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WTO to rule on US ban on 'Made in Hong Kong' label

·1-min read

The World Trade Organization agreed Monday to establish a dispute resolution panel on the new US rule that all goods imported from Hong Kong must be stamped "Made in China".

The WTO's Dispute Settlement Body accepted a second request from Hong Kong to establish a panel "to rule on US origin-marking requirements for goods", a Geneva trade official said.

Hong Kong made a first request for arbitration at the Geneva-based global trade body on January 25, but the move was blocked by the United States.

Under WTO rules, a second request is, in practice, automatically accepted.

However, a resolution is far from near, as the settlement of trade disputes at the WTO usually takes years.

In July last year, then-US president Donald Trump announced the end of the preferential conditions granted by Washington to Hong Kong, after the imposition by Beijing of sweeping new security laws on the semi-autonomous territory.

A month later, US customs announced that goods imported from Hong Kong would have to be stamped "Made in China" rather than "Made in Hong Kong".

The new rules came into effect in November.

Hong Kong said the measures were inconsistent with a raft of WTO regulations including the rules of origin agreement and the technical barriers to trade agreement.

The territory described the requirements as "arbitrary, unilateral, unnecessary and unjustifiable", the trade official said.

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The “syndemic” of the COVID-19 pandemic along with the rising rates of obesity, diabetes, cardiovascular disease, and other cardiometabolic health conditions, has posed significant challenges to the healthcare community and will continue to do so in the near future; such topics were vastly covered during the meeting. The event was delivered entirely online to practitioners across the nation, and through an innovative and user-friendly virtual platform participants were able to interact with faculty members, participate in audience polls, and more, all from the setting of their own choosing. Chaired by an esteemed panel of faculty members Robert H. Eckel, MD; Christie M. Ballantyne, MD; George L. Bakris, MD; Anne L. Peters, MD; Deepak L. Bhatt, MD, MPH; Keith C. Ferdinand, MD; Clyde W. Yancy, MD, MSc, MACP; and Pamela B. 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As such, it is by no means a coincidence that the burden of COVID-19 morbidity and mortality is disproportionate towards these communities, stemming not only from a higher prevalence of the comorbidities but also from socio-economic factors. As a focus on these disparities and undue burden, during the meeting’s keynote address, CMHC’s Senior Planning Committee member Keith C. Ferdinand, MD, discussed rationale for these disparities, including genetic, socio-economic, and cultural factors. Dr. Ferdinand mentioned that “the pandemic is new, but these health inequities are not.” As vaccines for COVID-19 are now available, efforts must be made to not only ensure access to them in racial and ethnic minority populations but also how to effectively combat vaccine hesitancy that is high in these populations, in part due to historical mistrust and previous bias towards healthcare systems. Dr. Ferdinand also highlighted practical steps, tips, and strategies that clinicians can implement in their practices to close these gaps and educate their patients about the benefits of COVID-19 vaccines that will ultimately improve COVID-19 outcomes in underserved populations. The address was followed with a stimulating panel discussion between several key stakeholders and experts, including Kevin M. Alexander, MD, Yvonne Commodore-Mensah, Ph.D., Takeisha C. Davis, MD, MPH, Alanna A. Morris MD, and Pam R. Taub, MD, who discussed systemic racism in healthcare and how to address these disparities. They also highlighted the crucial role of patient education and provided numerous tips to address implicit bias and expand the cultural competency of clinicians. KIDNEY DISEASE/HEART FAILURE/HYPERTENSION This session was chaired by George L. Bakris MD