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 Fed Won’t Climb Down Yet. Others Can’t Wait… big central banks can’t hang on forever for the US to start cutting rates — but still fear going first.

“Developed market central banks are facing an unwanted problem: It no longer seems certain that they can manage a descent to pre-pandemic levels of inflation or interest rates.”

https://www.bloomberg.com/opinion/articles/2024-05-01/rate-cuts-fed-won-t-climb-down-yet-but-others-can-t-wait-any-longer


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“The Strong Dollar Could Kick off a New Currency War in Asia…

“Bank Indonesia’s surprising tightening move last week is a terrible omen for investors from New York to Tokyo… A runaway dollar is wrestling capital away from emerging economies everywhere… It’s but the latest example of the 1997-like vibes in Asia as the dollar surges.”

https://www.barrons.com/amp/articles/a-strong-dollar-is-rattling-asia-yen-currencies-markets-68b4a047


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“Japanese government spent $35bn to prop up yen on Monday, BoJ figures suggest…

“Traders and economists said the data, released on Tuesday evening, all but confirmed that the Japanese authorities had stepped into the markets on Monday shortly after the yen hit a 34-year low of just under ¥160 against the US dollar.”

https://www.ft.com/content/49fd2484-f9c9-4181-88c1-064e787e8a64


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“Famed MONY tower that inspired hit song sells for a lot less cash than it fetched a decade ago in troubling sign for NYC market…

“Yellowstone Real Estate forked over a mere $185 million — a massive $420 million haircut from how much the famed Mutual of New York tower fetched a decade ago — to purchase the remaining debt on the near-empty office building now simply called 1740 Broadway, according city Department of Finance records.”

https://nypost.com/2024/04/25/business/famed-mony-tower-that-inspired-hit-song-sells-for-a-lot-less-cash-than-it-fetched-a-decade-ago-in-troubling-sign-for-nyc-market/


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“US Small-Business Rent Delinquencies Rise to a Three-Year High…

“The Small Business Rent report from Alignable, which provides an online networking platform for owners, found that 43% of small businesses were unable to pay their rent in full due to economic headwinds. That’s the highest rent delinquency rate since March 2021 [during the pandemic].”

https://www.bloomberg.com/news/articles/2024-04-26/us-small-business-rent-delinquencies-rise-to-a-three-year-high


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“Nearly one-in-five UK-listed companies have issued a profit warning in the last 12 months…

“The sector most affected in this period was the FTSE Consumer Discretionary sector, which saw a third of the total warnings. Notably, the FTSE Personal Goods sector, which includes luxury goods, experienced a significant rise in warnings, with more than 50% of the sector affected in the first quarter alone.”

https://the-cfo.io/2024/04/30/two-thirds-of-business-taxes-were-introduced-in-past-decade-cost-to-uk-businesses-jumped-27-in-the-last-year-to-13-1bn-3/


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“UK Taxpayers brace for £100bn money-printing bill – as George Osborne says it’s ‘not my responsibility’…

“George Osborne has insisted a money-printing spree that is set to cost the taxpayer £100bn seemed “sensible at the time”. The former chancellor said QE, under which the Bank of England created £895bn of money to buy bonds, “was a necessary policy to get us out of the financial crash, and contributed to the fastest recovery of any G7 economy”.”

https://www.telegraph.co.uk/business/2024/04/26/taxpayers-qe-100bn-bill-george-osborne-not-responsibility/


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“Nationwide stops lending on some flood-risk properties. Banks may follow suit after UK weather-related claims on home insurance reach new high…

“Nationwide’s head of property risk, Rob Stevens, said the lender used mapping technology to identify which homes were vulnerable to flooding, and it would decline to grant a mortgage to buy a property it deemed to be at high risk.”

https://www.theguardian.com/business/2024/apr/30/nationwide-stops-lending-on-some-flood-risk-properties


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“Home Office to detain asylum seekers across UK in shock Rwanda operation…

“The Home Office will launch a major operation to detain asylum seekers across the UK on Monday, weeks earlier than expected, in preparation for their deportation to Rwanda, the Guardian can reveal.”

https://www.theguardian.com/uk-news/2024/apr/28/home-office-to-detain-asylum-seekers-across-uk-in-shock-rwanda-operation


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“UK-Ireland migration dispute deepens as Dublin says it expects London to honour deal…

