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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“World facing ‘dangerous decade’ amid increased instability, military spending: Think tank.

“Researchers also found that defense spending was up last year, rising 9 percent across the globe to $2.2 trillion. That boost was largely triggered by NATO, which increased spending by 32 percent last year…”

https://thehill.com/policy/defense/4465292-world-dangerous-military-iiss/


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“UN chief warns climate chaos and food crises threaten global peace: ‘Empty bellies fuel unrest’…

““Climate and conflict are two leading drivers of (our) global food crisis,” the secretary-general said. “ Where wars rage, hunger reigns – whether due to displacement of people, destruction of agriculture, damage to infrastructure, or deliberate policies of denial.””

https://www.independent.co.uk/news/antonio-guterres-ap-climate-vassily-nebenzia-gaza-b2495815.html


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“Global Agriculture Unrest: Urgent Calls for Change Amid Crisis.

“The agriculture sector worldwide is grappling with a burgeoning crisis as farmers face challenges from inflation, foreign competition, and escalating environmental protection costs. As the situation reaches a boiling point, demonstrations and protests are erupting…”

https://bnnbreaking.com/finance-nav/inflation/global-agriculture-unrest-urgent-calls-for-change-amid-crisis


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“Sticky US inflation reaffirms Fed caution on rate cuts…

“…today’s miss will embolden the Fed to signal it is in no hurry to cut interest rates with the market moving back to only fully pricing three 25bp rate cuts this year, the same as suggested by the Fed’s December dot plot of individual FOMC members with June the start point for cuts.”

https://think.ing.com/articles/sticky-us-inflation-re-affirms-fed-caution-on-rate-cuts/


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“‘Too big to fail’ was bad enough for the banks. Now we have ‘too many to fail.’ …The danger of forgetting the 2023 banking crisis and SVB’s collapse…

“It is convenient to think that these issues were confined to just a few rogue banks. But the problem was systemic… “Too big to fail” was bad enough, but now we have “too many to fail.” The mini-crisis of March 2023 was much more than a footnote in banking history. We cannot afford to bury it.”

https://www.marketwatch.com/story/too-big-to-fail-was-bad-enough-for-the-banks-now-we-have-too-many-to-fail-d89dcdda


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“Rainer Skierka: «I Would Not Rule Out a Black Swan»… Rainer Skierka, an experienced banking analyst, tells finews.com how he assesses the risk of contagion for the financial sector…

“”What could be playing a subtle role currently are geopolitical risks… Wherever you don’t expect it, a major risk arises. Even as an optimist, you must consider the real risks. The economy is still running. But how long can it last in this state?””

https://www.finews.asia/finance/40878-banking-crisis-danger-of-contagion-rainer-skierka-financial-center-asia-apac


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“A new pensions crisis threatens to light the fuse on Britain’s debt bomb.

“One of the biggest buyers of government debt is about to become a seller – pushing up state borrowing costs as a result. Defined benefit pension schemes, often known as final salary pensions, have traditionally been big buyers of the Government’s long-term debt…”

https://www.msn.com/en-gb/money/other/why-british-politics-risks-being-overshadowed-by-a-pensions-crisis-again/ar-BB1ic8LG


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“This week’s recession call will be about politics. To the public, the economy’s grim either way [UK]…

“Most consumers care little whether third-quarter GDP was flat or marginally down. They just know how grindingly hard it has been to make ends meet over the past few years.”

https://uk.finance.yahoo.com/news/week-recession-call-politics-public-115200154.html


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“A tractor blockade has seriously disrupted operations at the Belgian port of Antwerp, Europe’s second largest, authorities said, as angry farmers continued their protests in half a dozen European countries.

““No freight can be delivered or picked up, as trucks are halted, while employees are only being allowed in after a long wait,” said Stephan Vanfraechem, the director of the association of port operators Alfaport.”

https://www.theguardian.com/environment/2024/feb/13/tractor-blockade-disrupts-operations-at-belgian-port-of-antwerp


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“Polish farmer blockade puts Polish-Ukrainian relations at further risk…

“Ukraine’s Agriculture Ministry confirmed to the Kyiv Independent that Kyiv and Warsaw are negotiating. However, there appears to be little end in sight over the agricultural dispute that began in April 2023.”

https://news.yahoo.com/polish-farmer-protests-heat-threatening-201804357.html


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“Eurozone lenders must prepare for ‘unexpected’ risks, says top supervisor.

““Complacency is not an option,” Claudia Buch told an event in Brussels on Monday. Credit Suisse’s takeover by UBS last March marked the first demise of a globally systemic lender since the financial crisis. A clutch of mid-sized US banks also collapsed last year after depositors withdrew their funds with unprecedented speed.”

https://www.ft.com/content/5e411032-ba82-4bbb-ac95-6ab42c2e5e1c


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“The EU adopted a law to set aside windfall profits made on frozen Russian central bank assets, it said on Monday, in a first concrete step towards the bloc’s aim of using the money to finance the reconstruction of Ukraine.

