The World Today: Top stories of the day
#372, 09 July 2026
Aarav Bhaskar, Acsah H, Avanessh S, Dhivya K M, Madhura Meenakshi Tanikella, and Yesasvi Koganti

The US-Iran War: Both sides exchange strikes following Tehran's strikes on vessels in the Strait of Hormuz
On 09 July, Reuters reported that Iran's armed forces launched new strikes on US military bases in the Gulf, following Washington's strikes on southern and eastern provinces in Iran. US attacks reportedly targeted military and coastal targets in Bandar Abbas and Bushehr province, with Iran's state media reporting that 14 people were killed and 78 were injured. In addition, "The United States is holding Iran accountable" for aggression in the Strait of Hormuz, said US Central Command, in reference to Tehran's strikes on commercial ships in the strait on 08 July. Furthermore, the subsequent strikes by Iran targeted Washington's Patriot systems in Kuwait, a satellite antenna in Qatar, and US Army fuel storage in Bahrain, as reported by Iran's army. Moreover, Tehran's chief negotiator, Mohammad Baqer Qalibaf, posted on X, "The U.S. has yet to learn that bullying and breaking its commitments no longer come without a cost. Let me be clear: If you strike, you will be struck back." Additionally, Qatar and the UAE condemned the attacks by Iran. 
("Iran says it hits US military targets in Gulf, prepares to bury slain leader," Reuters, 09 July 2026; "Iran war live: Tehran hits Bahrain, Kuwait, Qatar after deadly US strikes," Al Jazeera, 09 July 2026)

The NATO Summit: Discussions conclude with defence commitments and unusual parting gift
On 09 July, Reuters reported that the NATO summit in Ankara concluded with a mix of diplomatic relief and logistical headaches for European leaders. Despite prior geopolitical friction over the US-Iran war and a sudden trade dispute between Washington and Spain, the military alliance successfully managed transatlantic tensions. US President Donald Trump re-committed to NATO's Article 5 mutual defense pact, approving a licensing deal for Ukraine to produce Patriot missile interceptors. European leaders smoothed relations by highlighting massive increases in continental defense spending dubbed "The Trump Trillion" and securing over USD 50 billion in new military hardware contracts. However, long-term uncertainty persists as the Pentagon reviews the 80,000-strong US troop presence in Europe. Meanwhile, adding an unusual twist, Turkey’s President Recep Tayyip Erdogan, the host, presented each Head of State with an engraved, vintage Gumusay .357 Magnum revolver loaded with live ammunition to showcase Turkey's booming defense export industry. This parting gift created an instant security conundrum, forcing returning prime ministers and presidents to navigate immediate customs clearances, embassy storage, or police handovers upon landing home.
(“NATO weathers another Trump storm but braces for more after Ankara summit,” Reuters, 09 July 2026; “Turkey's Erdogan gives NATO leaders revolver conundrum after summit,” Reuters, 09 July 2026)

The War in Ukraine: Russia responds to NATO summit statements; Kyiv denies Nord Stream pipeline sabotage
On 08 and 09 July, Reuters reported that responding to various statements by NATO Chief Mark Rutte and US President Trump, Kremlin Spokesperson Dimitry Peskov stated that Ukraine’s strikes and military pressure will not “help pave the way for a peaceful settlement.” Additionally, sources in the Kremlin stated that President Vladimir Putin is not open to negotiating with Ukraine, and is firmly committed to capturing the rest of Donbas region. 

