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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Global Central Banks Ramp Up Inflation Fight.

“Central bankers around the world are lifting interest rates at an aggressive clip as rapid inflation persists and seeps into a broad array of goods and services, setting the global economy up for a lurch toward more expensive credit, lower stock and bond values and — potentially — a sharp pullback in economic activity.

It’s a moment unlike anything the international community has experienced in decades, as countries around the world try to bring rapid price increases under control before they become a more lasting part of the economy.”

https://www.nytimes.com/2022/07/17/business/economy/global-central-banks-inflation.html


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Strongest dollar in a generation upends global economy, devalues currencies.

“The dollar lubricates the global economy. It is one side of about 90 per cent of all foreign exchange transactions… Many companies and governments abroad borrow in dollars, and the currency’s strength is a big problem. This is particularly true for poorer countries attracted to dollar-denominated debt as an alternative to less developed local markets.”

https://www.business-standard.com/article/international/strongest-dollar-in-a-generation-upends-global-economy-devalues-currencies-122071700950_1.html


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A monstrously strong dollar is stalking the markets…

“Even now, only hard-core deflationists understand the dire implications that a strong dollar holds for mountainous debts that have piled up around the world. Nor is it generally understood why hyperinflation is an extremely unlikely option for liquidating this debt, since it would destroy creditors – i.e., the Masters of the Universe – as a class. Deflation is not only far more logical, it already appears to have begun…”

https://www.fxstreet.com/analysis/a-monstrously-strong-dollar-is-stalking-the-markets-202207180105


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US Pulls Plug on Fertilizer Trade War as Food Inflation Bites.

“The US International Trade Commission ruled Monday it will not impose tariffs on Russian and Trinidadian imports of urea ammonium nitrate, which is used in liquid fertilizers. The decision came as a surprise…”

https://www.bloomberg.com/news/articles/2022-07-18/us-pulls-plug-on-fertilizer-trade-war-amid-inflation-threat


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Long Lines Are Back at US Food Banks as Inflation Hits High.

“Long lines are back at food banks around the U.S. as working Americans overwhelmed by inflation turn to handouts to help feed their families. With gas prices soaring along with grocery costs, many people are seeking charitable food for the first time, and more are arriving on foot.

https://www.voanews.com/a/long-lines-are-back-at-us-food-banks-as-inflation-hits-high/6660071.html


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Why Desperate Car Thieves Are Now ‘Drilling’ For Gas…

“The NICB reports that petty crooks have begin drilling directly into parked cars’ gas tanks to drain the liquid gold. That not only leaves an owner without several gallons of gas, but triggers steep repair bills to have the tank replaced.”

https://www.forbes.com/sites/jimgorzelany/2022/07/18/why-desperate-car-thieves-are-now-drilling-for-gas/


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Britons have seen regular pay fall by nearly 3 per cent – the largest decrease since records began.

“The Office for National Statistics (ONS) have released their latest assessment on average weekly earnings as the UK grapples with soaring inflation and a cost of living crisis.”

https://www.independent.co.uk/news/uk/home-news/uk-inflation-employment-pay-ons-b2126218.html


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More strike hell could grip UK as two million public sector workers are expected to be given below-inflation pay rises…

“Whitehall sources said that pay review bodies covering doctors, nurses, soldiers, the police and a string of other professions will recommend settlements of three to five per cent. But this is far shorter than the 16% that nurses are demanding, the Royal College of Nursing said…”

https://www.dailymail.co.uk/news/article-11026031/Public-sector-pay-rises-capped-5-tame-inflation-sources-say.html


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Russia Ban Seen Tightening Coal Market That’s Already Surging…

“The European ban that takes effect next month “is expected to tighten further the supply of high quality thermal coal,” Sydney-based Whitehaven said in its statement. “We continue to view thermal coal prices as well supported for 2022 and into 2023.””

https://www.bloomberg.com/news/articles/2022-07-18/russia-ban-seen-tightening-coal-market-that-s-already-surging


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Poland to give households one-off payment to offset rising coal prices…

“Due to their high quality, Russian coal imports were mainly used by individual households and heating plants in smaller towns before they were banned in April. The subsequent spike in prices cause by the shortfall has left many Poles fearing they will be unable to heat their homes in winter.”

https://www.reuters.com/markets/europe/poland-give-households-one-off-payment-offset-rising-coal-prices-2022-07-19/


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Russia’s Gazprom tells European buyers it cannot guarantee gas supplies.

