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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“Global economy is weighed down by war, uncertainty and instability, trade chief warns.

“The head of the World Trade Organization warned on Monday that war, uncertainty and instability are weighing down the global economy and urged the bloc to embrace reform as elections across nearly half the world’s population could bring new challenges.”

https://apnews.com/article/world-trade-organization-meeting-uae-us-376ad89f7202e06e90a93390205a01f2


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“‘The sea, a place without borders, is under threat from geopolitical fragmentation’…

“Land conflicts are shifting to the seas. Attacks by Houthi rebels in Yemen targeting merchant vessels in the Bab al-Mandab Strait, south of the Suez Canal, in response to the war between Israel and Hamas, are the latest illustration of this development.”

https://www.lemonde.fr/en/opinion/article/2024/02/28/the-sea-a-place-without-borders-is-under-threat-from-geopolitical-fragmentation_6565968_23.html


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“Big investors grow nervous about private credit boom [US]. Allocations to the sector have fallen as pension funds worry about the impact of higher borrowing costs…

““Widespread defaults have not yet occurred,” said the $105bn Ohio Public Employees Retirement System in a board meeting agenda last month, “however, indications point towards trouble ahead”.”

https://www.ft.com/content/d9cb46ec-4bd4-4041-8aa1-30752ad31189


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“Why economists are warning of another US banking crisis…

“Heightened interest rates have already led to the most stringent credit standards and weakest loan demand from consumers and businesses in a long time in the US. Meanwhile, banks are dealing with other major challenges such as the plunge in demand for office space as a result of home working.”

https://theconversation.com/why-economists-are-warning-of-another-us-banking-crisis-224092


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“Bank of England deputy warns of dangers posed by shadow banks.

“Regulators need more information about the threat posed by shadow banks if they are to avert a “credit crunch”, a leading Bank of England official has warned. Sarah Breeden, a deputy governor of the Bank, said that financial watchdogs were on the back foot because they lacked data…”

https://www.thetimes.co.uk/article/26breeden-hfhsktfxz


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“Swedish property giants write down billions as prices crash.

“Two of Sweden’s largest property companies on Tuesday announced multibillion-crown writedowns in their 2023 results, as they grappled with a European property rout… For years, property in Europe and particularly Germany and Sweden boomed as interest rates fell, turbocharging demand. A sharp rise in rates has now pricked this bubble.”

https://www.reuters.com/markets/europe/swedish-property-giants-write-down-billions-prices-crash-2024-02-27/


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“Germany’s Slow-Motion Property Crash Is a Looming Risk for Banks…

“Relatively modest adjustments and benign provisions obscure the fact that German lenders are more exposed to commercial real estate than most of their European peers and, according to one study, extended loans more aggressively.”

https://finance.yahoo.com/news/slow-motion-property-crash-germany-050000668.html


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“First fall in eurozone loans for five months dents recovery hopes.

“Bank lending to the private sector in the eurozone has fallen for the first time in five months, signalling continued weakness for the region’s economy as record high interest rates continue to restrict demand.”

https://www.ft.com/content/1679e158-e727-4458-b4a1-7c36f610eea7


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“Climate Measures Risk Sparking Social Unrest, German Agency Warns.

“The European Union is at risk of widespread backlash against its climate agenda unless politicians do more to blunt the effects of rising carbon prices on low-income households, according to the head of Germany’s Environment Agency.”

https://www.bloomberg.com/news/articles/2024-02-28/climate-measures-risk-sparking-social-unrest-german-agency-warns


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“Farmers spray liquid manure on police as clashes break out in Brussels…

“Brussels police said 900 tractors had entered the city on Monday, many bearing down on the European Council building where European Union ministers were meeting… Police in riot gear used water cannons to defend the EU’s headquarters, from behind concrete barriers and barbed wire.”

https://www.standard.co.uk/news/world/farmers-protests-manure-police-tractor-european-union-brussels-belgium-b1141533.html


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“Macron says sending western troops to Ukraine cannot be ruled out…

“French President Emmanuel Macron said sending western troops to Ukraine “could not be ruled out” and that Paris would drop its long-standing opposition to purchasing emergency artillery supplies for Ukraine from outside the EU.”

https://www.ft.com/content/83b8a80d-ab22-47fc-bbbb-6b1fd9df68ba


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“Hungary finally approves Sweden joining Nato after months of diplomatic tensions.

