News In Asia
- The BRICS group met in Johannesburg for their fifteenth annual summit, where it was announced that six new members – including Iran, Saudi Arabia, and the UAE – will join. While opinion remains divided as to whether the summit marks the creation of a post-western world order, the move does mean that the group now represents the lion’s share of global oil and gas reserves, which has fled to a flurry of speculation about a possible end to the petrodollar system.
- India landed a robotic probe on the lunar south pole, in a first for space exploration. Not only is Chandrayaan-3 India’s first successful lunar landing, but it is also the first time anyone has landed at the moon’s south pole. Global media were quick to point out that the entire mission had cost less than a Hollywood blockbuster. A rover, Pragyan, is currently exploring the area, looking for valuable minerals.
- Japan began venting contaminated water from the ruins of the Fukushima Daiichi nuclear plant, which was destroyed in the 2011 tsunami, into the Pacific. The water had been used to cool the reactors after they melted down, and has been stored in huge tanks for a decade, where it has been scrubbed of the most harmful elements. The water is said to contain safe levels of tritium, a mildly radioactive substance most often found in glow-in-the-dark paint, but the release triggered massive objections from neighbouring countries. China banned the import of all Japanese fish and seafood, and there was a run on iodised salt – inaccurately rumoured to prevent thyroid cancer – in Hong Kong. South Korea registered its disapproval, and Japanese company switchboards were inundated with hostile phone calls from across Asia. Releases are scheduled to take another thirty years.
- There was massive flooding in north China after record rainfall in the wake of Typhoon Doksuri overwhelmed existing defences. At least 81 people were reported dead, with more still missing. Another typhoon is due to hit the southern coast over the weekend.
- The British Foreign Secretary, James Cleverly, flew to Beijing for meetings with the new Chinese foreign minister, Wang Yi. The visit is the first by a British Cabinet minister for five years, and is said to mark a shift to a more conciliatory approach to China, based on engagement rather than following the US into a new Cold War. Although much talked about in the UK, the trip attracted nearly zero media and social media attention in China.
- The Chinese economy tipped into deflation, amid concerns over reduced export figures, lower domestic consumption, youth unemployment, and rolling problems in the property sector. China’s two largest property developers, Evergrande and Country Garden, made the news after Evergrande share prices plummeted 80% after trading reopened, while Country Garden filed for bankruptcy protection in the US.
- The Russian mercenary Yevgeny Prigozhin, who led a short-lived rebellion in June, died when his private plane crashed outside Moscow, alongside his second-in-command, Dmitry Utkin, and eight others, including aircrew and bodyguards. Prigozhin, owner of the Wagner Group, had recently surfaced in Africa; Utkin, its military commander and a former Spetsnaz officer, was rarely seen in public. The crash is thought to have been a particularly dramatic assassination, but details remain unclear. Although social media channels associated with Wagner vowed revenge, the group has not taken action, and Prigozhin was quietly buried in St Petersburg.
- Thailand has a new prime minister, after months of deadlock following May’s contested elections. Newcomer Srettha Thavisin was chosen as leader by the country’s military-controlled Senate, after the winner of the popular vote, Pita Limjaroenrat, was blocked from becoming prime minister by the junta. Controversial former PM Thaksin Shinawatra had returned to Thailand, hoping to be reinstated, but was immediately arrested instead. He remains under police guard in hospital.
Editors Pick
Networking in Scotland
Ne Lwin | 4th Aug 2023
As entrepreneurs and professionals navigate through the ever-changing tides of the business world, the significance of networking in Scotland has never been more pronounced. Ne Lwin’s article delves into the intricacies of Scotland’s networking culture, exploring its importance, avenues, and the role of digital technology in fostering meaningful connections. Moreover, discussing the practical strategies to network effectively in this enchanting realm and contemplate the future of networking in Scotland.
Recently Recorded Events
From Copycat To Innovator: The Moral Foundations Of Entrepreneurship
Recorded – 15th August 2023
An enlightening and thought-provoking webinar featuring Dr. Eamonn Butler, a distinguished British economist, Chairman and Founder of the Adam Smith Institute, as he explores the powerful intersection of moral philosophy and entrepreneurship through the lens of Adam Smith’s theories.