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.

Riyadh skyscraper
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World Bank: Emerging economies must grow ‘much faster’ to repay debt

The World Bank warned that high borrowing costs have “changed dramatically” the need for developing nations to boost sluggish economic growth.

The multilateral lender’s latest warning comes as international bond sales from emerging market governments hit an all-time record of $47 billion in January, led by less risky emerging economies such as Saudi Arabia, Mexico and Romania.

However, some riskier issuers have started to tap markets at higher rates. Kenya recently paid more than 10% on a new international bond – the threshold above which experts often consider borrowing unaffordable.

https://finance.yahoo.com/news/world-bank-warns-emerging-economies-125837678.html


global debt graphic
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Global debt has surged to a record high of $313 trillion (£248 trillion), as higher interest rates drive up borrowing costs for companies and governments worldwide.

Borrowers took on an extra $15 trillion in 2023, according to the Institute for International Finance, meaning the world’s debt pile has risen by more than $100 trillion in the past decade.

Government debts alone hit $89.9 trillion, up from $71 trillion on the eve of the pandemic and less than $33 trillion before the financial crisis.


The sharp rise in interest rates across much of the world means that the cost of servicing these debts is rising painfully.

https://www.telegraph.co.uk/business/2024/02/21/global-debt-surges-record-high-borrowing-costs-bite/


Sultan Al Jaber
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Cop28 president warns of ‘energy turmoil’ unless demand is tackled

Governments must address the costs of transitioning towards clean energy to avoid the world descending into “energy turmoil”, the president of last year’s Cop28 summit has warned…

“Let me be clear, the energy transition will lead to energy turmoil, if we only address the supply side of the energy equation,” he said. “We must tackle the demand side at the same time.”

“We cannot and should not pursue the energy transition by only looking and working on one side of the equation.”

https://www.independent.co.uk/climate-change/sultan-al-jaber-cop28-energy-crisis-b2500054.html


soldier fires artillery
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By spring, Ukraine faces a potentially catastrophic shortage of ammunition and air defenses that could effectively turn the tide of the war and lend Russian President Vladimir Putin a significant advantage, according to an internal U.S. estimate.

Speaking on condition of anonymity, two U.S. officials described “late March” as being a particularly crucial time for the fate of Ukrainian troops if Congress doesn’t pass a new aid bill.

https://abcnews.go.com/Politics/us-estimates-ukraine-military-shortages-grow-catastrophic-late/story?id=107169502


BAE helicopter
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Arms maker BAE Systems makes record profit amid Ukraine and Israel-Gaza wars

FTSE 100 company says global instability is making government focus on defence spending

https://www.theguardian.com/business/2024/feb/21/bae-systems-profit-ukraine-israel-gaza-wars-ftse-100

 


Rolls-Royce jet engine
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Rolls-Royce profits more than double amid cost cuts and global tensions

The British aerospace and defence company Rolls-Royce has more than doubled annual profits, as it cut costs and reported record-breaking orders amid mounting military tension around the world.

https://www.theguardian.com/business/2024/feb/22/rolls-royce-profit-cost-cuts-jobs


Trident missile
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Trident missile malfunction sends wrong kind of message and is more than just an embarrassing blow for UK’s nuclear deterrent

Any suggestion of vulnerability undermines the cast-iron reliability Trident and the Royal Navy are meant to provide, Deborah Haynes explains.

https://news.sky.com/story/trident-missile-malfunction-sends-wrong-kind-of-message-and-is-more-than-just-an-embarrassing-blow-for-uks-nuclear-deterrent-13076954


house in UK highlands
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Best and worst places to live in UK during an apocalypse are named – full list of top locations

Whether it’s an alien invasion or a zombie outbreak, the study on the incredibly unlikely situation was based on factors such as availability of food and fresh water

https://www.mirror.co.uk/news/uk-news/best-worst-places-live-uk-32187111

 


German Factory Malaise Deepens as Activity Unexpectedly Down

German February composite PMI index slips to 46.1; est. 47.5. French activity gauge improves to 47.7, signaling recovery

https://archive.is/2tQRL


Spanish farmers protest
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Spanish farmers on Wednesday (21 February) staged their biggest rally yet since protests began two weeks ago, as the ruling Socialist party and the centre-right opposition clashed in parliament over border controls and ‘mirror clauses’ in EU trade deals.

https://www.euractiv.com/section/agriculture-food/news/spains-main-parties-clash-over-eu-trade-policy-as-farmers-take-to-the-streets/


Chinese ship docks in Maldives amid diplomatic tensions with India

https://timesofindia.indiatimes.com/india/chinese-ship-set-to-reach-maldives-amid-india-maldives-diplomatic-tensions/articleshow/107901242.cms


Ringgit Malaysia graphic
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The Ringgit Malaysia (RM) could potentially fall below its 1998 Asian financial crisis low of RM4.885 against the US dollar, entering uncharted territory, warns an economist.

https://www.msn.com/en-my/news/national/ringgit-at-risk-of-entering-uncharted-territory-warns-economist/ar-BB1iG5y3

 

 


attack on Iranian pipeline
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Iran blamed Israel for an attack on its gas transmission network last week that caused supply disruptions to some villages in the Persian Gulf country.

Tehran “quickly neutralized” the issue, Iranian Oil Minister Javad Owji said in televised remarks, calling it a “conspiracy” by Israel.

https://www.bloomberg.com/news/articles/2024-02-21/iran-says-israel-behind-attack-on-gas-pipeline-network


Houthi rally
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US military targets Houthi antiship cruise missiles in preemptive strikes

Military says targets presented ‘imminent threat’ as missiles were ‘prepared to launch towards the Red Sea’.

https://www.aljazeera.com/amp/news/2024/2/22/us-military-targets-houthi-antiship-cruise-missiles-in-pre-emptive-strikes

 


Red Sea pirates
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Pirates targeting ships diverted from Red Sea, warns UN shipping chief

https://www.ft.com/content/a4abcbac-a608-4450-908b-a8d903c8d884

 

 

 


Nigerian price protest
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Africa’s largest economy is battling a currency crisis and a crumbling economy

With inflation nearing 30% and its currency hitting an all-time low, Nigeria is facing one of its worst economic crises in years.

The latest data from the National Bureau of Statistics on Thursday showed that the headline consumer price index (CPI) rose to 29.9% year-on-year in January, its highest level since 1996.

The surging cost of living and economic hardship sparked protests across the country over the weekend.

https://www.cnbcafrica.com/2024/africas-largest-economy-is-battling-a-currency-crisis-and-a-crumbling-economy/


Syrian gas station
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Fuel Price Fury: Syria’s Economic Crisis Deepens Amidst Rising Costs

Syria faces mounting challenges as fuel prices soar, compounding an already dire economic crisis…far-reaching consequences, deteriorating economy, and humanitarian efforts in response to the escalating crisis.

https://bnnbreaking.com/politics/fuel-price-fury-syrias-economic-crisis-deepens-amidst-rising-costs


woman drinks orange juice
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Orange juice shortage looming this summer as disease turns fruits green

Prices set to soar as crops in key producing regions have also been impacted by extreme weather events including hurricanes and flooding

https://www.telegraph.co.uk/news/2024/02/21/oranges-disease-european-british-brazil-harvest/

 


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you! It is an enormous help as the cost-of-living crisis ratchets up here in the UK.

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