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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A catastrophic energy crisis will fuel a revolt against our failed elites.

“The gathering crisis could prove even more catastrophic than the oil shock of the 1970s, which wrecked the administrations of three British prime ministers, presaged 40 years of American entanglement in the Middle East, and (due to the oil glut that followed) ultimately triggered the Soviet Union’s collapse.

“Carnage has already arrived in the developing world, with power outages from Cuba to South Africa. Sri Lanka is just one of a cascade of low-income countries where leaders face being driven out of power in an ignominious blaze of petrol droughts and loan defaults.

“But the West is not going to escape this Armageddon… it does feel as if we just may have entered the final act of an economic system that has patently failed. It is clearer than ever that the emperor has no clothes and has no more stories to distract us with.”

https://www.telegraph.co.uk/news/2022/08/01/catastrophic-energy-crisis-will-fuel-revolt-against-failed-elites/


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Global diesel shortage may get worse heading into winter…

“A worldwide diesel supply crunch is making more of the world dependent on US fuel exports, a situation that could worsen heading into the winter… “The short-term diesel outlook is one of tight fundamentals through the coming winter,” ESAI Energy analysts including Linda Giesecke said.”

https://www.bloomberg.com/news/articles/2022-08-01/soaring-us-diesel-exports-underscore-global-fuel-vulnerability


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Global manufacturing struggles with shrinking demand.

“Today’s flurry of purchasing manager indices from S&P Global and others highlight the struggle of manufacturers as they face slowing demand and a looming economic downturn. In the eurozone, activity shrank in all the big economies in July…”

https://www.ft.com/content/ad97442e-9c25-475a-a1f2-872adcbba5c7


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Global Firms Halt Over $250 Billion in Financing Plans This Year.

“The number of companies that have delayed or canceled financing plans has soared to at least 358 as the global economy continues to battle inflation and energy shortages. The deals, including initial public offerings, bonds, loans and acquisitions, amount to more than $254 billion.”

https://www.bloomberg.com/news/articles/2022-08-01/more-than-350-firms-shelve-over-250-billion-in-financing-plans


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More than one in eight UK households fear they have no way of making more cuts.

“More than a quarter of households earning less than £20,000 worry they will be unable to cope with higher bills, with families in Yorkshire, the south-west and Northern Ireland the least confident about covering their costs.”

https://www.theguardian.com/business/2022/aug/01/more-than-one-in-eight-uk-households-fear-they-have-no-way-of-making-more-cuts


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Britain’s most productive nuclear power station was switched off yesterday, despite warnings that its closure could trigger yet another increase in energy bills.

“Releasing a huge plume of steam to mark the occasion, Somerset’s Hinkley Point B split its last atom after nearly five decades of power generation.”

https://www.dailymail.co.uk/news/article-11070897/Hinkley-Point-B-switched-just-country-faces-crippling-energy-cost-crisis.html


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In France, families turn to charity food boxes as inflation bites.

“The rising cost of living in recent months has caused anger and protests in France, which was shaken by the “yellow vest” movement that emerged in late 2018 in protest at fuel taxes and living costs. The government has poured billions of euros into measures such as energy price caps… But many are still struggling to cope…”

https://news.trust.org/item/20220729103055-cfqhv


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Germany Has Three Months to Save Itself From a Winter Gas Crisis.

“Germany’s presidential palace in Berlin is no longer lit at night, the city of Hanover is turning off warm water in the showers of its pools and gyms, and municipalities across the country are preparing heating havens to keep people safe from the cold. And that’s just the beginning…”

https://www.bloomberg.com/news/articles/2022-08-01/germany-heading-to-gas-emergency-with-russia-keeping-nord-stream-flows-reduced


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‘You can’t switch off death,’ German crematorium boss warns as energy crisis looms…

“Svend-Joerk Sobolewski, Germany’s cremation consortium chairman, said in the event of any rationing, the sector should be prioritised because, without gas, most crematoriums cannot function. “You cannot switch off death,” he said.”

https://www.reuters.com/business/energy/you-cant-switch-off-death-german-crematorium-boss-warns-energy-crisis-looms-2022-08-01/


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‘Drill, baby, drill’ is back in Europe as gas crisis looms…

“Europe’s scramble to secure gas supplies comes as Russia signals its willingness to punish the bloc for its support of Ukraine. State-owned Gazprom recently slashed flows through the crucial Nord Stream 1 pipeline to 20% of daily capacity. The situation in Europe is “perilous” and the region must prepare for a “long, hard winter…””

https://edition.cnn.com/2022/08/01/energy/gas-fields-europe-energy-crisis-russia/index.html


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Australian house prices fall at ‘fastest rate’ since 2008 financial crisis.

“House prices in Australia are dropping at their fastest pace since the global financial crisis — and market conditions are “likely to worsen” as interest rates continue to rise, according to property analytics firm CoreLogic.”

https://www.abc.net.au/news/2022-08-01/house-prices-dive-july-corelogic-report/101286770


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China Home Sales Plunge in July, as Mortgage Revolt Deters Buyers.

