Daily Archives: May 9, 2022

With central banks aggressively raising interest rates and the word recession suddenly on a lot of lips, everyone is nervously looking at every statistical release for signs that the economy has started to dip.

You dont need to look all that hard. It has. Frankly, it has run out of room to go any other direction.

Recent data suggest that the wave of economic recovery from the COVID-19 recession has already crested. Fast-rising interest rates may be applying the brakes on an economy that has begun to decelerate anyway.

On the other hand, if central bank rate hikes signal that the party is coming to an end, they do so at a time when the punch bowl is full. Its a long way to go before a slowdown from the peak of an economic cycle starts to look like a recession.

Recession worries widespread as interest rates rise: poll

Its time for central bankers to wield the blunt tool of raising interest rates

Consider last Fridays employment report from Statistics Canada. Jobs grew a puny 15,000 in April, which, given margins of error, amounts to a statistical goose egg. This marked the first month since the recovery from the recession began that the labour market truly stalled, without any new wave of the virus or increase of public-health restrictions to blame.

Economists viewed the number not so much with alarm as resignation. The unemployment rate is the lowest on modern record, and businesses have been widely reporting acute labour shortages for months. The supply of available labour has effectively run dry.

Meanwhile, Canadas housing market has taken a decided turn, as the Bank of Canadas rate hikes have had an almost instant numbing effect. National home sales fell more than 5 per cent in March from the previous month, according to the Canadian Real Estate Association; preliminary figures for April indicate 20-per-cent-plus slumps in the long-booming major markets of Toronto and Vancouver.

The speed and severity of the sales drop suggest that the countrys housing market was ripe for a downturn, just waiting for a catalyst. With the Bank of Canada expected to raise rates considerably higher still over the next few months, housing could continue to slow for a while.

In both cases, these elements of the economy were giving off clear signs of being strained to their limits. A slowdown is not only inevitable, but healthy, and levels of activity remain elevated even with the pullback. Nevertheless, a slowing of hiring, and of residential real estate, implies deceleration of two of the most important drivers of Canadas growth during the recovery from the COVID-19 recession. Their retreat is a pretty good indication that the economy, having already reached the limits of its capacity, is headed into the downside of the economic cycle.

In the United States, meanwhile, some economists argue that the descent was under way long before the Fed jumped into rate increases with both feet last week. The U.S. government recently estimated that the economy contracted at an annualized pace of 1.4 per cent in the first quarter of 2022. Economist David Rosenberg, of Toronto-based Rosenberg Research and Associates Inc., points out that since October, when U.S. real GDP peaked, the economy is down at a 2.4-per-cent annualized rate.

Sbastien McMahon, senior economist at Industrial Alliance Investment Management, says there is mounting evidence that high inflation is eroding U.S. consumer demand.

Inflation is now pushing real (inflation adjusted) U.S. disposable income on a downward trajectory, meaning that purchasing power is contracting, he said in an e-mail last week.

The economic view for Canada looks somewhat brighter, as the war in Ukraine has further elevated already high prices for oil and commodities, giving Canadas substantial resource sector a lift. Nevertheless, with the United States accounting for three-quarters of Canadian exports, Canadas economy is heavily exposed to any U.S. slowdown. At any rate, Canadas exports to the U.S. soared 25 per cent over the past two quarters suggesting that the export sector may be another part of the economy poised for a slowing of unsustainable growth.

The economy has had a great run indeed, a remarkable run, given the severity and uncertainty of the COVID-19 recession but were looking over the edge of the peak. From here, the risks to the downside are not only unavoidable, theyre now visible. That came into focus in last weeks sell-off in the stock market which, as portfolios shrink in this adjustment of thinking, presents yet another drag on demand and growth.

Any time the economic cycle turns downward, theres some danger that it ends in recession. Thats exacerbated when monetary policy is leaning hard into the descent, as it is now.

But lets remember and this is the Bank of Canadas key argument this isnt an economic shock up-ending an economy in mid-expansion. We really are going into this from the top, from a position of considerable strength. The economy can decline a lot from this point while still maintaining healthy levels of activity, employment and growth. Thats certainly the hope, as the bank devotes its attention to shutting down inflation.

The one factor that could carry both the Canadian and U.S. economies through this is the huge glut of household savings that have built up over the pandemic. Those savings could sustain consumer demand even as employment gains wane, borrowing costs rise and inflation nibbles away at real incomes.

But the key drivers that have propelled consumption up until now booming employment, surging housing wealth, rising stock markets look unlikely to do so for much longer, if at all. Without them, inflation and rising borrowing costs will be pretty high hurdles for consumer demand to clear, even with those savings to draw upon.

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Opinion: As interest rates rise, the economy may already be descending from its peak - The Globe and Mail

Should large shareholders divest from high-emitting industries? Experts in Environmental, Social, and Governance (ESG) investments believe this approach is not the most effective means of addressing the climate crisis. Instead of fossil fuel divestment, they posit that investors can make a significant impact through engagement, as their financial power can influence boardrooms to adopt more socially responsible business practices.

Within the first months of 2022, the world has already been hit by a range of environmental disasters resulting in financial losses, injuries, and even casualties. These are not isolated events, however. The percentage of the global population susceptible to natural hazards has steadily increased over the years and will continue to grow unless adequate climate preventive action is taken. Covid-19 and climate change have created an unprecedented humanitarian crisis that has disproportionately affected the most vulnerable groups of society. This has exposed and exacerbated socio-economic disparities within and between countries, highlighting the need for greater integration of environmental and sustainability strategies globally. Since 2015, the United Nations Sustainable Development Goals (SDGs) represent the universal blueprint for achieving sustainable economic and social development for the period running up until 2030. Their implementation is the responsibility of both governments and the private sector.

As the major players in production and industry, businesses are morally obliged to actively participate in the fight against climate change. Tackling the worlds social and environmental challenges requires undertaking initiatives of a scale that only the business community can achieve. In the past few years, the private sector has shown more willingness to take accountability for its impact on the environment, recognising that a more sustainable world could also benefit its business operations. A large majority of the worlds business executives are concerned about climate change, and a significant percentage are already facing such challenges in their organisations; nearly 30% of executives are experiencing the operational impact of climate-related disasters, and more than a quarter report encountering resource scarcity. Despite corporate setbacks from the pandemic and the subsequent economic downturn, the significance of this newfound commitment to sustainability is expected to grow exponentially in the following years.

Moreover, younger generations are dramatically transforming the workplace. The fight against climate change is characterised by a clear generational divide: young Millennials and the Generation Z are at the forefront of the sustainability movement, and their voices are expected to become more prominent as they enter the workforce. Furthermore, the disruptive force of the pandemic is acting as a pivot point for societal transformation. Covid-19 resulted in an economy-wide shock not seen in many generations. The business community has begun to fear that the environmental crisis will have a similarly wide-ranging macroeconomic effect, but of greater proportions.

Today, companies must demonstrate their commitment to climate action under mounting pressure from numerous stakeholders. Among these, investors hold a great deal of influence over organisations business conduct. Once a secondary concern, sustainability is now deeply integrated into investing criteria. The growing investor interest in ESG factors places intense focus and scrutiny on ESG metrics and methodologies which can provide insight into a companys emissions, as well as its climate risk mitigation abilities and renewable energy strategies. Concurrently, ESG ratings present various shortcomings, such as high levels of inconsistency across rating providers. This is partially a consequence of a lack of clarity and transparency concerning the methodologies used, highlighting the need for data standardisation. Despite obvious barriers to objectivity, studies have shown that there is a positive relationship between receiving a good rating on material sustainability issues and achieving high financial performance.

You might also like: What is the Future of Sustainability Reporting?

With that being said, should investors redirect their trillions away from hard-to-abate sectors? Among responsible investors, there is an ongoing ethical dilemma regarding how to address their financial interests in high-emitting corporations: remaining engaged and engendering change behind closed doors; or divesting their financial holdings to exert pressure on company reputation and balance sheets.

BlackRock, the worlds largest asset manager, pledged in 2020 to eliminate companies that generate more than 25% of their revenues from thermal coal production from its active investment portfolio. The financial firms decision, initially praised by climate activists, was later vehemently criticised as it only pertained to a fraction of the coal industry.

In the eyes of Kaitlyn Allen, fossil fuel divestment is not the right answer for achieving zero-emission. Allen serves as the Vice President of ESG at ClimeCo, a global sustainability company advancing the low-carbon future with market-based solutions, and has extensive expertise in ESG investing and corporate sustainability communications strategy. According to her ,divesting out of hard-to-abate companies is not the most effective means of addressing the climate crisis. Instead, she strongly believes that it is necessary to engage with high-emitting industries, as they represent the biggest obstacle to net-zero. These industries are in fact responsible for a significant proportion of global emissions; their successful decarbonisation would represent an enormous step toward bending the emissions curve downward.

Allen says that high emitting and fossil fuel divestment leads to environmentally conscious investors losing their voice within corporate policy-crafting, whereas through active engagement, they have the critical opportunity to shift company behaviour. By selling off their share, she explains, they will not shift the needle towards net-zero emissions. The perspectives of academics researching business and management seem to accord with Allens view. A study conducted by two business professors from the University of Pennsylvanias Wharton School and Stanford Graduate School of Business demonstrates that ESG divestitures from what they refer to as dirty companies do not have enough impact on the cost of capital to affect any meaningful business decisions. In order to drive real change, investors should retain their stake and exercise their control rights, demanding companies take necessary action on social and environmental issues. Likewise, research published by professors at the universities of Trento, Harvard, and Chicago argues that in terms of pressuring companies to act in a socially responsible manner, engagement is more effective than divesting. Kaitlyn asserts that in addition to being proven inefficient, fossil fuel divestment may result in shares being acquired by investors that do not care about the environment.

