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The global energy crisis could escalate into a world food crisis leading to famine in vulnerable countries unless urgent action is taken, one of the world’s biggest producers of fertiliser has warned.

“Svein Tore Holsether, the chief executive of Yara, which produces 8.6m tonnes of the key fertiliser ingredient ammonia annually, said high gas costs meant it was curbing production in Europe by 40%.”

https://www.theguardian.com/business/2021/oct/20/global-energy-crisis-famine-production


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Supply-Chain Crisis Fuels Latest Retreat From Globalization… The supply-chain crisis of 2021 is fueling the retreat from globalization, much as the global financial crisis of 2008 did.

“Covid-19, climate and geopolitics shatter integrated global production, threatening to end an era of low costs and endless variety.

https://www.wsj.com/articles/supply-chain-crisis-fuels-latest-retreat-from-globalization-11634741616


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Biden says he’s considering deploying the National Guard to ease supply chain crisis.

“President Joe Biden said Thursday evening he’s considering deploying the National Guard to help ease stress on the US supply chain as it prompts growing concern about the economy, prompting a White House official to swiftly throw cold water on the plan.”

https://edition.cnn.com/2021/10/21/politics/supply-chain-national-guard-trucking-joe-biden/index.html


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‘Striketober’ suggests US workers have less heft than they were told. Labour shortages were meant to have given low-wage Americans new bargaining power…

“Workers say that, despite their need for labour, many employers refuse to compromise.”

https://www.ft.com/content/a6a72eda-0903-4e85-addb-6541c0c97041


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Oil Prices Could Explode As U.S.’ Largest Storage Hub Nears Empty.

“…in the clearest example yet of market tightness, Cushing crude storage fell to 31.2 mb last week as noted in the chart above. And because operational tank bottoms are likely 20-25% of capacity- or about 20 mb – JPM predicts that “we could be just weeks away from Cushing being effectively out of crude…””

https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Could-Explode-As-US-Largest-Storage-Hub-Nears-Empty.html


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Fears grow as UK factories hit by worst supply chain shortages since mid-70s…

“The latest survey of 263 manufacturers, held against a backdrop of severe supply chain disruption caused by Covid and Brexit, also reported rising concern over staff shortages holding back industrial output over the coming months.”

https://www.theguardian.com/business/2021/oct/21/uk-factories-supply-chain-shortages-cbi-businesses-budget-spending-review


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Energy boss claims 20 more [UK] suppliers face bankruptcy over ‘£5bn’ price cap bill.

“Scottish Power’s chief executive argues that the current market is unsustainable and could force a return to the days of only a ‘big six’ group of suppliers without urgent action.”

https://news.sky.com/story/energy-boss-demands-price-cap-reform-as-firms-face-5bn-bill-for-market-mess-12439866


Germany’s Inflation Dilemma Is a Threat to Europe… After years of malaise, inflation is suddenly back as a real issue to consider. That puts pressure on the European Central Bank, which has kept base rates negative since 2014.”

https://www.bloomberg.com/opinion/articles/2021-10-22/germay-s-inflation-dilemma-could-reignite-europe-s-debt-crisis


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Poland vows not to give into EU ‘blackmail’ at summit…

“”We will not act under blackmail pressure attempts,” the Polish PM said as he arrived at the EU summit in Brussels, where several leaders said they were concerned over Poland’s recent court ruling that questioned the primacy of EU law.”

https://euobserver.com/democracy/153309


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Energy Crisis Exposes EU Tensions With Few Solutions for Leaders.

“Soaring energy prices are exacerbating divisions in the European Union as national leaders brace for heated talks about how to protect the most vulnerable and avoid a backlash against the bloc’s ambitious climate change plan.”

https://www.bloomberg.com/news/articles/2021-10-21/energy-crisis-exposes-eu-tensions-with-few-solutions-for-leaders


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Spain is set to stop receiving natural gas shipments through its main pipeline [the Maghreb-Europe pipeline] from November, accelerating the start of a potential energy supply crisis…

“The halt of the conduit would leave Spain’s energy industry highly vulnerable ahead of the winter months as Europe contends with a broader energy crisis…”

https://www.bloomberg.com/news/articles/2021-10-21/spain-s-difficult-winter-looms-with-key-gas-link-set-to-stop


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South Korean workers channel “Squid Game” to protest economic woes.

