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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-6-Royal-Sushi-Sojitz-Corporation-President-COO-Kosuke-Uemura.jpg" alt="" />
<figcaption class="image-caption">Sojitz Corp. President and COO Kosuke Uemura</figcaption>
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<p>The joint venture, <strong>Sushi-Ten USA</strong>, aims to open its first outlet in California, where the appetite of Americans for Japanese food has grown consistently over the years. The group has yet to decide on a name for its restaurants and the locations of all its future outlets.</p>
<p>Royal Holdings agreed to a partnership with Choushimaru because of its success in growing its restaurant business, while Sojitz has a proven track record in managing the supply chain for food ingredients.</p>
<p>The three companies are no strangers to each other when it comes to business. In 2021, Royal Holdings and Sojitz formed a partnership that introduced the Royal Host brand of restaurants in Singapore two years later. In another joint venture, Royal Holdings and Sojitz opened British-owned Costa Coffee cafes in Japan.</p>',
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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-5-SG-Automation.jpg" alt="" />
<figcaption class="image-caption">What role can automation and AI play in customer service? (Source: Canva)</figcaption>
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<p>Unfortunately, how service is delivered can differ from one customer to the next depending on various factors, like competency in communication and length of experience of employees, as well as frequency of training by the employers.</p>
<p>So, what if you could automate customer service to ensure consistency? What will be its implications for businesses?</p>
<p>One benefit of using technology is the ability to replicate task execution with extreme precision. For many firms, it makes sense to adopt automation using a hybrid model because of shifting cost structures. This means that basic tasks are performed by machines, while those that involve complex decision-making processes are handled by humans.</p>
<p>Numerous banks and telecommunications companies have already adopted this model to the dismay of some clients, who still prefer dealing directly and instantly with human customer service agents. Long holding times and confusing options are some reasons that put off customers.</p>
<p>Perhaps the better approach is not to replace the customer service representatives completely but to provide them with better tools that will elicit higher satisfaction levels from customers.</p>
<p>According to a study by Aberdeen Strategy & Research, which interviewed 10,000 business leaders around the world, 59% agreed that customer service representatives, when empowered with AI tools and data, engaged more intelligently in customer interactions.</p>
<p>But until AI and automation can perfectly mimic human abilities – like changes in voice intonation, expressions of empathy, active listening, and spontaneous conversations – technology cannot substitute for human interaction. At least, not yet.</p>',
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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-5-CAMB-DSM-DSM-Managing-Partner-Sovicheany-Pheng.jpg" alt="" />
<figcaption class="image-caption">Davies SM Managing Partner Sovicheany Pheng (Source: DSM)</figcaption>
</figure>
<p>Celebrating the 70th anniversary of their bilateral ties, Cambodia and Japan are expanding their cooperation. Prominent companies like Toyota Tsusho Manufacturing, Aeon Mall, and Minebea are reinvesting significantly in the country. And local law firms play a crucial role in supporting these investments and helping investors navigate the complexities of the local business environment.</p>
<p><strong>Davies SM Attorney At Law (DSM)</strong> has stood out among the competition for providing quality legal services to multinationals, government agencies, and foreign investors. In an interview with GMI POST, <strong>Managing Partner Sovicheany Pheng </strong>outlines three ways the firm has attracted and retained Japanese clients.</p>
<p> </p>
<p><strong><span style="font-family: helvetica; font-size: 18pt;">Be a partner for growth</span><br /></strong></p>
<p> </p>
<p>Pheng emphasizes the importance of being an investment ally rather than just a legal partner.</p>
<p>DSM tailors solutions for clients based on evolving trends and risks in the dynamic business environment. Instead of adopting a one-size-fits-all approach, it understands each client's goals and customizes its services to address specific challenges.</p>
<p>“The goal of DSM is to grow with our partners as a team. Through our quality and effective legal services, we assist all foreign investors, like the Japanese, navigate the complexities of an emerging market,” she said.</p>
<p> </p>
<p><strong><span style="font-family: helvetica; font-size: 18pt;">Map out a detailed, compliant-oriented approach</span><br /></strong></p>
<p> </p>
<p>DSM guarantees that its work is comprehensive, covering everything from legal advice and feasibility studies to tax considerations at the pre-investment stage. This meticulous approach appeals to Japanese clients who prioritize thoroughness and compliance.</p>
<p>“In our experience, the Japanese are compliant, systematic, and rule-driven. What sets us apart is our ability to present a basket of unique and innovative legal solutions that comply with national regulations at low costs,” Pheng said.</p>
<p> </p>
<p><strong><span style="font-family: helvetica; font-size: 18pt;">Build trust through collaboration</span><br /></strong></p>
<p> </p>
<p>Pheng stressed that collaborating with other Japanese legal firms can help cultivate trust among potential Japanese clients. DSM’s team is made up of top lawyers adept in both national and international legal intricacies, ensuring that clients, especially foreign investors, have a holistic understanding of the local market and receive services that meet their high standards.</p>
<p>“Our firm aims to collaborate with Japanese law firms to better serve Japanese clients who want to expand in Cambodia and appreciate local sensibilities in their solution. We want the Japanese to know they can trust us like their own” she said.</p>',
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'id' => '545709',
'title' => 'How to earn the trust of Japanese businesses: A playbook from a NY law firm',
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'description' => 'Epstein Becker & Green (EBG), a law firm with offices in New York and other major business centers across the United States, has nurtured a deeply loyal Japanese clientele in the country thanks to its commitment to understanding differences in business culture and delivering the desired results. ',
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'content' => '<p><strong>Epstein Becker & Green (EBG),</strong> a law firm with offices in New York and other major business centers across the United States, has nurtured a deeply loyal Japanese clientele in the country thanks to its commitment to understanding differences in business culture and delivering the desired results.</p>
<p>Established in 1971, EBG has mastered the strategy to retain its Japanese clients. Here is their three-pronged plan.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Set up a team of experts</strong></span></p>
<p> </p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-5-NYNJ-EBG-Law-Frances-Green-and-Ron-Green.jpg" alt="" />
<figcaption class="image-caption">Epstein Becker & Green Partner Frances Green (L) and Managing Partner Ron Green (R) (Source: EBG)</figcaption>
</figure>
<p>Its Japanese Business Services team are specialized attorneys who travel regularly to Japan and have earned extensive experience working with Japanese clients. They are well-versed in the legal and business issues that face Japanese companies in the United States and stay abreast of emerging trends.</p>
<p>Their proficiency in the Japanese language and their deep appreciation of Japanese culture and customs enable them to address the unique challenges and concerns of Japanese businesses in America.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Understanding the population</strong><strong> </strong></span></p>
<p> </p>
<p><strong>Partner Frances Green </strong>attributes the firm’s success with its Japanese clients to its dedication to knowing their culture and finding out what they need.</p>
<p>“I was recruited to the firm because it had a four-decade-plus relationship with the Japanese, which was begun by Ron (Green). He was one of the first American attorneys to go to Japan, be among the Japanese population, and understand that the Japanese business community wanted to integrate itself more within the U.S.,” she recalled.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Give the proper training</strong></span></p>
<p> </p>
<p>"Regardless of the investment, in whatever sector, we have nearly 200 lawyers dedicated to managing every aspect of the process when it comes to human capital. While many other firms have done this type of work for the Japanese, no one has done it longer than we have,” said <strong>Managing Partner Ron Green</strong>.</p>
<p>“We also have partners in our firm who regularly visit Japan and put on lectures on assimilation in the United States. They train rotating staff before they come here to at least lessen risks that they'll face when they build a company and manage a local workforce," he also said.</p>
<p>Apart from combining legal expertise with cultural insight, EBG has maintained long-term ties with Japanese clients by also customizing its services according to their unique needs whenever necessary.</p>',
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'title' => 'Sega Sammy Holdings gets a $55 million windfall',
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'description' => 'Japanese amusement giant Sega Sammy Holdings, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside resort complex in Miyazaki, to U.S.-based Fortress Investment Group to shift its focus back to its core businesses: ',
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'content' => '<p>Japanese amusement giant <strong>Sega Sammy Holdings</strong>, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside resort complex in Miyazaki, to U.S.-based <strong>Fortress Investment Group</strong> to shift its focus back to its core businesses: video game development and online casino gaming through its subsidiaries GAN and recently acquired Rovio Entertainment.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Sega-Sammy-President-and-CEO-Haruki-Satomi.jpg" alt="" />
<figcaption class="image-caption">Sega Sammy President and Group CEO Haruki Satomi (Source: Sega Sammy)</figcaption>
</figure>
<p>Although the financial terms of the deal have not been disclosed, news reports priced the deal at $55 million. Located in Miyazaki on Kyushu island, Seagaia is operated by Phoenix Resort Co.</p>
<p>Under the terms of the deal, Sega Sammy will sell all its common shares of Seagaia to Fortress Investment Group and acquire new shares, giving the company 20% of the voting rights in Phoenix after the transaction is completed.</p>
<p>Sega Sammy said Fortress’s extensive experience in the hotel and resort business will help maximize the resort’s corporate value.</p>
<p>"Even after Phoenix achieved profitability, we considered various measures to further increase its corporate value. We decided the best way is to bring in Fortress as a strategic partner and have it take the lead in Phoenix’s operations,” the company said.</p>
<p>With this deal, the investment firm now owns 176 hotels across Japan.</p>
<p>Opened in 1993 for $2 billion through a joint venture between the local government and private investors, Seagaia has never reported profitability until March 2024, when it reported a net profit of $140,000, its highest revenue since the acquisition.</p>
<p>Fortress’s acquisition of Seagaia comes amid surging inbound tourism in Japan. The Japanese government estimates that international tourists will reach 33 million this year, surpassing the pre-pandemic record. This trend has attracted foreign companies, like Fortress, to invest heavily in Japan’s hospitality sector.</p>',
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'content' => '<p>American multinational and technology company <strong>Intel </strong>will partner with 14 Japanese companies to develop technology that will automate their backend chip-making processes, like packaging, according to a report by Nikkei Asia.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Intel.jpg" alt="" />
