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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“Why the world won’t respond to shocks as it did before.

“A fragmenting world economy will not react to the more frequent violent shocks in the same ways it did before… In the absence of common policy commitments and external sources of convergence, the world will be subject to a much wider range of outcomes, on top of potentially more frequent and violent shocks.”

https://www.afr.com/policy/economy/why-the-world-won-t-respond-to-shocks-as-it-did-before-20240512-p5jcyr


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“BRICS, the West and the rest – a fractured world…

“BRICS’ main motive for de-dollarizing the world is the desire to circumvent the threat of trade sanctions and the seizure of foreign assets by Western governments… Recent higher interest rates in the West have provided another incentive.”

https://www.fxstreet.com/analysis/brics-the-west-and-the-rest-a-fractured-world-202405141501


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“Putin to visit China as Beijing plays key role in supporting Russia…

“The state visit to Beijing, the 43rd time Putin will have met President Xi Jinping, comes as China is playing a growing role in supporting the Russian economy following Moscow’s full-scale invasion of Ukraine in 2022.”

https://www.ft.com/content/f4c550ad-f8bf-458d-869e-f257587c5b70


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“The White House’s Green Trade War Is Just Getting Started.

“The desire to disentangle the US from dependency on China is bipartisan. Biden’s clean tech tariffs are only one piece of the puzzle… Economists and environmentalists alike are aghast. Reshoring clean tech supply chains cannot help but be inflationary, regardless of the IRA’s branding.”

https://www.bloomberg.com/opinion/articles/2024-05-14/china-tariffs-white-house-s-green-trade-war-is-just-starting


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“Biden signs bill banning imports of Russian uranium for nuclear fuel.

“Russia controls nearly half of the world’s supply of enriched uranium, according to the Department of Energy, and provides about one quarter of the U.S.’s enriched uranium… The ban… also unlocks $2.72 billion in federal funding to expand the country’s uranium industry.”

https://www.cnbc.com/2024/05/14/biden-signs-bill-banning-imports-of-russian-uranium-for-nuclear-fuel.html


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“US imposes sanctions after aborted sale of Russian tycoon stake.

“The U.S. Treasury has sanctioned a web of Russian companies it said were used to disguise ownership of a $1.6 billion industrial stake controlled by a Russian tycoon, warning Western companies to steer clear of such deals.”

https://www.reuters.com/world/us/us-puts-sanctions-russian-man-three-companies-sanctions-evasion-scheme-2024-05-14/


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“Joe Biden orders Chinese cryptominer to sell land near US military base.

“The White House has ordered a Chinese group that runs a crypto-mining operation in Wyoming to sell the land where it keeps its servers because the facility is next to a base that houses US nuclear ballistic missiles.”

https://www.ft.com/content/a15bb35a-152e-4f8a-bdc2-f45b7497a92c


“Fed’s Jay Powell hints interest rates will stay high as US inflation lingers. US inflation has remained higher than forecast for much of this year, denting investors’ hopes that the Fed would cut rates multiple times before the end of 2024.”

https://www.ft.com/content/d1221cb9-9e5a-4512-9fef-4cc744a307fc


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“A debt crisis at the [US] economy’s edge…

“…households who are on the lower end of the income spectrum and carry floating rate debt appear to be in real trouble. This is showing up in both delinquency statistics and the earnings of companies that serve the working class and poor.”

https://www.ft.com/content/8b935a91-725a-4c3b-b03a-962ab6bc37f8


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“More Americans are maxing out their credit cards and falling behind on payments…

“A report from the Federal Reserve Bank of New York released Tuesday reveals that the portion of national credit card debt held by borrowers who have maxed out their cards is nearing pre-COVID 19 levels. And what’s more, those maxed-out borrowers are going into delinquency at a much higher rate than they were before the pandemic.”

https://qz.com/credit-card-delinquency-new-york-fed-1851476865


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“US officials worry the next recession could be intensified by a cascading series of failures in the mortgage industry caused by crashing home prices, frozen financial markets and soaring delinquencies.

“The US Financial Stability Oversight Council, a SWAT team of financial regulators formed after the 2008 crisis, sounded the alarm on Friday about… nonbank mortgage companies.”

https://edition.cnn.com/2024/05/13/economy/mortgage-company-risk-regulation-fsoc/index.html


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“Nuclear workers have voted to strike over pay. The GMB union said around 500 staff at the Urenco nuclear site in Capenhurst, Cheshire [UK], backed industrial action after talks broke down.

“Albie McGuigan, GMB Organiser, said workers were “understandably angry”, and that staff were now five months beyond the date they should have had a pay rise.”

https://www.bbc.co.uk/news/articles/cw0vvdr0xylo


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“Plans for a large nuclear power station on the Welsh island of Anglesey risk being derailed by government rules that will add an estimated £20bn to the national debt, insiders have warned…

“…one senior industry source warned there were concerns about the willingness of ministers to sign off on such a large project ahead of the general election…”

https://www.telegraph.co.uk/business/2024/05/13/anglesey-nuclear-plant-risks-saddling-taxpayers-with-bill/


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“EU rebuffs UK attempt to continue collaborating on nuclear fusion experiment…

“Brussels has told London it will be locked out of the Iter project, based in France, within months unless it affiliates to Euratom, which it quit when it left the bloc, according to people familiar with the matter.”

https://www.ft.com/content/12cf843a-184d-4e50-8818-a57e12464276


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“Brexit border IT outages delay import of perishable items to UK by up to 20 hours…

“Businesses have described the government’s new border control checks as a “disaster” after IT outages led to lorries carrying meat, cheese and cut flowers being held for long periods, reducing the shelf life of their goods and prompting retailers to reject some orders.”

https://www.theguardian.com/business/article/2024/may/15/brexit-border-it-outages-delay-import-of-perishable-items-to-uk-by-up-to-20-hours


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“A record 3.1 million emergency food parcels have been handed out in just a year, according to a charity [UK].

