Technology

Cathay FHC leads Taiwan’s Renewable Energy Push at LSEG’s Climate Investment Summit During Climate Week London

Published

6 months ago

June 28, 2024

Cathay FHC’s Three Arrows for Energy Transition: Renewable Energy Investment and Financing, Innovative Collaboration in Renewable Energy, and Leveraging Core Competencies to Innovate Services.

TAIPEI, June 28, 2024 /PRNewswire/ — Sustainable finance boosts the competitiveness of achieving net-zero transformation. Yesterday (26th), Lee Chang-Ken, President of Cathay Financial Holdings (Cathay FHC), personally attended the “Climate Investment Summit” at the London Stock Exchange (LSEG), marking the second consecutive year he has been the only speaker from Taiwan. Building on the consensus of “Energy System Transformation and Moving Away from Fossil Fuels” reached at the 28th UN Climate Change Conference (COP28) in 2023, Lee used Asia as an example to discuss the challenges and solutions in promoting renewable energy, sharing Cathay FHC’s cross-industry efforts and tangible results in driving renewable energy initiatives. This demonstrated Taiwan’s financial sector’s success in achieving net-zero transformation on a global scale.

The “Climate Investment Summit” has been an iconic platform of global climate solutions, held at the historical financial hub of LSEG. Cathay FHC not only became the only Taiwanese financial institution invited to the summit again but also acted as a bridge for energy transition dialogue between Europe, America, and Asia. This signifies the international recognition of Taiwan’s financial industry’s commitment and achievements in energy transition. Lee participated in the summit’s discussion on “Renewable Returns: The Business Case for Mature Energy Technologies,” sharing how Cathay FHC supports the development of low-carbon industries through capital and innovative financial services. Cathay FHC has been recognized for two consecutive years as a global best practice case by the “Investor Agenda” for its “Investor Climate Action Plans” (ICAPs), making it the only selected asset owner in Asia.

During the panel, Lee pointed out the pain points and solutions for promoting renewable energy in Southeast Asia, shared the history of the Taiwanese government’s efforts in promoting renewable energy, and discussed Cathay FHC’s role as a pioneer in the field. Cathay FHC continues to lead intrial implementation, guiding the market to understand the feasibility. ‘We are also pleased to support various innovative models that will benefit the future,’ emphasizes Lee. It is noted that Asia is the main source of global electricity demand growth and still heavily relies on fossil fuels. Southeast Asian governments should continue to enhance policy stability and strengthen infrastructure, while making good use of financial tools such as guarantees or blended finance to improve the cost of capital and investment risks in emerging markets. They should also address just transition issues such as labor employment to ensure the success of the energy transition.

Cathay FHC is the sixth financial institution in Asia to set SBT validated by the Science Based Targets initiative (SBTi). It has pledged to achieve net-zero carbon emissions in its financial assetsby 2050. Cathay FHC is also the first Taiwanese financial industry member of RE100 and a pioneer in renewable energy financing in Taiwan. In the fields of low-carbon transition and renewable energy innovation, Cathay FHC continues to lead in trial implementations, guiding the market to understand feasibility and becoming a key driver of renewable energy in Taiwan. In 2023, Cathay FHC’s renewable energy usage reached 17.95 million kWh, and by the end of 2023, the total amount of low-carbon investments and financing amounted to NT$330.5 billion (approximately equivalent to USD 11.7 billion).

Regarding Cathay FHC’ path to promoting renewable energy development, Lee outlined three major strategies. The first strategy involves “Enhancing Renewable Energy Investments and Financing.” In 2023, Cathay FHC’s total investments and financing in renewable energy reached NT$63.3 billion (approximately USD 2 billion), with a solar installation capacity of 1,504 MW. Cathay United Bank pioneered Taiwan’s first solar and offshore wind power financing; Cathay Life Insurance became Taiwan’s first life insurance company to establish the solar project investment firm “Cathay Power”. Recently, this company has been developing renewable energy on land deemed unsuitable for agriculture by the Ministry of Agriculture, fostering a mutually beneficial scenario for land revitalization and renewable energy development, while increasing power generation to meet market demand.

Secondly, Cathay FHC promotes “Innovative Collaboration in Renewable Energy.” Lee believes that Cathay FHC’s emphasis on stakeholders’ success, active attempts at collaborative innovation, and the pursuit of suitable directions to identify success stories are the reasons why Cathay FHC can continually overcome challenges and accelerate the development of renewable energy. For example, Cathay Power aims to systematically think about agrivoltaics, creating a standardized, scalable, and sustainable agrivoltaics model. The collaboration with the government to launch the “Agri-Light Project” agrivoltaics experiment in Dalin, Chiayi, is an innovative plan that integrates the cultivation of forge grass with photovoltaic technology. This initiative addresses several issues: it is expected to reduces Taiwan’s reliance on imported forage and mitigates the risks of instability of the international supply chain while avoiding negative impact on local agriculture. Furthermore, livestock manure can be utilized for biogas power generation, with the residue serving as organic fertilizer, thereby promoting balanced and circular agriculture in Taiwan.

