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World’s Record Food Bill Is Hitting Poorer Countries Hardest… The world’s food-import bill is set to jump even more than expected to a record this year, increasing the threat of hunger, especially in the poorest nations.

“Higher shipping rates and prices of foodstuffs from grains to vegetables are likely to drive the cost of importing food up by 14% to $1.75 trillion, the United Nations said. It also warned of higher bills as farm inputs get more expensive.”

https://www.bloomberg.com/news/articles/2021-11-11/world-s-record-food-bill-is-hitting-poorer-countries-hardest


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Treasuries Resume Slide on Concern Inflation to Force Fed’s Hand.

“Treasuries reopened with further losses following a U.S. holiday Thursday as the fallout from this week’s shock U.S. inflation print continued to reverberate through global markets.”

https://www.bloomberg.com/news/articles/2021-11-12/treasuries-resume-selloff-on-worry-inflation-to-force-fed-s-hand


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Betting on a sustained housing boom, [US & UK] homeowners are borrowing money against the value of their houses at the highest volume since the 2008 financial crisis.

“Many are using the borrowed cash for renovations as more people work from home during the covid-19 pandemic, but others are using it to buy stocks.”

https://moguldom.com/380539/homeowners-are-borrowing-against-houses-to-buy-stocks-biggest-debt-binge-since-2008-subprime-financial-crisis/


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Sharp slowdown in UK growth lends Sunak’s plan a hollow ring…

“The rise in national income, or GDP, of 1.3% in the three months to September was down from 5.5% in the previous quarter. It meant the recovery from the worst slump in 300 years slowed over the summer and in a troubling development, is now on a much lower trajectory.”

https://www.theguardian.com/business/2021/nov/11/sharp-slowdown-in-uk-growth-lends-rishi-sunak-plan-a-hollow-ring


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A cross-party group of [UK] MPs has conditionally backed a government bill giving ministers control over the downstream oil industry…

“Powers include the right to request key financial information from oil refiners potentially facing insolvency, and the ability to direct companies to send oil to areas or industries most desperate for supply.”

https://www.cityam.com/ministers-could-have-fuel-power-over-downstream-oil-industries-amid-petrol-price-crisis/


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Petrol and diesel prices hit new record high as UK drivers urged to remain ‘cautious’…

“Fuel prices in the UK have hit another record high as the RAC reports the average price of a litre of petrol to be 145.72p.”

https://www.express.co.uk/life-style/cars/1519931/petrol-diesel-record-fuel-prices-supermarkets


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Belarus threatens to disrupt European gas supplies over spiralling migrant crisis.

“Belarusian President Alexander Lukashenko has threatened to retaliate against any new European Union sanctions, including by shutting down the transit of natural gas and goods via Belarus, because of the spiralling migrant crisis on its border.”

https://www.independent.co.uk/news/world/europe/belarus-gas-europe-poland-border-migrants-b1955745.html


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Greece-Bulgaria gas interconnector IGB faces delays due to supply shortages…

“The interconnector is crucial for Bulgaria because its completion would break the monopoly of Russian gas on the Bulgarian market for the first time. The IGB links to the Trans Adriatic Pipeline (TAP), bringing Azerbaijani gas from Greece to Italy.”

https://www.euractiv.com/section/energy/news/greece-bulgaria-gas-interconnector-igb-faces-delays-due-to-supply-shortages/


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Hungary to cap petrol and diesel prices as fuel prices surge.

“The decision to cap fuel prices also came amid other financial woes in Hungary that could play a role in April’s national elections. Inflation reached 6.5% in October, its highest level since 2012 in Hungary, according to the Central Statistical Office.”

https://www.euronews.com/2021/11/11/hungary-to-cap-petrol-and-diesel-prices-as-fuel-prices-surge


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Blackout fears amid energy crunch boosts gas cookers, lantern sales in Spain…

“Despite government assurances that there will be no supply crunch, a surge in electricity prices, partly driven by shortages in Asia and Europe, and a switch in pipelines bringing gas from Algeria have fuelled the public’s concerns.”

https://www.reuters.com/business/energy/blackout-fears-amid-energy-crunch-boosts-gas-cookers-lantern-sales-spain-2021-11-11/


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China’s economic miracle is ending…

“The value of China’s real estate is matched only by Japan’s in 1989… China is said to have enough vacant properties to house the entire Canadian population of 38 million, and more.”

https://www.reuters.com/breakingviews/chancellor-chinas-economic-miracle-is-ending-2021-11-11/


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Bond ructions intensify risk of ‘downward spiral’ for Chinese property groups…

“A bout of selling this week in junk bonds issued by riskier Chinese property developers has sent their borrowing costs soaring to the highest level in a decade and imperilled companies’ ability to access an important funding source.”

https://www.ft.com/content/4dce1e1e-0517-4b96-8c62-65139401af31


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Furious Investors Test China’s Resolve to Crack Down on Property…

