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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“‘We have a huge fiscal problem’: Banking group IIF sounds the alarm on record global debt… IIF CEO Tim Adams sounded the alarm on rising levels of debt while speaking to CNBC’s Silvia Amaro at the World Economic Forum in Davos, Switzerland…

““We have a debt problem globally. We have the highest levels of debt in a nonwar period in modern history and it’s at the corporate, household, sovereign, sub-sovereign [levels],” Adams said.

““We have a huge fiscal problem everywhere, including the U.S. We’re running [a] deficit at 7% of GDP. We need sobriety and we need to focus on how we are going to get our fiscal house in order,” he added.”

https://www.cnbc.com/2024/01/16/davos-banking-group-iif-sounds-the-alarm-on-record-global-debt.html


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“Top economists predict global growth will weaken this year as geopolitical rifts grow.

“The majority of economists surveyed by the World Economic Forum expect the global economy to weaken this year, saying that geopolitical fragmentation around the world will deepen.”

https://www.cnbc.com/2024/01/15/davos-economists-survey-global-economy-seen-weakening-in-2024.html


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“Global Conflict Has Surged to an 80-Year High. Why?

“…According to researchers at Uppsala University, this might be the most violent period of the 21st century, with more total conflicts than any year since World War II. Why is it all happening at once?”

https://www.theringer.com/2024/1/16/24039609/world-on-fire-part-2-global-conflict-has-surged-to-an-80-year-high-why


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“Iran strikes ‘militant bases’ in Pakistan in latest Middle East flashpoint…

“Iran and Pakistan have long had a tense relationship, in large part because of the activities of Balochi separatists and other militant groups in the border area. However, this would mark a significant escalation on the territory of its nuclear-armed neighbour.”

https://www.theguardian.com/world/2024/jan/16/iran-launches-airstrikes-on-sunni-militant-bases-in-pakistan


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“Iran strikes targets in northern Iraq and Syria as regional tensions escalate.

“Iran says it fired missiles at what it claimed were Israeli “spy headquarters” near the U.S. Consulate in the northern Iraqi city of Irbil, and at targets linked to the extremist group Islamic State in northern Syria.”

https://abcnews.go.com/International/wireStory/iran-announces-strikes-northern-iraq-syria-regional-tensions-106391511


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“US Deploys 1,500 Soldiers to Iraq, Syria Amid Rising Tensions in the Region.

“The United States has announced the deployment of 1,500 troops to Iraq and Syria, with the stated objective of combating the threat posed by the Islamic State of Iraq and Syria (ISIS). The decision comes at a time when tensions between the US and Iran-aligned groups in the region are escalating rapidly.”

https://www.moroccoworldnews.com/2024/01/360148/us-deploys-1-500-soldiers-to-iraq-syria-amid-rising-tensions-in-the-region


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“Israel hits deep in Lebanon; U.S. strikes Yemen again as tensions rise across region.

“Israel’s military said it launched a barrage against Hezbollah targets deep in southern Lebanon on Tuesday. Tensions are rising across the region amid a spate of military activity, including Israel’s continued strikes in Gaza and tit-for-tat exchanges with Hezbollah.”

https://www.washingtonpost.com/world/2024/01/16/israel-hamas-war-news-gaza-palestine-updates/


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“Red Sea attacks: Greek vessel hit by missile fired by Houthi rebels.

“The Greek-owned bulk carrier Zografia was sailing from Vietnam to Israel when it was struck on Tuesday. It is said to have suffered only minor damage. The incident comes as the US military announced it had seized Iranian-supplied weapons bound for the Houthis during an operation last week.”

https://www.bbc.co.uk/news/world-middle-east-67992600


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“Red Sea war insurance rises with more ships in firing line.

“War risk insurance premiums for shipments through the Red Sea are rising after further attacks on merchant vessels by Yemen’s Houthi movement and the expectation that ships with a UK or U.S. connection will be targeted, insurance sources said on Tuesday.”

https://www.reuters.com/business/finance/red-sea-war-insurance-rises-with-more-ships-firing-line-2024-01-16/


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“West braces for global ‘rewiring’…

“Conflict in the [Red Sea] region threatens to prolong the inflation crisis that has gripped the world for the last two years. By adding weeks to the time it takes to ship goods to Europe and thousands to the cost, strikes in the Red Sea may keep prices high. Hopes of rapid falls in interest rates look to be dashed in the process.”

https://au.finance.yahoo.com/news/why-red-sea-crisis-signals-060000340.html


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“US, South Korea and Japan conduct naval drills as tensions deepen with North Korea.

“The United States, South Korea and Japan conducted combined naval exercises involving an American aircraft carrier in their latest show of strength against nuclear-armed North Korea, South Korea’s military said Wednesday, as three countries’ senior diplomats were to meet in Seoul to discuss the deepening standoff with Pyongyang.”

https://www.independent.co.uk/news/north-korea-ap-south-korea-japan-kim-jong-un-b2479864.html


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“Britain is sending a task force of 20,000 to take part in the biggest NATO exercise since the Cold War which aims to make the alliance battle-ready at an increasingly dangerous time with conflicts raging in the Middle East and Ukraine.