“Ireland insisted on Tuesday that it expected London to honour a bilateral agreement from 2020 allowing it to return asylum seekers to the UK, despite Prime Minister Rishi Sunak saying he would not take them back.”

https://www.ft.com/content/75488506-4757-4ee8-8e11-74d266113883


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“Removal of migrants is ‘social cleansing’ before Paris Olympics…

“The façade of Paris Town Hall was covered in giant colourful banners announcing a summer of Olympics celebrations in the capital. At the rear of the majestic edifice, however, police were engaged in an operation that critics said illustrated a darker side of the Games.”

https://www.thetimes.co.uk/article/removal-of-migrants-is-social-cleansing-before-paris-olympics-9jgnhs5zr


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“‘A paradigm shift’: will Jordan Bardella finally normalise Le Pen’s far right? [France]…

“Bardella, who was elected to the European parliament five years ago when he was 23, is leading the National Rally’s European election campaign to unprecedented heights in the polls ahead of the 9 June vote.”

https://www.theguardian.com/world/2024/may/01/a-paradigm-shift-will-jordan-bardella-finally-normalise-le-pens-far-right


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“Rise of Europe’s new far Right: From Spain to Greece, an army of young nationalists is on the march…

“‘It’s not racist to protect my own people from extinction,’ said the young man in the T-shirt, who refused to give his name but agreed to a photo, as he joined a noisy rally of the far-Right [Spanish] nationalist movement, Nucleo Nacional…”

https://www.dailymail.co.uk/news/article-13362909/SUE-REID-Europe-new-far-Right-Spain-Greece-army-young-nationalists-ballot-box.html


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“In Austria, the far right leads the race for European parliamentary elections.

“Austria’s far-right Freedom Party has been leading the opinion polls for over a year, hovering near 30 percent ahead of June elections for the European Parliament. It’s a rise of some 10 points from the party’s showing in the 2019 European elections, fuelling the hopes of its leader, Herbert Kickl, for a victory…”

https://www.france24.com/en/europe/20240429-in-austria-the-far-right-leads-the-race-for-european-parliamentary-elections


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“China’s young people are rushing to buy gold. They seek security in troubled times…

“Young people don’t have much spare cash. The youth-unemployment rate in cities is about 15%. Many companies are cutting salaries. So youngsters are hoping to make the most of what little savings they have. But traditional investments aren’t doing well. The stockmarket is slumping and house prices have fallen for ten months in a row.”

https://www.economist.com/china/2024/04/25/chinas-young-people-are-rushing-to-buy-gold


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“As border reopens, North Koreans in China vanish…

“After fleeing famine in North Korea, Kim Cheol Ok laid low in China for decades — until a doomed run for freedom got her sent back to her repressive homeland, her family says. She is among hundreds of North Koreans repatriated by China in recent months, according to rights groups…”

https://www.japantimes.co.jp/news/2024/05/01/asia-pacific/politics/north-koreans-china-border/


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“Wild video captures a Chinese Coast Guard ship collide with a Philippine vessel while battering it with a powerful water cannon…

“The footage shows Chinese vessels firing water cannons at a Philippine Coast Guard ship and a vessel of the country’s Bureau of Fisheries and Aquatic Resources, the BRP Bagacay and BRP Datu Bankaw, as the two vessels carried out a “legitimate maritime patrol” near Scarborough Shoal…”

https://www.businessinsider.com/china-philippines-ship-confrontation-with-water-cannons-video-2024-4


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“Armenia turns towards west in search of allies amid Azerbaijan tensions…

“The quest for suitable allies is a constant in Armenia’s history, as testified to by a statue of a 17th-century Armenian diplomat, Israel Ori, on the outskirts of town. Ori dedicated his life to the country’s liberation from the Persian and Ottoman empires.”

https://www.theguardian.com/world/2024/apr/30/armenia-turns-towards-west-in-search-of-allies-amid-azerbaijan-tensions


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“Georgia: Police use water cannon, tear gas and stun grenades to disperse protesters opposing ‘foreign agent’ bill…

“The bill has heightened political divisions, setting the ruling Georgian Dream party against a protest movement backed by opposition groups, communities, celebrities and the figurehead president. It is viewed by the opposition as authoritarian and bearing a resemblance to Russian anti-independent media legislation.”

