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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Investors cash in on food commodities as the poor go hungry

“As food prices rose and war broke out in Ukraine, investors looking for a sure bet flocked into food commodities. The trend could be pushing prices up even further, with live-or-die consequences for the world’s poor.”

https://www.dw.com/en/investors-cash-in-on-food-commodities-as-the-poor-go-hungry/a-62007084


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Chad declares food emergency, calls for help from local and foreign partners…

“Chad’s appeal for assistance comes as the AU chairperson and the chairman of the AU commission will meet the Russian President Friday, in a bid to mediate in the war in Ukraine and discuss the release of stocks of grain and fertilizer whose blockage affects countries which heavily rely on imports.”

https://www.africanews.com/2022/06/03/chad-declares-food-emergency-calls-for-help-from-national-and-foreign-partners/


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Trouble ahead as the world food crisis starts to bite…

“It doesn’t take a particularly paranoid leader to sense trouble ahead. Many recall the origins of the Arab spring, which started, at least symbolically, in 2010 with the self-immolation of a Tunisian vegetable vendor. Rising food prices in 2007 and 2008 sparked riots worldwide.

https://www.ft.com/content/f41a1804-ba14-47fb-bdec-0a715a6ba4b2


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Oil settles up despite OPEC+ output hike plan…

“Given most of OPEC can’t even meet their present targets, with only Saudi Arabia, the UAE, and possibly Iraq, having any sort of spare capacity, and with Russia under sanctions, the entire exercise [of promising to boost production] was nothing more than window dressing,” said Jeffrey Halley of brokerage OANDA.”

https://www.reuters.com/markets/commodities/oil-prices-steady-doubts-opec-can-make-up-russian-deficit-2022-06-03/


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Qatar LNG Output Falls Despite Surging Demand Amid Energy Crisis…

“Qatar’s liquefied natural gas production dropped this year, despite requests from European countries hungry for bigger deliveries to replace Russian fuel. European utilities are scrambling to secure the commodity from producers around the world…”

https://www.bloomberg.com/news/articles/2022-06-03/qatar-lng-output-falls-despite-surging-demand-amid-energy-crisis


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Gas traders rush to secure LNG tankers.

“The world’s largest gas traders are scrambling to secure liquefied natural gas tankers ahead of winter after sanctions on Russia following its invasion of Ukraine triggered a reshaping of global energy flows… Rates to charter an LNG tanker for a year are trading near their highest level in a decade…”

https://www.ft.com/content/bc66773f-b1fb-4105-83c6-582a2c7735cb


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Ship fuel enters uncharted territory as prices hit new wartime peak.

“It’s not just the price diesel, gasoline and jet fuel that’s way up… According to data from Ship & Bunker, the average VLSFO price at the world’s top 20 bunker (marine fuel) ports was $1,042 per ton on Wednesday, double its price a year ago. (The previous record was $1,040.50 per ton on March 9.).”

https://www.freightwaves.com/news/ship-fuel-enters-uncharted-territory-as-prices-hit-new-wartime-peak


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How America is coping with inflation: Buy what’s needed, nothing more.

“Prices are rising for just about everything, forcing millions of Americans to make increasingly difficult choices. More than 8 in 10 consumers are planning to rethink or even reduce their product spending in the next three to six months.”

https://edition.cnn.com/2022/06/02/economy/inflation-impact-consumer-behavior/index.html


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Slump in New Car Sales in May Raises Specter of US Recession.

“Slumping US new car sales in May on continued high prices and low inventories have some analysts worried those lower-than-expected results could be a harbinger of a broader economic downturn.”

https://www.bloomberg.com/news/articles/2022-06-02/may-slump-in-us-new-car-sales-raises-specter-of-recession


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Central U.S. May Face Power Outages During Peak Summer Demand.

“Expectations of higher electricity demand this summer and possible supply reductions have raised concerns that the Midcontinent Independent System Operator (MISO) balancing authority could face tight reserve margins during peak summer demand, the EIA said on Friday.”

https://oilprice.com/Latest-Energy-News/World-News/Central-US-May-Face-Power-Outages-During-Peak-Summer-Demand.html


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Soaring costs squeeze farmers’ returns in North American grain belt…

“A study by academics at the University of Illinois estimated that rising fertiliser costs would cut farm incomes by about a third between 2021 and 2022, even before the invasion of Ukraine began… The price of diesel fuel that powers tractors, harvesters and grain trucks has also soared…”

https://www.ft.com/content/0ed87001-1cc0-485e-9eeb-bfdf5182a917


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UK cucumber and pepper crops face energy and labour crunch…

“The UK will harvest less than half of its normal quantity of cucumbers and sweet peppers this year after many glasshouse growers opted not to plant them in the face of surging energy costs and labour shortages, according to the trade group for the main growing region.”

https://www.ft.com/content/f2d7494d-429e-49e1-aa37-97dc9eb1ecbc


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Price of UK pint up more than 70% since financial crisis.

“The price of a pint in the UK has increased more than 70 per cent since the 2008 financial crash, hitting £8 for the first time in London as pubs struggle with spiralling inflation… The rising cost of barley — one of the main ingredients of beer — was a “big negative” for brewers…”

https://www.ft.com/content/0a5e29dc-6aa7-4fe0-80ac-56a1141d7194


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Estonian government collapses as prime minister hits out at coalition partner…

“At the request of Prime Minister Kaja Kallas, Alar Karis, the president, on Friday dismissed all seven ministers from the Centre party, which used to have formal ties with Russian president Vladimir Putin’s United Russia party.”

https://www.ft.com/content/0b4e14cc-f628-4835-a577-31b7697ace52


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Euro-Zone Inflation Is Diverging by an Unprecedented Amount.