The business community has finally realised their exposure to climate risks, recognising their responsibility in ensuring the most carbon-intensive industries make the transition needed to cap global warming. Investors have the power and the resources to drive this change and actively contribute to climate action. Finally, greater transparency in the ESG regulatory environment will positively influence the perceived legitimacy and adoption of climate finance initiatives. Investing in environmentally conscious companies aimed at supporting mitigation and adaptation actions, as well as ensuring the worlds largest corporate greenhouse gas emitters take the necessary step towards emission reduction, are essential in reaching a net-zero outcome.

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Fossil Fuel Divestment Versus Engagement on the Road to Net-Zero - EARTH.ORG

The Peoples Republic of Chinas emergence as a global power is rooted in the rapid development of a sovereign innovation infrastructure, one that allows China to compete in high-technology races with the United States. Chinas build-up of its innovation infrastructure is complemented by another process: an intensifying cooperation with the Russian Federation in security, trade, energy supplies, artificial intelligence, 5G, space research, and biotechnology. Moscow and Beijing have a complicated history of interactions. Previously, China and the Soviet Union were isolated from the world market of technology, and after the Sino-Soviet relationship worsened, they were also isolated from each other. However, today, in light of deteriorating relations with the United States, strategic alignment emerges. The U.S. and the European Unions decoupling from business with China and imposing economic sanctions on Russia push the two countries to examine the potential of their strategic cooperation more closely.[1]

China and Russia are very different in terms of their innovation performance. China has an ascending trajectory and has already advanced to self-sufficient manufacturing of sophisticated intermediate goods.[2] It is well integrated into global innovation networks, while Russia is not. Since the break-up of the Soviet Union, Russia has been sliding down a descending trajectory.[3] It became a natural resource exporter heavily dependent on imports of foreign technology.

Regardless of these differences, Beijing and Moscow are actively developing a joint innovation infrastructure. The two countries declared 2020 and 2021 the Cross Years of Russian and Chinese scientific, technical, and innovation cooperation.[4] China demonstrated its ability in launching and managing large-scale projects and leads in Sino-Russian partnerships. Most of the infrastructure projects take place under the auspices of the Belt and Road Initiative.[5] For example, one of its institutes is Russia-China Investment Fund, a private equity fund established jointly by the Russian Direct Investment Fund and China Investment Corporation, which equally committed USD 2 billion.[6]

Lomonosov Moscow State University (left) and Tsinghua University Campus (right). (Adobe Stock)

The purpose of building this type of infrastructure is to accelerate Sino-Russian partnerships in science and technology and facilitate technology transfer. In 2020, the two countries announced the construction of the first Sino-Russian Innovation Complex, a joint venture of Tus-Holdings, Russian Direct Investment Fund, Tsinghua University, and Lomonosov Moscow State University. The purpose of this Innovation Complex is to prepare for future joint research and development centers, university labs for basic research, and science parks. This project followed the establishment in 2016 of the first Sino-Russian university founded by Beijing Institute of Technology, Shenzhen Municipal Peoples Government, and Lomonosov Moscow State University.[7] The new universitys mission is to to nurture talents for the Belt and Road Initiative.[8] Few joint research centers, for instance, in computational mathematics and cybernetics, were launched, and there are plans to open other centers in chemistry and materials, biology, and space science.[9]

In addition, the Russia-China Investment Fund, in partnership with Tus-Holdings, supports the construction of the Sino-Russian High-Tech Innovation Park at the Skolkovo Innovation Centre. According to the press release, Tus-Holdings is considering the possibility to create a network of innovation facilities in Russia by building new technology parks in other areas of the country.[10] Another science and technology park within Lomonosov Moscow State University is anticipated and is expected to become a platform for innovative cooperation between scientific and technological workers and scientific and technological enterprises of the two countries.[11]

These projects are recent, and at the moment, it is unclear whether they would be successful in spurring actual innovation in the near future. What is clear, though, is that their proliferation in the last few years signals the commitment to closer and long-term integration of the Russian and Chinese innovation systems. Such integration is incremental and might take decades. In the words of Tus-Holdings Chairman Jiwu Wang, the companys vision is an ecosystem of innovative cooperation in science and technology between China and Russia . . . and deepening economic integration between the two countries [emphasis added].[12]

(sputnikvaccine.com)

Chinese-Russian technological alignment has been particularly apparent in the sector of biotechnology. Broadly, biotechnology refers to the manipulation of living organisms or their compounds to produce new products or services. Biotechnology is perceived to be a key strategic technology for industrial growth and is distinguished from other technological sectors for its capacity to alter the means of production across a variety of industrial sectors.[13] Examples of the sectors include pharmaceuticals, agriculture, and food processing, and extend to dual-use technologies.

Biotechnology is a strategic sector for China. The Made in China 2025 Initiative sets the goal of manufacturing high-tech products, including innovative medicines.[14] The plan introduced targets for Chinese pharmaceutical firms to advance in biotechnology innovation and increase exports.[15] About half of all industrial parks in China focus on the development of pharmaceuticals.[16] By 2018, China established 111 biotechnology science parks.[17] Although China still lags behind the U.S. in biotechnology innovation, analysts concede that it is rapidly progressing and closing this gap.[18] So far, Chinas efforts have concentrated on creating the necessary infrastructure for biotechnology development.

In turn, Russia has rich natural resources, but over 80% of biotech products are imported, and Russias share in the global market of biotech products is below 0.1%.[19] Russian biotech is a sector that experienced massive brain drain after the break-up of the Soviet Union, with many scientists leaving for Western countries and Israel.[20] The persistent challenge for the Russian biotechnology industry, including the biopharmaceutical industry, is its critical dependency on imports. Between 1992 and 2014, the production of substances (active pharmaceutical ingredients) decreased by a factor of 20.[21] According to the Ministry of Industrial Policy of Russia, in 2015, the country imported 95% of active pharmaceutical ingredients required to produce finished pharmaceuticals.[22] In 2018, the share of foreign medicines on the Russian market constituted 70.2% by value and 39.4% by volume. In 2019, foreign medicines generated USD 19.6 billion in income, which was about 70% of the Russian pharmaceutical market.[23] By some accounts, this sum is larger than what Russia earns from its arms export.[24] Pharmaceutical imports exceed exports by 14 times.[25] By all formal indicators in life-science research and biotechnology, such as gross domestic product (GDP) expenditure on R&D, patents, and journal publications, Russia lags behind the United States, China, France, South Korea, Japan, Germany, and India.[26]

Yet, Russia sees biotechnology as a priority area for its future.[27] The first post-Soviet strategic document in this area was enacted in 2012 and entitled the State Coordination Program for the Development of Biotechnology in the Russian Federation until 2020 (BIO 2020). Around USD 18 million was invested in the development of biotechnology, with 22% directed to biomedicine and biopharmaceuticals research.[28] The results of the program are considered limited, except for some improvement in vaccine and monoclonal antibodies research.[29] The state programs in the pharmaceutical industry appear to be more specific and thus more practical.

For example, the State Program for the Development of the Pharmaceutical and Medical Industry until 2020 (PHARMA 2020), published in 2014, attempted to reduce Russias dependency on foreign medical technologies. Sanctions put added pressure on import substitution in this area.[30] As a result of this program, 50 new industrial sites were built, 130 new medicines entered the market (9 of which were classified as innovative), and 8 scientific-research centers of pre-clinical development were built or reconstructed.[31] In addition, PHARMA 2020 launched several biopharmaceutical projects, including those of Biocad and Generium,[32] some of the largest producers of the Sputnik V vaccine.[33]

Moscow approved PHARMA 2030 in December 2021. The main difference between PHARMA 2020 and PHARMA 2030 is a call for an upgrade from import substitution to an innovative model of production. In nine years, Russia aims to double the production of local medicines and medical equipment and increase their export. The program foresees investment in infrastructure to allow for deepening cooperation between production, science, and education.[34]

According to data from the Eurasian Economic Commission, Russias innovative companies include few active players: Generium, ChemRar, Biocad, and Pharmapark.[35] ChemRar, a high-tech center in the Moscow region, hosts a handful companies benefiting from its infrastructure and scientific-research institute. One of the objectives of the center is conducting R&D for its partners especially around innovative antibiotics. In 2020, ChemRar, with the help of the Russian Direct Investment Fund (RDIF), developed a specific medicine for anti-coronavirus treatment, Avifavir, which is currently supplied to 15 countries.[36] Avifavir is based on a known substance Favipiravir, originally developed in Japan to treat influenza, but ChemRar conducted clinical trials to confirm its effectiveness in treating COVID-19 specifically. Pharmapark, another Moscow-based company, is Russias top producer of the active pharmaceutical ingredient interferon alfa-2b and covers 80% of local demand of Russian producers of finished pharmaceuticals. Some of these companies are becoming instrumental in Sino-Russian biotech partnership.