“The UK contingent, from the army, Royal Navy and the RAF will provide almost half of the 41,000 service personnel which will take part in Operation Steadfast Defender…”

https://www.independent.co.uk/news/uk/politics/nato-military-exercise-shapps-sunak-ukraine-russia-b2479205.html


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“Trump Is Already Reshaping Geopolitics. How U.S. Allies and Adversaries Are Responding to the Chance of His Return…

“In Trump’s words: “I would tell [Ukrainian President Volodymyr] Zelensky, no more [aid]. You got to make a deal.” Facing a good chance that a year from now, Trump will offer terms much more advantageous for Russia than anything U.S. President Joe Biden would offer or Zelensky would agree to today, Putin will wait.”

https://www.foreignaffairs.com/united-states/trump-already-reshaping-geopolitics


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“Trouble for the U.S. economy? Empire State gauge sinks to lowest level since pandemic.

“The New York Federal Reserve’s Empire State business-conditions index, a gauge of manufacturing activity, plunged 29.2 points to negative 43.7, the regional Fed bank said Tuesday. It’s the second-lowest reading ever. The biggest drop took place in the depths of the pandemic, in May 2020.”

https://www.marketwatch.com/story/new-york-feds-empire-state-index-plunges-in-january-to-lowest-level-since-pandemic-56db0554


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“Grocery shock as Aussie staples doubling in price revealed.

“Rising grocery prices are just one of the factors pushing the cost of living up for Australians and new data has revealed which have doubled in the last three years, plus when they should ease. While factors including inflation, higher costs and supply chain issues have created a pressure cooker of financial strife for shoppers, severe weather events led to further hikes.”

https://au.finance.yahoo.com/news/grocery-shock-as-aussie-staples-doubling-in-price-revealed-experts-tip-on-when-they-will-ease-201843696.html


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“UK inflation rose unexpectedly to 4.0% in December in the first increase for 10 months, complicating the timing of interest rate cuts from the Bank of England this year…

“Core inflation, which excludes volatile items including energy, food, alcohol and tobacco, was unexpectedly unchanged at 5.1%, in a development that will be watched closely by the Bank…”

https://www.theguardian.com/business/2024/jan/17/uk-inflation-unexpectedly-rises-despite-sharp-fall-in-fuel-prices


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“Germany on track for two-year recession as economy shrinks in 2023…

“The German national statistics office said “multiple crises” affecting the economy had contributed to a 0.3% fall in gross domestic product (GDP) in 2023, compared with the previous year, as higher interest rates and elevated living costs took their toll.”

https://www.theguardian.com/world/2024/jan/15/germany-two-year-recession-2023-gdp


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“‘Very worrying’: Trade unions alarmed by EU’s industrial collapse.

“Europe’s major trade union organisations have expressed deep concern about the scale of the EU’s industrial decline, as structurally high energy prices continue to lay waste to a crucial pillar of the bloc’s economy.”

https://www.euractiv.com/section/economy-jobs/news/very-worrying-trade-unions-alarmed-by-eus-industrial-collapse/


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“Crises have split European voters into five ‘tribes’, survey suggests.

“Europe’s voters are no longer divided into left or right, pro- or anti-EU camps, a survey suggests, but into five distinct tribes whose conflicting concerns [ climate, migration, global economic turmoil, Ukraine and Covid] are likely to dominate nearly 20 elections across the continent this year.”

https://www.theguardian.com/world/2024/jan/17/crises-have-split-european-voters-into-five-tribes-survey-suggests


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“China population decline accelerates as birthrate hits record low…

“The state-run Chinese Academy of Sciences has predicted the pension system in its current form will run out of money by 2035. By then the number of people in China above 60 years old – the national retirement age – will have increased from about 280 million to 400 million.”

https://www.theguardian.com/world/2024/jan/17/china-population-decline-accelerates-as-birthrate-hits-record-low


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“A rout in Chinese stocks deepened Wednesday as a slew of disappointing economic data reinforced bearish sentiment toward the market…

“Investors, already disheartened by a lack of interest-rate cut by the People’s Bank of China earlier this week, appeared to be throwing in the towel as data Wednesday showed persistent challenges from deflation pressures and the property crisis.”

https://www.bnnbloomberg.ca/china-stocks-slump-as-concerns-mount-on-disappointing-data-1.2022872


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“Emerging-market stocks and currencies tumbled Tuesday, adding to the worst start to a year since 2016, as global markets continue to tone down bets on early US interest rate cuts…

“In 2016, the January slump followed the first Fed rate hike in almost a decade. Higher US rates sparked a brief capital flight from riskier assets, leading to an 11% plunge in stocks by mid-January of 2016.”

https://www.bloomberg.com/news/articles/2024-01-16/emerging-market-stocks-off-to-their-worst-start-in-eight-years


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“Port Moresby residents [Papua New Guinea] lose everything in riots blamed on dire economic situation and youth with poor prospects.

“What began as a police protest and strike set the stage for the dramatic unrest, which killed at least 15 people in the capital as thousands rioted. As events began unfolding, Ms Joku said she helplessly watched on from her verandah and tried to contact police, before contacting her local MP.”

https://www.abc.net.au/news/2024-01-15/port-moresby-residents-lose-everything-riots-looting/103322710


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“In the new Afghanistan, it’s sell your daughter or starve.

“In Shahrak-e-Sabz, a settlement of makeshift mud-brick homes and tents for the displaced in Herat province that we visited last month, our researchers counted 118 girls who had been sold as child brides, and 116 families with girls waiting for buyers. This amounts to 40 percent of families surveyed…”

https://www.washingtonpost.com/opinions/2024/01/16/afghanistan-child-brides/


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“Global economic prospects are the worst in decades but investing in the future could be the answer.

“The World Bank has… outlined a potential pathway for stimulating a stronger, more broad-based exit strategy from the current cyclical downturn – investment accelerations.”

https://www.lowyinstitute.org/the-interpreter/global-economic-prospects-are-worst-decades-investing-future-could-be-answer


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

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