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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US Consumer prices rose sharply again in March and drove the rate of inflation to the highest level in nearly 13 years, signaling greater stress on the economy as businesses grapple with supply shortages that are raising the cost of many goods and services.

The consumer price index soared 0.8% in April to match the biggest monthly increase since 2009, the government said Wednesday. Economists… had forecast a milder 0.2% advance.

The rate of inflation over the past year jumped to 4.2% from 2.6% in the prior month — the highest level since 2008.”

https://www.marketwatch.com/story/u-s-inflation-climbs-in-april-to-the-highest-level-in-13-years-cpi-shows-11620823628


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Biden administration scrambles to stave off gas shortage crisis.

“Even before a cyberattack crippled a major gas pipeline, prices were surging and analysts were predicting shortages as people begin to travel more.”

https://www.nbcnews.com/politics/white-house/biden-administration-scrambles-stave-gas-shortage-crisis-n1267158


Soaring house prices stoke fears of Canada ‘cost of living crisis’. Lawmakers under pressure to act as low supply pushes home ownership beyond reach of younger Canadians.”

https://www.ft.com/content/77e2ec21-f823-4291-9cb6-e992c1ad69e6


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New Zealand House prices: The little-known fourth tool in the Reserve Bank kit

“…the Reserve Bank has quietly floated the possibility of… treating home loans as higher risk and so increasing the capital requirements for banks to lend against residential property… to support more sustainable house prices.”

https://www.stuff.co.nz/business/property/300305431/house-prices-the-littleknown-fourth-tool-in-the-reserve-bank-kit


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“…are we in a housing bubble? At the start of 2021, the average UK house price relative to earnings of first-time buyers — which indicates how affordable properties are — rose to almost record levels…

The UK is not an exception. House prices have risen in many western countries despite most of them experiencing severe economic downturns.”

https://www.ft.com/content/9fdd1157-55f5-41b7-ae9c-24f68c62a194


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ECB Pressed by Banks to Extend Capital Relief Beyond June.

“Banks are lobbying the European Central Bank to extend temporary capital relief granted during the pandemic to keep credit flowing to fragile economies, according to people familiar with the matter.”

https://www.bloomberg.com/news/articles/2021-05-12/ecb-pressed-by-banks-to-extend-capital-relief-beyond-june-limit


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Russia Plans Bond Buybacks to Fix Pandemic-Warped Debt Market.

“Russia’s debt chiefs are working on a mechanism that will allow the government to retire costlier ruble bonds sold to raise emergency funds during the coronavirus pandemic.”

https://www.bloomberg.com/news/articles/2021-05-13/russia-plans-bond-buybacks-to-fix-pandemic-warped-debt-market


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China to fully relax family planning rules to combat population growth slowdown.

“Unprecedented measure in a state known for its brutal one-child policy may be too little, too late, however.”

https://www.telegraph.co.uk/news/2021/05/12/china-fully-relax-family-planning-combat-population-growth-slowdown/


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China’s credit expansion slowed in April as the central bank guided loan growth to more moderate levels following a record first quarter… [although inherently unsustainable, robust growth in Chinese debt is pivotal in the performance of the global economy]

The central bank is reining in credit growth this year as it seeks to slowly wind back pandemic-fueled stimulus.”

https://www.bloomberg.com/news/articles/2021-05-12/china-april-credit-growth-slows-after-a-record-quarter-for-loans


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Analysis: India’s prized investment grade status hanging by a thread.

“India’s devastating COVID-19 crisis is making investors question more than ever whether after years of debt accumulation and patchy progress on reforms, a country touted as a future economic superpower still deserves its ‘investment grade’ status.”

https://www.reuters.com/world/india/indias-prized-investment-grade-status-hanging-by-thread-2021-05-13/


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Why Argentina needs more help with its huge debt.

“Argentina was already hurtling towards its second sovereign default in 20 years when the COVID pandemic struck. President Alberto Fernandez is in Europe this week, seeking support for extra time to pay.”

https://www.dw.com/en/why-argentina-needs-more-help-with-its-huge-debt/a-57506421


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Colombia protests are an act of ‘desperation’ from people struggling to survive… Dozens of people have been killed in the protests that originally broke out on April 28 in response to a proposed tax hike on public services, fuel, wages and pensions.

“But even after the tax plan was axed and the finance minister resigned, the protests have continued. Demonstrators are now demanding basic income, free tuition, and an end to police violence, among other things.”

https://www.cbc.ca/radio/asithappens/as-it-happens-wednesday-edition-1.6023941/colombia-protests-are-an-act-of-desperation-from-people-struggling-to-survive-prof-1.6023942


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Panama announces spending cuts to tackle galloping fiscal deficit.

