Upcoming Event: Asian Financial Forum

Asian Financial Forum
January 13-14, 2020
Wan Chai, Hong Kong
Hong Kong Convention & Exhibition Centre

  • Participate in Deal Flow Matchmaking Session’s, one-on-one meetings.
  • Meet project owners, private equity firms, investors, high net-worth individuals, and senior professionals from intermediaries and professional service providers.
  • Contact AICC: usa@aiccus.org
  • Contact U.S. Commercial Service: Peter Sexton

BEA Releases First Official Release of Gross Domestic Product by County

BEA Graphic on Percent Change in Real GDP by County, 2018
(Bureau of Economic Analysis (BEA) )

Real gross domestic product (GDP) increased in 2,375 counties, decreased in 717, and was unchanged in 21 in 2018, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). The percentage change in real GDP ranged from 86.5 percent in Jackson County, WV, to -44.0 percent in Grant County, ND.

GDP is the value of goods and services produced within a county. The size of a county’s economy as measured by GDP varies considerably across the United States. In 2018, the total level of real GDP ranged from $18.4 million in Issaquena County, MS, to $710.9 billion in Los Angeles County, CA.

Highlights

Large Counties: 141 counties with populations greater than 500,000 in 2018

  • Real GDP increased in 136 and decreased in 5.
  • GDP ranged from $11.2 billion in Pasco County, FL, to $710.9 billion dollars in Los Angeles County, CA.
  • Santa Clara County, CA, (10.2 percent) was the fastest growing large county. The information industry was the leading contributor to the county’s growth.
  • Kern County, CA, (-0.7 percent) had the largest percentage decrease in GDP. The mining, quarrying, and oil and gas extraction industry (primarily oil and gas extraction) was the leading contributor to the decrease

Medium Counties: 464 counties with populations between 100,000 and 500,000 in 2018

  • Real GDP increased in 433, decreased in 30, and was unchanged in 1.
  • GDP ranged from $2.0 billion in Saline County, AR, to $52.6 billion dollars in Morris County, NJ.
  • Canadian County, OK, (21.0 percent) was the fastest growing medium county. The mining, quarrying, and oil and gas extraction industry (primarily oil and gas extraction and support activities) was the leading contributor to the county’s growth.
  • San Juan County, NM, (-6.1 percent) had the largest percentage decrease in GDP. The mining, quarrying, and oil and gas extraction industry (primarily non-oil and gas mineral extraction) was the leading contributor to the decrease.

Small Counties: 2,508 counties with populations less than 100,000 in 2018

  • Real GDP increased in 1,806, decreased in 682, and was unchanged in 20.
  • GDP ranged from $18.4 million in Issaquena County, MS, to $13.3 billion dollars in Karnes County, TX.
  • Jackson County, WV, (86.5 percent) was the fastest growing small county. The construction industry was the leading contributor to the county’s growth.
  • Grant County, ND, (-44.0 percent) had the largest percentage decrease in GDP. The agriculture, forestry, fishing, and hunting industry was the leading contributor to the decrease.

2019 AFF Asian Film Festival Golden Diamond Awards Ceremony held in Los Angeles

On December 12, the AFF Asian Film Festival grandly held the Golden Diamond Awards at the Millennium Bitmore Hotel in Los Angeles. Nearly a thousand Hollywood and guests from all walks of life, filmmakers from around the world participated in the series of events held on the day. shine. Representatives from the film industry, judges of the Golden Diamond Awards, and founding members of the finalists from more than 50 countries around the world witnessed the first AFF Asian Film Festival award ceremony with guests from all walks of life in the United States.

The AFF Asian Film Festival awards ceremony was unveiled at the Biltmore Hotel with a long history. The grand event scene and magnificent momentum regretted the Hollywood movie capital. The stars gathered and established the new era image and professional charm of the Asian Film Festival. Shocked and eye-catching, received unanimous praise and attention from the mainstream film industry.

Jason Quin, Executive Chairman of the American International Chamber of Commerce and Executive Chairman of the AFF Asian Film Festival, said that the AFF Asian Film Festival is based in Los Angeles and leverages Hollywood film talent, technology, management and financial resources to target the global and Asian film markets. Cultural exchanges between the East and the West films have contributed resources and strength to the development of world film art and industry.

