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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‘Powder kegs waiting for a spark’: rising costs threaten global unrest, say risk analysts. Rising costs of food and energy and the impact of the climate crisis on resources are predicted to increase civil unrest in more than half the world’s countries over the coming months

“This year has already witnessed large-scale protests as inflation levels soar in Argentina, Ecuador and Sri Lanka, but the worst is yet to come, said risk intelligence company Verisk Maplecroft.”

https://www.theguardian.com/global-development/2022/sep/02/rising-costs-threaten-global-unrest-say-risk-analysts


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Global Bonds Tumble Into Their First Bear Market in a Generation.

“Under pressure from central bankers determined to quash inflation even at the cost of a recession, global bonds slumped into their first bear market in a generation. The Bloomberg Global Aggregate Total Return Index of government and investment-grade corporate bonds has fallen more than 20% below its 2021 peak…”

https://www.bloomberg.com/news/articles/2022-09-02/global-bonds-fall-into-first-bear-market-in-a-generation


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A global economic crisis like 2008 is looming, but world seems unprepared: former deputy WTO director-general

“If the Russia-Ukraine conflict is prolonged, it will definitely further aggravate global shortages of energy and food, which will trigger a global economic crisis on a scale similar to that seen in 2008, former World Trade Organization (WTO) deputy director-general and former vice minister of commerce Yi Xiaozhun said on Friday.”

https://www.globaltimes.cn/page/202209/1274500.shtml


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Fertilizer Costs Are Surging Again Just as US Farmers Look to Buy… North American fertilizer prices are spiking as plant closures in Europe squeeze supplies.

“An index of weekly North American fertilizer prices by Bloomberg’s analysis organization Green Markets rose by over 11% Friday, the most since March.”

https://www.bloomberg.com/news/articles/2022-09-02/fertilizer-costs-are-surging-again-just-as-us-farmers-look-to-buy


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UK Food producer warns of ‘price shock’ as carbon dioxide price quadruples.

“One of the UK’s biggest chicken producers has warned food security could be under threat and shoppers exposed to a “price shock” after a more than threefold surge in the price of carbon dioxide (CO2). Pig farmers, soft drink producers, brewers and bakeries are also being hit…”

https://www.theguardian.com/business/2022/sep/02/food-producer-warns-of-price-shock-as-carbon-dioxide-price-quadruples


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Life in Blackout Britain: Experts warn energy rationing this winter could see people told not to cook until after 8pm, pubs close at 9pm, ‘three-day-a-week’ school, care homes cancel outings for residents and swimming pools left unheated.

“Experts have told MailOnline there is ‘no escape’ for the 66million people in the UK who will be encouraged to cut their use of gas and electricity this winter and even turn off the lights when the wind drops.”

https://www.dailymail.co.uk/news/article-11173211/Life-Blackout-Britain-Experts-warn-energy-rationing-winter.html


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UK wood suppliers have reported an unprecedented surge in demand for logs, briquettes and other biomass products as households rush to minimise the impact of energy bills rising 80 per cent next month.

“However, experts cautioned that a resurgence in burning wood in stoves, fires and boilers at home could exacerbate air pollution and damage people’s health. ““What we’re seeing is an absolute panic buy…””

https://www.newscientist.com/article/2336109-uk-energy-crisis-sparks-rush-for-firewood-despite-air-pollution-fears/


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Civil servants will reproduce documents using carbon paper if Britain is hit by energy blackouts this winter under emergency plans stress-tested in Whitehall in recent days.

“Carbon paper was first invented in 1806 and was used in typewriters before it was largely superseded by photocopying and then email.”

https://www.ft.com/content/a0ef9b60-e3ce-4888-b9e4-5bfd6b5055af


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Inflation is grabbing all the headlines, but the crumbling pound is threatening to make things even bleaker for the UK’s economy this winter.

“Fresh from posting its worst monthly performance since the 2016 Brexit vote, forecasters suggest sterling could soon fall to $1.05 — a 37-year low.”

https://www.bloomberg.com/news/articles/2022-09-01/latest-threat-to-the-uk-s-economy-is-its-crumbling-currency


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Nord Stream gas supply pipeline from Russia will be closed INDEFINITELY after ‘oil leak was found’… just hours after G7 nations decided to cap payments in bid to defund Kremlin war machine.

