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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“The World Is Going Into The Red From The Red Sea Crisis…

“This crisis is the most severe supply chain disruption since the COVID-19 pandemic, jeopardizing the global economic recovery and potentially leading to inflation as freight and oil prices rise. The total cost of this crisis is already in the billions of dollars, and it is set to not only continue to climb, but be primarily borne by developing countries least equipped to handle it.”

https://www.forbes.com/sites/arielcohen/2024/02/07/the-world-is-going-into-the-red-from-the-red-sea-crisis/


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“Shipping Giants Warn of Worsening Red Sea Security Situation.

“Security threats to commercial shipping in the Red Sea are not abating, they are escalating instead, and disruptions to maritime trade are expected to last up to a year, according to some of the biggest shipping companies in the world.”

https://oilprice.com/Latest-Energy-News/World-News/Shipping-Giants-Warn-of-Worsening-Red-Sea-Security-Situation.html


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“Oil Prices Set for a Weekly Gain as Hope for Middle East Ceasefire Fizzles Out.

“Israeli Prime Minister Benjamin Netanyahu said there was “no other solution than total victory,” which contributed to the bullish oil sentiment. According to Bloomberg, oil’s gains this week have offset almost all of the losses from last week, which were prompted by hopes for a ceasefire.”

https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Set-for-a-Weekly-Gain-as-Hope-for-Middle-East-Ceasefire-Fizzles-Out.html


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“Middle East Crisis. Airstrikes Hit Packed City in Southern Gaza as Israel Plans Advance…

“Israeli forces bombarded the southern Gaza border city of Rafah with airstrikes, killing multiple civilians, Palestinian media reported on Thursday, a day after Prime Minister Benjamin Netanyahu of Israel said the military was preparing to advance on the area, which is crowded with people who have fled other parts of the Strip.”

https://www.nytimes.com/live/2024/02/08/world/israel-hamas-war-gaza-news


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“US conducts new airstrikes targeting Yemen’s Houthi rebels…

“American forces destroyed four explosive-loaded drone boats and seven mobile anti-ship cruise missile launchers Thursday that could target vessels in the Red Sea, the U.S. military’s Central Command said.”

https://www.independent.co.uk/news/houthi-ap-yemen-dubai-united-arab-emirates-b2493287.html


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“‘America, get out of our land’: Anger rises on streets of Baghdad after US drone attack against fighters…

“Crowds gathered at the entrance of the Baghdad Green Zone – home to several diplomatic compounds including the American and British embassies – hours after a US drone attack which killed a senior commander of one of Iraq’s most powerful pro-Iran armed groups.”

https://news.sky.com/story/america-get-out-of-our-land-anger-rises-on-streets-of-baghdad-after-us-drone-attack-against-militants-13066494


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“The cost of interest on U.S. debt is soaring…

“The U.S. government’s debt is on track to rise to $54 trillion over the next decade, according to the Congressional Budget Office… The U.S. government is on track to face debt service costs that, starting in 2026, will be a modern record as a share of the economy — and they are forecast to rise from there, pinching other national priorities.”

https://www.axios.com/2024/02/08/us-government-debt-gdp-interest-costs


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“The banking-sector jitters that are rocking the likes of New York Community Bancorp will not be confined to the US, with the potential for defaults spreading to Europe, according to a top-performing fund manager.

“There are portions of the market that we think are in very deep trouble,” said Jonathan Golan, a portfolio manager at Man Group Plc in London…”

https://www.bloomberg.com/news/articles/2024-02-09/man-group-manager-sees-risk-of-bank-defaults-spreading-to-europe


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“German bank braces for wave of bad loans in ‘greatest real estate crisis since the financial crisis’…

“Deutsche Pfandbriefbank, or PBB, a German lender focused on real estate, has set aside more money for bad debts as it braces for what it says is the worst decline in commercial property values in 15 years.”

https://edition.cnn.com/2024/02/07/business/pbb-bad-loans-real-estate-crisis/index.html


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“German industrial production fell more than expected in December, the federal statistics office said on Wednesday, marking the seventh monthly decline in a row and highlighting weakness in the backbone of Europe’s largest economy.

“Industrial production fell in December by 1.6% compared with the previous month. Analysts polled by Reuters had predicted a 0.4% fall.”

https://www.reuters.com/markets/europe/german-industrial-output-posts-fall-december-2024-02-07/


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“Italian farmers protest at Sanremo music festival, while roadblocks continue in Bulgaria and Spain.

“Farmers are demanding changes in European Union farming policies and measures to combat production cost hikes. Mirroring protests across Europe, farmers in Italy drove their tractors to the town of Flores, in Liguria overnight to protest at the Sanremo Song Festival.”

https://www.euronews.com/2024/02/08/italian-farmers-protest-at-sanremo-music-festival-while-roadblocks-continue-in-bulgaria-an


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“European Economies Face Substantial Recession Risk, Poll Shows.

“European economies received a poor bill of health in a survey of experts that showed elevated recession risks due to geopolitical conflicts and heightened energy costs… The 20-nation bloc stagnated at the end of 2023…”

https://www.bloomberg.com/news/articles/2024-02-08/european-economies-face-substantial-recession-risk-poll-shows


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“Scientists are shocked by the discovery of white hydrogen in France: could it be Europe’s fuel?