<figcaption class="image-caption">Intel will partner with 14 Japanese companies to strengthen their country's semiconductor sector. (Photo source: TweakTown)</figcaption>
</figure>
<p>Led by Kunimasa Suzuki, the head of Intel's Japanese operations, will include electronics maker Omron, Yamaha Motor, and materials suppliers Resonac, and Shin-Etsu Polymer. The project got the support of Japan’s Ministry of Economy, Trade and Industry and earmarked around $26 billion (4 trillion Japanese yen) to help industries regarded as critical to economic security, like advanced semiconductor manufacturing.</p>
<p>The partnership also aligns with Prime Minister Fumio Kishida’s program to create more competitive supply chains in the domestic market for advanced semiconductors.</p>
<p>“By working together with like-minded countries and regions, we can strengthen the global semiconductor supply chain,” Kishida said at an event organized by semiconductor maker Rapidus Corp. in 2023.</p>
<p>It did not take long for other industry players to follow suit as Taiwan-based TSMC and Korea’s Samsung Electronics announced their plans to build research centers in Japan for back-end production.</p>
<p>Meanwhile, market research firm TechInsights expects the back-end market to grow 13% this year to $12.5 billion.</p>
<p>As of 2024, Japanese companies account for about 30% of global sales of semiconductor production equipment and around 50% of semiconductor materials, according to Japan's Ministry of Economy, Trade and Industry.</p>',
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'title' => 'Mitsui invests $200 million in Texas solar farm project',
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'description' => 'Japanese trading multinational Mitsui & Co. has unveiled a plan to invest around $193 million (30 billion Japanese yen) over the next two years to build a solar farm in Texas. The move will capitalize on the increasing demand for renewable energy in a state where wind power dominates other forms of renewable energy.',
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'content' => '<p>Japanese trading multinational<strong> Mitsui & Co.</strong> has unveiled a plan to invest around $193 million (30 billion Japanese yen) over the next two years to build a solar farm in Texas. The move will capitalize on the increasing demand for renewable energy in a state where wind power dominates other forms of renewable energy.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Mitsui-Solar-Farm.jpg" alt="" />
<figcaption class="image-caption">Mitsui's digital rendering of its planned solar farm in Texas (Source: Mitsui & Co.)</figcaption>
</figure>
<p>The solar farm, with a capacity of 150 megawatts, is currently under construction in Hill County in central Texas and is slated to start commercial operations in 2026.</p>
<p>Mitsui plans to supply the generated electricity directly to companies and enterprises, as well as integrate it into the state’s general power system.</p>
<p>Texas's pricing system for electricity, which varies according to the location of the power plant, convinced Mitsui to invest in the solar farm. Hill County's proximity to major urban centers in the state, such as Dallas and Houston, allows for potentially higher electricity prices due to high demand in these densely populated areas.</p>
<p>Renewable sources account for 30 percent of Texas’s power generation with wind power being the primary contributor. Mitsui's investment decision was also driven by the significant growth potential of solar energy in the region. The company plans to monitor market trends and consider further investments accordingly.</p>
<p>Mitsui & Co. Energy Marketing and Services (MEMS USA), which will be responsible for managing the retail and wholesale sales of 600 megawatts of electricity annually across Texas and other states, will distribute the generated power. Also, MEMS USA plans to install a 300-megawatt-hour storage battery by 2025, allowing the company to store electricity and supply it when demand is lower, thereby optimizing consumption and costs.</p>
<p>The U.S. government’s support for solar power generation through the Inflation Reduction Act is expected to boost demand for renewable energy projects. Mitsui’s investment aligns with this trend, and other Japanese firms such as Idemitsu Kosan and Itochu are also expanding their solar power initiatives in the United States.</p>',
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'content' => '<p>Launched just this February, Open AI’s Sora can produce multi-shot clips of a minute or longer using nothing more than a text prompt. This generative AI technology made headlines around the world for its ability to create commercial-quality videos in a matter of seconds.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-4-CAMB-Open-AI.jpg" alt="" />
<figcaption class="image-caption">OpenAI CEO Sam Altman introduces Sora (Source: PC Magazine UK)</figcaption>
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<p>With Sora’s easy deployment, low cost, and lightweight infrastructure demands, the AI tool has become a marketing must-have for businesses everywhere, particularly in Cambodia.In an interview with Khmer Times, officers of Phnom Penh-based IT company <strong>Epenh</strong> and <strong>Cambodian Commercial Bank</strong> talked about how Cambodian businesses can use Sora to revolutionize their content and marketing strategies.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Transform content creation dynamics</strong></span></p>
<p><br />“Expressing content in video formats will give businesses an edge in their campaigns and opens doors for diverse opportunities, from content creation to advertising to explaining product know-how to end users,” said <strong>Epenh Co-Director Nigel Miranda.</strong></p>
<p>According to him, Sora’s ability to create realistic and high-quality videos is a tremendous opportunity for businesses to quickly test and refine their content and ads for their respective target audiences.</p>
<p> </p>
<p><span style="font-size: 18pt;"><strong><span style="font-family: helvetica;">Target marketing on a limited budget</span> </strong></span></p>
<p> </p>
<p><strong>Cambodian Commercial Bank Head of IT Kishore Kumar Muniswamy </strong>highlighted that businesses across all sectors can leverage Sora to save time and resources instead of resorting to traditional video production methods. <br /><br />According to OpenAI’s pricing, a one-minute 30 FPS video will cost around $216 or $ 0.12 per frame. Meanwhile, Vidico reports that on average, a one-minute video advertisement ranges from $1,000 to more than $50,000.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Enhancing education delivery methods</strong></span></p>
<p> </p>
<p>Sora’s creative capabilities offer edtech businesses and educational institutions the opportunity to develop engaging and interactive learning materials that capture learner attention.</p>
<p>“This represents a potential way to make education more accessible and visually appealing for students,” Muniswamy said.</p>
<p>Beyond enhancing student engagement, Sora can also raise awareness of different cultures by generating videos with text overlays in various languages.</p>
<p>“This will revolutionize the way we perceive the world and consume video, audio, and other represented media content,” Miranda said.</p>',
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'content' => '<p>From its headquarters in Toronto and its offices in New York and London, custom software and mobile app developer Datarockets has rolled out innovative solutions that have resulted in productive partnerships with several loyal clients.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-4-NYNJ-Datarockets.jpg" alt="" />
<figcaption class="image-caption">Datarockets CEO Pavel Demeshchi (Source: Datarockets)</figcaption>
</figure>
<p>“The idea behind Datarockets was to build an intellectual hub where engineers come to learn product development skills on the one hand, and clients come to create products for their businesses and startups on the other, <strong>Datarockets CEO Pavel Demeshchik</strong> said in an interview with IT website SelectedFirms.</p>
<p>“We embrace our clients to discuss issues they see through our perspective. Our clients know what we discuss, how we make decisions, and what problems we experience,” Demeshchik said, highlighting transparency as one of the company’s distinguishing features.</p>
<p>Among its recent success stories includes a partnership with a Series-E company to launch a new SaaS product. From conceptualization to execution, Datarockets developed the product from the ground up.</p>
<p>Another partnership was with a fintech startup, whose platform generated more than $500 million in investments and earned it a No. 3 spot on Deloitte's Technology Fast 50 Companies-To-Watch list. Exhibiting versatility in the field, Datarockets also wrote firmware for a writing device that later raised $1 million through crowdfunding.</p>
<p>“Apart from actual coding, we bring our ideas to the table,” said Demeshchik, who believes that close collaboration with clients and user-centered design will deliver successful results.</p>
<p>Established in 2014, Datarockets offers various AI-related services to help businesses automate tasks, gain insights from data, and improve customer engagement. By integrating with GPT4 API, it can build AI-centric applications based on natural language processing, which boosts productivity for businesses.</p>',
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'title' => 'Singapore: Walking on the digital cloud',
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'description' => 'Artificial intelligence has never been cooler. Forbes Business Council has reported that more than 250 million companies worldwide have adopted AI to improve their operations. As more companies and countries embrace AI and explore how best it will benefit them, one nation recognized its advantages eight years ago. We're talking about Singapore. ',
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'content' => '<p>Artificial intelligence has never been cooler. Forbes Business Council has reported that more than 250 million companies worldwide have adopted AI to improve their operations. As more companies and countries embrace AI and explore how best it will benefit them, one nation recognized its advantages eight years ago. We’re talking about Singapore.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-4-SG-Digital-Cloud.jpg" alt="" />
<figcaption class="image-caption">Singapore leads the world in the development and adoption of AI (Source: Canva)</figcaption>
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<p>Before ChatGPT and generative AI gained global traction over the last few years, Singapore had seen that AI technology could revolutionize its important sectors, such as education, healthcare, banking, and finance.</p>
<p>According to Singapore’s Personal Data Protection Commission, the city-state was among the first countries in the APAC region to adopt AI. As early as 2016, the government was looking into how it could use chatbots in public services using Microsoft technology. Then in 2019, it published AI Verify, the first set of guidelines in Asia for ethical AI use.</p>
<p>Fast forward to today, Singapore has distinguished itself in the global community for how it uses AI in disease diagnosis, pharmaceutical development, personalized customer support, and edge computing. </p>
<p>The public’s familiarity with the concept of big data, coupled with innovation-driven initiatives from corporations and government institutions, has hastened the advancement of AI in Singapore and the rest of the world.</p>
<p>According to Oxford’s Government AI Readiness Index 2023, Singapore has a readiness index of 81.97 out of 100, much higher than the regional average of 55.49. Statista projects that the AI market will account for 33.38% of Singapore’s GDP by 2030.</p>
<p>Meanwhile,<strong> Manpower Minister Tan See Leng </strong>said Singapore was investing $1 billion over the next five years into a national AI strategy to develop the advanced tech industry and equip its citizens with the needed skills.</p>',
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'title' => 'Japan's Sekisui House buys Denver homebuilder for $4.95 billion',
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'description' => 'Japanese homebuilder Sekisui House announced last month that it bought Denver-based MDC Holdings for $4.9 billion. Paying $63 in cash per share, Sekisui House first made public its buyout plans at the start of this year. ',
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'content' => '<p>Japanese homebuilder <strong>Sekisui House</strong> announced last month that it bought Denver-based <strong>MDC Holdings</strong> for $4.9 billion. Paying $63 in cash per share, Sekisui House first made public its buyout plans at the start of this year.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-4-Sekisui-House.jpg" alt="" />