“Vladimir Putin last night sparked a fresh energy war with the West as he kept Europe’s gas pipeline closed after the G7 agreed an oil price cap to choke his war chest.”

https://www.dailymail.co.uk/news/article-11174105/Gazprom-fully-stops-Nord-Stream-gas-supply-indefinitely-Putin-piles-pressure-Europe.html


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Russian oil boss Ravil Maganov who criticised war in Ukraine dies ‘after falling from hospital window’…

“Ravil Maganov, who was also vice president at Lukoil, had openly criticised the war in Ukraine. The 67-year-old was chair of the company’s board which called for the “soonest termination of the armed conflict” and expressed “sincere empathy for all victims” in March.”

https://news.sky.com/story/russian-oil-boss-ravil-maganov-who-criticised-war-in-ukraine-dies-after-falling-from-hospital-window-12686753


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Norway prolongs life of Arctic coal mine [on Svalbard] as energy crisis bites.

“Norway’s last remaining coal mine on a geopolitically important Arctic archipelago will stay open for two more years as Europe’s energy crisis prompts countries to extend the life of polluting technologies.”

https://www.ft.com/content/2f84b922-6d8a-4cc9-9440-f697c7c40103


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ArcelorMittal to shut blast furnace in German plant as gas prices soar.

“ArcelorMittal said on Friday it would switch off one of two furnaces at its steelworks in the German city of Bremen until further notice from September-end, citing the soaring cost of gas, weak market demand and a negative economic outlook.”

https://www.reuters.com/business/energy/arcelormittal-shut-blast-furnace-german-plant-gas-prices-soar-2022-09-02/


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Germany burns almost all of its garbage and the process of getting rid of its trash is about to get even dirtier as a result of the intensifying energy crunch.

“In the latest move to counter the crisis, German regulators plan to loosen or lift limits on the amount of pollutants the country’s waste incinerators can spew into the atmosphere to help shore up power supplies.”

https://www.bloomberg.com/news/articles/2022-09-02/germany-s-garbage-is-getting-dirtier-due-to-the-energy-crisis#xj4y7vzkg


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Energy crisis: Italy to urge residents to turn down heating this winter… The measure is expected to form part of a wider plan to save energy…”

https://www.thelocal.it/20220901/energy-crisis-italy-to-urge-residents-to-turn-down-heating-this-winter/

People in Naples burn their energy bills and besiege the town hall: “We don’t pay the bills! Now it will be chaos!” In Naples they don’t joke.”

https://twitter.com/RadioGenova/status/1565678451914326020

 


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Slovakia’s economy minister resigns as coalition crisis climaxes…

Slovakia is having a hard time coping with the financial and energy crisis amid the tense geopolitical situation. The number of Slovak pensioners falling into poverty is rising… Some Slovak production plants have decided to halt production, including aluminium plant Slovalco, causing hundreds to lose their jobs.”

https://www.bne.eu/slovakia-s-economy-minister-resigns-as-coalition-crisis-climaxes-255207/


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Albanians told to switch off lights ahead of long, dark winter.

“So far, prices are yet to rise in the country, partly due to government subsidies and the fact that most of the power used since the outbreak of war in Ukraine has been generated locally with hydropower. But this drops during the winter, and the country has to buy energy from the international market…”

https://www.euractiv.com/section/energy-environment/news/albanians-told-to-switch-off-lights-ahead-of-long-dark-winter/


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Energy Crunch Pushes Japan Into Era of Uncharted Coal Power.

“When Japan narrowly avoided blackouts this summer, part of the solution was output from aging coal-fired power stations like Takasago Thermal Power Plant. Even as the nation aims to shift to cleaner energy sources, it remains heavily reliant on sites like Takasago, built in 1968…”

https://www.bloomberg.com/news/articles/2022-09-01/power-crisis-means-japan-remains-reliant-on-old-coal-plants


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The yen has plunged to a new 24-year low against the dollar as investors brace for higher United States rates.

“One dollar was worth more than 140 yen for the first time since 1998 in European afternoon deals on Thursday, as the greenback also strengthened against other currencies, boosted by the ever-widening gap between the yields on US and Japanese government debt.”

https://www.aljazeera.com/economy/2022/9/1/the-yen-plunges-to-a-new-24-year-low-against-the-dollar


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Chinese property developers slump 87% in the first half of 2022—and it’s possible the housing market still hasn’t ‘bottomed out’.

