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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Cooking-Oil Chaos Exacerbates a Looming World Hunger Crisis… Indonesia [world’s largest exporter] is halting palm oil exports in the midst of high inflation, weather woes and tight supplies

“Indonesia’s supply of edible oil to the world is “impossible to replace,” said Carlos Mera, head of agricultural commodity markets research at Rabobank. “It’s definitely a big blow.”

“Weather woes across the world’s major producers of edible oils are adding to fears of shortages. Dryness has crimped the size of soybean harvests in South America, the world’s biggest producer, and drought in Canada shrank production of canola, leaving little available supply.”

https://www.bloomberg.com/news/articles/2022-04-23/cooking-oil-chaos-exacerbates-a-looming-world-hunger-crisis


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Why food export bans spell catastrophe for millions.

“… 22 countries, including Russia, Morocco, Argentina, China, Turkey and Egypt have imposed export restrictions on products including wheat but also (among others) tomatoes, lentils, eggs, soybeans and chickenmeat, in an attempt to stabilise domestic supply and keep a lid on price hikes.”

https://www.thegrocer.co.uk/sourcing/why-food-export-bans-spell-catastrophe-for-millions/666808.article


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The World’s Food System Is Too Dependent on Wheat…

“Because of climate change, extreme weather has already reduced harvests enough to push food prices up to their highest levels in 40 years. Climate change also increases the risk that such extreme weather events might occur at various locations in the same season. This phenomenon of “multiple breadbasket failures” stands to compromise billions of people’s access to food.”

https://www.bloomberg.com/opinion/articles/2022-04-21/the-world-s-food-system-is-too-dependent-on-wheat


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World’s biggest food company has hiked prices by 5%.

Nestlé (NSRGY), the world’s biggest food and drinks company, raised prices by more than 5% in the first three months of this year as it passed on rising costs to shoppers… CEO Mark Schneider signaled that more increases are on the horizon.”

https://edition.cnn.com/2022/04/21/investing/nestle-price-rises-earnings/index.html


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Surging US inflation expectations defy Fed’s efforts to tame price growth.

“Investors’ expectations for US inflation have shot to their highest level in decades even as the Federal Reserve signals an aggressive tightening of monetary policy is imminent, underscoring the challenge central banks face in convincing markets they can tame runaway price growth.”

https://www.ft.com/content/58427935-5d13-45f1-b8ed-91d793c68bec


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UK consumer confidence even lower than in 2008 financial crisis…

“A combination of rocketing energy prices, higher taxes and a surge in the annual inflation rate to its highest level in three decades meant confidence was in freefall, according to the latest monthly snapshot of sentiment.”

https://www.theguardian.com/business/2022/apr/22/uk-consumer-confidence-even-lower-than-in-2008-financial-crisis


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Union threatens ‘biggest rail strike in modern UK history’…

“The National Union of Rail, Maritime and Transport Workers (RMT) said staff would be asked to vote on strike action over Network Rail’s plans to cut at least 2,500 maintenance jobs as part of a £2bn reduction in spending on the network.”

https://www.theguardian.com/business/2022/apr/20/threat-of-biggest-rail-strike-in-modern-uk-history


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UK food production to shrink as input inflation hits 24%.

“Double-digit cost inflation is hitting every single enterprise of British agriculture, casting doubt on the sector’s ability to maintain food supplies in the year ahead… with animal feed, fuel and fertiliser seeing the greatest increases at 27%, 29% and 108%, respectively.”

https://www.fwi.co.uk/business/markets-and-trends/input-prices/uk-food-production-to-shrink-as-input-inflation-hits-24


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Negative-Yielding Euro-Area Debt Becomes History as ECB Pivots.

“All benchmark bonds in the euro area are yielding more than zero for the first time since 2014 as investors brace for the end of ultra-accommodative policy in the region.”

https://www.bloomberg.com/news/articles/2022-04-22/negative-yielding-euro-area-debt-becomes-history-as-ecb-pivots


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EU Asks Citizens to Turn Down Heating, Lower Car Speeds to Cut Russia Energy Dependence.

“In partnership with the International Energy Agency, the bloc outlined nine steps that consumers can take… “We are facing the first global energy crisis,” IEA Executive Director Fatih Birol said in a joint webinar with EU officials.”

https://www.bloomberg.com/news/articles/2022-04-21/eu-seeks-to-cut-oil-use-by-220-million-barrels-amid-russia-war


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China’s rising household debt is shattering dreams of financial freedom, and ‘fears are spreading’.