Thirdly, Lee emphasized the importance of “Leveraging Core Competencies to Innovate Services.” Facing the numerous challenges climate change poses to businesses, Cathay FHC proactively seeks solutions by leveraging its core financial competencies to offer diverse, innovative services, turning challenges into opportunities. For example, Cathay Securities collaborated closely with Cathay FHC’ Digital Data & Technology Center(DDT)’s blockchain team to develop a Security Token Offering (STO) product, Taiwan’s first STO. The issuance involves a 6-year debt-based STO offering a 3.5% annual interest rate. Coupled with a preferential purchase mechanism for electric machinery, the overall investment return rate increases significantly, assisting green energy enterprises in raising funds from professional investors and giving investors more confidence. Small and medium-sized enterprises often struggle to independently purchase green power. As Taiwan’s largest commercial real estate owner, Cathay Life consolidates the purchase and distribution of green power, enabling our tenants to obtain it more efficiently. This approach plays a vital role in bridging the renewable energy supply-demand gap. In 2023, 18 enterprises received a total of 13.49 million kWh of green power.

Lee further stated that Cathay FHC is dedicated to collaborating with partners and customers from various sectors to explore more climate solutions together. On coming July 3rd, the annual “Cathay Sustainable Finance and Climate Change Summit,” will focus on net-zero solutions and sustainable finance. This summit will feature prominent experts and leading companies in sustainability, including Sam Kimmins, Director of Energy at the Climate Group, who will together share forward-looking perspectives and industry practices. The event aims to guide Taiwanese enterprises in accelerating climate action and showcasing Taiwan’s industrial achievements and commitment to net-zero goals on the global stage.

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SOURCE Cathay Financial Holdings

Technology

Macrogen Consortium win tender for National Bio Big Data Project

Published

2 hours ago

December 23, 2024

Illumina is proud to be selected as sequencing technology partner to the Macrogen Consortium.

SEOUL, South Korea, Dec. 23, 2024 /PRNewswire/ — Macrogen a global healthcare company that specializes in precision medicine and Illumina Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, announced today that they are honoured to support the National Bio Big Data project by sequencing and analysing 145,952 Korean genomes.

The National Bio Big Data Project project has been running in Korea as a pilot project since 2020. During this period about 20,000 genomes were analysed, 10,000 of these including people with a rare disease. The ultimate goal is to enable precision medicine by building a reference genome for about 770,000 Koreans by 2028 and a total of 1 million by 2032.

“Being a part of this step change to improving public health in Korea through the voluntary collection and analysis of genomic, clinical and life record information from the general public, is paramount to ensure precision medicine becomes a standard of care for all Koreans,” said Changhoon Kim, CEO Macrogen.

“Illumina is pleased to be a part of the Korean bio industry ecosystem and to participate in such an important national project. We look forward to contributing to Korea by bringing our expertise and lessons learned from our direct involvement in leading pop gen projects around the world,” said Robert McBride, General Manager of Illumina Korea.

People across the globe have very similar genes but a small number of variants between populations can impact health. For example, some variants are associated closely with particular diseases such as cystic fibrous.[1]These variants can present differently in populations and have a significant impact on how individuals respond to medicines and treatments. Therefore, it is beneficial for Koreans to have information available that is unique to them.

Worldwide, the number of pop gen projects is expanding rapidly, including the UK, Japan, Singapore, Qatar, the United Arab Emirates, and Nigeria.

“Population genome projects are growing worldwide with many programs reaching significant milestones. But despite this inequity remains with the majority of genome datasets being of European descent. This means we have a lot of information how to develop drugs for European populations but this doesn’t translate in any meaningful way to other nationalities,“ said Robert McBride.

Population genomics provides a platform for industry engagement and investment, specifically in the pharmaceutical, biotechnology, and data sectors. By integrating large, diverse data sets and using advanced computing technology (such as artificial intelligence or machine learning), health systems and partners are optimally positioned to unlock the power of the genome even further, while improving quality of life and care and fostering economic growth.

“Precision medicine is changing how diseases are treated and this benefits everyone. For patients, treatments often work better when decisions are based around an individual’s genome, for drug companies it can reduce cost of development and for governments there are long term savings related to less waste and healthier patients,” said Changhoon Kim.

References

[1] https://www.genome.gov/about-genomics/educational-resources/fact-sheets/human-genomic-variation#:~:text=How%20do%20peoples’%20genomes%20vary,person%20responds%20to%20certain%20medications.

About Macrogen

Macrogen is a global genetic service provider, partnered with over 18,000 scientists in 150+ countries, and with more than 20 years of experience in the industry.

Established in 1997, from the Genome Medical Research Institute of Seoul National University, Macrogen has become a major service provider and consulting agent for government agencies, universities and research institutes around the world.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on X (Twitter), Facebook, LinkedIn, Instagram, TikTok, and YouTube.

About the Consortium

Macrogen Consortium members include the following companies: DNA Link, Theragen Bio, and CG Invites

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SOURCE Illumina

Technology

As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

Published

7 hours ago

December 22, 2024

Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

Technology

DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

Published

7 hours ago

December 22, 2024

NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web: www.edelson-law.com

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP