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.

US interest costs
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Interest payments on $34 trillion US national debt will exceed DEFENSE spending this year – as legendary investor Paul Tudor Jones says a ‘debt bomb’ set to go off in US

Federal debt is at a historic high, having hit a staggering $34 trillion earlier this year.

https://www.dailymail.co.uk/yourmoney/consumer/article-13101521/interest-payments-national-debt-defense-spending.html

 

 


Olivier Blanchard
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“US Risks Fiscal Crisis After Soaring Borrowing, Blanchard Warns…

“”In the US, I’m very worried because the primary deficits are very large and there’s absolutely no attempt to decrease them in any way, shape or form,” Olivier Blanchard told the House of Lords Economic Affairs Committee via video link on Tuesday.”

https://www.bnnbloomberg.ca/us-risks-fiscal-crisis-after-soaring-borrowing-blanchard-warns-1.2036964

 


New York Community Bank
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Bad commercial real estate loans have overtaken loss reserves at the biggest US banks after a sharp increase in late payments linked to offices, shopping centres and other properties…

“Michael Barr, who oversees bank supervision at the US Federal Reserve, said on Friday that regulators “have been closely focused on banks’ CRE lending…”

https://archive.is/Ck002


credit crunch graphic
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Navigating the Credit Crunch: Americans Grapple with Debt Amid Economic Anxiety

A recent LendingTree survey reveals the financial instability of Americans, with credit card debt leading the crisis and a growing concern over inflation and a potential recession.

https://bnnbreaking.com/finance-nav/navigating-the-credit-crunch-americans-grapple-with-debt-amid-economic-anxiety


cobalt ore
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US Moves to Restore Stockpiling ‘Panic Button’ in EV Metals Fight with China

Washington’s efforts have so far had limited success, and some mining executives complain of a lack of coherent strategy at a time when metal prices are falling.

https://archive.is/oSCdL

 

 


Chinese stock market
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Foreign Direct Investment to China Slumps to 30 Year Low

Foreign firms only added $33 billion to their FDI liabilities. Measure was lowest since 1993, indicates a lack of confidence

https://archive.is/R7dOj


China and Taiwan
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China coast guard boards Taiwan tourist boat in escalation of tensions

The incident comes days after a Chinese fishing boat, which was being pursued by Taiwan’s coast guard, capsized killing two

https://www.theguardian.com/world/2024/feb/20/china-coast-guard-boards-taiwan-tourist-boat-king-xia-kinmen-islands

 


Australian navy
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Australia to build biggest Navy since Second World War amid Asia-Pacific arms race

Country will grow fleet to 26 combatant ships after rivals China and Russia build-up firepower as tensions grow in the region

https://archive.is/cS1ZC

 


Deutsche Bundesbank
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Europe’s largest economy may have already slid into a recession, according to Germany’s central bank, the Deutsche Bundesbank. This is mainly due to a number of factors such as dampened construction activity, strikes and falling foreign demand.

The news comes after the German economy saw a fall of 0.3% in the last quarter of 2023.

https://www.euronews.com/business/2024/02/20/germany-likely-to-already-be-in-recession-suggests-bundesbank


Strack Zimmermann
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Germany faces a political crisis over sending Taurus cruise missiles to Ukraine

Berlin is reluctant to supply Kyiv with its powerful bridge-buster bombs.

https://www.politico.eu/article/germany-political-crisis-taurus-cruise-missiles-ukraine-marie-agnes-strack-zimmermann/

 


Polish truck protests
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Polish protesters intend to extend border blockade until April and threaten to not allow buses through

https://www.pravda.com.ua/eng/news/2024/02/20/7442738/

 

 


Iraq Kuwait map
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The fate of a bilateral agreement on maritime navigation rights in the Khor Abdullah channel, which separates southern Iraq from northern Kuwait, has been cast into doubt by a decision of the Federal Supreme Court of Iraq

The Khor Abdullah channel is a narrow, shallow estuary that serves as the gateway for most of Iraq’s trade (including its substantial oil exports). It has long been the focal point for Iraqi grievances over the country’s severely restricted access to the Persian Gulf – a geographic predicament that has been likened to a ‘big garage with a very small door.’

https://www.e-ir.info/2024/02/20/iraqs-tensions-with-kuwait-over-the-khor-abdullah-channel/


Iranian missile
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Iran unveils air defence systems as Middle East tensions soar

Tehran (AFP) – Iran unveiled two new air defence systems on Saturday, state media reported, with tensions high in the Middle East amid the war in Gaza.

https://www.france24.com/en/live-news/20240217-iran-unveils-air-defence-systems-as-middle-east-tensions-soar


refugees in Rafah
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The US has vetoed a resolution at the UN demanding an immediate ceasefire in Gaza after proposing its own draft urging a temporary ceasefire.

Washington said the Algerian-proposed resolution would “jeopardise” talks to end the war. But the move has been condemned, with US allies expressing regret the original ceasefire motion was blocked by the White House.

https://www.bbc.com/news/world-us-canada-68346027


Palestinian loads flour
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The World Food Programme has paused “life-saving” food deliveries to northern Gaza, saying aid convoys had endured “complete chaos and violence due to the collapse of civil order”.

The agency says the decision has not been taken lightly and crews had faced crowds, gunfire and looting. The UN has been warning of looming famine in the north since December. The WFP says these latest reports are proof of a “precipitous slide into hunger and disease”.

https://www.bbc.com/news/world-middle-east-68349031


hungry Nigerians
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‘This hunger is too much’: Nigerians protest economic hardship

Hundreds of Nigerians demonstrated against the soaring cost of living in the south of the country on Monday after huge protests in the north earlier this month. Nigeria is suffering an economic crisis and soaring prices have left many people struggling to afford food. [Video]

https://www.france24.com/en/video/20240220-this-hunger-is-too-much-nigerians-protest-economic-hardship


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Niger Defaults on $22 Million Debt Payment, Exits ECOWAS Amid Financial Turmoil

Niger’s missed debt payment and subsequent ECOWAS departure, along with Mali and Burkina Faso, highlight the region’s financial and political challenges. The upcoming summit on Feb. 24 will address these issues and determine West Africa’s future path.

https://bnnbreaking.com/weather/niger-defaults-on-22-million-debt-payment-exits-ecowas-amid-financial-turmoil


Ibrahim Traore
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Burkina Faso leader warns Tinubu and ECOWAS that they are prepared to fight

The confrontation between the Economic Community of West African States (ECOWAS) and Junta states may have just escalated. There are reportedly thousands of recorded deaths as a result of the back-and-forth between the two parties, and Burkina Faso blames ECOWAS.

https://africa.businessinsider.com/local/lifestyle/burkina-faso-leader-warns-tinubu-and-ecowas-that-they-are-prepared-to-fight/ewydnlt


President of Somalia
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Ethiopia-Somalia tensions boil over at AU summit

Somalia’s foreign ministry said in a statement that the government “strongly condemns the provocative attempt by the Ethiopian government to obstruct the delegation”.

https://www.monitor.co.ug/uganda/news/ethiopia-somalia-tensions-boil-over-at-au-summit-4528538


Red Sea shipping
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Container lines ‘struggling’ with port congestion and ship shortages

Carriers are turning up on the wrong days because of scheduling problems arising from Red Sea crisis, says sector chief

“Jeremy Nixon, chief executive of Japan’s Ocean Network Express, said many shipping lines were facing scheduling problems. The issue has emerged since attacks by Yemen’s Houthis in December prompted most carriers to stop using the normal Asia to Europe route through the Red Sea and Suez Canal.”

https://archive.is/zdXFe


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

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