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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El Niño could cost the global economy $3 trillion…

“The shift to El Niño, which is characterized by warmer-than-normal sea surface temperatures in the eastern Pacific Ocean, in conjunction with accelerating climate change, means a wide array of exacerbated hazards may be coming down the pike. Those impacts come with a surprisingly steep price tag.”

https://grist.org/climate/el-nino-could-cost-global-economy-3-trillion/


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G7 summit gets underway in Hiroshima as Japan warns world leaders on nuclear weapons.

“…experts warn nuclear instability is again on the rise, with Russia hinting at the potential use of nuclear weapons against Ukraine, North Korea’s nuclear weapons program, and concern about a conflict between China and the United States over Taiwan.”

https://www.abc.net.au/news/2023-05-19/g7-begins-in-hiroshima/102365638


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Global debt nears record highs as rate hikes trigger ‘crisis of adaptation,’ top trade body says.

“The global debt pile grew by $8.3 trillion in the first quarter to a near-record high of $305 trillion… The finance industry body said the combination of such high debt levels and rising interest rates has driven up the cost of servicing that debt, triggering concerns about leverage in the financial system.”

https://www.cnbc.com/2023/05/18/iif-global-debt-near-record-highs-as-the-new-monetary-era-triggers-crisis-of-adaptation.html


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The world’s richest are leaving the poorest to deal with the global debt crisis alone.

“Without fixing the debt and poverty crisis, we won’t even get close to fixing the global climate crisis, which threatens us all… The unfortunate reality is that, for many leaders in the Global North, international assistance is now a secondary priority, as domestic issues and Russia’s war in Ukraine are dominating their agendas.”

https://www.politico.eu/article/the-worlds-richest-are-leaving-the-poorest-to-deal-with-the-global-debt-crisis-alone/


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Why are central bank forecasts so wrong? Failure to spot inflation dents central banks’ credibility…

“Advanced economies are experiencing the most acute — and most enduring — outbreak of inflation for a generation. Yet almost all rate-setters failed to spot the degree to which price pressures would ratchet up — and stick around, despite record amounts of monetary and fiscal stimulus.”

https://www.ft.com/content/1b0203bf-ad58-4189-ad90-38b59b24f236


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Slowing U.S. economy gets closer to recession, leading index signals.

“The U.S. leading economic index fell 0.6% in April and declined for the 13th month in a row, pointing once again to a potential recession later in the year… The leading economic index, also known as the LEI, is a gauge of 10 indicators designed to show whether the economy is getting better or worse.”

https://www.marketwatch.com/story/slowing-u-s-economy-gets-closer-to-recession-leading-index-signals-bac107f3


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Overexposed US regional banks could sell commercial property loans.

“Many U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled sector, according to new data and market sources.”

https://www.reuters.com/business/finance/overexposed-us-regional-banks-could-sell-commercial-property-loans-2023-05-17/


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First Republic CEO on bank’s collapse: ‘Everything changed overnight’.

“The former CEO of First Republic told House lawmakers Wednesday that his bank “was contaminated” by the widespread panic that followed the March 10 fall of Silicon Valley Bank, a development “no one” at his company could have anticipated.”

https://uk.finance.yahoo.com/news/first-republic-ceo-on-banks-collapse-everything-changed-overnight-124737963.html


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More than 1 in 6 adults have depression as rates rise to record levels in the US, survey finds…

“Nearly 3 in 10 adults have been clinically diagnosed with depression at some point in their lifetime, according to the survey, which is also a record high. The Covid-19 pandemic took an undeniable toll on mental health. Rates of clinical depression had been rising steadily in the US but “jumped notably” in recent years, the Gallup data shows.”

https://edition.cnn.com/2023/05/17/health/depression-rates-gallup/index.html


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Drug Shortages Near an All-Time High, Leading to Rationing.

