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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Evergrande bondholders left in the dark as crucial deadline passes.

“Investors in an Evergrande offshore bond say they have yet to receive a closely watched [$83.5 million] interest payment that was due on Thursday, adding to uncertainty over an unfolding liquidity crisis at the world’s most indebted property developer.”

https://www.ft.com/content/e7c0f31d-4dff-4992-88e6-a70402b7b4bc


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China asks local goverments to get ready for possible collapse of Evergrande…

The officials characterized the actions being ordered as “getting ready for the possible storm,” saying that local-level government agencies and state-owned enterprises have been instructed to step in only at the last minute should Evergrande fail to manage its affairs in an orderly fashion.”

https://www.marketwatch.com/story/china-asks-local-goverments-to-get-ready-for-possible-collapse-of-evergrande-11632395321


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European Central Bank President Christine Lagarde believes Europe’s direct exposure to the embattled Chinese property company Evergrande would be “limited.”

“It comes at a time when global stock markets are on high alert over Evergrande’s massive debt problems.”

https://www.cnbc.com/2021/09/24/lagarde-europe-has-limited-direct-exposure-to-evergrande-debt-crisis.html


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Work on an ‘iconic’ town centre tower block [Croydon, UK] seems to have been halted, as reports from China suggest the company behind the project may be struggling

“A series of reports in the Chinese press this month suggest that R&F Properties is struggling to meet the Beijing government’s new rules to reduce developers’ debt.”

https://insidecroydon.com/2021/09/23/hong-kong-finance-crisis-could-hit-500m-nestle-tower-scheme/


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Government ministers urged Brits not to panic buy fuel and goods as the shortage of lorry drivers is increasingly hitting supplies across the UK.

“Yesterday, BP said a number of its filling stations are closed due to a lack of fuel available, while Esso owner ExxonMobil also said some of its Tesco Alliance petrol forecourts have been impacted.”

https://www.cityam.com/ministers-urge-brits-not-to-panic-buy-food-and-fuel-as-shortages-spread/


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The chill winds that signal a second Winter of Discontent is coming [UK]…

“A chill wind beckons, with fuel shortages and runaway inflation added to a list of woes that already included empty supermarket shelves, spiralling energy bills, a tax rise in the spring and an extraordinarily badly-timed cut to universal credit for the poorest families.”

https://www.telegraph.co.uk/news/2021/09/23/chill-winds-signal-second-winter-discontent-coming/


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How the natgas crisis emulates the Northern Rock crisis…

“…a fact largely missing from the coverage is just how closely the structural situation resembles the one that drove the collapse of Northern Rock in 2007, and which later catalysed the wider financial crisis of 2008… the natgas market… has a historical susceptibility to extreme price moves and volatility.”

https://www.ft.com/content/bac3b394-cd04-46c6-815a-d109e258c82a


Norway hikes rates, becoming the first central bank in the developed world to do so.

https://www.cnbc.com/2021/09/23/norway-becomes-the-first-central-bank-to-hike-rates-post-covid.html


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Japan’s Sept manufacturing activity growth slows

“Japan’s factory activity grew at the slowest pace in eight months in September as output and orders contracted, while that of the services sector remained in its downturn, underscoring the protracted impact of the coronavirus pandemic.”

http://www.reuters.com/article/marketsNews/idUSZRN002VEI?il=0


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Seoul warns of debt hangover as apartment price growth hits 15-yr high…

“Koreans have been borrowing more than ever before, and South Korean policymakers are increasingly worried the debt pile could become unsustainable as rates rise, hurting people’s purchasing power and long-term growth.”

https://www.reuters.com/world/asia-pacific/seoul-warns-debt-hangover-apartment-price-growth-hits-15-yr-high-2021-09-23/


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Subprime Lender Accused by SEC of Fraud on $100 Million Deal…

“The complaint alleges Collins and DiMeo included ineligible loans in the deal, extended loan repayment dates without borrowers knowing about it, and forgave payments due from delinquent borrowers.”

https://www.bloomberg.com/news/articles/2021-09-23/subprime-lender-accused-by-sec-of-fraud-on-100-million-deal


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A record number of cargo ships are stuck outside LA. What’s happening?

“Southern California is dealing with a traffic jam unlike any other, as a record number of container ships have been stuck waiting in the waters outside the ports of Los Angeles and Long Beach to unload cargo.”

https://www.theguardian.com/us-news/2021/sep/22/cargo-ships-traffic-jam-los-angeles-california


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Semiconductor shortage appears to be worsening, as coronavirus causes new supply problems in Southeast Asia.

“The White House on Thursday will hold its second summit in five months with semiconductor manufacturers and buyers, in part to gain more clarity on the scope of the problem, senior administration officials said Wednesday.”

https://www.washingtonpost.com/us-policy/2021/09/23/chip-shortage-forecast-automakers/


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China’s Evergrande saga threatens to cast a shadow on one of the economic engines of recovery: global trade, suggests key bellwether.

“The growth pace of South Korea’s exports almost halved in the first 20 days of September from the same period last month as shipments to China and semiconductor sales to rest of the world slowed significantly.”

https://www.bloomberg.com/news/newsletters/2021-09-23/supply-chain-latest-global-trade-bellwether-signals-a-slowdown


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Police chief: Politically motivated unrest escalates [Thailand]…

“Protesters are stepping up violent and politically motivated activities while enjoying legal protection from some supporters, national police chief Pol Gen Suwat Jangyodsuk said on Thursday.”

https://www.bangkokpost.com/thailand/politics/2186619/police-chief-politically-motivated-unrest-escalates


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UN: Myanmar Human Rights Situation Is Deteriorating.

“The UN’s High Commissioner for Human Rights said on Thursday that Myanmar now “faces a vortex of repression, violence and economic collapse” as civilians come increasingly under attack.”

https://www.republicworld.com/world-news/rest-of-the-world-news/un-myanmar-human-rights-situation-is-deteriorating.html


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Lebanon could run out of electricity within a week.

“Power cuts across Lebanon can currently last up to 23 hours a day, but state power company warns that fuel shortages could plunge the country into total darkness.”

https://www.middleeasteye.net/news/lebanon-crisis-electricity-run-out-end-month-blackouts


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16 million in Yemen ‘marching towards starvation’ as food rations run low…

“The situation in Yemen, which has been torn apart by civil war, has been described as “rapidly deteriorating” by experts. The World Food Programme (WFP) has raised grave concerns about the number of people facing starvation over the coming weeks and months.”

https://www.theguardian.com/global-development/2021/sep/23/16-million-in-yemen-marching-towards-starvation-as-food-rations-run-low-un


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Tigray mothers share shocking accounts of dire famine conditions.

Testimonies from parents of severely malnourished children, medics, IDPs and residents who beg for food suggest dramatic worsening of situation in Ethiopia’s war-hit region.”

https://www.aljazeera.com/news/2021/9/23/tigray-mothers-share-shocking-accounts-of-dire-famine-conditions


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A climate reckoning is coming for the world’s government debt.

“For years, climate scientists have warned about the ferocious bushfires and hurricanes that are now overwhelming many communities around the globe. Today, alarms are ringing about a related financial danger: risks lurking within government bonds, the biggest part of the global debt market.”

https://www.smh.com.au/business/markets/a-climate-reckoning-is-coming-for-the-world-s-government-debt-20210924-p58udu.html


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

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