AUGUSTASIA BUSINESS OUTLOOK9FOODTECH STARTUP GOODMORNING GLOBAL RAISES $4.41 MILLION THROUGH EQUITIESSOUTH KOREA'S TRADE ACTIVITY SURGE EASES FACTORY SLUMPA prolonged slump in South Korean factory activity eased in July, with export orders rising for the first time in nearly one and a half years, according to a private business survey released on August 1, raising hopes for a more durable economic recovery.S&P Global's purchasing managers index (PMI) for South Korean manufacturers increased to 49.4 in July from 47.8 in June on a seasonally adjusted basis.The sub-50 reading indicated that activity continued to contract for the 13th month in a row, albeit at a much slower pace.A sub-index for new export orders rose to 50.2, after 16 months below 50, with a rise in demand from key markets across the Asia-Pacific region and Europe, particularly for automotive goods and semiconductors, according to the survey.That brought the decline in overall orders to the narrowest in 12 months, with the sub-index sharply up to 48.7 from 45.0, while output rose to 47.2 from 46.5."At the same time, firms took this as a signal to prepare for a gradual improvement in demand by hiring more people and increasing purchasing activity in July," said S&P Global Market Intelligence economist Usamah Bhatti.Employment increased by the most in 17 months, and purchases increased for the first time in 12 months, while finished goods stocks fell by the most in 18 months, according to corresponding sub-indices.Inflationary conditions improved as well, with input prices falling for the first time since June 2020, accompanied by the steepest drop in output prices since August 2020. GoodMorning Global Group, a foodtech company based in Malaysia, has raised MYR 20 million ($4.41 million) through equity crowdfunding. GoodMorning Global announced last Friday that it had raised the fund from 1,046 investors.Dr. Lim Sin Boon, the firm's Founder and Executive Chairman, described the success of the equity crowdfunding campaign as a watershed moment in the company's commitment to improving consumer health and creating value for shareholders.He reaffirmed the group's commitment to contributing to a shared global future by addressing challenges such as climate change, rising sea levels, and food crises by promoting affordable nutritionally balanced plant-based protein food. He attributed GoodMorning's rise to the top grain beverage brand in Malaysia, with a remarkable 70 percent market share, to its customers' unwavering support and love.GoodMorning Global has also formed strategic alliances with private companies and academic institutions such as Eastern Arrow LLC, University Tunku Abdul Rahman, and Tunku Abdul Rahman University of Management and Technology to combat global greenhouse gas emissions and food crises. In addition, the company has initiated collaborative research projects in the fields of food and biotechnology. The company also emphasised its global commitment to promoting affordable and nutritionally balanced plant-based protein food. NEWS ROOM
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