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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Global rebound euphoria tests central bankers’ nerves on risk: With the world barely through the worst of an unprecedented crisis, central bankers are already wondering if the next one is around the corner.

“From Washington to Frankfurt, what began months ago as a murmur of concern has morphed into a chorus as officials ask if a risk-taking binge across multiple asset markets might presage a destabilizing rout that could derail the global recovery.”

https://www.bloomberg.com/news/articles/2021-05-23/global-rebound-euphoria-tests-central-bankers-nerves-on-risk?srnd=markets-vp


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Biden unlikely to cancel student loan debt, report claims.

“Joe Biden is unlikely to include his campaign plans for student debt cancellation in the proposed White House budget, as the administration remains focused on other priorities already outlined in his $4 trillion domestic agenda.”

https://www.independent.co.uk/news/world/americas/us-politics/biden-cancel-student-loan-debt-b1852878.html


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Italian bank collapses on exposure to Greensill and GFG.

“An Italian bank, Milan-based Aigis Banca, has collapsed due to exposure to Greensill Capital and GFG Alliance, as the shockwaves from the failure of the UK finance firm claimed another casualty.”

https://www.ft.com/content/c02a6e97-5505-4d4a-933f-a0e934ca6eda


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Central Banks Running Out of Options as Recovery Falters in Asia

“Asia’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world’s stand out economic recovery.”

https://www.bloomberg.com/news/articles/2021-05-24/central-banks-running-out-of-options-as-recovery-falters-in-asia


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Thai Q1 jobless rate at 12-year high amid virus outbreaks.

“Thailand’s unemployment rate hit a 12-year high in the first quarter of 2021 due to the renewed impact of coronavirus outbreaks, as the country reimposed measures to contain a third wave of infections, the state planning agency said on Monday.”

https://www.reuters.com/article/thailand-economy-jobs/thai-q1-jobless-rate-at-12-year-high-amid-virus-outbreaks-idUSL3N2NB0QX


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Malaysia Lies Trapped Between Covid and Deadlock

“A crisis of political legitimacy is hanging over Malaysia’s government just when it needs to make tough decisions to tackle a relentless surge in Covid-19 infections.”

https://www.bloomberg.com/opinion/articles/2021-05-24/malaysia-s-covid-spike-is-making-a-paralyzed-government-even-weaker


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Global computer chip shortage may worsen unless Taiwan gets vaccines.

“After more than a year of successfully managing the Covid-19 pandemic, Taiwan, the world’s largest producer of semiconductors, is witnessing a sudden exponential rise in infections that could further affect the global chip shortage.”

https://www.independent.co.uk/news/long_reads/science-and-technology/taiwan-covid-chip-shortage-b1852659.html


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Manila’s poorest people fear hunger more than Covid.

“Covid-19 has caused a hunger crisis in the Philippines, and many people are relying on community kitchens for food. The government is offering vaccines to stop the spread of Covid-19, but many Filipinos fear inoculation.”

https://edition.cnn.com/videos/world/2021/05/24/philippines-hunger-crisis-vaccine-hesitancy-coren-pkg-intl-hnk-vpx.cnn


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US tells citizens not to go to Japan just months ahead of the Tokyo Olympics.

“The US State Department’s “do not travel” advisory did not mention the Olympics specifically but advised against travel to Japan now, due to the coronavirus situation in the country.”

https://news.sky.com/story/us-tells-citizens-not-to-go-to-japan-just-months-ahead-of-the-tokyo-olympics-12316312


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Obese Pigs in China Are Fueling Relentless Slump in Pork Prices.

“Farmers have been fattening hogs since late last year to almost double their normal weight — roughly the size of a pygmy hippo or a female polar bear — in the hopes the animals will generate higher returns should prices rebound.”

https://www.bloomberg.com/news/articles/2021-05-25/obese-pigs-in-china-are-fueling-explosive-slump-in-pork-prices


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Ecuador swears in conservative president amid economic crisis.

