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.

  • Facebook
  • Twitter
Early data from Europe and Asia suggest the recovery from the economic crisis precipitated by the coronavirus pandemic could take longer than originally hoped, with countries facing a long slog to recover lost jobs and income…

““Lockdowns hurt,” said Kallum Pickering, senior economist at Berenberg Bank in London.

“Economists say the second quarter should represent the trough of the downturn as lockdowns ease world-wide. But with the virus far from defeated, the outlook for the global economy is uncertain and fragile, with questions looming especially over the U.S., where a sharp rise in new infections is endangering the country’s fledging recovery.”

https://www.wsj.com/articles/sobering-economic-data-from-europe-asia-dash-hopes-for-swift-recovery-11594725340


  • Facebook
  • Twitter
Months after the coronavirus arrived in the United States, the economy remains “mired” in crisis and policymakers need to create solutions that offer better support to struggling small businesses, Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday.”

https://www.reuters.com/article/us-usa-fed-harker/feds-harker-says-us-economic-downturn-is-painful-and-stubbornly-long-lasting-idUSKCN24F2MV


  • Facebook
  • Twitter
New mortgage delinquencies [in the US] hit a record in April, well above anything seen during the Great Recession

“Mortgage delinquencies were among the first signs of the housing crisis and can signal underlying weakness in the housing market.”

https://www.washingtonpost.com/business/2020/07/14/new-mortgage-delinquencies-hit-record-high/


  • Facebook
  • Twitter
A new White House-backed ad campaign aims to encourage people who are unemployed or unhappy in their careers to go out and “find something new.”

“The campaign is rolling out as the nation’s jobless rate remains elevated, with almost 18 million Americans out of work following the economic hit of the coronavirus pandemic.”

https://www.cbsnews.com/news/unemployed-find-something-new-white-house-campaign/


Two crises are converging: a devastated economy and high unemployment that could drag on for years as the nation struggles to gain control of the coronavirus pandemic, and a rapidly closing window to significantly cut heat-trapping emissions and lead on global climate action.”

https://www.theguardian.com/us-news/2020/jul/14/joe-biden-climate-jobs-plan?CMP=Share_iOSApp_Other


  • Facebook
  • Twitter
U.S. company defaults, measured in U.S. dollar volume, are higher than in 2009.

“On June 20 of this year, I wrote that corporate defaults this year are likely to surpass the mountain of Great Recession defaults. Unfortunately, I still stand by that view.”

https://www.forbes.com/sites/mayrarodriguezvalladares/2020/07/14/us-corporate-default-volume-especially-in-the-energy-sector-is-worse-than-in-2009/


  • Facebook
  • Twitter
The dramatic collapse of the U.S. economy from the coronavirus is pummeling America’s largest banks, raising new concerns about how much growth is slowing.

“Wells Fargo lost $2.4 billion in the second quarter — its first quarterly loss since 2008 during the financial crisis — and said it expects to cut its dividend to shareholders by 80%.

Citigroup saw its profit drop 73% in the quarter.”

https://www.npr.org/sections/coronavirus-live-updates/2020/07/14/890742543/we-still-face-much-uncertainty-pandemic-hammers-big-banks


Europe’s financial institutions are facing testing conditions as a result of the coronavirus (COVID-19) pandemic, with 46 percent of banks now carrying negative outlooks – a 14 percent rise year-over-year (YOY) – according to a new report by S&P Global Ratings.”

https://www.financierworldwide.com/fw-news/2020/7/14/nearly-half-of-european-banks-hold-a-negative-profit-outlook-reveals-new-report


  • Facebook
  • Twitter
Europe’s Banks plan to cut back on the flow of credit to eurozone businesses this summer because they anticipate that governments will wind down their loan guarantee schemes, according to a European Central Bank survey published on Tuesday.

“Lenders told the ECB in its quarterly survey that they expected “a considerable net tightening of credit standards on loans to enterprises” in the third quarter of 2020.”

https://www.ft.com/content/861213f0-a794-4cc5-9008-b468cacb19cf


  • Facebook
  • Twitter
The UK must raise taxes or cut spending to steer the country away from an “explosive” debt path, the government’s spending watchdog has warned.

“The Office for Budget Responsibility said the economy was on course to shrink by 12.4% in 2020, with borrowing set to rise to a peacetime high. This would mark the biggest economic decline in 300 years.”

https://www.bbc.co.uk/news/business-53402176


  • Facebook
  • Twitter
South Korea showed the worst joblessness for June since 1999 when the country suffered massive layoffs in return for an international bailout after the Asian financial crisis to underscore the gravity of ruins from COVID-19 spread.

“In June, the number of employed totaled 27.06 million…”

https://pulsenews.co.kr/view.php?year=2020&no=724259


  • Facebook
  • Twitter
As a result of the COVID-19 pandemic, emerging economies are suffering from an unprecedented slowdown in investment, trade and tourism.

“Economists fear that many countries will go off the rails.”

https://www.dw.com/en/coronavirus-economy/a-54168639


  • Facebook
  • Twitter
“[In the developing world] Economic downturn, rising unemployment and reduced school attendance one year significantly increases the likelihood of civil war the next. Violent conflict drives famine and mass displacement. Based on current forecasts for food insecurity, refugee outflows could increase significantly…

We face a massive problem [from failing emerging market nations]…”

https://www.telegraph.co.uk/news/2020/07/14/developing-world-faces-health-economic-security-crisis-will/


  • Facebook
  • Twitter
“…the Middle East and North Africa (MENA) region remains one of the areas most vulnerable to a food crisis.

“MENA countries are among the world’s largest food importers: Most depend on imports for over half their needs. This is also the world’s most water-stressed region with massive subsidies for water and agriculture…”

https://www.brookings.edu/blog/future-development/2020/07/14/middle-east-food-security-amid-the-covid-19-pandemic/


  • Facebook
  • Twitter
Hunger and malnourishment are increasing around the world as the coronavirus crisis pushes more people into poverty and limits access to healthy diets, according to the United Nations.

“Almost 690 million people were undernourished last year, the most since 2009, and the pandemic could tip as many as 132 million people into chronic hunger by the end of this year…”

https://www.japantimes.co.jp/news/2020/07/14/world/science-health-world/global-hunger-obesity-coronavirus/


  • Facebook
  • Twitter
Unfortunately, we ain’t seen nothin’ yet:

The Institute for Economics and Peace (IEP) in its 2020 report said a key trend identified in this year’s research is the growing level of civil unrest across the world. At least 58% of GPI countries experienced violent protests in 2019…

“From 2011 to 2019, the number of riots rose by 282% and general strikes rose by 821%. This reflects a longer-term trend, with riots around the world increasing by 282% in the last decade, while general strikes are up by 821%.”

https://www.defenceweb.co.za/featured/civil-unrest-on-the-rise-globally/


You can read the previous ‘Economic’ thread here and visit my Patreon page here.

Share This

Share this post with your friends!