“In December 2023, the EU approved the Gas Package and put money into investment funds for projects aimed at producing green hydrogen within the continent. Among these initiatives, there is for instance 800 million euros-worth Bank of Hydrogen, which encourages industries and countries to experiment with this energy source.”

https://www.euronews.com/next/2024/02/07/scientists-are-shocked-by-the-discovery-of-white-hydrogen-in-france-could-it-be-europes-fu


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“Britain’s first hydrogen plant to be built at oil refinery. New factory will convert gases generated by Stanlow into the low-carbon fuel…

“Britain’s first industrial-scale plant making low carbon hydrogen will power the production of millions of litres of petrol, oil and aviation fuel at one of the UK’s biggest refineries… Costs are estimated at around £1bn, with the Government backing the scheme through subsidies and tax breaks.”

https://www.telegraph.co.uk/business/2024/02/08/stanlow-britain-first-hydrogen-plant/


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“One of Britain’s biggest offshore wind farms is facing a year-long delay to its completion because of a chronic shortage of construction ships.

“The massive Dogger Bank site has suffered from significant disruption because of bad weather, storms and a lack of vessels able to build it according to its developer, the power company SSE.”

https://www.telegraph.co.uk/business/2024/02/08/dogger-bank-wind-farm-faces-year-long-delay/


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“The world’s largest offshore wind developer has scaled back development targets and announced hundreds of job cuts as the renewable industry struggles under the pressure of rising costs.

“Orsted, the company developing the Norfolk coast windfarm, Hornsea 3, also suspended shareholder payments in an effort to strengthen its balance sheet.”

https://news.sky.com/story/worlds-largest-offshore-wind-developer-orsted-cuts-back-production-targets-as-costs-mount-13066319


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“Ukraine risks critical shortage of western ammunition, officials warn.

“Ukraine faces a critical gap in western artillery ammunition needed to withstand Russian attacks, officials have warned, as US assistance runs out and Europe fails to hit its own targets for increased arms production.”

https://www.ft.com/content/6594e548-8b2e-4c95-a589-7d9e358062d2


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“North Korea’s Kim says he has no desire for talks and repeats a threat to destroy South if provoked.

“North Korean leader Kim Jong Un restated he has no desire for diplomacy with South Korea and that the North would annihilate its rival if provoked, state media said Friday, in the latest of his belligerent statements that are raising tensions in the region.”

https://www.independent.co.uk/news/kim-jong-un-ap-north-korea-south-korea-united-states-b2493268.html


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“Prices in China fall at fastest rate since 2009 as risk of persistent deflation looms…

“Prices fell at their steepest rate since 2009 in China as the world’s second-largest economy continues to grapple with the threat of deflation. In January, the consumer price index fell 0.8 per cent compared to a year earlier, more than economists had expected. This followed a 0.3 per cent fall in December.”

https://www.cityam.com/prices-in-china-fall-at-fastest-rate-since-2009-as-risk-of-persistent-deflation-looms/


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“China’s Property Crisis Is Starting to Ripple Across the World…

“Chinese investors and their creditors are putting up “For Sale” signs on real estate holdings across the globe as the need to raise cash amid a deepening property crisis at home trumps the risks of offloading into a falling market… The worldwide slump triggered by borrowing-cost hikes has already wiped more than $1 trillion off office property values alone…”

https://www.bloomberg.com/news/articles/2024-02-09/china-s-real-estate-crisis-is-starting-to-ripple-across-the-world


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“Bangladesh has sought extended credit terms from Saudi Arabia to facilitate longer payment periods for fuel imports from the kingdom amid the dollar crisis.

“Prime Minister’s Advisor on Private Industry and Investment Salman Fazlur Rahman made the request during his recent trip to the Kingdom of Saudi Arabia (KSA).”

https://thefinancialexpress.com.bd/economy/bangladesh-seeks-extended-credit-terms-from-saudi-arabia-amid-dollar-crisis


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“Pakistan election results delayed after mobile phone service blackout.

“Pakistan’s election results were delayed on Friday following widespread turmoil on polling day, but early signals pointed to strong turnout for the party of imprisoned former prime minister Imran Khan despite a military-backed crackdown.”

https://www.ft.com/content/35a6dd5b-2924-40ad-a650-004ec6379e00


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“Iran arrests several Azeris amid tensions with Azerbaijan.

“Iranian authorities have arrested several ethnic Azeri people this week in raids across the country, in another setback to the Islamic Republic’s human rights record. At least five Azeris were violently arrested in separate raids across the country, the Iranian Human Rights Activists News Agency reported on Wednesday.

https://www.al-monitor.com/originals/2024/02/iran-arrests-several-azeris-amid-tensions-azerbaijan#ixzz8REXBfc8i


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“Internet blackout hits Sudan as UN appeals for $4.1 billion to ease ‘epic suffering’ caused by war.

“Internet connectivity was shut down in Sudan amid ongoing clashes between the Sudanese army and the paramilitary Rapid Support Forces (RSF) that have left thousands killed and millions displaced in nearly 10 months of fighting.”

https://edition.cnn.com/2024/02/08/africa/un-appeal-for-usd4-1-billion-amidst-epic-suffering-in-sudan-intl/index.html


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“Five killed in clashes with police as protests rock Haiti.

“Haiti has been engulfed in unrest since Monday, with thousands of people in the city and the rest of the country demanding that Prime Minister, Ariel Henry step down in line with a political agreement forged in 2022.”

https://www.aljazeera.com/gallery/2024/2/8/five-killed-in-clashes-with-police-as-protests-rock-haiti


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“Exxon plan for Guyana oil exploration risks raising tensions with Venezuela.

“ExxonMobil has insisted it will explore for oil in a region bitterly contested by Guyana and Venezuela, despite the dangers that the move is likely to escalate tensions between the two South American neighbors. Relations between the two countries have reached an all-time low in recent months…”

https://www.theguardian.com/world/2024/feb/08/exxon-explore-oil-guyana-venezuela-tension


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

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