When it comes to breakthroughs, what is notable about the Russian biopharma industry is the persistent Soviet legacy of production being subordinated to research institutes. By estimates, about 30 universities, mostly in Moscow and Saint Petersburg, have programs in biotechnology, and about 50 institutes of the Russian Academy of Science conduct biology research.[37] Consider the Russian COVID-19 vaccines as an example. The Sputnik V vaccine came out from the Gamaleya Institute, a state-owned research institute, not from industry. The Novosibirsk-based state-owned scientific center, Vektor State Research Center of Virology and Biotechnology, developed the EpiVacCorona vaccine.[38] Similarly, state-owned Chumakov Scientific Center for Research and Development of Immune-and-Biological Products of Russian Academy of Sciences developed the KoviVac vaccine.[39]

(sputnikvaccine.com)

Arguably, Russias weak point is not in the development of biopharmaceutical innovation but in scaling-up of production. In the biotechnology sector, innovative projects are financially supported through Russian development institutes, such as Skolkovo, Russian Venture Company, and Rusnano.[40] Often, their resources only suffice for the development stage but not for substantially increasing production. For the latter, the Russian Foreign Direct Investment Fund plays a bigger role, but it would be limited without help from its international partners. This is where Chinas resources find a good application.

Notwithstanding the respective limitations of national biotech industries, Russia and Chinas cooperation has recently intensified and involved the use of the joint innovation infrastructure projects mentioned above. For example, Russian company Biocad,[41] together with Chinese manufacturer Shanghai Pharmaceuticals Holding (SPH), created a joint venture, SPH Biocad, based in China. SPH Biocad will commercialize Biocads portfolio of medicines (e.g., oncology and autoimmune treatment) in the Chinese market.[42] The joint venture received USD 400 million in funding, in which SPH holds 50.1% and Biocad 49.9%.[43] The long-term plan is to turn the joint venture from a generic producer into an innovative player.[44]

Another example of the use of the joint innovation infrastructure to advance biopharmaceutical cooperation is the Russia-China Investment Fund. In 2020, it invested in the creation of the Russian pharmaceutical holding Binnopharm Group.[45] In the same year, Binnopharm Group joined a group of companies involved in the production of the Sputnik V vaccine. With consolidated assets, Binnopharm Group became one of the top three largest pharmaceutical manufacturers in Russia and now owns the portfolio of over 450 registered medicines, the most among Russian companies.[46] Binnopharm Group plans to establish a new R&D center in Krasnogorsk (Moscow region) by integrating R&D centers of the enterprises that were merged and invest USD 33 million in the development of 100 new medicines by 2025.[47] The impact on biopharmaceutical innovation of this merger is yet to be seen. Evidently though, China has been behind the major projects aiming to help Russia create and improve the necessary infrastructure for the development of biopharmaceuticals industry. Infrastructure for innovation-based industries, such as biotechnology, is a key pillar, and Chinas kind of investment in Russia is aimed to develop and upgrade the necessary innovation capabilities.

In addition to joint investments, China and Russia have launched bilateral research projects. The countries agreed to establish a joint laboratory for research on COVID-19. The National Fund of Natural Sciences of China and the Russian Fund of Fundamental Research will supervise the project.[48] In a similar vein, the Russian Vektor State Research Centre of Virology and Biotechnology have cooperated with the Ministry of Science and Technology of China on projects related to the human avian influenza (bird flu).[49] The exchange of vaccine technology and declarations to combine efforts in coronavirus research accelerated the formation of the institutional links between the Chinese and Russian innovation systems, especially in the biotechnology sector. It signals the countries commitment to an enduring innovation partnership.[50]

The processes addressed in this paper have been unfolding before the war in Ukraine. Western decoupling from China and Russia has been pushing the two countries towards deepening their cooperation. The accelerating Sino-Russian innovation cooperation projects confirm this assumption. While it can be premature to assess the levels of joint biopharmaceutical innovation, the implications of Chinas engagement with the Russian biotech are not trivial. The nature of this engagement goes beyond investment projects, aiming to strengthen the institutional links between research organizations, manufacturers, and sovereign funds of the two nations. After February 24, 2022, Western sanctions and companies fleeing Russia will force Moscow to seek deeper cooperation with China in high-tech sectors. Russian biotech is not a self-sufficient industry and requires international partnerships to develop. But Russia is now limited in who it can partner with. Given the past trajectory of joint innovation partnership, naturally, China is now Russias ultimate bet when it comes to biotechnology development. Russian biotech future is in Chinas hands. There are not currently signs that China will change its favorable position towards Russia; hence, Sino-Russian innovation partnerships will likely intensify.

[1] Samuel Bendett and Elsa Kania, A New Sino-Russian High-Tech Partnership, Australian Strategic Policy Institute, October 2019, https://www.aspi.org.au/report/new-sino-russian-high-tech-partnership.

[2] Richard E. Baldwin, The Great Convergence: Information Technology and the New Globalization (Cambridge, Massachusetts: The Belknap Press of Harvard University Press, 2016), p. 294.

[3] For more details, see, Svitlana Lebedenko, Russian Innovation in the Era of Patent Globalization, IIC International Review of Intellectual Property and Competition Law 53, no. 2 (2022): pp. 173-193.

[4] Desheng Cao, China, Russia Enhance Links in Sci-Tech Innovation, China Daily, November 2021, https://www.chinadaily.com.cn/a/202111/27/WS61a16e3ea310cdd39bc77dbd.html.

[5] A long-term project announced by the General Secretary Xi Jinping in 2013 and envisioned to be completed by 2049.

[6] Russia-China Investment Fund, http://rcif.com/. See also: Belt and Road Initiative, BRI Institutions, https://www.beltroad-initiative.com/institutions-and-mechanisms/.

[7] About the University: Brief, Shenzhen MSU-BIT University, https://en.smbu.edu.cn/About_the_University/Brief.htm.

[8] Ibid.

[9] Development Plan, Shenzhen MSU-BIT University, https://en.smbu.edu.cn/info/1035/1258.htm.

[10] Russian Direct Investment Fund, RCIF and Tus-Holdings expand comprehensive cooperation in the technology & innovation sector, September 11, 2018, https://rdif.ru/Eng_fullNews/3412/.

[11] RDIF, RCIF and Tus-Holdings agree to jointly establish innovation center at Lomonosov Moscow State University, April 26, 2019, https://rdif.ru/Eng_fullNews/4050/.

[12] Ibid.

[13] Susan Bartholomew, National Systems of Biotechnology Innovation: Complex Interdependence in the Global System, in Systems of Innovation: Growth, Competitiveness and Employment, ed. Charles Edquist and Maureen McKelvey, I (Cheltenham, UK; Northampton, MA, USA: Edward Elgar Publishing Limited, 2000), pp. 444-445.

[14] Rolf Schmid and Xin Xiong, Biotech in China Innovation, Politics, and Economics (Singapore: Jenny Stanford Publishing, 2021), p. 285.

[15] Adolfo Arranz, Made in China 2025: Beijing Bets on Biotech, South China Morning Post, October 2018, https://multimedia.scmp.com/news/china/article/2167415/china-2025-biotech/index.html?src=social.

[16] Chinas Biotech Parks Leveraging the Ecosystem for Success (Deloitte, May 2021), p. 2, https://www2.deloitte.com/cn/en/pages/life-sciences-and-healthcare/articles/pr-china-biotech-parks-leveraging-the-ecosystem-for-success.html.

[17] Ibid.

[18] For indicators and comparative statistics, see, Robert D. Atkinson, Chinas Biopharmaceutical Strategy: Challenge or Complement to U.S. Industry Competitiveness? (Information Technology and Innovation Foundation, August 2019), https://itif.org/publications/2019/08/12/chinas-biopharmaceutical-strategy-challenge-or-complement-us-industry.

[19] Anna Grebenyuk and Nikolai Ravin, The Long-Term Development of Russian Biotech Sector, Foresight 19, no. 5 (September 2017): pp. 491, 498.

[20] Gigi Kwik Gronvall and Brittany Bland, Life-Science Research and Biosecurity Concerns in the Russian Federation, The Nonproliferation Review, February 2021, pp. 3-4.

[21] Vladimir V. Moiseev, State Policy of Economic Development of Modern Russia (2000-2016) (translation by author) (Moscow: Direkt-Media, 2017), p. 297.

[22] Information on the Results of Analysis of the State and Development of the Biotechnology Industry of Member States of the Eurasian Economic Union Working Materials (Translation by Author), (Moscow: Eurasian Economic Commission, Department of Industrial Policy, 2015), p. 27.

[23] Balakin, Ayginin, and Ivashenko, Russian Pharmaceutical Industry until 2030: Analytic Overview (Translation by Author), p. 38.

[24] Ibid.

[25] Aleksandr V. Evstratov, Main Tendencies and Ways of Development of the Pharmaceutical Market in the Russian Federation (translation by author) (Volgograd: VolgGTU, 2018), p. 18.

[26] Gronvall and Bland, p. 8.

[27] Ibid, p. 4.

[28] Ibid.

[29] Ibid.

[30] Arthur Boyarov, Alina Osmakova, and Vladimir Popov, Bioeconomy in Russia: Today and Tomorrow, New Biotechnology 60 (January 2021), p. 36.

[31] K.V. Balakin, A.A. Ayginin, and A.A. Ivashenko, Russian Pharmaceutical Industry until 2030: Analytic Overview (Translation by Author) (Dolgoprudny: Biopharmaceutical Claster Severnyi, 2021), pp. 42-43.

[32] Boyarov, Osmakova, and Popov, Bioeconomy in Russia, p. 37.

[33] Russian company plans to produce 5-6 mln doses of Sputnik V per month in June-July, Tass, April 6, 2021, https://tass.com/economy/1274415; and The Sputnik V Manufacturer Will Produce 20 Million Doses of Vaccine Per Month (translation by author), Generium, June 5, 2016, https://www.generium.ru/about/press_center/Media_about_us/proizvoditel-sputnika-v-s-iyulya-nachnet-vypuskat-20-mln-doz-vaktsiny-v-mesyats/.

