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.

  • Facebook
  • Twitter
“Global debt surges to new record high in blow for world economy…

“The Institute of International Finance (IIF) warned that post-pandemic efforts to reduce debt were coming to an end as governments cut taxes and increase spending amid a record number of elections this year.

“It said the increase was “primarily driven by emerging markets”, where debt surged to “an unprecedented high of over $105 trillion… This is $55 trillion more than a decade ago, with China, India and Mexico seeing the biggest increases so far this year.”

https://www.telegraph.co.uk/business/2024/05/07/global-debt-surges-new-record-high-blow-world-economy/


  • Facebook
  • Twitter
“Western public sector debt should worry us all…

“…people will not lend to a government that is engaged in such [emergency] deficit financing other than at high interest rates needed to protect them against inflation. At an extreme the economy enters a doom loop. Soaring debt costs spread to the private sector, strangling growth and weakening the public finances still further.”

https://reaction.life/western-public-sector-debt-should-worry-us-all/


  • Facebook
  • Twitter
“Surging rents across many developed economies are proving to be a stubborn hurdle for central banks as they struggle to nail down inflation once and for all this tightening cycle.

“In the US, UK, Canada and Australia, rapidly rising housing costs — which have a hefty weighting in consumer price index baskets — are preventing inflation from declining…”

https://www.bloomberg.com/news/articles/2024-05-07/rents-set-to-be-last-domino-to-fall-in-global-inflation-battle


  • Facebook
  • Twitter
“The long shadows of America’s growing debt…

“A well-behaved bond market hinges on clarity and confidence in government policy — as Truss could attest. Rising geopolitical instability and risks in financial markets, from private capital to liquidity problems in Treasury markets, are also exposures. Shocks could damp growth and drive harmful spikes in yields, making debt dynamics even worse.”

https://www.ft.com/content/29b43684-261c-4b5b-af7d-ab72c7c06a38


  • Facebook
  • Twitter
“Nearly $1 Trillion and Counting: Does America Spend Too Much on Its Military?

“Is the U.S. military becoming too expensive? The congressionally approved $95-million foreign aid package, while not technically a military expenditure, has renewed scrutiny on the U.S. military budget, prompting many to wonder: how much is too much?”

https://nationalinterest.org/blog/buzz/nearly-1-trillion-and-counting-does-america-spend-too-much-its-military-210728


  • Facebook
  • Twitter
“Americans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t Track.

“Consumers have embraced ‘Buy Now, Pay Later’ products that allow them to pay for purchases in instalments, but it’s not clear how many of these loans are out there.”

https://www.bloomberg.com/news/articles/2024-05-07/-buy-now-pay-later-has-americans-racking-up-phantom-debt


  • Facebook
  • Twitter
“How rental ‘libraries of things’ have become the new way to save money [UK]…

“From baby clothes to popcorn makers, borrowing items rather than buying them is a growing trend… A year into motherhood and I can confirm two things: babies grow too fast and clothing them is an expensive business. My solution has been to rent my daughter Stella’s wardrobe.”

https://www.theguardian.com/money/article/2024/may/06/how-rental-libraries-of-things-have-become-the-new-way-to-save-money


  • Facebook
  • Twitter
“Russia threatens UK military and orders nuclear drills after ‘provocation’…

“Russia has threatened to strike British military facilities and ordered its military to hold battlefield nuclear weapons drills in a move the Kremlin described as a response to comments… from the British foreign secretary, David Cameron, on using British-supplied weapons against Russia.”

https://www.theguardian.com/world/article/2024/may/06/russia-to-hold-battlefield-nuclear-drills-after-macron-and-cameron-comments


  • Facebook
  • Twitter
“Belarus launches nuclear drills a day after Russia announces them, with Ukraine in mind…

“The maneuvers began as Russian President Vladimir Putin was inaugurated to a fifth term on Tuesday, vowing to ensure Russia’s security. Last year, Russia moved some of its tactical nuclear weapons into Belarus, which also borders Ukraine and NATO members Poland, Latvia and Lithuania.”

