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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“Price of gold hits record high amid geopolitical tensions and investor jitters…

“Investors piled into the “safe haven” asset on Tuesday, with the spot price reaching a record $2,141.59 (about £1,685) for an ounce, beating the previous record of $2,135 in December, before easing back again to about $2,128.”

https://www.theguardian.com/business/2024/mar/05/price-of-gold-hits-record-high-amid-geopolitical-tensions-and-investor-jitters


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“Bitcoin Hits Record High, Completing a Stunning Comeback…

“Bitcoin hit a record high of more than $69,000 on Tuesday, capping a remarkable comeback for the volatile cryptocurrency after its value plunged in 2022 amid a market meltdown.”

https://www.nytimes.com/2024/03/05/technology/bitcoin-price-record-high.html


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“People are worried (again) about bond market liquidity… But what they should be thinking about are the consequences…

“Historically, the focal point of most financial crises has always been banks. Given how disastrous their mass failure can be, central banks therefore almost always (if reluctantly) backstop the industry. But now that markets do more of the heavy lifting, central banks will increasingly have to wade in there to keep the financial system from imploding…”

https://www.ft.com/content/c289d5f4-477e-478b-9179-55c5e45a8b46


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“The world is at risk of another financial crisis caused by US lenders’ reckless exposure to stricken commercial property markets, the IMF has warned.

“In a research paper on financial stability, the IMF said that a “weak tail of banks” had gorged on US commercial real estate and could create a repeat of the chaos last year triggered by the collapse of Silicon Valley Bank.”

https://www.telegraph.co.uk/business/2024/03/05/us-lenders-risk-triggering-new-financial-crisis-warns-imf/


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“A hidden crisis in US housing… In places most prone to wildfires and hurricanes, state “insurers of last resort” are absorbing trillions of dollars in risk.

“… even as states have assumed more and more risk, they’ve largely dodged a fundamental question: How will they cover claims in the wake of a truly major catastrophe?”

https://www.bloomberg.com/features/2024-home-insurance-real-estate-crisis


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“US banks abandon ‘bare minimum’ environmental standards project, alarming climate groups.

“Four of the world’s biggest banks have left the Equator Principles, a set of minimum industry standards and safeguards for financial institutions to address environmental and social risks in countries where they finance fossil fuel and mining projects.”

https://www.theguardian.com/business/2024/mar/05/us-banks-leave-esg-finance-climate-crisis


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“Canadian Banks’ Fossil-Fuel Exposure Outpaces US, European Peers…

“The five Canadian banks committed most of the financing to domestic oil and gas companies, the report found, with pipeline operators Enbridge Inc. and TC Energy Corp. and oil producer Cenovus Energy Inc. receiving a combined $61.9 billion in financing via the Big Five banks between 2020 and 2022.”

https://www.bloomberg.com/news/articles/2024-03-06/canadian-banks-fossil-fuel-exposure-outpaces-us-european-peers


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“Why Britain is ‘literally crumbling’ before our eyes… More tax cuts could cripple UK’s parlous public services, economists warn…

“Many believe there is no more fat left to trim and further cuts risk enraging voters as the fabric of the state unravels further. Public services are already a mess.”

https://www.telegraph.co.uk/business/2024/03/05/britains-decrepit-public-services-cope-tax-cuts/


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“Over 170 councils call for urgent extension of Household Support Fund.

“Ahead of the Spring Budget, more than 170 council leaders have called on the Chancellor to extend an essential scheme to help protect vulnerable households across the country before it expires at the end of this month.”

https://www.local.gov.uk/about/news/over-170-councils-call-urgent-extension-household-support-fund


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“Uzbekistan is the only nation more miserable than Britain as the Dominican Republic tops the world wellbeing charts, a ‘worrying’ global report has found.

