Pakistan's heaviest flood, China's worst drought put nations in severe crisis, Huawei's founder sparks economic alarm
Worst flood hits Pakistan as heaviest rain continues, 1000s displaced, millions affected
Huawei's founder's leaked memo sparks speculation on global economic meltdown
As per Ren Zhengfei's internal memo, which went viral over social media sites, he does not appear very optimistic about the world economy in the near future. His memo states, "The next decade will be a very painful historical period, as the global economy continues to decline." He also advises his company to focus on survival with quality and earn a little more wherever possible; and reduce any overly optimistic expectations until 2023-2025. "...marginal businesses will be shrunken and closed, and the chill will be felt by everyone.," was his memo's final stroke.
China's heat wave and drought broke all records, country in power crisis
China has witnessed one of the worst heat wave and drought this year in the last six decades. This natural calamity has caused rivers, including Yangtze, China's longest river, to dry up, causing a severe electricity power shortage in the country. The longest and most severe drought has threatened the current crop harvest. Many factories, shops, and businesses across the country have either shutdown or reduced their operation due to shortage of power supply. Cities have switched off street lights in the night.
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