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World Today: Recap of the Latest News

Recep Tayyip Erdogan Wins Turkish Presidential Election for Third Term

The Election Commission of Turkey has officially confirmed Recep Tayyip Erdogan as the winner of the presidential election, securing his position as the Turkish president for a third consecutive term.

Nvidia CEO Warns of AI Risks and Encourages Familiarity

Jensen Huang, co-founder and CEO of Nvidia, the world’s leading semiconductor company, emphasized the importance of understanding artificial intelligence (AI) for both companies and individuals. He warned of the risk of missing out on valuable opportunities by not embracing AI.

Temasek Holdings Reduces Remuneration Following FTX Investment

Singaporean government-owned investment firm Temasek Holdings announced a reduction in the remuneration of its staff and senior executives who recommended investments in trading firm FTX. This decision comes in response to the cryptocurrency firm’s recent bankruptcy.

Global Stock Markets Rebound on Debt Ceiling Agreement News

Global stock markets experienced a rebound as news spread about President Joe Biden and U.S. House of Representatives Speaker Kevin McCarthy reaching a final agreement to increase the debt ceiling. This development is seen as a crucial step in pushing the bill through Congress before the looming debt default deadline, set for June 5.

World Bank Calls for Increased Revenue Collection in Thailand

The World Bank has emphasized the need for the Thai government to enhance long-term revenue collection due to growing demands for public expenditures resulting from an aging society.

North Korea Notifies Japan of Satellite Launch Plans

Officials from the Japanese Coast Guard revealed that North Korea has informed them about its intention to launch a satellite between May 31 and June 11. This announcement has sparked speculation that North Korea might conduct a missile test during this period.

China Urges Japan to Rectify Export Control Measures

China’s Ministry of Commerce issued a statement urging Japan to correct its actions after Japan implemented measures to control the export of chips. Chinese Commerce Minister Wang Wentao called for Japan to rectify its mistakes.

Foreign Investors Withdraw $36 Billion from Russia After Business Sales

According to analysis from the Russian Central Bank, foreign investors have withdrawn approximately $36 billion from Russia after selling their Russian operations between March 2022 and March 2023. This substantial outflow of funds highlights the impact of recent business sales on foreign investment in the country.

Chinese Consumer Spending Recovery Expected to Take Time

Morgan Stanley analysts predict that Chinese consumer spending will not quickly return to pre-pandemic levels in the near term. This situation is anticipated to affect foreign companies operating in China, including Starbucks, as consumers become more cautious about their spending and explore alternative choices.

China Considers Tax Incentives to Boost High-End Manufacturing

The Straits Times, citing unnamed sources, reported that China is contemplating the implementation of new tax incentives aimed at promoting high-end manufacturing. This move is part of China’s broader efforts to stimulate its economy and enhance technological innovation to compete with the United States.

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