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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“The world’s broken market for medicines. Record shortages of common drugs have countries scrambling for alternatives while patients skip treatments…

“Despite their essential role in global healthcare, manufacturing issues, weak supply chains and low pricing have combined to create a “broken market” for these [off-patent, generic] medicines that makes them unattractive to produce and vulnerable to supply shocks, quality defects or surges in demand, say industry leaders and analysts.”

https://www.ft.com/content/6143300d-d11a-4b2f-898c-87c5dd0ff6ce


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“Why the mpox outbreak in the Democratic Republic of Congo is worrying disease docs…

“”It’s just a matter of time, if nothing is done, that the transmission crosses the border in the African region and, again, globally,” says Dr. Jean Nachega… the strain of the virus that’s circulating is especially deadly, with up to 1 in every 10 people who get the virus dying… and the virus is behaving differently.”

https://www.npr.org/sections/goatsandsoda/2024/03/27/1239276957/mpox-outbreak-democratic-republic-of-congo-deadlier-strain


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“Latin America, Caribbean Set for Record Dengue Season.

“The 3.5 million cases recorded so far are three times more than the number of infections at this point in 2023, a record year that saw 4.5 million cases, Barbosa said. Dengue, which can cause hemorrhagic fever, is common in hotter countries and occurs mainly in urban and semi-urban areas.”

https://www.voanews.com/a/latin-america-caribbean-set-for-record-dengue-season-/7548348.html


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“US maritime union sounds alarm over global shipping standards…

““These types of issues can be averted when you have a highly trained crew and you have the resources for the crew to be able to operate,” Rexha said in an interview. “But these companies, what they do is they’re looking to make as much profit as they can, and they put their workforce in a position to fail on a daily basis.”

https://www.theguardian.com/us-news/2024/mar/28/us-maritime-union-global-shipping-standards


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“The catastrophic shipping accident that’s choked off Baltimore harbor is leaving few options for some US coal exporters, with Consol Energy Inc. facing the biggest threat to its operations…

“The accident threatens to ripple across global energy supply chains as Baltimore is the second-largest US export hub for coal.”

https://www.bloomberg.com/news/articles/2024-03-28/bridge-disaster-leaves-some-us-coal-exporters-with-few-options


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“Governments face years of high debt interest costs even as central banks are poised to cut interest rates in 2024, the International Monetary Fund has warned.

“In new analysis, the IMF said the average debt ratio in rich economies was on course to hit 120 per cent by 2028, compared with about 75 per cent at the start of the century.”

https://www.thetimes.co.uk/article/government-debt-servicing-costs-will-be-high-for-years-says-imf-26g6h2scf


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“Regulators are struggling to assess shadow bank contagion risk.

“Banks are becoming increasingly interconnected with non-bank financial institutions, but to what extent is unclear… This is a huge risk, as any turmoil in the NBFI sector is expected to disproportionately impact banks, admitted the European Central Bank…”

https://www.thebanker.com/Regulators-are-struggling-to-assess-shadow-bank-contagion-risk-1711530239


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“Private equity ‘correction’ threatens to trigger financial crisis, warns Bank of England, as it launches a review of the $8 trillion (£6.3 trillion) industry.

“Officials are concerned about the value of assets controlled by private equity companies, such as commercial property and businesses. It is also unclear how much money had been lent against them, raising the risk of a dangerous chain reaction should values suddenly drop.”

https://www.telegraph.co.uk/business/2024/03/27/private-equity-correction-threatens-financial-crisis/


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“UK’s Biggest Water Supplier At Risk Of Nationalisation As Financial Crisis Worsens…

“Debt-plagued Thames Water revealed Thursday that it failed to raise a major cash injection from shareholders, blaming industry regulations that made its rescue plan “uninvestable”.”

https://www.ndtv.com/world-news/uks-biggest-water-supplier-at-risk-of-nationalisation-as-financial-crisis-worsens-5328840


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“Sellafield nuclear waste dump to be prosecuted for alleged cybersecurity offences…

“Among the Guardian’s revelations in December were that groups linked to Russia and China had penetrated its computer networks, embedding sleeper malware that could lurk and be used to spy or attack systems. At the time Sellafield said it did not have evidence of a successful cyber-attack.”

https://www.theguardian.com/business/2024/mar/28/sellafield-nuclear-waste-dump-to-be-prosecuted-for-alleged-it-security-offences


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“Bank lending to euro zone companies and households continued to stagnate last month, with high interest rates likely to have discouraged borrowers as well as lenders, European Central Bank data showed on Thursday.

