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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“Meet the doomsayers waiting for the economy to crash…

“Economic doomers are getting louder as they say the economy is headed for a collapse. Membership on the r/economiccollapse subreddit rose by 80% from the end of 2021 to the end of 2023. There’s a divergence between what experts say is a healthy economy and the experience of many individuals.”

https://www.businessinsider.com/economy-stock-market-crash-inflation-debt-jobs-economic-collapse-reddit-2024-5


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“A doomsday recession mentality is keeping the S&P 500 strong…

“The anticipation of a recession may be contributing to the notable outperformance. US Companies are shoring up their bottom line, cutting costs and stockpiling cash to stave off the impacts of an economic slowdown.”

https://www.businesstimes.com.sg/companies-markets/capital-markets-currencies/doomsday-recession-mentality-keeping-sp-500-strong


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“McDonald’s launches a $5 Meal Deal as inflation-weary consumers ditch fast-food.

“McDonald’s is set to introduce a $5 Meal Deal in an attempt to lure customers back to stores amid an inflation-driven, cost-of-living crisis. The fast-food giant’s global sales have slowed over the past year, according to Bloomberg.”

https://www.independent.co.uk/news/world/americas/mcdonalds-five-dollar-meal-deal-b2543418.html


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“US shale companies accused of collusion over oil price…

“ExxonMobil, Occidental Petroleum and Diamondback Energy are among the companies named in at least 10 class actions alleging they conspired to co-ordinate and constrain shale oil production, which had the effect of raising US retail petrol prices.”

https://www.ft.com/content/f69b4f30-ebb3-4308-aa49-b07fb8dc1dcd


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“US and China need ‘climate armistice’ to meet net zero, says former head of CSIRO…

““Climate change is a global problem. It needs that global level of collaboration,” he said, adding that a “climate armistice [between the US and China is] maybe the thing that keeps us together”.”

https://www.theguardian.com/business/article/2024/may/12/us-and-china-need-climate-armistice-to-meet-net-zero-says-former-head-of-csiro


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“US set to impose 100% tariff on Chinese electric vehicle imports…

“The administration is expected to announce the move, and other tariffs on clean energy imports, on Tuesday, according to people familiar with the situation. The sharp rise in the levies comes amid mounting concern that China could flood the US market with cheap EVs…”

https://www.ft.com/content/9b79b340-50e0-4813-8ed2-42a30e544e58


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“How China is fortifying its economy for war with the West… World at risk of ‘fundamental rewiring’…

“In China, a quest to develop its own food industry and microchip plants has played out in plain sight. But buried in the financial markets and hidden from view, another scramble has been taking place to limit the country’s reliance on the Western financial system.”

https://www.telegraph.co.uk/business/2024/05/12/china-fortifying-economy-war-with-west/


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“China’s shock credit contraction is adding pressure on the government to spend more money — and on the central bank to help…

“Last month’s decline in aggregate financing, the broadest measure of credit, was the first in almost two decades. With private borrowers and local authorities largely tapped out, the central government signaled Monday it’s ready to step in with a spending boost.”

https://finance.yahoo.com/news/china-credit-contraction-adds-pressure-023754278.html


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“Chinese firms secure major bids in Iraq’s oil and gas exploration.

“Iraq’s oil minister announced on Sunday that Chinese companies have clinched five additional bids to explore oil and gas fields in the country, marking a major advancement in the West Asia nation’s hydrocarbon exploration licensing round.”

https://www.wionews.com/business-economy/chinese-firms-secure-major-bids-in-iraqs-oil-and-gas-exploration-720801


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“South China Sea: Beijing may take ‘strong countermeasures’ over dispute if Manila keeps pushing, analysts warn.

“War of words over disputed Second Thomas Shoal goes up a notch as purported transcript of deal prompts call for Chinese diplomats to be expelled. ‘China has been on defensive but if the Philippines continues to push, I don’t think China will show any mercy’, says one observer.”

https://www.scmp.com/news/china/diplomacy/article/3262242/south-china-sea-beijing-may-take-strong-countermeasures-over-dispute-if-manila-keeps-pushing


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“Rising tensions between China and its neighbours have boosted orders at a British developer of submarine equipment and hypersonic missile defences.