[34] Balakin, Ayginin, and Ivashenko, p. 43.

[35] Information on the Results of Analysis of the State and Development of the Biotechnology Industry of Member States of the Eurasian Economic Union Working Materials (Translation by Author), pp. 28-30.

[36] Russias Avifavir Coronavirus Drug Registered in Indonesia, Russian Direct Investment Fund, March 2021, https://rdif.ru/Eng_fullNews/6644/.

[37] Overview of the Biotechnology Market in Russia and of its Prospects of Development (translation by author) (Frost & Sullivan, 2014), p. 21.

[38] By December 2020, Vektor has also developed a vaccine against HIV and conducted the first phase of clinical trials. Balakin, Ayginin, and Ivashenko, Russian Pharmaceutical Industry until 2030: Analytic Overview (Translation by Author), pp. 41-42.

[39] Pharmaceutical Market of Russia 2020 (Translation by Author) (Moscow: DSM Group, 2020), p. 117.

[40] Overview of the Biotechnology Market in Russia and of its Prospects of Development (translation by author), p. 17.

[41] Biocad is a scientific-production company in the Moscow region with the focus on urology, gynecology, oncology, and neurology products.

[42] Ben Hargreaves, China and Russia Collaborate to Create Biologics Joint Venture, Bio-Pharma Reporter, October 2, 2019, https://www.biopharma-reporter.com/Article/2019/10/02/China-and-Russia-collaborate-to-create-biologics-JV.

[43] Ibid.

[44] Ibid.

[45] The Russian pharmaceutical company Alium was founded in 1994 on the basis of the Research Centre of Applied Microbiology. In 2019, it was acquired by JSC AFK Sistema. In 2020, all the pharmaceutical assets of the JSC AFK Sistema, including Alium, were merged in Binnopharm Group. See, Binnopharm Croup, https://binnopharmgroup.ru/.

[46] Morgan Lewis Advises the Russia-China Investment Fund (RCIF) on Creation of Pharmaceutical Holding, Chambers and Partners, February 2021, https://chambers.com/articles/morgan-lewis-advises-the-russia-china-investment-fund-rcif-on-creation-of-pharmaceutical-holding.

[47] Russias Binnopharm Group Hopes to Launch up to 100 New Drugs in Comin, ThePharmaLetter, September 2021, https://www.thepharmaletter.com/article/russia-s-binnopharm-group-hopes-to-launch-up-to-100-new-drugs-in-coming-years.

[48] Ibid.

[49] International Cooperation (Translation by Author), Russian Centre for Virology and Biotechnology Vektor, http://www.vector.nsc.ru/mejdunarodnoe-sotrudnichestvo/.

[50] See, for instance, a declaration of Xi Jinping on deepening the cooperation with Russia on vaccine development. Xi Eyes Deeper Vaccine Cooperation with Russia, Xinhuanet, August 2021, http://www.news.cn/english/2021-08/25/c_1310148390.htm.

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The Rise of Sino-Russian Biotech Cooperation - Foreign Policy Research Institute

SANGDONG, South Korea, May 9 (Reuters) - Blue tungsten winking from the walls of abandoned mine shafts, in a town that's seen better days, could be a catalyst for South Korea's bid to break China's dominance of critical minerals and stake its claim to the raw materials of the future.

The mine in Sangdong, 180 km southeast of Seoul, is being brought back from the dead to extract the rare metal that's found fresh value in the digital age in technologies ranging from phones and chips to electric vehicles and missiles.

"Why reopen it now after 30 years? Because it means sovereignty over natural resources," said Lee Dong-seob, vice president of mine owner Almonty Korea Tungsten Corp.

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"Resources have become weapons and strategic assets."

Sangdong is one of at least 30 critical mineral mines or processing plants globally that have been launched or reopened outside China over the last four years, according to a Reuters review of projects announced by governments and companies. These include projects developing lithium in Australia, rare earths in the United States and tungsten in Britain.

The scale of the plans illustrates the pressure felt by countries across the world to secure supplies of critical minerals regarded as essential for the green energy transition, from lithium in EV batteries to magnesium in laptops and neodymium found in wind turbines.

Overall demand for such rare minerals is expected to increase four-fold by 2040, the International Energy Agency said last year. For those used in electric vehicles and battery storage, demand is projected to grow 30-fold, it added.

Many countries view their minerals drive as a matter of national security because China controls the mining, processing or refining of many of these resources.

The Asian powerhouse is the largest supplier of critical minerals to the United States and Europe, according to a study by the China Geological Survey in 2019. Of the 35 minerals the United States has classified as critical, China is the largest supplier of 13, including rare earth elements essential for clean-energy technologies, the study found. China is the largest source of 21 key minerals for the European Union, such as antimony used in batteries, it said.

"In the critical raw material restaurant, China is sitting eating its dessert, and the rest of the world is in the taxi reading the menu," said Julian Kettle, senior vice president for metals and mining at consultancy Wood MacKenzie.

The stakes are particularly high for South Korea, home of major chipmakers like Samsung Electronics. The country is the world's largest consumer of tungsten per capita and relies on China for 95% of its imports of the metal, which is prized for its unrivalled strength and its resistance to heat.

China controls over 80% of global tungsten supplies, according to CRU Group, London-based commodity analysts.

The mine at Sangdong, a once bustling town of 30,000 residents that's now home to just 1,000, holds one of the world's largest tungsten deposits and could produce 10% of global supply when it opens next year, according to its owner.

Lewis Black, CEO of Almonty Korea's Canadian-based parent Almonty Industries, told Reuters that it planned to offer about half of the operation's processed output to the domestic market in South Korea as an alternative to Chinese supply.

"It's easy to buy from China and China is the largest trading partner of South Korea but they know they're over-dependent," Black said. "You have to have a plan B right now."

Sangdong's tungsten, discovered in 1916 during the Japanese colonial era, was once a backbone of the South Korean economy, accounting for 70% of the country's export earnings in the 1960s when it was largely used in metal-cutting tools.

The mine was closed in 1994 due to cheaper supply of the mineral from China, which made it commercially unviable, but now Almonty is betting that demand, and prices will continue to rise driven by the digital and green revolutions as well as a growing desire by countries to diversify their supply sources.

European prices of 88.5% minimum paratungstate - the key raw material ingredient in tungsten products are trading around $346 per tonne, up more than 25% from a year ago and close to their highest levels in five years, according to pricing agency Asian Metal.

The Sangdong mine is being modernised, with vast tunnels being dug underground, while work has also started on a tungsten crushing and grinding plant.

"We should keep running this kind of mine so that new technologies can be handed over to the next generations," said Kang Dong-hoon, a manager in Sangdong, where a "Pride of Korea" sign is displayed on a wall of the mine office.

"We have been lost in the mining industry for 30 years. If we lose this chance, then there will be no more."

Almonty Industries has signed a 15-year deal to sell tungsten to Pennsylvania-based Global Tungsten & Powders, a supplier to the U.S. military, which variously uses the metal in artillery shell tips, rockets and satellite antennae.

Yet there are no guarantees of long-term success for the mining group, which is investing about $100 million in the Sangdong project. Such ventures may still struggle to compete with China and there are concerns among some industry experts that developed countries will not follow through on commitments to diversify supply chains for critical minerals.

Seoul set up an Economic Security Key Items Taskforce after a supply crisis last November when Beijing tightened exports of urea solution, which many South Korean diesel vehicles are required by law to use to cut emissions. Nearly 97% of South Korea's urea came from China at the time and shortages prompted panic-buying at filling stations across the country.

The Korean Mine Rehabilitation and Resources Corporation (KOMIR), a government agency responsible for national resource security, told Reuters it had committed to subsidise about 37% of Sangdong's tunnelling costs and would consider further support to mitigate any potential environmental damage.

Incoming President Yoon Seok-yeol pledged in January to reduce mineral dependence on "a certain country", and last month announced a new resource strategy that will allow the government to share stockpiling information with the private sector.

South Korea is not alone.

The United States, European Union and Japan have all launched or updated national critical mineral supply strategies over the last two years, laying out broad plans to invest in more diversified supply lines to reduce their reliance on China.

Mineral supply chains have also become a feature of diplomatic missions.

Last year, Canada and the European Union launched a strategic partnership on raw materials to reduce dependence on China, while South Korea recently signed collaboration deals with Australia and Indonesia on mineral supply chains.

"Supply-chain diplomacy will be prioritised by many governments in the coming years as accessing critical raw materials for the green and digital transition has become a top priority," said Henning Gloystein, director of energy and climate resources at the Eurasia Group consultancy.

In November, China's top economic planner said it would step up exploration of strategic mineral resources including rare earths, tungsten and copper.

Investment globally of $200 billion in additional mining and smelter capacity is needed to meet critical mineral supply demand by 2030, 10 times what is being committed currently, Kettle said.

Yet projects have faced resistance from communities who don't want a mine or smelter near their homes.

In January, for example, pressure from environmentalists prompted Serbia to revoke Rio Tinto's lithium exploration licence while U.S. President Joe Biden's administration cancelled two leases for Antofagasta's copper and nickel mines in Minnesota. read more

In Sangdong, some residents are doubtful that the mine will improve their lives.

"Many of us in this town didnt believe the mine would really come back," said Kim Kwang-gil, 75, who for decades lived off the tungsten he panned from a stream flowing down from the mine when it operated.

"The mine doesn't need as many people as before, because everything is done by machines."