“Euro-zone inflation is breaking record after record… The scale ranges from Malta — where consumer prices advanced 5.6% last month, to Estonia — where inflation hit 20.1%. That’s a difference of more than 14 percentage points, more than at any time since the dawn of the euro in 1999.”

https://www.bloomberg.com/news/articles/2022-06-02/euro-zone-inflation-is-diverging-by-an-unprecedented-amount


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Record Chinese wheat prices raise risk of pricier noodles.

“Chinese consumers are likely to have to pay more for food staples like noodles and bread this year, as record wheat prices in the world’s top consumer of the grain get passed on to food makers, traders and analysts said.”

https://www.reuters.com/markets/commodities/record-chinese-wheat-prices-raise-risk-pricier-noodles-2022-06-02/


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In Argentina, groups keep lid on simmering social conflict…

“These organizations and assistance programs keep a lid on simmering social unrest in Argentina. Without them, “everything would blow up,” said Jorge Cabral, a member of the Frente Popular Darío Santillán, which opened the Little Lions soup kitchen.”

https://www.independent.co.uk/news/ap-argentina-buenos-aires-alberto-fernandez-b2092794.html


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Up to 15,000 may join largest ever migrant caravan to walk through Mexico to US…

“Comeja has joined about 11,000 others who on Monday will leave Tapachula, a sweltering city on the Mexico-Guatemala border, and head north for the United States. It will depart as leaders from across the hemisphere gather in Los Angeles for the Summit of the Americas.”

https://www.theguardian.com/us-news/2022/jun/03/migrant-caravan-tapachula-mexico-biden


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Shortage of oil refineries haunts Africa as fuel prices rocket.

“A shortage of oil refineries across sub-Saharan Africa coupled with soaring crude prices because of the war in Ukraine has left countries dangerously short of fuel supplies, disrupting airlines and causing queues at filling stations.”

https://www.reuters.com/world/africa/shortage-oil-refineries-haunts-africa-fuel-prices-rocket-2022-06-01/


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One person was killed in Guinea’s capital late on Wednesday during protests over fuel price hikes, in the most serious unrest since a military junta took power last year.

“Gunfire rang out in Conakry overnight as people barricaded streets and set tyres alight in protest over a 20% increase in the price of gasoline…”

https://www.reuters.com/world/africa/one-killed-first-major-protest-under-guinea-junta-2022-06-02/


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Turkey’s inflation soars to 73%, a 23-year high, as food and energy costs skyrocket…

“Turkey’s inflation for the month of May rose by an eye-watering 73.5% year on year, its highest in 23 years, as the country grapples with soaring food and energy costs and President Recep Tayyip Erdogan’s long-running unorthodox strategy on monetary policy.”

https://www.cnbc.com/2022/06/03/turkeys-inflation-soars-to-73percent-as-food-and-energy-costs-skyrocket.html


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Iranian Supreme Leader Ayatollah Ali Khamenei said on Saturday that “enemies” are triggering unrest in Iran in order to overthrow the Islamic Republic.

“”Today, the enemies’ most important hope for striking a blow at the country is based on popular protests… But the enemies’ calculation is as wrong as many earlier ones,” Khamenei said in a televised speech.”

https://www.reuters.com/world/middle-east/enemies-triggering-unrest-iran-overthrow-islamic-republic-khamenei-2022-06-04/


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Fuel Crunch Risks Factory Closures in Pakistan’s Business Center.

“Factories in the commercial capital of Pakistan are warning that they may need to shut production due to sky-high energy costs, another blow to the nation’s fledgling economy.”

https://www.bloomberg.com/news/articles/2022-06-02/fuel-crunch-risks-factory-closures-in-pakistan-s-business-center


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Power cuts dampen Sri Lanka rubber product exports despite higher global demand…

““Rubber industry’s order books are full and we are being offered more orders,” Rohan Masakorala, the Secretary-General of SLAMERP told Economy Next. “But the problem is we can’t take because there’s not continuous power and energy.””

https://economynext.com/power-cuts-dampen-sri-lanka-rubber-product-exports-despite-higher-global-demand-slamerp-95128/


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Fuel Shortages Threatens Rural Crisis in Laos.

“A candid report in a sedate state-run newspaper hints at the seriousness of the country’s economic crisis… many farmers “have grave concerns about how they can survive and that their livelihoods are at stake.””

https://thediplomat.com/2022/06/fuel-shortages-threatens-rural-crisis-in-laos/


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Elon Musk is considering a hiring freeze and job cuts of up to 10% of staff at Tesla worldwide because he has a “super bad feeling” about the state of the economy, according to an internal email seen by Reuters.

“Tesla currently has about 5,000 job openings advertised worldwide, and 100,000 employees. The email was sent to Tesla executives late on Thursday with the subject line “pause all hiring worldwide”…”

https://www.theguardian.com/technology/2022/jun/03/elon-musk-job-cuts-tesla-super-bad-feeling-economy-hiring-freeze


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Jamie Dimon cautions investors about ‘economic hurricane’…

“During the response to the 2008 financial crisis, central banks, commercial banks and foreign exchange trading firms were the three major buyers of U.S. Treasurys, Dimon said Wednesday. The players won’t have the capacity or desire to soak up as many U.S. bonds this time, he warned.”

https://www.cnbc.com/2022/06/01/jamie-dimon-says-brace-yourself-for-an-economic-hurricane-caused-by-the-fed-and-ukraine-war.html


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Global Supply Chains Won’t Improve Anytime Soon…

“Delays on the import side have mounted, in particular… we expect the lockdown effects to spill over to other parts of the world in the coming months… Material and labour shortages also continue to hinder production and transport. This adds to existing material bottlenecks caused by the pandemic…”

https://seekingalpha.com/article/4515945-global-supply-chains-wont-improve-anytime-soon


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

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