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.

  • Facebook
  • Twitter
Global Growth to Be as Weak Next Year as 2009, IIF Forecasts.

“The world economy will be as weak next year as it was in 2009 after the financial crisis as the conflict in Ukraine risks becoming a “forever war,” the Institute of International Finance said.

Global growth is expected to slow to 1.2% in 2023 [NB global growth below approx 2.5% = recession], economists including Robin Brooks and Jonathan Fortun wrote in a note Thursday. When adjusted for base effects, that’s as weak as it was in 2009.”

https://www.bloomberg.com/news/articles/2022-11-24/global-growth-to-be-as-weak-next-year-as-2009-iif-forecasts


  • Facebook
  • Twitter
Singapore Warns of Potential Global Funding Markets Dysfunction.

“Singapore’s central bank warned of “potential dysfunction” in global funding markets and liquidity strains on financial firms that could spill over to banks and companies, amid intensifying risks to international financial stability.

https://www.bloomberg.com/news/articles/2022-11-25/singapore-warns-of-potential-global-funding-markets-dysfunction


  • Facebook
  • Twitter
Global Oil Market Flashes Warnings as Demand Concerns Spike.

“The global oil market keeps sending up flares on the outlook for weaker demand. In the latest, a closely-watched gauge of Asian crude consumption tumbled to a seven-month low as surging virus cases in China trigger lockdown-like restrictions in the world’s biggest importer.”

https://finance.yahoo.com/news/global-oil-market-flashes-warning-034454609.html


  • Facebook
  • Twitter
US: S&P Global Manufacturing PMI drops to 47.6 in November vs. 50 expected [sub 50 denotes contraction].

“Business activity in the US manufacturing sector contracted in early November with the S&P Global Manufacturing PMI dropping to 47.6 from 50.4 in October. This reading came in weaker than the market expectation of 50. “Contributing to the decrease in the headline figure was a renewed fall in output and a sharper decline in new orders…”

https://www.fxstreet.com/news/us-sp-global-manufacturing-pmi-drops-to-476-in-november-vs-50-expected-202211231452


  • Facebook
  • Twitter
The U.S. Shale Boom Is Officially Over.

“The new priorities of the shale patch – capital discipline and a focus on returns to shareholders and debt repayments – have coupled with supply chain constraints and cost inflation to drag down U.S. oil production growth.”

https://oilprice.com/Energy/Energy-General/The-US-Shale-Boom-Is-Officially-Over.html


  • Facebook
  • Twitter
Sweden’s big interest rate hike follows other central banks.

“The big rate increase in Sweden… builds on the jumbo full percentage point hike made in September. It comes as the ECB, U.S. Federal Reserve and other central banks also have made large rate increases to fight inflation that has been squeezing people around the world.”

https://abcnews.go.com/Business/wireStory/swedens-big-interest-rate-hike-central-banks-93908811


  • Facebook
  • Twitter
Developed markets are acting like emerging markets, what now?

“…Inflation rates are currently higher in the UK, US and Germany than in South Africa and Brazil, a historically rare occurrence. The German consumer price index (CPI) just hit 10 percent, way above the 1974 peak of 7.9%. The German producer price index (PPI) is over 45 percent, the highest level since 1948.”

https://www.herald.co.zw/developed-markets-are-acting-like-emerging-markets-what-now/


  • Facebook
  • Twitter
Amazon warehouse workers in the UK and 40 other countries are to strike and stage protests timed to coincide with the Black Friday sales, one of the company’s biggest shopping days of the year.

“Employees in dozens of countries, from Japan and Australia to India, the US and across Europe, are demanding better wages and conditions in a campaign called “Make Amazon Pay”.”

https://www.theguardian.com/technology/2022/nov/25/amazon-warehouse-workers-stage-black-friday-strikes-and-protests-around-world


  • Facebook
  • Twitter
December strike by NHS nurses is biggest in their history.

“Nurses in England, Wales and Northern Ireland are to strike for two days next month in what is set to be their biggest walkout in the NHS’s history. The Royal College of Nursing (RCN) announced strikes on 15 and 20 December in its pay dispute with the government.”

https://www.bbc.co.uk/news/health-63746334


  • Facebook
  • Twitter
Hedge fund Rokos warns that sterling is ‘vulnerable’ to further falls.