“Thousands of people staged demonstrations in Seoul and elsewhere on Thursday, many in costumes inspired by the gruesome show that was itself inspired by the dire economic conditions facing many South Koreans.”

https://news.yahoo.com/south-korean-workers-channel-squid-135601269.html


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China new home prices hit by first month-on-month fall since 2015.

“Prices of new homes across China’s biggest cities fell in September, the first month-on-month decline since April 2015 and a sign that sustained weakness across the country’s real estate industry was feeding through into the property market.”

https://www.ft.com/content/2764776a-2ee6-4cb2-94f8-05c4603dc6d5


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Isolated and unpaid, Mongolian coal drivers queue at Chinese border…

“Last year, resource-rich Mongolia exported over 35 million tonnes of coking coal to China — this year so far is less than a third of that. Terrified any outbreak might make China slam the border shut, Mongolia has imposed strict coronavirus rules.”

https://www.france24.com/en/live-news/20211021-isolated-and-unpaid-mongolian-coal-drivers-queue-at-chinese-border


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India Looks To Create Strategic Coal And Gas Reserves.

“One of the world’s largest energy consumers and importers, India, is weighing the possibility of keeping strategic reserves of imported coal and natural gas in order to fend off future supply and price shocks, according to a senior government official.”

https://oilprice.com/Latest-Energy-News/World-News/India-Looks-To-Create-Strategic-Coal-And-Gas-Reserves.html


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Soaring Lebanese fuel prices deepen misery.

“Taxi drivers blocked roads in Beirut on Thursday in protest at spiralling petrol prices… Gasoline today is about 10 times more expensive at the pump than it was just a few months ago.”

https://www.reuters.com/business/energy/soaring-lebanese-fuel-prices-deepen-misery-2021-10-21/


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Venezuelans Break Off Flakes of Gold to Pay for Meals, Haircuts…

“To fathom the magnitude of Venezuela’s financial collapse, travel southeast from Caracas, past the oil fields and over the Orinoco River, and head deep into the savanna that blankets one of the remotest corners of the country…

“A one-night stay at a hotel? That’ll be half a gram. Lunch for two at a Chinese restaurant? A quarter of a gram. A haircut? An eighth of a gram, please.”

https://finance.yahoo.com/news/venezuelans-break-off-flakes-gold-120000884.html


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The revenge of the old economy… It is tempting to blame today’s shortages in the “old economy” — everything from energy to other basic materials, and even agriculture — on a series of temporary disruptions driven largely by the Covid-19 pandemic.

“But outside of a few labour issues, these bottlenecks have little to do with Covid. Instead, the roots of today’s commodity crunch can be traced back to the aftermath of the financial crisis and the following decade of falling returns and chronic under-investment in the old economy.”

https://www.ft.com/content/c7732d53-2e34-4fde-b5fb-6f45f114111f


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Putin warns of possible oil shortage due to lack of investment…

“There could be a moment in the future when global demand for oil increases but there is no oil available, Putin said.”

https://www.reuters.com/business/energy/putin-warns-possible-oil-shortage-due-lack-investment-2021-10-21/


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Climate policies could spark an ‘even worse’ energy crisis, Saudi finance minister says…

““If we are not careful about what we are doing to achieve our targets, we may end up having [a] very serious energy crisis like what we are seeing now, and it could be even worse in the future,” said Mohammed al-Jadaan, though he noted that climate policies are “very important.””

https://www.cnbc.com/2021/10/21/saudi-finance-minister-climate-policies-may-cause-a-worse-energy-crisis.html


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‘Tired of broken promises’: climate activists launch hunger strike outside White House…

“The protest came a day after the US president threatened to water down his $3.5tn social and environmental legislation and with Washington’s commitments about to face scrutiny at the COP26 summit in Glasgow.”

https://www.theguardian.com/environment/2021/oct/20/sunrise-movement-climate-activists-hunger-strike


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The climate crisis is an ’emerging threat’ to financial stability, US regulators say.

“Climate change is an “emerging threat to the financial stability of the United States,” Stephen Ledbetter, the executive director and director of policy at the FSOC, said during a call with reporters Thursday.”

https://edition.cnn.com/2021/10/21/business/climate-crisis-financial-stability-fsoc/index.html


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

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