“Sales at the country’s top 100 property developers fell 39.7% in July from the same period last year to the equivalent of $77.6 billion, or 523.14 billion yuan, according to data released Sunday by CRIC, a Chinese real-estate data provider. July sales were down 28.6% from June…”

https://www.wsj.com/articles/china-home-sales-plunge-in-july-as-mortgage-revolt-deters-buyers-11659264152


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Why a China slowdown is bad news for commodities and the global economy…

“Despite government stimulus and a policy shift to a more supportive, pro-growth setting, the Chinese model is facing challenges after years of rapid growth. This could spell trouble for the rest of the world, which relies on China’s economic engine to power demand for their energy, food and materials.”

https://www.scmp.com/comment/opinion/article/3187330/why-china-slowdown-bad-news-commodities-and-global-economy


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Taiwan and China step up military rhetoric as expected Pelosi visit looms…

“Overnight, Chinese authorities announced a sudden ban on imports from more than 100 Taiwanese food companies, local media reported, which was interpreted as an act of retribution over the expected visit, a trade tool China has often used in bilateral disputes.”

https://www.theguardian.com/world/2022/aug/02/taiwan-and-china-step-up-military-rhetoric-as-expected-pelosi-visit-looms


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Hong Kong slips into second recession since 2019 mass protests…

“The downturn is reversing last year’s recovery when the economy enjoyed a 6.3 percent annual growth after the slowdown in 2019 and 2020 when the city was first upended by months of huge, sometimes violent pro-democracy protests, and then the pandemic.”

https://www.aljazeera.com/economy/2022/8/2/hong-kong-slips-into-second-recession-since-2019


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Emerging markets hit by record streak of withdrawals by foreign investors.

“Foreign investors have pulled funds out of emerging markets for five straight months in the longest streak of withdrawals on record, highlighting how recession fears and rising interest rates are shaking developing economies.”

https://www.ft.com/content/35969b19-86db-4197-a419-b4a761094e9a


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African nations expected to make case for big rise in fossil fuel output…

Leaders of African countries are likely to use the next UN climate summit in November to push for massive new investment in fossil fuels in Africa, according to documents seen by the Guardian… Member states of the African Union will meet again, in Addis Ababa, this week to confirm the stance to be taken.”

https://www.theguardian.com/world/2022/aug/01/african-nations-set-to-make-the-case-for-big-rise-in-fossil-fuel-output


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Nigeria’s energy crisis is getting worse.

From Nigeria’s energy sector, the bad news is coming in torrents: Banks and regulators have moved in on five electricity distribution companies, diesel and aviation fuel prices have risen four-fold, threatening businesses, and the cost of subsidising petrol is climbing even higher despite an official increase in pump head price.”

https://punchng.com/nigerias-energy-crisis-is-getting-worse/


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South Africa: two dead in anti-cost-of-living protest…

“The protest took place in the township of Tembisa, in the east of the South African economic capital Johannesburg, where angry residents, particularly over electricity prices, blocked roads with burning tyres and set fire to a public building.”

https://www.africanews.com/2022/08/01/south-africa-two-dead-in-anti-cost-of-living-protest/


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Threat of protests, violent escalation stirs panic in Iraq…

“If the protests escalate, it would be the closest followers of al-Sadr and al-Maliki will come to a confrontation since 2008, when the former prime minister lead Iraq’s army to drive the cleric’s previous militia, the Mahdi Army, out of the southern city of Basra.”

https://english.alaraby.co.uk/news/threat-protests-violent-escalation-stirs-panic-iraq


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Several people have been arrested during the latest round of nationwide demonstrations by Iranian retirees who are protesting against the government’s meager pension increase.

“Videos and photos shared on social media on Sunday showed pensioners protesting in numerous cities including Tehran, Rasht, Tabriz, Orumiyeh (Urmia), Kermanshah, Sanandaj and Bojnourd.”

https://www.iranintl.com/en/202207312703


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India’s GAIL rationing gas as former Gazprom unit cuts supplies.

India’s largest gas distributor GAIL (India) Ltd (GAIL.NS) has started gas rationing, cutting supplies to fertiliser and industrial clients after imports were hit under its deal with a former unit of Russian energy giant Gazprom…”

https://www.reuters.com/business/energy/indias-gail-rationing-gas-former-gazporm-unit-cuts-supplies-2022-08-01/


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Havana [Cuba] announces blackouts, cancels carnival as crisis deepens.

“The Cuban capital of Havana will begin electricity blackouts in August, has canceled carnival and is taking other measures as the country’s energy crisis worsens, state media reported on Saturday. Cubans have withstood more than two years of food and medicine shortages, long lines to purchase scarce goods, high prices and transportation woes.”

https://www.euronews.com/2022/07/31/us-cuba-crisis-blackouts


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We’re in a global food crisis that will wreak havoc on local economies and trigger civil unrest…

“In India, the cost of lemons has skyrocketed. Jollof rice has become so expensive in Nigeria that people are skipping meals. In Mexico, avocado prices have jumped, making them a luxury few can afford. Orange groves in Florida are yielding the lowest amount of fruit in years. And in Japan, a shortage of salmon is hitting the sushi trade.”

https://www.businessinsider.com/global-food-crisis-higher-prices-shortages-civil-unrest-2022-8?r=US&IR=T


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

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