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World Today: Summary of Major News on August 7, 2023

Niger Closes Airspace as Tensions Rise: Niger has ordered the indefinite closure of its airspace amid concerns that the West African regional bloc may send troops to intervene. This decision comes after the junta refused to meet a deadline to return power to the overthrown President Mohamed Bazoom.

World Bank’s Food Security Progress Report: The World Bank released its Food Security Progress Report, indicating that domestic food price inflation remains high worldwide. Data from February to May 2023 shows high inflation in most low- and middle-income countries, with many experiencing inflation in the tens of digits.

Tragedy in Pakistan: A train derailment in southern Pakistan resulted in at least 30 deaths and more than 70 injuries, adding to the country’s transport safety concerns.

Japan’s Plan to Discharge Fukushima Wastewater: Japanese government sources report that Japan is planning to discharge wastewater from the Fukushima nuclear power plant into the ocean as early as late August. The move comes years after the power plant was damaged by a tsunami.

Australia-China Trade Relations: Australia has urged China to lift all trade restrictions following China’s recent decision to lift tariffs on barley imports from Australia, indicating a potential improvement in bilateral relations.

Japan Surpasses China as Asia’s Second-Largest Stock Market: Amid concerns about China’s economic prospects and geopolitical tensions, Japan is overtaking China as Asia’s second-largest stock market, attracting foreign investors.

Western Microchips Shipped to Russia: A new analysis reveals that Western microchips used in smartphones and laptops are still being shipped to Russia and supporting the Russian military arsenal, raising concerns about international technology trade.

Typhoon Khanun Expected to Hit South Korea: South Korea’s Meteorological Agency warns that Typhoon Khanun is set to hit South Korea later this week, prompting authorities to prepare for potential impacts.

Credit Suisse Layoffs in Hong Kong: Credit Suisse is set to lay off about 80% of its investment banking workers in Hong Kong as part of its planned merger with UBS Group, reflecting changes in the financial sector.

Germany’s Industrial Production Decline: Germany’s industrial production fell more than expected in June, highlighting the challenges faced by the country’s manufacturing sector amid an economic downturn.

World Scout Jamboree Halted Due to Typhoon: Organizers of the World Scout Jamboree in South Korea announced an early halt to the event in preparation for the typhoon expected to make landfall later this week.

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