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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Can the World Feed Itself? Historic Fertilizer Crunch Threatens Food Security…

“For the first time ever, farmers the world over — all at the same time — are testing the limits of how little chemical fertilizer they can apply without devastating their yields come harvest time. Early predictions are bleak…

““Food security is in peril,” Philippines Agriculture Secretary William Dar said in a text message to Bloomberg News. Rising food prices, without a corresponding increase in incomes, have a long history of triggering social unrest.”

https://www.bloomberg.com/news/articles/2022-05-01/farmers-are-struggling-to-keep-up-food-supply-as-fertilizer-prices-surge


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The global stagflation shock of 2022: How bad could it get? [Picture from Paris at the weekend]

“The prospect of stagflation’s return strikes fear into policymakers because there are few monetary tools to address it. Raising interest rates may help reduce inflation, but increased borrowing costs would further depress growth. Keeping monetary policies loose, meanwhile, risks pushing prices higher.”

https://www.ft.com/content/d490ef4e-3187-471e-84ff-9c065871a1a5


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End of Easy Money Brings a $410 Billion Global Financial Shock.

“The global shift away from easy money is poised to accelerate as a pandemic bond-buying blitz by central banks swings into reverse, threatening another shock to the world’s economies and financial markets.”

https://www.bloomberg.com/news/articles/2022-05-01/global-economy-faces-410b-financial-shock-as-central-banks-pull-back


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US 10-year Treasury yield reaches 3% for first time since 2018…

The yield on the government bond has profound effects on the economy, feeding into home mortgage rates and borrowing costs for companies. The higher yield, which rises when bond prices fall, is tightening financial conditions after two years of the coronavirus pandemic.”

https://www.ft.com/content/b164866c-90b4-47fc-bf17-8f5b300564e3


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Why every American should care that diesel prices are surging across the country.

Without diesel fuel, the U.S. economy would collapse in a matter of days. Our supply chains would completely shrivel, almost overnight. Trucks use it to haul our goods across the country. Of all Class 8 trucks (the big ones), 97% use diesel. No, Elon Musk is not going to save us here.”

https://www.freightwaves.com/news/why-every-american-should-care-that-diesel-prices-are-surging-across-the-country


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Trucking shortage shifts from drivers to vehicles…

On both sides of the Atlantic… a longstanding shortfall of equipment — due originally to coronavirus restrictions and chip shortages — is becoming more severe as Russia’s invasion of Ukraine shuts down the supply of key components and Chinese lockdowns threaten further turmoil in global supply chains.”

https://www.ft.com/content/c3243793-15d8-4e40-a5a1-72b0b07d7ad6


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Bank of England ‘duty bound’ to trigger recession to curb inflation…

“Britain’s central bank policymakers are “duty bound” when they meet this week to push the UK into recession to cap rising inflation, a former Bank of England official has said. Adam Posen… said… it should hike interest rates now to squeeze out inflationary pressures made worse by Brexit trade and immigration restrictions.”

https://www.theguardian.com/business/2022/may/01/bank-of-england-duty-bound-to-trigger-recession-to-curb-inflation


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EU Rejects Russia’s Ruble-For-Gas Scheme, Warns Of Supply Shock.

“At the conclusion of its Monday meeting, the European Union has said it will not heed Russian demands to pay for gas in rubles, with a mid-May deadline for payment looming. The bloc also warned its member states to prepare for Russia to cut off gas to all members.

https://oilprice.com/Latest-Energy-News/World-News/EU-Rejects-Russias-Ruble-For-Gas-Scheme-Warns-Of-Supply-Shock.html


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Euro zone factory output growth stalled in April.

