Daily updates on climate change and the global economy.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

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“Turkey’s currency plummeted to a record low against the dollar Wednesday after the Trump administration said it plans to impose sanctions on its NATO ally for failing to release a detained American pastor who has been imprisoned in the country for nearly two years…

“The lira has shed nearly a third of its value against the dollar this year. It has faced mounting pressure following the June reelection of President Recep Tayyip Erdogan, who grabbed newly-granted executive powers in the historic political change…

“The weakening currency is expected to hit the Turkish economy hard given the country’s heavy dependency on outside sources of funding which will now be more expensive to service.”


“Iran faced fresh warnings over human rights abuses on Tuesday as its economic crisis worsened and hundreds of protesters took to the streets.”


“Pakistan’s incoming finance minister estimates the economy may need more than $12 billion to halt a looming financial crisis, with a decision on where to source the funds to be made within six weeks.”


“China-focused stocks and the renminbi fell in the morning session in Asia on Friday as fears over the trade war between the US and China continued to worry investors.”


“The yuan has weakened by 9 per cent against the US dollar since mid-April. This is the steepest fall for the micro-managed exchange rate for a quarter century… The weak yuan is no longer just a strong US dollar story. The currency has been tumbling against the other big world currencies, the euro and the yen. China’s leaders have breached their pledge to hold the country’s currency basket “generally stable”. The People’s Bank (PBOC) commands $US3.1 trillion of foreign exchange reserves. And it has chosen not to use this firepower to stabilise the yuan.”


“Australia’s four biggest banks have used their dominant position to exploit customers, deliver inferior products, charge exorbitant fees and block competition, according to a new government report calling for more competition and integrity in the industry.”


“Swelling government debt levels are shaping up to be the biggest economic challenge for President Donald Trump, a problem that could spill into the stock market.”


“Higher prices. Disrupted supply chains. Wavering exports. Those are some of the ways that some of Europe’s biggest companies have been affected by President Trump’s trade war, offering a preview of how tensions in global commerce could begin to ripple through the European economy.”


“The Bank of England raised its benchmark interest rate for only the second time in a decade, as worries over inflation trumped concerns about Brexit and a brewing global trade war.”


“The Bank of England’s decision to raise interest rates on Thursday was seen in some quarters as a welcome step on the road to post-financial crisis normality, putting the UK central bank in step with policymakers at the US Federal Reserve. For others, it was a reckless misjudgment, given the existing pressures on consumers and the growing risks of a no-deal Brexit that could derail the economy.”


“The Trussell Trust, an anti-poverty charity, said an increase in food bank use over the summer was driven by a rise in demand by children, as it released figures from its network of more than 420 food banks across the country.”


“Italian government debt sold off sharply for the second day running on Friday morning, hitting lows not seen since a post-election crisis in June sparked fears a new populist coalition was contemplating a departure from the eurozone… The moves took Italian yields to their highest level since early June, and reflect investors’ persisting concerns about the country’s economic and fiscal outlook under the Eurosceptic coalition government.”


Read yesterday’s ‘Economy’ thread here.

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