https://news.sky.com/story/georgia-police-use-water-cannon-tear-gas-and-stun-grenades-to-disperse-protesters-opposing-foreign-agent-bill-13126653


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“Residents of northern Israel brace for possible all-out war with Hezbollah…

“Israel and Hezbollah have been engaged in escalating daily cross-border strikes over the past six months – in parallel with the war in Gaza – and their increasing range and sophistication has spurred fears of a wider regional conflict.”

https://www.reuters.com/world/middle-east/residents-northern-israel-brace-possible-all-out-war-with-hezbollah-2024-04-30/


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“International Court of Justice rejects request to order Germany to stop selling arms to Israel…

“Nicaragua faced a hurdle in its attempt to persuade the ICJ that German arms sales made it complicit in alleged genocide of Palestinians due to the decrease in arms sales to Israel since the start of the war in Gaza on 7 October 2023.”

https://www.theguardian.com/law/2024/apr/30/icj-rejects-request-to-order-germany-to-desists-arms-sales-to-israel


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“Riot police storm Columbia campus [US] and drag pro-Palestine protesters from barricade…

“Police in riot gear formed up in the streets around the campus shortly before 9pm Eastern Time on Tuesday, staring down demonstrators who had come out in sympathy with the students… “Oink, oink, piggie, piggie, we’re going to make your life s—ty,’’ the crowd shouted.””

https://www.telegraph.co.uk/us/news/2024/05/01/columbia-protests-latest-news-police-arrests-gaza-israel/


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“Netanyahu: Israel will invade Rafah — regardless of hostage deal…

““The idea that we will halt the war before achieving all of its goals is out of the question,” Netanyahu said, at a meeting with representatives of families of people taken hostage by the Palestinian militant group.”

https://www.politico.eu/article/israel-going-to-invade-rafah-regardless-of-hostage-deal-says-benjamin-netanyahu/


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“Zimbabwe’s ZiG is the world’s newest currency and its latest attempt to resolve a money crisis…

“Since it was launched electronically on April 5, the ZiG — short for Zimbabwe Gold and backed by the country’s gold reserves — appears to be heading down the same path of mistrust, with some government departments refusing to accept it.”

https://apnews.com/article/zimbabwe-zig-new-currency-5173a73586eef8ad413964f33419068d


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“Nigerians struggle with fuel shortages as queues form across major cities.

“Nigerians were queuing for hours to buy fuel across major cities on Tuesday as the West African nation struggled with its latest fuel shortage, causing more hardship for millions already struggling in an economic crisis.”

https://apnews.com/article/nigeria-fuel-shortage-refineries-gas-transportation-cost-b930e20398ddb5a568c7a748bfde3ada


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“As famine looms in Sudan, the hungry eat soil and leaves…

“In the Al Lait refugee camp, they are eating dirt… Akok said he watches helplessly as his wife and children dig holes in the ground with a stick, slide their hands in and grab some soil. Then they roll the soil into a ball, put it in their mouths and swallow it with water.”

https://www.reuters.com/investigates/special-report/sudan-politics-hunger-aid/


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“Huge supply shortages put cocoa market under strain…

“This has left the price more than $3,000 per tonne higher than a contract to deliver in a year’s time, as traders frantically search for a reliable source of beans. The wild swings and sharply diverging prices are a sign of market volatility and stress following successive poor harvests in Ivory Coast and Ghana…”

https://www.ft.com/content/0eefcb57-8de7-4074-9b1e-f9c3867060b2


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“Demand for critical minerals drives massive changes in global economy…

““The harsh realities of cobalt mining in the Congo are an inconvenience to every stakeholder in the chain. No company wants to concede that the rechargeable batteries used to power smartphones, tablets, laptops, and electric vehicles contain cobalt mined by peasants and children in hazardous conditions…””

https://thehill.com/business/4619107-demand-for-critical-minerals-drives-massive-changes-in-global-economy/


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“Solid US Space Mining Regs Could Attract Investors, VC Predicts…

“The 2015 law that explicitly okays asteroid mining doesn’t make any explicit mention of the Moon, but does allow an American to collect and sell a “space resource,” defined as any “abiotic resource in situ in outer space” (so no selling aliens).”

https://payloadspace.com/solid-us-space-mining-regs-could-attract-investors-vc-predicts/


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

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