“The EU and the Group of Seven nations (G7) froze some 300 billion euros ($323 billion) of Russian central bank assets following Moscow’s invasion of Ukraine. The EU and G7 have been debating if and how these funds can be used for over a year.”

https://www.reuters.com/markets/europe/eu-gives-details-its-measures-regarding-russian-central-bank-assets-2024-02-12/


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“China objects to ‘unilateral sanctions’ in Ukraine war as EU proposes new trade curbs…

“Addressing a United Nations Security Council session on the conflict on Monday, Zhang Jun, China’s permanent representative to the United Nations, took aim at Nato, saying that the alliance should “wake up from the myth of force and stop making threats and calling for war”.”

https://www.scmp.com/news/china/diplomacy/article/3251834/china-objects-unilateral-sanctions-ukraine-war-eu-proposes-new-trade-curbs


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“Chinese developer China South City Holdings plunged 20 per cent to a new 52-week low after it warned last week that it would default on multiple bonds maturing this year…

“The cumulative effect of China’s crippled property market has put an increasing strain on the company’s working capital, it said.”

https://www.scmp.com/business/banking-finance/article/3251886/developer-china-south-city-stock-sinks-20-hong-kong-after-warning-multiple-bond-defaults


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“Indian security forces used drones to fire tear gas at farmers who were marching on New Delhi after talks with the government broke down.

“Local broadcasters showed thick clouds of tear gas fired to disperse protesters near Ambala, about 125 miles north of the capital, with police also dropping canisters from the air by drones.”

https://www.telegraph.co.uk/world-news/2024/02/13/indian-police-drones-tear-gas-farmers-protest/


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“Iran and Russia urge calm following new Armenia-Azerbaijan clashes.

“Iran and Russia called for calm on Tuesday after a border skirmish between Armenia and Azerbaijan that left four Armenian soldiers dead, and one Armenian soldier and one Azeri soldier injured. Armenian authorities said that Azerbaijani troops fired on Armenian forces across the border…”

https://www.al-monitor.com/originals/2024/02/iran-and-russia-urge-calm-following-new-armenia-azerbaijan-clashes


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“‘Terrorist sabotage attack’: Blast hits major gas transmission pipelines in southern Iran.

“National Iranian Gas Company says a “terrorist sabotage” attack has targeted two main gas transmission pipelines in the country’s southwestern province of Chaharmahal and Bakhtiari as well as the southern province of Fars, causing a massive explosion and a subsequent fire.”

https://www.presstv.ir/Detail/2024/02/14/720055/Sabotage-attack,-explosion-hit-major-gas-transmission-pipelines-in-southern-Iran


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“Iran’s Islamic Revolutionary Guard Corps has simulated a strike on a major Israeli airbase, making a show of its naval capabilities.

“Footage aired by state television on Tuesday showed that the IRGC fired a range of munitions from ships and submarines. The wargame appears a clear message as Israel’s war on Gaza escalates and tensions rise across the region.”

https://www.aljazeera.com/news/2024/2/13/irans-irgc-makes-naval-show-of-force-as-gaza-war-rages


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“Yemen’s Houthis strike cargo ship bound for Iran, causing minor damage…

“The Houthis military spokesman, Yahya Saree, said in a televised statement the ship was American but maritime-shipping trackers said the Marshall Islands-flagged ship was Greek-owned. The Star Iris had been transporting a corn cargo from Brazil to Iran, according to CentCom and ship tracking analysis from data and analytics group Kpler.”

https://www.reuters.com/world/ambrey-says-bulker-was-targeted-by-missiles-bab-al-mandab-2024-02-12/


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“Red Sea risks see reinsurers start to pull back key cover.

“Protection and indemnity clubs are initiating cancellation notices for fixed premium business, which extends to war risk coverage in the Red Sea danger area, effective from 20 February after reinsurers pulled their support in the region. Skuld is the first…”

https://www.tradewindsnews.com/insurance/red-sea-risks-see-reinsurers-start-to-pull-back-key-cover/2-1-1597220


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“Israeli strikes deepen panic in Rafah as UN aid chief warns a ground offensive could result in ‘slaughter’.