Furthermore, Ukraine’s Prosecutor General denied Kyiv’s involvement in the sabotage of the Nord stream gas pipelines in 2022, after Germany had charged an ex-Ukrainian officer with war crimes and conspiracy to blow up the pipelines. They also added that Ukraine and Germany would set up a joint investigation team with German authorities to enable exchange of information. US President Donald Trump also stated that they would grant Ukraine permission to manufacture Patriot missile interceptors, after struggling for weeks to intercept Russia’s ballistic missiles. He added that Ukraine would work with Lockheed Martin, the primary contractor for the missiles.
(“Putin likely to escalate Ukraine war, despite Trump peace push, sources say,” Reuters, 09 July 2026; “Kremlin says US wrong to think escalation of Ukrainian strikes can help end war,” Reuters, 09 July 2026; “Ukraine's top prosecutor says no signs of Kyiv being behind Nord Stream blasts, Reuters, 09 July 2026; “Trump says Ukraine to be allowed to make Patriot missile interceptors,” Reuters, 08 July 2026)

The EU: Proposal for asset freeze and travel ban on migrant smugglers by Brussels
On 09 July, Reuters reported that the European Union proposed a new legislation aiming to punish those engaged in migrant smuggling, human trafficking and any form of organized crime, through the use of asset freeze and travel ban on the offenders. President of the European Commission, Ursula von der Leyen, claimed that "it is about getting rid of them and saving the lives of those migrants who want to better their living conditions," as "Europe has to make a decision about whom it is willing to accept and on what basis." The proposal must be approved by the European Council before taking effect. In June, the European Parliament endorsed a new immigration policy designed to streamline deportations. 
("EU proposes asset freezes and travel bans to fight migrant smuggling," Reuters, July 09, 2026)

The US and Syria: Washington to remove Damascus from terrorism sponsor list
On 08 July, Reuters reported that the US had decided to remove Syria from its list of state sponsors of terrorism, with US President Trump remarking that he promised to "remove all barriers" stopping Syria from rebuilding. He further stated that there are several US companies that were ready to invest in the country. Syria’s Centel Bank Governor Safwat Raslan stated the move could allow Syria to reintegrate back into the global economy. Subsequently, Trump complimented Ahmed al-Shaara, stating he was respected by "everybody" including himself. 
("Trump to remove Syria from US terrorism sponsor list," Reuters, 08 July 2026)

Russia and Sahel: Moscow, AES states deepen military ties as attacks persist
On 09 July, Reuters reported that Russia and the Alliance of Sahel States (AES), that include Mali, Niger, and Burkina Faso, committed themselves to enhance military cooperation in a joint statement following their talks in Niamey. Sergei Lavrov, the Foreign Minister of Russia, met with the counterparts of those three countries. Growing military and military-technical cooperation were recognized, which included the assistance provided by Russia's paramilitary Africa Corps in helping to enhance the AES forces and their unified forces. The discussions were carried out against the backdrop of growing attacks by the jihadists in April, al-Qaeda and Tuareg separatist militants killed Mali’s defense minister. 
("Russia and Sahel states deepen military ties as insurgent attacks persist," Reuters, July 09, 2026)

Australia and India: Canberra and New Delhi advance civil nuclear cooperation through uranium exports
On 09 July, Reuters reported that Australia has agreed to sell its uranium to India for its use in the nuclear energy industry. This comes as India aims to advance its goal of 100 Hiawatha of nuclear capacity by 2047, while Australia seeks to diversify its trade market. The agreement also aims to deepen cooperation in renewables, critical minerals and green hydrogen. The agreement, signed by the Prime Ministers of countries, aims at ensuring the nuclear fuel is used solely for peaceful purposes, such as energy generation. India’s PM Modi urged Australia's business community to invest long-term in India's road, port, rail and urban infrastructure projects. As part of this strengthening partnership, Australia's largest pension fund, AustralianSuper, announced a further AUD 500 million investment into India's National Investment and Infrastructure Fund.
(“Australia, India strike deal on uranium exports during Modi visit,” Reuters, 09 July 2026)