“A worrisome scarcity of cancer drugs has heightened concerns about the troubled generic drug industry. Congress and the White House are seeking ways to address widespread supply problems… the United States remains heavily reliant on medicines and drug ingredients from India and China.”

https://www.nytimes.com/2023/05/17/health/drug-shortages-cancer.html


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[UK] Food banks forced to buy groceries due to shortages.

“The Trussell Trust said 13% of food in emergency parcels was bought, whereas before the pandemic it was all donated. Donations do not always match their most-needed items meaning charities have to buy more to cover shortages.”

https://www.bbc.co.uk/news/business-65574441


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Swiss parliament to investigate Credit Suisse collapse…

“The move comes after two sub-committees supported a deeper investigation into how the government, Swiss central bank and financial market regulator acted in the run up to the emergency rescue of Credit Suisse.”

https://www.reuters.com/business/finance/swiss-parliament-launch-investigation-into-credit-suisse-collapse-media-2023-05-17/


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Corporate Psychopaths: Unmasking the Silent Threat to Financial Stability…

“The study… looked at Bernie Madoff’s behavior throughout his life including during his business dealings, his trial, and his time in prison. It warns that while people with some psychopathic personality traits tend to get ahead in corporate finance, their recklessness and greed can bring down organizations and even entire economies.

https://neurosciencenews.com/corporate-psychopaths-finance-23262/


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The EU Is Deeply Divided Over Nuclear’s Role In The Energy Transition.

“While the U.S., the UK, and even Japan are doubling down on nuclear energy in the wake of the energy crisis, the European Union has seen divisions among member states over the role of atomic power in the climate goals only deepen since the Russian invasion of Ukraine and the spike in energy prices.”

https://oilprice.com/Alternative-Energy/Nuclear-Power/The-EU-Is-Deeply-Divided-Over-Nuclear-Role-In-The-Energy-Transition.html


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How is Australia trying to sell a major gas expansion? By badging it ‘sustainable’…

“A major rebranding exercise has been under way by the NT and the federal governments in relation to Middle Arm. Documents obtained by the ABC in December show the original business case for a “sustainable” development precinct described it as a “new gas demand centre”.”

https://www.theguardian.com/australia-news/2023/may/19/how-is-australia-trying-to-sell-a-major-gas-expansion-by-badging-it-sustainable


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Ecuador’s president dismisses legislature as it tries to oust him, in a move that promises turmoil.

“In disbanding the National Assembly, Guillermo Lasso made first use of the Ecuador presidency’s nuclear option under the constitution in conflicts with the legislative branch. His first move was to push a package of tax cuts…”

https://www.nsnews.com/politics/ecuadors-president-dismisses-legislature-as-it-tries-to-oust-him-in-a-move-that-promises-turmoil-7011944


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The governor of Bolivia’s central bank has said his country faced “a liquidity crisis”, but “not a solvency crisis”, as it runs short of foreign exchange.

“One Bolivian bank failed last month after a run on deposits, and regulators plan to repay dollar depositors in local currency. Several observers tell Central Banking that the move could exacerbate Bolivia’s reserves crisis….”

https://www.centralbanking.com/central-banks/reserves/gold/7958760/bolivian-governor-says-country-faces-liquidity-crisis


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Soybean and sugarcane producers have blocked the highway connecting Cochabamba and Santa Cruz in Bolivia for the second day in protest against diesel shortages…

“In Bolivia, the government implemented decrees 4910 and 4911 that reduced fuel sales to big buyers of gasoline and diesel from 20,000 to 5,000 liters in order to control the fuel and prevent smuggling. Farmers at the protest that left hundreds of trucks and cars stranded say they feel criminalized…”

https://tvpworld.com/69924437/soy-and-sugar-cane-producers-strike-in-bolivia


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Argentina president, protesters slam IMF debt, austerity as economy creaks.

“Argentine President Alberto Fernandez and protesters in Buenos Aires pushed back against the International Monetary Fund (IMF) on Thursday amid heightened tensions with the lender as the country faces nearly 109% inflation and dwindling dollar reserves.”

https://www.reuters.com/world/americas/argentina-president-protesters-slam-imf-debt-austerity-economy-creaks-2023-05-18/


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Ghana IMF loan: Will $3bn solve the economic crisis?