“Panic is soaring in Rafah as desperate Palestinians decide whether to flee the last refuge in Gaza as Israel draws up plans for a ground offensive that the United Nations aid chief has warned could lead to “a slaughter.””

https://edition.cnn.com/2024/02/14/middleeast/rafah-international-opposition-israel-ground-offensive-intl-hnk/index.html


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“Why desperately needed aid is failing to reach the people of Gaza…

“… while international pressure mounts on Israel to allow in more aid — it controls access to Gaza and imposes a strict inspections regime — UN officials and western diplomats say the flow of goods is still far below what the population of Gaza needs.”

https://www.ft.com/content/d7bbd8c3-6c44-4687-a93e-48969d37373d


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“Amhara conflict: Ethiopians massacred in their homes by government troops.

“The Ethiopian government has not commented on the killings. Both the US and EU are calling for an independent investigation. It is one of the worst episodes of violence in the Amhara region since last August, when powerful local Fano militias began a rebellion against the government’s plans to disarm them.”

https://www.bbc.co.uk/news/world-africa-68283799


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“An account from the frontline of ‘the largest displacement of children on the planet’ [Sudan]…

“”I think probably the strongest is just the eeriness of when you walk around communities, it could be a rural area or a neighborhood like a middle-class neighborhood, and it’s empty. It’s just absolutely silent. You can only hear the crunching of glass under your feet.””

https://www.npr.org/2024/02/12/1230431122/sudan-war-chad-children-unicef


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“Unable to survive in Egypt, refugees from war-torn Sudan return home…

“Ten months after the civil war erupted in Sudan, sending hundreds of thousands fleeing, many of those who sought refuge in neighbouring Egypt face a grim choice between homelessness and returning home at their own peril.”

https://www.thehindu.com/news/international/unable-to-survive-in-egypt-refugees-from-war-torn-sudan-return-home/article67843995.ece


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“Nigeria’s Naira Sinks to Record Low After Liquidity Shrinks…

“Nigeria’s currency weakened 4.2% to close at 1,534.39 in the so-called NAFEM window on Monday, according to data published by FMDQ, which calculates the exchange rate. It is the lowest that the currency has traded against the dollar since Bloomberg started compiling the data.”

https://www.bloomberg.com/news/articles/2024-02-13/nigeria-s-naira-sinks-to-record-low-after-liquidity-shrinks


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“DR Congo protests: Police fire tear gas to disperse anti-Western demonstrations in Kinshasa…

“Angry protesters burnt the flags of the US and Belgium, DR Congo’s former colonial power, on Monday. Demonstrations have taken place outside several Western embassies in recent days. In the latest protests, anti-riot police pushed back demonstrators as they tried to advance towards embassies.”

https://www.bbc.co.uk/news/world-africa-68273900


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“Senegal Cuts Mobile Internet as Crackdown on Dissent Widens.

“The step was taken because “hateful and subversive” messages have been posted online that have spurred “violent protests and deaths and significant damages,” the Communications Ministry said in a statement on Tuesday.”

https://www.bloomberg.com/news/articles/2024-02-13/senegal-cuts-mobile-internet-amid-widening-crackdown-on-dissent


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“Mystery shipwreck causes disastrous oil spill off Trinidad and Tobago…

“Prime Minister Keith Rowley on Sunday declared a national emergency as oil leaking from the vessel affected some 15km (nearly 10 miles) of coastline. “Cleaning and restoration can only begin as soon as we have the situation under control. Right now, the situation is not under control,” Rowley told journalists.”

https://www.aljazeera.com/gallery/2024/2/13/mystery-shipwreck-causes-disastrous-oil-spill-in-trinidad


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“This is the year the world’s green juggernaut becomes unstoppable…

“The dogs bark, the caravan moves on. Beyond a superficial wobble in Europe, there has been no retreat from the post-fossil fuel transition across the world… The International Energy Agency and Rystad forecast that fossil fuel use in electricity generation will decline this year in absolute terms. From there it is a one-way street.”

https://www.telegraph.co.uk/business/2024/02/13/worlds-green-juggernaut-unstoppable-clean-tech/


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“2024 Must Be The Year To Turn Goals Into Climate Action…

“Clear climate action plans, coupled with state and federal policy, will accelerate the clean energy economy, bringing innovation and jobs to every state in our nation… About a quarter of 13,000 of the world’s largest companies that provide data about their environmental impact say they will develop these plans in the next two years.”

https://www.forbes.com/sites/mindylubber/2024/02/13/2024-must-be-the-year-to-turn-goals-into-climate-action/


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“”Hundreds of migratory species – from humpback whales to wandering albatrosses – are under threat because of human activity, according to the first United Nations report on the animals.

“”The State of the World’s Migratory Species report, released today, concludes that almost half of the migratory animals on a UN list of vulnerable species are seeing population declines. About a quarter of the listed species are at risk of extinction.”

https://www.newscientist.com/article/2416548-half-of-migratory-animal-species-are-in-decline-many-face-extinction/


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

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