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Reporting by Ju-min Park and Joe Brock; Additional reporting by Beijing Newsroom and Gavin Maguire; Editing by Kevin Krolicki and Pravin Char

Our Standards: The Thomson Reuters Trust Principles.

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Kicking the China habit: South Korea hunts tungsten treasure - Reuters

To the Editor:

One well-known fact is that oysters are a highly sought-after cuisine up and down the eastern seaboard. The United States oyster industry generates around $214 million annually, North Carolina alone generated $30 million in 2021. What many people do not know is that oysters are a keystone species in the estuary, the health of oysters reflects the overall health of the estuary. Oyster habitats in coastal North Carolina range from deep water reefs in Pamlico Sound to the low patch reefs in the intertidal zone and reefs in the salt marshes along the estuary shorelines. North Carolina is the only state in the United States with both deep water and intertidal zone oyster reefs. However, there is a concern for the survival of the oyster fishery in North Carolina due to increased fishing pressures, increased stock decline due to diseases, poor water quality, and habitat loss.

In January of 2022, many people put in their lease requests for plots of land to grow shellfish in the waters off our coast. However, a number of the requests were denied and there was public opposition based on the premise that oyster aquaculture in the coastal water would ruin the picturesque views of coastal North Carolina. This is a common misconception because there is a lack of education on how oysters are grown, they are not grown above the water in the line of view of anyone. Instead, they are grown using either on-bottom or off-bottom culture. On-bottom culturing of oysters involves cultivating oysters in trays that are placed directly into the sediment, under the water out of view, until they reach market size, then the tray is removed from the ocean floor and the oysters are harvested off the tray. Off-bottom culturing is done by placing the oysters in mesh bags tied to metal tresses, and when they have matured, the bag is removed from the water and the oysters are harvested. In both these methods of oyster farming, it is very unlikely that the systems are easily viewable from outside the water. However, it is important to mention that the metal tresses that the mesh bags are attached to are possibly visible as they will stick out just above the waters surface.

The growing, harvesting, and selling of oysters is a growing, lucrative business in coastal North Carolina. According to Eric Edwards of NC State Universitys Department of Agricultural and Resource Economics, farmed oysters generated $14 million in state gross revenue and contributed to the employment of 271 people in 2019. With oyster farming becoming a growing industry, these numbers have only increased and will continue to increase so long as there is a demand for oysters. The expected numbers are that oyster aquaculture will generate $100 million in revenue for North Carolina, while also creating over 1,000 jobs by 2030.

However, oysters dont only generate revenue through the selling of oysters, but they contribute to generating revenue in other marine species industries. In coastal North Carolina, the oyster reefs support the production of crabs and finfish, an industry valued at over $62 million annually. This is because oyster reefs provide a natural habitat for these species, protecting these species from predators and allowing for a greater percentage of survival, which can then be harvested and sold once it reaches market size.

Oysters are filter feeders, meaning they remove harmful pollutants, sediment, and excess algae from the water, with an adult oyster being capable of filtering 15-35 gallons of water a day. Their filtering characteristic is being increasingly needed as coastlines are at an increased [risk] of eutrophication, which is a process that happens when an increase of nutrient runoff from fertilizers and other chemicals enters the waterway, resulting in an increase of algae growth called an algal bloom. Oysters combat this phenomenon by filtering out the excess nutrients and pollution associated with runoff, as well as consuming the algae produced in association with the increase in nutrients. In addition to being natural water filters, they transfer necessary nutrients of plankton in estuaries from the water surface to the bottom where it can then be accessed by juvenile species. Another environmental benefit of oyster reefs is that they provide essential habitat and protection for a diverse number of aquatic species. Not only are species in these habitats used for commercial purposes, but also for recreational use. One healthy oyster reef can provide habitat and protection for over 300 different aquatic animals, including southern flounder, shrimps, clams, and blue crabs, all of which are caught for either commercial or recreational purposes. Oyster aquaculture takes away the pressure and the risk of overharvesting from wild oyster populations.

Oysters are also beneficial in the effort toward slowing down the harmful effects of climate change. Oyster aquaculture produces only 11 tons of greenhouse gas emissions per ton of oysters produced, a value that is drastically smaller than the greenhouse gas emissions associated with producing edible beef, 340 tons per ton of beef produced.

I am no expert on oysters nor do I claim to be, but I am someone who has spent the entirety of their life living on the coast of North Carolina. I have seen first-hand how our town has grown and how our environment and economy are being impacted by this growth. There is a scale of balance between the environment and the economy, where one is increased, the other will fall. The development of homes benefits the economy but has a negative impact on the environment through pollution of the waterways due to runoff. However, oysters are natural filters that filter out the pollution created in the waterways when homes are built and when tourists come through our town. There is a way to balance the scale. A way to keep boosting our economy while also protecting our waterways and environment for many generations to come. Oysters are one of the ways to balance the scale between the environment and the economy.

So, lease the land to grow oysters. Boost the North Carolina economy while also cleaning our waterways. Balance the scale for coastal North Carolina.

Lara Philips

Cape Carteret

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Daisy Stock, who leads the R&D team at Symbrosia, hold a vial of A. taxiformis, a type of seaweed that can help cut down on methane emissions from livestock. Maui Nui Marine Resource Council photos

A Hawaii-based startup company is working to tackle climate change with tiny but mighty seaweed.

By feeding cows, sheep and other farm animals a natural seaweed-based supplement grown sustainably in state, Symbrosia in Kailua-Kona hopes to improve digestion and reduce livestock methane emissions, which are responsible for 10 percent of total greenhouse gases. Its now eyeing trials at ranches across the state this summer, including on Maui.

Weve gotten some pretty positive reactions from the farmers and ranchers weve spoken to in Hawaii and on the Mainland, said Kylie Tuitavuki, member of the Business Development team. A lot of people recognize that methane from livestock is a huge problem with climate change, and so they want to make sure that they are running in a sustainable way trying to produce livestock while also being environmentally friendly.

Researchers and climate change advocates have long mulled how to reduce agricultures impact on the environment, with some turning their attention to cattle diets. Researchers at the University of California, Davis, recently found that using seaweed in beef cattles diets could reduce their methane emissions as much as 82 percent. The drawback, the researchers said, was that there isnt enough in the wild for broad application.

Thats what makes Symbrosias approach unique it doesnt require large-scale harvesting, only a few cells that they can grow via aquaculture at a facility. While in its early stages, the trials are promising.

Kylie Tuitavuki, member of the Symbrosia Business Development team, hopes to partner with Maui ranchers and farmers in combating climate change through using seaweed-based feed.

When the limu kohu supplement, called SeaGraze, is sprinkled into animal feed, it increases growth rates of the livestock and reduces the methane emissions from cows by over 90 percent, Tuitavuki said.

Made from the red seaweed (Asparagopsis taxiformis, the same type used in the UC Davis study), SeaGraze is packed with natural vitamins, minerals and antioxidants for safe animal consumption.

Limu also plays a vital role, traditionally and culturally, in the marine ecosystem, Tuitavuki said, which means this can be a sustainable and energy-efficient food additive source for farmers and ranchers to feed their livestock.

In an industrial and rapidly changing world, its necessary for us to maintain a balance between social development and sustainable life practices, said Tuitavuiki, a University of Hawaii at Manoa graduate student studying the sustainability of indigenous cropping systems and their potential for revitalizing local food production.

Symbrosia is currently the only company doing this type of work in the U.S. and more information about their operations was shared during a Maui Nui Marine Resource Council presentation on Wednesday via Zoom.

Methane from livestock is the main focus and inspiration behind the product because digestion and burps from cows, sheep, goats and others cause roughly 10 percent of total greenhouse gas emissions and with the demand for animal products rising, the problem is very pressing, Daisy Stock, who is the research and development manager at Symbrosia.

Methane stays in the atmosphere for only a dozen years, as opposed to carbon dioxides lifespan of a thousand years, but methane heats the planet much more intensely.

If cows alone were a country, they would produce just about as much greenhouse gases as the entire European Union, she said.

Along with changes in weather patterns due to the climate crisis, sea surface temperatures are expected to rise by 1 to 3 degrees Celsius and sea levels up to 2.6 feet in the coming decade. This in turn will impact coral reefs and shellfish, and disrupt natural habitats and food supply.

There is also expected to be a significant decrease in the number of marine plants in warmer waters, reducing the amount of nutrients available along the food chain, Stock said.

Methane emitted today will have about 80 times the global warming effect of CO2 over the next 20 years, said Stock, who used to work in a NASA laboratory studying meteoric materials. In the short term, reducing methane emissions will have a much larger cooling effect than reducing carbon dioxide by the same amount. This is why were so motivated to achieve a drastic reduction in methane emissions this decade.

Stock said that Asparagopsis taxiformis outperformed the other limu tested in a previous 2014 study at James Cook University and Commonwealth Scientific and Industrial Research Organization in Australia for reducing the naturally occurring methane in livestock without impacting the fatty acids needed to produce milk, wool and meat.

Additionally, Symbrosia conducted the worlds first commercial asparagopsis trial in 2020 and saw over 75 percent reduction in enteric (intestinal) methane, according to its website.

The main acting ingredient in Symbrosias supplement SeaGraze involves the natural compound found in the seaweed, called bromoform, which blocks the hydrogen from the carbon, reducing methanogens naturally through improved digestion.

Continued research and feed trials have shown that the methane reductions hold up and using the supplement does not have any adverse effects on animal health or the products expected from these animals, Stock said.

To date, the miracle seaweed supplement has reduced over four tons of CO2-equivalent during trials on the Mainland.