and included a special symposium on “New Frontiers in Heart Failure Management,” in which Alanna A. Morris MD, emphasized that “there is a need of a new way to define heart failure.” She also accentuated that “we are now recognizing a new, universal definition of heart failure” while discussing a new expert statement in the definition and classification of heart failure. Following this talk, Stephen D. Wiviott, MD, provided crucial clinical pearls regarding the application of SGLT2i in the prevention and treatment of heart failure. He stressed that “now compelling evidence supports that SGLT2i reduces the risk of hospitalization for heart failure as well as robustly decrease the risk of progression of kidney disease.” He also reminded us that “society guidelines are catching up with these fast-moving data.” Following this talk, Ileana L. Piña, MD, discussed the new and emerging targets in heart failure, including new vasodilators, synthetic natriuretic peptides, binders of acting -myosin, etc., and summarized the data from clinical trials, assessing these novel agents to manage heart failure. Due to rapid advancements in the therapeutic landscape of heart failure, the guidelines need to be swiftly updated. The next speaker, Clyde W. Yancy, MD, perfectly summarized the previous talks and outlined potential crucial updates in the guidelines due to advancements in recent heart failure treatments. He successfully painted a clear picture of how HF guidelines might look like in 2021 and beyond, including a stronger emphasis on HF prevention, incorporation of SGLT2is and other newer therapies, as well as more inclusive considerations about health equity in the care of HF patients. This symposium concluded with a fascinating case presentation by Sarah Chuzi, MD, with an interactive panel discussion. After the break, Joseph A. 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Additionally, new agents and devices are in the development or approval phase that may help clinicians address ongoing needs in diabetes management. To bring this knowledge from trials to our clinicians, this diabetes management session, moderated by CMHC Chair Anne L. Peters, MD, aimed to seek, address and provide a solution to pertinent topics such as effective management of glycemia in patients with cardiovascular diseases by Vanita Aroda, MD, benefits of using CGMs in patients with type 2 diabetes and pre-diabetes and co-relation of “time in range” data with complications in diabetes by Viral Shah, MD and Nicholas B. Argento, MD, FACE, respectively. Benefits and how an increased usage of insulin pumps and inpatient use of CGM can optimize treatment and improve the outcomes in diabetes patients was advocated by Grazia Aleppo, MD, FACE, FACP, and Joseph A. Aloi, MD with the help of a solid trail of evidence laid by latest clinical trials and FDA approvals of many devices. 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ABOUT SOUTHCREST SouthCrest Financial Group, Inc. is a bank holding company with over $700 million in assets, headquartered in Atlanta, GA. The company operates a 9 branch network throughout Georgia through its subsidiary bank, SouthCrest Bank, N.A. The bank provides a full suite of retail, private, entrepreneurial, high-net-worth and commercial banking services, and online banking services. FORWARD-LOOKING STATEMENTS This presentation may contain certain “forward-looking statements” that are subject to risks, uncertainties, and other factors that could cause actual results and shareholder values to differ materially from those projected. Factors that could cause or contribute to such differences include economic conditions, government regulation and legislation, changes in interest rates, credit quality, competition, and other risk factors. You should not rely upon forward-looking statements, as they are inherently unlikely to occur, and we do not assume any liability to update or correct any forward-looking statements that we make. Andy BorrmannChief Financial Officer678.734.3505 Statement of Operations ($000s, Unaudited) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Interest Income Loans Construction and Development$744 $758 $781 $761 $665 