“Salary reductions, lay-offs, lockdowns and regulatory crackdowns are upending the lives of those who were once the envy of China’s middle class.”

https://www.scmp.com/economy/china-economy/article/3174408/chinas-rising-household-debt-shattering-dreams-financial


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Shanghai further tightens Covid restrictions after weeks of strict lockdown.

“Authorities in Shanghai have further tightened restrictions on the movement of residents in some districts and warned its 25 million inhabitants that strict measures would continue until Covid-19 was eradicated, neighbourhood by neighbourhood.”

https://www.theguardian.com/world/2022/apr/22/shanghai-further-tightens-covid-restrictions-after-weeks-of-strict-lockdown


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Shanghai’s Covid Lockdown Leads to Logistics disarray, With Quarantined Truckers, Piled-Up Containers…

“As Shanghai’s lockdown to stamp out a raging coronavirus outbreak extends into its fourth week, logistics services in the Yangtze River Delta industrial area have faced severe disruptions. Transport of goods into Shanghai, one of China’s biggest manufacturing and export hubs, has almost ground to a halt.

https://www.wsj.com/articles/shanghai-lockdown-leads-to-logistics-disarray-with-quarantined-truckers-piled-up-containers-11650537303


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Brazil’s economy stagnant, growth freeze to continue in 2023.

“Brazil’s economy has entered a phase of stagnation that will persist next year as unrelenting inflation curtails consumer spending and policymakers struggle to find answers, a Reuters poll showed.”

https://www.reuters.com/business/finance/brazils-economy-stagnant-growth-freeze-continue-2023-2022-04-22/


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Peru Risks Hunger Spike on Fertilizer Shortages, Food Producers Warn…

“Peru’s agricultural industry is facing a deficit of 180,000 metric tons of urea, a key nitrogenous fertilizer, with output of staples such as of rice, potato and corn set to fall as much as 40% unless a solution is found…”

https://www.bloomberg.com/news/articles/2022-04-21/peru-risks-hunger-spike-on-fertilizer-shortages-food-group-says


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Eskom [South Africa’s state power utility] working flat-out to avoid a total system blackout…

“Energy analyst Chris Yelland tweeted that “If 50% of the coal fleet is unavailable for duty and a further 25% is ‘at risk’, then perhaps a national blackout is no longer just a distant theoretical possibility, but a more distinct scenario…”.”

https://www.dailymaverick.co.za/article/2022-04-20-eskom-working-flat-out-to-avoid-a-total-system-blackout-andre-de-ruyter/


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Kenya could be staring at yet another fuel shortage linked to fuel supply challenges brought about by insufficient local stocks in the market…

““The Kenya Pipeline Company (KPC) is still holding more transit stocks than for local. Until this issue is resolved, we will be back in a stockout situation by next week,” the dealer said.”

https://www.capitalfm.co.ke/business/2022/04/kenya-stares-at-another-fuel-crisis-as-fuel-diversion-to-transit-continues/


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Cameroon Blames Fuel Shortage on Russia Sanctions.

“Cameroon’s energy ministry has said Western sanctions on Russia have driven up the cost of fuel imports and led to a fuel shortage. The lack of diesel fuels this week left hundreds of trucks taking goods to the neighboring Central African Republic and Chad stranded at the borders.”

https://www.voanews.com/a/cameroon-blames-fuel-shortage-on-russia-sanctions/6539050.html


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Big Economic Crisis Looms in Nigeria…

“The increasing cost of pegging the dollar will soon become unbearable. However, liberalizing the exchange rate market will increase the dollar value to about N1,000 or more. This will cause hyperinflation, increasing unemployment, and capital flight. It is the trap Nigeria found itself in.”

https://www.proshareng.com/news/Nigeria%20Economy/Big-Economic-Crisis-Looms-in-Nigeria/62622


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Moroccan Trade Union Calls for Protests Against Soaring Prices.

