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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America’s central bank jolted markets after signalling it may start hiking interest rates from their present ultra-low level earlier than previously planned.

“Wall Street shares slid after policymakers at the US Federal Reserve forecast that they would raise their benchmark rate twice by late 2023…”

https://news.sky.com/story/fed-jolts-market-as-it-signals-us-rate-hike-could-come-somewhat-sooner-12334392


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Fed Surprise May Herald New Era of Asian Currency Weakness.

“A hawkish surprise from the Federal Reserve is exacerbating declines in emerging Asia currencies, potentially heralding a longer bout of weakness.”

https://www.bloomberg.com/news/articles/2021-06-17/emerging-asia-currencies-slump-after-hawkish-fed-surprise


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Bank of England must be ready to hose down a housing market ‘on fire’

“…regardless of continued Covid restrictions, the market plainly doesn’t need any more stimulating. Rather the reverse. The Bank of England will soon have to address the thorny issue of how to cool things down again.”

https://www.telegraph.co.uk/business/2021/06/15/bank-england-readies-action-against-fire-uk-housing-market/


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Eurozone countries on Tuesday hit pause on reform plans designed to protect savers against a future banking crisis, amid deep resistance in Berlin.

“For months, deputy finance ministers have been meeting behind closed doors to agree a timebound plan to introducing a shared deposit insurance system, which would help protect savers and public money from a financial collapse.

https://www.politico.eu/article/eurogroup-halts-deposit-insurance-talks-germany-block/


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France is in the midst of a poverty crisis.

“…the pandemic has been both a ‘revealer’ and an accelerator of inequalities in France. The report provides many insights on the situation in the country and carries some more general lessons that have relevance for the rest of Europe and beyond.”

https://blogs.lse.ac.uk/europpblog/2021/06/16/france-is-in-the-midst-of-a-poverty-crisis/


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‘A million more unemployed’: Fears as Italy’s Covid freeze on layoffs set to end

“Italy is the only European country to ban companies from laying off staff amid the pandemic. But mass job losses are expected across the country as the freeze comes to an end in June.”

https://www.thelocal.it/20210616/a-million-more-unemployed-fears-as-italys-covid-freeze-on-layoffs-set-to-end/


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ECB Should Be Ready for Helicopter Money, French Adviser Says.

“The European Central Bank should consider using so-called helicopter money — direct cash transfers to the population — to boost inflation if price growth is persistently weak after the pandemic, according to a French thinktank which reports to the nation’s prime minister.”

https://www.bloomberg.com/news/articles/2021-06-16/ecb-should-be-ready-for-helicopter-money-french-adviser-says


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Protests over police violence spread through Tunisian capital.

“Tunisia’s capital has been rocked by a week of protests against police violence that began after the death of a man in police custody and footage that went viral of officers stripping and beating another man.”

https://www.theguardian.com/global-development/2021/jun/15/protests-over-police-abuses-continue-in-tunisian-capital


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High inflation driven by soaring food prices has pushed seven million Nigerians into poverty, the World Bank said.

“In a new report, it commended Nigeria for buttressing its economy from fallout from the coronavirus pandemic but called for urgent measures to brake inflation and protect livelihoods.”

https://africa.cgtn.com/2021/06/16/high-nigeria-food-costs-push-7-million-into-poverty-world-bank/


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Kenya in serious financial crisis, Treasury CS Yatani now admits.

“Treasury CS Ukur Yatani has promised to release Sh39 billion to counties by Friday to avert shutdown as he lifted the lid on the financial crisis hitting the government.”

https://www.the-star.co.ke/news/2021-06-15-kenya-in-serious-financial-crisis-treasury-cs-yatani-now-admits/


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Sudan’s prime minister warns of risk of chaos, civil war.

” Sudan’s prime minister warned on Tuesday of the risk of chaos and civil war fomented by loyalists of the previous regime as he sought to defend reforms meant to pull the country out of a deep economic crisis and stabilise a political transition.”

https://www.euronews.com/2021/06/15/us-sudan-politics


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Brazil moves to tame inflation with third interest rate increase of 2021.

“Brazil’s central bank on Wednesday raised its benchmark interest rate for the third time this year as authorities in Latin America’s largest economy move aggressively to tamp down on rising inflation.”

https://www.ft.com/content/e2154bc3-e881-442a-b5aa-37be7cbc24a9


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Gasping for oxygen amid shortages in Bolivian city battling Covid.

“Cochabamba department, in central Bolivia, is struggling with a surge in Covid-19 cases that has triggered the collapse of a fragile healthcare system and has prompted a dire shortage of medical oxygen.”

https://www.batimes.com.ar/news/latin-america/gasping-for-oxygen-amid-shortages-in-bolivian-city-battling-covid.phtml


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As Lebanon’s economy collapses, even the wealthy are no longer immune

“With foreign reserves running low, the few remaining subsidised goods are in short supply. When the pumps have not run completely dry, hour-long waits at petrol stations are inescapable, even for those returning from relaxing weekends away.”

https://www.telegraph.co.uk/news/2021/06/16/lebanons-economy-collapses-even-wealthy-no-longer-immune/


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Syria’s perfect economic storm should not be ignored.

“… how are the people remaining in Syria doing? Not good, and over the past year it’s got much worse. According to the World Food Programme, more than 12m Syrians — 60 per cent of the population — are suffering from food insecurity.”

https://www.ft.com/content/b06ad848-1066-447c-9d33-a83daad3a080


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Kazakhstan is caught in a vicious cycle of debt. The pandemic has only made it worse.

“A culture of credit was nurtured for years in the Central Asian state, but now many left jobless by the pandemic rely on loans to pay other debts.”

https://www.opendemocracy.net/en/odr/kazakhstan-caught-vicious-cycle-debt-pandemic-has-only-made-it-worse/


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China Steps Up Crackdown on $1 Trillion Bank Wealth Products.

“China’s crackdown on shadow banking is taking aim at more than $1 trillion of opaque investments sold by banks as low risk and high yield, even while funds were channeled to riskier borrowers such as developers.”

https://www.bloomberg.com/news/articles/2021-06-15/china-escalates-crackdown-on-1-trillion-wealth-product-market


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Shares in China’s Suning frozen as fears grow about debt pile

“Suning is one of a clutch of Chinese conglomerates including property group Evergrande and distressed debt investor Huarong that are being closely watched by investors. Some are concerned over risks potentially spreading through the financial sector.”

https://www.ft.com/content/f320aa74-cd34-44b1-b500-c5987a2d4a08


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Covid outbreaks in Chinese ports could cause global goods shortages.

“An outbreak of Covid-19 in southern China has combined with the rapid reopening of the world economy and a shortage of shipping containers to cause a surge in transport costs that could fuel inflation and cause shortages of goods across the globe.”

https://www.theguardian.com/world/2021/jun/16/covid-outbreaks-in-chinese-ports-could-cause-global-goods-shortages


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How ‘Chaos’ In The Shipping Industry Is Choking The US Economy… Whidbey Islanders are getting a front row seat to the growing U.S. trade deficit, which is hitting record highs. It’s fueled by a surge in demand for imports, mostly from East Asia…

“Lars Jensen, CEO of Vespucci Maritime, has spent 20 years studying the industry and he says what’s going on is unprecedented. “The container shipping industry is in a state of chaos that I don’t think it has ever been since it was invented,” he says.”

https://www.npr.org/sections/money/2021/06/15/1006381735/how-chaos-in-the-shipping-industry-is-choking-the-economy


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

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