<figcaption class="image-caption">Sekisui House Board Representative, President, and CEO Yoshihiro Nakai (Source: Sekisui House)</figcaption>
</figure>
<p>“We are excited to welcome MDC's management and employees to the Sekisui House team,” said <strong>Sekisui House Board Representative, President, and CEO Yoshihiro Nakai.</strong></p>
<p>With the acquisition, Sekisui House became the fifth-largest housebuilder in the United States, according to Asia Business Law Journal. The Japanese company plans to build 10,000 homes outside Japan.</p>
<p>“After 50 years of standalone growth, today marks an incredible new chapter as MDC becomes part of Sekisui House and positioned for another 50 years of success,” said <strong>MDC Founder and Executive Chairman Larry Mizel</strong> and <strong>President and CEO David Mandarich</strong> in a statement.</p>
<p>“We are excited about the opportunities for growth for our team members and within our customer offering. Now that the transaction is complete, we look forward to supporting a seamless integration,” they added.</p>
<p>With the acquisition of MDC, Sekisui’s presence in the United States will expand to 16 states.</p>',
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'description' => 'In its biggest buyout to date, Ono Pharmaceutical is set to acquire American cancer drug maker Deciphera Pharmaceuticals for $2.4 billion, according to Nikkei Asia. The move is aimed at ensuring continued growth as patents for Ono's Opdivo cancer immunotherapy are set to expire in 2028. ',
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'content' => '<p>In its biggest buyout to date, <strong>Ono Pharmaceutical</strong> is set to acquire American cancer drug maker <strong>Deciphera Pharmaceuticals</strong> for $2.4 billion, according to Nikkei Asia. The move is aimed at ensuring continued growth as patents for Ono's Opdivo cancer immunotherapy are set to expire in 2028.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-4-Ono-Pharma.jpg" alt="" />
<figcaption class="image-caption">Ono Pharma CEO Gyo Sagara (Source: Ono Pharma)</figcaption>
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<p>The acquisition will be completed via a tender offer with Ono purchasing all outstanding shares of Deciphera. The offer price of $25.60 per share represents a 74.7% premium over Deciphera's closing stock price in mid-May.</p>
<p>Established in 2003, Deciphera is known for its Qinlock cancer drug, which inhibits enzymes crucial for cancer cell proliferation. The company's global revenue in 2023 was $163 million, driven by Qinlock sales and collaboration revenue.</p>
<p>Ono predicts Qinlock's sales to surge between $350 million and $400 million. Also, Deciphera has promising new-drug candidates, including a treatment for benign tumors in joints and another for blood cancer complications, which is seen to generate sales of $700 million annually.</p>
<p>The acquisition is vital for Ono's strategic growth after Opdivo’s patents expire. Meanwhile, Ono is developing new-drug candidates, like Velexbru, for cancer treatment. But, it will take a few years before they can be approved and marketed.</p>
<p>The deal, approved by the boards of both companies and expected to close later this year, will strengthen Ono's sales capabilities in the United States and expand its overseas sales networks. Once finalized, Deciphera becomes a wholly-owned subsidiary of Ono.</p>',
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'description' => 'Tenstorrent CEO Jim Keller, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant's global market dominance.',
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'content' => '<p><strong>Tenstorrent CEO Jim Keller</strong>, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant’s global market dominance.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-Tenstorrent.jpg" alt="" />
<figcaption class="image-caption">Tenstorrent CEO Jim Keller (Photo source: Tenstorrent)</figcaption>
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<p>Headquartered in Toronto, Tenstorrent has offices in Austin, Texas and Santa Clara, California, as well as in Belgrade, Tokyo, Bangalore, and Seoul. The company claims to be developing AI processors that perform as efficiently as Nvidia's AI GPUs but at a lower cost.</p>
<p>At present, Nvidia is the global market leader when it comes to AI chips. Its AI accelerators command between 70% and 95% of the global market share, according to CNBC.</p>
<p>Keller also said in the interview that Tenstorrent hopes to sell its second-generation multipurpose AI chip by the end of this year.</p>
<p>According to Keller, Tenstorrent can achieve its objective because it does not use high-bandwidth memory (HBM), a popular type of advanced memory chip capable of transferring large amounts of data quickly. HBM is a vital component for generative AI chips and has played a significant role in the success of Nvidia's offerings.</p>
<p>But Keller pointed out that HBM was also one of the culprits behind the massive energy consumption and high prices of AI chips.</p>
<p>"Even the people that use HBM struggle with the cost of it, [and] the design time to build it,” he said.</p>
<p>By doing away with HBM, Tenstorrent will design a chip that can replace both GPUs and HBMs in some areas of AI development, adding that its new product will be "as cost-effective as possible".</p>',
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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-ITOCHU-Taiwan.jpg" alt="" />
<figcaption class="image-caption">ITOCHU plans to roll out AI-powered buses for Taiwan's new smart city project in Tainan. (Photo source: Nikkei Asia)</figcaption>
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<p>ITOCHU outbid other parties interested in the Integrated Development Project for Shalun Smart Green Energy Science City located in Tainan. The early-stage contract, according to Nikkei Asia, is worth around $332,000 (10.8 million New Taiwan dollars).</p>
<p>According to ITOCHU, the goal is to test its AI systems on a trial basis by the end of October. This is the first time the trading house has officially participated in an overseas smart city project.</p>
<p>The Taiwanese government also announced plans to earmark an additional $306.9 million (or 10 billion NTD) to develop the country’s artificial intelligence (AI) industry. In line with this goal, ITOCHU will collaborate with various Taiwanese partners, including IT company Accton Technology and National Cheng Kung University.</p>
<p>Home to the world's largest semiconductor maker, Taiwan Semiconductor Manufacturing Company (TSMC), Taiwan has a global market share of 61.7%. CNN estimates that TSMC produces 90% of the world's super-advanced semiconductor chips, which are used to power everything from smartphones to artificial intelligence applications.</p>',
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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-Melexis.jpg" alt="" />
<figcaption class="image-caption">Melexis' new 70 million-euro facility in Kuching is a nod to the local architectural design. (Photo source: Melexis)</figcaption>
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<p>Wafer testing is part of the manufacturing process wherein all individual integrated circuits are checked for functional defects through special test patterns.</p>
<p>According to Melexis, its expansion in Malaysia is a strategic move to streamline logistics and reduce its ecological footprint. Additionally, it selected Kuching because of its diverse, multilingual, entrepreneurial and highly skilled workforce.</p>
<p><strong>Melexis CEO Marc Biron </strong>said, “With an investment of 70 million euros, this opening underscores the ambition of Melexis and will ensure future growth. With Melexis, we are at the forefront of innovation, and this opening will support us in the markets that we serve.”</p>
<p>The new four-storey building, a collaboration of award-winning Belgian architect Sebastian Mortelmans and local architectural firm DNA, covers a ground surface of 4,500 sq. m., making it the company’s largest wafer testing site worldwide. The modern design evokes local longhouse architecture, incorporates advanced energy-saving systems, like a solar installation that can generate 30.000 kWh per month, and minimizes its environmental impact.</p>
<p>“Melexis has made the right choice to invest in Sarawak. With political stability, Sarawak is business-friendly and welcomes investments that can create mutual benefits. The Sarawak government has always been very supportive of investors both foreign and domestic. It is among the most preferred destinations for investment in Malaysia,” <strong>Sarawak’s Ministry of International Trade, Industry and Investment </strong>said in a statement<strong>.</strong></p>
<p>“Sarawak possesses many comparative advantages for businesses to grow and prosper such as strategic location, availability of green energy, talented workforce, and suitable land for industrial activities,” the statement also said.</p>',
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'content' => '<p>Japanese trading giant <strong>ITOCHU</strong> announced this month it had invested in <strong>ZeroAvia</strong>, a British-American maker of hydrogen-electric engines for aircraft, according to a company statement.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-13-Itochu-ZeroAvia.jpg" alt="" />
<figcaption class="image-caption">An aircraft powered by ZeroAvia's hydrogen-electric engines (Photo source: ZeroAvia)</figcaption>
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<p>Founded in 2018, ZeroAvia describes itself as “a team of passionate innovators dedicated to bringing safe, zero-emission flight to aviation.” The company claims its hydrogen-electric propulsion systems are “the most environmentally friendly and economically attractive solution to aviation’s growing climate change impact.”</p>
<p>According to ZeroAvia, its hydrogen-electric engines cut more than 90% of harmful emissions, lower operating costs by more than 40%, improve air quality and reduce noise pollution in airport communities.</p>
<p>Under the deal, ITOCHU will serve as ZeroAvia's distributor in Asia, marking its first investment in a developer of hydrogen engines for aircraft and a further expansion into the aviation industry. ITOCHU is part of Japan Aerospace, which is involved in aircraft sales, and of JAMCO, which manufactures materials for aircraft interiors.</p>
<p>According to ITOCHU, this recent investment is part of the company’s long-term goal of helping save the planet by decarbonizing the aviation industry.</p>',
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'content' => '<p>For the third time in the last five years,<strong> Virginia</strong> was ranked America’s Top State for Business in 2024 by CNBC, which cited the state for having the best public schools in the country. It grabbed the top spot in 2007, 2009, 2011, 2019, and 2021.</p>
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<figcaption class="image-caption">Fairfax County Economic Development Authority President and CEO Victor Hoskins (Photo source: Fairfax County Economic Development Authority)</figcaption>
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<p>“Congratulations to Virginia on being named America’s Top State for Business in 2024 by CNBC, a record six times achieving that designation. I know that Virginia succeeds because of our shared belief that collaboration and innovation yield great results for our businesses and their employees,” said <strong>Fairfax County Economic Development Authority President and CEO Victor Hoskins</strong>.</p>
<p>Virginia ranks in the top half or better in each of the study’s 10 categories this year, “a rare feat,” noted CNBC. The state landed in the top 10 in four additional categories: infrastructure (3rd), business friendliness (5th), access to capital (8th) and workforce (9th).</p>
<p>For the first time, CNBC counted infrastructure (including the availability of shovel-ready sites) as the most important component for businesses when deciding on investment and cited the Virginia Business Ready Sites Program, as well as its world-class port, rail, roadway, and air transportation ecosystem as major contributors to the recognition.</p>
<p>CNBC’s annual ranking measures all 50 states on 128 different metrics in 10 key categories of competitiveness. North Carolina ranked second on the list, followed by Texas, Georgia and Florida.</p>
