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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War and stagflation threaten global economy as pandemic recovery slows… Mounting price pressures, slipping output expansion and sagging confidence will all pose a drag for most countries, according to the latest Brookings-FT tracking index.

As a result, policymakers will be left with “grim quandaries”, said Eswar Prasad, senior fellow at the Brookings Institution.”

https://www.ft.com/content/e2f2c5ab-ab3f-4a2f-b700-be6894fc179d


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The World Bank slashes its forecast for global economic growth.

“We begin this spring meeting facing severe overlapping crises,” Mr. Malpass said during a briefing with reporters. “There’s Covid, inflation and Russia’s invasion of Ukraine.” Mr. Malpass said these forces were expected to drive up global poverty rates…”

https://www.nytimes.com/2022/04/18/business/the-world-bank-slashes-its-forecast-for-global-economic-growth.html


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Ukraine War Deepens Debt Woes Across Developing World.

“The war in Ukraine is making it tougher for many emerging-market governments to make debt payments to foreign creditors, fueling concerns of potential crises that could shake markets and weaken the global economic recovery.”

https://www.wsj.com/articles/ukraine-war-deepens-debt-woes-across-developing-world-11650187803


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Bonds See Worst Month Since Financial Crisis.

“The bond market has taken a beating and investment-grade debt has been anything but a safe haven for income investors. This has been one of the third-worst stretches in history as the YTD returns have been -10.5% which is only bested by the Lehman collapse in late 2008…”

https://www.nasdaq.com/articles/bonds-see-worst-month-since-financial-crisis


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Price of corn hits 9-year high as surge in commodities continues…

“Corn is just one of several agriculture commodities that has seen surging prices in recent weeks, in part due to the war in Ukraine. Ukraine is a major exporter of wheat and other items, such as sunflower oil, while Russia is a key producer of wheat and many of the chemicals used in fertilizer.”

https://www.cnbc.com/2022/04/18/price-of-corn-hits-9-year-high-commodities-food-inflation.html


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Worldwide coffee bean shortages and rising fuel prices hit cafes hard, with price spikes here to stay.

“How much are you willing to pay for a cup of coffee? That is the question consumers need to consider as the cost of everything from green coffee beans to milk, containers and petrol has gone up.”

https://www.abc.net.au/news/2022-04-18/coffee-prices-rising-and-what-it-means-for-the-economy/100983606


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U.S. Natural Gas Surges to 13-Year High on Global Supply Crunch.

“Front-month futures closed 7% higher in New York Monday. The last time prices were this high was August 2008, when hurricanes menaced offshore gas platforms in the Gulf of Mexico and searing summer weather stoked demand for power to run air conditioners.”

https://ca.finance.yahoo.com/news/u-natural-gas-surges-13-225248356.html


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[US] Recession Calls Grow As Inflation Threatens Corporate Earnings And Rising Costs Hit Consumers.

“Despite a decent start for earnings season, Wall Street experts are increasingly warning that corporate profits are likely to take a hit as inflation remains a “headwind” to economic growth and pricing pressures take a bigger toll on consumers.”

https://www.forbes.com/sites/sergeiklebnikov/2022/04/18/recession-calls-grow-as-inflation-threatens-corporate-earnings-and-rising-costs-hit-consumers/


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Canada’s housing bubble is a cautionary tale for the US real-estate market…

“The national average home price in Canada climbed to 816,720 Canadian dollars in February, hitting a record high, according to the Canadian Real Estate Association, and a cost 50% higher than that of the median US home price when converted to US dollars.”

https://www.businessinsider.com/canada-housing-bubble-a-cautionary-tale-us-real-estate-market-2022-4?r=US&IR=T


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Policymakers right to be worried as UK housing boom shows no sign of waning…

“There are various measures of house price inflation but all of them tell the same story: annual increases in excess of 10%… the price of the average UK home rose by just over £28,000 in the past year, which is pretty much the same as the average UK worker earned over the same period.”

https://www.theguardian.com/business/2022/apr/17/policymakers-right-to-be-worried-as-uk-housing-boom-shows-no-sign-of-waning


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UK braced for prolonged period of stagflation.

“The risk of a prolonged period of stagflation in the UK has increased after consumer prices surged more than expected while economic growth slowed to a crawl. Recent official and informal economic data have fallen short of analysts’ expectations…”

https://www.ft.com/content/64db3dcf-23ff-4f69-9a4c-d684675b596b


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Covid Hammers China’s Developers by Starving Them of Cash Flow…

“A 29% drop in new home sales in March was the biggest since they began falling last July, according to official figures released Monday. Seven months of falling home prices are adding to the pain.”

https://www.bloomberg.com/news/articles/2022-04-18/covid-hammers-china-s-developers-by-starving-them-of-cash-flow


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Fish Cracker Prices to Double in Sign of Indonesia Inflation Hit.

