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‘Unprecedented hunger’ lies ahead as world heats up, warns World Food Programme…

“David Beasley, director of the WFP, said: “Large swathes of the globe, from Madagascar to Honduras to Bangladesh, are in the throes of a climate crisis that is now a daily reality for millions. The climate crisis is fuelling a food crisis.””

https://www.telegraph.co.uk/global-health/climate-and-people/unprecedented-hunger-lies-ahead-world-heats-warns-wfp/


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Price pinch: global economy caught in perfect storm.

“From beef bowls in Tokyo to fried chicken in London, consumers are beginning to feel the pinch from the surge in costs washing over the global economy… Higher energy prices are also adding to inflationary pressures that, along with power outages.”

https://www.reuters.com/business/price-pinch-global-economy-caught-perfect-storm-2021-10-14/


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The U.S. Economy May Be Facing Another Recession, New Research Suggests…

““It seems to us that there is every likelihood that the United States entered recession at the end of 2021,” the authors write in a new research paper. “The most compelling evidence is from the Conference Board expectations data for the eight biggest states.””

https://www.forbes.com/sites/pedrodacosta/2021/10/14/the-us-economy-may-be-facing-another-recession-new-research-suggests/


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‘I have never felt so hopeless’: millions in US fear utility shutoffs as debts rise…

“The gas in Diana Morgan Magda’s house was shut off in May. Now when she wants to take a bath she uses an electric kettle to heat the water. It takes an hour.”

https://www.theguardian.com/us-news/2021/oct/13/us-utility-bills-shutoffs-debt-covid-coronavirus


Winter-Fuel Worries Accelerate U.S. Natural Gas Price Increase… U.S. natural gas futures climbed after winter stockpiles of the furnace and power-plant fuel expanded less than expected, heightening concerns about adequate supplies going into the peak-demand season.”

https://www.bloomberg.com/news/articles/2021-10-14/winter-fuel-worries-accelerate-u-s-natural-gas-price-increase


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Energy crisis: UK could run out of gas during especially cold winter ahead, industry boss warns.

“Sir Jim Ratcliffe, owner of chemicals firm Ineos, said a prolonged winter ahead could mean demand for gas outweighs supply, leading to widespread shutdowns.”

https://inews.co.uk/news/energy-crisis-uk-gas-shortage-run-out-winter-cold-warning-1248108


The dramatic exit from the U.K. gas market of a middleman that supplies the fuel to utilities is already reverberating through the industry. Xcel Power Ltd., a small retailer to businesses, warned Thursday it’s likely to fold after the company it buys gas from — CNG Group Ltd. — said it would stop supplying the fuel. It’s the latest escalation in a crisis rocking the industry…”

https://www.bloomberg.com/news/articles/2021-10-14/exit-of-gas-shipper-to-pushes-u-k-utility-to-brink-of-collapse


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U.K. Disposable Incomes Seen Dropping By the Most Since 2011.

“U.K. disposable incomes are set for their biggest drop in a decade next year as rising inflation, tax hikes and tighter monetary and fiscal policy put the squeeze on consumers, according to Credit Suisse.”

https://www.bloomberg.com/news/articles/2021-10-13/u-k-disposable-incomes-seen-dropping-by-the-most-since-2011


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Global shortages cloud outlook for powerhouse Germany.

“…shortfalls in materials and logistic logjams have taken the wind out of Germany’s sails. Earlier this week, the International Monetary Fund downgraded its own global economic forecasts, pointing the finger at supply chain disruptions.”

https://www.france24.com/en/live-news/20211014-global-shortages-cloud-outlook-for-powerhouse-germany


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Italy braced for unrest as Covid pass becomes mandatory for all workers…

“All workers will be obliged to present a coronavirus health pass before entering their workplaces, a move that is expected to leave some industries struggling with staff shortages.”

https://www.theguardian.com/world/2021/oct/14/italy-braced-for-unrest-as-covid-pass-becomes-mandatory-for-all-workers


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Global Energy Crisis Hits Singapore as Power Provider Goes Bust.

“A record-breaking spike in electricity prices is short-circuiting Singapore’s efforts to liberalize its power sector, in the latest sign that the global crisis is delivering a blow to both energy suppliers and their customers.”

https://www.bloomberg.com/news/articles/2021-10-14/global-energy-crisis-hits-singapore-as-power-provider-goes-bust


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Energy Crisis Increasingly Includes Oil

“The energy crisis keeps getting worse. Shortages of natural gas in Europe and Asia are boosting demand for oil, deepening what was already a sizable supply deficit in crude markets, according to the International Energy Agency.”

https://www.bloomberg.com/news/newsletters/2021-10-14/your-evening-briefing-global-energy-crisis-increasingly-includes-oil


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Metals Head for Record, Zinc Spikes as Energy Crisis Hits Supply.

