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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“Risky lending by “shadow banks” threatens to trigger a new financial crisis, the International Monetary Fund (IMF) has warned.

“The Washington-based organisation said there were “systemic risks” posed by the $2.1 trillion “opaque world of private credit”, which has boomed in recent years against a backdrop of record low interest rates.”

https://www.telegraph.co.uk/business/2024/04/08/shadow-bank-lending-risks-financial-crisis-warns-imf/


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“Welcome to the ‘tepid twenties,’ a decade of sluggish growth and rising debt, IMF chief says…

“The world could soon sink into an era of depressed growth and spiraling debt, IMF managing director Kristalina Georgieva said in a speech delivered at an Atlantic Council event.”

https://uk.finance.yahoo.com/news/welcome-tepid-twenties-decade-sluggish-005537048.html


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“Aggressive use of state subsidies risks expensive trade wars, IMF warns.

“It comes as leading western governments adopt an increasingly interventionist approach to boosting economic growth… In a sign of increasing tensions over industrial policy, Beijing has accused the EU of protectionism after Brussels launched a subsidy investigation into Chinese wind turbine companies.”

https://www.theguardian.com/business/2024/apr/10/industrial-policy-to-boost-innovation-not-magic-cure-for-slow-growth-imf-warns


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“The US is headed for a much more aggressive trade war with China regardless of who is president next year, economist says…

“A more intense trade war between the US and China is unavoidable, China Beige Book’s Shehzad Qazi said. Janet Yellen’s warning on China’s overcapacity won’t cause the country to change its industrial policies.”

https://www.businessinsider.com/us-china-trade-war-tariffs-economy-election-janet-yellen-manufacturing-2024-4


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“China sanctions two U.S. defense firms for selling Taiwan weapons…

“The measures effective from Thursday were against General Atomics Aeronautical Systems, which manufactures unmanned aerial systems, and military vehicle maker General Dynamics Land Systems, a unit of General Dynamics.”

https://asia.nikkei.com/Politics/International-relations/US-China-tensions/China-sanctions-two-U.S.-defense-firms-for-selling-Taiwan-weapons


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“US Buys More Taiwan Exports Than China for First Time Since 2003…

“The shift highlights a realignment in global trade ties triggered by successive US administrations working to reduce the dependence the world’s largest economy’s has on goods made in China.”

https://www.bloomberg.com/news/articles/2024-04-11/china-taiwan-trade-data-reveal-growing-divide-as-xi-ma-meet


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“Fitch cuts China credit outlook to negative on ‘uncertain economic prospects’…

“Fitch Ratings cut its outlook on China’s long-term credit rating to negative on Wednesday, citing uncertain prospects for the economy as the country transitions from its property-led growth model.”

https://www.ft.com/content/f0fa0b49-c8e9-4a83-9750-b32a07c1dfe1


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“China remains under deflationary pressure…

“Producer prices, which widened from a 2.7 percent slide the previous month, fell for an 18th straight month in March. “The price data clearly mirrors the weak domestic demand,” said Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group…”

https://www.thestandard.com.hk/section-news/fc/2/261930/China-remains-under-deflationary-pressure


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“Biden says US support for Philippines, Japan ‘ironclad’ amid China tensions.

“President Joe Biden said Thursday that US defence commitment to Pacific allies was “ironclad” as he gathered Philippine President Ferdinand Marcos Jr. and Japanese Prime Minister Fumio Kishida at the White House in the midst of growing concern about provocative Chinese military action in the Indo-Pacific.”

https://www.france24.com/en/asia-pacific/20240412-biden-says-us-support-for-philippines-japan-ironclad-amid-china-tensions


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“Yen Crumbles To 34-Year Low Amid Economic Pressure…

“Japan’s yen is feeling the squeeze, plunging to depths against the dollar not seen in over three decades despite a rate hike attempt to buoy the currency… the picture’s [not] rosy for the everyday Japanese spender, facing ballooning prices for must-have imports, from wheat to fuel.”