<p>Regarding Virginia’s economic relations with Japan, over $32.5 billion in capital investment has been made by Japanese companies in the last 5 years, according to the Virginia Economic Development Partnership, which also reports that Japanese companies employ more than 15,2000 people in the state.</p>',
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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-13-FANUC.jpg" alt="" />
<figcaption class="image-caption">Michigan Gov. Gretchen Whitmer (center) with senior officers of FANUC America at its West Campus. (Photo source: FANUC America)</figcaption>
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<p>The new 650,000-square-foot facility was inaugurated on July 10 and is located in FANUC America’s West Campus in Auburn Hills, Michigan. The expansion increases the company’s footprint in Michigan to over 2 million square feet and is part of FANUC America’s plan to advance industrial automation in North America. The West Campus represents a $110 million investment built on 67 acres of land.</p>
<p>The facility, built on 270,000 square meters, has warehouse space to hold more than 6,000 robots and features automated systems for moving the robots in and out of the building, according to FANUC America.</p>
<p>"Our ongoing upward trajectory allows us to better support our customers with cutting-edge robotic and automation solutions, helping to drive more efficiency across all industries,” <strong>FANUC America CEO Michael Cicco </strong>said at the unveiling ceremony.</p>
<p>The Japanese company said it would have invested $250 million in North America since 2019 once this and other projects in its pipeline are completed. Currently, FANUC America has created over 400 jobs in Michigan.</p>',
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'content' => '<p><strong>K Health</strong>, a leading AI-driven primary care company that provides 24/7 virtual primary care solutions through its mobile app, announced this month that it had raised $50 million in funding led by Claure Group with participation from investors, including Pablo Legorreta (founder and CEO of Royalty Pharma) and Mangrove Capital Partners, Valor Equity Partners, and Atreides Management.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-NYNJ-K-Health-Alan-Bloch.jpg" alt="" />
<figcaption class="image-caption">K Health founder and CEO Allon Bloch (Photo source: K Health)</figcaption>
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<p>K Health said in the same statement that it had been developing its own AI technology for more than seven years. Today, it can provide 24/7 virtual primary care solutions to millions of people in the United States.</p>
<p>The K Health platform includes clinical-grade medical chat and AI predictive models based on large datasets to help physicians optimize diagnosis and treatment and focus on patient care.</p>
<p>Instead of doctors taking patients through lengthy procedures and manually piecing together their medical history from electronic medical records, K Health allows healthcare providers to engage more quickly and closely with patients by giving them a complete medical chart with patient insights straight from the app.</p>
<p>According to K Health, this new model of care delivery achieves dramatically higher quality of care at lower costs compared to traditional primary care.</p>
<p>“K Health solves the need to make primary care visits highly personalized by giving doctors AI superpowers that enable them to practice at the top of their license. Our primary care platform offers a concierge medical experience with an assigned provider and 24/7 access to care,” explained<strong> K Health founder and CEO Allon Bloch.</strong></p>
<p>“When partnered with leading health systems, this model creates significant benefits to access, clinical outcomes, and patient experience. All you need to get care is your health insurance, a stark contrast to concierge medicine services that typically cost thousands of dollars,” Bloch added.</p>
<p>Meanwhile, <strong>Claure Group</strong> <strong>Founder and CEO Marcelo Claure </strong>said: As I invest in the AI landscape, I have found it incredibly difficult to discover companies making tangible, real-world progress with AI. K Health is the first company I've seen successfully using AI to impact millions of lives. They are addressing some of healthcare's greatest challenges by providing accessibility to faster, higher-quality, lower-cost care on a large scale."</p>',
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'description' => 'Ontario-based multinational Lee Li Holdings (LLH) CEO Lee Q. Shim told Cambodian Prime Minister Hun Manet in a meeting at the capital Phnom Penh this month that his company was looking at investment opportunities in the country, including its automotive healthcare, gas and oil, food processing and logistics, automobiles, and exports accreditation sectors.',
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'content' => '<p>Ontario-based multinational <strong>Lee Li Holdings (LLH)</strong> <strong>CEO Lee Q. Shim</strong> told <strong>Cambodian Prime Minister Hun Manet </strong>in a meeting at the capital Phnom Penh this month that his company was looking at investment opportunities in the country, including its automotive healthcare, gas and oil, food processing and logistics, automobiles, and exports accreditation sectors.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-CAMB-Li-Lee-Holdings.jpg" alt="" />
<figcaption class="image-caption">Cambodia Prime Minister Hun Manet (right) met with Lee Li Holdings President and CEO Lee Q. Shim (Ieft) in Phnom Penh this month. (Photo source: Office of the Prime Minister)</figcaption>
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<p>During the meeting, Manet pointed out that the <strong>Cambodia Chamber of Commerce</strong> had two representative offices in Canada (Toronto and Montreal) that promote bilateral trade and assist exporters and importers in their two countries.</p>
<p>“Shim’s visit will further contribute to the promotion of trade relations between Cambodia and Canada,” Manet said.<br /><br />The prime minister also encouraged Shim to pursue discussions with relevant ministries and agencies, such as the Ministry of Health, the Ministry of Mines and Energy, and Ministry of Commerce, adding that his government has supported the private sector by encouraging international investment in the country.</p>
<p>Canada is one of the largest investors in Cambodia and has brought in around $1.1 billion in foreign direct investment as of 2021, Cambodian socio-economic analyst Chey Tech told The Phnom Penh Post in an interview.</p>',
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'content' => '<p><strong>National University Hospital (NUH)</strong>, the main teaching hospital of the country’s top-ranking National University of Singapore, announced this month the opening of a center focused on providing trauma care to vulnerable groups, particularly children, older adults, and migrant workers.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-SG-NU-Hospital.jpg" alt="" />
<figcaption class="image-caption">Key representatives of NUH during the launch of the National University Centre for Trauma (Photo source: Singapore's National University Hospital)</figcaption>
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<p>According to the NUH, the center will use a code system to reduce the time between admission to the emergency department and the transfer to an operating theatre. Code Trauma involves the mobilization of all essential staff, including emergency physicians, nurses, surgeons, and anesthesiologists, to accelerate decision-making and response for patients with polytrauma or multiple injuries.</p>
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<p>Today, NUH has over 1,200 beds and serves more than 1 million patients a year with over 50 medical, surgical, and dental specialties. NUH is the only public and not-for-profit hospital in Singapore that provides care for adults, women and children under one roof, including the country’s only pediatric kidney and liver transplant program.</p>',
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<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Sega-Sammy-President-and-CEO-Haruki-Satomi.jpg" alt="" />
<figcaption class="image-caption">Sega Sammy President and Group CEO Haruki Satomi (Source: Sega Sammy)</figcaption>
</figure>
<p>Although the financial terms of the deal have not been disclosed, news reports priced the deal at $55 million. Located in Miyazaki on Kyushu island, Seagaia is operated by Phoenix Resort Co.</p>
<p>Under the terms of the deal, Sega Sammy will sell all its common shares of Seagaia to Fortress Investment Group and acquire new shares, giving the company 20% of the voting rights in Phoenix after the transaction is completed.</p>
<p>Sega Sammy said Fortress’s extensive experience in the hotel and resort business will help maximize the resort’s corporate value.</p>
<p>"Even after Phoenix achieved profitability, we considered various measures to further increase its corporate value. We decided the best way is to bring in Fortress as a strategic partner and have it take the lead in Phoenix’s operations,” the company said.</p>
<p>With this deal, the investment firm now owns 176 hotels across Japan.</p>
<p>Opened in 1993 for $2 billion through a joint venture between the local government and private investors, Seagaia has never reported profitability until March 2024, when it reported a net profit of $140,000, its highest revenue since the acquisition.</p>
<p>Fortress’s acquisition of Seagaia comes amid surging inbound tourism in Japan. The Japanese government estimates that international tourists will reach 33 million this year, surpassing the pre-pandemic record. This trend has attracted foreign companies, like Fortress, to invest heavily in Japan’s hospitality sector.</p>',
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</figure>
<p>The joint venture, <strong>Sushi-Ten USA</strong>, aims to open its first outlet in California, where the appetite of Americans for Japanese food has grown consistently over the years. The group has yet to decide on a name for its restaurants and the locations of all its future outlets.</p>
<p>Royal Holdings agreed to a partnership with Choushimaru because of its success in growing its restaurant business, while Sojitz has a proven track record in managing the supply chain for food ingredients.</p>
<p>The three companies are no strangers to each other when it comes to business. In 2021, Royal Holdings and Sojitz formed a partnership that introduced the Royal Host brand of restaurants in Singapore two years later. In another joint venture, Royal Holdings and Sojitz opened British-owned Costa Coffee cafes in Japan.</p>',
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'id' => '545707',
'title' => 'Customer service: To automate or not to automate?',
'description_old' => null,
'description' => 'Humans crave interaction. The quality of interaction often determines the depth of engagement and the prospects of any relationship. In business, all undertakings, both indirect and direct, are viewed as opportunities to interact with customers and clients.',
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'url' => 'customer-service-to-automate-or-not-to-automate',
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'content' => '<p>Humans crave interaction. The quality of interaction often determines the depth of engagement and the prospects of any relationship. In business, all undertakings, both indirect and direct, are viewed as opportunities to interact with customers and clients.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-5-SG-Automation.jpg" alt="" />
<figcaption class="image-caption">What role can automation and AI play in customer service? (Source: Canva)</figcaption>
</figure>
<p>Unfortunately, how service is delivered can differ from one customer to the next depending on various factors, like competency in communication and length of experience of employees, as well as frequency of training by the employers.</p>
<p>So, what if you could automate customer service to ensure consistency? What will be its implications for businesses?</p>
<p>One benefit of using technology is the ability to replicate task execution with extreme precision. For many firms, it makes sense to adopt automation using a hybrid model because of shifting cost structures. This means that basic tasks are performed by machines, while those that involve complex decision-making processes are handled by humans.</p>
<p>Numerous banks and telecommunications companies have already adopted this model to the dismay of some clients, who still prefer dealing directly and instantly with human customer service agents. Long holding times and confusing options are some reasons that put off customers.</p>