“Cohort, which supplies a variety of military hardware to the Ministry of Defence and UK allies, said sales for the six months to the end of October rose 22pc…”

https://www.msn.com/en-us/news/world/rising-china-tensions-boost-sales-at-british-hypersonic-missile-defence-maker/ar-AA1lrxoz


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“North Korea warns US allies Australia, Britain, Germany, France to stop using UN sanctions as excuse to interfere…

“Pyongyang on Monday warned the UK, Canada, Germany, France, New Zealand and Australia to immediately stop their ‘blatant military intervention’. The foreign ministry vowed to protect North Korea’s sovereignty against US allies using ‘the pretext of monitoring violation of UN sanctions’.”

https://www.scmp.com/news/asia/east-asia/article/3262437/north-korea-warns-us-allies-australia-britain-germany-france-stop-using-un-sanctions-excuse


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“Biggest threat from ‘axis of authoritarian states’ since Cold War, says Sunak…

“Almost “every aspect of our lives is going to change” given the challenges posed by countries including China, Russia, North Korea and Iran, the prime minister is expected to say… Senior Tories are hoping to regain trust for defence and security matters…”

https://www.thetimes.co.uk/article/biggest-threat-from-axis-of-authoritarian-states-since-cold-war-says-sunak-9sgkn0l6l


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“Britain’s next financial crash is coming. This time it won’t be the banks…

“Bank chiefs fear Britain is badly exposed to another Liz Truss-style meltdown on the financial markets, triggered by uncertainty within a key sector which has grown increasingly important — and risk-exposed — over recent years. Fears are focused upon the “nonbank financial intermediation” industry…”

https://www.politico.eu/article/britains-next-financial-crash-is-coming-this-time-it-wont-be-the-banks/


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“British soldiers near Russian border warned spies after their mobile phone data…

“Thousands of British soldiers have been deployed to countries which border Russia to conduct major land and air assault exercises as part of Operation Steadfast Defender, Nato’s largest military exercise since the Cold War.”

https://www.telegraph.co.uk/news/2024/05/12/british-soldiers-warned-about-russian-agents-spying-on-thei/


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“Germany could bring back conscription for all 18-year-olds amid fears of an all-out NATO war with Russia, leaked military plans reveal.

“Military planners are discussing three potential plans, two of which involve a compulsory military year for all men once they turn 18.”

https://www.msn.com/en-us/news/world/germany-considers-conscripting-all-18-year-olds-amid-fears-of-war/ar-BB1mgkd0


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“Polish Prime Minister Donald Tusk said Poland will strengthen its eastern border infrastructure to deter migrants entering from Belarus, as the number of illegal crossing attempts increases.

“Tusk said that Poland is facing a “hybrid war” in illegal migration from Belarus…”

https://www.politico.eu/article/poland-belarus-border-illegal-migration-donald-tusk/


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“Ukraine Is Now a World War. And Putin Is Gaining Friends [opinion piece; not endorsing framing etc.]

“Foreign policy experts have worried for decades about a second Korean War. No one ever imagined it would happen in Ukraine. Today, Seoul and Pyongyang are waging their decades-long struggle on Ukrainian battlefields. It is a microcosm of the world proxy war underway.”

https://www.bloomberg.com/opinion/features/2024-05-12/china-russia-iran-have-made-ukraine-a-world-war-against-us-europe


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“What EU Sanctions on Russian LNG Would Mean for Global Gas…

“In an extreme scenario, “if Novatek were unable to reconfigure its logistics and Russian LNG exports were shut in, Europe would be disrupting a Russian supply contract with China for 3 million tons per year, which may generate a political backlash from China,” Waddel said.”

https://www.bloomberg.com/news/articles/2024-05-13/what-eu-sanctions-on-russian-lng-would-mean-for-global-gas


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“Russia has found huge oil and gas reserves in British Antarctic territory, potentially leading to drilling in the protected region…

“Klaus Dodds, a professor of geopolitics at Royal Holloway University, argued the Antarctic policy environment was “arguably at its most challenging since the late 1980s and early 1990s.” …He believes Russian activity in the region equated to hunting for oil and gas as opposed to scientific research.”

https://www.cityam.com/russia-finds-huge-oil-and-gas-reserves-in-british-antarctic-territory/


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“The shutter-down and wheel-jam strikes continued for the second day in all 10 districts of Azad Jammu and Kashmir on Saturday, leading to a shortage of food in the region and severe hardships for tourists.