“Hungary’s parliament has finally ratified Sweden’s bid to join Nato, clearing the last hurdle for a historic step after months of diplomatic wrangling. Sweden applied for membership alongside Finland in May 2022 in the wake of Russia’s invasion of Ukraine.”

https://www.independent.co.uk/news/world/europe/sweden-nato-ukraine-war-russia-hungary-b2502763.html


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“Serbia protests after Croatia’s foreign minister calls Vučić a Russian ‘satellite’ in the Balkans…

“Croatian Foreign Minister Gordan Grlić Radman told N1 television on Saturday that Vučić must decide which side he is on, Russia or the European Union, “because it is impossible and uncomfortable sitting on two chairs at the same time.””

https://abcnews.go.com/International/wireStory/serbia-protests-after-croatian-official-calls-president-russian-107526973


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“Moldovan separatists to ask Putin to annexe their region.

“Gennady Chorba, a politician in Transnistria, which borders Ukraine, has said the rebel government will submit its request to the Kremlin on Wednesday during a special congress that last met in 2006… His statement came a few days after Sergei Lavrov, Russia’s foreign minister, said the rights of pro-Russian separatists in Transnistria must be respected.”

https://www.telegraph.co.uk/news/2024/02/25/moldovan-separatists-ask-putin-to-annexe-their-region/


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“Sri Lanka has told hundreds of thousands of Russians and some Ukrainians staying in the country to escape the war that they must leave in the next two weeks, immigration officers said…

“Just over 288,000 Russians and nearly 20,000 Ukrainians have traveled to Sri Lanka in the last two years since the war began, according to official data.”

https://www.independent.co.uk/asia/south-asia/sri-lanka-tourist-visa-russia-ukraine-war-b2503665.html


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“Russia bans gasoline exports for 6 months from March 1…

“Domestic gasoline prices are sensitive for motorists and farmers in the world’s biggest wheat exporter ahead of a March 15-17 presidential election, while some Russian refineries have been hit by Ukrainian drone attacks in recent months.”

https://www.reuters.com/business/energy/russia-bans-gasoline-exports-6-months-march-1-2024-02-27/


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“North Korea sent Russia millions of munitions in exchange for food: Seoul…

“North Korea has sent about 6,700 containers carrying millions of munitions to Russia since September in exchange for food as well as parts and raw materials for weapons manufacturing, according to officials.”

https://www.aljazeera.com/news/2024/2/28/n-korea-sent-russia-millions-of-munitions-in-exchange-for-food-says-seoul


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“South Korea Keeps Shattering Its Own Record for World’s Lowest Fertility Rate.

“South Korea set a new record for the world’s lowest fertility rate as the impact of the nation’s aging demographics looms large for its medical system, social welfare provision and economic growth. The number of babies expected per woman fell to 0.72 last year from 0.78 in 2022…”

https://www.bloomberg.com/news/articles/2024-02-28/south-korea-shatters-record-for-world-s-lowest-fertility-rate-yet-again


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“Country Garden liquidation petition adds to China’s property woes.

“Chinese developer Country Garden said on Wednesday a liquidation petition has been filed against it for non-payment of a $205 million loan, clouding its debt revamp prospects and undermining Beijing’s effort to restore confidence in the property sector.”

https://uk.finance.yahoo.com/news/chinas-country-garden-faces-winding-004617072.html


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“What are shadow banks and why are they failing in China?

“…In China, the shadow banking industry accounts for about 40% to 60% of the country’s gross domestic product, although estimates vary significantly… Back in November 2023, one of China’s biggest asset and wealth management companies, Zhongzhi, revealed that it was “severely insolvent”, having liabilities of about 460 billion yuan (€59.0 billion).”

https://www.euronews.com/business/2024/02/27/what-are-shadow-banks-and-why-are-they-failing-in-china


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“Israeli Airstrikes in Lebanon Are the Deepest in Years…

“The Israeli military said that its fighter jets had struck Hezbollah air defenses in the Bekaa Valley, about 60 miles from the Israeli border. It said that the strikes were in response to a surface-to-air missile attack that downed an Israeli drone over southern Lebanon. Hezbollah claimed responsibility for that attack.”

https://www.nytimes.com/2024/02/26/world/middleeast/israel-lebanon-strikes.html


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“Hamas and Israel pour cold water on Biden’s hopes of imminent ceasefire…

“Israeli and Hamas officials have downplayed hopes expressed by Joe Biden that a ceasefire in the war in Gaza is imminent, raising questions about whether a temporary truce can be implemented before the Muslim holy month of Ramadan begins in two weeks’ time.”

https://www.theguardian.com/world/2024/feb/27/hamas-and-israel-pour-cold-water-on-bidens-hopes-of-imminent-ceasefire


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“One quarter of Gaza’s people one step away from famine, UN says.

“At least 576,000 people in the Gaza Strip – one quarter of the population – are one step away from famine, a senior U.N. aid official told the Security Council on Tuesday, warning that widespread famine could be “almost inevitable” without action.”

https://www.reuters.com/world/middle-east/one-quarter-gazas-people-one-step-away-famine-un-says-2024-02-27/


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“The US used artificial intelligence to identify targets hit by air strikes in the Middle East this month, a defense official said, revealing growing military use of the technology for combat.

