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 economy: Outlook worsens as global recession looms.

“Still reeling from the COVID pandemic and Russia’s invasion of Ukraine, the global economy is facing an increasingly murky and uncertain outlook, according to the latest report released on Tuesday by the International Monetary Fund (IMF).”

https://news.un.org/en/story/2022/07/1123342


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There is a global debt crisis coming – and it won’t stop at Sri Lanka…

“Many countries with lower per-capita income and significant absolute poverty are facing stagflation. Billions of people are increasingly unable to afford a basic nutritious diet, and cannot meet basic health expenses. Material insecurity and social tensions are inevitable.”

https://www.theguardian.com/world/commentisfree/2022/jul/26/global-debt-crisis-sri-lanka-foreign-capital


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Energy crisis intensifies as gas prices surge.

“The energy crisis sparked [exacerbated] by Russia’s invasion of Ukraine intensified today as gas prices rocketed and the US warned of a fresh surge in oil prices unless big importers agreed to cap the amount they pay for Russian crude.”

https://www.ft.com/content/e11a0287-ed23-4ab6-a74f-7f20b47e9548


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The squeeze on family finances looks set to intensify as the world’s biggest consumer goods companies raise prices.

“In a string of updates, the owners of products from Heinz baked beans and Cadbury chocolate to Evian water and Dettol floor cleaner outlined the scale of price hikes facing customers. And worse will come as they pass on the soaring cost of doing business.

https://www.thisismoney.co.uk/money/markets/article-11055063/Families-feel-pinch-firms-including-Reckitt-Heinz-jack-prices-amid-rising-costs.html


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Fed set to implement second consecutive 0.75 point rate rise.

“The Federal Reserve is set to raise interest rates by 0.75 percentage points for the second time in a row on Wednesday, as it doubles down on its aggressive approach to taming heightened inflation despite early signs the economy is beginning to cool.”

https://www.ft.com/content/7fd352f9-7dae-42ed-af3a-8d53905e0acb


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[US] Housing Market Collapse ‘Deepening, Fast’…

““The housing slump is deepening, fast,” says Shepherdson, noting new home sales fell at a 61% annualized rate in the second quarter and adding the sustained plunge in mortgage applications over the past few months means the latest reading “will not be the bottom.””

https://www.forbes.com/sites/jonathanponciano/2022/07/26/housing-market-collapse-deepening-fast-new-home-sales-crater-again-as-experts-worry-downturn-could-spark-recession/


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UK Energy Bills Set to Peak Above £500 [triple last year’s level] as Russia Cuts Gas [this is a very conservative figure; mine will come in at well over £1,000 p/m for a three-bedroom cottage].

“Huge swathes of the British public aren’t going to be able to afford their bills this winter,” said BFY senior consultant Gemma Berwick. “Average families with two working parents will be in fuel poverty.””

https://www.bloomberg.com/news/articles/2022-07-27/uk-energy-bills-are-set-to-top-500-per-month-as-russia-cuts-gas


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European gas prices soar after Russia deepens supply cuts…

““Everyone in the market was expecting Russian volumes to drop,” said James Huckstepp, manager of EMEA gas analytics at S&P Global Commodity Insights, a consultancy. “But the market wasn’t expecting flows to fall this quickly.””

https://www.ft.com/content/f8450175-7332-4074-aaac-71534141e305


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EU agrees watered down plan to reduce gas use over Russian supply fears…

“Energy ministers from the 27 member states, except Hungary, backed a voluntary 15% reduction in gas usage over the winter, a target that could become mandatory if the Kremlin ordered a complete shutdown of gas to Europe.”

https://www.theguardian.com/business/2022/jul/26/eu-agrees-plan-to-reduce-gas-use-over-russia-supply-fears


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Europe’s Energy Crunch Spells Bad News For Global Economy…

“These elevated gas prices (today and in the future) crush European manufacturers’ profit margins and discourage investment… Combined with a strengthening dollar and rising interest rates globally, an energy crunch in Europe would do no good for the global economy’s growth prospects.”

https://seekingalpha.com/article/4526334-europe-energy-crunch-bad-news-for-global-economy


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German consumer confidence falls to record low…

“”In addition to concerns about disrupted supply chains, the war in Ukraine and soaring energy and food prices, there are now worries about sufficient gas supplies for businesses and households next winter,” Rolf Burkl, GfK consumer expert, said.”

https://www.trtworld.com/europe/german-consumer-confidence-falls-to-record-low-59202


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France could make it legal to use cooking oil as fuel in bid to battle cost of living crisis.