“The size of Ghana’s debt is now almost 90% of the total annual value of its economy… The country’s foreign reserves are virtually empty… if past experience is anything to go by, this cash injection from the IMF will not necessarily solve the country’s long-term economic problems.

https://www.bbc.co.uk/news/world-africa-65622715


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Eskom Warns South Africa Faces Record Power Cuts This Winter…

“The country faces a “difficult winter” as it heads into the cold months with 3,000 megawatts less capacity than last year, Eskom Holdings SOC Ltd. acting Chief Executive Officer Calib Cassim told reporters on Thursday.”

https://news.yahoo.com/eskom-warns-south-africa-faces-095736738.html


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A second exile: Sudanese refugees flee again to destitute Chad…

“Moussa, 68, is one of 60,000 Sudanese refugees, mostly women and children, who have poured over the border since war broke out on April 15, seeking safety in Chad, one of the world’s hungriest, most neglected countries.”

https://www.reuters.com/world/africa/second-exile-sudanese-refugees-flee-again-destitute-chad-2023-05-18/


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Why Tunisia’s political and economical crisis is Europe’s problem too…

“Tunisia’s economy is on the verge of collapse… But what happens in Tunisia doesn’t happen in a vacuum, and the physical distance between Europe and Tunisia is unlikely to shield the continent from the consequences of the North African country’s authoritarian descent and the unravelling of its democracy…”

https://uk.news.yahoo.com/why-tunisia-political-economical-crisis-050055274.html


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I’ll kick all refugees out of Turkey, Erdoğan rival vows.

“The leader of Turkey’s opposition has pledged to repatriate millions of refugees to their home countries, toughening his rhetoric ahead of a hotly contested runoff election next week… “I am announcing here: I will send all refugees back home once I am elected as president, period,” Kemal Kılıçdaroğlu declared, according to Turkish media.”

https://www.politico.eu/article/kick-all-refugees-out-turkey-kemal-kilicdaroglu-recep-tayyip-erdogan-election/


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‘This is Lebazuela’: Lebanon’s broken economy turns to the dollar.

“The world’s worst financial crisis has turned Lebanon into a “cash dollar” economy that risks becoming a haven for money-laundering, according to a damning new World Bank report… The financial collapse, worsened by the coronavirus pandemic and the huge explosion in Beirut’s port in August 2020, is the most extreme of any country in modern times.”

https://www.thetimes.co.uk/article/this-is-lebazuela-lebanons-broken-economy-turns-to-the-dollar-2xhrpddg


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Crippled economy fuels former Pakistan PM Khan’s protests.

“The tumultuous campaign by Imran Khan, Pakistan’s most popular politician, to reclaim power has been driven by an economic crisis that ordinary people say has left them unable to feed their families. Violent clashes erupted last week…”

https://uk.finance.yahoo.com/news/crippled-economy-fuels-former-pakistan-115152729.html


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Economic crisis on the rise in Nepal… If the current economic crisis in Nepal continues, it could lead to a Sri Lanka-like crisis…

“It is for the first time that the government has accepted that the country is under recession as it is mainly hit by a reduction in industrial production, lower investment, liquidity crisis, high-interest rates, burgeoning trade deficit, lower capital expenditure, and a decline in revenue collection.”

https://www.orfonline.org/expert-speak/economic-crisis-on-the-rise-in-nepal/


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Vietnam Faces Power Cuts Amid Heatwave.

“The biggest city in Vietnam, Ho Chi Minh City, is looking to conserve electricity usage amid a heatwave that has depleted water reservoirs for hydropower, the source generating around one-third of Vietnam’s electricity.”

https://oilprice.com/Latest-Energy-News/World-News/Vietnam-Faces-Power-Cuts-Amid-Heatwave.html


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

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