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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“Falling global trade and rising debt point to grim outlook for 2024.

“The world must face the reality that China’s property sector is not the biggest economic threat and the chance of ‘soft landings’ elsewhere is just an illusion

“Legacies of past monetary and fiscal excesses and present economic systemic fragmentation will undermine major economies… that is how crumbling develops – incrementally at first, then with sudden acceleration. It is all about lagged impacts, especially on global monetary conditions and now trade. Economic growth will be next.”

https://www.scmp.com/comment/opinion/article/3245154/falling-global-trade-and-rising-debt-point-grim-outlook-2024


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“Democracy and Climate Politics Are Set to Collide Next Year…

“As the dust settles on the COP28 climate summit that concluded last week in Dubai, a sobering reality is looming… Far too few places show a decent chance of accelerating the transition to clean energy in the way advocated by the COP28 agreement.”

https://www.bloomberg.com/opinion/articles/2023-12-17/elections-democracy-climate-politics-are-set-to-collide-next-year


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“Unfavorable economic conditions and protectionist trade policies are squeezing profit margins for wind and solar energy, hindering the progress of the renewable energy revolution.

“Global pledges made at COP27 to increase clean energy capacity face challenges as the economics of renewable energy investments become increasingly unclear.”

https://oilprice.com/Energy/Energy-General/Protectionist-Trade-Policies-Are-Threatening-the-Progress-of-Renewable-Energy.html


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“Credit markets risks in a crisis are distorted when everyone is a lender…

“In the best outcome, lenders would pause to sort out the markets’ structural problems and adapt to higher interest rates before the world’s pile of debt grows any larger. It’s something to hope for. But don’t rely on it.”

https://www.bloomberg.com/opinion/articles/2023-12-17/credit-markets-risks-in-a-crisis-are-distorted-when-everyone-s-a-lender


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“A $1.3 Trillion Debt-Fueled Boom in Deals Faces a Grim New Reality…

“A reckoning may now be coming for corporates that need to refinance debt if they can’t deliver on synergies or earnings growth… cash buffers built up during the Covid-19 pandemic are beginning to erode, sales are under pressure from weaker consumer spending and the risk of recession threatens future profits.”

https://finance.yahoo.com/news/1-3-trillion-debt-fueled-000005242.html


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“MSC, the world’s largest shipping carrier, joins shipping giants Hapag-Lloyd and Maersk in Red Sea travel pause amid attacks.

“MSC, the world’s largest shipping carrier, said it is no longer traveling through the Suez Canal after its container ship, the MSC PALATIUM III, was attacked Friday while transiting the Red Sea under a subcharter to Messina Line.”

https://www.cnbc.com/2023/12/15/shipping-giants-hapag-lloyd-and-maersk-pause-red-sea-travel.html


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“US to announce expanded protection force for Red Sea shipping…

“Much like the Task Force 153 already operating out of Bahrain, the larger protection force is designed to provide reassurance to commercial shipping companies that Houthi attacks will be seen off, and that the sea remains safe for commercial shipping.”

https://www.theguardian.com/world/2023/dec/17/us-to-announce-expanded-protection-force-for-red-sea-shipping


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“U.S. border officials on Sunday closed two rail bridges that move freight between Texas and Mexico after detecting a surge in the smuggling of migrants through Mexico by train.

“The move by U.S. Customs and Border Protection was the latest in a series of similar closures along the border in order to redeploy enforcement resources elsewhere in response to large numbers of migrants.”

https://www.reuters.com/world/us/us-closes-two-rail-bridges-mexico-amid-migrant-surge-2023-12-18/


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“Donald Trump says migrants are ‘poisoning the blood of our country’ in campaign speech.

“The Republican presidential frontrunner repeated language that had previously been criticised as xenophobic and echoing Nazi rhetoric. Mr Trump made the comments during a campaign event where he railed against the record number of migrants attempting to cross the US border illegally.”

https://news.sky.com/story/donald-trump-says-migrants-are-poisoning-the-blood-of-our-country-in-campaign-speech-13032416


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“Fire destroys Irish hotel due to house 70 asylum seekers.

“Ireland’s police have opened an investigation into criminal damage after an anti-migrant protest outside the hotel hours earlier. The fire broke out at about 11.35pm before being brought under control by emergency services.”

https://www.telegraph.co.uk/world-news/2023/12/17/fire-ireland-hotel-was-due-to-house-70-migrants/


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“Rishi Sunak has warned migrants threaten to “overwhelm” countries including the UK unless radical action is taken…

“The prime minister also said that failing to tackle illegal migration would “destroy the public’s faith” in politicians and “our very systems of government” during a conference organised by the far-right Italian leader Giorgia Meloni.”

https://www.independent.co.uk/news/uk/politics/rishi-sunak-migrants-overwhelm-uk-b2465290.html


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“UK Recession Risk Returns With Data Signaling Possible Downgrade.

