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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Edible insects crawl into the food market amid growing investment based on climate and security benefits.

“More governments, large companies and investors are joining start-ups in the quest to deliver edible insects to the world’s dining tables… Insects turn energy into protein more efficiently and with less environmental impact than livestock, but some critics raise concerns.”

https://www.scmp.com/business/article/3230926/edible-insects-crawl-food-market-amid-growing-investment-based-climate-and-security-benefits


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Green Power Gets Pricier After Years of Declines…

“…the cost of renewables has been ticking up, pushed by everything from macroeconomic forces to countries’ attempts to take control of their energy-supply chains.. The renewable-power price increase is creating headaches for some utilities and companies”

https://www.wsj.com/articles/green-power-gets-pricier-after-years-of-declines-87d71d5f


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Gas Market Ructions Fuel Concerns About Energy Bills This Winter.

Gas is back as a risk to the global economy with potential strikes in major producer Australia threatening to shatter the fragile balance of global supplies — and send consumer bills rising once more… The strikes highlight the fragility of global gas flows more than a year after the market’s status quo was shattered by Russia’s war in Ukraine.”

https://finance.yahoo.com/news/gas-market-ructions-fuel-concerns-230107209.html


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The Economic Losers in the New World Order. Giant subsidies and rising protectionism are upending decades of free trade.

The world’s biggest economies are offering huge subsidies in a cutthroat race to win the industries of the future. The losers: all the countries that can’t pay up… Smaller countries, from the U.K. to Singapore, are getting left behind.”

https://www.wsj.com/articles/global-economy-economic-losers-fba30b53


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When Trade War Threatens Real War…

“The new approach targets exports and investments in any technology the U.S. government deems vital to national security—a category that may be nearly limitless, given the government’s propensity for stretching the limits of that term. Much of this approach is being run through a shadowy governmental entity…”

https://news.yahoo.com/trade-war-threatens-real-war-100021134.html


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The Scary Math Behind the World’s Safest Assets… Washington has laid the seeds of a crisis that Wall Street can no longer ignore…

“The Congressional Budget Office regularly updates its long-term budget forecasts and says that U.S. debt held by the public will surpass gross domestic product this fiscal year and that interest on that debt will equal about three-quarters of discretionary, nondefense spending. By 2031, it will be as large.”

https://www.wsj.com/articles/the-scary-math-behind-the-worlds-safest-assets-a22069f9?st=jsu9oqrxi2j6o2e


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How the Fed Got Drawn Into the Shadows…

“Bankers are warning that tougher capital rules being proposed by the Federal Reserve and other US regulators will push more risks out of well-regulated lenders and into markets… pushing risk from banks into what’s often called shadow banks hasn’t necessarily made the system as a whole safer…”

https://www.washingtonpost.com/business/2023/08/14/how-the-fed-got-drawn-into-the-shadows/f7009d0a-3a59-11ee-aefd-40c039a855ba_story.html


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Bond Market Sees No End to Tumult as Fed Casts a Hawkish Shadow.

“Investors anticipate that US Treasuries will continue to be whipsawed by heightened volatility as economic uncertainty threatens to alter the central bank’s path or keep rates pinned higher for far longer than traders currently expect. Already, some Fed officials are underscoring that there may still be more work to do…”

https://finance.yahoo.com/news/bond-market-sees-no-end-200000437.html


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‘Infinity mortgages’ have arrived that stretch far beyond 50 years [Canada]…

“Chalmers’ bank offered him a variable-rate fixed-payment mortgage, which adjusts to rising interest rates. If rates go up, the monthly payments stay the same but the amortization period — the length of time it takes to pay off the entire mortgage — automatically rises.”

https://www.thestar.com/business/infinity-mortgages-have-arrived-that-stretch-far-beyond-50-years-they-ll-help-avoid-defaults/article_c55d09bc-d5c1-5c87-81cd-246b9cb5e725.html


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Let’s stop kidding ourselves we’re a rich nation and get real… the UK’s gone bust…

“The UK has been living beyond its means in every way. Internationally, we are no longer a creditor nation. We depend on the “kindness of strangers”, in the famous words of former Bank of England governor Mark Carney, to support our currency, as our liabilities to foreigners exceed our assets by 30% of GDP and growing. Our fading industrial base produces permanent current account deficits…”

https://www.theguardian.com/commentisfree/2023/aug/13/uk-stop-kidding-ourselves-rich-nation-gone-bust


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Inflation shock as Jeremy Hunt expects prices to go back up again.

