Daily updates on climate change and the global economy.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

Daily updates on climate change and the global economy.
Stay current with what’s happening around the world with a quick scan of top news.

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Omicron Sounds the Death Knell for Globalization 2.0: On top of an intensifying cold war between the U.S. and China and other seismic changes, the rapid spread of Covid-19’s newest variant could finish off our most recent phase of global integration…

“Between Nov. 14 and 28, 455 people were admitted to hospital with Covid-19 in Tshwane metro area, one of the largest hospital systems in Gauteng. Seventy (15%) of those hospitalized were under the age of five; 117 (25%) were under 20. And this is not just a story of precautionary hospitalizations…

“If this trend holds as omicron spreads to advanced economies — and it is spreading very fast, confirming omicron’s high transmissibility — the market impact could be much bigger than is currently priced in.”

https://www.bloomberg.com/opinion/articles/2021-12-05/omicron-sounds-death-knell-for-globalization-2-0


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Powell’s Fast-Taper Signal Presages Agile Fed on 2022 Rate Hikes…

“Jerome Powell’s pivot toward a quicker withdrawal of stimulus paves the way for a more agile Federal Reserve in 2022, one that’s willing to raise interest rates faster than expected if inflation lingers or hold back if the pandemic worsens.”

https://uk.finance.yahoo.com/news/powell-fast-taper-signal-presages-140000610.html


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US hiring disappoints in November, complicating Biden’s plans…

“The White House has been banking on a solid economic recovery to bolster support for Biden and his massive Build Back Better spending bill that is inching its way through Congress. But the new data presented a complicated picture of the labor market…”

https://www.thenews.com.pk/print/914149-us-hiring-disappoints-in-november-complicating-biden-s-plans


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[Scotland’s] Single malt whiskies expected to triple in price next year due to supply chain crisis.

“Experts have warned Brexit, the pandemic and soaring demand have resulted in a “perfect storm” hitting Scotland’s prized £5billion dram export market.”

https://www.dailyrecord.co.uk/news/scottish-news/scots-single-malt-whiskies-triple-25619257


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Bank of England poised to loosen mortgage lending rules.

“The Bank of England is poised to loosen mortgage lending rules introduced in the wake of the financial crisis, in a move economists have warned risks sparking a housing bubble.”

https://www.telegraph.co.uk/business/2021/12/05/bank-england-poised-loosen-mortgage-lending-rules/


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[UK] ‘Back to the bad old days’: swingeing rail cuts set alarm bells ringing…

“Train operators have been told to find ways to cut hundreds of millions of pounds from the railway’s operating costs next year, in a move that is likely to result in fewer services and worse stations for passengers.”

https://www.theguardian.com/business/2021/dec/05/back-bad-old-days-swingeing-rail-cuts-alarm-bells-ringing


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German factory orders collapse in October…

“Factory orders slid 6.9% on the month following a revised 1.8% increase in September, coming in well below expectations for a 0.5% decline. On the year, orders were down 1% in October following a revised 10.3% jump the month before.”

https://www.sharecast.com/news/international-economic/german-factory-orders-collapse-in-october–8779576.html


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Protesters against vaccine mandate in Belgium clash with police.

“Belgian police fired water cannon on Sunday to disperse protesters opposed to compulsory health measures against the coronavirus pandemic. Some 8,000 people marched through Brussels towards the headquarters of the European Union, chanting “Freedom!” and letting off fireworks.”

https://www.aljazeera.com/news/2021/12/5/protesters-against-vaccine-mandate-in-belgium-clash-with-police


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‘Make Austria Great Again’: Thousands protest COVID-19 restrictions in Europe.

“Tens of thousands of protesters marched through several northwest European cities on Saturday to demonstrate against coronavirus restrictions imposed amid a surge in infections.”

https://globalnews.ca/news/8425734/covid-19-protests-europe/


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Rio Tinto lithium mine: thousands of protesters block roads across Serbia.

“Thousands of demonstrators blocked major roads across Serbia on Saturday as anger swelled over a government-backed plan to allow mining company Rio Tinto to extract lithium.”

https://www.theguardian.com/world/2021/dec/05/rio-tinto-lithium-mine-thousands-of-protesters-block-roads-across-serbia


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As global costs soar, Japan’s ‘shrinkflation’ gets harder to swallow…

“There are now signs that even Japan Inc may be nearing a tipping point, as soaring raw material costs and a weak yen drive up what companies pay for fuel, coffee beans and beef.”

https://www.nasdaq.com/articles/as-global-costs-soar-japans-shrinkflation-gets-harder-to-swallow


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Russia sends defence missiles to Pacific islands claimed by Japan.

“Russia has deployed coastal defence missile systems near Pacific islands also claimed by Japan, a move intended to underline Moscow’s firm stance in the dispute.”

https://www.theguardian.com/world/2021/dec/02/russia-sends-defence-missiles-to-pacific-islands-claimed-by-japan


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US says Russia could invade Ukraine in early 2022.