https://finimize.com/content/yen-crumbles-to-34-year-low-amid-economic-pressure


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“Resurgent inflation looms over Joe Biden’s White House bid…

“The 3.5 per cent annual increase in the March consumer price index followed a 3.2 per cent gain a month earlier, and has made it suddenly much harder for Biden to argue that inflation is continuing to move steadily downwards…”

https://www.ft.com/content/d8520a33-f202-4679-b6f7-99fe9e4fb3ae


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“One of St. Louis’ Tallest Office Towers, Empty for Years, Sells for Less Than 2% of Its Peak Price…

“In the latest sign of how lower demand is hitting parts of the U.S. office market, one of the tallest towers in St. Louis that sold for $205 million in 2006 has changed hands again this week — for about $3.6 million.”

https://www.costar.com/article/642008108/one-of-st-louis-tallest-office-towers-empty-for-years-sells-for-less-than-2-of-its-peak-price


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“The US drug shortage – halting vital treatment for millions of patients – has now reached an all-time high, according to newly released data.

“There are currently 323 medicines in short supply nationwide… Access to these limited drugs can be the difference between life and death for millions of patients relying on antibiotics, cancer treatments, injectable diabetes medications, and more.”

https://www.dailymail.co.uk/health/article-13298049/us-drug-shortages-cancer-patients-wait-time-lifesaving-drugs.html


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“Almost 50 million Americans are now considered ‘subprime borrowers’ – after higher living costs led to missed debt payments which damaged credit ratings.

“Compared to just a year ago, an extra 1.2 million now have credit scores in the lowest-possible 300 to 600 range.”

https://www.dailymail.co.uk/yourmoney/consumer/article-13289733/how-improve-credit-score-subprime-borrower.html


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“Fears of spiralling debt as ‘buy now pay later’ credit quadruples in UK…

“Ministers are being urged to intervene over a surge in unregulated “buy now, pay later” credit after the amount UK consumers spend online using such deals rose up to £1.7bn a month. Debt advisers warn that many people are routinely resorting to deferred payments to buy household essentials.”

https://www.theguardian.com/money/2024/apr/06/fears-of-spiralling-debt-as-buy-now-pay-later-credit-quadruples-in-uk


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“Britain is poised to import a record amount of energy from France and other European countries this summer after mothballing a host of power stations.

“The French state-owned operator EDF will sell much of the surplus power from its nuclear plants to the UK in the coming months…”

https://www.telegraph.co.uk/business/2024/04/11/energy-imports-poised-hit-record-after-power-stations-close/


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“German industry unlikely to fully recover from energy crisis, warns RWE boss…

““Gas prices in continental Europe, especially in Germany, are structurally higher now, because we, in the end, depend on LNG imports,” said Markus Krebber, chief executive of RWE. “The German industry has a disadvantage.””

https://www.ft.com/content/5d98bcab-c8bc-49c8-83a0-88522194f64d


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“Bulgarian farmers to join massive EU-wide protest wave days before bloc elections.

“Bulgarian farmers will take part in a wave of simultaneous protests in Brussels and EU member states planned for 4 June, just days before the upcoming European Parliament elections, Ilia Prodanov, president of the National Association of Grain Producers, has said.”

https://www.euractiv.com/section/politics/news/bulgarian-farmers-to-join-massive-eu-wide-protest-wave-days-before-bloc-elections/


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“Turkey-Greece tensions flare (again) over marine park plans…

“Turkey on Tuesday hit out at Greece’s plans to set aside some of the waters between the two countries for ecological sustainability, as Ankara is contesting the sovereignty of some of the maritime territory involved.”

https://www.politico.eu/article/turkey-opposes-greek-plans-environmental-marine-park-cites-sovereignty/


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“Kosovan police load up with weapons on the Serbian border as tensions rise…

“Security ramped up as fears grow that Serbia’s president Aleksander Vucic is planning an invasion aided by his ally Vladimir Putin… Fears of a fresh war spiked in 2023 when a group of Serbian gunmen stormed across the border into the northern village of Banjska and barricaded themselves in its monastery.”