Commercial Real Estate1,856 1,974 1,846 1,824 1,845 Commercial Loans553 567 542 547 494 Multi Family21 21 25 65 65 Residential Mortgage904 750 743 636 681 Consumer Loans36 29 28 29 26 County/Municipal Loans34 41 50 21 20 Loss Share Loans46 37 33 29 26 Investment Securities Federal Funds/Overnight Funds$129 $6 $8 $15 $10 Bank Owned CDs0 0 0 0 0 Investment Securities1,023 1,393 1,425 1,494 1,622 Total Interest Income $ 5,346 $ 5,576 $ 5,481 $ 5,420 $ 5,453 Total Interest Expense $769 $741 $702 $678 $678 Net Interest Income $ 4,577 $ 4,835 $ 4,779 $ 4,742 $ 4,775 Provision for Loan Losses150 450 0 0 0 Net Interest Income after Loan Losses $ 4,427 $ 4,385 $ 4,779 $ 4,742 $ 4,775 Other Income Service Charges on Deposits$138 $132 $130 $128 $103 NSF/Overdraft Fees305 158 213 231 190 Other Service Charges64 71 78 73 76 ATM/Billpay/DR Card Income247 277 298 306 326 Other Income238 664 1,441 207 1,011 Total Other Income $992 $1,303 $2,160 $946 $1,707 Non-Interest Expense Salaries, Other Comp (+ FAS123R)$1,940 $1,711 $1,985 $2,140 $1,924 Employee Benefits412 341 276 523 367 Occupancy & FF&E Expense503 506 475 474 463 Professional Fees141 143 197 235 232 Data Processing488 385 353 362 389 Other Expense632 661 672 665 754 Total Noninterest Expenses $ 4,116 $ 3,747 $ 3,958 $ 4,400 $ 4,130 Pre-Tax Income (Loss) $ 1,303 $ 1,941 $ 2,981 $ 1,288 $ 2,352 Income Taxes265 316 580 160 447 Net Income$ 1,038 $ 1,625 $ 2,401 $ 1,127 $ 1,905 Balance Sheet ($000s, Unaudited)AssetsQ1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Current Assets Cash & Due from Bank$19,845 $22,520 $39,600 $81,969 $42,699 Federal Funds/Overnight Funds 0 7,873 10,101 4,192 15,720 Bank Owned CDs 0 0 0 0 0 Investment Securities 184,377 218,680 222,913 265,602 297,307 Total Current Assets$204,222 $249,072 $272,614 $352,484 $355,726 Loans Construction and Development$56,430 $64,320 $65,675 $54,631 $50,360 Commercial Real Estate 142,610 139,407 134,986 140,558 155,014 Commercial Loans 53,383 56,860 55,327 47,556 38,430 Multi Family 1,601 1,590 1,714 6,346 6,191 Residential Mortgage 73,778 66,810 62,672 59,856 55,262 Consumer Loans 2,144 2,472 1,868 13,908 5,228 County/Municipal Loans 3,732 4,851 1,990 1,982 1,849 Loss Share Loans 2,451 2,315 2,152 1,848 1,828 Total Loans$336,129 $338,625 $326,383 $326,684 $314,162 Allowance for Loss (3,184) (3,984) (3,705) (3,705) (3,713)Net Loans$332,946 $334,641 $322,678 $322,979 $310,449 OREO 529 447 447 447 447 FDIC Indemnification 0 0 0 0 0 BOLI 22,583 22,737 22,872 23,009 23,140 Fixed Assets, net 8,705 8,697 8,540 8,581 8,568 Intangible Assets 80 68 64 1,089 1,060 Other Assets 8,604 6,731 7,030 6,501 7,681 Total Assets$577,669 $622,383 $634,245 $715,090 $707,073 Liabilities & Stockholders' Equity Liabilities Deposits DDAs$96,517 $114,554 $118,082 $130,268 $131,767 Interest Bearing Demand 85,746 96,141 95,732 128,477 116,667 Celebration Checking 103,718 111,421 114,657 132,372 141,369 Money Market Accts 37,693 38,650 43,746 44,427 52,640 Savings 44,516 47,674 48,928 51,953 57,099 CDs Less Than $100k 53,616 52,709 51,735 58,452 57,323 CDs Greater than $100k 47,259 47,049 43,612 49,715 50,767 Total Deposits$469,064 $508,198 $516,491 $595,664 $607,631 Other Liabilities 2,415 2,184 2,772 2,285 4,285 Net Borrowings (Wholesale Funding) 50,228 50,546 52,258 52,263 37,611 Total Liabilities$521,708 $560,918 $571,522 $650,212 $649,527 Total Equity 55,961 61,465 62,723 64,878 57,546 Total Liabilities & Stockholders' Equity$577,669 $622,393 $634,245 $715,090 $707,073 Ratios Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 ROAA0.75% 1.05% 1.53% 0.69% 1.09%ROAE7.30% 10.87% 16.88% 6.79% 11.62%NPAs/Assets0.80% 0.71% 0.59% 0.55% 0.46%Est. T1 Leverage (Bank)9.62% 8.99% 9.41% 9.08% 8.27%Total Common Shares5,832,793 5,786,288 5,761,439 5,761,439 5,761,170 Total Preferred Shares2,054,759 2,054,759 2,054,759 2,054,759 1,638,596 Total Common Equiv. Shares7,887,552 7,841,047 7,816,198 7,816,198 7,399,766 NIM (Bank)3.65% 3.37% 3.22% 3.17% 2.99%Cost of Deposits (Bank)0.54% 0.46% 0.41% 0.36% 0.36%Loan/Deposit71.6% 66.6% 63.1% 54.8% 51.7%Employees104 102 98 94 99 Loans in Atlanta MSA78.2% 79.1% 80.5% 77.8% 80.7%

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