• Facebook
  • Twitter
Risk to the global economy from financial markets are at a “worrisome juncture,” as rising inflation will make it difficult for central banks to cushion any sharp tightening of financial conditions, a senior International Monetary Fund official warned Tuesday.

““We are looking at a pretty uncertain time, we do detect a lot of uncertainty, a lot of downside risks. So it is a worrisome juncture,” Tobias Adrian, the director of the IMF’s monetary and capital markets department told MarketWatch in an interview.

“Adrian spoke as the IMF released its latest report on global financial stability, which noted that investor optimism about the economic outlook is fading and financial market vulnerabilities are intensifying.”

https://www.marketwatch.com/story/risks-to-global-economy-from-financial-markets-at-a-worrisome-juncture-imf-official-says-11634049536


  • Facebook
  • Twitter
Donald Trump vowed to revive the coal industry, but it’s President Joe Biden who’s seeing a big comeback of the dirtiest fossil fuel.

U.S. power plants are on track to burn 23% more coal this year, the first increase since 2013, despite Biden’s ambitious plan to eliminate carbon emissions from the power grid.”

https://www.bloomberg.com/news/articles/2021-10-12/u-s-coal-use-rebounds-under-biden-as-energy-crisis-drives-fossil-fuel-demand


  • Facebook
  • Twitter
Workers in the United States are quitting their jobs at a record pace.

“The latest Job Openings and Labor Turnover Survey – JOLTS – from the US Labor Department showed that the number of Americans quitting their jobs jumped to 4.3 million in August. That is 2.9 percent of all employed workers in the US, marking the highest quits rate on record.”

https://www.aljazeera.com/economy/2021/10/12/us-workers-are-quitting-their-jobs-in-record-numbers


  • Facebook
  • Twitter
Energy crisis: UK government will only support firms on brink of closure.

“Heavy industry struggling with surging energy costs will only get support if they can prove they have been pushed to the brink of closure, Whitehall sources have said, as industry leaders warned that the package sounded like no more than “flimsy sticking plaster”.”

https://www.theguardian.com/politics/2021/oct/12/energy-crisis-uk-government-will-only-support-firms-on-brink-of-closure


  • Facebook
  • Twitter
Current crises threaten UK food security, says National Farmers Union…

““We have a very real risk now of exporting parts of our farming industry overseas and reducing the capacity of UK agriculture to feed the country,” said the NFU’s vice president, Tom Bradshaw.”

http://www.fruitnet.com/fpj/article/186523/current-crises-threaten-uk-food-security


  • Facebook
  • Twitter
Moldova requests EU help after Gazprom reduces gas flows…

“Supply to Moldova, wedged between Romania and Ukraine, has fallen by around one-third while prices have shot up from $550 per thousand cubic meters last month to $790 this month — nearly five times the average that the country paid last year.”

https://www.ft.com/content/3514c7ed-8d23-4a74-8b64-cfda624138c3


  • Facebook
  • Twitter
Amid unprecedented skyrocketing global LNG prices, no bidder responded to Pakistan LNG Ltd’s tender for eight cargo deliveries in peak winter — four each in December and January — leaving a shortfall of about 400 million cubic feet each month.

“This puts the government in a politically delicate situation…”

https://www.dawn.com/news/1651534/pll-gets-no-bid-for-eight-lng-cargoes-for-winter


  • Facebook
  • Twitter
‘We are maxed out’: Qatar powerless to end global energy crisis…

“”We are maxed out, as far as we have given all our customers their due quantities,” said Qatar energy minister Saad al-Kaabi. “I am unhappy about gas prices being high.” Across the globe, the prices are pressuring governments and industry.”

https://www.news24.com/fin24/economy/we-are-maxed-out-qatar-powerless-to-end-global-energy-crisis-20211011


  • Facebook
  • Twitter
Global Energy Crisis Spurs Scramble for Prized Diesel-Rich Crude.

“The impact of the global gas and coal squeeze is rippling through the crude market, with the spot differential for Russia’s diesel-rich Sokol grade soaring on expectations that there will be more demand for substitutes this winter.”

https://www.bloomberg.com/news/articles/2021-10-13/global-energy-crisis-spurs-scramble-for-prized-diesel-rich-crude


  • Facebook
  • Twitter
China power crisis sparks rush for generators from factories.

