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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“”Beyond trade-war risks and an uncertain monetary policy outlook, looming large for the global economy is the threat that China’s slowdown could be worse than currently seen, said Harvard University economist Carmen Reinhart.

““If you were to ask me what would be really bad global news, it’s that the slowdown in China is deeper and longer-lasting, because that carries over to so many things,” Reinhart, who specializes in international finance, said on the sidelines of an Asia investment conference hosted by Nomura Holdings Inc. in Singapore on Tuesday.”

https://www.bloomberg.com/news/articles/2019-05-28/china-s-slowdown-is-global-economy-s-nightmare-reinhart-says


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“The Chinese government’s first seizure of a bank in more than two decades reverberated through markets for a second day, driving up funding costs for smaller lenders and adding pressure to shares that already trade at rock-bottom valuations.

“A Bloomberg index of Hong Kong-listed Chinese banks is set for its biggest monthly loss this year after regulators assumed control of Baoshang Bank Co. on Friday citing “serious” credit risks.”

https://www.bloomberg.com/news/articles/2019-05-27/china-s-first-bank-seizure-in-20-years-spooks-lenders-investors


“China’s financial regulators are stepping up penalties on banks and asset managers caught hiding bad debts as Beijing grows increasingly wary of the country’s opaque cache of unpaid loans.”

https://www.ft.com/content/06d70216-7b6c-11e9-81d2-f785092ab560


“China must exercise extreme caution in handling its housing sector because it is showing signs similar to those witnessed during Japan’s bubble period of the 1980s that contributed to the collapse of Japanese asset prices and its subsequent “lost decades” of weak economic growth and deflation, a Japanese financial system expert warned.”

https://www.scmp.com/economy/china-economy/article/3011960/china-showing-signs-similar-japanese-housing-bubble-led-its


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“As trade talks between the U.S. and China increasingly center on Chinese treatment of foreign companies, Beijing says major American complaints about structural aspects of its economy are running up against “core interests.”

“The implication: Those matters are not up for negotiation.”

https://www.cnbc.com/2019/05/27/china-is-digging-in-its-heels-on-protecting-a-state-run-economy.html


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“Bank of Japan Governor Haruhiko Kuroda said on Monday the global economic outlook is highly uncertain, and there are downside risks due to trade friction, China’s slowing economy and Britain’s negotiations to leave the European Union…

““There is a high degree of uncertainty … and the downside risks are large,” Kuroda said.”

https://www.hellenicshippingnews.com/japans-central-bank-chief-kuroda-sounds-alarm-on-global-economy-ahead-of-g-20/


“Slowing global economy pressures Thai exports in April 2019 to contract for a second consecutive month… The contraction is attributed to slowing economic growth of key trading partners especially China and the European Union.”

https://www.thailand-business-news.com/trade/72746-slowing-global-economy-pressures-thai-exports.html


“India’s slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy, a top industrial body said, on Monday, ahead of the inauguration of Prime Minister Narendra Modi’s second term.”

https://www.deccanherald.com/business/indias-economy-big-worry-for-modificci-736439.html


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“The Russian economy is stagnating and Russian President Vladimir Putin’s plan to revitalise it with his 12 national projects is off to a very slow start.

“Preliminary Rosstat figures show Russian gross domestic product (GDP) growth in the first three months of the year was just 0.5 percent year-on-year, a figure well below even the most cautious forecasts.”

https://www.themoscowtimes.com/2019/05/27/the-russian-economy-is-stagnating-a65760


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“The European Commission is considering proposing a disciplinary procedure for Italy next week over its failure to rein in debt, which could pave the way for a 3.5 billion-euro ($4 billion) penalty, according to an official familiar with the matter.

“The step could come as part of the European Union’s regular budget monitoring process, most likely on June 5, and would mark an escalation of Rome’s budget tussle with Brussels that roiled markets at the end of 2018.”

https://www.bloomberg.com/news/articles/2019-05-27/italy-risks-4-billion-eu-fine-over-failure-to-rein-in-its-debt


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“German banking authorities will require the country’s banks to set aside more provisions from July to cover risks stemming from a pumped up domestic property market and slowing economy, the country’s financial authorities said on Monday.

“The Financial Stability Board – compromised of officials from the BaFin supervisor, the Finance Ministry, and the Bundesbank national central bank – said German banks combined need to set aside 5.3 billion euros ($5.9 billion) more in core capital.”

https://uk.reuters.com/article/uk-germany-banks/germany-tells-its-banks-to-set-aside-59-billion-in-case-of-slump-idUKKCN1SX1MG


“The growing trade war is adding to domestic troubles for the largest Nordic economy [Sweden]. Gross domestic product data published on Wednesday is expected to show the economy grew a meager 0.2% in the first three months of the year, according to a survey.”

https://www.bloomberg.com/news/articles/2019-05-27/trade-war-is-looming-large-as-sweden-s-economic-engine-sputters


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“Conservative leadership contenders have embraced a no-deal Brexit to see off the threat of Nigel Farage as the European election results pushed both main parties further away from a compromise.

“Dominic Raab said that the Tories’ disastrous performance meant that the party needed to show “unflinching resolve” to “get on and leave the EU” even without a deal.”

https://www.thetimes.co.uk/article/tories-embrace-no-deal-brexit-rq20t328q


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“Long lines outside shops with mostly bare shelves are increasingly common in Cuba, and the government has indeed signaled that things are going from bad to worse.

“Cuban President Miguel Diaz-Canel, in a speech last month, accused the Trump administration of engaging in an “asphyxiating financial persecution that makes the import of goods and resources of primary necessity particularly difficult.””

https://www.reuters.com/article/us-cuba-economy/shortages-plague-cuba-as-us-sanctions-sharpen-economic-woes-idUSKCN1SX1P1


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“It was a stark warning about the risks ahead for the global economy, even by the forthright standards of the boss of the Organisation for Economic Co-operation and Development (OECD).

““The world economy is in a dangerous place,” Angel Gurria said as the OECD announced its latest, lower forecasts for growth on May 21.”

https://www.iol.co.za/business-report/international/world-economy-in-dangerous-place-24192261


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