“Utter the term “black swan” in financial circles and it will conjure images of an economic catastrophe triggered by a rare event people should have seen coming, if only they had opened their eyes.
“On Monday, the Bank for International Settlements (BIS) published its riff on that theory.
“In a paper titled “The Green Swan” the Basel-based institution warns climate change could unleash “potentially extremely financially disruptive events,” that could trigger the next global financial crisis.”
“Pictures from downtown Beirut Sunday night showed an extraordinary standoff between fed up protesters and riot police protecting a ruling class protesters say is out of touch and slowly losing control of the nation.
“At least 114 people were injured, according to the Red Cross and Lebanese Civil Defense teams, with 47 taken to hospitals…”
“Five protesters were killed on Monday in three Iraqi cities as demonstrators across the country ramped up pressure on the government to implement long-awaited reforms…
“The violence came as security forces tried to clear roads in Iraq’s capital after hundreds of protesters took to the streets to express their anger at the embattled government’s slow pace of reforms.”
“The latest report on inflation by Iran Statistical Center (ISC) says foodstuff prices have climbed 30 percent compared with last year, in an unrelenting trend of rising inflation and prices in the sanctions-hit country.
“ISC is the only entity issuing sporadic economic reports in Iran since March 2019, when the Central Bank and other government offices stopped issuing economic reports.”
“Roti constitutes the staple in most households across the country [Pakistan].
“Therefore, the sudden shortage of wheat flour in the country and the consequent rise in prices constitutes a massive crisis for people who depend on the item for their meals.”
https://www.thenews.com.pk/print/601649-flour-crisis
“The unrest that engulfed India last month after the passing of a new citizenship law that many believe openly discriminates against Muslims and undermines the secular foundations of India’s constitution has shown no sign of abating.
“Every week, millions have continued to take to the streets…”
“Moody’s downgraded Hong Kong’s credit rating on Monday, slashing its assessment on the Asian financial center
“…blaming the government’s failure to deal with seven months of social unrest that has driven the economy into recession.”
https://www.marketwatch.com/story/moodys-downgrades-protest-torn-hong-kong-2020-01-21
“China’s troubled Baoshang Bank will be taken over by local governments and a group of state firms, a central bank official with direct knowledge of the matter said, as Beijing looks to shore up some of the country’s weakest lenders.
“Financial regulators took control of Inner Mongolia-based Baoshang Bank last May, citing serious credit risks.”
“The global auto industry plunged deeper into recession in 2019, with sales dropping more than 4% as carmakers struggled to find buyers in China and India. The pain is likely to continue this year.
“The number of vehicles sold across major global markets dipped to 90.3 million last year, according to analysts at LMC Automotive. That’s down from 94.4 million in 2018, and well below the record 95.2 million cars sold in 2017.”
https://edition.cnn.com/2020/01/20/business/global-auto-recession/index.html
“The International Monetary Fund has warned that the world economy is increasingly vulnerable to the impact of the climate emergency as the Washington-based organisation downgraded its forecasts for 2020 and 2021.”
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