https://www.independent.co.uk/news/world/europe/belarus-ap-russia-ukraine-alexander-lukashenko-b2541031.html


  • Facebook
  • Twitter
“German chancellor backs EU plan to use frozen Russian assets to fund Ukraine arms…

“Around 90% of the revenues generated from Russian frozen assets should be spent on arms purchases for Ukraine, Chancellor Olaf Scholz said on Monday, supporting an earlier EU proposal to use Russian assets’ interest payments to boost Ukraine defence.”

https://www.reuters.com/world/europe/german-chancellor-backs-eu-plan-use-frozen-russian-assets-fund-ukraine-arms-2024-05-06/


  • Facebook
  • Twitter
“Russia court allows seizure of $13 mln of JPMorgan and Commerzbank assets…

“A Moscow court has authorized the seizure of some $13.34 million of assets held in Russia by a European subsidiary of JPMorgan and Germany’s Commerzbank… The court made the ruling in favour of a case lodged by Russia’s Transkapitalbank, a lender that came under Western sanctions in the wake of Russia’s invasion of Ukraine in 2022.”

https://www.reuters.com/markets/europe/russia-court-allows-seizure-13-mln-jpmorgan-commerzbank-assets-2024-05-07/


  • Facebook
  • Twitter
“Italian troops deployed against wild boar to defend ham industry…

“The year-long deployment of 177 soldiers is part of Prime Minister Giorgia Meloni’s campaign to reduce Italy’s wild boar population by up to 80 per cent in five years in a bid to prevent the spread of African swine fever.”

https://www.ft.com/content/a997a8de-3744-4579-a8c0-a64b9bd49051


  • Facebook
  • Twitter
“Paris Olympics defence system thinks air-con units are drones…

“Concern for the 500,000 Britons expected to attend the Paris Olympics has risen amid claims that France’s new €350 million anti-drone system cannot distinguish between unmanned terrorist aircraft and air conditioning units.”

https://www.thetimes.co.uk/article/paris-olympics-defence-system-thinks-air-con-units-are-drones-g6bqvxphq


  • Facebook
  • Twitter
“EU restates readiness to launch trade war with China over cheap imports…

“The EU has restated its readiness to launch a trade war with China over imports of cheap electric cars, steel and cheap solar and wind technology, with Ursula von der Leyen saying the bloc will “not waver” from protecting industries and jobs after meeting with Xi Jinping…”

https://www.theguardian.com/world/article/2024/may/06/eu-restates-readiness-to-launch-trade-war-with-china-over-cheap-imports


  • Facebook
  • Twitter
“Germany sent two warships to the Indo-Pacific region on Tuesday in a bid to strengthen its military presence in the region amid rising tensions between China and Taiwan and over the disputed South China Sea.

“Those tensions were putting pressure on the freedom of navigation and free passage on trade routes, Defence Minister Boris Pistorius said…”

https://www.reuters.com/world/asia-pacific/germany-sends-two-warships-indo-pacific-amid-china-taiwan-tensions-2024-05-07/


  • Facebook
  • Twitter
“China-West divide threatens ‘reversal’ for global economy, IMF official warns.

First deputy managing director of IMF says creation of trade blocs based on geopolitical relationships with China, US has been detrimental to global growth. Recommends dialogue and an avoidance of worst-case scenarios, which would harm low-income countries most.”

https://www.scmp.com/economy/china-economy/article/3261767/china-west-divide-threatens-reversal-global-economy-imf-official-warns


  • Facebook
  • Twitter
“In rapidly ageing China, millions of migrant workers can’t afford to retire…

“The generation that flocked to China’s cities at the end of last century, building the infrastructure and manning the factories that made the country the world’s biggest exporter, now risks a sharp late-life drop in living standards.”

https://www.reuters.com/world/china/rapidly-ageing-china-millions-cant-afford-retire-2024-05-08/


  • Facebook
  • Twitter
“Japan stumps up US$1 billion for arms-race insurance with US-led hypersonic missile-interceptor project.