The World Tomorrow
Myanmar: ASEAN Foreign Ministers to hold informal talks with Naypyidaw in Bangkok 
On 09 July, Reuters reported that on 12 July, ASEAN foreign ministers are expected to hold an informal meeting with Myanmar’s Foreign Minister in Bangkok. This meeting aims to mark the bloc’s latest effort to re-engage with Myanmar’s new army-backed government. Vietnam’s Foreign Ministry Spokesperson Pham Thu Hang, stated that “The meetings in Bangkok is an opportunity for ASEAN foreign ministers to directly exchange views, strengthen cooperation, and promote reconciliation dialogue in Myanmar.” Thailand Foreign Ministry has also confirmed the meeting. Myanmar's government is reportedly aiming to have the ASEAN restrictions lifted on the attendance of its leaders at high-level summits because the military has yet to implement the bloc's Five-Point Consensus peace plan. The country remains engulfed in a prolonged civil war between the military and multiple armed groups, resulting in more than 100,000 deaths and the displacement of millions. Moreover, the meeting comes just after President Min Aung Hlaing's visit to Laos.
(“ASEAN foreign ministers to hold meeting with Myanmar counterpart at weekend,” Reuters, 09 July 2026)

Today in History
09 July 2011: South Sudan gains independence, becomes the youngest country in the world 
On 09 July 2011, 98.83 per cent of votes cast by South Sudanese in referendums held in January, overwhelmingly voted for independence, becoming the youngest country in the world. South Sudan, which is largely Christian and Animistic, had engaged in two brutal civil wars in 1955-1972 and from 1983-2005. The Sudan’s People’s Liberation Movement/Army (SPLM/A) became the representatives for all marginalized communities in Sudan during the second civil war. The Comprehensive Peace Agreement (CPA) signed in 2005 between the Sudanese government and the SPML/A set a timetable for a referendum on South Sudanese independence. However, the country had devolved into its own internal conflict in 2013 and and 2018, with hundreds of thousands killed in estimations. Despite an uneasy peace agreement in 2018, humanitarian crises still plague the country and localized conflicts continue to contribute to displacement and disrupt aid assistance.
("History of South Sudan and how it gained its independence," WorldHistoryedu.com; "South Sudan, 15 years on: Still fighting for peace," Al Jazeera, 09 July 2026)

09 July 1816: Argentina declares independence from Spain at the Congress of Tucumán 
On 09 July 1816, delegates at the Congress of Tucumán declared the independence of the United Provinces of the Río de la Plata from Spain, marking the birth of modern Argentina. The Independence Movement began with the May Revolution of 25 May 1810, in which Buenos Aires declared independence from the Spanish viceroy, due to the invasion of Spain by Napoleon Bonaparte in 1808, which weakened Spanish rule. In the beginning the revolving government proclaimed itself to be acting for the reigning King Ferdinand VII, but when the re-established monarchy of Spain asserted control, the movement became a call for full independence. Following the declaration, a number of years were spent campaigning for independence from the Spanish. The most prominent military leader was General José de San Martín, who led the crossing of the Andes in 1817 to liberate Chile and who then helped Peru gain independence with Simón Bolívar, thus putting an end to Spain's rule over much of South America. Politically, Argentina came to be independent, but it went on to have to deal with domestic conflicts regarding its government and its borders; meanwhile, Paraguay, Bolivia and Uruguay became independent states. Argentina's independence was one of the milestones that marked the process of liberation of the Latin American colonies from Spanish rule, and it is celebrated every year as the Independence Day in Argentina.
(“Argentina Celebrates More Than 200 Years of Independence,” Britannica, 09 July 2026; “Argentina and its Independence from Spain,” Britannica)

The Indian Neighbourhood Today
#165, 09 July 2026
Aishal Yousuf, Namrata L Ghanghatkar, Priyanka Makhijani, Radhika Agarwal, Sreemaya Nair, Urja Kudalkar