“Euro zone manufacturing output growth stalled last month as factories struggled to source raw materials while demand took a knock from steep price increases and fears about the economic outlook, a survey showed.”

https://www.reuters.com/world/europe/euro-zone-factory-output-growth-stalled-april-pmi-2022-05-02/


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Protests erupt across Europe as tens of thousands rally to honor workers on May Day…

“Tensions erupted in Paris, as some demonstrators smashed windows… French police moved in, firing rounds of tear gas… Turkish police detained 164 people for demonstrating without permits and resisting police… Rising inflation and fears of upcoming food shortages from the war in Ukraine are feeding discontent around the world.”

https://eu.usatoday.com/story/news/world/2022/05/01/may-day-protests-europe-workers/9608397002/


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China’s Economy Appears to Be Stalling, Threatening to Drag Down Global Growth.

“On Saturday, purchasing manager indexes released by China’s government showed contractions in factory and service-sector activity for a second straight month in April… Cement production in mid-April was less than 40% of full capacity.”

https://www.wsj.com/articles/china-economy-recession-covid-lockdowns-11651434168


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Singapore PM warns of global recession… “Singaporeans are already feeling the impact of the war on the cost of living”, as the city-state faced an $S8 billion ($8.2 billion) hit a year from higher energy prices, he said.

Mr Lee joins a growing list of global policymakers, market participants, economists and companies warning of recession risks.

https://www.afr.com/world/asia/singapore-pm-warns-of-global-recession-20220501-p5ahm0


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Three people were wounded by gunfire and two arrested in clashes at May Day demonstrations in Chile, police said.

“The shooting occurred during a Sunday march called by a union in the capital Santiago as some protesters erected barricades and entered commercial premises, clashing with merchants.”

https://www.brecorder.com/news/amp/40170715


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Human rights violations mount with Colombia protests.

“At the end of May Day, protests continued to rage across Colombia, and a couple of months after the one-year anniversary of the initial lockdown marking the COVID-19 pandemic.”

https://thecitypaperbogota.com/opinion/opinion-human-rights-violations-mount-with-colombia-protests/


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Peru’s annual inflation rate hits 24-year high in April.

“Peru’s annual inflation rate hit 7.96% in April, its highest level in 24 years, as the copper-producing Andean nation grapples with protests over rising food and energy costs… To combat inflation, Peru’s central bank has steadily raised the country’s benchmark interest rate this year.”

https://leaderpost.com/pmn/business-pmn/perus-annual-inflation-rate-hits-24-year-high-in-april


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Nigeria: May Day Amid Strike Fevers…. Already, Nigerian workers and their counterparts in the informal sector are struggling to cope with low purchasing power…

“This year’s May Day comes at a time when the Nigeria Labour Congress, NLC, and other organised Labour groups are in a “war” mood.”

https://allafrica.com/stories/202205020065.html


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Tunisia announces ‘national dialogue’, excluding opposition groups…

“On Sunday, UGTT leader Noureddine Taboubi appealed to Saied to launch the national dialogue, saying it was “probably the last chance” to bring the country together and avoid “a dismantling of the state and a financial and economic collapse”.”

https://www.france24.com/en/afrique/20220503-tunisia-announces-national-dialogue-excluding-opposition-groups


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Pakistan: Farmers decry urea crisis after gas supply to fertilizer units worsens.

“Farmers of Pakistan fear that the urea crisis would be severe this year because of the reduction in the gas supply that has been diverted to help overcome the electricity shortage in the country.”

https://theprint.in/world/pakistan-farmers-decry-urea-crisis-after-gas-supply-to-fertilizer-units-worsens/939175/


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Eid brings little joy for millions of Afghans facing hunger.

“More than 90 percent of Afghans have been facing a shortage of food, according to the United Nations. Jamal, who did not wish to share his real name, is among those for whom Eid, which marks the end of the Muslim holy month of Ramadan, brought little joy.”

https://www.aljazeera.com/news/2022/5/1/afghanistan-fasting-under-taliban-rule


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Tanker strike worsens fuel woes in crisis-hit Sri Lanka.

“A strike by owners of fuel tankers over the weekend renewed Sri Lanka’s long queues for diesel and petrol on Monday as pumps ran dry, compounding the island nation’s economic and energy crisis.”

https://www.france24.com/en/live-news/20220502-tanker-strike-worsens-fuel-woes-in-crisis-hit-sri-lanka


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

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