“Last week France’s parliament voted on a €20 billion package in response to rising inflation and potential energy shortages this winter. Although the bills still need to pass through the Senate, one of them will allow and endorse the possible usage of frying oil as fuel for vehicles.”

https://www.euronews.com/green/2022/07/26/france-could-make-it-legal-to-use-cooking-oil-as-fuel-in-bid-to-battle-cost-of-living-cris


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Italian drinks companies are facing a shortage of the carbon dioxide (CO2) they need to put the fizz into their cans and bottles this summer as some gas producers cut output in response to rising energy costs

“CO2 is a byproduct of the ammonia produced by chemicals groups for use in the manufacturing of fertiliser, engineering plastics and diesel exhaust fluid. read more. Major chemicals companies have scaled back their operations in the face of soaring energy costs.”

https://www.reuters.com/business/retail-consumer/italian-fizzy-drinks-risk-falling-flat-c02-runs-short-2022-07-27/


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A lively corner on one of Sydney’s busiest streets has again been packed with customers waiting to get inside a Chinese state-owned bank…

“Officially the Bank of China says the crowds outside its Sydney office were simply ‘students’ looking to make accounts after arriving in Australia – but many believe it is the trickle-down effect of the nation’s financial crisis… ‘I just want my money,’ another man said, who confirmed he wasn’t a ‘student’.”

https://www.dailymail.co.uk/news/article-11056565/Bank-China-queues-Sydney-explained-five-institutions-accused-fraud-funds-frozen.html


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China Banks Rush to Raise Record Debt as Credit Losses Mount.

“Chinese banks are rushing to boost capital as they prepare for a potential spike in bad loans due to the economic slowdown and spreading housing crisis. A record amount of fresh money has come from financial markets…”

https://www.bloomberg.com/news/articles/2022-07-28/china-banks-rush-to-raise-record-debt-as-credit-losses-mount


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China property sales could plunge by one-third, analysts say, as crisis deepens.

“Property sales in China could fall by one-third this year, spelling more trouble for the country’s giant housing sector as people lose faith in the market and pressure increases on struggling developers to complete presold apartments.”

https://www.theguardian.com/business/2022/jul/27/china-property-sales-could-plunge-by-one-third-analysts-say-as-crisis-deepens


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Japan Signs Its Most Expensive Coal Supply Deal Ever.

“Japan’s Nippon Steel Corporation has signed an agreement with mining and trading giant Glencore for thermal coal supply at $375 per ton in what is likely one of the highest prices a Japanese firm has paid for the commodity ever, sources familiar with the deal told Bloomberg on Wednesday.”

https://oilprice.com/Latest-Energy-News/World-News/Japan-Signs-Its-Most-Expensive-Coal-Supply-Deal-Ever.html


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Global Competition for LNG Intensifies on New Russia Supply Cut…

Utilities in South Korea and Japan are accelerating plans to purchase more liquefied natural gas cargoes for winter out of fear that Europe will also hoard supply, according to traders with knowledge of the matter. Even some price-sensitive buyers in countries such as India and Thailand are looking to procure cargoes…”

https://www.bloomberg.com/news/articles/2022-07-26/global-competition-for-lng-intensifies-on-new-russia-supply-cut


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Crippling Energy Crisis Set to Worsen for Debt-Ridden South Asia…

“Fewer companies are offering to sell fuel to state-owned Pakistan State Oil Co, while some banks have stopped financing and facilitating payments for energy imports. Sri Lanka is also struggling to secure fuel from its regular supplier India. Meanwhile, Bangladesh is having to schedule power cuts to preserve its fuel reserves.”

https://www.bloomberg.com/news/articles/2022-07-27/crippling-energy-crisis-set-to-worsen-for-debt-ridden-south-asia


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Bangladesh seeks IMF support to head off financial crisis.