https://www.telegraph.co.uk/world-news/2024/04/09/kosovan-police-weapons-serbia-border-tensions/


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“RAF Typhoons arrive in Romania to take on Nato policing role and intercept Russian interlopers…

“Six Royal Air Force Typhoon fighter aircraft have arrived in Romania ready to protect Nato’s eastern flank, close to the Black Sea. The fighter jets from IX (Bomber) Squadron took part in a handover ceremony ahead of their four-month mission…”

https://www.forces.net/nato/raf-typhoons-arrive-romania-ready-take-nato-air-policing-role


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“Moldova’s President Faces Protests as New Pro-Russia Front Opens…

“Moldovan President Maia Sandu is facing rising domestic tensions ahead of key elections this year as protests in another Russia-friendly region — besides the breakaway Transnistria enclave — fuel concerns that Moscow is intensifying pressure to derail the nation’s pro-European path.”

https://www.bloomberg.com/news/articles/2024-04-11/moldova-s-sandu-runs-into-pro-russia-protests-in-gutul-s-gagauzia


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“Ukraine war: Key power plant near Kyiv destroyed by Russian strikes…

“A major power plant near Kyiv was completely destroyed by Russian strikes early on Thursday, energy company Centrenergo said. Trypillya power plant was the largest electricity provider for three regions, including Kyiv, officials said.”

https://www.bbc.co.uk/news/world-europe-68788110


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“The US has proposed raising tens of billions of euros in debt for Ukraine secured against the future profits generated by Russian state assets that have been frozen by western countries…

“Washington has backed the idea of confiscating the reserves in their entirety and handing them to Ukraine, an idea European officials fear could violate international law and destabilise financial markets.”

https://www.ft.com/content/6cb21054-ccfc-4cb9-ab58-516d80be94de


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“Russia’s government is looking at the possibility of introducing some easing of rigorous fuel environmental standards in order to allow the usage of low-quality gasoline in the face of possible fuel shortages…

“Ukrainian drone attacks have reduced Russian primary oil refining capacity by some 14% as of the end of March according to Reuters calculations. Russia says the drone attacks amount to terrorism.”

https://www.firstpost.com/world/russia-considers-easing-environmental-norms-to-boost-gasoline-supply-13758310.html


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“Demonstrators arrested, reporters wounded as police crush demonstration in Buenos Aires…

“Protesters were wounded and arrested in Buenos Aires Wednesday as law enforcement forces crushed a demonstration along the iconic 9 de Julio Avenue against the policies of Libertarian President Javier Milei that rendered social organizations almost helpless in the face of increasing [economic hardship].”

https://en.mercopress.com/2024/04/11/demonstrators-arrested-reporters-wounded-as-police-crush-demonstration-in-buenos-aires


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“Mexico calls on UN to expel Ecuador over embassy raid as tensions soar…

“Tensions between Mexico and Ecuador have soared since late last week when Ecuadorian authorities forced their way into the diplomatic mission to arrest Ecuador’s former vice-president Jorge Glas who had been holed up there seeking asylum in Mexico.”

https://www.theguardian.com/world/2024/apr/11/ecuador-embassy-raid-mexico


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“Guyana Buys Military Patrol Vessel Triggering Rebuke From Venezuela…

“The Offshore Patrol Vessel, which will be built by OCEA S.A, is the latest addition to Guyana’s growing fleet amid tensions with Venezuela… Venezuelan vice-president Delcy Rodriguez reacted to the sale on social media platform X on Wednesday, saying, “The fake victim Guyana buys an ocean patrol vessel from a French company.””

https://www.thedefensepost.com/2024/04/11/guyana-military-patrol-vessel/


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“Rwanda-backed rebels are choking the Congolese people, yet this is one conflict the world can easily end.

