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Everyone Feels Like They’re Being Left Out of the Global Pandemic Recovery

“A survey found that 77% of people in 27 countries say their own finances are the same or getting worse, even as 70% of them say their country’s economy is weak but better now than in 2020.”

https://www.bloomberg.com/news/articles/2021-10-18/global-economy-everyone-feels-like-they-re-being-left-out-of-the-recovery


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US factory production falls reflecting backlogged supply chains.

“The weaker-than-expected September print indicates that producers continue to be held back by snarled supply chains. The figures also reflect ongoing production challenges following Hurricane Ida…”

https://www.aljazeera.com/economy/2021/10/18/us-factory-production-falls-reflecting-backlogged-supply-chains


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‘People Are Hoarding’: Food Shortages Are The Next Supply-Chain Crunch

“More than a year and a half after the coronavirus pandemic upended daily life, the supply of basic goods at U.S. grocery stores and restaurants is once again falling victim to intermittent shortages and delays.”

https://www.bloomberg.com/news/articles/2021-10-19/food-shortages-crop-up-again-as-supply-chain-headaches-worsen


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U.S. Propane Market Headed for ‘Armageddon’ This Winter, IHS Says.

“Stockpiles of the key heating fuel and manufacturing feedstock in the world’s biggest economy probably have already topped out for the year and will be stretched as cold weather descends in coming weeks…”

https://www.bloomberg.com/news/articles/2021-10-19/propane-market-headed-for-armageddon-in-u-s-winter-ihs-says


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UK facing ‘terrifying’ food and drink price rises, industry warns MPs…

“Ian Wright, chief executive of the Food and Drink Federation, told the BEIS committee that MPs need to think seriously about inflation,” he said. “In hospitality, inflation is running between 14 per cent and 18 per cent, which is terrifying.”

https://www.independent.co.uk/news/business/food-drink-prices-inflation-b1941214.html


Latest UK energy supplier succumbs to gas market storm. Goto Energy has become the latest UK supplier of gas and electricity to collapse in the face of a surge in wholesale gas prices.”

https://www.ft.com/content/fc808f8e-be01-4e03-b142-de53aa07c2c1


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European gas prices surge as Gazprom hits supply hopes…

“UK and European gas prices surged as much as 18 per cent on Monday after a keenly awaited pipeline capacity auction showed no increase from Russia either through the Ukrainian pipeline system or lines passing via Poland to north-west Europe.”

https://www.ft.com/content/760b2a01-d1ec-4177-bae5-27f29c7ad646


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Brazil central bank chief says climate shocks raising food, energy prices.

“Brazil’s central bank President Roberto Campos Neto said on Tuesday that adverse climate shocks such as heat waves, frosts and prolonged droughts have affected food and energy prices, fueling rising inflation in the country.”

https://www.reuters.com/business/brazil-central-bank-chief-says-climate-shocks-raising-food-energy-prices-2021-10-19/


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Brazilian fuel distributors fear shortages as Petrobras set to miss demand.

“Brazilian state-run oil company Petrobras (PETR4.SA) confirmed it will not be able to meet “atypical demand” from fuel distributors in November that has surpassed its production capacity, raising fears of supply shortages in the country.”

https://www.reuters.com/business/energy/brazils-petrobras-sees-fuel-demand-above-production-capacity-november-2021-10-19/


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Energy-stricken South Africa weighs need to save climate and keep lights on.

“South Africa’s continuing addiction to coal has to be seen in the context of rolling blackouts that have been a part of life since 2007. Schedules for power cuts are shared on apps and in news reports, along with quotidian news like weather and traffic jams.”

https://techxplore.com/news/2021-10-energy-stricken-safrica-climate.html


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Into the darkness: Lebanon’s ‘generator mafia’ warns it will switch the lights off…

““Be ready in two days: We’re going to hand our generators over to the government and tell them it’s their problem to deal with. We cannot keep going,” Abdo Saade told the Telegraph on Monday during an interview at his Beirut apartment.”

https://www.telegraph.co.uk/world-news/2021/10/20/darkness-lebanons-generator-mafia-warns-will-switch-lights/


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Social unrest threatens Mideast economic recovery: IMF…

“It warned of “a rise in social unrest” in 2021 that “could pick up further due to repeated infection waves, dire economic conditions, high unemployment and food prices”. Algeria, Iraq, Lebanon, Sudan and other countries have been witnessing protests in recent months by thousands of angry citizens demanding better jobs and services.”

https://www.france24.com/en/live-news/20211019-social-unrest-threatens-mideast-economic-recovery-imf


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Kazakhstan to restrict crypto miners amid power shortages.

“Kazakhstan’s national grid operator has begun rationing electricity to the country’s biggest consumers, likely targeting cryptocurrency mining farms. Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.”

https://www.intellinews.com/kazakhstan-to-restrict-crypto-miners-amid-power-shortages-224286/?source=kazakhstan


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India urges Qatar to expedite delivery of LNG amid power crisis.

“India is struggling with its worst power crisis in five years due to coal shortage amid growing demand for energy and a global energy crisis. India’s petroleum ministry also requested eight other cargoes that were halted last year at New Delhi’s request…”

https://www.dohanews.co/india-urges-qatar-to-expedite-delivery-of-lng-amid-power-crisis/


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Early freeze across China adds to the nation’s energy crisis.

“Plunging temperatures across parts of China have sparked an early start to the winter heating season, likely lifting power demand and intensifying the nation’s energy crisis.”

https://www.energyvoice.com/oilandgas/asia/357135/early-freeze-across-china-adds-to-the-nations-energy-crisis/


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China’s magnesium shortage threatens global car industry.

“The world’s largest carmakers could face a potentially crippling shortage of aluminium, as China’s power crisis threatens supplies of a key component used to make the lightweight metal.”

https://www.ft.com/content/1611e936-08a5-4654-987e-664f50133a4b


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China’s Curbs on Fertilizer Exports to Worsen Global Price Shock.

“Some Chinese fertilizer cargoes ready to be shipped are being held up by local authorities for additional checks or to obtain new export certificates, according to people familiar with the matter. The supplies will either end up being sold on the domestic market or face delays in being exported…”

https://www.bloomberg.com/news/articles/2021-10-19/china-s-curbs-on-fertilizer-exports-to-worsen-global-price-shock


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Trying to bounce back from Covid, the world has run headlong into an energy crisis

Pray for breakthroughs in nuclear fusion, and keep in mind that the last time an energy bubble of this magnitude popped (in 2008) it helped usher in the Great Recession.”

https://www.forbes.com/sites/christopherhelman/2021/10/19/energy-crisis-2021-how-bad-is-it-and-how-long-will-it-last/


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

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