“The Government of Panama announced Wednesday that it would cut expenses in areas such as travel expenses, consultancies, and the appointment of new positions to curb the fiscal deficit, which has soared in the midst of the ongoing pandemic emergency.”

https://riotimesonline.com/brazil-news/mercosur/central-america/panama-announces-spending-cuts-to-tackle-galloping-fiscal-deficit/


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Two people killed in Sudan rally over 2019 protest killings

“At least two people have been killed and dozens wounded as Sudanese security forces cracked down on a rally that demanded justice for protesters killed during anti-government demonstrations two years ago, according to the army.”

https://www.aljazeera.com/news/2021/5/12/two-people-killed-in-sudan-rally-over-2019-protest-killings


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For first time in two decades, mass protests erupt among Israel’s Arab citizens

“The escalating conflict between Israelis and Palestinians has sparked an outbreak of increasingly volatile protests by Israel’s own Arab citizens, who have taken to the streets this week in numbers unseen in two decades.”

https://www.washingtonpost.com/world/middle_east/israel-arabs-palestinians-protests-unrest/2021/05/12/af8df29a-b308-11eb-bc96-fdf55de43bef_story.html


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Despair and Brawls at Lebanon’s Gas Pumps as Its Crisis Deepens

Rising global oil prices are translating into shortages at the pump in cash-strapped Lebanon, with motorists lining up for hours to fill their tanks…

“Lebanon’s central bank allocates $250 million each month for gasoline, diesel and liquefied petroleum, but that doesn’t stretch as far as it did now that oil prices are rising.

https://www.bloomberg.com/news/articles/2021-05-11/despair-and-brawls-at-lebanon-s-gas-pumps-as-its-crisis-deepens


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Political turmoil has returned to Nepal as it experiences its worst covid surge.

“Political turmoil has returned to Nepal, which has had eight different governments in a decade and is experiencing its worst COVID-19 surge with acute shortages of health facilities and oxygen for patients.”

https://www.independent.co.uk/news/political-turmoil-returns-as-nepal-suffers-worst-covid-surge-nepal-covid-khadga-prasad-oli-kathmandu-parliament-b1846745.html


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Myanmar headed for collapse as agricultural sector sinks: Analysts.

“In a worrying sign of deepening economic collapse in Myanmar, the military-ruled agricultural sector is sinking fast, as cash runs short and access to mobile-based financial services that were a lifeline is cut off.”

https://www.straitstimes.com/asia/se-asia/myanmar-headed-for-collapse-as-agricultural-sector-sinks-analysts


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What has grown most in the pandemic? Billionaire bank balances – and food bank queues

Food prices are rocketing globally, driving millions into hunger. In Nigeria, food inflation rose to 22.95% in March. In Indonesia, tofu is now 30% more expensive than it was last year.”

https://www.theguardian.com/commentisfree/2021/may/11/what-has-grown-most-in-the-coronavirus-pandemic-billionaire-bank-balances-and-food-bank-queues


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Peak demand? More like a supply crisis propelling oil to US$100. [I agree but the global economy can no longer cope with sustained prices at that level, so we will encounter problems, to say the least].

“OPEC will soon exhaust its spare capacity and U.S shale lacks the ability to significantly grow in the years ahead.”

https://financialpost.com/commodities/energy/oil-gas/peak-demand-more-like-a-supply-crisis-propelling-oil-to-us100


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Rarely in recent decades have the inflationary warning signs flashed quite as strongly as they are now, and rarely have central bankers appeared quite so determined to ignore them

For how long central banks can get away with this mix of rising inflationary pressures but still rock bottom interest rates remains to be seen. One thing is for sure; governments – and the economy at large – are already so heavily indebted after more than a year of Covid spending that they cannot afford any significant rise in borrowing costs.”

https://www.telegraph.co.uk/business/2021/05/12/inflation-warning-signs-flashing-red-central-banks-dont-seem/


Global stocks drop as inflation fears rattle investorsThe prospect of sustained higher inflation can depress equity and debt markets as it lowers the real returns from dividends or fixed-interest payments, sending the prices of stocks and bonds lower.”

https://www.ft.com/content/3f4411e0-1c3a-49d4-b932-090fe91befee


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A 10-part docuseries on prepping and survival by Revealed Films is set to launch on May 25. The series talks about how to prepare for a global financial collapse.”

[Not promoting this – just flagging it up as a sign of the times! If you do happen to watch it, let me know what you think.]

https://newswire.net/newsroom/pr/00203413-survival-prepping-strategy-global-collapse-disaster-readiness-series-released.html


You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with an ‘Climate’ thread.

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