““The recession that is required to tame inflation in the UK is deeper than that needed elsewhere, with potentially serious societal implications,” it said. “Sterling looks vulnerable.” Rokos declined to comment further.”

https://www.ft.com/content/ad4bc15c-24cc-4795-be97-d022966b9888


  • Facebook
  • Twitter
UK Ofgem’s Energy Price Cap Surges Above Subsidized Bill Rate.

“Energy regulator Ofgem raised its price cap for the average UK home by 21% to £4,279 from January, underscoring the growing gap the government has to plug to maintain its energy price freeze.”

https://www.bloomberg.com/news/articles/2022-11-24/uk-ofgem-s-energy-price-cap-surges-above-subsidized-bill-rate


  • Facebook
  • Twitter
Slower ski lifts and less artificial snow: French resorts tackle energy crisis.

“Ski resort managers in the French Alps are scrambling to find ways to conserve energy as part of a national effort to reduce consumption, with about half the resorts also bracing for power bills to be three to six times higher than in prior years.”

https://www.theguardian.com/world/2022/nov/26/slower-ski-lifts-and-less-artificial-snow-french-resorts-tackle-energy-crisis


  • Facebook
  • Twitter
Faced with energy crisis, Germans agonize over Autobahn speed limits.

“Although recent polls suggest a majority is in favor of introducing checks to reduce reliance on Russian gas, the FDP liberals in the government coalition oppose curtailing what they view as an expression of personal freedom.”

https://english.elpais.com/international/2022-11-24/faced-with-energy-crisis-germans-agonize-over-autobahn-speed-limits.html


  • Facebook
  • Twitter
Germany Warns of Rationing This Winter If Gas Storage Dips Below 40%…

“If gas storage levels drop to below 40% by February 1, this would be considered a critical level, Klaus Müller, the president of the German Federal Network Agency, Bundesnetzagentur, said on Friday. The critical gas storage level could trigger a further response for energy conservation in Germany, including a possible gas rationing.”

https://oilprice.com/Latest-Energy-News/World-News/Germany-Warns-Of-Rationing-This-Winter-If-Gas-Storage-Dips-Below-40.html


  • Facebook
  • Twitter
Putin has another gas shock for us: the deindustrialisation of Europe…

The secondary target of his bombing blitz on Ukraine’s energy infrastructure is the EU itself. The damage deprives Europe of crucial electricity imports from Ukrainian plants. Power will have to flow in the opposite direction to prevent a humanitarian disaster in Ukrainian cities. The switch in flows is large enough to change a fragile energy balance. It compounds a fresh gas squeeze already in the works.”

“His goal is to set off an uprising of European consumers against their own governments. He wants a Yellow Vest 2.0, this time on steroids,” said Helima Croft, an ex-energy analyst at the Central Intelligence Agency now at RBC Capital.”

https://www.telegraph.co.uk/business/2022/11/24/putin-has-another-gas-shock-us-deindustrialisation-europe/


  • Facebook
  • Twitter
Russia will not supply oil and gas to countries supporting price cap, Kremlin says.

“Russia does not plan to supply oil and gas to countries supporting a price cap on Russian oil, the Kremlin said on Thursday, but will make a final decision once it analyses all the figures. The G7 is looking at a cap on Russian seaborne oil at $65-$70 a barrel…”

https://www.reuters.com/business/energy/russia-will-not-supply-oil-gas-countries-supporting-price-cap-kremlin-says-2022-11-24/


  • Facebook
  • Twitter
China’s Covid protests grow after apartment blaze kills 10.

“Scenes of protest from the locked-down western Chinese city of Urumqi have spread on social media after a fire killed 10 people, as nationwide unrest over the country’s strict Covid policies continues to build… The social media outrage over the incident in Urumqi reflects wider frustration in China over pandemic prevention measures…”

https://www.ft.com/content/2265af24-b5f3-46e4-aa83-a8699cab99e4


  • Facebook
  • Twitter
China’s Local Governments Face Squeeze From $2 Trillion in Debt. Signs are growing in China that local government debt burdens are becoming unsustainable.

“China’s 31 provincial governments have a stockpile of outstanding bonds that’s close to the Ministry of Finance’s risk threshold of 120% of income. Breaching that line could mean regions will face more regulatory hurdles to borrow, hampering their ability to drive up economic growth.”

https://www.bloomberg.com/news/articles/2022-11-24/china-s-local-governments-face-squeeze-from-2-trillion-in-debt


  • Facebook
  • Twitter
Peruvian truckers, farmers block roads in protests over fuel, fertilizer.