<p>Perhaps the better approach is not to replace the customer service representatives completely but to provide them with better tools that will elicit higher satisfaction levels from customers.</p>
<p>According to a study by Aberdeen Strategy & Research, which interviewed 10,000 business leaders around the world, 59% agreed that customer service representatives, when empowered with AI tools and data, engaged more intelligently in customer interactions.</p>
<p>But until AI and automation can perfectly mimic human abilities – like changes in voice intonation, expressions of empathy, active listening, and spontaneous conversations – technology cannot substitute for human interaction. At least, not yet.</p>',
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'id' => '545708',
'title' => 'The secret to winning Japanese clients: Lessons from Cambodia's top law firm',
'description_old' => null,
'description' => 'Amid a continuing influx of foreign investment, Cambodia is undergoing a significant transition. Three years ago, the government enacted a law that laid out new regulations to attract more international investors and make the country more competitive globally.',
'credit_id' => '48',
'image' => null,
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'url' => 'the-secret-to-winning-japanese-clients-lessons-from-cambodias-top-law-firm',
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'content' => '<p>Amid the continuing influx of foreign investment, Cambodia is undergoing a significant transition. Three years ago, the government enacted a law that laid out new regulations to attract more international investors and make the country more competitive globally.</p>
<p>Following this, it implemented new policies to diversify its base of foreign investors. Among the leading partners that stand out is Japan.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-5-CAMB-DSM-DSM-Managing-Partner-Sovicheany-Pheng.jpg" alt="" />
<figcaption class="image-caption">Davies SM Managing Partner Sovicheany Pheng (Source: DSM)</figcaption>
</figure>
<p>Celebrating the 70th anniversary of their bilateral ties, Cambodia and Japan are expanding their cooperation. Prominent companies like Toyota Tsusho Manufacturing, Aeon Mall, and Minebea are reinvesting significantly in the country. And local law firms play a crucial role in supporting these investments and helping investors navigate the complexities of the local business environment.</p>
<p><strong>Davies SM Attorney At Law (DSM)</strong> has stood out among the competition for providing quality legal services to multinationals, government agencies, and foreign investors. In an interview with GMI POST, <strong>Managing Partner Sovicheany Pheng </strong>outlines three ways the firm has attracted and retained Japanese clients.</p>
<p> </p>
<p><strong><span style="font-family: helvetica; font-size: 18pt;">Be a partner for growth</span><br /></strong></p>
<p> </p>
<p>Pheng emphasizes the importance of being an investment ally rather than just a legal partner.</p>
<p>DSM tailors solutions for clients based on evolving trends and risks in the dynamic business environment. Instead of adopting a one-size-fits-all approach, it understands each client's goals and customizes its services to address specific challenges.</p>
<p>“The goal of DSM is to grow with our partners as a team. Through our quality and effective legal services, we assist all foreign investors, like the Japanese, navigate the complexities of an emerging market,” she said.</p>
<p> </p>
<p><strong><span style="font-family: helvetica; font-size: 18pt;">Map out a detailed, compliant-oriented approach</span><br /></strong></p>
<p> </p>
<p>DSM guarantees that its work is comprehensive, covering everything from legal advice and feasibility studies to tax considerations at the pre-investment stage. This meticulous approach appeals to Japanese clients who prioritize thoroughness and compliance.</p>
<p>“In our experience, the Japanese are compliant, systematic, and rule-driven. What sets us apart is our ability to present a basket of unique and innovative legal solutions that comply with national regulations at low costs,” Pheng said.</p>
<p> </p>
<p><strong><span style="font-family: helvetica; font-size: 18pt;">Build trust through collaboration</span><br /></strong></p>
<p> </p>
<p>Pheng stressed that collaborating with other Japanese legal firms can help cultivate trust among potential Japanese clients. DSM’s team is made up of top lawyers adept in both national and international legal intricacies, ensuring that clients, especially foreign investors, have a holistic understanding of the local market and receive services that meet their high standards.</p>
<p>“Our firm aims to collaborate with Japanese law firms to better serve Japanese clients who want to expand in Cambodia and appreciate local sensibilities in their solution. We want the Japanese to know they can trust us like their own” she said.</p>',
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'id' => '545709',
'title' => 'How to earn the trust of Japanese businesses: A playbook from a NY law firm',
'description_old' => null,
'description' => 'Epstein Becker & Green (EBG), a law firm with offices in New York and other major business centers across the United States, has nurtured a deeply loyal Japanese clientele in the country thanks to its commitment to understanding differences in business culture and delivering the desired results. ',
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'url' => 'how-to-earn-the-trust-of-japanese-businesses-a-playbook-from-a-ny-law-firm',
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'content' => '<p><strong>Epstein Becker & Green (EBG),</strong> a law firm with offices in New York and other major business centers across the United States, has nurtured a deeply loyal Japanese clientele in the country thanks to its commitment to understanding differences in business culture and delivering the desired results.</p>
<p>Established in 1971, EBG has mastered the strategy to retain its Japanese clients. Here is their three-pronged plan.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Set up a team of experts</strong></span></p>
<p> </p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-5-NYNJ-EBG-Law-Frances-Green-and-Ron-Green.jpg" alt="" />
<figcaption class="image-caption">Epstein Becker & Green Partner Frances Green (L) and Managing Partner Ron Green (R) (Source: EBG)</figcaption>
</figure>
<p>Its Japanese Business Services team are specialized attorneys who travel regularly to Japan and have earned extensive experience working with Japanese clients. They are well-versed in the legal and business issues that face Japanese companies in the United States and stay abreast of emerging trends.</p>
<p>Their proficiency in the Japanese language and their deep appreciation of Japanese culture and customs enable them to address the unique challenges and concerns of Japanese businesses in America.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Understanding the population</strong><strong> </strong></span></p>
<p> </p>
<p><strong>Partner Frances Green </strong>attributes the firm’s success with its Japanese clients to its dedication to knowing their culture and finding out what they need.</p>
<p>“I was recruited to the firm because it had a four-decade-plus relationship with the Japanese, which was begun by Ron (Green). He was one of the first American attorneys to go to Japan, be among the Japanese population, and understand that the Japanese business community wanted to integrate itself more within the U.S.,” she recalled.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Give the proper training</strong></span></p>
<p> </p>
<p>"Regardless of the investment, in whatever sector, we have nearly 200 lawyers dedicated to managing every aspect of the process when it comes to human capital. While many other firms have done this type of work for the Japanese, no one has done it longer than we have,” said <strong>Managing Partner Ron Green</strong>.</p>
<p>“We also have partners in our firm who regularly visit Japan and put on lectures on assimilation in the United States. They train rotating staff before they come here to at least lessen risks that they'll face when they build a company and manage a local workforce," he also said.</p>
<p>Apart from combining legal expertise with cultural insight, EBG has maintained long-term ties with Japanese clients by also customizing its services according to their unique needs whenever necessary.</p>',
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'id' => '545704',
'title' => 'Sega Sammy Holdings gets a $55 million windfall',
'description_old' => null,
'description' => 'Japanese amusement giant Sega Sammy Holdings, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside resort complex in Miyazaki, to U.S.-based Fortress Investment Group to shift its focus back to its core businesses: ',
'credit_id' => '48',
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'url' => 'sega-sammy-holdings-gets-a-55-million-windfall',
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'content' => '<p>Japanese amusement giant <strong>Sega Sammy Holdings</strong>, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside resort complex in Miyazaki, to U.S.-based <strong>Fortress Investment Group</strong> to shift its focus back to its core businesses: video game development and online casino gaming through its subsidiaries GAN and recently acquired Rovio Entertainment.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Sega-Sammy-President-and-CEO-Haruki-Satomi.jpg" alt="" />
<figcaption class="image-caption">Sega Sammy President and Group CEO Haruki Satomi (Source: Sega Sammy)</figcaption>
</figure>
<p>Although the financial terms of the deal have not been disclosed, news reports priced the deal at $55 million. Located in Miyazaki on Kyushu island, Seagaia is operated by Phoenix Resort Co.</p>
<p>Under the terms of the deal, Sega Sammy will sell all its common shares of Seagaia to Fortress Investment Group and acquire new shares, giving the company 20% of the voting rights in Phoenix after the transaction is completed.</p>
<p>Sega Sammy said Fortress’s extensive experience in the hotel and resort business will help maximize the resort’s corporate value.</p>
<p>"Even after Phoenix achieved profitability, we considered various measures to further increase its corporate value. We decided the best way is to bring in Fortress as a strategic partner and have it take the lead in Phoenix’s operations,” the company said.</p>
<p>With this deal, the investment firm now owns 176 hotels across Japan.</p>
<p>Opened in 1993 for $2 billion through a joint venture between the local government and private investors, Seagaia has never reported profitability until March 2024, when it reported a net profit of $140,000, its highest revenue since the acquisition.</p>
<p>Fortress’s acquisition of Seagaia comes amid surging inbound tourism in Japan. The Japanese government estimates that international tourists will reach 33 million this year, surpassing the pre-pandemic record. This trend has attracted foreign companies, like Fortress, to invest heavily in Japan’s hospitality sector.</p>',
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'title' => 'Intel taps 14 Japanese partners to boost country's semiconductor production',
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'description' => 'American multinational and technology company Intel will partner with 14 Japanese companies to develop technology that will automate their backend chip-making processes, like packaging, according to a report by Nikkei Asia. ',
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'url' => 'intel-taps-14-japanese-partners-to-boost-countrys-semiconductor-production',
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'content' => '<p>American multinational and technology company <strong>Intel </strong>will partner with 14 Japanese companies to develop technology that will automate their backend chip-making processes, like packaging, according to a report by Nikkei Asia.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Intel.jpg" alt="" />
<figcaption class="image-caption">Intel will partner with 14 Japanese companies to strengthen their country's semiconductor sector. (Photo source: TweakTown)</figcaption>
</figure>
<p>Led by Kunimasa Suzuki, the head of Intel's Japanese operations, will include electronics maker Omron, Yamaha Motor, and materials suppliers Resonac, and Shin-Etsu Polymer. The project got the support of Japan’s Ministry of Economy, Trade and Industry and earmarked around $26 billion (4 trillion Japanese yen) to help industries regarded as critical to economic security, like advanced semiconductor manufacturing.</p>
