Latest news with #NorthAmerican
Scoop
an hour ago
- Climate
- Scoop
Magnitude 8.8 Quake East Of Russia
An estimated magnitude 8.8 earthquake off Russia's eastern coast has resulted in tsunami warnings across much of the Pacific. New Zealand's coasts may experience 'strong and unusual currents and unpredictable surges' and NEMA has advised staying off beaches and shore areas. The Russian city of Petropavlovsk-Kamchatsky, with a population of 180,000 people, is close to the earthquake epicentre. The SMC asked experts to comment. 'Today's earthquake that occurred just off the Kamchatka peninsula is a large magnitude event (M8.8), and occurred on a subduction zone where the Pacific Plate is diving down under the Okhotsk Plate – and because it was offshore, it generated a tsunami. 'According to the USGS, the area has a relatively small population, so damage or injuries to local people and property isn't expected to be too large. The US Pacific Northwest and Alaskan coasts are under a Tsunami Advisory, with waves of less than 1 ft expected in some northern areas, with Crescent City (a promontory on the Oregon Coast) having the largest predicted waves of up to 4.8 ft (USGS). 'At last count, there have already been 10 aftershocks above magnitude 5, the largest at M6.9. This demonstrates that large magnitude earthquakes generate aftershock sequences that start immediately, and some of these can be damaging in their own right. From the perspective of local people, their experience of this earthquake is going to be compounded in the coming weeks, months and years by on-going aftershock activity, which can have a significant psycho-social affect. 'Aotearoa lies just over 9,600 km from the epicentre, with nothing but the Pacific Ocean between us. New Zealand is no stranger to the effects of distant tsunami events, for example our experience of the 1960 M9.6 Chilean earthquake. Waves of up to 5.5 m in some coastal locations took 10-12 hours to cross the Pacific Ocean to reach our shores. The NEMA mobile phone alert that came out this afternoon urged people not to go tsunami sight-seeing at the coast. Let's take heed of this warning, and show that we have learnt something about tsunami risk by keeping clear of any waves or strong currents on our beaches, inlets and other coastal locations.' No conflicts of interest. Dr Jennifer Eccles, Senior Lecturer, School of Environment, University of Auckland, comments: 'The magnitude 8.8 earthquake that has struck in far Eastern Russia off the low population density Kamchatka Peninsula is sourced from the Kuril-Kamchatka arc subduction system, part of the Pacific Ring of Fire, where the Pacific Plate is subducting beneath the North American Plate (yes, Eastern Russia is on the North American tectonic plate). 'This has resulted in very strong shaking locally and also caused the Pacific Tsunami Warning Centre to issue potential threat warning to eastern Russia, Western North America and Japan with nearby coastlines feeling any impact first. Tsunami waves travel at speeds comparable to commercial aircraft will take some time to cross the Pacific Ocean with any impacts to New Zealand waters expected from midnight. By that time observations from coastlines impacted and marine DART (Deep-ocean Assessment and Reporting of Tsunamis) Buoys will allow a very good estimate of any potential coastal threat. Please see NEMA (The National Emergency Management Agency) for current advisories.' Conflict of interest statement: No conflicts declared. Dr Lauren Vinnell, Senior Lecturer of Emergency Management, Joint Centre for Disaster Research, Massey University, comments: 'Tsunami are a serious hazard, and they don't have to be very big to pose a threat. Anyone on the water or near the shore should take this warning seriously, as the expected currents and surges could be big enough to cause damage, injury, and threat to life. It is always better to be safe than sorry – if you act now to keep yourself safe and end up being fine, you can consider it as good practice for next time. 'For most of us, today's event can serve as a gentle reminder that we do need to think about tsunami and know how to respond. Sometimes, like today, there will be time to give warnings, but this won't always be the case if the tsunami starts closer to our shores. Remember, long or strong get gone – drop, cover, and hold during the shaking, and then if the shaking was longer than a minute or strong enough that it would be hard to stand, evacuate immediately uphill or inland. If in doubt, it is always best to evacuate. If today's event has you nervous, the best thing you can do is check your tsunami hazard zones, make sure you'd be ready to leave home quickly, and plan where you would evacuate to.' No conflicts of interest. Professor John Townend, earthquake scientist and Professor of Geophysics at Victoria University of Wellington, comments: 'Today's magnitude 8.8 earthquake near Kamchatka is the largest earthquake to have occurred worldwide since the magnitude ~9.1 Tohoku earthquake in 2011. 