“Recession fears may stalk Britain’s economy once again, with the threat of a downgrade this week to previous GDP estimates… It would be a bleak backdrop for Prime Minister Rishi Sunak’s desire to win re-election next year…”

https://www.bloomberg.com/news/articles/2023-12-18/uk-recession-risk-return-with-data-signaling-possible-downgrade


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“European buyouts plunge amid rising debt costs and falling valuations…

“Firms holding investments are also wary of selling unless they have to free up cash to return to their investors. Debt typically makes up between 40 and 50 per cent of the funding for purchases, although it can exceed that level in €1 billion-plus deals.”

https://www.thetimes.co.uk/article/european-buyouts-plunge-amid-rising-debt-costs-and-falling-valuations-enterprise-network-hjs733wmb


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“China banks step up sales of bad loans as consumer defaults rise…

“Issuance this year of securities backed by non-performing loans (NPLs) is set to jump about 40% from a year ago to a record, data from a ratings agency showed, as lenders rush to offload distressed assets linked to mortgage, credit card and consumer borrowings.”

https://finance.yahoo.com/news/china-banks-step-sales-bad-071057679.html


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“China South City Warns Can’t Pay Bond Interest Due Wednesday…

“China South City Holdings Ltd. said in a stock exchange filing that it doesn’t have the resources to pay the interest of its 9% notes due July 2024 — with $235 million of principal outstanding — by the end of a grace period Dec. 20, citing liquidity and cash flow constraints from a deteriorating operating environment.”

https://www.bloomberg.com/news/articles/2023-12-18/china-south-city-warns-can-t-pay-bond-interest-due-wednesday


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“Governors Unite: 11 Argentine Provinces Declare Economic Emergency Amid Crisis…

“The Telam news agency reported that the governors emphasized the necessity of implementing preventive measures and prudent management of resources amid the crisis.”

https://bnnbreaking.com/politics/economic-emergency-declared-in-11-argentine-provinces-amid-inflation-crisis/


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“Bolivia takes a key step in long road to tapping vast lithium riches…

“But while Bolivia has much more resources of lithium than neighbouring Chile, they are not yet deemed economically viable. One reason is that Uyuni brine has high levels of magnesium, which make its lithium less pure and expensive to produce. Also, the nearest port is at least 500 km and a border crossing away.”

https://www.miningweekly.com/article/bolivia-takes-a-key-step-in-long-road-to-tapping-vast-lithium-riches-2023-12-17


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“Protesters vs critical minerals: Panama copper fiasco shows risks to green transition…

“The [Cobre Panama Mine] project’s shock unravelling highlights the challenge of securing the supply of raw materials crucial for the green transition amid rising anti-mining sentiment and calls to protect the environment — and the cost to developing countries of cancelling lucrative extraction projects.”

https://www.ft.com/content/1d3e72fb-9c6d-48da-963d-31afd456850f


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“In Gaza, the fuel has gone – and now the trees are running out.

“Wherever trees have been left standing in Gaza, they are being chopped down for fuel. When wood – furniture and doors included – cannot be found, Gaza’s residents burn waste. To cook or heat themselves, people in the Palestinian enclave are burning what they can find in crude stoves…”

https://www.theguardian.com/global-development/2023/dec/16/in-gaza-the-fuel-has-gone-and-now-the-trees-are-running-out


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“As temperatures dip in Kashmir Valley, the power crisis with 12-14 hours of scheduled curtailment and additional unscheduled cuts shows no signs of abating…

” With the authorities insisting that the problem would be resolved once the smart meter project in Kashmir Valley is complete, it seems consumers may have to wait a few more years…”

https://kashmirtimes.com/in-freezing-cold-as-kashmiris-endure-over-12-hours-of-power-cuts-daily-govt-hopes-to-resolve-crisis-with-smart-meters-but-it-will-take-a-few-years/


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“Afghanistan: ‘Tea is sometimes all I have to give my hungry baby’…

“Sohaila is one of the 10 million people who have stopped receiving emergency food assistance from the UN World Food Programme (WFP) over the past year – cuts necessitated by a massive funding shortfall. It’s a crushing blow…”

https://www.bbc.co.uk/news/world-asia-67707715


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“Why Red Sea attacks pose a threat to energy security…

“Bab Al Mandeb is… even narrower than the Hormuz Strait. About 12 per cent of the seaborne oil trade and 8 per cent of liquefied natural gas passes through Bab Al Mandeb. Increased imports from the GCC have become increasingly critical for Europe after the near-total cessation of Russian gas and oil supplies. It is also problematic for Saudi Arabia…”

https://www.thenationalnews.com/business/comment/2023/12/18/why-the-red-sea-attacks-pose-a-threat-to-energy-security/


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“Russia said on Sunday it would deepen oil export cuts in December by potentially 50,000 barrels per day or more, earlier than promised, as the world’s biggest exporters try to support the global oil price.

“Saudi Arabia and Russia, the world’s two biggest oil exporters, called for all OPEC+ members to join an agreement on output cuts after a fractious meeting of the producers’ club.”

https://www.reuters.com/business/energy/russia-eyes-additional-oil-export-cuts-about-50000-bpd-december-novak-says-2023-12-17/


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“The oil cartel is caught in the trap that it set.

“The attempt by OPEC+ to put a high floor under the world’s oil prices is floundering. The cartel has sacrificed its own production volumes, but it is unaligned producers that are benefitting… Moreover, the options for responding aren’t great.”

https://www.smh.com.au/business/markets/the-oil-cartel-is-caught-in-a-trap-of-its-own-making-20231218-p5es3l.html


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“North Korea has tested a long-range ballistic missile that is theoretically capable of striking anywhere on the US mainland, Japan officials said, in the regime’s first round of missile tests for about a month.

“The missile appeared to have flown about 1,000km (620 miles) and reached a maximum altitude of more than 6,000km before landing in the sea east of the Korean peninsula on Monday.”

https://www.theguardian.com/world/2023/dec/18/north-korea-launches-ballistic-missiles-after-us-and-south-korea-bolster-nuclear-deterrence-plans


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

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