“Base metals soared, led by zinc’s surge to its highest price since 2007 after European smelters became the latest casualties in a global energy crisis that’s knocking supply offline and heaping pressure on manufacturers.”

https://www.bloomberg.com/news/articles/2021-10-14/zinc-surges-to-highest-since-2007-as-energy-crisis-deepens


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China’s record factory inflation poses another threat to supply chains.

“The cost of goods leaving China’s factories is surging by the highest rate on record, stoking fears about stagflation in the world’s second largest economy at a time when it is already grappling with an extreme power crunch and deepening debt woes.”

https://edition.cnn.com/2021/10/14/economy/china-inflation-gdp-supply-chains-intl-hnk/index.html


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China’s economy is being hit from all sides — a property slump, energy crisis, weak consumer sentiment and soaring raw material costs — and government data Monday will show just how bad things are looking.

“Economists surveyed by Bloomberg predict a slowdown in gross domestic product growth to 5% in the third quarter from 7.9% in the previous three months…”

https://www.japantimes.co.jp/news/2021/10/15/business/economy-business/china-economy-strain/


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Evergrande crisis leaves Chinese developers shut out of global debt markets.

“International bond sales by Chinese developers have all but halted as the crisis at China Evergrande stokes fears of defaults across the country’s property sector, throttling a crucial driver of Asia’s high-yield debt market.”

https://www.ft.com/content/b8effeb7-e553-4bb1-8ece-a610fcbcdbb2


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China Developers Account for About Half of World’s Troubled Debt…

“Of the $139 billion of U.S. dollar-denominated bonds trading at distressed prices, 46% were issued by companies in China’s real estate sector, according to data compiled by Bloomberg on Oct. 12…”

https://www.bloomberg.com/news/articles/2021-10-13/china-developers-account-for-about-half-of-world-s-troubled-debt


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Tens of thousands of Georgians have rallied in the capital Tbilisi to demand the release of jailed ex-president and opposition leader Mikheil Saakashvili.

“Chanting Saakashvili’s nickname “Misha!” and waving national flags, demonstrators filled the city’s Freedom Square and main thoroughfare Rustaveli Avenue on Thursday…”

https://www.aljazeera.com/news/2021/10/14/georgia-protesters-demand-saakashvili-release


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Six dead as Beirut gripped by worst street violence in 13 years.

“At least six people have died in Beirut’s worst street violence in 13 years, as hundreds of armed militia men took to the streets and much of the city was forced into lockdown by heavy fighting.”

https://www.theguardian.com/world/2021/oct/14/gunfire-beirut-protest-judge-leading-port-blast-inquiry


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Tunisia’s new government faces hard road to rescue package.

“Tunisia’s new government said this week that balancing public finances will be a priority, but it and President Kais Saied face a hard road to convince markets and foreign donors they are ready to hash out a rescue package.”

https://www.reuters.com/world/africa/tunisias-new-government-faces-hard-road-rescue-package-2021-10-13/


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Yemen’s humanitarian crisis growing as economy collapses: UN.

“Aid agencies are now helping nearly 13 million people across the country, already 3 million more than just a few months ago, the UN says.”

https://www.aljazeera.com/news/2021/10/14/yemens-humanitarian-crisis-growing-as-economy-collapses-un


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Terrorists, Cocaine, And Power: A War Within Venezuela…

“President Maduro’s authoritarian regime, under rising pressure from the near-collapse of Venezuela’s oil industry, an economic crisis, and strict U.S. sanctions, has increasingly turned to illicit enterprises as a means of generating urgently-needed income.”

https://finance.yahoo.com/news/terrorists-cocaine-power-war-within-190000227.html


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The definitive guide to the supply chain crisis…

“Today, as economies across the world reboot, the system is seizing up. Workers are in short supply, energy markets in chaos, prices are surging and all those goods sit in shipping containers, stacked in their thousands at ports from the Tyne to Tokyo.”

https://www.telegraph.co.uk/business/2021/10/15/definitive-guide-supply-chain-crisis/


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Bitcoin could trigger financial meltdown, warns Bank of England deputy…

“Likening the growth of cryptocurrencies to the spiralling value of US sub-prime mortgages before the 2008 financial crash, the deputy governor Sir Jon Cunliffe said there was danger financial markets could be rocked in a few years by an event of similar magnitude.”

https://www.theguardian.com/technology/2021/oct/13/bitcoin-could-trigger-financial-meltdown-warns-bank-of-england-deputy


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Regulators must act to protect financial system from climate risk: report.

“Federal regulators must act quickly to require banks to insulate themselves and their customers against the potentially ruinous financial effects of both climate change and the energy transition, a new report by Public Citizen and Americans for Financial Reform found.”

https://thehill.com/policy/energy-environment/576590-regulators-must-act-to-protect-financial-system-from-climate-risk


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

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