“Desperate factory owners in China are increasingly turning to diesel generators to keep their businesses going during a power crisis that is threatening both the country’s economic growth and its green ambitions.”

https://www.ft.com/content/0d3bc024-6134-4079-83a9-2264400848a0


  • Facebook
  • Twitter
Chip shortage and power crunch hit China auto sales in ‘Golden September’.

“China’s auto sales slumped 19.6% in September from a year earlier, industry data showed on Tuesday, falling for a fifth consecutive month as a prolonged global shortage of semiconductors and a domestic power crunch disrupt production.”

https://www.investing.com/news/economy/china-vehicle-sales-fall-20-in-september–industry-body-2640855


  • Facebook
  • Twitter
Plunging Currency, Dollar Drought Worsen Myanmar Economic Crisis.

“Myanmar is battling a plunging local currency amid an unprecedented dollar shortage, driving up the cost of imports and worsening the economy’s struggle with dual challenges of the pandemic and post-coup financial isolation.”

https://www.bloomberg.com/news/articles/2021-10-11/plunging-currency-dollar-drought-worsen-myanmar-economic-crisis


  • Facebook
  • Twitter
Afghan exodus to Iran driven by fear and economic meltdown.

“Thousands of Afghans are attempting to flee the Taliban takeover and escape into neighbouring Iran each day, in an exodus joined by many former government officials and civil servants.”

https://www.telegraph.co.uk/global-health/terror-and-security/afghan-exodus-iran-driven-fear-economic-meltdown/


  • Facebook
  • Twitter
Pro-Iranian groups reject early Iraq election results as ‘scam’…

“The Fateh (Conquest) Alliance, previously the second largest bloc in parliament, suffered a sharp decline from 48 to about a dozen seats… “We will appeal against the results and we reject them,” said a joint statement by several parties, including the Fateh Alliance, on Tuesday.””

https://www.aljazeera.com/news/2021/10/12/iraqi-pro-iranian-groups-reject-elections-a-scam


  • Facebook
  • Twitter
Money for sale: Lebanese depositors sell cheques at half price…

“So desperate was Jamal, a businessman, to get his cash out of his bank account in Lebanon that he agreed to a transaction that would make no sense anywhere else in the world. He sold a cheque for half of its face value.”

https://www.ft.com/content/c1ff92d0-a489-4c11-a6dd-fda9154a7eaa


  • Facebook
  • Twitter
Tunisia: president appoints new government 11 weeks after power grab.

“Tunisia’s president, Kais Saied, has appointed a new government by decree, 11 weeks after firing the last one in a power grab, as the country faces acute economic and political crises.”

https://www.theguardian.com/world/2021/oct/11/tunisia-names-new-government-amid-looming-fiscal-crisis


  • Facebook
  • Twitter
The Covid-19 pandemic has led to a “tragic reversal” in development and pushed debt in poor countries to record levels, the head of the World Bank has said.

“David Malpass, the bank’s president, warned the virus had widened the gap between rich and poor nations, setting back progress by years and, in the case of some countries, by a decade.”

https://www.theguardian.com/business/2021/oct/11/covid-pandemic-has-pushed-poor-countries-to-record-debt-levels-world-bank


  • Facebook
  • Twitter
The global supply chain nightmare is about to get worse. Computer chip shortages. Epic port congestion. And a serious lack of truck drivers. The world’s delicate supply chains are under extreme stress.

“The supply chain nightmare is jacking up prices for consumers and slowing the global economic recovery. Unfortunately, Moody’s Analytics warns supply chain disruptions “will get worse before they get better.””

https://edition.cnn.com/2021/10/12/business/global-supply-chain-nightmare/index.html


  • Facebook
  • Twitter
‘Desperate for tires.’ Components shortage roils U.S. harvest…

“Manufacturing meltdowns are hitting the U.S. heartland, as the semiconductor shortages that have plagued equipment makers for months expand into other components. Supply chain woes now pose a threat to the U.S. food supply and farmers’ ability to get crops out of fields.

https://www.reuters.com/world/the-great-reboot/desperate-tires-components-shortage-roils-us-harvest-2021-10-12/


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you! It means a lot.

Share This

Share this post with your friends!