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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“Artificial Intelligence has the ability to perform illegal financial trades and cover it up, new research suggests.

“In a demonstration at the UK’s AI safety summit, a bot used made-up insider information to make an “illegal” purchase of stocks without telling the firm. “When asked if it had used insider trading, it denied the fact.”

https://www.bbc.co.uk/news/technology-67302788


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“Software companies line up for share of generative AI spoils…

“The global market for generative AI will grow from $6bn this year to $59bn in 2028, new forecasts show, as the technology is deployed in industries ranging from marketing to insurance. Few software markets, if any, have grown as fast or produced as much excitement — and fear…”

https://www.ft.com/content/d32ae3c2-b30e-46cb-b1ab-ccdf39107b2c


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“Parents are stealing their children’s identities to access debt—and destroying their kids’ credit scores in the process [US]…

“In their analysis of more than 40,000 American children, researchers at the university found that 10% had someone else using their Social Security number. That meant kids were 51 times more likely to fall victim to identity theft than adults.”

https://fortune.com/2023/11/04/parent-stealing-child-identity-theft-fraud/


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“Top US gas producer says pipeline fights endanger industrial world.

“The largest US natural gas producer has lambasted a “war on infrastructure” that risks sparking a Europe-style energy crisis in parts of the US, days after the latest delay to a new pipeline fast-tracked for approval by Congress.”

https://www.ft.com/content/8984f473-21d9-41a9-8b0c-16b169d9c557


“Trucking executives have said that the current freight recession [US] is worse than 2008. On its surface, that seems like an exaggeration. But the reason they think this is because of the speed and depth at which industry conditions have deteriorated.”

https://twitter.com/FreightAlley/status/1720930437936128306


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“US Diesel Demand Is Rolling Over Rapidly.

“Lower lows in crude oil have been consistent with US diesel demand falling at the velocity of its recent drop. Known as the fuel that powers the global economy, diesel may be foretelling an economic slump akin to 2008-09.”

https://twitter.com/mikemcglone11/status/1720848768294146218


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“Two Fuels That Power the Global Economy Flash Red in Europe…

“Demand for plastic-making feedstock lowest since the 1970s… Sharp diesel consumption drop in euro zone’s biggest economies… If the oil market offers clues about the state of the economy, it’s through the prism of two petroleum products: diesel and naphtha. And in Europe, the news is bleak.”

https://www.bloomberg.com/news/articles/2023-11-04/two-fuels-that-power-the-global-economy-flash-red-in-europe


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“The £1.6 trillion British industry going from gold standard to a house of cards.

“Empty offices sold at knock-down prices risk a fierce crash cascading through the economy… Industry figures are braced for a steep correction in prices that could rival some of the worst downturns ever seen…”

https://www.telegraph.co.uk/business/2023/11/04/britain-commercial-property-market-downturn/


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“Remember the austerity of 2010s? Early 2020s are expected to be far worse [UK]…

“The prospects are bleak. For more than 70 years the British economy has grown steadily, if not always spectacularly. There have been setbacks – not least the 1970s energy shock, 1990s property crash, and 2008 financial crisis – before eventual recoveries took hold. This time is different.”

https://www.theguardian.com/business/2023/nov/05/remember-the-austerity-of-2010s-early-2020s-are-expected-to-be-far-worse


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“Greece: Cost of living crisis hits ordinary households hard…

“Today, a 500-gram bag of coffee costs at least €2 more than last year. Milk and yoghurt are twice as expense, most kinds of bread and eggs costs about 30% more. Even feta, a popular Greek cheese, is now €12 a kilo, that’s €3-4 euros more than six months ago.”

https://www.dw.com/en/greece-cost-of-living-growing-prohibitively-expensive/a-67300533


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“Mass protests over copper mine risk Panama’s business-friendly image.

“Swelling protests in Panama against a large copper mine have shocked politicians and investors, with the strength of opposition to the project and the government response casting a cloud over the country’s investor-friendly reputation.”

https://www.ft.com/content/bdc8d6f3-cff6-478e-8155-6b3ff5b8a869


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“Vietnam turns to rooftop solar as blackouts hit country…

“Vietnam must replace fossil fuels with solar and wind power to comply with the Just Energy Transition Partnership, a $15.5 billion aid program from the Group of Seven advanced economies. JETP has been slow to lift off, while electricity shortages have hit provinces…”

https://asia.nikkei.com/Business/Energy/Vietnam-turns-to-rooftop-solar-as-blackouts-hit-country


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“Pakistan Cracks Down on Power Theft to Rescue Debt-Laden Economy…

“The measures… risk stoking widespread public anger in a country already on edge following the ouster and arrest of Imran Khan, the former prime minister and national cricket hero… Power theft is pervasive throughout emerging markets, but Pakistan ranks among the worst in Asia.”

https://www.bloomberg.com/news/articles/2023-11-01/pakistan-cracks-down-on-power-theft-to-reform-debt-laden-economy


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“Nigeria Unplugs From Dirty Generators in Sudden Solar Gamble.

“An abrupt decision to end fuel subsidies is both jump-starting a solar future and making electricity more expensive in Africa’s biggest city… A lack of refining capacity means Nigeria imports virtually all its gasoline even though it’s Africa’s biggest crude exporter.”

https://www.bloomberg.com/news/features/2023-11-06/nigeria-s-solar-gamble-forces-millions-in-lagos-to-unplug-from-dirty-generators


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“More than 20 people were killed after shells hit a market in a suburb of the Sudanese capital Khartoum on Sunday, a committee of pro-democracy lawyers said in a statement.