“The ECB has jacked up borrowing costs to record highs to tame inflation but this has taken a heavy toll on the economy.”

https://www.reuters.com/markets/europe/euro-zone-bank-lending-stagnated-again-february-2024-03-28/


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“The triple shock facing Europe’s economy…

“After the [not really resolved] energy crisis, Europe faces surging Chinese imports and the threat of Trump tariffs… The timing of Europe’s misfortune is bad. The continent needs strong growth in order to help fund more defence spending…”

https://www.economist.com/leaders/2024/03/27/the-triple-shock-facing-europes-economy


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“Russia says NATO is preparing allies for conflict with Moscow.

“NATO activity in Eastern Europe and the Black Sea area is aimed at preparing its allies for conflict with Moscow, which creates additional risks for Russia’s security, the RIA news agency cited Russia’s foreign ministry as saying on Thursday. The ministry was commenting on Romania’s plans to expand a military airbase in Constanta.”

https://www.reuters.com/world/europe/russia-says-nato-is-preparing-allies-conflict-with-moscow-2024-03-28/


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“Putin Says Russia Does Not Intend To Attack NATO, But Air Bases Hosting F-16s Would Be ‘Legitimate Target’…

“Asked whether Russian pilots would be “allowed” to attack F-16 warplanes deployed at airfields in NATO countries if they were used against Russia, Putin indicated that Moscow would consider them fair game if F-16s based there flew combat sorties in Ukraine.”

https://www.rferl.org/a/russia-ukrainian-f-16s-putin-nato-shoot-down/32881357.html


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“Russia on Thursday vetoed the annual renewal of a panel of experts monitoring enforcement of longstanding United Nations sanctions against North Korea over its nuclear weapons and ballistic missile programs.

“The move comes amid U.S.-led accusations that North Korea has transferred weapons to Russia for use in its war in Ukraine.”

https://www.reuters.com/world/russia-blocks-renewal-north-korea-sanctions-monitors-2024-03-28/


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“Japan passes 112.57tn yen budget, including record defense spend.

“Funds increased in revised bill focused on security, disasters, ageing population… The budget includes a record 7.95 trillion yen in defense spending as the nation seeks to bolster defense capabilities in the face of threats from China and North Korea.”

https://asia.nikkei.com/Economy/Japan-passes-112.57tn-yen-budget-including-record-defense-spend


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“China Property Woes Deepen With Vanke Slump, Country Garden Halt…

“Country Garden Holdings Co., once the nation’s top residential builder by sales, made a surprise announcement late Thursday that it will miss a deadline for reporting annual results, saying it needs more information. China Vanke Co., at one time the largest listed developer, said net profit tumbled 46% last year, the biggest drop since its 1991 listing.”

https://www.bloomberg.com/news/articles/2024-03-28/country-garden-delays-report-vanke-net-tumbles-as-woes-deepen


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“South China Sea: Philippines fires back at ‘patronising’ Beijing as tensions escalate.

“The defence ministry accused China of ‘intimidating’ smaller countries, saying Manila will not be cowed into submission. Beijing blamed the Philippines for the breakdown of relations, demanding the Southeast Asian nation cease what it calls were acts of infringement and provocation.”

https://www.scmp.com/news/asia/southeast-asia/article/3257194/south-china-sea-philippines-fires-back-patronising-beijing-tensions-escalate


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“Colombia expels Argentine diplomats after Milei calls Petro ‘terrorist murderer’ in CNN interview…

““The Argentine president’s expressions have deteriorated the trust of our nation and offended the dignity of President (Gustavo) Petro, who was elected democratically,” the Colombian Foreign Ministry said in a statement Wednesday.”

https://edition.cnn.com/2024/03/28/americas/colombia-expels-argentine-diplomats-milei-cnn-interview-intl/index.html


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“Venezuela Cuts Power to Argentine Embassy as Relations Continue to Worsen.

“The Argentine government denounced the cutting of power to the nation’s embassy in Venezuela on Tuesday, stating that the cutting of power in connection with shielding political opponents was a violation of the Vienna Convention on Diplomatic Relations.”

https://theatlasnews.co/latest/2024/03/28/venezuela-cuts-power-to-argentine-embassy-as-relations-continue-to-worsen/


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“President Irfaan Ali has indicated that Guyana will call on its allies for military support should Venezuela overstep its boundary, and invade Guyana’s rich Essequibo Region…

“Just recently, the Venezuelan National Assembly, in keeping with the outcome of a December Referendum, adopted a legislation declaring Guyana’s Essequibo Region to be a new Venezuelan state.”

https://newssourcegy.com/news/guyana-will-call-on-allies-if-there-is-any-breach-of-territorial-space-pres-ali-tells-bbc/


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“[Nigeria] has yet again suffered another nationwide blackout – the second time in three months in 2024.