“The group, which comprises farmers, businessmen, locals, and vendors, is demanding wheat subsidy and tax-free electricity from the Mangla dam.”

https://www.nation.com.pk/12-May-2024/ajk-protests-lead-to-food-shortage-troubles-for-tourists


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“Georgia: Tense standoff on streets of Tbilisi as protesters try to block MPs from entering parliament…

“The “foreign agents” bill has sparked a political crisis amid concerns it is modelled on laws used by Vladimir Putin to crack down on the media in Russia – and if passed, would make it harder for Georgia to join the EU.”

https://news.sky.com/story/georgia-thousands-protest-in-tbilisi-against-foreign-agents-bill-13134139


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“Thousands protest in Israel amid anger at Netanyahu over hostages held in Gaza.

“Thousands of Israelis joined protests over the weekend calling for a deal to bring home hostages still held in Gaza by Hamas, early elections and the immediate resignation of Benjamin Netanyahu, the prime minister.”

https://www.theguardian.com/world/article/2024/may/12/israel-protest-gaza-hostages-netanyahu


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“Israel pushes back into northern Gaza, ups military pressure on Rafah…

“Israel sent tanks into eastern Jabalia in the northern Gaza Strip on Sunday after a night of heavy aerial and ground bombardments, killing 19 people and wounding dozens of others, Palestinian health officials said.”

https://www.reuters.com/world/middle-east/israel-pushes-back-into-northern-gaza-ups-military-pressure-rafah-2024-05-12/


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“Death, disease and despair as fighting closes in on besieged Sudanese city…

“For months now the RSF have been besieging El Fasher, the capital of North Darfur state, trapping a million people in the last major population centre in Sudan’s vast Darfur region not under paramilitary control.”

https://www.theguardian.com/global-development/article/2024/may/12/fighting-besieged-sudanese-city-el-fasher-rsf-darfur


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“Panama’s Mulino says he will close one of world’s busiest migration routes [Darien Gap].

“President-elect Jose Raul Mulino says he will shut down a migration route used by more than 500,000 people last year. Until now, Panama has helped speedily bus the migrants across its territory so they can continue their journey north.”

https://www.voanews.com/a/panama-s-mulino-says-he-will-close-one-of-world-s-busiest-migration-routes/7607243.html


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“Fuzzy maths on climate change funding fails world’s most vulnerable…

“Government debt levels worldwide are at record levels, and debt service costs are exploding… Faced with such grim and immediate realities across large parts of the world, who can believe there is either the political will or capacity to prioritise the massive funding needed to slow or halt global warming…?

https://www.scmp.com/opinion/world-opinion/article/3262354/fuzzy-maths-climate-change-funding-fails-worlds-most-vulnerable


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“Catastrophe bonds are being built with models that often underestimate the risks tied to climate events such as wildfires and thunderstorms…

“The risk models that helped drive one of the most lucrative bets of 2023 are increasingly being tested by smaller weather shocks fueled by climate change.”

https://www.bloomberg.com/news/articles/2024-05-12/catastrophe-bonds-use-models-underestimating-climate-risks-investors-say


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“How Climate Disasters Could Destabilize Major Banks…

“A major hurricane in the Northeast U.S. could trigger a wave of defaults on loans offered by Wall Street banks, according to a long-awaited analysis by the Federal Reserve that underscores climate change’s growing implications for the U.S. financial system.”

https://www.scientificamerican.com/article/how-climate-disasters-could-destabilize-major-banks/


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

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