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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“WEF president: ‘We haven’t seen this kind of debt since the Napoleonic Wars’…

“Borge Brende, president of the World Economic Forum, gave a stark outlook for the global economy… he warned that global debt ratios are close to levels not seen since the 1820s and there was a “stagflation” risk for advanced economies.”

https://www.cnbc.com/2024/04/28/wef-president-we-havent-seen-this-kind-of-debt-since-the-napoleonic-wars.html


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“As multilateral bank leaders meet, where is the wisdom the world needs?

“The world is at war – or at least parts of it, such as Ukraine and Gaza, are – while the South China Sea and Taiwan are theatres of brewing conflict. This hardly speaks of a wiser world that has learned from mistakes. We are battling (rather unconvincingly and indecisively) against climate changes that are largely of our making and which could prove fatal to our planet.”

https://www.scmp.com/opinion/world-opinion/article/3260369/multilateral-bank-leaders-meet-where-wisdom-world-needs


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“Insurers warn climate change means an unhealthy prognosis for cover…

“…a less-followed risk is adding to unease at companies offering life and health insurance: scientists’ warnings, and research findings, that a warming climate is causing an increasing number of excess deaths, and forcing more people into ill-health.”

https://www.ft.com/content/517dbcae-36ff-4001-a6c1-b2470c51d351


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“The crippling home insurance crisis hitting America. While climate is changing, the model for insurance has not…

“It’s no secret that there’s a housing crisis in America. Shelter has accounted for the bulk of core inflation over the past couple of years. But even if you can afford a home, you may not be able to insure it.”

https://www.ft.com/content/7745d8ba-d498-4b1c-b877-e42a691b954f


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“Fed Rate-Cut Debate Shifts From When Toward If on Inflation Data…

“Policymakers are widely expected to hold rates steady at a more than two-decade high at the conclusion of their meeting Wednesday, so much of the focus will be on any pivot in the tone of the post-meeting statement and Chair Jerome Powell’s press conference.”

https://www.bloomberg.com/news/articles/2024-04-28/fed-rate-cut-debate-shifts-from-when-toward-if-on-inflation-data


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“U.S. regulators have seized Republic First Bancorp, opens new tab and agreed to sell it to Fulton Bank, underscoring the challenges facing regional banks a year after the collapse of three peers.

“Philadelphia-based Republic First, which had abandoned funding talks with a group of investors, was seized by the Pennsylvania Department of Banking and Securities.”

https://www.reuters.com/business/finance/us-regulators-set-seize-republic-first-bancorp-wsj-reports-2024-04-26/


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“Echoes of Vietnam era as pro-Palestinian student protests roil US campuses…

“In what is perhaps the most significant student movement since the anti-Vietnam campus protests of the late 1960s, the conflict between pro-Palestinian students and university administrators has revealed an entire subset of conflicts.”

https://www.theguardian.com/world/2024/apr/28/us-student-protests-gaza-israel


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“Four water retailers serving regional homes were forced to make last-minute pleas to borrow a combined extra $36.5 million last year to deal with floods and infrastructure blowouts [Victoria, Australia].

“The increases in borrowing limits, approved by Victorian Treasurer Tim Pallas in June, were detailed in a ministerial briefing provided to the state opposition under freedom of information and obtained by The Age.”

https://amp.smh.com.au/politics/victoria/water-retailers-pleaded-to-borrow-36-5-million-extra-in-debt-blowout-20240418-p5fkqa.html


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“Thames Water collapse could trigger Truss-style borrowing crisis, Whitehall officials fear…

“Such is their concern about the impact on wider borrowing costs for the UK, even beyond utilities and infrastructure, that they believe Thames should be renationalised before the general election.”

https://www.theguardian.com/business/2024/apr/28/thames-water-collapse-borrowing-whitehall-uk-finances-bonds-liz-truss


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“Workers at the UK’s last active coal-fired power station say ‘it’ll be a sad day’ when the plant closes for good in September 2024…