“It was the latest bloodshed in the fighting since April between the forces of army chief Abdel Fattah al-Burhan and his former deputy Mohamed Hamdan Daglo, who commands the Rapid Support Forces (RSF).”

https://www.trtafrika.com/africa/more-than-20-civilians-killed-in-sudans-market-shelling-15706551


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“In rare announcement, US says guided missile sub has arrived in Middle East, a message of deterrence to adversaries…

“US Central Command said on social media Sunday that an Ohio-class submarine was entering its area of responsibility. A picture posted with the announcement appeared to show the sub in the Suez Canal northeast of Cairo.”

https://edition.cnn.com/2023/11/05/politics/us-missile-submarine-middle-east/index.html


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“Iran says US ‘will be hit hard’ if no ceasefire in Gaza…

” Iran said that the United States would “be hit hard” if Washington did not implement a ceasefire in Gaza, the country’s Minister of Defence was quoted as saying by the semi-official Tasnim news agency on Sunday.”

https://www.reuters.com/world/middle-east/iran-says-us-will-be-hit-hard-if-no-ceasefire-gaza-tasnim-2023-11-05/


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“Israel launches major strikes on Gaza as violence flares up on Lebanon boundary.

“Gaza was rocked by a series of huge explosions on Sunday evening and communications with the coastal strip were cut, as violence also escalated on Israel’s northern boundary with Lebanon.”

https://www.theguardian.com/world/2023/nov/05/israel-launches-major-strikes-on-gaza-as-violence-flares-up-on-lebanon-boundary


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“‘I’m not sure we’ve got a safety net’: Israeli businesses buckle as war hits economy…

“Evidence is already mounting of the war’s destructive impact on economic activity. A survey of Israeli businesses by the Central Bureau of Statistics found that one in three had closed or were operating at 20 per cent capacity or less since it began, while more than half had reported revenue losses of 50 per cent or more.”

https://www.ft.com/content/77d7ff6b-85f7-40ba-babe-ed82a3e8208f


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“Gaza conflict shakes Middle East economies…

“War in Gaza is threatening the fragile and tourism-dependent economies of Egypt, Jordan and Lebanon and triggering concerns that the impact will spread across the Middle East… “We’re already seeing reports of cancelled bookings in neighbouring countries like Egypt,” said Farouk Soussa, Goldman Sachs’s regional economist.”

https://www.ft.com/content/0f533c9f-a719-4210-9e99-44b74e75a6b0


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“Recent Turkish drone strikes on Kurdish-held areas of northeast Syria damaged critical infrastructure and resulted in water and electricity disruptions for millions of people.

“People in the region, already facing a severe water crisis, now also bear the brunt of increased bombardment, exacerbating their struggle to get essential water supplies.”

https://www.hrw.org/news/2023/10/26/northeast-syria-turkish-strikes-disrupt-water-electricity


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“German Foreign Minister Again Appeals For Armenia, Azerbaijan To Return To Peace Talks…

“Baerbock’s trip to the Caucasus comes six weeks after a lightning offensive by Azerbaijani forces retook the territory of Nagorno-Karabakh following decades in which Yerevan-backed ethnic Armenians controlled the Azerbaijani territory. More than 100,000 ethnic Armenians fled…”

https://www.rferl.org/a/germany-baerbock-armenia-nagorno-karabakh-naxcivan/32670847.html


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“One of the world’s biggest shipping firms is to cut 3,500 more jobs due to lower freight rates and demand.

“AP Moller-Maersk already cut 6,500 roles earlier this year as part of “rigorous cost containment measures” but said more redundancies were needed. The firm, which transports goods for major retailers such as Nike, said profits had plunged by 92% in its most recent quarterly results.”

https://island.lk/maersk-cuts-10000-jobs-as-shipping-demand-falls/


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“Global economy faces systemic crises…

“…public and private debt having risen to record levels during the era of low interest rates, the global financial system faces a huge stress test. The banking crisis in the US and Europe early this year was a foretaste of that test. The crisis was caused by rising interest rates to combat rising inflation.”

https://thefinancialexpress.com.bd/views/views/global-economy-faces-systemic-crises


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“The world economy is defying gravity. That cannot last…

“Fiscal largesse has added to the world economy’s sugar rush. In a higher-for-longer world, it too looks unsustainable… All told, government debt in the rich world is now higher, as a share of GDP, than at any time since after the Napoleonic wars.”

https://www.economist.com/leaders/2023/11/02/the-world-economy-is-defying-gravity-that-cannot-last


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“The coming battle between world leaders and bond vigilantes…

“As multiple nations go to the polls next year, pre-election spending by governing parties will be punished… In a boom year for elections, with national contests from the US to India, incumbents seeking another term will be tempted as always to ramp up public spending before the vote.”

https://www.ft.com/content/1da8766c-d8f8-4858-91a3-8c2f9221772a


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“Signs are pointing to another Black Monday. Somebody tell the Fed.

“Changes in monetary policy have a lagged effect. The Federal Reserve’s abrupt switch to tightening last year is now resulting in investor confusion. Today’s bond market jitters and monetary squeeze bring to mind the situation leading up to 1987’s global market crash, but the Fed seems oblivious.”

https://www.scmp.com/comment/opinion/article/3240174/signs-are-pointing-another-black-monday-somebody-tell-fed


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

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