“The UK only ranked 70th out of 71 countries in terms of mood, outlook on life and self-esteem in 2023, scoring only 49 on the mental wellbeing score when the global average was 65.”

https://www.dailymail.co.uk/health/article-13156261/Uzbekistan-nation-miserable-Britain-Global-report-says-Dominican-Republic-tops-world-wellbeing-charts.html


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“The European Union could block exports of weapons to Britain if war breaks out with Russia, it was announced on Tuesday.

“A top official said plans had been drawn up to prevent overseas shipments of arms and civilian technologies to make up for the bloc’s own shortfalls in a “security crisis”.”

https://www.telegraph.co.uk/world-news/2024/03/05/eu-weapons-exports-britain-russia-war-defence/


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“Ukraine war briefing: Macron says don’t be ‘cowards’ as he digs in over ground troops remark…

“Emmanuel Macron has urged Ukraine’s allies not to be “cowards” in supporting its fight against the Russian invasion. He “fully stood behind” remarks made last week not ruling out the deployment of western troops.”

https://www.theguardian.com/world/2024/mar/06/ukraine-war-briefing-macron-says-dont-be-cowards-as-he-digs-in-over-ground-troop-s


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“NATO is growing reckless over Ukraine – and Russia’s German military leak proves it…

“NATO’s strategy has lost all coherence. This is the moment when such wars run out of control. For two years now, western leaders have polished their macho images at home by visiting and goading Kyiv’s president Volodymyr Zelenskiy to seek total victory with their help.”

https://www.theguardian.com/commentisfree/2024/mar/05/nato-ukraine-russia-germany-military-leak


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“Russia’s Chinese Yuan Funding Lifeline Is Getting Too Expensive.

“Yuan financing is becoming costly and sparse in Russia, choking off a pathway to foreign capital for companies that are already facing much higher domestic interest rates and a wave of debt due this year.”

https://www.bloomberg.com/news/articles/2024-03-05/russia-s-chinese-yuan-funding-lifeline-is-getting-too-expensive


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“Russia says it is considering putting a nuclear power plant on the moon with China.

“Russia and China are considering putting a nuclear power plant on the moon from 2033-35, Yuri Borisov, the head of Russia’s space agency Roscosmos said on Tuesday, something he said could one day allow lunar settlements to be built.”

https://www.reuters.com/technology/space/russia-china-are-considering-putting-nuclear-power-unit-moon-ria-2024-03-05/


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“China’s deflationary trap could snare the global economy…

“This time, a Chinese deflationary shock threatens to unleash dangerous political currents in western economies. China’s tried-and-tested method to slash export prices to help to bolster its struggling manufacturing industry is a way of exporting deflation to the rest of the world.”

https://www.thetimes.co.uk/article/chinas-deflationary-trap-could-snare-the-global-economy-b8lqrr9bj


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“Chinese and Philippine coast guards clash amid regional dispute with water cannons fired.

“Philippine and Chinese coast guards have clashed once more over the disputed Second Thomas Shoal, ahead of a regional summit where leaders were going to raise Beijing’s aggression at sea.”

https://news.sky.com/story/chinese-and-philippine-coast-guards-clash-amid-regional-dispute-with-water-cannons-fired-13087614


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“Blackouts in Tajikistan Highlight Energy Woes.

“Tajikistan confronts many of the same issues as neighboring Kyrgyzstan, where water levels at critical reservoirs are approaching dangerous lows. Tajik authorities, however, are less transparent about the situation, as illustrated by the lack of comments on the blackout last week or available information regarding water levels at Nurek.”

https://thediplomat.com/2024/03/blackouts-in-tajikistan-highlight-energy-woes/


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“Yoav Gallant, the Israeli defence minister, has said that Hezbollah’s continued attacks on Israel are pushing the country to a “critical point” in deciding to pursue military action in Lebanon…

“During the meeting at Defense Ministry headquarters in Tel Aviv, Mr Gallant also warned Hochstein that the Lebanese militant group is “dragging the parties to a dangerous escalation,” according to his office.”

https://www.telegraph.co.uk/world-news/2024/03/05/israel-hamas-war-latest-news-updates-harris-biden/


