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Let’s get into today’s news.

📈 Top News

📉 Argentina’s currency devalued. The peso plunged 18% and the interest rate soared to 118% after a shock primary election win by a far-right libertarian who wants to ditch the central bank and dollarize the economy. The country is facing its sixth recession in a decade, with inflation expected to hit 142.4%

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🚨 Taiwanese fighter jet almost blasts its own vessel. The incident occurred during a training session when the F-16V fighter jet failed to hit its target and dropped a bomb that landed very near a Coast Guard Administration vessel on August 9.

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🇮🇳 Modi breaks silence on Manipur horror. India’s PM finally spoke up about the ethnic violence that has killed over 140 people and displaced thousands in the northeastern state.

On Tuesday’s 77th independence day address, he said that his government is working to restore peace and find a lasting solution through dialogue. But is that enough?

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🔥 Libya is burning as rival militias clash in the Libyan capital, trapping civilians and disrupting flights. The violence erupted after a militia leader was detained at the airport, sparking a fierce firefight between his supporters and another armed group.

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🇺🇦 Ukraine’s military resources are “almost exhausted,” according to Russian Defense Minister Shoigu. He further claimed that Ukraine isn’t achieving any results despite receiving weapons from the West.

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✍🏻 In-Depth

Region
China Hides Youth Joblessness

🇨🇳 China is facing a serious economic crisis - and it doesn’t want anyone to know. The country has decided to stop publishing data on youth unemployment, which reached a staggering high record of 21.3% in June.

Their official explanation: their method of calculating youth unemployment needs to be changed.

👎 Growth slows down, rate cut. This is the normal mode of operation for countries. In essence, cutting interest rates makes borrowing money cheaper, which boosts the institutions’ ability to hire more people.

🗓️ On Tuesday, the central bank lowered the interest rate for one-year loans to financial institutions from 2.65% to 2.5%. This is called the medium-term lending facility (MLF) rate. By lowering the MLF rate, the central bank reduces the cost of financing for commercial banks. This encourages them to lend more money, which can help boost domestic consumption.

🤔 But this is all in theory! No matter how much the government makes lending easier for banks - if the demand isn’t there, there is nothing to boost. So it seems like China is betting on companies to borrow more money and hire more people, so consumers have more cash to spend.

Will it work?