Focusing on land-based, zero-waste cultivation using sun and seawater, the Symbrosia team is currently expanding sustainable production at its facility in Kailua-Kona on Hawaii island and plans to have upcoming feed trials this summer at ranches statewide.

Sampling does not require plant removal. To start seed stocks on a larger scale, the team only needs a few cells of seaweed, she said.

We are collecting, cultivating and partnering with ranchers and farmers throughout the Hawaiian Islands, to support local food systems and the local economy while also fighting against climate change, she said.

Seeing that local food systems stepped up and thrived during the COVID-19 pandemic, Tuitavuki said they hope to support Hawaii-owned-and-operated businesses and producers by partnering with them, such as Hana Ranch, Hawaii Cattlemens Council, Maui Cattle Company and Panewa Feed Mill, as well as organizations and institutions like the Hawaii Food Alliance and UH-Hilo.

As we continue to upscale, we want to make sure that were creating a market that values climate smart commodities in a way that promotes environmental justice and uplifts minority-serving institutions and other marginalized groups, Tuitavuki said. Were doing this by partnering with small farmers, ranchers and producers throughout the Hawaiian Islands and throughout the United States.

Though no market prices were provided for the feed additive yet, Stock said that it would be comparable to what farmers and ranchers are already paying for expensive vitamins to support livestock, except the seaweed-based supplement has the additional benefits for the animals health as well as for nutrient-rich manure.

They are also looking into how they could make participating farmers or ranchers eligible for carbon credits in the future.

Currently, though, the feed trials involving the supplements are cost-free to the ranchers.

Its really important to us through all these processes that our research goals are aligned to scale the solution in a way that paves the way for sustainable aquaculture, thriving marine ecosystems and community-oriented growth, Stock said.

For more information or for those interested in testing out the seaweed feed additive, visit symbrosia.co/seagraze.

* Dakota Grossman can be reached at dgrossman@mauinews.com.

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The global nickel squeeze should turn the world's critical mineral attention on this region, says mining columnist Stan Sudol

The big splash agreement that Elon Musk and his Tesla car company made last week with Brazilian miner Vale should have a ripple effect in the nickel-rich Sudbury basin and across Northern Ontario, according to a Toronto-based mining columnist.

This is a tremendous opportunity to highlight the enormous potential of the Sudbury basin for clean, low-carbon nickel, said Stan Sudol, owner of the Republic of Mining website, who heaped praiseon the Tesla CEO.

Elon is someone who thinks out of the box and by solidifying a secure supply of clean nickel hes ensuring that Tesla continues to be one of the most innovative electric vehicle manufacturers in the world.

On May 6, Tesla and Vale finally confirmed a rumoured deal floating around for months that Canadian-mined and processed nickel from Sudbury and Labrador will be used in the manufacture of Tesla electric vehicle batteries.

Neither company revealed the dollar value or length of the agreement other than it being a multi-year deal.

Two years ago, Musk was urging mining companies to produce more nickel to expedite the transition of the world to electric vehicle transport and clean energy, and to address the coming supply squeeze.

But the global business magnate likely didnt foresee the outbreak of war in Eastern Europe and the skyrocketing price of many mineral commodities in the critical minerals and battery metals sphere.

Sudol said the Ukraine war and trade sanctions against Russia effectively removes 20 per cent of Class 1 nickel also known as nickel sulphide off the global market, a key ingredient used to make electric vehicle (EV) batteries.

Musk and any North American manufacturer dont want to be associated with what can now be termed blood or genocidal nickel, said Sudol.

With nickel-producing countries like Indonesia and thePhilippines increasingly coming under Chinese influence, the emphasis by North American automakers is on securing shorter, domestic supply chains to feed their plants, that leaves Northern Ontario and Canada.

It bodes well for the Sudbury basin and also bodes well for the potential of other nickel discoveries throughout Northern Ontario, said Sudol.

Between the Sudburybasin, the Ring of Fire in the James Bay region, and other mineralized greenstone belts in the northwestern half of this region, Sudol thinks the future of Northern Ontario is extraordinary, because the world is almost depending on this region to help find the nickel, copper and other battery metals to decarbonize.

Nickel, copper, platinum group metals, lithium and graphite are all categorized as critical minerals, as are some of the more obscure elements such as cesium, molybdenum and tungsten. All are key ingredients used in digital devices such as cell phones, batteries for electric vehicles, battery storage, renewable energy and applications in health care, aerospace and the defence industry.

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Sudol said a high-profile deal like the Tesla-Vale agreement provides an added sweetener for the Ontario government to lure more EV manufacturers to this province.

South of the border, Ontario and Canada are being viewed as major competition to Michigans auto-driven economy due to the federal and provincial governments'critical minerals strategic road map and a willingness to invest in battery plants, retool assembly lines for EV production, and establish related research centres, he said.

But the so-called secret sauce working in Ontarios favour is having the raw mineral material in place to feed the EV sector.

The ace in Ontarios pocket, Sudol said, is the Ring of Fire. The untapped Far North mineral district contains an enormous abundance of many of the critical metals needed to produce batteries for the car makers.

Sudol said that should put more of Northern Ontarios advanced nickel and critical minerals project in play, suggesting there could be more mega-deals deals in the making.

One was already finalized this spring.

Australian billionaire Andrew Forrest used his metals investment arm, Wyloo Metals, to acquire Noront Resources and its major nickel asset in the Ring of Fire.

Thats been the capper, so far, on a slew of Australian investment to stake and acquire mineral properties and mining companies across a broad spectrum of commodities in this region.

And after losing out on Noront, Australias BHP remains on the hunt for Canadian assets after moving its copper and nickel exploration office to Toronto from Chile last year.

When you have the biggest mining company in the world realizing that the future potential for battery metals is Northern Ontario and Canada,then that bodes well for country, Sudol said.

Despite President Joe Bidens call to create a carbon neutral economy, its become increasingly difficult in the U.S. to permit and bring new mines into production, even in traditional mining states, he said.

For example, in January, the U.S. Department of the Interior cancelled two mineral leases for the proposed Twin Metals copper-nickel in northern Minnesota over concerns about its proximity to Boundary Waters Canoe Area Wilderness, a victory for Indigenous opponents and environmental groups.

Even in a mining district like Nevada, lithium miners are facing an uphill regulatory struggle.

Sudol said thatshould shift the investment focus to more opportunities in the Ring of Fire, into established nickel mining camps like Voiseys Bay, NL,Thompson, MB,and older nickel operations, once shuttered due to plunging commodity prices.

The Sudbury basin is blessed with a polymetallic endowment of copper, cobalt, PGMs, gold and silver as byproduct material from nickel mining, he said.

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Its also a promising time for those in the junior mining space, he said, mentioning privately held Juno Corp.s Ring of Fire assets and Sudbury-based Frontier Lithiums world-class, 40-million-tonne PAK deposit in northwestern Ontario.

Sudol likens todays situation to Northern Ontarios surging resource economy in the post-Second World War era of the 1950s when a thriving U.S. manufacturing base leaned heavily on natural resources excavated and harvested from this region. Many mines and lumber operations were developed and this regions population surged to its highest levels ever.

Were entering a new phase where the decarbonization and electrification of the transport sector is requiring similar huge increases in mining development, and because of the geology of northwestern Ontario, being as rich as it is, there is enormous potential for many, many new mines, not only in Ring of Fire, but toward the Manitoba border," Sudol said.

Weve got a chance to do it over again.

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Sudbury, Northern Ontario well positioned to reap the global rewards of the electric vehicle revolution - Northern Ontario Business

David Harley stands in a valley across from the site of his proposed ski resort, just outside New Denver, B.C.Salmaan Farooqui/The Globe and Mail

To get up the steep mountain slopes in the backcountry near New Denver, B.C., skiers and snowboarders spend strenuous hours using special gear to ski upwards toward the reward of one untouched run down on powdery snow.

For most people, those ridges are out of reach they are too intense, complex and expensive for most skiers and snowboarders to get to.

But David Harley wants to make it a little easier by developing a backcountry resort in the West Kootenay region that he hopes will also help revitalize sleepy New Denver, an hour north of Nelson. He envisions the resort attracting backcountry enthusiasts with more than beginner skills who are looking for an authentic experience without getting themselves into trouble in dangerous terrain.

The world doesnt need another Whistler, he said.

But while Mr. Harleys dream of developing Zincton All-Seasons Resort has gotten some reluctant support, it is already attracting opposition from Indigenous groups, environmentalists and some within the existing ski community.

Backcountry skiing has gone from a fringe niche to an aspiration for many people who enjoy winter sports. Avalanche Canada, a non-profit that provides detailed forecasts to backcountry users, said more than 15,000 people took part in backcountry training courses in the 2020-21 winter season, a 50-per-cent increase from four years ago.

Mr. Harley, who is also the founder of regional outdoor sports chain Valhalla Pure Outfitters, notes that roughly 30 per cent of all ski boots and bindings manufactured now are made specifically for the backcountry.

Backcountry skiing is a very different sport from resort skiing. It takes place on land that is often deep in the wilderness and can be difficult for rescue crews to reach if something goes wrong. Skiers and snowboarders spend hours travelling through complex mountain terrain, many times just for a single, perfect run of untouched powdery snow. And avalanches are a constant deadly threat. The danger and difficulty associated with the sport are part of what has drawn so many people to it.

Search and rescue operations are running constantly to help inexperienced skiers and snowboarders who find themselves out of their depth in the backcountry. The BC Search and Rescue Association said provincial rescue teams were called out 86 times in 2021 for skiers and snowboarders alone.

