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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‘Houston, we have a problem’ – Energy industry grapples with climate fight… Top global energy executives and officials on Monday grappled with how to transition the global economy from fossil fuels to renewables quickly enough to prevent climate disaster without disrupting strategic oil and gas supplies.

“”Houston, we have a problem,” two top executives told some of the most powerful figures in global energy in the capital of the U.S. oil industry, using the same famous line from an astronaut in the damaged 1970 Apollo 13 spacecraft…

“U.S. energy envoy Amos Hochstein said the hardest part of the energy transition was coordinating the timeline for change.

“”I think if you’re going to go through the greatest transformation that the world has seen in over 100 years, of unplugging from one energy system and creating a whole other one, you can’t just do it without planning it out,” Hochstein said.”

https://www.reuters.com/business/energy/ceraweek-houston-we-have-problem-energy-industry-grapples-with-climate-fight-2023-03-07/


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Energy Shortages Are Set To Persist Through 2023.

“Energy shortages are likely to persist this year in various parts of the world because of project delays resulting from continued supply chain challenges – the legacy of the pandemic lockdowns – as well as lower Russian gas supplies to Europe and extreme weather.”

https://oilprice.com/Latest-Energy-News/World-News/Energy-Shortages-Are-Set-To-Persist-Through-2023.html


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U.S. Official Calls For Higher Global Oil Production.

“While oil prices have fallen significantly in recent months, prices remain higher than they were before the pandemic. The biggest problem for global oil markets appears to be a lack of spare capacity, and the U.S. is also struggling with very low strategic reserves.”

https://oilprice.com/Energy/Energy-General/US-Official-Calls-For-Higher-Global-Oil-Production.html


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The three-month London interbank offered rate for dollars, a major global lending benchmark, surpassed 5% for the first time in more than 15 years on Monday.

“Much of the recent surge in Libor, which is set to be phased out on June 30, has been driven by expectations for Federal Reserve policy tightening.”

https://www.bloomberg.com/news/articles/2023-03-06/libor-cracks-5-for-first-time-since-07-spurred-by-fed-outlook


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One of the bond market’s most reliable gauges of impending U.S. recessions plunged further below zero into triple-digit negative territory on Tuesday after Federal Reserve Chairman Jerome Powell pointed to the need for higher interest rates and a possible reacceleration in the pace of hikes.

“The widely followed spread between 2- and 10-year Treasury yields plunged to minus 104.6 basis points… and headed for a level not seen since Sept. 22, 1981…”

https://www.marketwatch.com/story/bond-market-recession-gauge-plunges-to-triple-digits-below-zero-on-way-to-fresh-four-decade-milestone-41448336


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Interest rates predicted to rise putting further strain on [US] borrowers…

“As rates have increased, so has the cost of borrowing. According to Bankrate’s national lender survey, personal loan rates have shot up to an average of 10.72 percent and HELOC rates are edging up to 8 percent, with the average sitting at 7.83 percent. Experts agree that the Fed is poised to raise rates again, further tightening the strain on borrowers’ wallets.”

https://finance.yahoo.com/news/interest-rates-predicted-rise-putting-174436336.html


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Private mortgage risk flagged by regulators amid growth in shadow banking [Canada]…

“Private non-bank mortgage loans that often come with higher lender fees and interest-only payment options are taking a growing share of residential real estate lending in Canada, a trend that is poised to continue or even accelerate amid rising interest rates and tougher mortgage qualification rules.”

https://finance.yahoo.com/news/private-mortgage-risk-flagged-regulators-120016149.html


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‘I can’t afford to leave’: The women trapped in unhappy marriages due to the cost of living [UK].

“Our mortgage has just increased by £350 a month’ says Stacey,* from Leicester. ‘I was secretly saving up money so I could leave my husband, but it’s a lost cause now.’ At the start of last year, Stacey, 42, was ready to call it quits on her marriage to husband, Dev*… But then, the cost of living crisis hit – and everything changed.”

https://metro.co.uk/2023/03/08/women-forced-to-stay-in-unhappy-marriages-due-to-cost-of-living-crisis-18372492/


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Most English councils plan to use maximum tax hikes alongside cuts in ‘desperate measures’ to avoid bankruptcy.

“A report found that nine in ten local authorities will increase council tax, or hike charges on waste or parking. The majority of councils surveyed will cut spending on services…”

https://www.dailymail.co.uk/news/article-11833325/Nine-ten-councils-set-impose-highest-tax-hikes-slashing-services.html


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North Sea drilling rig firms have written to hundreds of UK and Scottish politicians, warning of an “energy supply catastrophe” if investment decline in the sector isn’t stopped.

“The International Association of Drilling Contractors (IADC) North Sea chapter has sent a letter to all 650 MPs and 129 MSPs urging them for “more vocal support of our oil and gas industry” ahead of the Spring Budget next week.”

https://www.energyvoice.com/oilandgas/north-sea/rigs-vessels/488311/north-sea-rigs-iadc-politicians-budget/


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Brussels pushes for EU energy cuts and long-term business contracts.