“Russia’s Gazprom has told customers in Europe it cannot guarantee gas supplies because of “extraordinary” circumstances, according to a letter seen by Reuters, upping the ante in an economic tit-for-tat with the west over Moscow’s invasion of Ukraine.”

https://www.theguardian.com/business/2022/jul/18/russias-gazprom-tells-europe-cutoff-of-gas-beyond-firm-control-force-majeure-letter-nord-stream-pipeline


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IEA warns Europe must cut gas consumption immediately.

“The International Energy Agency has warned Europe must take immediate steps to reduce gas consumption ahead of the winter, urging governments to cap air conditioning use and start auctioning gas to industry or risk rationing during the coldest months.”

https://www.ft.com/content/0b42d3c8-e5ab-4be7-ae1c-1b973e0f47d5


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German utility group Uniper on Monday applied to extend its 2 billion euro ($2.03 billion) credit line with state-owned lender KfW after drawing down the full amount in response to supply shortfalls of Russian gas.

“Uniper said it also proposed to activate a legal mechanism that would allow it to pass on increased procurement costs to customers, and the state to take a “relevant stake” in it.”

https://www.reuters.com/business/energy/uniper-seeks-extend-state-credit-facility-company-2022-07-18/


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Europe’s Energy Crisis Will Cost You $200 Billion — Probably More.

“It’s a falling chain of energy dominoes — one in which each tile is worth many billions of euros. A failed utility here, a nation’s supply there. When the dust settles, the total bill for rescuing the European energy market this winter will easily top $200 billion… Very few politicians seem to grasp the magnitude of the coming crisis and its costs…”

https://www.bloomberg.com/opinion/articles/2022-07-18/europe-energy-crisis-bailout-will-top-200-billion-if-russia-cuts-gas-supply#xj4y7vzkg


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The eurozone’s central bank is set to hike interest rates for the first time in 11 years [0.25%] – but risks getting left behind as peers push ahead in the fight against inflation

“…this will still leave its base rate in negative territory, at minus 0.25 per cent, meaning lenders are effectively being charged to keep money with the ECB.”

https://www.thisismoney.co.uk/money/markets/article-11022463/European-Central-Bank-plots-rate-hike-decade.html


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Heatwave Fuels Europe’s Summer of Discontent…

“Amid a drawn-out war in Ukraine, with food and fuel prices rampant and recession fears on the rise, a period of sunshine will be enjoyed by many, especially in dank Britain. And yet the present heatwave may come to symbolize what’s shaping up to be a long, hot summer of discontent in Europe.”

https://www.bloomberg.com/news/newsletters/2022-07-18/heatwave-energy-crisis-fuel-europe-s-summer-of-discontent-balance-of-power


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Hungary protests continue for fifth day amid growing anger at Orbán tax changes.

“Hungarians have taken to the streets since the parliament approved a law change on Tuesday that will affect hundreds of thousands of small business owners. The protests are the first since Orbán, the prime minister, won a consecutive fourth term by a landslide in April.”

https://www.theguardian.com/world/2022/jul/17/hungary-protests-continue-for-fifth-day-amid-growing-anger-at-orban-tax-changes


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China braced for renewed lockdowns as Omicron subvariant spreads.

“China is at risk of more frequent lockdowns and mass testing as officials struggle to contain the spread of the highly transmissible BA.5 Omicron subvariant, experts said, despite the damage restrictions have already wrought on the world’s biggest consumer market.”

https://www.ft.com/content/d12159d4-8d94-44ae-92fe-d4ad0b731006


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China Risks Hard Landing of Housing Sector, Ex-Official Warns…

In 2021 more than 90% of residential property sold were pre-sales, where people buy a house off the plans, according to data from the National Bureau of Statistics [Wow – Ponzi-esque!]. People can wait years for the apartment to be built and delivered and the recent boycotts were triggered by a rise in unfinished projects since the property slump began about a year ago.”

https://www.bloomberg.com/news/articles/2022-07-18/china-risks-hard-landing-of-housing-sector-ex-official-warns


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China mortgage boycott data erased by censors as crisis spreads.

“China is censoring crowd-sourced documents tallying the number of mortgage boycotts spreading across the country, potentially hampering a key source of data for global investors and researchers tracking the property crisis.”

https://www.businesstimes.com.sg/real-estate/china-mortgage-boycott-data-erased-by-censors-as-crisis-spreads


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Australia’s energy regulator has warned Victoria is facing a gas shortage which could plunge the electricity market into a fresh crisis.