Nepal: Government resumes food supply after two days due to public outrage
On 09 July, The Kathmandu Post reported that the government has resumed serving meals in all seven holding centres that house displaced families after widespread criticism over its decision to stop providing meals. Residents have also reported that the holding centres had locked away water jars and refused drinking water to the residents. On 22 June, the government issued a public notice stating that NPR 25,000 would be deposited into verified bank accounts, but most residents have not yet received the promised funds. There have been numerous accounts of residents stating that the amount the government intends to give is not sufficient for sustaining a family, let alone help start rebuilding their lives.
(“Meal suspension at holding centres sparks criticism, government resumes food supply,” The Kathmandu Post, 09 July 2026)

Bhutan: Trade, transport, agriculture, credit cards breach Non-Performing Loan (NPL) threshold
On 08 July, Kuensel reported that four key economic sectors, trade and commerce, transport, agriculture and livestock, and credit cards, had breached the Royal Monetary Authority's five per cent Non-Performing Loan (NPL) threshold, exposing vulnerabilities in financial sector stability even as overall credit growth showed signs of moderation, according to the finance ministry's report. The overall NPL ratio stood at 3.14 per cent of total credit extended, equivalent to BTN 8.45 billion, a month-on-month increase of about 7.88 per cent. Although the aggregate ratio remained below the threshold, the concentration of bad loans in specific sectors prompted the central bank to issue cautionary notices to financial institutions. The housing sector held the largest share of total credit at 28.51 per cent, or BTN 76.7 billion, and accounted for around 25.68 per cent of total bad loans, though its NPL ratio remained well below the threshold. Trade and commerce accounted for 19.47 per cent of total NPLs, while production and manufacturing represented 10.33 per cent. Total sectoral credit rose to BTN 286.19 billion as of March, up 2.68 per cent over the quarter, driven largely by hotel and tourism, manufacturing, housing, and trade and commerce. The report added that liquidity had risen sharply, driven by hydropower inflows and INR swap arrangements, and cautioned that high liquidity levels could cause external imbalances if not managed carefully.
("Trade, transport, agriculture, credit cards breach NPL threshold," Kuensel, 08 July 2026)

Bangladesh: No lack of diplomatic effort to extradite former PM Hasina
On 09 July, Dhaka Tribune reported that State Minister for Foreign Affairs Shama Obaed Islam said there is no shortage of diplomatic effort to bring back former Prime Minister Sheikh Hasina to face trial and that the process takes time. Obaed said the Home and Law Ministries will examine whether any legal complexities exist. She said the three ministries have been working afresh since the new government took office in February. She added that the people of Bangladesh want Hasina extradited. On 17 April, India's Ministry of External Affairs said the extradition request is being examined as part of ongoing judicial and legal processes. Spokesperson Randhir Jaiswal said India will continue to engage constructively on the issue. Bangladesh had, on 08 April, renewed its request to extradite Hasina and former Home Minister Asaduzzaman Khan Kamal, both sentenced to death by the International Crimes Tribunal.
("Hasina's extradition: Dhaka finds no lack of diplomatic efforts," Dhaka Tribune, 09 July 2026)

Bangladesh: Renewal of Ganges Water Treaty with India moves towards positive direction
On 09 July, Dhaka Tribune reported that the State Minister for Foreign Affairs, Shama Obaed Islam, said the renewal of the Bangladesh-India Ganges Water Treaty is moving in a positive direction. She said she hopes India will understand its importance and come forward accordingly. The treaty was signed on 12 December 1996, which was 30 years ago, and expires this year. Experts said it needs a comprehensive review before renewal, involving economists, urban planners, sociologists, and environmentalists, given the risks of an inequitable sharing arrangement. Officials said Bangladesh's agriculture and food availability will be badly hit, and climate vulnerability will rise, if the treaty lapses without a new agreement. Bangladesh and India share 54 rivers and use the Joint Rivers Commission to discuss such matters. Former High Commissioner to India Tariq A Karim said the 1996 treaty showed cooperation was possible on sensitive issues, but its renewal will test whether the region can adapt old agreements to new hydrological and climatic realities. He said no country can secure regional public goods like water and climate resilience alone. Prof Shahab Enam Khan said the ministry needs thorough homework and data sharing, since conditions in 1996 and 2026 differ significantly.
("Dhaka expects India's positive response on Ganges Water Treaty," Dhaka Tribune, 09 July 2026)

