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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Russian Gas Cutoff [to Bulgaria and Poland] Symbolizes New Era of Supply Shocks and Inflation.

“Inflation is the result of demand growing faster than supply. Central banks can deal with the demand part. The problem is that the world they confront in coming years might be one of recurrent supply shocks.”

https://www.wsj.com/articles/new-age-of-scarce-supply-risks-inflationary-headwinds-challenging-central-banks-11651060801


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War in Ukraine is causing a many-sided economic shock. The conflict is a multiplier of disruption in an already disrupted world…

“Even before Russia’s invasion of Ukraine, the world had not recovered from the economic costs of Covid, let alone its wider social and political effects. Supply disruptions were pervasive and inflation had soared to unexpectedly high levels. Monetary policy was set to tighten sharply.”

https://www.ft.com/content/d4bde497-edbf-4baa-bfa3-d06b07c63f79


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Ukraine war ‘will mean high food and energy prices for three years’.

“The war in Ukraine will result in expensive food and energy for the next three years, the World Bank has warned, intensifying fears that the global economy is heading for a rerun of the weak growth and high inflation of the 1970s.”

https://www.theguardian.com/business/2022/apr/26/ukraine-war-food-energy-prices-world-bank


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One of the world’s largest fertiliser producers has warned that the impact of the war in Ukraine on global food security “will be dramatic”.

Svein Tore Holsether, chief executive of Norwegian company Yara… added: “Although Yara’s business is flexible and resilient, the impact of the war on global food security will be dramatic. We repeat our calls for government action to strengthen food supply chains and decrease dependency on Russia.””

https://news.sky.com/story/impact-of-ukraine-war-on-global-food-security-will-be-dramatic-12599875


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Central banks risk crashing us into recession…

“The market has priced in rates of 2.80pc by the end of the year, almost a full percentage point higher than expected last month… This has an uncanny echo of early 2008 when the Fed was spooked by surging oil prices. It talked up the futures curve by, yes, a full percentage point, misjudging how fast the US economy was already slowing.”

https://www.telegraph.co.uk/business/2022/04/27/central-banks-risk-crashing-us-recession/


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Risk of recession in Europe, US and China is rising by the day.

“…the odds of recession in Europe, the US, and China are significant and increasing, and a collapse in one region will raise the odds of collapse in the others. Record-high inflation does not make things any easier. I am not sure politicians and policymakers are up to the task they may soon confront.

https://www.theguardian.com/business/2022/apr/28/risk-of-recession-in-europe-us-and-china-is-rising-by-the-day


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U.S. Diesel Futures Close at Record High as Shortage Deepens.

“Diesel futures trading in New York surged to the highest level in records going back to 1986 as global demand for the fuel remains robust in the wake of Russia’s invasion of Ukraine.”

https://www.bloomberg.com/news/articles/2022-04-26/u-s-diesel-futures-settle-at-record-high-as-shortage-deepens


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Prices of fish and chips are going up and a third of friers could be forced to close within six months due to oil shortages, industry experts have warned.

“The UK sources most of its sunflower oil from Ukraine, but exports have been disrupted by supply-chain issues caused by Russia’s invasion of the country.”

https://www.independent.co.uk/life-style/food-and-drink/fish-and-chips-oil-shortages-risk-shops-closing-b2065528.html


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The UK is on the verge of food security concerns not seen since World War Two due to a ‘perform storm’ of issues consisting of Covid, Brexit and the Ukraine war, NFU Scotland has warned…

“As part of its lobbying efforts, it has been highlighting the impact that surging costs linked to fertiliser, fuel, energy, animal feed and labour are having on the UK’s ability to produce food.”

https://www.farminguk.com/news/uk-on-verge-of-food-security-concerns-not-seen-since-wwii-_60282.html


Internet Outages In Several French Cities After Cable “Attacks”: Report… fibre optic cables were cut overnight in “attacks” on the crucial infrastructure, telecom operators said… In a message on Twitter, the company referred to “multiple malicious acts” targeting its cables.”

https://www.ndtv.com/world-news/france-cable-attacks-france-internet-outage-internet-outages-in-several-french-cities-after-cable-attacks-report-2925402


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Gas giant Algeria threatened Wednesday to break a contract to supply gas to Spain if Madrid transferred it onwards to “a third destination”, amid tensions with regional rival Morocco.

“Algeria’s state-owned energy giant Sonatrach supplied more than 40 percent of Madrid’s natural gas imports in 2021…”

https://www.expatica.com/es/uncategorized/algeria-threatens-to-cut-gas-contract-with-spain-184171/


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Berlin’s outdoor swimming pools will be two degrees chillier this summer than in previous years, in what the state operator says is its contribution towards reducing German reliance on Russian gas.

“Water at the German capital’s 16 gas-heated Sommerbäder, or lidos… will be kept below the weather-dependent standard temperature throughout the summer season.”

https://www.theguardian.com/world/2022/apr/27/berlin-cools-pools-in-political-statement-against-russian-gas


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European gas prices soar after Gazprom halts supplies to Poland and Bulgaria.

“In Russia’s biggest move to target the EU’s reliance on its fossil fuels since the invasion, the interruption rippled into markets, with the euro falling to a five-year low against the dollar… Prices are more than six times higher than a year ago.

https://www.ft.com/content/a2eea1a1-f72a-43c4-aa93-4e5477b5ead4


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Fears of Ukraine war expanding after Moldova blasts…

“The United Nations and United States warned of rising tensions in the Transnistria region of Moldova, as UN chief Antonio Guterres met with Russian President Vladimir Putin in Moscow and pleaded for peace.”

https://www.france24.com/en/live-news/20220426-fears-of-ukraine-war-expanding-after-moldova-blasts


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President Xi Jinping has promised an “all-out” spending spree on Chinese infrastructure to help revive his country’s ailing economy.