<p>The partnership also aligns with Prime Minister Fumio Kishida’s program to create more competitive supply chains in the domestic market for advanced semiconductors.</p>
<p>“By working together with like-minded countries and regions, we can strengthen the global semiconductor supply chain,” Kishida said at an event organized by semiconductor maker Rapidus Corp. in 2023.</p>
<p>It did not take long for other industry players to follow suit as Taiwan-based TSMC and Korea’s Samsung Electronics announced their plans to build research centers in Japan for back-end production.</p>
<p>Meanwhile, market research firm TechInsights expects the back-end market to grow 13% this year to $12.5 billion.</p>
<p>As of 2024, Japanese companies account for about 30% of global sales of semiconductor production equipment and around 50% of semiconductor materials, according to Japan's Ministry of Economy, Trade and Industry.</p>',
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'id' => '545706',
'title' => 'Mitsui invests $200 million in Texas solar farm project',
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'description' => 'Japanese trading multinational Mitsui & Co. has unveiled a plan to invest around $193 million (30 billion Japanese yen) over the next two years to build a solar farm in Texas. The move will capitalize on the increasing demand for renewable energy in a state where wind power dominates other forms of renewable energy.',
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'content' => '<p>Japanese trading multinational<strong> Mitsui & Co.</strong> has unveiled a plan to invest around $193 million (30 billion Japanese yen) over the next two years to build a solar farm in Texas. The move will capitalize on the increasing demand for renewable energy in a state where wind power dominates other forms of renewable energy.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Mitsui-Solar-Farm.jpg" alt="" />
<figcaption class="image-caption">Mitsui's digital rendering of its planned solar farm in Texas (Source: Mitsui & Co.)</figcaption>
</figure>
<p>The solar farm, with a capacity of 150 megawatts, is currently under construction in Hill County in central Texas and is slated to start commercial operations in 2026.</p>
<p>Mitsui plans to supply the generated electricity directly to companies and enterprises, as well as integrate it into the state’s general power system.</p>
<p>Texas's pricing system for electricity, which varies according to the location of the power plant, convinced Mitsui to invest in the solar farm. Hill County's proximity to major urban centers in the state, such as Dallas and Houston, allows for potentially higher electricity prices due to high demand in these densely populated areas.</p>
<p>Renewable sources account for 30 percent of Texas’s power generation with wind power being the primary contributor. Mitsui's investment decision was also driven by the significant growth potential of solar energy in the region. The company plans to monitor market trends and consider further investments accordingly.</p>
<p>Mitsui & Co. Energy Marketing and Services (MEMS USA), which will be responsible for managing the retail and wholesale sales of 600 megawatts of electricity annually across Texas and other states, will distribute the generated power. Also, MEMS USA plans to install a 300-megawatt-hour storage battery by 2025, allowing the company to store electricity and supply it when demand is lower, thereby optimizing consumption and costs.</p>
<p>The U.S. government’s support for solar power generation through the Inflation Reduction Act is expected to boost demand for renewable energy projects. Mitsui’s investment aligns with this trend, and other Japanese firms such as Idemitsu Kosan and Itochu are also expanding their solar power initiatives in the United States.</p>',
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'description' => 'Launched just this February, Open AI's Sora can produce multi-shot clips of a minute or longer using nothing more than a text prompt. This generative AI technology made headlines around the world for its ability to create commercial-quality videos in a matter of seconds.',
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'content' => '<p>Launched just this February, Open AI’s Sora can produce multi-shot clips of a minute or longer using nothing more than a text prompt. This generative AI technology made headlines around the world for its ability to create commercial-quality videos in a matter of seconds.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-4-CAMB-Open-AI.jpg" alt="" />
<figcaption class="image-caption">OpenAI CEO Sam Altman introduces Sora (Source: PC Magazine UK)</figcaption>
</figure>
<p>With Sora’s easy deployment, low cost, and lightweight infrastructure demands, the AI tool has become a marketing must-have for businesses everywhere, particularly in Cambodia.In an interview with Khmer Times, officers of Phnom Penh-based IT company <strong>Epenh</strong> and <strong>Cambodian Commercial Bank</strong> talked about how Cambodian businesses can use Sora to revolutionize their content and marketing strategies.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Transform content creation dynamics</strong></span></p>
<p><br />“Expressing content in video formats will give businesses an edge in their campaigns and opens doors for diverse opportunities, from content creation to advertising to explaining product know-how to end users,” said <strong>Epenh Co-Director Nigel Miranda.</strong></p>
<p>According to him, Sora’s ability to create realistic and high-quality videos is a tremendous opportunity for businesses to quickly test and refine their content and ads for their respective target audiences.</p>
<p> </p>
<p><span style="font-size: 18pt;"><strong><span style="font-family: helvetica;">Target marketing on a limited budget</span> </strong></span></p>
<p> </p>
<p><strong>Cambodian Commercial Bank Head of IT Kishore Kumar Muniswamy </strong>highlighted that businesses across all sectors can leverage Sora to save time and resources instead of resorting to traditional video production methods. <br /><br />According to OpenAI’s pricing, a one-minute 30 FPS video will cost around $216 or $ 0.12 per frame. Meanwhile, Vidico reports that on average, a one-minute video advertisement ranges from $1,000 to more than $50,000.</p>
<p> </p>
<p><span style="font-family: helvetica; font-size: 18pt;"><strong>Enhancing education delivery methods</strong></span></p>
<p> </p>
<p>Sora’s creative capabilities offer edtech businesses and educational institutions the opportunity to develop engaging and interactive learning materials that capture learner attention.</p>
<p>“This represents a potential way to make education more accessible and visually appealing for students,” Muniswamy said.</p>
<p>Beyond enhancing student engagement, Sora can also raise awareness of different cultures by generating videos with text overlays in various languages.</p>
<p>“This will revolutionize the way we perceive the world and consume video, audio, and other represented media content,” Miranda said.</p>',
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'id' => '545702',
'title' => 'Datarockets: Meet the masters of AI solutions',
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'description' => 'From its headquarters in Toronto and its offices in New York and London, custom software and mobile app developer Datarockets has rolled out innovative solutions that have resulted in productive partnerships with several loyal clients.',
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'content' => '<p>From its headquarters in Toronto and its offices in New York and London, custom software and mobile app developer Datarockets has rolled out innovative solutions that have resulted in productive partnerships with several loyal clients.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-4-NYNJ-Datarockets.jpg" alt="" />
<figcaption class="image-caption">Datarockets CEO Pavel Demeshchi (Source: Datarockets)</figcaption>
</figure>
<p>“The idea behind Datarockets was to build an intellectual hub where engineers come to learn product development skills on the one hand, and clients come to create products for their businesses and startups on the other, <strong>Datarockets CEO Pavel Demeshchik</strong> said in an interview with IT website SelectedFirms.</p>
<p>“We embrace our clients to discuss issues they see through our perspective. Our clients know what we discuss, how we make decisions, and what problems we experience,” Demeshchik said, highlighting transparency as one of the company’s distinguishing features.</p>
<p>Among its recent success stories includes a partnership with a Series-E company to launch a new SaaS product. From conceptualization to execution, Datarockets developed the product from the ground up.</p>
<p>Another partnership was with a fintech startup, whose platform generated more than $500 million in investments and earned it a No. 3 spot on Deloitte's Technology Fast 50 Companies-To-Watch list. Exhibiting versatility in the field, Datarockets also wrote firmware for a writing device that later raised $1 million through crowdfunding.</p>
<p>“Apart from actual coding, we bring our ideas to the table,” said Demeshchik, who believes that close collaboration with clients and user-centered design will deliver successful results.</p>
<p>Established in 2014, Datarockets offers various AI-related services to help businesses automate tasks, gain insights from data, and improve customer engagement. By integrating with GPT4 API, it can build AI-centric applications based on natural language processing, which boosts productivity for businesses.</p>',
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'id' => '545703',
'title' => 'Singapore: Walking on the digital cloud',
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'description' => 'Artificial intelligence has never been cooler. Forbes Business Council has reported that more than 250 million companies worldwide have adopted AI to improve their operations. As more companies and countries embrace AI and explore how best it will benefit them, one nation recognized its advantages eight years ago. We're talking about Singapore. ',
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'content' => '<p>Artificial intelligence has never been cooler. Forbes Business Council has reported that more than 250 million companies worldwide have adopted AI to improve their operations. As more companies and countries embrace AI and explore how best it will benefit them, one nation recognized its advantages eight years ago. We’re talking about Singapore.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-4-SG-Digital-Cloud.jpg" alt="" />
<figcaption class="image-caption">Singapore leads the world in the development and adoption of AI (Source: Canva)</figcaption>
</figure>
<p>Before ChatGPT and generative AI gained global traction over the last few years, Singapore had seen that AI technology could revolutionize its important sectors, such as education, healthcare, banking, and finance.</p>
<p>According to Singapore’s Personal Data Protection Commission, the city-state was among the first countries in the APAC region to adopt AI. As early as 2016, the government was looking into how it could use chatbots in public services using Microsoft technology. Then in 2019, it published AI Verify, the first set of guidelines in Asia for ethical AI use.</p>
<p>Fast forward to today, Singapore has distinguished itself in the global community for how it uses AI in disease diagnosis, pharmaceutical development, personalized customer support, and edge computing. </p>
<p>The public’s familiarity with the concept of big data, coupled with innovation-driven initiatives from corporations and government institutions, has hastened the advancement of AI in Singapore and the rest of the world.</p>
<p>According to Oxford’s Government AI Readiness Index 2023, Singapore has a readiness index of 81.97 out of 100, much higher than the regional average of 55.49. Statista projects that the AI market will account for 33.38% of Singapore’s GDP by 2030.</p>
<p>Meanwhile,<strong> Manpower Minister Tan See Leng </strong>said Singapore was investing $1 billion over the next five years into a national AI strategy to develop the advanced tech industry and equip its citizens with the needed skills.</p>',
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'title' => 'Japan's Sekisui House buys Denver homebuilder for $4.95 billion',
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'description' => 'Japanese homebuilder Sekisui House announced last month that it bought Denver-based MDC Holdings for $4.9 billion. Paying $63 in cash per share, Sekisui House first made public its buyout plans at the start of this year. ',