“Rishi Sunak’s promise to halve inflation this year has been dealt a major blow, as chancellor Jeremy Hunt expects the rate of price hikes to go back up again this month. Hard-pressed Britons had hoped the end of the cost of living crisis was in sight, with inflation levels finally coming down in recent months.”

https://www.msn.com/en-gb/news/uknews/inflation-shock-as-jeremy-hunt-expects-prices-to-go-back-up-again/ar-AA1fdrtI


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Sharp rise in cost of food basics forces UK families ‘to make desperate choices’.

“The cost of some basic food items such as cheese, butter and bread has soared by more than 30% in the last two years, forcing poorer households to “make desperate choices between keeping up with their bill payments or putting food on the table,” campaigners have said.”

https://www.theguardian.com/business/2023/aug/14/sharp-rise-in-cost-of-food-basics-forces-uk-families-to-make-desperate-choices


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Demand for pawnbroking hits ‘record levels’ in UK…

““Supply of small-sum credit is constrained now in a way it hasn’t been for many years,” he said. “If you only want and need to borrow £200, your options are very limited.” He added that “to a degree” the rise in demand for pawnbroking was also due to the high cost of living.”

https://www.ft.com/content/d4062163-04cf-43d3-84ea-22b50db9765f


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Bond Traders Fear ECB Hawks as Energy Jitters Return to Europe.

“Freezing winter weather seems a remote concern as Europe swelters, but traders and strategists got a reminder last week of the continent’s fragile energy security and bond-market risks… “Suddenly some inflation alarms are ringing again,” said Benjamin Schroeder, senior rates strategist at ING.”

https://finance.yahoo.com/news/bond-traders-fear-ecb-hawks-070000476.html


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Ukraine: Zaporizhzhya nuclear plant initiates reactor shutdown following water leak, reports IAEA.

“The Zaporizhzhya Nuclear Power Plant in Ukraine has begun transitioning one of its reactor units from a hot shutdown to a cold shutdown after a water leak was detected in one of its steam generators, the International Atomic Energy Agency (IAEA) said on Thursday.”

https://news.un.org/en/story/2023/08/1139662


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Fukushima nuclear disaster: Activists march against Tokyo’s waste plan.

“Hundreds of people in South Korean took to the streets of Seoul on Saturday to protest against Japan’s contentious plan to release treated nuclear wastewater into the Pacific Ocean. Tokyo is set to release the water from the tsunami-hit Fukushima nuclear plant later this month.”

https://www.bbc.co.uk/news/world-asia-66486233


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Yen breaches 145 mark against the dollar, prompting expectations of BOJ intervention.

“The yen has been steadily weakening after Japan’s central bank had adjusted its stance on its yield curve control policy on July 28, sending 10 year Japanese government bonds to its highest levels in nine years.”

https://www.cnbc.com/2023/08/14/yen-breaches-145-level-against-usd-raises-expectations-boj-may-intervene.html


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‘How do you live?’ Australia’s rental crisis is pricing low-income workers out of a home…

“Homelessness NSW says services are seeing a sharp increase in people living in cars, or with friends, but trying to hold down a job. Data shows there are about 35,000 people who are homeless in New South Wales and about 10,000 of them have some form of employment.”

https://www.theguardian.com/australia-news/2023/aug/14/australia-rental-crisis-is-pricing-essential-workers-out-of-a-home


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‘Things have changed’: Victorian MP David Limbrick’s plan to scrap 40-year-old ban on nuclear energy in state.

“Liberal Democratic MP David Limbrick will introduce a bill to repeal a 40-year-old ban on nuclear energy in Victoria, in a bid to lower power prices for households. The Nuclear Activities (Prohibitions) Act bans various nuclear-related activities such as mining and the construction of certain facilities.”

https://www.skynews.com.au/business/energy/things-have-changed-victorian-mp-david-limbricks-plan-to-scrap-40yearold-ban-on-nuclear-energy-in-state/news-story/31e9a326f48966c90fee3f331aee34e7


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Australia’s Climate Risks Are Making Home Insurance Unaffordable.

“Australian home insurance premiums jumped the most in two decades in the past year, driven by weather catastrophes and higher building costs, new research showed. Median home insurance premiums surged 28%…”

https://www.bloomberg.com/news/articles/2023-08-13/australia-s-climate-risks-are-making-home-insurance-unaffordable


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China’s Stalling Economy Puts the World on Notice.