Bangladesh: Dhaka and Tajikistan hold first-ever foreign office consultations, ink MoU to institutionalise ties
On 09 July, Dhaka Tribune reported that Bangladesh and Tajikistan discussed possible cooperation in mineral resources. This includes benefiting from Tajikistan's reserves of gold, aluminium, zinc, copper, lead, and silver. The two countries held their first-ever Foreign Office Consultations in Dhaka on Wednesday. They signed an MoU to institutionalise regular consultations. Foreign Secretary Asad Alam Siam led Bangladesh's delegation. Deputy Minister of Foreign Affairs Idibek Kalandar led Tajikistan's side. Both sides agreed to encourage private sector interaction and business delegation exchanges. They proposed reciprocal visits by foreign ministers and a Parliamentary Friendship Group. Bangladesh invited Tajik investment in its Special Economic Zones. It proposed a Joint Working Group on Trade and Economic Cooperation. The two countries also discussed cooperation in education, sports, tourism, and workforce mobility. They agreed to conclude further bilateral instruments, including on visa waivers and double taxation avoidance. Bangladesh thanked Tajikistan for backing its 81st United Nations General Assembly (UNGA) candidature. The two sides agreed to hold the next round of talks in Dushanbe.
("Bangladesh, Tajikistan discuss cooperation in mineral resources; ways to strengthen ties," Dhaka Tribune, 09 July 2026)

Myanmar: Independent media reach drops 48 per cent since 2021 coup, finds report
On 09 July, Mizzima reported that public access to independent news in the country had fallen sharply since the 2021 military coup. A report by Human Rights Myanmar and the Institute for Policy on Conflict and Media (IPCM), titled "Suppressing Audiences During Myanmar's Digital Coup," found that total monthly readership across 50 analysed media outlets dropped 48 per cent from roughly 4.7 billion views in January 2021 to 2.4 billion in 2026. Average views per individual post declined by 56 per cent over the same period. State-owned and pro-military outlets saw even steeper declines, with overall audience reach shrinking by up to 76 per cent. Channel 9 Myanmar lost 99 per cent of its audience, Eleven Media lost 84 per cent, and MRTV-4 declined by 62 per cent. The report attributed the decline to internet shutdowns, travel restrictions, and pressure on news sources. It warned that reduced access to information during electoral periods posed a serious threat to voting rights and the democratic process.
("Access to independent news in Myanmar has collapsed since 2021 coup, report finds," Mizzima, 09 July 2026)

Maldives: ADB urges Malé to replace broad subsidies with targeted assistance
On 09 July, The Sun reported that the Asian Development Bank (ADB) has urged the Maldives to replace expensive universal subsidies with targeted assistance for vulnerable households. In its latest Asian Development Outlook, the ADB forecasts a five per cent inflation and one per cent economic growth for the Maldives in 2026, citing higher fuel and commodity prices driven by the Middle East conflict and the supply chain disruptions resulting from it. The ADB recommends direct cash transfers, targeted transport subsidies, and fixed electricity bill discounts instead of broad fuel and power subsidies.
(“ADB again urges to reduce subsidies and instead, support those most in need in targeted programs,” The Sun, 09 July 2026)