“The deep-fried crackers served usually alongside every Indonesian meal are set to cost twice as much starting next month, in the latest sign of how inflation is creeping into Southeast Asia’s biggest economy.”

https://www.bloomberg.com/news/articles/2022-04-19/fish-cracker-prices-to-double-in-sign-of-indonesia-inflation-hit


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Brazil’s Central Bank Worker Strike Doesn’t Bode Well for Its Inflation Fight…

“Employees of Brazil’s central bank and the economy ministry, including the internal revenue system, have been on strike or staging work stoppages for three weeks now, delaying customs operations, budget plans and key statistical data.”

https://www.bloomberg.com/news/articles/2022-04-18/brazil-central-bank-worker-strike-bodes-ill-for-inflation-fight


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‘Destructive hunger’: South America’s farmers seek to head off global food crisis.

Supply problems and rising costs make it difficult to replace lost agricultural output caused by Russia’s invasion of Ukraine… diesel shortages in Argentina have sparked… warnings about possible impacts on the harvest and transportation of crops. Another challenge is… severe drought…”

https://www.ft.com/content/4b134651-1b88-4ad8-9756-96074db66ff1


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Worsening electricity cuts hit western Venezuelan state.

“The South American country’s public utility infrastructure has been deteriorating for more than a decade, but worsened in 2019 when there were three major national black-outs. Border states like western Tachira – which are on the end of national transmission lines – tend to suffer the worst of cuts.”

https://www.reuters.com/world/americas/worsening-electricity-cuts-hit-western-venezuelan-state-2022-04-18/


Eskom [South Africa’s state energy utility] implements stage 4 blackouts. Eskom has ramped up rolling power cuts to stage 4 on Tuesday. The power utility says units at the Majuba and Tutuka power stations have tripped, forcing it to implement stage 4 blackouts.”

https://www.enca.com/news/eskom-implements-stage-4-power-cuts


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Current power outages crippling businesses [Ghana]…

“Stanislav Xoese Dogbe, an aide to the former president of Ghana, has complained bitterly about how the intermittent power outages are affecting business in Ghana.”

https://www.ghanaweb.com/GhanaHomePage/business/Current-power-outages-crippling-businesses-Stan-Dogbe-1517777


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Libya’s largest oil field closed as turmoil intensifies.

“Tribal leaders in southern Libya shut down the county’s largest oil field, authorities said Monday, the latest closure of an oil facility amid a bitter standoff between two rival governments. Oil production at the Sharara field has been stopped…”

https://abcnews.go.com/International/wireStory/libyas-largest-oil-field-closed-turmoil-intensifies-84146310


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Cash-Strapped Pakistan Cuts Power to Households on Fuel Shortage.

“Pakistan is cutting electricity to households and industry as the cash-strapped country can no longer afford to buy coal or natural gas from overseas to fuel its power plants. The South Asian nation is struggling to procure fuel from the spot market…”

https://www.bloomberg.com/news/articles/2022-04-18/cash-strapped-pakistan-cuts-power-to-households-on-fuel-shortage


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Pakistan ‘inches away’ from civil unrest after ousting of Imran Khan…

“…the removal of Khan has in no way led to the demise of the populist politics he fostered while in office. Many fear that the deep polarisation cultivated by Khan could prove deeply destabilising for Pakistan, pushing the country into greater political turmoil.”

https://www.theguardian.com/world/2022/apr/18/pakistan-inches-away-from-civil-unrest-after-ousting-of-imran-khan


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Thousands of cabbies strike in Indian capital over rising fuel prices.

“Thousands of office goers and daily commuters had a harrowing morning in Delhi and adjoining suburbs as cabs stayed off the roads in the Indian capital Monday in protest against rising fuel prices, partly due to the Ukrainian war.”

https://www.laprensalatina.com/thousands-of-cabbies-strike-in-indian-capital-over-rising-fuel-prices/


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In the event of Armageddon, desperately seek seaweed… First the bad news: a nuclear conflict has occurred, killing hundreds of millions and throwing enough soot into the air to block out the sun for a decade.

“Now the good news: there is a chance we can get through the resulting years of endless winter without the survivors starving. But it’s going to involve a lot of seaweed, the mass relocation of crops and extracting sugar from paper.”

https://www.thetimes.co.uk/article/nuclear-attack-armageddon-desperately-seek-seaweed-mg00ljsf6


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

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