“Brussels plans to require EU governments to set electricity reduction targets and provide guarantees for long-term business contracts, as part of reforms to the bloc’s power market after the energy crisis.”

https://www.ft.com/content/d8807b84-3357-4391-8fb9-196dac6f24d1


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Belgian firefighters storm European Commission building during demonstration.

“Police managed to block them in the security lobby and used tear gas to push them back… Firefighters from all over Belgium took to the streets of Brussels on Tuesday to protest their current working conditions and the government’s plans to reform the pension system.”

https://news.sky.com/video/belgian-firefighters-storm-european-commission-building-during-demonsration-12828016


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French oil refineries blockaded as 1 million protest against pension reforms.

“Oil refineries across France were blockaded Tuesday by workers taking part in a 1-million-strong protest against government plans to raise the retirement age. Mass strikes also left thousands without electricity and disrupted schools, airports and trains as the country’s biggest union CGT urged people to “bring France to a halt.””

https://edition.cnn.com/2023/03/07/economy/france-pension-reform-strikes/index.html


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The French government said Monday that it had made a deal with major retailers to cap many food prices, in a bid to make inflationary pressures easier to bear for consumers.

“Retail groups would cut prices for a wide range of foodstuffs, the choice being left to their discretion, “to the lowest possible level” until June, Finance Minister Bruno Le Maire said.”

https://www.france24.com/en/france/20230306-french-retailers-agree-to-cap-food-prices-in-bid-to-curb-inflation


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Greece faces a fresh round of mass strikes and nationwide protests on Wednesday as anger mounts over the country’s worst rail tragedy that killed 57 people last week.

“Fourteen people remain in hospital after a freight train crashed head-on with a passenger train, carrying mostly students, near the central city of Larissa on February 28.”

https://www.france24.com/en/live-news/20230308-greece-faces-fresh-strikes-protests-over-rail-crash


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Police use water cannon in Georgia to disperse protests at ‘authoritarian’ law.

“Police in the former Soviet state of Georgia have used water cannon and teargas in an attempt to disperse thousands of people who rallied on Tuesday night after parliament gave its initial backing to a draft law on “foreign agents” which critics say represents an authoritarian shift.”

https://www.theguardian.com/world/2023/mar/07/police-use-water-cannon-in-georgia-to-disperse-protests-at-authoritarian-law


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China Jan-Feb trade slumps again as global demand falters.

“China’s exports for the January-February period fell, pointing to continued weakness in foreign demand and backing government concerns that a global slowdown will hamper the country’s recovery from pandemic-era damage.”

https://www.reuters.com/world/china/china-jan-feb-exports-imports-slump-again-global-demand-falters-2023-03-07/


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Taiwan exports drop for sixth straight month, led again by slow buying in China and Hong Kong…

“The global manufacturing hub for consumer electronics shipped US$31.05 billion worth of goods worldwide last month, according to Taiwan’s Ministry of Finance. That figure was down 17.1 per cent compared with February last year…”

https://www.scmp.com/economy/global-economy/article/3212691/taiwan-reports-sixth-straight-exports-drop-february-led-again-slow-buying-mainland-china-and-hong


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India Isn’t Immune to the Stagflation That Felled Its Neighbors…

“With investments also starting to slow from the high growth witnessed earlier during this fiscal year, the outlook for domestic demand has turned weak. Not much help is expected from the global economy. Financial conditions are tight almost everywhere, and demand tepid.”

https://www.bloomberg.com/opinion/articles/2023-03-06/india-isn-t-immune-to-the-stagflation-that-felled-its-neighbors


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Pakistan’s Dystopian Warning to the World…

“[It] presents a dystopian vision of the future, bankrupt, unstable and threatened by climate catastrophe. Its fate offers a warning to other heavily indebted nations on the precipice, from Sri Lanka to Zambia… Pakistan is due to hold elections no later than October, and political jostling is narrowing the nuclear-armed nation’s options.”

https://www.bloomberg.com/news/newsletters/2023-03-07/pakistan-s-dystopian-warning-to-the-world


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Afghan women protest outside Kabul University as male students return to class.

“Young Afghan women gathered outside Kabul University on Monday to protest the ruling Taliban’s ban on female education as their male peers returned to school for a new academic year and the United Nations heard the restriction may amount to a crime against humanity.”

https://edition.cnn.com/2023/03/06/asia/afghanistan-university-women-protest-intl-hnk/index.html


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Protests in Iran over wave of suspected poison attacks on schoolgirls – video report…

“Hundreds of girls in schools across Iran have fallen ill in suspected poisoning attacks, sparking further protests in a country that has been convulsed by unrest since the death of Mahsa Amini in police custody in September. Regime critics have blamed the apparent attacks on an extremist response to the Amini protests…”

https://www.theguardian.com/world/video/2023/mar/06/protests-in-iran-over-wave-of-suspected-poison-attacks-on-schoolgirls-video-report


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‘Financial regime is over’: Acute economic crisis forces people to commit suicide in Lebanon.

