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Global supply chains are at risk of collapse unless governments worldwide restore freedom of movement to transport workers and give them priority over vaccines, a coalition of international business leaders has warned

“Governments urged to restore freedom of movement to transport workers to alleviate their ‘mistreatment’… “Global supply chains are beginning to buckle as two years’ worth of strain on transport workers take their toll,” the groups wrote.”

https://www.ft.com/content/db887ea6-206b-41e8-9d52-68a6a8ce9b0d


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Supply constraints thwarting global economic growth could still get worse, keeping inflation elevated longer, even if the current spike in prices is still likely to remain temporary, the world’s top central bankers warned on Wednesday

““It’s … frustrating to see the bottlenecks and supply chain problems not getting better, in fact at the margin apparently getting a little bit worse,” Federal Reserve Chair Jerome Powell told a conference.”

https://www.reuters.com/business/global-supply-disruptions-could-still-get-worse-central-bankers-warn-2021-09-29/


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Analysis: From chips to ships, shortages are making inflation stick.

“Soaring gas prices, staff shortages, a lack of ships — price pressures globally may be picking up faster than anticipated, challenging the view that inflation will prove transitory.”

https://www.reuters.com/business/global-markets-inflation-analysis-pix-2021-09-30/


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UK business confidence collapses as fears of ‘stagflation’ grow.

“Business confidence in the UK has collapsed after a month that has seen supply bottlenecks, rising energy prices, fuel shortages and looming tax increases combine to stifle growth.”

https://www.theguardian.com/business/2021/oct/01/uk-business-confidence-collapses-as-fears-of-stagflation-grow


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UK supply chain problems spread deeper into the agriculture sector…

“Driver and labour shortages mean pumpkin harvesting and distribution have been “severely disrupted” and many of the vegetables are rotting… “tens of thousands” of pigs [are] trapped on farms because of the shortage of truck drivers, as well as a lack of CO2, which is used to slaughter them.”

https://www.ft.com/content/8c6fe84e-0dcb-4e12-8c76-2d63728fa792


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Three More U.K. Power Suppliers Collapse as Energy Crisis Deepens.

“Igloo Energy Supply Ltd, Enstroga and Symbio Energy announced their collapse on Wednesday, taking the number of U.K. utilities that have gone under to ten in the past two months amid a broader energy crisis.”

https://www.bloomberg.com/news/articles/2021-09-29/tally-of-collapsed-u-k-suppliers-rises-as-three-more-fail


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German Inflation Jumps Above 4%, Highest in Nearly Three Decades…

“Inflation jumped to 4.1% in September, exceeding economists’ median estimate, according to data from the Federal Statistics Office. Energy alone was 14% more expensive than last year…”

https://www.bloomberg.com/news/articles/2021-09-30/german-inflation-jumps-above-4-highest-in-nearly-three-decades


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The gas price in Europe yet again broke a historic record during the September 30 trading session and rose over $1100 per 1,000 cubic meters, according to the ICE data on Thursday morning…

“According to Gazprom Board Chairman, record prices were caused by the lag in gas injection into European underground storage facilities and the growing demand for gas.”

https://tass.com/economy/1344137


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As energy crisis looms, Spain shields supply of Algerian gas.

“Spain launched a diplomatic offensive to preserve its essential stream of Algerian natural gas Thursday as energy prices across the world skyrocket and souring relations between Algeria and Morocco threaten to disrupt the gas supply chain in North Africa.”

https://www.independent.co.uk/news/morocco-spain-algerian-madrid-north-africa-b1930156.html


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Chinese energy order points to harsher gas crunch for Europe…

“The natural gas crunch hitting the UK and Europe is likely to intensify after China ordered state-backed companies to secure energy supplies no matter the cost… The natural gas crunch hitting the UK and Europe is likely to intensify after China ordered state-backed companies to secure energy supplies no matter the cost.”

https://www.ft.com/content/73c5aeb7-3d55-4405-97d5-ff44057855cc


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China’s factory activity in shock slowdown as energy crisis hits home…

“A closely watched survey released on Thursday showed that China’s factory activity contracted in September for the first time since the pandemic took a grip in February 2020.”

https://www.theguardian.com/world/2021/sep/30/chinas-factory-activity-in-shock-slowdown-as-energy-crisis-hits-home


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China’s housing market engine is dead.