“Coal once dominated the East Midlands region, but the coal mines have shut, and the UK’s last coal-fired power station will cease production in September 2024. Coal is a fossil fuel and has been generating electricity in Great Britain since the Industrial Revolution…”

https://www.bbc.co.uk/news/uk-england-nottinghamshire-68912006


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“Britain must spend £30bn to strip CO2 from atmosphere and hit net zero, experts warn…

“The “direct air carbon capture systems” would remove up to 48 million tonnes of CO2 from the air each year and then pump it into disused oil and gas reservoirs under the North Sea or Irish Sea. Without such a scheme the UK will never reach its target of net zero emissions by 2050…”

https://www.telegraph.co.uk/business/2024/04/28/britain-30bn-strip-co2-atmosphere-hit-net-zero/


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“‘Washout winter’ spells price rises for UK shoppers with key crops down by a fifth…

“UK harvests of important crops could be down by nearly a fifth this year due to the unprecedented wet weather farmers have faced, increasing the likelihood that the prices of bread, beer and biscuits will rise.”

https://www.theguardian.com/environment/2024/apr/29/washout-winter-spells-price-rises-for-uk-shoppers-with-key-crops-down-by-a-fifth


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“German Green’s minister Robert Habeck under fire over 2022 nuclear shutdown…

“Following a lawsuit by the monthly political magazine Cicero, documents have come to light that implicate the two German Green-run ministries, for putting aside expert opinion while concluding the 2022 nuclear exit.”

https://www.euractiv.com/section/energy-environment/news/german-greens-minister-robert-habeck-under-fire-over-2022-nuclear-shutdown/


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“Italy can do without Russian gas, says energy minister…

“Italy has emancipated itself from Russian natural gas and would have no problem with a proposed package of EU sanctions on liquified natural gas (LNG) that the European Commission is considering, Italian Energy Minister Gilberto Pichetto Fratin said.”

https://www.politico.eu/article/italy-can-do-without-russian-gas-says-energy-minister/


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“Russia’s latest missile attack on Ukraine hit energy infrastructure used to supply the European Union with natural gas, Ukrainian President Volodymyr Zelenskyy said…

“The attack targeted “the power grid and the gas transit system, particularly the gas infrastructure that ensures the security of deliveries to the EU,” the president said.”

https://www.politico.eu/article/ukraine-war-eu-energy-supplies-targeted-russia-latest-attack/


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“Western banks in Russia paid €800mn in taxes to Kremlin last year.

“The largest western banks that remain in Russia paid the Kremlin more than €800mn of taxes last year, a fourfold increase on prewar levels, despite promises to minimise their Russian exposure after the full-scale invasion of Ukraine.”

https://www.ft.com/content/cd6c28e2-d327-4c2a-a023-098ca43eacfb


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“China firms go ‘underground’ on Russia payments as banks pull back…

“As China’s big banks pull back from financing Russia-related transactions, some Chinese companies are turning to small banks on the border and underground financing channels such as money brokers – even banned cryptocurrency – the sources told Reuters.”

https://www.reuters.com/business/finance/china-firms-go-underground-russia-payments-banks-pull-back-2024-04-28/


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“Is China stockpiling oil and other resources in case of future war?

“…Beijing’s stockpiling of oil is just one example of what appears a broad national effort to significantly increase the holdings of key raw materials. It is a move that some increasingly suspect is intended to help insulate Beijing against any future war or international sanctions…”

https://bdnews24.com/opinion/a698cf3a079a#bypass-sw


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“Myanmar: Civil war of ‘many against many’ tearing country up…

“Myanmar is now four years into a civil war that shows no sign of abating. Following an October 2023 offensive in the north-eastern state Shan, the military junta, known as the State Administrative Council (SAC), lost control over swathes of territory on the border with China.”

https://www.dw.com/en/myanmar-civil-war-of-many-against-many-tearing-country-up/a-68938965


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“Millions of Afghans made Pakistan home to escape war. Now many are hiding to avoid deportation…

“…at least a million remain in Pakistan in hiding. They’ve retreated from public view, abandoning their jobs and rarely leaving their neighborhoods out of fear they could be next for deportation. It’s harder for them to earn money, rent accommodation, buy food or get medical help…”

https://www.independent.co.uk/asia/south-asia/afghanistan-pakistan-taliban-deportation-b2536256.html


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“Dissident rapper Toomaj Salehi has been given a death sentence for his involvement in the widespread protests that swept Iran in 2022, according to his lawyer.