Lebanon’s Economy Minister earlier this month admitted that his office can do little to curb the country’s falling financial situation. The prevailing economic crisis in Lebanon has forced more than 80 per cent of its population to slip into poverty…”

https://www.firstpost.com/world/financial-regime-is-over-acute-economic-crisis-forces-people-to-commit-suicide-in-lebanon-12257722.html


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Tunisian Banks Face Liquidity Risks from Delayed IMF Deal.

“Banks in Tunisia face heightened liquidity risks due to the country’s delay in reaching an agreement with the IMF Executive Board on a 48-month programme worth USD1.9 billion, Fitch Ratings says. The delay also brings banks’ insolvency risk closer to sovereign risk in a potential sovereign default scenario.”

https://www.fitchratings.com/research/banks/tunisian-banks-face-liquidity-risks-from-delayed-imf-deal-06-03-2023


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Morocco requests $5 billion loan from the IMF.

“The International Monetary Fund (IMF) has agreed to a credit line for a total amount of $5 billion for Morocco for a period of two years. The agreement was signed by the Moroccan Ministry of Finance and IMF Managing Director Kristalina Georgieva.”

https://atalayar.com/en/content/morocco-requests-5-billion-loan-imf


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Chad: Fuel shortages likely in areas across country through at least mid-March.

“The Minister of Hydrocarbons and Energy previously asserted that fuel supplies would return to normal levels by late March 6; however, many petrol stations in N’Djamena and elsewhere in the country have since remained closed, and long lines have been reported at those still in operation.”

https://crisis24.garda.com/alerts/2023/03/chad-fuel-shortages-likely-in-areas-across-country-through-at-least-mid-march


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Nigeria: Year-Long Fuel Scarcity Worsens as Motorists Sleep in Abuja Queues.

“There was chaos in most of the service stations in the heart of the Federal Capital Territory (FCT) as many frustrated customers eager to buy the product struggled to join the long queues stretching several kilometres, causing serious gridlock in the usual light-traffic Abuja roads at the weekend.”

https://www.arise.tv/nigeria-year-long-fuel-scarcity-worsens-as-motorists-sleep-in-abuja-queues/


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Kenya Faces Fuel Shortage Amid a Dollar Crisis.

“The scarcity of the commodity is attributed to a cashflow problem blamed on declining dollar supply… Already, there are reports of long lines at pump stations, with consumers rushing to get the commodity before pumps run dry.”

https://allafrica.com/stories/202303080080.html


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Malawi: Fuel shortages nationwide in early March.

“The Malawi Energy Regulatory Authority (MERA) has reportedly indicated that there is adequate supply. Despite this, long lines have been reported near petrol stations… The reason for the recent shortage is unclear, though it could be related to a shortage of foreign currency preventing the government from importing fuel.”

https://crisis24.garda.com/alerts/2023/03/malawi-fuel-shortages-nationwide-in-early-march


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Zimbabwe: Electricity Outages Cut Off Bulawayo Water Supply.

Some residential areas have gone for more than two weeks without water after council disconnected supply citing current power outages. Only the city centre, mines and industrial areas have not been affected by the gruelling situation.”

https://allafrica.com/stories/202303070087.html


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Power ships in South Africa hit another roadblock.

“Karpowership, the Turkish company seeking to supply 1,220 megawatts of electricity to South Africa, had one of three appeals against adverse environmental rulings rejected, a person with knowledge of the matter said, potentially delaying a solution to the country’s power crisis.”

https://businesstech.co.za/news/energy/671071/headwinds-for-south-africas-floating-power-plants/


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South Africa’s economy shrank more than expected at the end of 2022 after being battered by rolling blackouts imposed by the Eskom electricity monopoly.

“Fourth-quarter activity in Africa’s most industrialised nation fell 1.3 per cent, from the previous three months, a period when breakdowns at Eskom coal plants forced power cuts almost every day…”

https://www.ft.com/content/c1168eef-2869-47b3-a597-471f485b7009


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Peru: 6 soldiers drown in river while responding to protests.

“Six soldiers drowned while trying to swim across a river in the Andes to reach a town where protests demanding the resignation of Peru’s president have turned violent, military officials said Monday.”

https://abcnews.go.com/International/wireStory/peru-4-soldiers-drown-river-responding-protests-97666059


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23 protesters charged with domestic terrorism after fiery clashes at Atlanta’s ‘Cop City’ training [US].

“Felony state domestic terrorism charges have been filed against 23 protesters arrested in Atlanta on Sunday after allegedly hurling bricks, rocks, fireworks and Molotov cocktails at police officers near the site of a planned public safety training facility, police said.”

https://abcnews.go.com/US/dozens-arrested-fiery-clashes-atlantas-cop-city-training/story?id=97649479


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

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