'Today's earthquake occurred in the subduction zone beneath the Kamchatka Peninsula, where the Pacific plate is moving WNW at approximately 75 mm/yr and being forced beneath the the Okhotsk plate that forms eastern Siberia and the Kamchatka Peninsula and in some studies is considered part of the North American plate. 'Given the earthquake's size and location, and preliminary seismological observations, it is likely to have involved slip of 10+ m over an area of ~150 x 400 km, although further analysis over the next 12-24 hours will be required to confirm this. Today's earthquake was preceded on 20 July by a magnitude 7.4 earthquake, now recognised as a foreshock. 'The depth, size, and faulting characteristics of today's earthquake combined to generate a tsunami that has already affected nearby coastlines and Japan and will have ongoing effects across the Pacific in coming hours. Today's earthquake released approximately 30x more energy than the 2016 magnitude 7.8 Kaikōura earthquake and approximately 3x less energy than the magnitude 9.1 Tohoku earthquake.' No conflicts of interest. Our colleagues at the UK Science Media Centre have also gathered comments on the earthquake and tsunami, climate change induced sea levels rises and potential impact on tsunami, and reports that the Fukushima nuclear site was evacuated due to the tsunami.
Malaysian Reserve
3 hours ago
- Business
- Malaysian Reserve
Hanwha Life Completes Acquisition of U.S.-Based Velocity Clearing, LLC, Becoming the First Korean Insurer to Signal a Bold Expansion into North American Capital Markets
Entering the U.S. securities industry as the first Korean insurance companyDelivers 25% CAGR in Revenue Over the Past Three Years… Proves Business Growth and Stability in the U.S. Stock MarketStrengthening U.S. market competitiveness through global financial synergy with the U.S. affiliate and Hanwha AI Center SEOUL, South Korea and NEW YORK, July 30, 2025 /PRNewswire/ — Hanwha Life, South Korea's first life insurance company, has officially completed the acquisition of a 75% stake in U.S.-based global financial services firm Velocity Clearing, LLC on July 30 (EST). The majority of the stake acquired was owned by an affiliate of Cerberus Capital Management, L.P. The deal marks a bold strategic move into the North American capital markets—beyond Hanwha Life's traditional insurance business. With this transaction, Hanwha Life becomes the first Korean insurance company to acquire a U.S. securities firm, 'the center of the global capital markets.' The acquisition establishes a platform for Hanwha Life to enhance its profitability through a local U.S. financial company and provide high-quality global financial products to global clients. Velocity Clearing, LLC, a global financial services firm based in New York, manages the post trade service, including clearing and settlement. As of the end of 2024, the firm held approximately USD 1.2 billion in total assets, with a compound annual growth rate (CAGR) of 25% in revenue over the last three years (2022~2024). The net income is also increasing steadily, with continued profitability expected after the acquisition. Working closely with Velocity Clearing, LLC, under its existing leadership, the company aims to ensure early operational stability while building strategic synergies with its U.S. asset management affiliate, Hanwha Asset Management (USA) Ltd. and the Hanwha AI Center (HAC), located in San Francisco. This collaboration will combine financial expertise with the advanced AI capabilities to strengthen Hanwha Life's competitive edge in the U.S. market. Hanwha Life representative said, 'This transaction represents a significant step for Korean finance to establish a presence in the key financial center, the U.S. capital markets. Moving forward, we will continue to strengthen our global business by leveraging digital financial technologies and our global network to ensure sustainable, long-term growth.' Michael Logan, CEO of Velocity Clearing, stated, 'With Hanwha Life's global vision and support, we expect to accelerate our growth and unlock new opportunities together for our clients. We're excited about the powerful synergies ahead.' Brian Schaeffer, president of Velocity Clearing, said, 'This partnership with Hanwha Life is client driven, allowing Velocity Clearing to further accelerate its product