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“Can Israel afford to wage war? As the battle continues, costs are spiralling…

“In the next few weeks, Binyamin Netanyahu, Israel’s prime minister, hopes to gain final parliamentary approval for an emergency war budget.. it… contains a startling break with the past. Everyday welfare spending (long generous in Israel, owing to its socialist foundations) will be slashed to fund the country’s armed forces.”

https://www.economist.com/finance-and-economics/2024/03/05/can-israel-afford-to-wage-war


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“Houthi attacks reveal murky world of ship nationality…

“The missile that struck the Rubymar near its engine room on February 19 forced the 20 crew and four security guards to abandon the vessel. It had been chartered by a Saudi commodities company, had picked up its cargo in the United Arab Emirates and was heading to Bulgaria.”

https://www.ft.com/content/90c55ef3-90e6-4f68-af8a-aafe87f8744b


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“Crucial Red Sea data cables cut, telecoms firm says…

“Several undersea communications cables in the Red Sea have been cut, affecting 25% of data traffic flowing between Asia and Europe… Hong Kong-based HGC Global Communications said it had taken measures to reroute traffic after four of the 15 cables were recently severed. The cause is not yet clear.”

https://www.bbc.co.uk/news/world-middle-east-68478828


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“War in Sudan Risks Sparking Hunger Crisis for 25 Million People.

“Sudan’s war has put food security at risk for 25 million people across Sudan, South Sudan, and Chad, making it the biggest hunger crisis worldwide, World Food Programme Executive Director Cindy McCain said, calling for unimpeded access and more funding to help communities.”

https://www.bloomberg.com/news/articles/2024-03-06/war-in-sudan-risks-sparking-hunger-crisis-for-25-million-people


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“Egyptians Are Buying and Selling Gold Just to Stay Afloat.

“Clamor for the precious metal is growing as the buying power of the country’s currency plunges in value against the dollar, and inflation eats away at savings… The turbulence has turned many people into reluctant speculators, their lives ruled by uncertainty and rumors.”

https://www.nytimes.com/2024/03/05/world/middleeast/egypt-economic-crisis-gold-price.html


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“Nigeria battles to halt spiraling currency crisis and rising food insecurity…

“Inflation hit an annual 29.9% in January, driven by soaring food prices that have triggered a cost-of-living crisis in Africa’s largest economy. The naira currency, meanwhile, plunged to an all-time low of around 1,600 against the U.S. dollar in late February.”

https://www.cnbc.com/2024/03/05/nigeria-battles-to-halt-spiraling-currency-crisis-and-rising-food-insecurity.html


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“Cuba turns off some public lighting as energy crisis worsens…

“Minister of Energy and Mines Vicente de la O Levy told a council of ministers meeting the measure was one of many that included shuttering thousands of state services and shifting production to lessen the blackouts roiling the country, according to state media.”

https://www.reuters.com/world/americas/cuba-turns-off-some-public-lighting-energy-crisis-worsens-2024-03-05/


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“Top Haitian gang leader warns of civil war, ‘genocide’ unless PM resigns…

“The stark comments from Jimmy Cherizier, known as “Barbecue,” came as Henry appeared to be struggling to fly home, with the main airport under attack and neighboring Dominican Republic refusing permission for him to land.”

https://www.france24.com/en/americas/20240306-top-haitian-gang-leader-warns-of-civil-war-genocide-unless-pm-resigns


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“The environmental cost of AI.. Data centres are becoming some of the biggest consumers of power and water…

“The International Energy Agency says data centres, cryptocurrencies and AI accounted for almost 2 per cent of global power demand in 2022 — and this could double by 2026 to nearly match the electricity consumption of Japan. Ireland, a favoured location for server farms, is now limiting new data centre connections to the power grid; others are exploring whether to do the same.”

https://www.ft.com/content/323299dc-d9d5-482e-9442-f4516f6753f0


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

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