“Beijing said it will ramp up construction on a range of projects including railways and airports in an attempt to offset an economic slowdown caused by its zero-Covid strategy.”

https://www.telegraph.co.uk/business/2022/04/27/xi-jinping-vows-all-out-construction-spending-spree-save-chinas/


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China policymakers clash over how to counter property slump.

“Chinese regulators led by vice-premier Liu He are concerned that the government is underestimating the economic impact of its crackdown on the property sector and Covid-19 lockdowns in Shanghai and other cities, according to officials and policy advisers.”

https://www.ft.com/content/81f56d32-67fc-4dca-9591-e0add4dd9d67


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‘Everything is halted’: Shanghai shutdowns are worsening shortages…

“… there are signs things could only get worse. Continuing lockdowns in Shanghai — a major hub for America’s semiconductor and electronics supply chains — has set up automakers, electronics companies and consumer goods firms for months of delays and higher costs.”

https://www.washingtonpost.com/business/2022/04/26/shanghai-lockdown-supply-chain-cars-electronics/


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IMF Urges Latin America to Address Inflation to Curb Unrest Risk.

“Governments in Latin America should provide targeted and temporary fiscal support to help poor families cope with higher food and energy prices and reduce the risk of social unrest from soaring inflation, according to the International Monetary Fund.”

https://www.bloomberg.com/news/articles/2022-04-26/imf-urges-latin-america-to-address-inflation-to-curb-unrest-risk


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Chilean truckers on strike over insecurity on roads…

“They blocked arterial routes early morning before dispersing with the promise of a larger blockade if the Chilean authorities do not offer better road safety, better working conditions, and a reduction in fuel and toll prices.”

https://www.presstv.ir/Detail/2022/04/27/681063/Chilean-truckers-on-strike-over-insecurity-on-roads


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Peru govt declares state of emergency near MMG’s Las Bambas mine as stand-off continues.

“The Peruvian government on Wednesday declared a state of emergency near MMG Ltd’s Las Bambas copper mine, where production has been halted for a week due to indigenous communities camped inside. A state of emergency suspends civil liberties such as the right to assembly and protest.”

https://www.reuters.com/world/americas/peru-govt-declares-state-emergency-near-mmgs-las-bambas-mine-stand-off-continues-2022-04-27/


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Food crisis grips Jamaican homes, report finds.

““I shop for food far less. I can’t buy fruits for my kids, and that hurts. My kids are hungry most of the time … ; can’t afford gas and electricity bills. Sometimes we sleep in darkness. First in my life I have to be living like this.””

https://jamaica-gleaner.com/article/lead-stories/20220427/food-crisis-grips-jamaican-homes-report-finds


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One dead, two injured as hundreds of farmworkers protest for better wages in Eastern Cape [South Africa]…

“Daily Maverick reported that farm owners in the Sundays River Valley municipality were granted an interim interdict on Monday to stop protesting workers and supporters from coming within 500m of farms.”

https://www.news24.com/news24/southafrica/news/one-dead-two-injured-as-hundreds-of-farmworkers-protest-for-better-wages-in-eastern-cape-20220426


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Russia’s war is threatening the Middle East’s food security — sparking warnings of riots, famine, and mass migration…

“Inflation surged to 14.8% in the MENA region in 2021… Already at that point, higher food prices were the main driver — making up about 60% of the increase… That was before the war in Ukraine began. Now, the U.N. says that food prices as of April are 34% higher than they were one year ago.”

https://www.cnbc.com/2022/04/28/russia-ukraine-war-threatens-the-middle-easts-food-security.html


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‘Bread, freedom, social justice’: Egypt’s economic crisis…

“At the beginning of April, the Cabinet announced that Egypt’s stockpile of wheat designated for the bread subsidy system will most likely run out in 2.5 months. If the government does not intervene to regulate the local market, any shortages or increases in prices will lead to disastrous consequences…”

https://english.alaraby.co.uk/analysis/bread-freedom-social-justice-egypts-economic-crisis


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Kenya seeks UAE oil on credit to end fuel shortage…

““They [UAE] will finance the product or provide the product with an extended credit period then Nock will trade and pay them back,” said the top official who requested not to be identified before closure of the UAE deal.”

https://www.businessdailyafrica.com/bd/economy/kenya-seeks-uae-oil-on-credit-to-end-fuel-shortage-3795460


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Truckers rally in Bangkok seeking to keep diesel at ฿30 per litre.

“Truckers rallied in front of Government House today (Wednesday), demanding that the government extend the measures to keep diesel prices at 30 baht per litre, which are due to expire on April 30th.”

https://www.thaipbsworld.com/truckers-rally-in-bangkok-seeking-to-keep-diesel-at-%E0%B8%BF30-per-litre/


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Nepal bans imports of luxury goods as economic crisis deepens.

“…in a bid to stop the country’s foreign exchange reserves from further depleting amid a deteriorating economic situation… the import of all kinds of liquor, ready-made cigarettes and tobacco products, and snacks such as Lay’s potato chips and Kurkure have been banned.”

https://www.laprensalatina.com/nepal-bans-imports-of-luxury-goods-as-economic-crisis-deepens/


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‘Perfect Storm’ of crises take shape.

“Against the backdrop of shifting population demographics, conflicts, post-pandemic shocks and climate change, the developing world is on the brink of a “perfect storm” of debt, food and energy crises, experts warned the Commission on Population and Development on Monday.”

https://moderndiplomacy.eu/2022/04/27/perfect-storm-of-crises-take-shape/


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

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