“Machine learning algorithms that can teach themselves to identify objects helped to narrow down targets for more than 85 US air strikes on Feb. 2, according to Schuyler Moore, chief technology officer for US Central Command…”

https://www.bloomberg.com/news/articles/2024-02-26/us-says-it-used-ai-to-help-find-targets-it-hit-in-iraq-syria-and-yemen


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“UK ship sinking in Red Sea after Houthi attack drifts north – as US Navy offer help.

“The Belize-flagged ship Rubymar was hit by a Houthi missile in the Bab al Mandeb Strait on Sunday 18 February. Its last transmitted position was on the day of the attack. Since then, it has moved around 70 kilometres north.”

https://news.sky.com/story/uk-ship-sinking-in-red-sea-after-houthi-attack-drifts-north-as-us-navy-offer-help-13082231


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“Sudan: International Red Cross faces an over 40% increase in aid shipping costs amid Red Sea disruption…

“Due to escalating security concerns and attacks on commercial vessels in the Red Sea, our carrier has made the difficult decision to suspend operations to Port Sudan through the Red Sea route. As a result, the IRC has been compelled to seek alternative routes for the delivery of essential pharmaceutical supplies which are critical for life saving health services.”

https://www.rescue.org/press-release/sudan-irc-faces-over-40-increase-aid-shipping-costs-amid-red-sea-disruption


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“Sudan’s Humanitarian Crisis Deepens As The World Looks Away…

“About 25 million people, including over 14 million children, are in need of humanitarian assistance and support. About 17.7 million people (37% of the population) face acute hunger, and 4.9 million in emergency levels.”

https://www.forbes.com/sites/ewelinaochab/2024/02/27/sudans-humanitarian-crisis-deepens-as-the-worlds-looks-away/


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“Jihadist attacks displace tens of thousands in Mozambique…

“”The sounds of gunshots woke us up, they began to chase people, we watched as they cut off the men’s heads with machetes, and we ran away with the little we had,” Josefina Gabriele told AFP, adding, “those terrorists are evil”.”

https://today.rtl.lu/news/world/a/2172932.html


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“Two die in clashes in Guinea Conakry as unions begin general strike against junta.

“Two youths were shot dead and others injured Monday as Guinea’s capital was paralysed on the first day of an open-ended general strike to end media censorship. This is seen as a key test for the junta that seized power in 2021 and dissolved the transitional government last week.”

https://uk.news.yahoo.com/two-die-clashes-guinea-conakry-115017302.html


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“President Bio seeks financial aid from China – Sierra Leone’s economy on brink of collapse.

“Sierra Leone’s economy is on the brink of collapse as government revenue continues to fall, after years of government’s failure to bring in vital private investments into key high-growth potential sectors of the economy, including agriculture, agro-processing, and fish farming.”

https://www.thesierraleonetelegraph.com/president-bio-seeks-financial-aid-from-china-sierra-leones-economy-on-brink-of-collapse/


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“Ghana’s Economic Crisis Deepens: Leadership Criticized Amid Soaring Inflation and Poverty.

“Ghana is currently grappling with severe economic challenges that have pushed its population into deeper poverty and worsened the cost of living. The country’s leadership has been heavily criticized for its refusal to establish a Crisis Management Team…”

https://bnnbreaking.com/politics/ghanas-economic-crisis-deepens-leadership-criticized-amid-soaring-inflation-and-poverty


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“Nigerians suffer along border with Niger as economic sanctions bite…

“The closure of Nigeria’s border with Niger has worsened the economic situation and insecurity in the region… Nigeria used to be one of Niger’s main trading partners, exporting $193m worth of goods to Niger in 2022…”

https://www.aljazeera.com/gallery/2024/2/26/nigerians-suffer-along-border-with-niger-as-economic-sanctions-bite


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“Nigerian army denies report of coup plot…

“Sahara Reporters suggested that the Presidential Guard, tasked with the president’s protection, was on alert due to coup suspicions. The report alleged that emergency meetings had been held with the Nigerian president.”

https://www.africanews.com/2024/02/26/nigerian-army-denies-report-of-coup-plot/


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“Tobago’s tourism, fishing hit as oil slick spreads across Caribbean.

“Nine days after a slick was first spotted by Trinidad and Tobago’s Coast Guard, an oil leak from a capsized barge remains unplugged… The spill has spread miles from Tobago’s shore, the area first hit by the incident. Trinidad this week alerted neighbors Venezuela and Grenada on possible impact to their coasts.”

https://www.reuters.com/business/environment/tobagos-tourism-fishing-hit-oil-slick-spreads-across-caribbean-2024-02-16/


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

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