“For more than a quarter-century… the global economy was propelled by a seemingly inexhaustible engine. Now that engine is sputtering, posing alarming risks for Chinese households and economies around the planet. Long the centerpiece of a profit-enhancing version of globalization, China has devolved into the ultimate wild card in a moment of extraordinary uncertainty for the world’s economy.”

https://www.yahoo.com/news/china-stalling-economy-puts-world-141731036.html


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China Foreign Investment Gauge at 25-Year Low Amid High Tensions.

“One measure of new foreign investment in China fell to the lowest level in 25 years in the second quarter, fueling concerns about how much geopolitical tensions and the economy’s slowing recovery can hurt business confidence.”

https://www.bloomberg.com/news/articles/2023-08-07/china-foreign-investment-gauge-at-25-year-low-amid-high-tensions


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China property crisis deepens: Country Garden shares slide on bond suspension while Sino-Ocean misses interest payments.

“China’s property crisis worsened as state-backed developer Sino-Ocean Group Holdings missed interest payments and shares in developer Country Garden slumped further after it suspended trading of some onshore bonds.”

https://www.scmp.com/business/china-business/article/3230981/china-property-crisis-deepens-country-garden-shares-slide-bond-suspension-while-sino-ocean-misses


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Between a rock and hard place: Mongolia exploits coal at climate’s cost…

“Barkhas Buyandavaa would rather be working anywhere else… “I know coal is bad, but I have no choice. This is the only way to earn a decent living,” said the independent trucker, who transports coking coal on contract for a mining company.”

https://www.benarnews.org/english/news/indonesian/mongolia-coal-open-pit-mine-climate-change-fossil-fuel-08132023093718.html


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‘Democracy, Democracy’ chant Israelis protesting legal reforms.

“Since the government unveiled the reform package in January, tens of thousands of Israelis have joined weekly demonstrations in what has turned out to be the biggest protest movement in the country’s history — one that has split the nation.”

https://www.france24.com/en/live-news/20230812-democracy-democracy-chant-israelis-protesting-legal-reforms


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Argentine far-right outsider Javier Milei takes shock lead in primary vote.

“Argentine voters punished the country’s two main political forces in a primary election on Sunday (13 August), pushing a rock-singing libertarian outsider candidate into first place in a huge shake-up in the race towards presidential elections in October.”

https://www.euractiv.com/section/global-europe/news/argentine-far-right-outsider-javier-milei-takes-shock-lead-in-primary-vote/


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Tanzanian police have arrested a lawyer and an opposition politician and accused them of incitement and planning to organise nationwide demonstrations aimed at bringing down the government.

“The police arrested lawyer Boniface Anyasile Mwabukusi and Mpaluka Nyagali on Saturday, spokesperson David Misime said in a statement.”

https://www.reuters.com/world/africa/tanzania-police-arrest-two-accuse-them-organising-protests-2023-08-13/


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Protests will cripple the Kenyan economy…

“Unfortunately, this country’s economy, like elsewhere, is struggling to recover from the impacts of the longest drought in the Horn of Africa in four decades, locust invasions, the Coved-19 pandemic, the war in Ukraine and now the human factor — maandamano protests.”

https://nation.africa/kenya/blogs-opinion/letters/protests-will-cripple-the-kenyan-economy-4334246


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Sudan: Acute Hunger in Conflict-Ridden Sudan Reaches Record Levels.

“U.N. agencies warn that hunger in conflict-ridden Sudan has reached record levels, with more than 20.3 million people across the country, over 42% of the population, facing acute hunger, including 6.3 million who are “one step away from famine.””

https://allafrica.com/stories/202308120012.html


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Chad is experiencing a humanitarian crisis as thousands of Sudanese refugees fight for survival in makeshift cities…

“With her due date quickly approaching, Khadidja Abakar Hassan Mahamat wipes tears from her eyes, thinking of how her unborn baby will never get to meet its father. She is eight months pregnant and living in a makeshift tent with her two children in another country after losing her husband and her house.”

https://www.abc.net.au/news/2023-08-13/inside-the-lives-of-women-fleeing-sudan-s-civil-war/102702518


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AI will be at the center of the next financial crisis, SEC chair warns…

“”Models built on the same datasets are likely to generate highly correlated predictions that proceed in lockstep, causing crowding and herding,” Gensler wrote… Those monopolies can then become “single points of failure” that threaten the entire network — much as the failure of a single midsize investment bank, Lehman Brothers, caused a global financial catastrophe.”

https://www.axios.com/2023/08/12/artificial-intelligent-stock-market-algorithms


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

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