and geographic expansion.' Lee Millstein, Chairman of Global Real Estate for Cerberus, stated, 'We're proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company's next chapter.' About Hanwha LifeEstablished in 1946 as Korea's first life insurance company, Hanwha Life has over 78 years of experience and reported total consolidated assets of USD 108.9 billion (KRW 160.2 trillion) as of the end of 2024. While maintaining leadership in the insurance sector, Hanwha Life is accelerating its transformation into a global financial group through innovation and strategic overseas expansion. The company continues to expand its global financial ecosystem by pursuing regionally tailored strategies and strengthening its digital capabilities. By building strong global partnerships, Hanwha Life aims to become a trusted global financial brand that delivers comprehensive and sustainable financial solutions. About Velocity ClearingVelocity Clearing is a technology-driven, self-clearing broker/dealer providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the United States and across the globe. With a growing team of professionals in multiple locations throughout the United States and across the globe, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the SEC and a member of FINRA and SIPC. Hanwha LifeErin Jundef[email protected] Velocity ClearingRich Myers[email protected]
Politico
3 hours ago
- Business
- Politico
The Leftovers: Countries that haven't struck an agreement with Trump brace for Aug. 1 deadline
The president plans to sign new executive orders by midnight Thursday to impose those agreed upon duties and avoid tariffs snapping back to the original levels he announced back in April, the White House confirmed. It's not yet clear, the official said, whether Trump will hold a public event to declare victory in the global trade war he launched months ago or simply sign the new executive orders in private before they are released. In interviews, officials and representatives from six countries that have not yet struck an agreement with the president to lower their April 2 rates said they are pessimistic they will be able to finalize a deal between now and then, despite concessions they've offered to the administration. All of them said that the higher tariff rates would be punishing for businesses in their countries that rely on exports to the U.S. 'There's not a hell of a lot they can do,' said Mark Linscott, a former U.S. trade negotiator. 'I mean, if you're too small to be given the attention to try to negotiate a lower tariff, you're kind of stuck with just taking what the administration dishes out and then after that, seeing how you can mitigate that.' Treasury Secretary Scott Bessent on Tuesday echoed that scenario, though he sought to play down the impact. 'I would think that it's not the end of the world if these snap back tariffs are on for anywhere from a few days to a few weeks, as long as the countries are moving forward and trying to negotiate in good faith,' Bessent said in an interview on CNBC. Trump briefly imposed 'reciprocal' tariffs of between 10 and 50 percent on nearly 60 trading partners in early April, before pausing them for 90 days. He then extended the deadline from July 8 to Aug. 1, while sending letters threatening different — and in some cases, even steeper duties — to more than two dozen partners. Thirty-two of the countries that were initially hit with the duties in April did not receive a letter from Trump. On Wednesday morning, Trump announced he plans to impose a 25 percent tariff on Indian goods, which did not initially receive a letter setting a tariff rate. In true Trumpian fashion, he later suggested there may still be some negotiating wiggle room with New Delhi before Friday. Another 22 countries received a letter setting new tariff rates effective Aug. 1 and don't appear on track to make a deal. The list includes major trading partners whose negotiations with the Trump administration have stalled, including Taiwan, and smaller countries facing soaring tariff rates as high as 50 percent, like Lesotho and Madagascar. It also includes the two countries the United States trades with most — North American neighbors Canada and Mexico. Canadian Prime Minister Mark Carney sent his top aide and other leading trade officials to Washington for talks this week. And Mexican President Claudia Sheinbaum said earlier this week that she still hoped to reach an agreement by Friday. But 'it's extremely wishful thinking,' said Pedro Casas Alatriste, the executive vice president and CEO of the American Chamber of Commerce in Mexico, though he added, 'I still have a little percentage of hope that something might happen.'
