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Netflix announced a $ 500 million investment in South Korea

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Netflix announced a $ 500 million investment in South Korea

Streaming giant Netflix has announced plans to spend nearly $ 500 million in South Korea by 2021 to add variety and variety to its growing worldwide record.

South Korean shows, films, and K-pop have gained worldwide fame in recent years, building audience bases in countries such as the United States and India, which have stable entertainment industries.

“K-Wave, or Hallyu as we call it here in Korea, is a moment of great national pride and we are proud to be a part of it. Korea’s great stories are nothing new. In fact, storytelling is deeply rooted in Korean culture.

“But today we live in a world where Parasite wins an Oscar for Best Picture, BlackPink plays Coachella, and more than 22 million households watch the horror television series Sweet Home.” Viewers around the world are falling in love with Korean stories, artists and culture, “said Minyoung Kim, Netflix’s vice president for Korea, Southeast Asia, Australia and New Zealand, in a statement posted on the streamer’s official website.

The streamer has announced that they have presented over 80 original Korean shows and films to members around the world, including Kim Yong Hee’s famous zombie thriller, Kingdom, the teen drama outside of school, and the recent space drama Space Sweepers. released.

“So we are investing nearly $ 500 million in Korea by 2021 to diversify our growth record,” added Kim.

Netflix has more than 3.8 million subscribers in South Korea.

The streamer said that he will work with leading talents and directors, as well as emerging voices from across South Korea, to write stories in every genre.

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Business

How rich is Saudi Arabia? Kingdom is doing a math balance check

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How rich is Saudi Arabia? Kingdom is doing a math balance check

The Kingdom is working to create a consolidated balance sheet of its assets and liabilities that will cover items currently on the books of the oil-rich economy, including investments and debt from its powerful sovereign wealth fund.

“The main objective of this program is to have the financial equivalent of the government’s MRI on the balance sheet,” a Treasury spokesman told Reuters, adding that it would include assets and liabilities that are currently “off the balance sheet”.

Saudi Arabia’s heir to the throne and de facto ruler Mohammed bin Salman has placed the Public Investment Fund (PIF), Saudi Arabia’s most important sovereign wealth fund, at the center of reforms aimed at diversifying the world’s largest exporter of fossil fuels.

Read more: Saudi Arabia signs an agreement with Lockheed Martin to strengthen military capabilities

Gulf countries typically do not disclose information on all their debt and assets, but the riskier profile of PIF investments and the inflow of government funds has made transparency a concern of some investors.

“Moving assets from a pool of liquid assets held as central bank reserves to less liquid (and less transparent) PIF investments raises the overall risk profile on the public sector balance sheet,” said Kiryanis Krustins, director of Fitch’s government team.

“Debt investors will see the government and its main government affiliates such as PIF as essentially having the same risks. That way, the activation of the larger Saudi complex at some point could affect the costs of borrowing the government itself,” he said.

The state media service did not respond to requests for comment.

Aramco billions

The government started working on what is known as the Sovereign Asset and Liability Management Framework (SALM) in the second half of last year, and a spokesman said it was a “long-term project” with no decisions about when and how it would turn out. obtained will be disclosed by him.

“If we use benchmarks, we will find that countries have spent several years on a consolidation stage,” he said of the project.

PIF’s finances are huge.

Wealth has grown from $ 150 billion in 2015 to $ 400 billion by 2020. This is supported by an estimated $ 70 billion salary from state-owned oil company Saudi Aramco for PIF’s stake in the petrochemical giant and transfers from bank headquarters to $ 40 billion in foreign reserves. .

When Aramco went public in 2019, the company had nearly $ 30 billion in sales.

The fund raised US $ 21 billion in loans between 2018 and 2019 and entered a new facility expected to be worth more than US $ 10 billion.

The “normal” way

Despite Saudi Arabia’s oil wealth, creating sufficient jobs for the kingdom’s young population is one of the biggest challenges facing Prince Mohammed, known in the west as MbS.

The government has pursued economic policies since 2016 to create millions of jobs by 2030 and reduce unemployment by 7%. However, austerity measures to curb the evaporating deficit have slowed investment and last year’s coronavirus crisis brought unemployment to a record 15.4%.

Riyadh has cut investment to bring its deficit down from an attractive 12% of GDP last year to a deficit of 4.9% by the end of this year.

Instead, they rely on PIF to fund some of its top growth infrastructure projects, including NEOM, a $ 500 billion high-tech business zone, and The Line, a city of 1 million people in NEOM, estimated to be between $ 100 billion and $ 200 billion in Costs.

PIF plans to invest at least 150 billion riyals ($ 40 billion) a year in the local economy through 2025, growing its wealth to 4 trillion riyals ($ 1.07 trillion) by that date, Prince Mohammed said.

“MBS anticipates that the youth unemployment rate will stagnate or rise unless the economy grows more than 6.5-7% – and this is a ticking time bomb,” said Khaled Abdel Majid, MENA fund manager in London. SAM Capital Partners, a PIF-based investment advisory firm, commented on the government’s transfer to PIF.

“It takes longer than available to get things done in the ‘normal’ way via the ‘normal’ channel.”

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Tech

Google to cease the old Pay application in the US

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Google to cease the old Pay application in the US

While extending the accessibility of its portable installment administration, Google keeps on improving the whole environment. The subsequent stage in accomplishing “flawlessness” is to dispose of everything old that can’t be refreshed and supplant it with something more up to date and, ideally, better.

Accordingly, Google is presently advising Pay clients in the United States that its old application will lose its fundamental highlights come April, AndroidPolice reports. Beginning April 5, clients of the old Google Pay application, just as the Google Pay site, can presently don’t send or get cash.

With its center usefulness eliminated, the lone conceivable answer for Google Pay clients is to change to the fresher rendition of the application. Evidently, these progressions just apply to clients in the United States, presumably because of the US being the assistance’s greatest market and the way that the new Google Pay application is just accessible in a couple of nations (for example India, United States).

For the individuals who are in a rush to move to the new Google Pay application before April 5, it merits referencing that it’s as yet a work in advancement. Ideally, we’ll have more news to share about Google’s new Pay application, yet for the present, be prepared to do the switch by early April.

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