

” It’s very intense and competitive,” says Coco.

She adds that the latter’s production is one of the main differences between UK and US pop groups and K-pop ones.

” It’s obvious, but K-pop groups work more like a group, and emphasise the group identity, rather than individuality,” she adds.

Following allegations over very strict and punishing training regimes by wannabe K-pop stars over the past few years, Korean press reported the introduction of regulations to ban some unfair practices in contracts between K-pop trainees and entertainment companies.

The producers of The K-pop Experience have obviously given welfare a lot of thought.

Helen Wood is a professor of media and cultural studies at Aston University, and she is pursuing a study on the importance of decency in television.

Following a number of reality stars ‘ suicides in 2019, there was a Parliamentary Inquiry and Ofcom Consultations on the broadcasting code.

In 2020, the media watchdog announced new rules to protect those taking part in TV shows.

” Now there’s more pressure on production to make sure that they’re taking due care of the welfare, dignity and wellbeing of participants that go through production,” she says.

” That’s not to say that things were n’t in place before 2021, but there’s now much more regulation.”

A requirement to show audiences that a duty of care is being enacted is another key change that the new Ofcom code introduces, she adds.

This means pulling back the curtain to show viewers some of the behind-the-scenes production procedures to make sure they are aware that contestants are properly cared for.

The band members ‘ welfare has been at the center of their training, according to a Made in Korea spokesperson, adding that there was a” strong support team in place” and that the band’s welfare continues to be the top priority.

Reese claims that they also lacked support from one another.

” We ‘ve]the band ] grown closer and closer over the last couple of months. Although there was great welfare there, there were many instances where we were n’t required to visit them because we were strong enough as a group.

Blaise Noon, 19, from London, is the baby of the band but appears to be taking it all in his stride. He graduated from the Brit School and appears to be the most confident.

There are a lot of really good things we can take away from this hybrid fusion, he says, and they are really fortunate to have had the advantage as a British band to be submerged in the Korean training regime.

Interestingly, most of them have never had any desire to be in a boy band until now.

James Sharp, 23, from Huddersfield, is one half of the Sharp twins, whose TikTok account has amassed 5.5 million followers.

He says he thought boy bands were” cringey”, Blaise laughs as he recalls feeling” too cool” for them although Dexter was always a fan. Olly also received instruction in K-pop from his auntie, who runs K-pop fan pages.

All agree, though, that this was too big an opportunity to pass up.

But how did they come up with the name of the band?

They discovered a restaurant in Seoul called Dear Alice after Olly’s suggestion of British bulldogs was quickly scotched ( ca n’t remember why ).

They all liked it and it stuck.

” The’ dear’ is like a letter to the fans” and Alice stands for’ a love I ca n’t explain”, says Blaine.

More to the point, the restaurant” sold the best beef wellington in the world” according to the lads.

Although not exactly your typical Korean dish, Dear Alice will be hoping a similar cultural fusion will be the key to their success.

On Saturday, August 17th, at 17 :15 BST, BBC One and BBC iPlayer will air the first episode of Made in Korea: The K-pop Experience.

Ruchira Sharma provided additional reporting.

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Commentary: We need to think hard about joss paper burning habits

NOT JUST ABOUT THE SMELL

Singapore’s technique so far is one of tolerance and expediency. We ca n’t completely stop burning, but we can continue to ignore the problem year after year.

To be honest, there have been fewer concerns over joss paper losing. During the Chinese New Year time this year, city governments and government organizations logged 567 problems, down from 761 instances during the same time in 2023, marking an all-time small.

Although the AfA’s complaint reduction points to progress and powerful advocacy, our population density increases as Singapore’s people grows. More and more people are residing closer and closer up, which means that a greater number of homes are affected by the by-products of joss paper using at any one day.

The problem is not just about taste or discomfort. According to studies in air pollution, like dust, whether religious or not, poses a growing threat to public health. In other words, it’s not just about the unpleasant scent; it’s also about improving one’s health.

However, as household wealth likewise increases, people are similarly tempted to buy more and lose more. There are plenty of companies willing to fulfill desire in our customer community. One only needs to enter a supermarket right away to purchase as much papers as possible and burn a Fort Knox value of “gold paper.”