“Peruvian farmers and truck drivers staged at least 14 roadblocks on Thursday as part of ongoing protests over high gas prices and fertilizer shortages, hitting the trade and tourism sectors in the South American nation.”

https://www.reuters.com/world/americas/peruvian-truckers-farmers-block-roads-protests-over-fuel-fertilizer-2022-11-24/


  • Facebook
  • Twitter
Brazilian protests intensify; Bolsonaro stays silent…

“For more than three weeks, supporters of incumbent President Jair Bolsonaro who refuse to accept his narrow defeat in October’s election have blocked roads and camped outside military buildings in Mato Grosso, Brazil’s soy-producing powerhouse. They also have protested in other states across the nation…”

https://abcnews.go.com/International/wireStory/brazilian-protests-intensify-bolsonaro-stays-silent-93962936


  • Facebook
  • Twitter
At the mercy of gangs and hunger, Haitians survive on remittances.

“Haitian high school teacher Miguel Jacquet used to be able to provide for his family, but a dire humanitarian and economic crisis has seen him join the swelling ranks of the poor. Jacquet, 45, is increasingly reliant on money sent from relatives abroad as surging inflation and fuel shortages put basics such as food and medicine out of reach for many.”

https://bdnews24.com/the-long-read/wzt5fin2pz


  • Facebook
  • Twitter
Food, fuel and power cuts keep South Africa’s middle class awake at night.

“Rising costs of food and fuel leaped up the rankings, overtaking our anxieties about corruption and there’s also been a 20% spike in people worrying about Eskom’s power shortages.”

https://www.zawya.com/en/economy/africa/food-fuel-and-power-cuts-keep-sa-middle-class-awake-at-night-y2yfq40l


  • Facebook
  • Twitter
Dearth of foreign currency drives Malawi’s fuel shortage.

“The fuel shortage began a month ago, driven by an acute shortage of foreign currency that meant fuel couldn’t be imported. Malawi’s main foreign currency earner, tobacco, has been tanking in line with the decline in smoking around the world.”

https://mg.co.za/africa/2022-11-26-dearth-of-foreign-currency-drives-malawis-fuel-shortage/


  • Facebook
  • Twitter
Ghana at high risk of debt distress, finance minister says.

“Ghana will freeze the hiring of public and civil servants and extend a moratorium on government car purchases and non-essential travel in order to tackle a spiralling debt crisis, finance minister Ken Ofori-Atta said on Thursday.”

https://www.reuters.com/world/africa/ghana-high-risk-debt-distress-finance-minister-says-2022-11-24/


  • Facebook
  • Twitter
Tunisia’s taxi drivers consider future after fifth fuel price increase.

“Another rise in fuel prices in Tunisia has led taxi drivers to consider quitting. In the late hours of Wednesday evening, authorities in the country announced that the price of petrol products would increase for the fifth time in a year.”

https://www.thenationalnews.com/mena/2022/11/24/tunisias-taxi-drivers-consider-future-after-fifth-fuel-price-increase/


  • Facebook
  • Twitter
The Lebanese pound’s continued sharp depreciation is stoking triple-digit inflation, while the country’s financial sector is too big to be bailed out amid mounting losses, the World Bank has said.

“The country’s financial losses exceeded $72 billion, the equivalent of more than three times its gross domestic product in 2021, the Washington-based lender said in its Lebanon Economic Monitor.”

https://www.thenationalnews.com/business/economy/2022/11/24/depreciating-lebanese-pound-fuels-inflation-as-countrys-financial-losses-mount/


  • Facebook
  • Twitter
Imran Khan to resume protests – this time taking on Pakistan’s military…

“Since Khan was removed as prime minister in April in a vote of no confidence, his popularity has gone from strength to strength just as Pakistan has spiralled further into a state of political crisis. The former PM – known to thrive as an opposition agitator – has mobilised hundreds of thousands of people at his rallies and made speeches filled with incendiary rhetoric.”

https://www.theguardian.com/world/2022/nov/25/imran-khan-resume-protests-taking-on-pakistan-military


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you! It is an enormous help as the cost-of-living crisis ratchets up here in the UK.

Share This

Share this post with your friends!