Korea Herald
4 hours ago
- Business
- Korea Herald
Hanwha Life Completes Acquisition of U.S.-Based Velocity Clearing, LLC, Becoming the First Korean Insurer to Signal a Bold Expansion into North American Capital Markets
Entering the U.S. securities industry as the first Korean insurance company Delivers 25% CAGR in Revenue Over the Past Three Years… Proves Business Growth and Stability in the U.S. Stock Market Strengthening U.S. market competitiveness through global financial synergy with the U.S. affiliate and Hanwha AI Center SEOUL, South Korea and NEW YORK, July 31, 2025 /PRNewswire/ -- Hanwha Life, South Korea's first life insurance company, has officially completed the acquisition of a 75% stake in U.S.-based global financial services firm Velocity Clearing, LLC on July 30 (EST). The majority of the stake acquired was owned by an affiliate of Cerberus Capital Management, L.P. The deal marks a bold strategic move into the North American capital markets—beyond Hanwha Life's traditional insurance business. With this transaction, Hanwha Life becomes the first Korean insurance company to acquire a U.S. securities firm, "the center of the global capital markets." The acquisition establishes a platform for Hanwha Life to enhance its profitability through a local U.S. financial company and provide high-quality global financial products to global clients. Velocity Clearing, LLC, a global financial services firm based in New York, manages the post trade service, including clearing and settlement. As of the end of 2024, the firm held approximately USD 1.2 billion in total assets, with a compound annual growth rate (CAGR) of 25% in revenue over the last three years (2022~2024). The net income is also increasing steadily, with continued profitability expected after the acquisition. Working closely with Velocity Clearing, LLC, under its existing leadership, the company aims to ensure early operational stability while building strategic synergies with its U.S. asset management affiliate, Hanwha Asset Management (USA) Ltd. and the Hanwha AI Center (HAC), located in San Francisco. This collaboration will combine financial expertise with the advanced AI capabilities to strengthen Hanwha Life's competitive edge in the U.S. market. Hanwha Life representative said, "This transaction represents a significant step for Korean finance to establish a presence in the key financial center, the U.S. capital markets. Moving forward, we will continue to strengthen our global business by leveraging digital financial technologies and our global network to ensure sustainable, long-term growth." Michael Logan, CEO of Velocity Clearing, stated, "With Hanwha Life's global vision and support, we expect to accelerate our growth and unlock new opportunities together for our clients. We're excited about the powerful synergies ahead." Brian Schaeffer, president of Velocity Clearing, said, "This partnership with Hanwha Life is client driven, allowing Velocity Clearing to further accelerate its product and geographic expansion." Lee Millstein, Chairman of Global Real Estate for Cerberus, stated, "We're proud to have supported Velocity Clearing through an exciting period of growth, and Hanwha Life is well-positioned to build on that momentum in the company's next chapter." About Hanwha Life Established in 1946 as Korea's first life insurance company, Hanwha Life has over 78 years of experience and reported total consolidated assets of USD 108.9 billion (KRW 160.2 trillion) as of the end of 2024. While maintaining leadership in the insurance sector, Hanwha Life is accelerating its transformation into a global financial group through innovation and strategic overseas expansion. The company continues to expand its global financial ecosystem by pursuing regionally tailored strategies and strengthening its digital capabilities. By building strong global partnerships, Hanwha Life aims to become a trusted global financial brand that delivers comprehensive and sustainable financial solutions. About Velocity Clearing Velocity Clearing is a technology-driven, self-clearing broker/dealer providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the United States and across the globe. With a growing team of professionals in multiple locations throughout the United States and across the globe, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the SEC and a member of FINRA and SIPC.