Mr. Quin said: Film art is one of the cultural industries with a unique world language. The fast-growing Chinese movies have brought momentum and hope to world movies. Hollywood filmmakers are full of enthusiasm and expectations for Chinese movies.

Attending the red carpet and celebration reception on the day of the awards were Hollywood internationally renowned directors, producers, stars and celebrities, Oscar winner Richard Anderson, and Golden Horse winner Trun Ping Yang.

The 2019 Asian Film Festival awards ceremony will kick off in Los Angeles on Dec 12th

2019 Asian Film Festival
Millennium Biltmore Hotel Los Angeles
506 S. Grand Ave.
Los Angeles, CA 90071
Event Date: December 12th, 2019

The 2019 Asian Film Festival Golden Diamond Awards Ceremony will kick off in Los Angeles on Dec 12th,2019

The 2019 Asian Film Festival Golden Diamond awards Ceremony, co-sponsored by the American International Chamber of Commerce and the Asian Film Festival Committee will be held at the Millennium Biltmore Los Angeles Hotel on December 12.

Nearly 1,000 nominees, filmmakers, business leader and winning from around the world will attend the event.

Event agenda:

9:00-19:00 PM, Asian Film Festival Art Exhibition
Open to the public, Free event, RSVP

2:30-3:30 PM, Asian Film Cooperation Forum
free for all nominees and public, RSVP

3:30-5:00 PM, Red Carpet
The VIP guests, nominees and winners only.

5:00-8:00 PM, Asian Film Festival Golden diamond Awards Ceremony
The Invited VIP guests and winners are admitted free. All other guests must pay for admitted entry ticket.
$50 Student, Admission pass $100, VIP $150.

8:00-9:30 PM, After Party. Hollywood Night Celebration Reception
The VIP guests and winners are admitted free. All other guests must buy tickets.
Admission VIP pass $150. USD
Student pass $70.USD

End at 9:30PM

Ticket available booking on official website

BLS publishes statistics on workers’ injuries and illnesses in 2018

There were 900,380 nonfatal workplace injuries and illnesses in the private sector in 2018 in which the injured or ill worker took a least one day away from work to recuperate. This was essentially the same number reported for 2017. The incidence rate remained unchanged in 2018 at 89.7 cases per 10,000 full-time workers. In 2018, the median days away from work to recuperate was 8 days, the same as reported in 2017.

Workers in transportation and material moving occupations experienced 184,470 injuries and illnesses in 2018 that resulted in days away from work. That was 20 percent of all the cases that resulted in days away from work. The incidence rate for transportation and material moving workers was 193.7 cases per 10,000 full-time workers. These workers took a median of 13 days away from work to recuperate from their injuries and illnesses.

Building and grounds cleaning and maintenance workers had 54,400 injuries and illness in 2018 that resulted in days away from work. The incidence rate for these workers was 166.0 cases per 10,000 full-time workers. They took a median of 7 days away from work to recuperate from their injuries and illnesses.

These data are from the Injuries, Illnesses, and Fatalities program.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Transportation and material moving workers experienced 184,470 injuries and illnesses in 2018 on the BLS website (visited December 07, 2019).

BEA to Release First Official GDP Estimates

The size of every county’s economy with industry detail will be officially released for the first time by the U.S. Bureau of Economic Analysis on Dec. 12.

BEA will estimate annual gross domestic product, or GDP, for the years 2001 through 2018 for more than 3,000 counties. The data will include contributions to GDP by 34 industries, such as manufacturing, retail trade, and health and social assistance.

Measuring GDP at the county level is a milestone in BEA’s efforts to better capture how economic activity is distributed across the nation. This new information, in high demand by data users, will complement the county personal income statistics BEA has produced since 1975.

GDP for counties and metropolitan statistical areas will be published together at 8:30 a.m. on Dec. 12 in a new joint release called Local Area Gross Domestic Product, 2018. It replaces the Gross Domestic Product by Metropolitan Area release of previous years.

BEA will continue to publish annual county and metro GDP statistics each December. In addition to industry contributions to GDP, the data will include current-dollar GDP; inflation-adjusted or real GDP; percent change from the preceding year; and quantity indexes.

The county statistics can be used for comparisons to other counties, metropolitan areas, state economies, or the nation overall.

They can answer questions such as:

  • What is the size of a county’s economy?
  • Is its economy growing or declining?
  • In which industries does the county specialize?
  • What industries are driving its growth?
  • What has been the county’s economic growth trend over time?