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'content' => '<p>Japanese homebuilder <strong>Sekisui House</strong> announced last month that it bought Denver-based <strong>MDC Holdings</strong> for $4.9 billion. Paying $63 in cash per share, Sekisui House first made public its buyout plans at the start of this year.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-4-Sekisui-House.jpg" alt="" />
<figcaption class="image-caption">Sekisui House Board Representative, President, and CEO Yoshihiro Nakai (Source: Sekisui House)</figcaption>
</figure>
<p>“We are excited to welcome MDC's management and employees to the Sekisui House team,” said <strong>Sekisui House Board Representative, President, and CEO Yoshihiro Nakai.</strong></p>
<p>With the acquisition, Sekisui House became the fifth-largest housebuilder in the United States, according to Asia Business Law Journal. The Japanese company plans to build 10,000 homes outside Japan.</p>
<p>“After 50 years of standalone growth, today marks an incredible new chapter as MDC becomes part of Sekisui House and positioned for another 50 years of success,” said <strong>MDC Founder and Executive Chairman Larry Mizel</strong> and <strong>President and CEO David Mandarich</strong> in a statement.</p>
<p>“We are excited about the opportunities for growth for our team members and within our customer offering. Now that the transaction is complete, we look forward to supporting a seamless integration,” they added.</p>
<p>With the acquisition of MDC, Sekisui’s presence in the United States will expand to 16 states.</p>',
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'description' => 'In its biggest buyout to date, Ono Pharmaceutical is set to acquire American cancer drug maker Deciphera Pharmaceuticals for $2.4 billion, according to Nikkei Asia. The move is aimed at ensuring continued growth as patents for Ono's Opdivo cancer immunotherapy are set to expire in 2028. ',
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'content' => '<p>In its biggest buyout to date, <strong>Ono Pharmaceutical</strong> is set to acquire American cancer drug maker <strong>Deciphera Pharmaceuticals</strong> for $2.4 billion, according to Nikkei Asia. The move is aimed at ensuring continued growth as patents for Ono's Opdivo cancer immunotherapy are set to expire in 2028.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-4-Ono-Pharma.jpg" alt="" />
<figcaption class="image-caption">Ono Pharma CEO Gyo Sagara (Source: Ono Pharma)</figcaption>
</figure>
<p>The acquisition will be completed via a tender offer with Ono purchasing all outstanding shares of Deciphera. The offer price of $25.60 per share represents a 74.7% premium over Deciphera's closing stock price in mid-May.</p>
<p>Established in 2003, Deciphera is known for its Qinlock cancer drug, which inhibits enzymes crucial for cancer cell proliferation. The company's global revenue in 2023 was $163 million, driven by Qinlock sales and collaboration revenue.</p>
<p>Ono predicts Qinlock's sales to surge between $350 million and $400 million. Also, Deciphera has promising new-drug candidates, including a treatment for benign tumors in joints and another for blood cancer complications, which is seen to generate sales of $700 million annually.</p>
<p>The acquisition is vital for Ono's strategic growth after Opdivo’s patents expire. Meanwhile, Ono is developing new-drug candidates, like Velexbru, for cancer treatment. But, it will take a few years before they can be approved and marketed.</p>
<p>The deal, approved by the boards of both companies and expected to close later this year, will strengthen Ono's sales capabilities in the United States and expand its overseas sales networks. Once finalized, Deciphera becomes a wholly-owned subsidiary of Ono.</p>',
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'title' => 'Renowned U.S. chip designer wants to end Nvidia's global dominance',
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'description' => 'Tenstorrent CEO Jim Keller, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant's global market dominance.',
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'content' => '<p><strong>Tenstorrent CEO Jim Keller</strong>, who worked for Intel, AMD and Tesla, said in an interview with Nikkei Asia that he wants to lower the price of AI applications by designing chips that are more efficient than Nvidia's and, in the process, end the American giant’s global market dominance.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-Tenstorrent.jpg" alt="" />
<figcaption class="image-caption">Tenstorrent CEO Jim Keller (Photo source: Tenstorrent)</figcaption>
</figure>
<p>Headquartered in Toronto, Tenstorrent has offices in Austin, Texas and Santa Clara, California, as well as in Belgrade, Tokyo, Bangalore, and Seoul. The company claims to be developing AI processors that perform as efficiently as Nvidia's AI GPUs but at a lower cost.</p>
<p>At present, Nvidia is the global market leader when it comes to AI chips. Its AI accelerators command between 70% and 95% of the global market share, according to CNBC.</p>
<p>Keller also said in the interview that Tenstorrent hopes to sell its second-generation multipurpose AI chip by the end of this year.</p>
<p>According to Keller, Tenstorrent can achieve its objective because it does not use high-bandwidth memory (HBM), a popular type of advanced memory chip capable of transferring large amounts of data quickly. HBM is a vital component for generative AI chips and has played a significant role in the success of Nvidia's offerings.</p>
<p>But Keller pointed out that HBM was also one of the culprits behind the massive energy consumption and high prices of AI chips.</p>
<p>"Even the people that use HBM struggle with the cost of it, [and] the design time to build it,” he said.</p>
<p>By doing away with HBM, Tenstorrent will design a chip that can replace both GPUs and HBMs in some areas of AI development, adding that its new product will be "as cost-effective as possible".</p>',
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'content' => '<p>Tokyo-based trading giant <strong>ITOCHU</strong> secured a contract to develop and test AI systems that will help run the transportation network and energy infrastructure of a future smart city project in southern Taiwan, according to a company press release.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-13-ITOCHU-Taiwan.jpg" alt="" />
<figcaption class="image-caption">ITOCHU plans to roll out AI-powered buses for Taiwan's new smart city project in Tainan. (Photo source: Nikkei Asia)</figcaption>
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<p>ITOCHU outbid other parties interested in the Integrated Development Project for Shalun Smart Green Energy Science City located in Tainan. The early-stage contract, according to Nikkei Asia, is worth around $332,000 (10.8 million New Taiwan dollars).</p>
<p>According to ITOCHU, the goal is to test its AI systems on a trial basis by the end of October. This is the first time the trading house has officially participated in an overseas smart city project.</p>
<p>The Taiwanese government also announced plans to earmark an additional $306.9 million (or 10 billion NTD) to develop the country’s artificial intelligence (AI) industry. In line with this goal, ITOCHU will collaborate with various Taiwanese partners, including IT company Accton Technology and National Cheng Kung University.</p>
<p>Home to the world's largest semiconductor maker, Taiwan Semiconductor Manufacturing Company (TSMC), Taiwan has a global market share of 61.7%. CNN estimates that TSMC produces 90% of the world's super-advanced semiconductor chips, which are used to power everything from smartphones to artificial intelligence applications.</p>',
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'content' => '<p>Belgium-based supplier of semiconductor solutions <strong>Melexis</strong> has opened its largest wafer testing site worldwide in Kuching in the Malaysian state of Sarawak to strengthen its presence in Asia-Pacific and meet the rising demand for semiconductors around the world, according to a company announcement.</p>
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<figcaption class="image-caption">Melexis' new 70 million-euro facility in Kuching is a nod to the local architectural design. (Photo source: Melexis)</figcaption>
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<p>Wafer testing is part of the manufacturing process wherein all individual integrated circuits are checked for functional defects through special test patterns.</p>
<p>According to Melexis, its expansion in Malaysia is a strategic move to streamline logistics and reduce its ecological footprint. Additionally, it selected Kuching because of its diverse, multilingual, entrepreneurial and highly skilled workforce.</p>
<p><strong>Melexis CEO Marc Biron </strong>said, “With an investment of 70 million euros, this opening underscores the ambition of Melexis and will ensure future growth. With Melexis, we are at the forefront of innovation, and this opening will support us in the markets that we serve.”</p>
<p>The new four-storey building, a collaboration of award-winning Belgian architect Sebastian Mortelmans and local architectural firm DNA, covers a ground surface of 4,500 sq. m., making it the company’s largest wafer testing site worldwide. The modern design evokes local longhouse architecture, incorporates advanced energy-saving systems, like a solar installation that can generate 30.000 kWh per month, and minimizes its environmental impact.</p>
<p>“Melexis has made the right choice to invest in Sarawak. With political stability, Sarawak is business-friendly and welcomes investments that can create mutual benefits. The Sarawak government has always been very supportive of investors both foreign and domestic. It is among the most preferred destinations for investment in Malaysia,” <strong>Sarawak’s Ministry of International Trade, Industry and Investment </strong>said in a statement<strong>.</strong></p>
<p>“Sarawak possesses many comparative advantages for businesses to grow and prosper such as strategic location, availability of green energy, talented workforce, and suitable land for industrial activities,” the statement also said.</p>',
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'content' => '<p>Japanese trading giant <strong>ITOCHU</strong> announced this month it had invested in <strong>ZeroAvia</strong>, a British-American maker of hydrogen-electric engines for aircraft, according to a company statement.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-13-Itochu-ZeroAvia.jpg" alt="" />
<figcaption class="image-caption">An aircraft powered by ZeroAvia's hydrogen-electric engines (Photo source: ZeroAvia)</figcaption>
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<p>Founded in 2018, ZeroAvia describes itself as “a team of passionate innovators dedicated to bringing safe, zero-emission flight to aviation.” The company claims its hydrogen-electric propulsion systems are “the most environmentally friendly and economically attractive solution to aviation’s growing climate change impact.”</p>
<p>According to ZeroAvia, its hydrogen-electric engines cut more than 90% of harmful emissions, lower operating costs by more than 40%, improve air quality and reduce noise pollution in airport communities.</p>
<p>Under the deal, ITOCHU will serve as ZeroAvia's distributor in Asia, marking its first investment in a developer of hydrogen engines for aircraft and a further expansion into the aviation industry. ITOCHU is part of Japan Aerospace, which is involved in aircraft sales, and of JAMCO, which manufactures materials for aircraft interiors.</p>
<p>According to ITOCHU, this recent investment is part of the company’s long-term goal of helping save the planet by decarbonizing the aviation industry.</p>',
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'description' => 'For the third time in the last five years, Virginia was ranked America's Top State for Business in 2024 by CNBC, which cited the state for having the best public schools in the country. It grabbed the top spot in 2007, 2009, 2011, 2019, and 2021.',
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'content' => '<p>For the third time in the last five years,<strong> Virginia</strong> was ranked America’s Top State for Business in 2024 by CNBC, which cited the state for having the best public schools in the country. It grabbed the top spot in 2007, 2009, 2011, 2019, and 2021.</p>
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<figcaption class="image-caption">Fairfax County Economic Development Authority President and CEO Victor Hoskins (Photo source: Fairfax County Economic Development Authority)</figcaption>