“The US$3 billion Glide Phase Interceptor project is being co-developed with the US to counteract advanced weapons such as hypersonic missiles. The neutralisation of Iran’s recent attack on Israel provides valuable lessons for countries looking to develop such defence systems, analysts say.”

https://www.scmp.com/week-asia/politics/article/3261742/japan-stumps-us1-billion-arms-race-insurance-us-led-hypersonic-missile-interceptor-project


  • Facebook
  • Twitter
“Japan warns of action over rapid currency moves…

“Japan may have to take action against any disorderly, speculative-driven foreign exchange moves, the government’s top currency diplomat Masato Kanda said on Tuesday, reinforcing Tokyo’s readiness to intervene again to support a fragile yen.”

https://www.reuters.com/markets/currencies/japan-warns-action-over-rapid-currency-moves-2024-05-07/


  • Facebook
  • Twitter
“Brazil floods hit food silos, disrupt routes to major grains port.

“Heavy flooding in southern Brazil has hit food storage facilities in lower areas while hampering the shipping of grains to port, jeopardizing the nation’s exports and wreaking havoc to the economy of Rio Grande do Sul state, a large soy, rice, wheat and meat producer.”

https://www.reuters.com/business/environment/brazil-floods-disrupt-rail-road-access-major-grains-ports-2024-05-07/


  • Facebook
  • Twitter
“Protesters march on presidential residence to demand food aid [Argentina]…

“Two days before a major general strike, left-wing parties, social organisations and picket groups took to the streets on Tuesday to protest against the economic policies of President Javier Milei’s government. Multiple marches were held across the country…”

https://www.batimes.com.ar/news/argentina/hardliner-picketeers-march-close-to-javier-milei-tension-and-police-presence.phtml


  • Facebook
  • Twitter
“Six successive shocks over the past three years have cost South Africa’s economy as much as 850 billion rand ($46 billion)…

“The shocks were listed as the global pandemic, the worst civil unrest since apartheid in July 2021, the war in Ukraine, severe flooding in the eastern coastal province of KwaZulu-Natal province in 2022, rolling blackouts, known locally as loadshedding, and logistics constraints.”

https://www.bloomberg.com/news/articles/2024-05-07/crises-from-blackouts-to-pandemic-cost-south-africa-46-billion


  • Facebook
  • Twitter
“Mauritania holds border military drills amid increasing tensions with Mali.

“Army chiefs said the aim of the drills was to determine the “logistical needs” of military units and “to test infantry weapons, artillery, anti-aircraft guns, rocket launchers and combat aircraft”, said a statement posted on Facebook on Sunday.”

https://www.thenationalnews.com/news/mena/2024/05/06/mauritania-holds-border-military-drills-amid-increasing-tensions-with-mali/


  • Facebook
  • Twitter
“Drought, conflict hamper Sahel’s green wall…

“Formally begun in 2007 by the African Union, the Sahel’s green wall which consisted in planting trees to fight desertification has been facing headwinds partly due to drought, conflict and lack of funding.”

https://northafricapost.com/76991-drought-conflict-hamper-sahels-green-wall.html


  • Facebook
  • Twitter
“Tunisia expels 400 sub-Saharan African migrants…

“According to the report, President Kais Saied repeated his claim that there was a plot to resettle these migrants in Tunisia and accused certain parties, without providing details, of receiving millions of Euros and dollars to bring about the plan.”

https://www.middleeastmonitor.com/20240507-tunisia-expels-400-sub-saharan-african-migrants/


  • Facebook
  • Twitter
“‘If they see a Syrian, they beat them up’: the refugees living in fear in Lebanon…

“After the abduction and killing of a senior official in the Lebanese Forces, a rightwing Christian political party, rights groups have recorded a spike in attacks and rhetoric aimed at Syrians living in the country. Politicians have called for calm…”

https://www.theguardian.com/global-development/article/2024/may/08/syrian-refugees-lebanon-death-christian-political-leader-vigilante-attacks