“Kagame’s regime is funding rape, killings and torture by the M23 militia, who have now cut off the city of Goma. But he can be stopped… The number of M23-related displacements across North Kivu has risen to 1.7 million.”

https://www.theguardian.com/global-development/2024/apr/11/rwanda-militias-drc-goma


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“Sudan conflict: Burhan says no return to pre-war era…

“As Sudan approaches the first anniversary of its brutal civil war, army chief Abdel Fattah al-Burhan has dashed any hopes of a return to civilian rule, announcing there is “no turning back” to the pre-war era.”

https://www.france24.com/en/video/20240411-sudan-conflict-burhan-says-no-return-to-pre-war-era


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“Yemenis face “harsher-than-ever” Eid al-Fitr amid ongoing clashes in Red Sea…

“The conflict’s economic toll is undeniable. Many families, unable to afford market prices, are resorting to tradition. They’ll make “Kahk” at home, a simple yet delicious biscuit made with flour, water, eggs, and butter… But for the most vulnerable, even these small joys are out of reach.”

https://english.news.cn/20240411/5a487f83322e428c9da3bb29371ff15f/c.html


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“Aid ‘still not reaching Gaza’, as top US official warns famine has started…

“A promised surge in aid into Gaza that Benjamin Netanyahu promised Joe Biden a week ago has so far failed to materialise, aid workers say, as the US aid chief confirmed that famine is beginning to take hold in parts of the besieged coastal strip.”

https://www.theguardian.com/world/2024/apr/11/aid-still-not-reaching-gaza-as-top-us-official-warns-famine-has-started


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“‘We will harm them’: Israel says it is prepared for wider conflict amid Iran attack fears…

“Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said, amid concern that Iran was preparing to strike Israel in response to the killing of senior Iranian commanders.”

https://www.smh.com.au/world/middle-east/we-will-harm-them-israel-says-it-is-prepared-for-wider-conflict-amid-iran-attack-fears-20240412-p5fj94.html


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“Israeli And Turkish Airstrikes Are Killing And Injuring Syrian Soldiers…

“Aron Lund, a Syria expert and fellow with Century International, discussed these two air campaigns, why they are repeatedly killing and wounding Syrian soldiers, how they have intensified in recent months, and why the government in Damascus hasn’t retaliated.”

https://www.forbes.com/sites/pauliddon/2024/04/11/israeli-and-turkish-airstrikes-are-killing-and-injuring-syrian-soldiers/


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“Myanmar troops retreat to Thai border bridge after days of fighting.

“Some 200 Myanmar soldiers have withdrawn to the so-called Friendship Bridge connecting the border town of Myawaddy to Thailand amid a relentless assault by anticoup forces. The retreat is another indication of the rising pressure facing the generals who seized power in a coup in February 2021.”

https://www.aljazeera.com/news/2024/4/11/myanmar-troops-retreat-to-thai-border-bridge-after-days-of-fighting


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“North Korea’s Kim says ‘now is time to be prepared for war’: State media…

““Now is the time to be more thoroughly prepared for a war than ever before,” the North Korean leader said at the Kim Jong Il University of Military and Politics, citing the “uncertain and unstable military and political situation” around.”

https://www.aljazeera.com/news/2024/4/11/north-koreas-kim-says-now-is-time-to-be-prepared-for-war-state-media


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“Inside the global arms industry: what a secretive London trade fair reveals about international weapons sales…

“The arms industry is justified as necessary for defence. However, the experience of the fair suggests that it has an additional purpose. Here, missiles are treated as global commodities, and warring regimes as clients and business partners. The fair gives an insight into how arms sales to Israel can continue despite the horrific bombardment of Gaza.”

https://theconversation.com/inside-the-global-arms-industry-what-a-secretive-london-trade-fair-reveals-about-international-weapons-sales-227176


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“Star wars looming: US general warns of growing space conflict threat…

“Speaking at the 39th Space Symposium in Colorado Springs, General Whiting expressed concern over the rapid advancements in orbital capabilities by these nations, specifically noting China’s development of a “kill web over the Pacific Ocean” aimed at US and allied military assets.”

https://www.msn.com/en-in/news/world/star-wars-looming-us-general-warns-of-growing-space-conflict-threat/ar-BB1lrkTZ


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

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