Afghanistan: Pakistan Military blames Afghan Taliban for backing militants after deadly attacks
On 08 July 2026, Afghanistan International reported that Pakistan's military said 42 security personnel and 54 militants were killed during four days of clashes in Balochistan and Karachi. Director General of Inter-Services Public Relations Lieutenant General Ahmed Sharif Chaudhry accused the Afghan Taliban of sheltering, funding and supporting militant groups operating against Pakistan. The military said three major attacks took place between 04 and 08 July. These included attacks in Babri, Ziarat and the Bela-Winder area. It also blamed the Pakistani Taliban for an attack on a Rangers headquarters in Karachi, claiming that three of the four attackers were Afghan citizens. Chaudhry said the attacks were part of a coordinated militant campaign with shared leadership and logistical networks. He also defended the deportation of undocumented Afghan refugees, arguing that the policy had weakened militant support networks. The Afghan Taliban has repeatedly denied Pakistan's allegations of supporting insurgent groups.
("42 Pakistani Troops Killed as Army Blames Afghan Taliban for Militant Support," Afghanistan International, 08 July 2026)

Afghanistan: UN Secretary-General appoints Rabab Fatima as new UNAMA head
On 09 July 2026, Afghanistan International reported that United Nations Secretary-General António Guterres has appointed Bangladeshi diplomat Rabab Fatima as the new Special Representative for Afghanistan and Head of the United Nations Assistance Mission in Afghanistan (UNAMA). She succeeds Roza Otunbayeva, whose mandate ended in September 2025. The appointment follows the United Nations Security Council's unanimous decision on 16 June to extend UNAMA's mandate for another year. The resolution, introduced by China, was adopted unanimously with 15 votes in favour. During her final briefing to the Security Council, Otunbayeva highlighted the humanitarian crisis, the erosion of women's rights, and the country's urgent humanitarian needs. She also called for increased international assistance and changes to the Taliban's policies. Rabab Fatima has previously served as President of the UNICEF Executive Board, President of the UN Women Executive Board, and Vice-President of the Executive Board of the United Nations Development Programme.
("UN Secretary-General Appoints New Envoy for Afghanistan," Afghanistan International, 09 July 2026)

Emerging Technologies Today: AI, Cyber, Critical Minerals.....
#20, 09 July 2026
Lekshmi MK and Yesasvi Koganti

Meta plans custom AI chip production, expands computing infrastructure
On 09 July, Reuters reported that according to an internal memo, Meta Platforms plans to begin manufacturing its custom-designed AI chip, code-named "Iris," in September. Developed alongside Broadcom and TSMC, the chip aims to improve Meta's social platforms, lower computing costs, and reduce dependence on dominant suppliers like Nvidia and AMD. The initiative supports Meta’s massive infrastructure scaling, which aims to double its computing capacity from seven gigawatts this year to 14 gigawatts next year. To power this rapid growth, Meta expects to spend up to USD 145 billion on AI infrastructure this year alone. To mitigate global hardware shortages and rising "chipflation," Meta has secured critical, multi-year supply agreements. These include deals with Samsung for memory chips, Sandisk for flash storage, and Sumitomo Electric for fiber-optic equipment, locking in necessary components for its rapidly expanding data centers.
(“Meta to put AI chip into production in September as it looks to double computing capacity, memo shows,” Reuters, 09 July 2026)

South Korea: SK Hynix US share sale draws strong investor demand, funds AI expansion
On 09 July , Reuters reported that according to a source familiar with the matter, demand for SK Hynix’s USD 28 billion US share sale was more than seven times oversubscribed, highlighting immense investor appetite for the AI supply chain leader. The offering, set to price on Thursday and begin trading on the Nasdaq on 10 July, will trail only SpaceX’s recent USD 85.7 billion IPO as the world's second-biggest share sale. The South Korea’s chipmaker plans to use the funds to build new factories and purchase equipment to meet surging global demand for its high-bandwidth memory (HBM) chips. Beyond financing infrastructure, the US listing is expected to help SK Hynix close its valuation gap with American rival Micron by gaining direct access to the world’s largest pool of investors. Driven by insatiable AI demand and a strong partnership with Nvidia, SK Hynix's stock is up 680 per cent over the past year. Massive earnings growth has outpaced these stock gains, lowering its 12-month forward price-to-earnings ratio to 5.5 times.
(“SK Hynix's US listing more than seven times oversubscribed, source says,” Reuters, 09 July 2026)