““An order for the execution of Toomaj Salehi has been issued,” Salehi’s lawyer Amir Raesian tweeted Wednesday.”

https://edition.cnn.com/2024/04/25/middleeast/toomaj-salehi-death-sentence-iran-intl/index.html


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“The Iraqi Council of Representatives passed a law Saturday criminalizing same sex relationships and transgender individuals…

“The Anti-Prostitution and Homosexuality Law amends a previous law from 1988. It provides prison sentences and fines for most of its offenses. Anyone convicted of participating in a same sex relationship could face imprisonment for ten to fifteen years.”

https://www.jurist.org/news/2024/04/iraq-criminalizes-same-sex-relationships-and-transgender-individuals/


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“‘Everyone knows something’s going to happen’: fears of a new war on Israel’s border with Lebanon…

“For the Israeli communities evacuated from the country’s far north in the aftermath of 7 October, there is no longer any doubt about whether full-scale war with Hezbollah in Lebanon is going to happen. For most people, the only question is when.”

https://www.theguardian.com/world/2024/apr/27/fears-of-new-war-israel-border-with-lebanon


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“Israel Scrambles as Netanyahu, Gallant and IDF Chief Face ICC Arrest Warrants for War Crimes in Gaza

“Warrants could be issued this week against Netanyahu, Defense Minister Yoav Gallant and army chief Herzl Halevi. Some legal experts say the attorney general and army lawyers are partly to blame for not doing enough to prevent Israeli violations of international law.”

https://www.haaretz.com/israel-news/2024-04-28/ty-article/.premium/israel-scrambles-as-netanyahu-defense-chiefs-face-possible-icc-arrest-warrants/0000018f-2537-d0a5-abcf-37ff394f0000


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“Two children die in Gaza’s high temperatures as 1.2 million people living in tents under threat…

“High temperatures are bringing further danger to Gaza’s suffering population following reports that two children died from overheating in tents as temperatures reached 40 degrees Celsius this week.”

https://www.newarab.com/news/gaza-two-children-die-heatwave-amid-threat-displaced


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“A crude oil tanker has been damaged in a missile attack off the coast of Yemen – the latest strike to be carried out by the Houthis.

“The incident happened roughly 15 nautical miles south-west of the Yemeni city of Mocha. British maritime security agency UKMTO reported that the Panama-flagged ship was struck twice and suffered damage.”

https://www.bbc.co.uk/news/world-middle-east-68909912


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“Red Sea Shipping Crisis Has Now Resulted In Extra 14 Million Tonnes Of CO2…

“Approximately 13.6 million tonnes of CO2 have been emitted by ships rerouted from the Suez Canal around the Cape of Good Hope since the start of the crisis* says supply chain experts INVERTO, part of Boston Consulting Group.”

https://www.cbnme.com/news/red-sea-shipping-crisis-co2/


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“Shipping costs on the rise with conflict, pirates, protectionism and profits sharing the blame…

“Getting stuff to you is harder than it looks — and it’s getting harder. After the COVID years of lockdowns, staff shortages and global supply chain issues, people in the business of moving things around the world are finding new problems.”

https://www.abc.net.au/news/2024-04-29/pirates-protectionism-and-profits-boost-shiiping-costs/103764156


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“Cash crisis in Cuba: Long queues outside banks amid severe peso shortage…

“Experts have said that there are several reasons behind the cash shortage and all somehow are related to the country’s economic crisis, which is one of the worst in decades.”

https://www.wionews.com/world/cash-crisis-in-cuba-long-lines-outside-banks-amid-severe-peso-shortage-715919


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“Eco-collapse hasn’t happened but you can see it coming…

“This year, a simulation using an updated version of The Limits to Growth model showed industrial production peaking just about now, while food production, too, could hit a peak soon. Like the 1972 original, this updated analysis foresees distinct declines on the other side of those peaks.”

https://tomdispatch.com/eco-collapse-hasnt-happened-yet-but-you-can-see-it-coming/


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

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