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<p>“Congratulations to Virginia on being named America’s Top State for Business in 2024 by CNBC, a record six times achieving that designation. I know that Virginia succeeds because of our shared belief that collaboration and innovation yield great results for our businesses and their employees,” said <strong>Fairfax County Economic Development Authority President and CEO Victor Hoskins</strong>.</p>
<p>Virginia ranks in the top half or better in each of the study’s 10 categories this year, “a rare feat,” noted CNBC. The state landed in the top 10 in four additional categories: infrastructure (3rd), business friendliness (5th), access to capital (8th) and workforce (9th).</p>
<p>For the first time, CNBC counted infrastructure (including the availability of shovel-ready sites) as the most important component for businesses when deciding on investment and cited the Virginia Business Ready Sites Program, as well as its world-class port, rail, roadway, and air transportation ecosystem as major contributors to the recognition.</p>
<p>CNBC’s annual ranking measures all 50 states on 128 different metrics in 10 key categories of competitiveness. North Carolina ranked second on the list, followed by Texas, Georgia and Florida.</p>
<p>Regarding Virginia’s economic relations with Japan, over $32.5 billion in capital investment has been made by Japanese companies in the last 5 years, according to the Virginia Economic Development Partnership, which also reports that Japanese companies employ more than 15,2000 people in the state.</p>',
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'description' => 'The U.S. subsidiary of Japanese group FANUC, one of the world's largest makers of industrial robots, has opened a $110 million facility in Michigan to store, sell and maintain made-in-Japan industrial robots for North American customers, according to a statement from FANUC America.',
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<figcaption class="image-caption">Michigan Gov. Gretchen Whitmer (center) with senior officers of FANUC America at its West Campus. (Photo source: FANUC America)</figcaption>
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<p>The new 650,000-square-foot facility was inaugurated on July 10 and is located in FANUC America’s West Campus in Auburn Hills, Michigan. The expansion increases the company’s footprint in Michigan to over 2 million square feet and is part of FANUC America’s plan to advance industrial automation in North America. The West Campus represents a $110 million investment built on 67 acres of land.</p>
<p>The facility, built on 270,000 square meters, has warehouse space to hold more than 6,000 robots and features automated systems for moving the robots in and out of the building, according to FANUC America.</p>
<p>"Our ongoing upward trajectory allows us to better support our customers with cutting-edge robotic and automation solutions, helping to drive more efficiency across all industries,” <strong>FANUC America CEO Michael Cicco </strong>said at the unveiling ceremony.</p>
<p>The Japanese company said it would have invested $250 million in North America since 2019 once this and other projects in its pipeline are completed. Currently, FANUC America has created over 400 jobs in Michigan.</p>',
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'description' => 'K Health, a leading AI-driven primary care company that provides 24/7 virtual primary care solutions through its mobile app, announced this month that it had raised $50 million in funding led by Claure Group with participation from investors, including Pablo Legorreta (founder and CEO of Royalty Pharma) and Mangrove Capital Partners, Valor Equity Partners, and Atreides Management.',
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'content' => '<p><strong>K Health</strong>, a leading AI-driven primary care company that provides 24/7 virtual primary care solutions through its mobile app, announced this month that it had raised $50 million in funding led by Claure Group with participation from investors, including Pablo Legorreta (founder and CEO of Royalty Pharma) and Mangrove Capital Partners, Valor Equity Partners, and Atreides Management.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-NYNJ-K-Health-Alan-Bloch.jpg" alt="" />
<figcaption class="image-caption">K Health founder and CEO Allon Bloch (Photo source: K Health)</figcaption>
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<p>K Health said in the same statement that it had been developing its own AI technology for more than seven years. Today, it can provide 24/7 virtual primary care solutions to millions of people in the United States.</p>
<p>The K Health platform includes clinical-grade medical chat and AI predictive models based on large datasets to help physicians optimize diagnosis and treatment and focus on patient care.</p>
<p>Instead of doctors taking patients through lengthy procedures and manually piecing together their medical history from electronic medical records, K Health allows healthcare providers to engage more quickly and closely with patients by giving them a complete medical chart with patient insights straight from the app.</p>
<p>According to K Health, this new model of care delivery achieves dramatically higher quality of care at lower costs compared to traditional primary care.</p>
<p>“K Health solves the need to make primary care visits highly personalized by giving doctors AI superpowers that enable them to practice at the top of their license. Our primary care platform offers a concierge medical experience with an assigned provider and 24/7 access to care,” explained<strong> K Health founder and CEO Allon Bloch.</strong></p>
<p>“When partnered with leading health systems, this model creates significant benefits to access, clinical outcomes, and patient experience. All you need to get care is your health insurance, a stark contrast to concierge medicine services that typically cost thousands of dollars,” Bloch added.</p>
<p>Meanwhile, <strong>Claure Group</strong> <strong>Founder and CEO Marcelo Claure </strong>said: As I invest in the AI landscape, I have found it incredibly difficult to discover companies making tangible, real-world progress with AI. K Health is the first company I've seen successfully using AI to impact millions of lives. They are addressing some of healthcare's greatest challenges by providing accessibility to faster, higher-quality, lower-cost care on a large scale."</p>',
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'content' => '<p>Ontario-based multinational <strong>Lee Li Holdings (LLH)</strong> <strong>CEO Lee Q. Shim</strong> told <strong>Cambodian Prime Minister Hun Manet </strong>in a meeting at the capital Phnom Penh this month that his company was looking at investment opportunities in the country, including its automotive healthcare, gas and oil, food processing and logistics, automobiles, and exports accreditation sectors.</p>
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<figcaption class="image-caption">Cambodia Prime Minister Hun Manet (right) met with Lee Li Holdings President and CEO Lee Q. Shim (Ieft) in Phnom Penh this month. (Photo source: Office of the Prime Minister)</figcaption>
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<p>During the meeting, Manet pointed out that the <strong>Cambodia Chamber of Commerce</strong> had two representative offices in Canada (Toronto and Montreal) that promote bilateral trade and assist exporters and importers in their two countries.</p>
<p>“Shim’s visit will further contribute to the promotion of trade relations between Cambodia and Canada,” Manet said.<br /><br />The prime minister also encouraged Shim to pursue discussions with relevant ministries and agencies, such as the Ministry of Health, the Ministry of Mines and Energy, and Ministry of Commerce, adding that his government has supported the private sector by encouraging international investment in the country.</p>
<p>Canada is one of the largest investors in Cambodia and has brought in around $1.1 billion in foreign direct investment as of 2021, Cambodian socio-economic analyst Chey Tech told The Phnom Penh Post in an interview.</p>',
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'content' => '<p><strong>National University Hospital (NUH)</strong>, the main teaching hospital of the country’s top-ranking National University of Singapore, announced this month the opening of a center focused on providing trauma care to vulnerable groups, particularly children, older adults, and migrant workers.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-ITL-WK-12-SG-NU-Hospital.jpg" alt="" />
<figcaption class="image-caption">Key representatives of NUH during the launch of the National University Centre for Trauma (Photo source: Singapore's National University Hospital)</figcaption>
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<p>According to the NUH, the center will use a code system to reduce the time between admission to the emergency department and the transfer to an operating theatre. Code Trauma involves the mobilization of all essential staff, including emergency physicians, nurses, surgeons, and anesthesiologists, to accelerate decision-making and response for patients with polytrauma or multiple injuries.</p>
<p>“The National University Centre for Trauma represents decades of efforts in refining our trauma care expertise for our injured patients to return to their lives and achieve their dreams. It also aims to prevent trauma from occurring in the first place with data-driven injury prevention efforts,” said <strong>National University Centre for Trauma Director Raj Menon.</strong></p>
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<p>Today, NUH has over 1,200 beds and serves more than 1 million patients a year with over 50 medical, surgical, and dental specialties. NUH is the only public and not-for-profit hospital in Singapore that provides care for adults, women and children under one roof, including the country’s only pediatric kidney and liver transplant program.</p>',
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'description' => 'Japanese amusement giant Sega Sammy Holdings, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside resort complex in Miyazaki, to U.S.-based Fortress Investment Group to shift its focus back to its core businesses: ',
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'content' => '<p>Japanese amusement giant <strong>Sega Sammy Holdings</strong>, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside resort complex in Miyazaki, to U.S.-based <strong>Fortress Investment Group</strong> to shift its focus back to its core businesses: video game development and online casino gaming through its subsidiaries GAN and recently acquired Rovio Entertainment.</p>
<figure class="image-container floated-right" style="float: right;"><img src="https://www.gmipost.com/img/uploads/Z-Newsletters/2024-R2/2024-R2-US-Jap-WK-5-Sega-Sammy-President-and-CEO-Haruki-Satomi.jpg" alt="" />
<figcaption class="image-caption">Sega Sammy President and Group CEO Haruki Satomi (Source: Sega Sammy)</figcaption>
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<p>Although the financial terms of the deal have not been disclosed, news reports priced the deal at $55 million. Located in Miyazaki on Kyushu island, Seagaia is operated by Phoenix Resort Co.</p>
<p>Under the terms of the deal, Sega Sammy will sell all its common shares of Seagaia to Fortress Investment Group and acquire new shares, giving the company 20% of the voting rights in Phoenix after the transaction is completed.</p>
<p>Sega Sammy said Fortress’s extensive experience in the hotel and resort business will help maximize the resort’s corporate value.</p>
<p>"Even after Phoenix achieved profitability, we considered various measures to further increase its corporate value. We decided the best way is to bring in Fortress as a strategic partner and have it take the lead in Phoenix’s operations,” the company said.</p>
<p>With this deal, the investment firm now owns 176 hotels across Japan.</p>
<p>Opened in 1993 for $2 billion through a joint venture between the local government and private investors, Seagaia has never reported profitability until March 2024, when it reported a net profit of $140,000, its highest revenue since the acquisition.</p>
<p>Fortress’s acquisition of Seagaia comes amid surging inbound tourism in Japan. The Japanese government estimates that international tourists will reach 33 million this year, surpassing the pre-pandemic record. This trend has attracted foreign companies, like Fortress, to invest heavily in Japan’s hospitality sector.</p>',
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Sega Sammy Holdings gets a $55 million windfall
Japanese amusement giant Sega Sammy Holdings, the creators of Sonic the Hedgehog and Angry Birds, recently announced plans to Seagaia, its seaside ...