Mr. Harleys plan for a resort where 80 per cent of the property is backcountry access only would provide a centralized place for both new and experienced backcountry skiers to familiarize themselves with the sport in a slightly more controlled environment, where guides, local snow information and other resources are readily available.

Twenty per cent of the land would look like a regular ski resort, with multiple chairlifts, marked ski runs and a village with lodging.

The venture would provide an economic jolt to a community that is shrinking even as nearby cities such as Revelstoke and Nelson have experienced a surge of people moving in throughout the pandemic. Mr. Harley points out that he cant take a guest for dinner, because there isnt a single sit-down restaurant that is open past afternoon in New Denver.

But by basing his project in the Kootenays, he has stirred a community that is fed up with the amount of Crown land that has been allocated for private use. Vast expanses of Interior B.C. public land are under tenure, meaning private companies are allowed to conduct business operations there. Tenures are granted for extraction uses such as forestry, but also for tourism purposes such as guided mountain biking or heli-skiing.

It makes it an unfavourable place for people to go ski touring, said Judson Wright, lead guide of Kootenay Backcountry Guides in Nelson. It becomes a busy place. When people go ski touring, theyre not looking for an area thats covered in helicopters or tracks.

The Zincton resort is being proposed on a piece of land that is one of the last easily accessible backcountry ski areas in the West Kootenay region, which is why many skiers and snowboarders have rallied against the project. Thats despite a promise from Mr. Harley that the entire resort would be free to access for anyone not using the lifts.

New Denver Mayor Leonard Casley said every time a company applies to have a commercial operation on public land, its a concern to his council, even if its not necessarily on municipal land.

People in the local community have complained about the way that some tenured operations try to limit access and get into confrontations with backcountry users.

Theres no regulation. Once they get the tenure theyre basically left alone, Mr. Casley said.

Another force against Zincton comes from environmental activists.

Nicky Blackshaw, a skier and hiker in Silverton, a small town near New Denver, is part of a local activist group called the Wild Connection. The organization said 2,700 have signed a petition calling on the provincial government to impose a moratorium on further commercial recreation tenures in the valley where the resort is proposed until land-use planning can be updated and take environmental impact into account.

The biggest concern is this area is getting absolutely overrun with commercial recreation tenures, Ms. Blackshaw said, adding that the government needs to examine the impact that the operations have on the landscape.

There are already multiple facilities for heli-skiing and cat-skiing guided tours taking skiers up a mountain on large tractor-like vehicles with special tracks for the snow right beside where Zincton is being proposed. People in the surrounding towns and Indigenous bands are concerned about the impact that another large operation would have on grizzly bear, caribou and wolverine populations in what is a critical wildlife corridor.

Mr. Harley said concern for the environment is a central part of his plan. He pledged to use 1 per cent of proceeds from the resort to help clean up toxic runoff and open mine shafts that contaminate water and threaten wildlife in an area that was booming in the late 1800s and early 1900s with the extraction of zinc and other metals.

David Harley prepares for an excursion into the backcountry to look at some of the land he is proposing to turn into a ski resort, on Feb 17.Salmaan Farooqui/The Globe and Mail

He said the resort, which would also operate in the summer for cycling and hiking, would close off a large portion of land during those months to protect local grizzly bear populations at a time when theyre most active.

Area Indigenous groups are opposed to environmental impact that the resort could have.

Chief Byron Louis of the Okanagan Indian Band, which has claim to the land where Zincton is proposed, said the idea of yet another parcel of land in the valley being designated for commercial use doesnt sit well.

We need to start looking at natural capital. Everything has a value, you cant take these things out without considering what the natural value is, because that directly impacts us, said Mr. Louis, who added that his community relies on hunting and gathering high-protein foods from areas such as the proposed site.

People say, Oh, this is just one project, but if you start counting up the number of projects in there, then you start moving into whats described as a cumulative effect.

He said Zincton would have to prove how it can mitigate the environmental impact of a resort, and that the amount of damage by existing commercial operations has already had a detrimental effect on the well-being of Indigenous peoples in the Kootenays.

He pointed to a recent B.C. Supreme Court ruling that found nearby Blueberry River First Nation had its rights breached from decades of commercial extraction operations. The ruling led to a $65-million funding deal by the B.C. government for land restoration and protection of the Blueberry First Nations cultural practices.

We are no longer in the age of consultation. Were in the age of damages, Mr. Louis said.

The B.C. Ministry of Forests, Lands, Natural Resource Operations and Rural Development said the proposed resort falls on Sinixt, Ktunaxa, Okanagan and Secwepemc lands, and that the First Nations will be consulted and accommodated where required.

Back in Nelson, Mr. Wright, the backcountry guide, says that even talking about the pros and cons of the resort makes him uneasy because of how intense the debate has become in the community. He notes that while there are voices on both sides, the voices against the resort are certainly more passionate.

Mr. Harleys promise that the resort would allow unfettered access to people who arent using the lifts is Mr. Wrights major concern. He points out other resorts and tenured operations have made access difficult in the past, even after promising otherwise.

But he also sees the potential for some sort of destination where people can dip their toes into the inherent danger of avalanche terrain before going on more challenging expeditions of their own.

Austin Hager, a backcountry skier and hiker in Nelson, says his own experience getting into the sport four years ago is why he supports the resort.

With backcountry skiing, the barrier to entry is so high, theres such a knowledge gap, and theres really not a lot of environments that help people get into the sport, said Mr. Hager, who added that existing avalanche courses in the area are sometimes booked up for the entire winter season.

Having a space dedicated to backcountry education and safe usage is something we have to do, because with more and more people using the backcountry, there could be more accidents.

He said any ski resort proposal in the province is likely to face pushback, but Zincton is a better alternative than a traditional resort with a massive network of lifts.

In the community, there is concern about the effect a resort would have on real estate prices after a BC Assessment report found a 23-per-cent increase in the average value of a New Denver home in July, 2021, compared with the year prior.

Mr. Casley, the mayor, says that one way or another, the town needs to find how to grow to avoid the threat of its health resources and schools shutting down.

The provincial government moved to reduce emergency-room hours at New Denvers health centre in 2018, and thats when Mr. Harley said he started thinking about the Zincton resort seriously.

The province has already approved the resorts expression of interest, which is the first step in the application process. Next, it will rule on the resorts formal proposal, which was recently submitted. After that, Mr. Harley would have to pass through a master plan review with the government.

In the coming years, the project may depend on whether Mr. Harleys dream for the community is one that will be shared by others, and whether people will agree that a ski resort can bring prosperity back to the area.

A lot of small rural communities really shortchange their kids because they dont have skate parks, a hockey rink, a swimming pool, Mr. Harley said, adding that the towns inability to switch from a mining-based economy has led to the community deteriorating.

We need to stop the slide.

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Originally posted here:

Hopes for backcountry ski resort in West Kootenay, B.C. stirs resentment from the community - The Globe and Mail

I believe that all of you will agree that we are marching towards our goal of creating a new India, which is strong, prosperous and secure. The strength of a nation rests on two pillars defence capabilities and the size of domestic economy. Only a prosperous country can support an adequate level of defence spending, improve the quality of its human resource and fund the science and technology ecosystem in the long run. The Ukrainian conflict has reminded us that strong defence capabilities are irreplaceable when it comes to protecting national interests.

GOVERNMENT INITIATIVES The initiatives of our government to strengthen defence capabilities are also leading to a strengthening of our economy. I will highlight some of these. To ensure the participation of our domestic industry, the government has earmarked a large part of its capital acquisition budget for domestic procurement. For FY23, we have reserved 68% of the budget, which amounts to around Rs 85,000 crore. And within this, 25% has been reserved for the domestic private industry. To promote indigenisation, the defence ministry has brought out three positive lists. These have a list of items that will be bought only from domestic vendors, by following a deadline (to curb imports). You will be pleased to know that with just the first and second lists, we have been able to award contracts worth Rs 54,000 crore to Indian companies.

With these steps, foreign investments will be encouraged, avenues will open for employment generation and India will have access to critical technologies. The Defence Research and Development Organisation (DRDO) is also providing free-of-cost technology to the industry.

Devendra Fadnavis, Rajnath Singh and Ashish Shela

This used to be Rs 1.5 crore in the past and has now been enhanced to `10 crore. I would like to thank ET for inviting me to this important event. ET has the largest readership among Indian business dailies and is among the most significant business-focused media products. ET has ensured that the common man gets access to important information. It has played an important part in explaining business and economy related issues to the common people. In fact, I would like to say that it has contributed the most towards this.

ET has made its readers active participants in the financial and business ecosystem of our country. It has created economic value for the nation and people follow it closely for political news as well. It is said that with great power comes great responsibility. I have full confidence that in the future too, ET will continue meeting its responsibilities to the public.

NOTABLE CONTRIBUTIONSThe ET Awards give recognition to the efforts and contributions of those who have done their bit for building a better life for all our fellow human beings. Allow me to briefly recount their contributions, which have led to this recognition. Infosys has achieved fast growth during the pandemic on account of the wise bet it placed on the innovative cloudbased strategy. Adar Poonawalla rapidly scaled up Covid vaccine production capacity, which had an enormous impact on the vaccination trajectory of India as well as many other countries.