“Vladimir Putin and Joe Biden will hold a phone call next week amid mounting military tensions on the border between Russia and Ukraine, with Washington warning that Moscow could launch an invasion in early 2022.”

https://www.ft.com/content/90873607-8a8a-48fb-8cb0-3414e277bf25


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China’s Evergrande teeters on brink of default as deadline looms.

“After lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with pessimistic comments from the property developer raising expectations of direct state involvement and a managed debt restructuring.”

https://www.aljazeera.com/economy/2021/12/6/chinas-evergrande-teeters-on-brink-of-default-as-deadline-looms


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China Developer Sunshine 100 Defaults on $170 Million of Bonds.

“Chinese developer Sunshine 100 China Holdings Ltd. defaulted on $179 million of debt and interest payments due Sunday as the pain of higher borrowing costs hits indebted companies across the sector.”

https://www.bloomberg.com/news/articles/2021-12-05/china-developer-sunshine-100-defaults-on-170-million-of-bonds


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Omicron to hit Africa’s economies hard as leaders protest ‘Afrophobia’.

“African leaders have protested the advisories, with South Africa’s President Cyril Ramaphosa saying, “The prohibition on travel will further damage the economies and undermine their ability to respond to, and recover from, the pandemic.””

https://www.theeastafrican.co.ke/tea/news/east-africa/omicron-africa-s-economies-hard-as-leaders-protest-afrophobia–3641506


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Another Arab Spring? Is the tide turning again in Tunis?

“…Kais Saied, the current president, has vowed to fight the endemic corruption that has led to rocketing food prices and a rapidly declining standard of living, but he now appears to be a big part of the problem.”

https://www.sundaypost.com/fp/another-arab-spring/


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Two Turkish unions representing more than 250,000 workers said they would hold limited strikes this week to protest against legislation covering healthcare salaries and pensions.

“Turkey is facing mounting economic uncertainty triggered by a historic sell-off in the lira currency.”

https://www.reuters.com/markets/currencies/turkish-healthcare-unions-plan-limited-strikes-amid-lira-turmoil-2021-12-05/


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On Syria’s Ruins, a Drug Empire Flourishes.

“Powerful associates of Syria’s president, Bashar al-Assad, are making and selling captagon, an illegal amphetamine, creating a new narcostate on the Mediterranean.”

https://www.nytimes.com/2021/12/05/world/middleeast/syria-drugs-captagon-assad.html


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As Yemen conflict drags on, Riyal falls to all an time low; 1703 for every US dollar.

“On Sunday, Yemen’s currency rial/riyal fell to its lowest level against all other international currencies in years, as the long-running conflict deepens in the war-torn country.”

https://www.wionews.com/world/as-yemen-conflict-drags-on-riyal-falls-to-all-an-time-low-1703-for-every-us-dollar-434518


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Facing Economic Collapse, Afghanistan Is Gripped by Starvation.

“An estimated 22.8 million people — more than half the country’s population — are expected to face potentially life-threatening food insecurity this winter. Many are already on the brink of catastrophe.”

https://www.nytimes.com/2021/12/04/world/asia/afghanistan-starvation-crisis.html


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North Korea heads into ‘tense’ winter: Closed borders and food supplies in question.

“North Korea’s self-imposed border lockdown during the pandemic has exacerbated a shortage of food, supplies and cash, hurting the country’s most vulnerable people as they hunker down for the winter ahead.”

https://www.stripes.com/theaters/asia_pacific/2021-12-05/north-korea-closed-borders-food-shortages-coronavirus-pandemic-3864105.html


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Tight security in crisis-hit Solomons as PM faces vote.

“Solomon Islands Prime Minister Manasseh Sogavare faced a no-confidence vote Monday, with international peacekeepers patrolling the capital in case of fresh political rioting.”

https://www.france24.com/en/live-news/20211206-tight-security-in-crisis-hit-solomons-as-pm-faces-vote


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Global tax deal leaves billion-dollar loopholes…

“Tax specialists say the deals impact remains unclear because key details are yet to be agreed… Countries are currently debating carve-outs for certain tax breaks. In addition, jurisdictions could retain wide latitude in how they allow companies to calculate taxable income…”

https://www.thedailystar.net/business/global-economy/news/global-tax-deal-leaves-billion-dollar-loopholes-2909866


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Inflation Vs. Deflation – Which Is The Bigger Threat In 2022?

“…The issue of inflation vs. deflation is likely to continue next year. Will the economy experience a short-term inflationary spike as the stimulus runs through the system? Of course. However, once the “Sugar Rush” wears off, the deflationary pressures will quickly reassert themselves.

https://seekingalpha.com/article/4473461-inflation-vs-deflation-which-is-the-bigger-threat-in-2022


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

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