Business owners, county officials, and policymakers at all levels of government can use these statistics to make better-informed decisions about investments, economic development, or economic policies.

High-quality, consistently defined time series data for counties across the United States will aid research into topics such as the distribution of national economic output, local economic dynamics, and the effectiveness of economic development strategies.

Like county personal income data, the new GDP statistics will cover 3,113 areas, including county equivalents such as Louisiana’s parishes and Alaska’s boroughs, the District of Columbia, and the independent cities in Maryland, Missouri, Nevada, and Virginia. Kalawao County, Hawaii, and the smaller independent cities of Virginia are combined with adjacent counties.

GDP statistics are based on the place of production, such as the county where an office or factory is located, regardless of where the workers live. This differs from BEA’s personal income statistics, which measure the incomes of all people residing in a county, no matter where they work.

For example, a person who works in Los Angeles and commutes home to Riverside County, Calif., contributes to Los Angeles County’s GDP but Riverside County’s personal income data.

BEA released prototype county GDP data last December and sought evaluation and feedback from data users. The responses and further research led BEA to refine its methodology and add significant industry detail to the coming official release.

Wilbur Ross Leads Business Executives Across the Indo-Pacific

In support of the goal of President Donald J. Trump to increase American commercial activity across nations in the Indo-Pacific region, U.S. Secretary of Commerce Wilbur Ross led a business delegation including of 16 companies to Thailand, Indonesia, and Vietnam from November 3 to November 8. This mission spawned new partnerships as well as several business agreements, potentially representing billions in investments.

“The Trump Administration is building new relationships across the Indo-Pacific, creating a bright future, not only for the United States, but for countries across the region,” said Secretary of Commerce Wilbur Ross. “Last year, trade between Indo-Pacific nations and United States increased to a record of nearly $2 trillion – tying our great countries ever-closer together.”

In Vietnam, Secretary Ross and Prime Minister Nguyen Xuan Phuc witnessed the signing of five major business agreements and Memorandums of Understanding (MOUs) that will further deepen the U.S.-Vietnam trade partnership:

  • AES signed an MOU with the Ministry of Industry and Trade to solidify cooperation on the Son My 2 Combined Cycle Gas Turbine Power Plant. The Government of Vietnam approved the project in September 2019, representing an investment of $1.7 billion. Together with the $1.4 billion Son My LNG import terminal, the plant represents a total investment of almost $3.1 billion.
  • Varian Medical Systems signed an MOU with the National Institute of Medical Equipment & Construction for strategic cooperation on the maintenance and calibration of existing and future Varian Linear Accelerators. To further the delivery of effective cancer treatment in Vietnam, the U.S. Trade and Development Agency committed up to $1 million to support a critical training program for healthcare professionals connected to the expansion of oncology services.
  • Vietnam Airlines signed two deals during the ceremony. The first was a multi-year engine service agreement with Pratt & Whitney valued at approximately $1 billion. In addition, Vietnam Airlines signed a multi-million-dollar agreement with the technology company Sabre, adopting solutions that will strengthen their forecasting and inventory control capabilities.
  • Murphy Oil signed the Block 15-2/17 production sharing contract with Vietnam National Oil and Gas Group (PetroVietnam), PVEP, and SK Innovation.

Also, while in Hanoi, Secretary Ross and business delegates met with Minister of Industry and Trade Tran Tuan Anh, the American Chamber of Commerce, as well as other public and private sector stakeholders to discuss U.S.-Vietnam trade and investment cooperation.

During the stop in Jakarta, Secretary Ross and the delegation attended an event with AmCham Indonesia, which drew a full-house of companies and private industry stakeholders. The Secretary also held bilateral talks with President Joko Widodo and key cabinet officials including Coordinating Minister for Economic Affairs Airlangga Hartarto and Coordinating Minister for Maritime Affairs and Investment Luhut Pandjaitan.

While in Bangkok, the business delegation met with Thai Government officials, 14 U.S. Chiefs of Mission in Asia, as well as potential partners from Thailand and the region. As the Secretary’s mission took place during the Second Indo-Pacific Business Forum (IPBF), the business delegation had an additional opportunity to network with over 1,000 business and government leaders from across Asia and the United States. The Secretary gave an address at the IPBF, while also speaking to U.S. Chamber/U.S. ASEAN Business Council and to AmCham Executive Directors from all over Asia.