“The Moroccan Social Front will hold marches this weekend in more than 20 cities across the country, protesting against rising living costs. The front also hosted a video conference on Thursday, April 21 tackling rising prices, energy security, and government responsibility in the matter.”

https://www.moroccoworldnews.com/2022/04/348511/moroccos-trade-union-calls-for-protests-against-soaring-prices


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Libyan strongman blamed for closure of oil facilities…

“…the closures have taken out more than 550,000 b/d of its output this week… Mohamed Oun, oil minister in Dbeibeh’s government of national unity, told the Financial Times the blockades could not have happened without the co-operation of the Petroleum Facilities guard, which is under the control of Khalifa Haftar.”

https://www.ft.com/content/75e00c90-995d-417f-8cac-7c2bdcd92e03


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Turkey cuts power to opposition leader’s home after protest against high prices…

“Kemal Kilicdaroglu had vowed earlier this year not to pay his electricity bills until the Turkish government withdrew the household price increases. In a video posted on Twitter on Thursday, he reported that his electricity had been “cut off”.”

https://www.euronews.com/2022/04/21/turkey-cuts-power-to-opposition-leader-s-home-after-protest-against-high-prices


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Iraq’s Oil Dysfunction; The world’s sixth-largest oil producer still suffers from fuel shortages and power outages…

“Militias roam the country, corruption is rife, basic services still lacking, and the country’s politicians have been unable to form a government in the six months that have passed since the last national election.”

https://foreignpolicy.com/2022/04/21/iraq-oil-fuel-shortage-energy-crisis-electricity/


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Turkmen Consumers Face Jail Time If Caught Buying Too Much Bread.

“…correspondents from the energy-rich Central Asian nation’s capital, Ashgabat, said that police have begun monitoring lines at state grocery stores, taking pictures and filming customers to prevent them from returning to buy extra bread.”

https://www.rferl.org/a/turkmenistan-bread-rations-jail/31816546.html


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Power, gas cuts amid blistering heat make citizens’ lives miserable [Pakistan]…

“Along with power cuts, many areas in the city continued to face the issue of low gas pressure, especially around Sehri and Iftar times, while the water supply situation aggravated as tanker service providers cited power outages at hydrants for unavailability of water.”

https://www.dawn.com/news/amp/1686130


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Sri Lanka President Calls in Army Ahead of Protester’s Funeral.

“Sri Lanka’s President Gotabaya Rajapaksa ordered a three-day military deployment ahead of the funeral of a protester killed earlier this week when police fired at crowds angry over the country’s worsening food and fuel shortages and rising living costs.”

https://www.bloomberg.com/news/articles/2022-04-22/sri-lanka-president-calls-in-army-ahead-of-protester-s-funeral


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In Jakarta [Indonesia], protests erupt over possible election delay, inflation…

“Hundreds of people in Jakarta held demonstrations on Thursday amid speculation that the 2024 Indonesian election may get delayed. The protestors are also opposing rising oil and food prices, and the government’s treatment of dissenters.”

https://www.csmonitor.com/World/Asia-Pacific/2022/0421/In-Jakarta-protests-erupt-over-possible-election-delay-inflation


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Some chip-starved manufacturers are scavenging silicon from washing machines, as global shortage shows no sign of easing.

“Tesla said production remains hampered by shortages and elevated prices for key parts, while Volkswagen warned to expect negative effects from chip scarcity.”

https://www.scmp.com/business/article/3175018/some-chip-starved-manufacturers-are-scavenging-silicon-washing-machines


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Global Auto Production Forecast Downgraded Further for 2022…

“”Currently the greatest risk to the outlook comes from the threat of further or prolonged lockdowns in mainland China and the contagion into already stressed global supply chains,” said Mark Fulthorpe, Executive Director, Global Production Forecasting, S&P Global Mobility.”

https://ihsmarkit.com/research-analysis/latest-global-automotive-forecast-changes.html


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Jet Fuel Crisis Looms as Refiners Continue to Prioritize Diesel.

“Traders complain “there is just not enough jet fuel in the world,” as Russia’s war in Ukraine forces refiners to stay focused on diesel… Airlines are heading into the peak travel season with jet stocks at precariously lean levels.”

https://www.energyintel.com/00000180-50e6-d71d-a5c9-53e672930000


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The world’s engines are spluttering: IMF points to deeper problems beyond 2022. The IMF does not expect its significant downward revision in global economic growth for 2022 to be offset in 2023

“The implication is that the world’s economic engines are sputtering.”

https://www.theguardian.com/business/2022/apr/23/world-imf-forecasts-economic-growth


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

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