New Zealand police have charged a 48-year-old homeless man with two counts of arson after a fire killed at least five people at the Loafers Lodge hostel in the capital, Wellington. Despite previous reports that there were six dead, New Zealand Fire and Emergency officials said that there were just five bodies and fewer than 10 people were still unaccounted for. Police have yet to be able to enter parts of the building due to concerns that it remains dangerous because of structural problems. There are fears that further charges may be made against the man.
South Korean officials are sending a 21-member team to Japan to examine plans to release treated radioactive water from the Fukushima power plant into the sea. The five-day review will look at the plant’s water processing systems to determine whether the water will be safe to discharge into the ocean. Japan announced its intent to host South Korean experts to review its plans following a recent summit with South Korean President Yoon Suk Yeol, signalling a desire to improve relations between the two nations. However, Japanese officials have stated that the South Korean visit does not constitute an inspection of the plant as the International Atomic Energy Agency has already reviewed safety aspects, with the results due to be published next month. South Korea also reportedly accused Japan of refusing to allow private South Korean experts to join the investigation, stating that this is a government-to-government matter.
Bank of Japan Governor Kazuo Ueda has reiterated that the bank is committed to ultra-loose monetary policy to hold off inflation while other countries look to tighter policies. Rising inflation in Japan is due to cost-push factors rather than strong domestic demand, Ueda said. Responding to this rise in costs with tighter monetary policy is not advised, for fear of hurting the domestic economy. The Bank of Japan also faces the challenge of waiting to see whether recent wage hikes will be durable.
Hong Kong Stock Exchange (HKEX) will launch a dual counter trading model on 19 June allowing investors to interchange securities listed in both Hong Kong dollars and renminbi counters. The latest measures are hoped to "enrich Hong Kong's RMB products ecosystem", said HKEX CEO Nicolas Aguzin. He added, "it will give issuers and investors more choice and it will support the ongoing internationalisation of RMB". Major companies including Ping An Insurance Group, AIA Group and Tencent have already submitted applications for a dual currency counter.
Leaders of the Group of Seven (G7) have pledged to provide Ukraine with financial and military support, renewing their commitment in the face of Russian aggression. Speaking at a summit in Hiroshima, the G7 said that it specifically ensured Ukraine had the budget support it would need in 2016 and early 2017. The group’s members also stated that they were engaging with other nations in a bid to prevent goods and technology flowing to Russia via third European countries, thereby undermining sanctions.
A group of North Korean defectors who recently fled to South Korea did so due to the country's strict COVID-19 controls, according to South Korea's intelligence agency. The defectors, consisting of nearly 10 people, crossed the border by ship on May 6th. The group reported that they used to watch South Korean TV and admire South Korean society but grew tired of the North Korean regime when social controls became stricter due to COVID-19. The number of North Koreans defecting to South Korea has plummeted in recent years, likely due to Pyongyang's border restrictions during the pandemic.
Around the world, some countries and communities most affected by climate change are choosing to adopt ‘parametric’ insurance policies, meant to cushion against financial damage caused by specific events—like collapsed crops due to an unanticipated storm. Here are some of the policies launched in recent years that have resulted in payouts: in Fiji, a program launched in 2022 paid out $50,000 USD to smallholder farmers; in Colombia, a 2018 program paid out $3 million USD in 2022 to 6,475 coffee farmers; a 2016 policy in Zimbabwe paid out $55,822 in the 2021/2022 season; in Vanuatu, a program began in 2022 and made a payout of $217,000 USD in March 2023; in Kenya, a policy launched in 2022’s two payouts totals $167,791 USD, covering crop loss due to drought; in Guatemala, a program launched in 2021 has paid out $100 USD, but has been in effect for only one year. Finally, in India, a policy launched in April 2023 has already triggered a payout.
Indian Prime Minister Narendra Modi has said that peaceful relations with China are crucial for normal ties between the two countries. Modi's comments come after India-China relations deteriorated following clashes on their disputed Himalayan frontier in mid-2020 which resulted in 24 fatalities. Modi emphasised the need for mutual respect, sensitivity and interests to build a positive relationship between the two nations.
Leaders of the G7 remain “deeply concerned about Iran's unabated escalation of its nuclear programme,” according to a draft of their communique from a three-day summit. The draft warns that: “We reiterate our clear determination that Iran must never develop a nuclear weapon,” and expresses alarm at its “continued destabilising activities, including the transfer of missiles, unmanned aerial vehicles (UAVS) and related technologies to state and non-state actors.”