“Economists say the Bangladeshi taka has effectively slid against the U.S. dollar by around 20% in the past three months… The South Asian nation has experienced lengthy blackouts in recent weeks, sometimes for up to 13 hours a day, as utilities struggle to source enough diesel and gas to meet demand.”

https://www.thehindu.com/news/international/bangladesh-seeks-imf-support-to-head-off-financial-crisis/article65686517.ece


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‘How can we cope?’ ask Sri Lankans as gov’t limits fuel imports…

Under the new rationing system announced by the government, small cars will be given 16 litres of petrol per week [around 3.5 gallons]. Kumara says it is not enough for even one day’s consumption. “I can’t continue with this job with just 16 litres of petrol a week. This is why people jump queues and try other improper means to get fuel. This is why some people even become thieves,” he said.”

https://www.aljazeera.com/news/2022/7/27/how-can-we-cope-ask-sri-lankans-as-govt-limits-fuel-imports


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Nepal: Leftist parties plan nationwide protests July 31.

“Multiple left-wing political parties, including the Communist Party of Nepal, plan nationwide protests across Nepal July 31. Participants intend to denounce rising inflation as well as the newly passed Citizenship Bill. The largest protests are likely in major cities and towns, especially Kathmandu.”

https://crisis24.garda.com/alerts/2022/07/nepal-leftist-parties-plan-nationwide-protests-july-31


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With bread prices skyrocketing, Lebanon waits for crucial wheat imports and international aide.

“With Lebanon already facing its biggest economic crisis ever, the impact of Russia’s war in Ukraine has exacerbated dire living conditions for the Mediterranean nation of nearly 7 million. Lebanon imports most of its food and all of its fuel, and over 80% of the country’s wheat comes from Ukraine and Russia.”

https://www.cnbc.com/2022/07/27/lebanon-waits-for-crucial-wheat-imports-and-international-aide.html


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Bread makers in some states in Nigeria have yet again increased the price of bread and flour on Monday, forcing people to pay more amid a crippling economic crisis.

“…operating a bakery in Nigeria has become near impossible as the incessant increase in the prices of baking materials and diesel rendered the industry comatose.”

https://africa.businessinsider.com/local/lifestyle/nigerian-bread-makers-again-raise-prices-amid-worsening-economic-crisis/kqr4qbg


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Inflation: fears of unrest in South Africa, Uganda looming large as food prices soar.

“The rising price of basic foods is worsening South Africa’s food security crisis which could increase social instability and spark a repeat of the devastating July 2021 unrest that spiraled out of control. Meanwhile, in Uganda, people in the eastern city of Jinja have taken to the streets…”

https://northafricapost.com/59290-inflation-fears-of-unrest-in-sa-uganda-looming-large-as-food-prices-soar.html


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Chilean cabbies protest fuel prices, competition from apps…

“Many cabbies who went into debt to buy their taxis find themselves struggling to make a living amid unfair competition from the likes of Uber, he said. Chile has seen fuel prices rise for 48 consecutive weeks and the cost of a fill-up has increased by around 20 percent since the start of the Russian invasion of Ukraine in February.”

https://www.laprensalatina.com/chilean-cabbies-protest-fuel-prices-competition-from-apps/


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Chilean fruit growers “on brink of financial collapse”…

Nine out of ten Chilean fruit producers fear they won’t be able to afford to prepare for the 2022/23 season due to rising costs and the fallout from the global logistics crisis according to a survey undertaken by Chilean fruit producer union Fedefruta.”

https://www.fruitnet.com/eurofruit/chilean-fruit-growers-on-brink-of-financial-collapse/246813.article


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How extreme heat is disrupting the global economy…

“Rising global temperatures and heatwaves have an effect on everything from transportation infrastructure to supply chains to power generations.”

https://www.wsj.com/story/how-extreme-heat-is-disrupting-the-global-economy-2a1af974


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World entering ‘dangerous new age’ of threats, says UK’s top security adviser…

“Sir Stephen Lovegrove raised the spectre of a “collapse into uncontrolled conflict” unless methods are devised to deter hostilities and impose controls over the spread of ever-more deadly weapons that have become increasingly easy to acquire.”

https://www.msn.com/en-gb/news/uknews/world-entering-dangerous-new-age-of-threats-says-uk-s-top-security-adviser/ar-AA1025HW


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

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