“The cracks that have appeared in China’s property market have panicked not only homeowners but also the many investors who were lured to developers’ wealth-management products, or WMPs…”

https://www.bloomberg.com/news/articles/2021-11-11/china-evergrande-crisis-furious-property-investors-demand-government-action


China’s Coal Shortage Threatens Farmers in India and Truckers in South Korea… India and South Korea are experiencing shortages of urea, which is extracted from coal, since China placed new restrictions on exports. It is widely used in India as a fertilizer and in South Korea to produce urea solution, which is used to reduce diesel emissions in vehicles and factories.”

https://www.wsj.com/articles/chinas-coal-shortage-threatens-farmers-in-india-and-truckers-in-south-korea-11636635601


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Record-high fertiliser prices in Australia could disrupt global food supplies.

“Surging energy costs and export restrictions from usual overseas suppliers are leading to record high fertiliser prices in Australia, with analysts predicting farmers could be forced to ration its use, potentially disrupting global food supply.”

https://www.theguardian.com/australia-news/2021/nov/12/record-high-fertiliser-prices-in-australia-could-disrupt-food-supplies


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Uzbekistan has come clean about acute power shortages as water levels in reservoirs powering hydroelectric stations fall to critically low levels, sparking blackouts across Central Asia

““The volume of output of electric power at the country’s hydroelectric stations has fallen by almost 23 percent in connection with this year’s water shortage, which affects power supplies to consumers…”

https://eurasianet.org/uzbekistan-people-no-longer-in-the-dark-about-power-shortages


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Iran deporting thousands of Afghan refugees…

“Millions of Afghans crossed into their western neighbour seeking to escape violence and a shattered economy after the Taliban takeover of Kabul in mid-August compounded the crisis, disrupting international aid flows just as severe drought left more than half the population facing acute food shortages.”

https://www.aljazeera.com/news/2021/11/11/afghan-refugees-deported-from-iran-as-humanitarian-crisis-deepens


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Lebanon: Drugs cheaper than food for Palestinian refugees.

“Amphetamine abuse is rife at the Beddawi camp near Tripoli, where Lebanon’s economic crisis means no rehab facilities….

Captagon is the counterfeited brand name stamped onto a variety of amphetamines that are flooding the camps, and the region. Incredibly cheap to make, it causes a massive energy boost and a rush of euphoria.”

https://www.middleeasteye.net/news/lebanon-palestinian-refugees-drugs-cheaper-food-baddawi-camp


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‘It used to be green, now it is hell’: How oil is poisoning northern Syria…

“Two funerals taking place side-by-side one afternoon along the banks of a slick-black river of oil are a stark reminder of the deadly impact pollution is having on this slice of northeastern Syria…

In just the four days before our visit, an elderly man and a middle-aged woman died after suffering breathing difficulties, chest problems and kidney failure.”

https://www.independent.co.uk/news/world/middle-east/syria-oil-pollution-isis-civil-war-b1953587.html


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Clashes flared again on Thursday between security forces and residents of a Tunisian town protesting against the reopening of a landfill site they say is a public health hazard.

“Demonstrations in Agareb earlier in the week, sparked by authorities reversing a decision to close the dump, escalated after the death on Monday night of a protestor…”

https://english.alaraby.co.uk/news/clashes-flare-again-over-tunisia-landfill-site


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North Korea teeters on the brink of famine as winter approaches.

“Aid organizations fear that malnutrition will soon start claiming lives in North Korea as a subpar harvest combines with ongoing food shortages brought on by coronavirus border closures.”

https://www.dw.com/en/north-korea-teeters-on-the-brink-of-famine-as-winter-approaches/a-59775144


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U.S. Citizens Urged to Leave Haiti Amid Gas Shortages, Violence… Commercial flights may soon become unavailable in the country

“The U.S. government is asking its citizens to evacuate Haiti while commercial flights are available, as gas shortages, gang violence and political instability have paralyzed large swaths of the nation.”

https://www.bloomberg.com/news/articles/2021-11-11/u-s-citizens-urged-to-leave-haiti-amid-gas-shortages-violence


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High Energy Prices Likely to Mean Less Oil Demand This Year, OPEC Says.

“Soaring energy prices are likely to crimp demand for oil in some of the world’s fastest-growing economies this year, the Organization of the Petroleum Exporting Countries said Thursday.”

https://www.wsj.com/articles/high-energy-prices-likely-to-mean-less-oil-demand-this-year-opec-says-11636635602


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Farmers take on ‘post-apocalyptic’ food crisis…

“The world is facing a new era of rapidly increasing food prices that could push almost 2 billion more people into hunger in a worst-case climate crisis.”

https://sg.news.yahoo.com/farmers-take-on-post-apocalyptic-food-crisis-180358202.html


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

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