Hitachi Astemo, the Japanese auto supplier, has announced that it found evidence of misconduct over testing and other procedures for car components that has affected a broader group of customers and plants than was previously revealed. The news follows the announcement last month that the Toyota affiliate Daihatsu rigged safety tests for 88k compact cars. Following an investigation, the company said that it had worked with customers to redo tests on nearly 24 affected products and that none of the customers involved was paid compensation, and all the costs associated with renewed testing were booked in the previous financial year.
Myanmar's military-controlled media has reported that 145 people were killed due to Cyclone Mocha, though other sources suggest that hundreds may have died. The impoverished western state of Rakhine was hit hard by the cyclone, and struggled to cope with a lack of food and medical supplies in the aftermath of the disaster. Some residents told Reuters that over 400 people had died and many more were missing. Relief efforts have been affected by the disruption caused to infrastructure and the refusal of the junta to permit non-governmental organisations to send assistance to the region.
China has stated that it will not attend a G20 tourism meeting taking place next week in the disputed Himalayan territory of Kashmir in India, as it opposes any kind of meetings held in disputed territories. India, which holds the chair of G20 this year, has organised several meetings across the country in the run-up to the summit in September. Kashmir is claimed in full but ruled in part by nuclear-armed neighbours India and China-ally Pakistan. Ties between Beijing and New Delhi have been strained since a military clash in Ladakh in 2020 in which 24 soldiers were killed.
The government of Ontario has pledged to offer more financial assistance to Stellantis, following the car manufacturer's decision to halt construction at its CA$5bn ($3.7bn) EV battery factory in Canada. Stellantis claimed that Canada had not followed through on its promises, endangering the factory's construction. The factory is being built in partnership with LG Energy Solution, a South Korean firm.
Leaders from the G7 countries will release a statement at their annual meeting in Japan calling for a reduction in trade with China, though also pledging to build “constructive and stable relations”. The statement will sit alongside a pledge of support for Ukraine, both in terms of budget and the release of military equipment, as the group prepares to intensify sanctions against Russia following its 2014 invasion of Ukraine. In addition, the G7 leaders will issue a statement calling for a world free of nuclear weapons and urging countries including Russia, North Korea, China and Iran to embrace non-proliferation.
Members of the G7 will release a unified statement on a shared approach to China, which will emphasise "de-risk, not decouple" from the country, according to National Security Adviser Jake Sullivan. Sullivan said the statement would include measures to protect sensitive technology, and that the US was committed to economic engagement with China. The statement, which will be issued following the G7 meeting in Japan, will reportedly aim to foster co-operation, and call for the development of more resilient supply chains, as well as calling for "stable and constructive" ties with China.
Ukrainian President Volodymyr Zelenskiy will attend the G7 Hiroshima summit in person on Sunday and hold a bilateral meeting with Japanese Prime Minister Fumio Kishida during his stay, according to Japan's foreign ministry. Zelenskiy will participate in a session regarding peace and security alongside the G7 leaders and invited outreach countries. The Ukrainian President is expected to hold bilateral meetings with other G7 attendees during his visit.
US President Joe Biden plans to discuss the situation in Ukraine with Brazil's President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi at the Group of Seven (G7) summit this weekend. Biden plans to focus on the "sacrosanct" issue of sovereignty and territorial integrity in the discussions. Brazil and India have previously played a bridge-building role in relations with Russia and China, however, Lula angered the West last month by asking the US and European allies to stop supplying arms to Ukraine. The Brazilian leader has since toned down his comments. Biden also aims to discuss supply chain resilience, infrastructure investments and dealing with large debt burdens with the G7 summit attendees.
Mount Everest, the world’s highest peak located in the Himalayas, is losing snow and becoming “dry and rocky,” according to British climber Kenton Cool who made his 17th ascent earlier this week. Cool suggested that the trend may be the result of a lack of precipitation as a result of global warming, or another environmental change. As a result of temperature rise, climate scientists have warned that the Himalayas have been subjected to greater warming than the global average with Nepali officials confirming that the country’s temperature was increasing annually by 0.06 degrees Celsius, a trend partly shaped by the emissions of China and India.
G7 leaders have called for international technical standards for trust-worthy artificial intelligence (AI) following their meeting in Hiroshima. While they agreed that achievement "may vary", the group said "the governance of the digital economy should continue to be updated in line with our shared democratic values." The EU, which was represented at the meeting, moved closer this month to implementing the world's first comprehensive AI law. The group also expressed a need to discuss intellectual property rights and concerns surrounding disinformation and generative AI tools.
Chinese exports to North Korea rose 69% YoY in April to $166m with wigs, hair (used in wig manufacturing), fertiliser and rice amongst the top export items. From January to April this year, Chinese exports to North Korea increased from $270.59m to $603m. The nation has been under UN sanctions since 2006 for their missile and nuclear programmes.