“The national electricity grid, centrally managed from Osogbo, Osun state, suffered a collapse at 4:30 pm on Thursday, leaving millions of homes and businesses without power.”

https://www.thecable.ng/blackout-in-nigeria-as-grid-collapses-second-time-this-year


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“‘Unprecedented’ Humanitarian Crisis in Congo as Conflict Rages…

“Nearly a quarter of Congo’s 100 million people are facing food insecurity and the number of displaced people has increased more than 800,000 in the past three months to 7.1 million people, Bintou Keita told the council on Wednesday. The figures are “unparalleled” in Congo’s long history of conflict, she said.”

https://www.bloomberg.com/news/articles/2024-03-28/-unprecedented-humanitarian-crisis-in-congo-as-conflict-rages


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“War in Sudan: More than 100 settlements set on fire with over quarter targeted more than once.

“Investigators at the Centre for Information Resilience have verified over 180 fires affecting more than 100 villages, towns and cities since the start of the war in April 2023. One expert said events in Darfur bear the hallmarks of “ethnic cleansing”.”

https://news.sky.com/story/war-in-sudan-more-than-100-settlements-set-on-fire-with-over-quarter-targeted-more-than-once-13102886


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“An airstrip is being built on a Yemeni island during the ongoing war, with ‘I LOVE UAE’ next to it.

“As Yemen’s Houthi rebels continue to target ships in a Mideast waterway, satellite pictures analyzed by The Associated Press show what appears to be a new airstrip being built at an entrance to that crucial maritime route.”

https://www.independent.co.uk/news/socotra-ap-uae-israel-red-sea-b2519841.html


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“A group of warships from Russia’s Pacific Fleet have crossed the Bab el-Mandeb Strait and have entered the Red Sea, Russian state media reported on Thursday, citing the press service of the Pacific Fleet…

“The Russian warships were carrying out “assigned tasks as part of a long-distance sea campaign,” Russian news agency TASS reported, citing the Russian Pacific Fleet’s press service.”

https://oilprice.com/Geopolitics/Middle-East/Russian-Warships-Enter-The-Red-Sea-amid-Houthi-Attacks.html


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“‘Famine is setting in’: UN court orders Israel to unblock Gaza food aid…

“The judges, who were unanimous in their decision, said Palestinians in Gaza were facing worsening conditions of life, and famine and starvation were spreading. “The court observes that Palestinians in Gaza are no longer facing only a risk of famine … but that famine is setting in,” the judges said.”

https://www.theguardian.com/world/2024/mar/28/famine-is-setting-in-icj-orders-israel-to-unblock-gaza-food-aid


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“Gaza conflict is creating a traumatised generation of child amputees, warn medics…

“Israel’s relentless pounding of the Gaza Strip has led to more wounded civilians undergoing amputations than in any conflict of recent times, medical charities believe.”

https://www.telegraph.co.uk/global-health/terror-and-security/gaza-conflict-is-creating-a-generation-of-child-amputees/


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“Seventeen killed on deadliest day of Israel-Hizbollah conflict…

“The clashes between Israel and Hizbollah, and targeted assassinations by Israel of senior figures in Hamas and Hizbollah on Lebanese soil, have fuelled concerns about a broader regional conflagration, and have led to the mass evacuation of civilians on both sides of the frontier.”

https://www.ft.com/content/885fac1b-eb46-4c5c-9c82-571e238eee78


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“Syria says Israeli strikes kill nearly 40 near Aleppo…

“The UK-based Syrian Observatory for Human Rights (SOHR) says the targets were weapons stores used by Iran-backed Lebanese militant group Hezbollah. Israel’s military told the BBC it would not comment on foreign media reports.”

https://www.bbc.co.uk/news/world-middle-east-68691102


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“Jordan’s government struggles to contain unrest as Gaza protests grow.

“Hundreds of protesters gathered in the Jordanian capital Tuesday for a third straight night to call for an end to Israel’s war in Gaza, clashing with baton-carrying riot police before tear gas rained down on them… As public discontent grows, Jordan’s security establishment is getting jittery.”

https://www.washingtonpost.com/world/2024/03/28/jordan-protests-gaza-israel-war/


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“ISIS calls for ‘lone wolves’ to carry out Ramadan massacre of Christians and Jews across Europe, US and Israel…

“In a 41-minute-long recording to mark the 10-year anniversary of ISIS declaration of a caliphate in Iraq and Syria, Abu Hudhayfah al-Ansari declared Ramadan as the ‘month of jihad’ and urged extremists to launch attacks in the United States, Europe and Israel.”

https://www.dailymail.co.uk/news/article-13251719/ISIS-calls-lone-wolves-carry-Ramadan-massacre-Christians-Jews-Europe-Israel.html


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“Advance of Islamic State affiliates ‘could lay ground for new wave of terrorism’…

“Islamic State (IS) remains defeated in its core strongholds of the Middle East but has made significant progress in Africa and parts of south Asia… European governments have moved to their highest levels of alert for years after the attack on a concert hall in Moscow last week by militants from IS which killed 140 people.”

https://www.theguardian.com/world/2024/mar/28/islamic-state-progress-gives-platform-for-new-wave-of-terror-attacks-analysts-say


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

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