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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“Rich countries set for record $15.8tn of debt sales, says OECD… Governments’ need to refinance this year at higher borrowing costs set to drive up interest expenses…

“Mathias Cormann, OECD secretary-general, said “a new macroeconomic landscape of higher inflation and more restrictive monetary policies is transforming bond markets globally . . . this has profound implications for government spending and financial stability at a time of renewed financing needs”.”

https://www.ft.com/content/cdf1f822-92c3-4fd5-b5f8-0289509a8f0b


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“Financial Crises Are a Feature, Not a Bug, of the US System…

“The Silicon Valley Bank autopsies are over, but the problems still remain… Don’t forget how quickly the Treasury pledged to look after uninsured deposits, or that the Fed immediately opened a program for cash-strapped banks to swap government bonds for funding at face value.”

https://www.bloomberg.com/opinion/articles/2024-03-08/financial-crises-are-a-us-feature-not-a-bug


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“Amid explosive demand, America is running out of power…

“Vast swaths of the United States are at risk of running short of power as electricity-hungry data centers and clean-technology factories proliferate around the country, leaving utilities and regulators grasping for credible plans to expand the nation’s creaking power grid.”

https://www.washingtonpost.com/business/2024/03/07/ai-data-centers-power/


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“UK has no ‘credible’ plan to fund military equipment as multibillion-pound deficit revealed, report…

“Inflation and a weak pound also contributed to the hole of at least £16.9bn in a rolling, 10-year plan to procure equipment for the Army, Royal Navy and Royal Air Force, the Public Accounts Committee said in a scathing report.”

https://news.sky.com/story/uk-has-no-credible-plan-to-fund-military-equipment-as-multibillion-pound-deficit-revealed-report-13089653


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“The next five years will be the hardest period for a UK parliament and chancellor since the Second World War, the Institute for Fiscal Studies has warned…

“IFS director Paul Johnson expressed doubt over whether the Government would be able to stick to its spending plans for the upcoming year due to the country’s “fiscal realities”.”

https://www.lbc.co.uk/news/chancellor-hardest-five-years-world-war-spring-budget-jeremy-hunt/


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“France overshoots deficit target and plans more spending cuts…

“France’s already substantial budget deficit is much higher than planned, finance minister Bruno Le Maire has warned, a disclosure that calls into question the Macron government’s ability to meet EU targets.”

https://www.ft.com/content/1f0315f1-ef47-47a5-acc6-d7c2dc6e69f4


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“Germany to be worst performing rich economy for second year in a row…

“Europe’s largest economy is forecast to grow by just 0.2pc this year, according to the Ifo Institute. This represents a major downgrade from previous predictions of a 0.7pc expansion.”

https://www.telegraph.co.uk/business/2024/03/06/germany-worst-performing-rich-economy-second-year/


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“Millions affected by German air and rail strikes.

“The strikes are the latest in a wave of industrial action to hit Germany. The walkouts are to do with separate disputes over pay and working conditions with national carrier, Lufthansa and state-owned rail operator, Deutsche Bahn.”

https://www.bbc.co.uk/news/world-europe-68501755


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“Europe Is Wargaming a Food Crisis…

“The combined forces of El Niño and La Niña have crippled Latin American soy output. Ukrainian and Russian grain farmers have gone to war. Indonesia has banned shipments of palm oil to Europe, while China is hungry for crops. The Mediterranean region is getting more like a desert.”

https://www.bloomberg.com/news/features/2024-03-06/eu-governments-prepare-for-possibility-of-food-crisis


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“Czech farmers dump manure on Prague streets in renewed protests…

“Czech farmers dumped manure in front of the government’s office, blocked Prague streets with tractors and taunted the country’s farm minister on Thursday as they renewed protests demanding more help and a halt to cheap imports to the European Union.”

https://www.reuters.com/world/europe/czech-farmers-dump-manure-prague-streets-renewed-protests-2024-03-07/


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“Angry Polish farmers protest against EU rules, Ukraine farm imports…

“Throwing smoke bombs and lighting fires, thousands of angry farmers demonstrated in Warsaw against European Union regulations and cheap Ukraine imports, with police reporting that two officers had been injured and a dozen protesters arrested.”

https://www.aljazeera.com/gallery/2024/3/7/angry-polish-farmers-protest-eu-rules-ukraine-farm-imports


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“Cameron [UK Foreign Secretary]: ‘Giving Ukraine weapons will help bring peace, not escalate war’…

“The UK foreign secretary was speaking on a trip to Berlin, less than a week after a leaked top-secret military call exposed internal tensions about Germany’s support for Kyiv. Germany is under growing international pressure to provide Taurus missiles to Ukraine…”

https://www.theguardian.com/uk-news/2024/mar/07/cameron-giving-ukraine-weapons-will-help-bring-peace-not-esclate-war


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“Senior Russian officer warns Ukraine conflict could escalate into full-scale war in Europe…

“Colonel-General Vladimir Zarudnitsky, head of the Russian army’s Military Academy of the General Staff, made the comments in an article for “Military Thought”, a defence ministry publication, the state RIA news agency reported on Thursday.”

https://www.reuters.com/world/europe/senior-russian-officer-warns-ukraine-conflict-could-escalate-into-full-scale-war-2024-03-07/


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“China pledges to deepen Russia ties and criticises US ‘obsession’ with suppressing Beijing…