“Beijing will dip into its deep pockets to ring-fence the financial fallout from Evergrande’s bankruptcy. But it’s the end of relying on a massive real estate boom to drive economic growth… engineering a slow, controlled deflation of China’s real estate bubble will not be easy.”

https://www.afr.com/world/asia/china-s-housing-market-engine-is-dead-20210929-p58vv6


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Asian factories stagnate as China’s slowdown, supply constraints hit…

“… factory activity in September shrank in Malaysia and Vietnam, and grew in Japan at the slowest rate in seven months, as chip shortages and supply disruptions added to the woes of a region still struggling to shake off the hit from COVID-19.”

https://www.reuters.com/business/global-economy-asian-factories-stagnate-chinas-slowdown-supply-constraints-hit-2021-10-01/


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25% of Bangladeshi population in poverty.

“A total of 7 million people among 170 million live in poverty, says the government’s research arm Nearly 25% of the population in Bangladesh is still in poverty, says the Bangladesh Institute of Development Studies.”

https://www.dhakatribune.com/bangladesh/2021/10/01/bids-25-of-bangladeshi-population-in-poverty


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The damage of the COVID-19 pandemic has combined with a mounting financial crisis to pose a serious threat to Sri Lanka’s development

“As well as the pandemic, Sri Lanka has been facing a borrowing crisis… two more payments – two bonds of $1.5 billion and $1.25 billion – of debt are due in 2022 and 2023.”

https://www.policyforum.net/the-economic-crisis-endangering-sri-lankas-future/


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Beset by inflation, Iranians struggle with high food prices…

“With US sanctions still strangling the economy, record-breaking inflation has hit ordinary Iranians where it hurts most. Stunned shoppers are cutting meat and dairy from their diets, buying less and less each month.”

https://www.independent.co.uk/news/world/middle-east/iran-inflation-high-food-prices-b1929732.html


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In crisis-struck Lebanon, school year is gripped by chaos…

“Thousands of teachers are on strike, demanding salary adjustments to cope with hyperinflation and the currency’s free-fall. A month’s pay is now barely enough to fill a vehicle’s gas tank twice.”

https://www.independent.co.uk/news/world/middle-east/lebanon-school-year-chaos-crisis-b1929747.html


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Ecuador: At least 116 killed and 80 injured in ‘worst prison massacre’ in country’s history.

“Authorities say the violence at the Litoral prison in the coastal city of Guayaquil was caused by gangs linked to international drug cartels.”

https://news.sky.com/story/ecuador-at-least-116-killed-and-80-injured-in-worst-prison-massacre-in-countrys-history-12421722


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Three in every four Venezuelans are in extreme poverty, a study has said, as a years-long severe economic crisis in the oil-rich nation continues…

“Since 2014, the country has suffered with shortages of basic supplies and hyperinflation. Millions of people are in need of aid.”

https://news.yahoo.com/venezuela-crisis-three-four-extreme-122329997.html


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Indigenous protest in Paraguay’s capital erupts in violence…

“Indigenous groups demonstrated in Paraguay’s capital Wednesday against a law that makes it a crime to invade private property, and the protest escalated into violence that authorities said saw seven police officers injured, four cars set on fire and other acts of vandalism.”

https://www.independent.co.uk/news/paraguay-asuncion-congress-indigenous-b1929633.html


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Peru minister partly blames MMG for Las Bambas unrest…

“Peru’s mining minister said on Thursday that unrest at the huge Las Bambas copper mine was partly caused by MMG Ltd’s short-sighted decision to rely on a dirt road to transport the metal, and called for a train line to be built instead.”

https://www.reuters.com/world/americas/peru-minister-calls-mmg-short-sighted-over-las-bambas-unrest-calls-train-line-2021-09-30/


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Illegal mining in the Amazon hits record high amid Indigenous protests…

“The analysis, released in late August, comes as scientists and environmentalists warn of a deteriorating situation in Brazil; Indigenous groups have frequently found themselves in violent clashes with miners since Bolsonaro took office in 2019…”

https://www.nature.com/articles/d41586-021-02644-x


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Brazil’s Bolsonaro complains about gas prices as inflation soars.

“Seven out of 10 Brazilians blame the government of President Jair Bolsonaro for their loss of purchasing power, according to a recent Datafolha poll.”

https://www.aljazeera.com/economy/2021/9/29/brazils-bolsonaro-complains-about-gas-prices-as-inflation-soars


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Coffee bean price spike just a taste of what’s to come with climate change.

“Scientists have long warned climate change is coming for our morning coffee… Global coffee prices are forecast to jump to $4.44 a kilogram this year, according to IBISWorld, after a July cold snap in a major arabica coffee-producing region of Brazil wiped out a third of the crop.”

https://www.theguardian.com/food/2021/sep/30/coffee-bean-price-spike-just-a-taste-of-whats-to-come-with-climate-change


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

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