“The Iona gas storage facility in Port Campbell has dropped to record-low supply levels due to high demand amid the state’s price cap… Reports suggest the AEMO may intervene to limit the amount of gas being taken from the facility.”

https://www.theguardian.com/australia-news/2022/jul/19/victoria-facing-gas-shortage-as-market-regulator-warns-of-further-intervention


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Business confidence in central New Zealand has spiralled to a record low, with staffing shortages becoming the main barrier to business.

“The latest Central New Zealand Business Confidence Survey put expectations of the New Zealand economy at a net negative of -62 per cent.”

https://www.nzherald.co.nz/nz/business-confidence-spirals-to-record-low-damaging-staff-shortages/MUVHKRHV6OO2UVZNJTKKAWKKCI/


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In Argentina’s trash cans, less waste reflects ravages of inflation…

“Rodríguez and half a dozen other cartoneros Reuters spoke to all painted the same picture of less trash being thrown away in recent months, squeezing their income and reflecting how fast-rising prices are causing shoppers to tighten their belts.”

https://www.reuters.com/world/americas/argentinas-trash-cans-less-waste-reflects-ravages-inflation-2022-07-18/


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Fresh roadblocks as Panama protesters reject deal…

“”We are in a bad way; no food, no buses. I wanted to buy rice and… what little can be found is very expensive. The vegetables are damaged,” said Angelica Ruiz, a resident of Pacora east of Panama City who also had trouble getting to her place of work.”

https://www.france24.com/en/live-news/20220718-fresh-roadblocks-as-panama-protesters-reject-deal


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Sasol outage means all South African oil refineries are now shut.

“Sasol, South Africa’s largest fuel producer, declared force majeure on the supply of petroleum products due to delays in deliveries of crude to the Natref refinery it owns with TotalEnergies SE, leaving just a fraction of the country’s fuel-production capacity still operational.”

https://www.moneyweb.co.za/news/companies-and-deals/sasol-outage-means-all-south-african-oil-refineries-are-now-shut/


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The current countrywide power cuts [Zimbabwe] have triggered severe shortages of liquefied petroleum gas (LPG) in Bulawayo…

“Gas has become a source of energy for the majority, who are finding it difficult to afford electricity while those who are still yet to be electrified use the energy source for lighting and cooking.”

https://www.newzimbabwe.com/lpg-gas-shortage-hits-byo/


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Nigerian unions to protest shutdown of public universities due to strike…

Workers in the oil and gas industry, have threatened to join the striking teachers, a situation that could worsen fuel shortages in the country… Nigeria faces mounting insecurity following a wave of kidnappings, high unemployment, inflation and low growth which could trigger unrest.”

https://www.reuters.com/world/africa/nigerian-unions-protest-shutdown-public-universities-due-strike-2022-07-17/


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Oil dispute sharpens Baghdad-Kurd tensions amid deadlock…

“Baghdad has fought to regain control of output from lucrative oil fields in Kurdistan since the autonomous region began marketing oil independently more than a decade ago… In recent weeks, tensions have risen further after a series of unclaimed rocket attacks targeting oil and gas installations in Kurdistan.”

https://www.france24.com/en/live-news/20220718-oil-dispute-sharpens-baghdad-kurd-tensions-amid-deadlock


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Saudi Arabia Reveals Oil Production Capacity Limits.

“Saudi Arabia, the world’s top crude oil exporter, will not have additional capacity to increase production above the 13 million barrels per day (bpd) it has pledged to have by 2027, Saudi Crown Prince Mohammed bin Salman told the leaders of the United States, the Gulf Cooperation Council (GCC) states, Jordan, Egypt, and Iraq at a summit this weekend.”

https://oilprice.com/Energy/Crude-Oil/Saudi-Arabia-Reveals-Oil-Production-Capacity-Limits.html


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Uncertainty looms over the country’s fuel stock as the Bangladesh Petroleum Corporation is finding it difficult to import fuel amid a dollar shortage at local banks

“An emergency meeting will be held today at the PMO to review “the whole scenario of energy supply, power generation and distribution”.”

https://www.thedailystar.net/top-news/news/fuel-stocks-dwindling-3072766


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Sri Lanka’s acting president declares emergency amid protests.

“Sri Lanka’s acting president on Monday declared a state of emergency that gives him broad authority amid growing protests demanding his resignation — just two days before the country’s lawmakers are set to elect a new president.”

https://www.cnbc.com/2022/07/18/sri-lankas-acting-president-declares-emergency-amid-protests.html


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

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