Irish Examiner
4 hours ago
- Business
- Irish Examiner
Eoghan O'Mara Walsh: When tourism highlights warning signs, Government must take heed
Now that we are in the peak summer season, how is the Irish tourism industry faring? It's a simple question, but one with a complex answer. CSO numbers indicated a double-digit tourism decline for the first half of the year, but data released on Wednesday saw a continued recovery of US visitors. Meanwhile, outside investors continue to vote confidence in the sector — as shown last week when a Scandinavian consortium bought Dalata, Ireland's largest hotel group, for €1.4bn. Consistent feedback from tourism and hospitality enterprises is that the unprecedented macroeconomic uncertainty and geopolitical upheaval that Ireland is facing is making business owners understandably nervous. With 70% of the Irish tourism economy dependent on international visitation, the health of overseas source market economies is all-important. North American business may be strong this summer, fuelled by ever-growing transatlantic services, particularly from Aer Lingus, however other key markets are looking stubbornly soft Industry leaders are acutely aware of the growing risk of an over-dependence on the US market. That's not a good place to be for any sector. Tourism chiefs want to defend and deepen transatlantic links, but there is a realisation that, with tariff tensions and a weakening dollar, US tourism flows into the future are, at best, unpredictable. Regional employers Market diversification is a strategy that Irish tourism has quietly adopted although mining more business from Britain and continental Europe is not an easy task, particularly as those markets struggle with their own economic woes. Tourism and hospitality is the country's largest indigenous industry, and biggest regional employer. There are more than 250,000 people employed in the sector across 20,000 businesses. Put simply, tourism matters. That's why when tourism leaders highlight warning signs, Government must sit up and take heed. Ministers have repeatedly said that Ireland's response to the uncertainty around the new global trading order should be to "control the controlables". Industry bosses are in full agreement. Competitiveness, connectivity, and investment are all within Government's gift, and must be addressed. Budget day on October 7 presents an ideal opportunity. In terms of competitiveness, all evidence points to a worrying erosion in our standings compared to international peers Eurostat figures last month ranked Ireland as the second-most expensive country in the EU, with prices 38% higher than the average. Many business costs are State-induced, and Government can start rowing back on some of these impositions. From a tourism perspective, the Vat rate for hospitality must be restored to 9%, as committed to in the programme for government, and it was good to hear tourism minister Peter Burke restate his support of this last week. Most tourism and hospitality businesses are SMEs and are labour-intensive, therefore generally operating with tight profit margins. The 9% Vat rate is an important competitiveness measure bringing Ireland in line with its EU peers, and its introduction would ease some of the cost burdens that a vulnerable but viable sector is wrestling with. Ministers need to face down internal hawkish finance mandarins and reinstate the reduced Vat rate on budget day. Passenger cap Another key programme for government commitment is the promise to lift the Dublin Airport passenger cap. This should happen in tandem with supporting regional airports, and it is not just Ryanair's Michael O'Leary who is frustrated by Government's prevarication on such a critical issue. As an island nation, it is self- evident that there are no bridges, tunnels, or roads connecting us to other markets. Aviation access is fundamental, and as a small open trading nation, having an arbitrary cap at our main gateway is an act of economic self-sabotage. Connectivity is not just a tourism concern, but has consequences for the wider economy, from exports to FDI And the case for investment in tourism services in Budget 2026 is surely indisputable. Research by Indecon Economic Consultants for Fáilte Ireland outlines that 29c of every €1 spent by a visitor is returned to the exchequer in tourism-related taxes. That means the tourism industry contributed €2.9bn to the exchequer last year. And yet annual investment by the State in tourism services is only €251m. Can any other sector of the economy point to such a return on investment? Industry chiefs are well within their rights to look for a sharp increase in funding to help tourism agencies and businesses navigate the choppy waters that lie ahead. A new national policy on tourism is expected from minister Peter Burke this autumn. Hopefully it will match the ambitions of the industry. But sustainable growth can only be enabled by pro-tourism and pro-enterprise policies. Control the controllables please, minister. Eoghan O'Mara Walsh is chief executive of the Irish Tourism Industry Confederation.