“China’s top foreign affairs official… praised the “strategic guidance” of China’s President Xi Jinping and Russia’s Vladimir Putin for strengthening the relationship to the point that bilateral trade hit a record $240bn last year.”

https://www.theguardian.com/world/2024/mar/07/china-pledges-to-deepen-russia-ties-and-criticises-us-obsession-with-suppressing-beijing


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“China raises defense budget by 7.2% as it pushes for global heft and regional tensions continue…

“Tensions with the U.S., Taiwan, Japan and neighbors with competing claims to the crucial South China Sea are seen as furthering growth in high-tech military technologies from stealth fighters to aircraft carriers and a growing arsenal of nuclear weapons.”

https://abcnews.go.com/International/wireStory/china-raises-defense-budget-72-pushes-global-heft-107794281


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“North Korea’s Kim calls for stronger war fighting capabilities against the US and South Korea…

“During a visit to a western operational training base on Wednesday, Kim said the military must “steadily intensify the actual war drills aimed at rapidly improving its combat capabilities for perfect war preparedness,” the official Korean Central News Agency said.”

https://www.independent.co.uk/news/kim-jong-un-ap-south-korea-north-korea-korean-central-news-agency-b2508388.html


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“Kyrgyzstan’s Toktogul Reservoir May Hit “Dead” Level; Blackouts Possible…

“Kyrgyzstan’s Energy Ministry has said it will limit electricity consumption “by force” as water in the country’s main reservoir becomes increasingly scarce. In addition, major overhauls of the country’s main energy facilities are planned for this year, which will also affect power output and consumption.”

https://timesca.com/kyrgyzstans-toktogul-reservoir-may-hit-dead-level-blackouts-possible/


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“Zimbabwe faces crippling power outages… as Kariba water level drops…

“Lake Kariba, one of the world’s largest man-made reservoirs, straddles the Zambezi River dividing Zimbabwe and Zambia, which share the water resource for power generation, water, fishing and tourism related activities.”

https://www.newsday.co.zw/local-news/article/200024057/zim-faces-crippling-power-outages-as-kariba-water-level-drops


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“Haiti’s main port closes as gang violence spirals…

“Local media report that armed men broke into the port in capital Port-au-Prince, looting containers. It follows attacks by gangs on the airport, police stations and prisons this week. They are pushing for Haitian Prime Minister Ariel Henry’s removal.”

https://www.bbc.co.uk/news/world-latin-america-68507837


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“Afghanistan’s economy has ‘basically collapsed’: UNDP…

“Since the takeover by the Taliban in 2021, the Afghan economy has contracted by 27 per cent, leading to economic stagnation, according to UNDP. Unemployment has doubled and only 40 per cent of the population has access to electricity.”

https://news.un.org/en/story/2024/03/1147387


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“Israel completes construction of road which cuts across Gaza Strip…

“Reports about the construction of the road have been circulating since mid-February. Known as Highway 749, it is reportedly intended to provide Israeli forces with a protected route through the interior of the Gaza Strip.”

https://news.sky.com/story/israel-completes-construction-of-road-which-cuts-across-gaza-strip-13089556


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“Inside America’s Shadow War With Iran…

“…if one of these Iranian proxies gets “lucky” and creates a mass casualty event by striking a U.S. warship or the barracks of one of the U.S. bases in Jordan or Syria — something akin to the Marine Corps barracks bombing in Beirut in 1983 — the U.S.-Iran conflict would surely come out of the shadows and become a direct shooting war…”

https://www.nytimes.com/2024/03/05/opinion/biden-iran-middle-east.html


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“Fatal Houthi rebel attack may be a ‘red line’ in Red Sea shipping crisis…

“The first fatal attack on a commercial vessel in the Red Sea since Iran-backed Houthi rebels began targeting ships late last year has laid bare the enormous challenge of restoring safe passage along one of the world’s most important trade routes. At least three crew members were killed…”

https://edition.cnn.com/2024/03/07/business/houthi-red-sea-attack-shipping-costs/index.html


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“Red Sea Cable Damage Reveals Soft Underbelly of Global Economy…

“This is the latest of several recent incidents involving high-profile damage and disruption to undersea infrastructure. Internet cables near Svalbard and the Shetland Islands were cut in 2022, the same year the Nord Stream gas pipelines were sabotaged. Last year the Balticconnector pipeline between Finland and Estonia was damaged…”

https://www.csis.org/analysis/red-sea-cable-damage-reveals-soft-underbelly-global-economy


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“Geopolitical tensions dragging out inflation fight…

“The escalation of armed conflicts and geopolitical tension in the post pandemic era has had negative implications for the fight against inflation and is likely to keep interest rates higher for longer than previously expected, said Martin Castellanos, chief Latin America economist at the Institute of International Finance (IIF).”

https://latinfinance.com/daily-brief/2024/03/07/geopolitical-tension-drags-out-inflation-fight-iif/


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“UK space chief flags moon mining as next conflict ‘gray zone’…

“A scenario of nations jumping on lunar mining to refill their dried-up, terrestrial stocks has the potential for gray zone conflict, the kind of amorphous contest that transcends traditional notions of two warring parties shooting at each other, Air Vice-Marshal Paul Godfrey said at the Space Comm Expo trade show here.”

https://www.defensenews.com/global/europe/2024/03/07/uk-space-chief-flags-moon-mining-as-next-conflict-gray-zone/


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

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