“Conservative Ecuadorian President Guillermo Lasso took office on Monday promising to revive an economy battered by the coronavirus pandemic and create jobs for a population weary from years of painful austerity measures.”

https://www.aljazeera.com/news/2021/5/24/ecuador-swears-in-conservative-president-amid-economic-crisis


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Buenos Aires province extends debt restructuring deadline.

“Argentina’s Buenos Aires province said on Monday it had extended the deadline for its $7 billion foreign debt restructuring until June 4, as tensions with creditors continue to simmer amid a prolonged recession in the South American nation.”

https://www.nasdaq.com/articles/buenos-aires-province-extends-debt-restructuring-deadline-2021-05-24


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Belize Defaults on Its Debt for Second Time in a Year, S&P Says…

“The Central American nation was cut to SD, or “selective default”, from CC by S&P on Monday after failing to make a $6.5 million interest payment on its $526.5 million so-called superbond due in 2034.”

https://www.bloomberg.com/news/articles/2021-05-24/belize-defaults-on-its-debt-for-second-time-in-a-year-s-p-says


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“…Banco de México is printing banknotes at maximum speed… People’s accumulation of cash is like this, a simple intuitive response that something is wrong with the monetary system

“What is happening today with Banxico, as worrisome as it may be, pales in comparison to the brutal monetary corruption that is happening right now around the world, and those who do not have true havens of value in their portfolio – such as physical gold – will pay for it with the impoverishment of their families.”

https://www.entrepreneur.com/article/372779


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Current political turmoil in Yerevan is result of unprecedented economic crisis in Armenia… [this might not be the most unbiased source, but I think it is fair comment]

“The current political turmoil in Yerevan is the result of an unprecedented economic crisis in Armenia and growing levels of poverty across the country, Peter M. Tase, US expert, strategic adviser on international affairs and public diplomacy to governments, universities, and corporations in Europe and the Americas said.”

https://www.azernews.az/region/179297.html


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‘Little hope left’: Lebanon’s paralysis and a collapsing state

“Lebanon today is reeling from a crushing economic crisis that pushed more than half its population into poverty. On top of having to cope with a local currency that has lost more than 85 percent of its value in just over a year, people also struggle to afford basic food items that have become 400 percent more expensive.”

https://www.aljazeera.com/news/2021/5/24/little-hope-left-lebanons-paralysis-and-a-collapsing-state


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‘It would look very like a bank run’: Cryptocurrencies face dangerous times, critics warn

“Frances Coppola, a financial economist who has written extensively about cryptocurrencies, believes exchanges could struggle to cope with demand for withdrawals if enough people rush for the door and want to swap their crypto for traditional, or fiat, money.”

https://www.independent.co.uk/news/business/analysis-and-features/crypto-news-bitcoin-price-tether-b1852480.html


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Why Bitcoin Concerns Central Banks… Bitcoin may be a “warning sign.”

“From Washington to Frankfurt to Beijing, what started as a murmur of concern has morphed into a chorus as officials worry the risk-taking binge across asset markets that their policies have triggered might presage a destabilizing rout that could derail the global recovery…”

https://www.bloomberg.com/news/newsletters/2021-05-24/what-s-happening-in-the-world-economy-it-s-getting-risky-out-there


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The Federal Reserve is no longer markets’ best friend

“...the financial system is vulnerable to market accidents that expose the economy to unnecessary risks. Already, the system has navigated three near-accidents this year: the sudden January surge in yields; the February retail investor uprising focused on retailer GameStop; and the March demise of a little-known family office Archegos…”

https://www.ft.com/content/9f9d00da-afb1-4b51-9a0f-6344df914bd8


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Long Slide Looms for World Population, With Sweeping Ramifications.

“All over the world, countries are confronting population stagnation and a fertility bust, a dizzying reversal unmatched in recorded history that will make first-birthday parties a rarer sight than funerals, and empty homes a common eyesore.”

https://www.nytimes.com/2021/05/22/world/global-population-shrinking.html


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

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