As an away, we might want to know whether the amount we burn is a reflection of the desires of our grandparents or whether the existing are under pressure to “keep up looks.” Are our wishes to protect against misfortunes unfairly influenced by a world that is driven to consume more and consumes more each month?

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New forensics centre to target online crime

Officers equipped with an “online Swat” group

Athip: Cybercrime in police sights
Athip: Cybercrime in authorities places

This month, Pol Maj Gen Athip Pongsiwapai, captain of the Technology Crime Suppression Division (TCSD ), announced the opening of a digital forensics center to aid in the fight against crime.

The center will be equipped with cutting-edge systems and have a tech-savvy workforce to deal with those who spread false information or false information on social media websites, as well as organized crime networks that use technologies to mislead people or carry out illegal activities, such as stealing organization or individual data, he said.

He stated that the TCSD’s digital forensics center may be established this month.

” The centre is akin to a Swat]Special Weapons and Tactics ] unit. However, Pol Maj Gen Athip claimed that the Swat unit is operating online and gathering electronic evidence to detain and prosecute criminals.

He said the TCSD was the first officers organization, set up in 2009, to combat crime.

” Fake news involving democratic and security concerns ran ambush on social media between 2011 and 2012,” according to the report. But since 2014-2015, scenarios involving crime have been increasing”, he said.

The Cyber Crime Investigation Bureau was established in 2019 to improve efficiency in cyber-crime studies, he said.

” But the TCSD is primarily responsible for addressing cases involving hi-tech violence as well as crime that poses threats to national security,” the statement continued.

” This work is a difficult challenge. We must deal with criminals who use advanced technology while also providing information on hacking threats to prevent victims.

According to Pol Maj Gen Athip, “digital coaching for officers to fight computer criminals is also a priority.”

He claimed that the TCSD has taken action against Chinese nationals operating dark businesses in Thailand as well as call-centre swindlers.

He added that Thais who work with call-center scammers also need to be arrested and dealt with quickly.” We not only arrest thieves operating in Thailand, but also stop them from sneaking into Thailand via biological boundary crossings,” he said.

In December 2022, TCSD police even cut off cross-border digital cables used to help call-centre swindlers in Cambodia, he said.

Police searched businesses in Sa Kaeo province and discovered many high-speed internet cables spanning the Thai-Cambodian border and erected on energy poles.

The cords provided online access that is thought to be used by groups that have defrauded numerous Thai citizens. He claimed that authorities have discovered that the cables were being used improperly to block online access in the neighboring nation.

He added that law enforcement is likewise pursuing complaints about online gaming payment processors.

He claimed that when officers detain cyber crime suspects, their cell phones and other possessions, including computers and pills, are also taken for investigation.

The digital forensics center may be crucial in tracing and examining digital data recovered from seized products.

” Today, acts are extremely shifting online. Officers need to find digital information that may be left on mobile devices or other equipment, such as cash transfers, conversion, messages, and communications posted”, Pol Maj Gen Athip said.

” Some data and files may be deleted or changed. But the fresh center will have the technology to record, collect and retrieve them”, he said.

A total of 169 suspects have been detained for alleged involvement in cybercrime since November 14th, according to the Anti-Online Scam Operation Center ( AOS).

According to the AOC, each of them is allegedly linked to significant organized crime network, and the number of such situations is expected to rise even more.

Pol Col Patphawit Wongpinit, commander of the TCSD’s aid system, will be in charge of the electronic forensics center.

He claimed that scammers use tactics to conceal or face their identities and remove any trace of themselves online by using computer systems with data stored in computer devices.

” Soldiers may listen to them quickly using modern technology and tools. The staff at the center must have the necessary training to handle online information. They will also need to coordinate their efforts with those of other state companies and the secret business,” he added.

” Upskilling staff in modern technology may be challenging. Officials had constantly strive to learn new skills and develop their skills in order to keep up with computer criminals,” Pol Col Patphawit said.

He even issued a warning about website fraud by using artificial intelligence to fabricate fake images of people without their knowledge.

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