  • Facebook
  • Twitter
“Israel sends troops into Rafah…

“Israel sent ground troops into Rafah on Monday night, seizing the main border crossing between Gaza and Egypt as international mediators struggled to continue talks aimed at ending the conflict.”

https://www.ft.com/content/69b23775-8dd5-4141-8071-fdf927cfd26c


  • Facebook
  • Twitter
“Maersk Says Red Sea Attacks Will Cut Asia-Europe Capacity by a Fifth…

“”The risk zone has expanded, and attacks are reaching further offshore,” Maersk said in an updated advisory to customers on Monday. “This has forced our vessels to lengthen their journey further, resulting in additional time and costs to get your cargo to its destination for the time being,” it added.”

https://www.iranintl.com/en/202405063248


  • Facebook
  • Twitter
“Turkey launches fresh airstrikes in Iraq as Erdogan renews threats for offensive.

“The strikes come as Ankara renews its threats of a fresh offensive in northern Iraq against the outlawed Kurdish militants and criticizes Iran and an Iraqi Kurdish political party for their lack of action to Turkey’s security concerns.”

https://www.al-monitor.com/originals/2024/05/turkey-launches-fresh-airstrikes-iraq-erdogan-renews-threats-offensive#ixzz8ZcYJmyWV


  • Facebook
  • Twitter
“Iraq’s powerful Kataeb Hezbollah on Tuesday renewed its call for US troops to withdraw from Iraq, months after the Iran-backed armed group suspended attacks against American forces.

“Washington and Baghdad have been engaged in talks over the presence of US troops in Iraq…”

https://www.newarab.com/news/kataeb-hezbollah-says-us-troops-must-leave-iraq


  • Facebook
  • Twitter
“Hardliners at odds with ordinary Iranians over fate of Tehran park.

“The controversy has not only drawn in political and environmental activists desperate to preserve the polluted city’s few green spaces. It has also pitted ordinary Iranians against regime hardliners, in a dispute that highlights the divisions and mistrust of the authorities in Iran’s increasingly polarised society.”

https://www.ft.com/content/774d64db-cb8d-4393-b2a1-a2842329547a


  • Facebook
  • Twitter
“‘Bleak milestone’: UN says 3 million forced to flee in Myanmar conflict…

“The UN said the number displaced had surged by 50 percent in the last six months as fighting escalated between the military and armed groups trying to remove the generals who seized power in a coup in February 2021.”

https://www.aljazeera.com/news/2024/5/8/bleak-milestone-un-says-3-million-forced-to-flee-in-myanmar-conflict


  • Facebook
  • Twitter
“Friendshoring, nuclear buttons and a space race: what geopolitics is telling investors…

“There’s a real-life version of Risk going on in the world right now, but the players are all referring to different rule books… A recent report from UN Conference on Trade & Development has cited a trend of global divergence to political fracturing over recent years…”

https://www.ftadviser.com/investments/2024/05/07/friendshoring-nuclear-buttons-and-a-space-race-what-geopolitics-is-telling-investors/


  • Facebook
  • Twitter
“UN expert attacks ‘exploitative’ world economy in fight to save planet.

“The race to save the planet is being impeded by a global economy that is contingent on the exploitation of people and nature, according to the UN’s outgoing leading environment and human rights expert… Outgoing special rapporteur David Boyd says ‘there’s something wrong with our brains that we can’t understand how grave this is.’

https://www.theguardian.com/world/article/2024/may/07/un-expert-human-rights-climate-crisis-economy


  • Facebook
  • Twitter
“Multi-Drug Resistant Bacteria Found on International Space Station Mutating to Become Functionally Distinct…

“Thirteen strains of E. bugandensis, a bacterium notorious for being multi-drug resistant, were isolated from the ISS. Study findings indicate under stress, the ISS isolated strains were mutated and became genetically and functionally distinct compared to their Earth counterparts.”

https://www.nasa.gov/centers-and-facilities/ames/ames-science/ames-space-biosciences/multi-drug-resistant-bacteria-found-on-iss-mutating-to-become-functionally-distinct/


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you!

Share This

Share this post with your friends!