“The 136 Chinese real estate companies that report their earnings to Hong Kong and mainland exchanges earned a total of $2.5 billion in annual profits in the first half of this year… That figure marks an 87% decline from… the first half of 2021 [and] barely higher than the $2.4 billion developers earned in the latter half of 2008 amid the global financial crisis.”

https://fortune.com/2022/09/02/china-property-developers-housing-market-real-estate/


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China’s economy is bracing for more pain as the lockdown of megacity Chengdu in the west of the country damages business and consumer activity in the area and hurts sentiment more broadly across the nation.

https://www.bloomberg.com/news/articles/2022-09-02/china-s-economy-faces-more-damage-as-megacity-chengdu-locks-down#xj4y7vzkg

BREAKING: Chengdu, China a city of 16+ million people are being locked down, & they’re frantically fighting for food as if they are surviving the apocalypse.

https://twitter.com/WallStreetSilv/status/1565572804732395520

 


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A silent wave of financial stress threatens crisis in emerging markets.

“They say when the U.S. sneezes, the rest of the world catches cold. Today’s susceptibility to catching cold is driven by COVID debt and the climate crisis. In 2020 and 2021, global debt rose by $43 trillion, its fastest jump on record, according to the Institute of International Finance.”

https://news.trust.org/item/20220902144825-7k163


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Argentina: Demonstrators rally for Vice President after assassination attempt…

“Oscar Delupi, 64, a railway worker in the capital, blamed political divisions for the violence. “It’s crazy, society has already lost its temper a little, the message of hate … is becoming more and more fierce in those weak-minded people who opt for a crazy thing like an attack,” he said.”

https://www.aljazeera.com/news/2022/9/2/argentina-demonstrators-rally-for-vp-after-assassination-attempt


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Outages-hit Cuba seeks Turkish powerships to double electricity supply…

“Cuban officials are in talks with Karpowership, one of the world’s largest operators of floating power plants and part of the Türkiye-based Karadeniz Holding, the sources said. The company already has five ships operating off Cuba with a capacity of around 250 megawatts.”

https://www.dailysabah.com/business/energy/outages-hit-cuba-seeksturkish-powerships-to-double-electricity-supply


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Puerto Ricans demand cancellation of contract with Canadian-American electricity transmission and distribution company, LUMA Energy.

“…thousands of Puerto Ricans took to the streets of San Juan, demanding termination of the contract signed between the state Electric Power Authority (PREPA) and LUMA Energy, over constant power blackouts and repeated increases in the electricity bill.”

https://peoplesdispatch.org/2022/09/02/puerto-ricans-demand-cancellation-of-contract-with-luma-energy/


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Haiti descends deeper into economic crisis amid violence…

“In Port-au-Prince and other cities, protests have been held against the price rise and the shortage of fuel, with at least five people being killed and many others wounded…

“Armed gangs have aggravated the crisis with their actions, including blocking the southern entry to the capital…”

https://www.laprensalatina.com/haiti-descends-deeper-into-economic-crisis-amid-violence/


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Venezuela’s Forgotten Refugee Crisis Rivals Ukraine’s.

“More than 6.8 million Venezuelans have fled their country since it fell into a protracted political crisis and economic freefall eight years ago, and humanitarian organizations warn that number is expected to rise further in the coming months.”

https://foreignpolicy.com/2022/09/01/venezuela-refugee-crisis-rivals-ukraine-humanitarian-response/


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95% Of Production At Nigeria’s Main Oil Hub Is Being Stolen.

“For decades, the illicit marketplace for oil and gas has plagued the energy industry. Around the world, rising energy and oil prices have been driving a rise in fuel smuggling. Just a few years ago, fuel smuggling from Colombia to Venezuela across the porous border became rampant…”

https://oilprice.com/Energy/Crude-Oil/95-Of-Production-At-Nigerias-Main-Oil-Hub-Is-Being-Stolen.html


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Clashes in Iraq’s Basra kill four as crisis flares in oil-rich south

“Violence re-erupted in Iraq this week as armed supporters of Sadr fought with security forces and Iran-aligned gunmen in Baghdad in the fiercest street battles the capital has seen for years. An intractable political deadlock between the two rival Shi’ite camps has left Iraq without a government since an October election…”

https://www.reuters.com/world/middle-east/clashes-iraqs-basra-among-shiite-rivals-cause-casualties-officials-2022-09-01/


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‘Rampant chaos’: Lebanon state sector eroded by grinding crisis…

“State institutions have reached a state of disrepair that mirrors Lebanon’s broader unravelling… Even in the corridors of power, the paint is peeling and the lights are off. “There is no paper or ink or pens or envelopes or functioning bathrooms or even running water,” Makki, who has been a judge for 21 years, told AFP.”

https://www.al-monitor.com/originals/2022/09/rampant-chaos-lebanon-state-sector-eroded-grinding-crisis


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

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