Week 40 of 2022 – YPF Around the Globe (English)

Timeframe: 07 October to 14 october.

Contributors: G.M.Sifat Iqbal,Affan Bin Saber, Anika Bushra, and Mansib Khan

To read Bangla, click here.

1. Politics

Thailand nursery attack: Thais mourn dead after massacre

Last Thursday, Panya Kamrab, a former police officer, went on a rampage in the city with a gun and a knife. He entered a childcare center and killed 23 children before taking to the streets to kill others. 36 people died in the incident in Nong Bua Lampu in northern Thailand. The motive of the attack is not yet known. However, according to the police, Kamrab was fired from his job in June due to drug use.

Source: BBC

2. Economics & Business

Chipmakers’ stocks slump as US steps up restrictions on chip export to China

Shares of major Asian computer chipmakers fell after the United States announced tough new measures to limit technology sales to China. The United States said it would ban American companies from selling certain chips used in supercomputers and artificial intelligence to Chinese firms. The rules announced Friday also target sales to non-US companies that use American equipment. Technology companies are also seeing demand drop as the global economy slows. On Tuesday, shares of Taiwanese chipmaker TSMC rose more than 8%, Japan’s Tokyo Electron 5.5% and South Korea’s Samsung Electronics 1.4 % declined. Stock markets in Taiwan, Japan and South Korea reopened after being closed for a public holiday on Monday. Elsewhere in Asia, shares of China’s largest chipmaker SMIC fell 4% in Hong Kong.

Source: BBC

Recession risk rises as economy unexpectedly shrinks

The statistics from the Office of National Statistics (ONS) revealed that GDP fell by 0.3% leading to August. This decrease came into effect as the factories and the consumer-facing business struggled. Government spending during the pandemic slowed manufacturing, causing pharmaceutical companies to reduce production as well. Prices have risen faster than in the past 40 years, affecting people’s purchasing power and putting pressure on their budgets.

Source: BBC

3.  Science & Technology

U.S. firm supplied networking tech to maker of Russian missiles

In the wake of Russia’s invasion of Ukraine, Russia has been facing economic sanctions. As a result, NATO and partner countries cannot sell products to Russia that can be utilized to make weapons. However, a US technology company called Extreme Network continued its business with the Russian federation and supplied the Russian military with networking equipment. An employee of Extreme Networks registered a complaint informing that the company’s equipment was being used in Russian warships’ communication channels. The perks of this product are that it can work without an internet connection and require few software updates.

Source: Reuters

4. Environment

UN nations reach long-term aviation climate goal

A United Nations body decided to set a long-term aspirational target of net-zero aviation emissions by 2050 to reduce air pollution in International Civil Aviation Organization’s (ICAO) assembly. However, countries like China, among other countries aligned largely with airlines, oppose the motion. Moreover, China, backed by Russia and Eritrea, urged developed countries to financially support developing nations that have emerging aviation. ICAO cannot impose rules on countries, but those that agree to the decision usually try to fulfill the goal. A global goal like this will win the confidence of the industry, investors, and other stakeholders. Hence, the officials are hopeful that this initiative would garner private investment and boost supplies of new sustainable aviation fuel (SAF).

Source: Reuters

Disclaimer: The information provided here is obtained solely from the aforementioned third parties. Youth Policy Forum (YPF) is not responsible for any misinformation or misrepresentation.

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