Prathap Reddy, through Apollo Hospitals, transformed the private sector healthcare paradigm in India. Samina Hamied has successfully steered Cipla on an accelerated growth path. Laurus Labs is one of the most profitable and fast growing API (active pharmaceutical ingredients) companies in India. Girish Mathruboothams 11-year-old company Freshworks provides software solutions to over 50,000 businesses at 13 global locations. It is Indias first SaaS startup to be listed on the Nasdaq, and its IPO has benefited two thirds of the companys 4,300 employees who have stock ownership plans. HCL carries out its development agenda through its CSR arm set up in 2011. Punit Renjen, CEO, Deloitte, is the first Indian-origin executive to lead a Big Four professional services firm, and during the second Covid wave, he organised a coalition of US MNCs to provide critical equipment to India.

There is a common thread across the awardees. They have served humanity by creating shareholder wealth, by building better quality and appropriately priced products for their consumers, by paying and treating their employees well, and by serving the community at large in diverse ways.

The market economy must incentivise not only free play of the economic actors, but also fair play. Regulatory architecture must be put in place to ensure respect of the rules of free and fair play of market forces. Investor protection, environmental protection, respect for contractual provisions, etc, come readily to mind. Light-touch regulation based on cost-benefit analysis should be used at the macro level to align the incentives of the market participants towards efficient, equitable and sustainable, that is, socially optimal, outcomes. Anything beyond what is absolutely necessary tends to become over-regulation with deleterious effects on the free play of market forces, leading to inefficiencies and value destruction. The remedy becomes worse than the evil.

STATE OF THE ECONOMYI will move on to the state of the Indian economy and its future prospects. The Ukraine conflict has created commodity-driven inflationary pressure across the world. India is exposed to hydrocarbon and oilseed prices, which are heading north. Global supply chain bottlenecks and other logistical choke points have stoked core inflation. Covid-19-induced disturbances and uncertainties have not allowed private consumption expenditure to recover as fast as it should have. Contact-based services remain in weakgrowth territory. Monetary tightening by the US Fed may create pressure on the rupee. Growth may slow down in our trading partner countries. And, finally, there is the risk of another wave of Covid. None of these problems were created by our society and government but came to us by the play of forces beyond our control. These headwinds are the challenges that we are facing today, and I have full confidence that we will surmount them.

I will not go for exact forecast numbers for GDP growth rate in the short term and the medium term, but consensus is blowing in the wind. India is poised to continue as one of the fastest-growing major economies in the world. The export numbers are record breaking and the trend is likely to move further up. If the economy is moving in the right direction, the director deserves our applause, more so when the director is helming something as complex and complicated as the third-largest economy of the world, in PPP terms.

This brings me to the last and the most prominent awardee this evening, Nirmala Sitharaman, the finance minister of India. As finance minister, she supervises five departments. Regarding the revenue department, tax buoyancy in such trying times, stable tax slabs and rates, and the faceless taxassessment system should be appreciated as great achievements.

Her expenditure management has been widely praised for ensuring that vital needs of government spending for defence, health, education, infrastructure and social welfare were adequately funded. Sitharamans budget making is the icing on the cake. Her decision to keep the powder dry during the first wave of Covid was questioned at that time, but her judgement was vindicated when the available fiscal firepower came in handy during the extended period of the pandemic. She is tirelessly striving to rationalise regulation and reduce the undue compliance burden on our market participants.

Read more:

ET Awards 2021: Strong defence capabilities are irreplaceable when it comes to protecting national interes - Economic Times

Lucky to have Nasarenko as DA

On June 7 my fellow residents of Ventura County can join me in voting for Erik Nasarenko to continue his work as our District Attorney. Eriks work to advocate for victims and their families is exemplified in the new Family Justice Center, where services for victims of sexual assault, child abuse, and human trafficking are all within the same building, decreasing the additional trauma of telling ones story over and over at multiple locations and departments.

The $2.5 million funding Ventura County recently received from the U.S. Department of Justice will be overwhelmingly spent on examining the 817 untested sexual assault kits, incarcerating these heinous predators, and freeing victims from looking over their shoulder daily fearing their attacker is still in their neighborhood, rather than in prison where they belong.

Eriks approach to using alternatives to jail such as treatment and rehabilitation save room in our county jails and prisons for those offenders who need to be incarcerated. At the recent League of Women Voters forum, Nasarenkos opponent said, We are not social workers. But after 25 years as a public-school educator, I know firsthand what is sometimes needed is a social worker, not a cop, or prison time.

Erik Nasarenko is supported by numerous groups that believe restorative justice and ending the school to prison pipeline are important goals to work toward. It is no surprise Erik is supported by our former Ventura County District Attorney Greg Totten, former Oxnard Police Chief Scott Whitney and Santa Paula Chief of Police, Travis Walker, and more than 100 civic and community leaders throughout Ventura County.

All citizens of Ventura County are lucky to have Erik Nasarenko as our District Attorney and I look forward to voting for him to continue and expand these important programs he has put in place.

Cathy Trevino, Oxnard

My grandchildren would like rainbows to come out of my belly button if they squeeze my nose. Unfortunately, I cannot accomplish that. It is interesting to note that the article reporting the $4 million raised by private companies to protect their businesses does not mention the $9 billion redistribution of our tax money proposed by our governor to offset in small part the $6 a gallon we are suffering through because of Measures like A and B.

If Measures A and B would pay for electric cars for the 88% of us who cannot afford Teslas, then I would vote for it. The measures do not reduce pollution. They may increase it as we buy oil and gas from Russia, Venezuela and the Middle East. The measures weaken our local economy, too, as we are becoming a service-oriented economy. Energy is one of the few things we produce in Ventura County. Patagonia, for example, makes most of its stuff in communist China (where most solar panels are still made.)

I am for clean energy but this religious zeal to convert to 100% clean before the technology is ready is dumb and average people are suffering economically. Finally, it does not make sense to me that the proponents of Measures A and B did not just propose to ban all oil and gas businesses in Ventura County. Why do we have to pay for a wasteful expansion of county government by creating a bureaucracy to say no to oil producers over time? Cowardly and wasteful tactic.

Wes Barrow, Thousand Oaks

Oil companies are charging exorbitant gas prices with a record $15.3 billion in combined profits last quarter. In order to do this, they rely on extreme fossil fuel extraction methods referred to as Enhanced Oil Recovery (EOR). Some examples of these potentially polluting methods are cyclical steam lift and fracking. Aquifer contamination can and does result from EOR petroleum production.

As climate crisis and resulting long-term droughts continue, both residents and farmers in Ventura County shall become even more dependent upon underground sources of drinking and irrigation water for their livelihoods.

According to the Ventura County Resource Management Agency: Petroleum (oil and gas) has been produced in Ventura County for over a century. Oil and gas production commenced in Ventura County in the late 1860s, following the discovery of the Ojai oil field. Over 12,000 wells have been drilled in the Ventura Basin (including Ventura County and a portion of Los Angeles County). There are currently about 3,800 active wells in Ventura County.

Many older oil fields have been abandoned and improperly plugged wells, representing passageways through which fluids from the EOR reservoir could migrate into aquifers. Records of the locations and conditions of these improperly abandoned wells have not always been kept. We already know that there are over 2,000 idle and abandoned wells in Ventura County that will ultimately need to be dealt with. This is definitely not the time for less oversight of new well permits (based on antiquated 1940s requirements and technologies), but a thorough environmental review using current standards and resources for permitting purposes.

In summary: Yes on Measures A & B will: (1) protect our drinking water, (2) protect our vulnerable neighborhoods, (3) no change at the pump or change in jobs availability, and (4) no change in public services.

Robert Thomas Nast, Oxnard

John Barrick is running for Ventura County District Attorney. The current District Attorney is Erik Nasarenko, who was appointed by his friends on the Board of Supervisors, not elected by the people. In fact, three of those board members have since given Mr. Nasarenko large donations to his political campaign. Isnt this a conflict of interest?

Regardless, I have known Mr. Barrick for 18 months and have heard him speak at various gatherings. I have also heard Mr. Barrick and Mr. Nasarenko debate twice. After these debates, which are available on YouTube for everyone to see, it was quite apparent to me that John Barrick was the only choice for District Attorney.

Mr. Barrick talked about how he will support and protect crime victims and our citizens from violence and the predators who cause violence. Mr. Barrick made it very clear he is not running to be a social worker. This is why Mr. Barrick is supported by law enforcement.

Mr. Nasarenko talked about how he wanted to provide restorative justice programs to criminals. It was quite apparent that his primary focus was not for crime victims, even though he said it was. If that were true, then why don't the police support him? Why is he instead supported by politicians who continue to vote in favor of crime bills that favor criminals?

We need to elect John Barrick to be our Ventura County District Attorney. He is the only one I trust to do the right thing for the right reason.

Richard Moore, Simi Valley

I am a recently retired attorney who has known District Attorney Erik Nasarenko for many years. He is a person of great integrity, a passionate defender of public safety, and a natural leader. He is also a highly skilled attorney.

In recent years, he occupied one of more difficult roles in the DAs office, prosecuting sex offenders. He has tried some 60 jury trials, nearly all resulting in convictions and significant prison terms for perpetrators. Under his watch, the office has continued its policy of aggressive prosecutions.

However, Mr. Nasarenko is not a one-size-fits-all prosecutor. For example, with mental health issues afflicting many perpetrators, to reduce recidivism, Mr. Nasarenko created the first Mental Health Unit in the DAs office to provide treatment and rehabilitation for certain minor offense perpetrators. He is an open and highly accessible public servant who has spent countless hours in community outreach, speaking to groups and organizations, explaining and personalizing the prosecutors role in our county. He has earned the right to be elected for a full term.

I urge you to vote for Erik Nasarenko on June 7.

David Shain, Thousand Oaks

Originally posted here:

Letters: The race for county DA; Measures A and B - VC Star