The UK: Palantir challenges police contract decision, trial set for 2027
On 09 July, Reuters reported that the US tech firm Palantir is legally challenging a decision by London Mayor Sadiq Khan's office to block a two-year, GBR 50 million (USD 67.06 million) contract with the Metropolitan Police. The contract aimed to integrate Palantir’s AI systems for automated administrative tasks and criminal evidence analysis. Palantir argues that the mayor's office unlawfully rejected the deal based on the company's "values and ethics," criticizing the move as "putting politics above public safety." Palantir has long faced Europe’s scrutiny over its US military and immigration software ties, alongside the political views of co-founder Peter Thiel. Conversely, the Mayor’s Office for Policing and Crime denies these allegations. In court filings, they maintained that the deal was blocked purely on procurement grounds because the Met Police failed to hold an open competition and only negotiated with a single supplier. London High Court Judge Adam Constable ruled that the trial will take place in January 2027.
(“Palantir says UK police contract wrongly blocked over perceived 'values',” Reuters, 09 July 2026)

France: Antitrust probe into Nvidia nears completion
On 09 July, Reuters reported that France’s competition authority announced that its antitrust investigation into AI chipmaker Nvidia Corp is nearing its end. The regulatory agency has been probing the company since complaints were made against it for anti-competitive activity in the semiconductor market. Umberto Berkani, the general rapporteur for the French authority, confirmed the timeline to reporters, noting that the probe is in its final stages. No specific details regarding potential findings, penalties, or exact conclusion dates were released.
(“French competition authority's Nvidia probe nearing end,” Reuters, 09 July 2026)

Taiwan: Central bank warns of AI bubble risks, holds interest rates steady
On 09 July, Reuters reported that during a parliamentary hearing, Taiwan’s central bank governor, Yang Chin-long, warned that while the economic expansion driving the AI boom is genuine, the risk of an AI bubble is equally real.  Yang acknowledged that AI has become a primary engine for Taiwan’s economy, anchored by giants like Taiwan Semiconductor Manufacturing Co (TSMC). However, he emphasized that the central bank must closely monitor the threat of over-expansion and speculative capital expenditures, which are being heavily financed by aggressive corporate borrowing and leverage within the technology sector. Despite these concerns, Taiwan's central bank board chose to keep interest rates steady at its June meeting. Yang defended the decision as appropriate, explaining that inflationary pressures from the tech sector were not yet severe enough to warrant a rate hike, especially given that Taiwan's traditional industries continue to lag behind the booming AI economy. 
(“Taiwan central bank chief warns of AI bubble risk,” Reuters, 09 July 2026)

The EU: Draft electrification plan targets reduced oil and gas dependence
On 09 July, Reuters reported that a draft European Commission proposal reveals that the European Union plans to introduce an extensive "electrification" strategy to rapidly shift its economy away from oil and gas. The plan, due to be officially published on 17 July, is a response to the energy crisis caused by Iran's involvement in the war, which has added a whopping EUR 50 billion (USD 57.11 billion) to the EU's import bill since late February when fossil fuel prices started to rise. To tackle this weakness, Brussels plans for 2040 to impose a minimum percentage target for electricity use in the economy as a whole. The idea will push the transition to EV's and domestic heat pumps forward, and take firm steps towards replacing industrial processes with electric furnaces. To address the high upfront costs of transition, the Commission will put in place mechanisms enabling member States to reduce the VAT rates on EVs, household batteries, and heat pumps. Also the EU will be removing fossil fuel subsidies later this year and implementing new public procurement regulations, which will require clean energy solutions in public buildings and public transport fleets.
(“EU drafts 'electrification' plan to curb oil and gas use, after Iran war disruption,” Reuters, 09 July 2026)