“The Trussell Trust says 3,121,404 were distributed by its network of 1,300 food banks in the year to the end of March. Some 1,144,096 were for children and nearly two million for adults. The total is nearly double that of five years ago.

https://news.sky.com/story/record-3-1-million-food-bank-parcels-handed-out-in-a-year-says-charity-13135769


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“Interest rates: the ugly dilemma facing Europe’s central banks – and why it’s a mistake to cut too soon.

“Central banks in Europe are discovering an old dilemma: when they lower interest rates because inflation is slowing down, it’s likely to weaken their currencies. This in turn may delay the fall in inflation towards their canonical 2% target.”

https://theconversation.com/interest-rates-the-ugly-dilemma-facing-europes-central-banks-and-why-its-a-mistake-to-cut-too-soon-229934


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“Russia’s War on Ukraine Is Raising Borrowing Costs for EU’s East.

“Russia’s invasion of Ukraine has hit sovereign borrowing costs for the EU’s 10 eastern members, raising the cost by around half a percentage point since the war began, according to an analysis by the European Bank for Reconstruction and Development.”

https://www.bloomberg.com/news/articles/2024-05-15/russia-s-war-on-ukraine-is-raising-borrowing-costs-for-eu-s-east


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“Intensifying war increasing threat to Ukraine economy, EBRD warns.

“Ukraine’s war-torn economy faces a renewed threat as Russia’s intensifying war takes its toll on power plants and forces Kyiv to send key workers to the frontline, the European Bank for Reconstruction and Development has warned.”

https://www.theguardian.com/world/article/2024/may/15/intensifying-war-increasing-threat-to-ukraine-economy-ebrd-warns


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“Vladimir Putin is preparing for a forever war.

“Replacing Sergei Shoigu with Andrei Belousov is a warning to the West: Russia isn’t backing down… The new minister of defence was reportedly involved in a report drawn up by the security council last year on how to bring Russia’s economy onto a war-time footing. While he has no military experience himself, he knows plenty about how to run a tight economic ship.”

https://www.telegraph.co.uk/news/2024/05/13/andrei-belousov-sergei-shoigu-vladimir-putin-ukraine-war/


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“Russia ready if West wants to fight for Ukraine, Lavrov says.

“If the West wants to fight for Ukraine on the battlefield, Russia is prepared for it, acting Russian Foreign Minister Sergei Lavrov was quoted as saying on Monday. “It’s their right – if they want it to be on the battlefield, it will be on the battlefield,” state-run news agency RIA cited Lavrov as saying.”

https://www.reuters.com/world/europe/russia-ready-if-west-wants-fight-ukraine-lavrov-says-2024-05-13/


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“To prepare for a Third World War, is conscription really the answer that Sweden and Germany think it is?

“…officials are in the final stages of discussions with German defence minister Boris Pistorius expected to go public with official plans [for conscription] next month… ““As the pre-war generation, we must similarly prepare,” said Gen Sanders. “That is a whole-of-nation undertaking.””

https://www.independent.co.uk/news/world-war-three-conscription-germany-military-service-b2544010.html


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“How Europe and Britain are getting ready for ‘WWIII’…

“…many countries are reversing decades of peacetime policy to reignite their war engines. Others never stopped and are only consolidating efforts to ensure they are fit for conflict. But there is little doubt that all Europe is now scrambling to prepare in anticipation of what may lie over the horizon.”

https://www.dailymail.co.uk/news/article-13415427/Europe-gears-war-Nukes-Russias-doorstep-conscription-18-arms-factories-whirring-life-continent-faces-doomsday-WW3-scenario.html


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“US warns Georgia not to side with Moscow against the west.

“In comments that appeared to signal a conviction in the US that the Georgian government was once again aligning with Russia, Washington’s assistant secretary of state, Jim O’Brien suggested funding could soon be pulled.”

https://www.theguardian.com/world/article/2024/may/14/us-warns-georgia-not-to-side-with-moscow-against-the-west


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“Reports on China’s Bad Lending Data Disappear on Social Media…

“China has increasingly hidden negative data over the past few years, making it harder for investors to accurately judge what is happening in the economy. The nation’s exchanges are set to switch off a live feed of foreign money flows into stocks as early as Monday, the latest example of closely-watched information being removed.”

https://www.bloomberg.com/news/articles/2024-05-13/reports-on-china-s-bad-lending-data-disappear-on-social-media


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“China is considering a plan for local governments nationwide to buy millions of unsold homes… after a meeting of leaders of the ruling Communist Party called for efforts to clear mounting housing inventory.

“The State Council is gathering feedback on the preliminary plan from various provinces and government bodies, the report added, citing people familiar with the matter.”

https://www.reuters.com/world/china/china-considers-government-purchases-unsold-homes-bloomberg-news-reports-2024-05-15/


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“Four dead in protests against flour and energy prices [Pakistan].

“Four people have died and 100 others were left wounded after violent clashes with authorities in Pakistan-administered Kashmir. Thousands of people have been on the streets since Friday to protest rising prices of flour and electricity.”

https://www.bbc.co.uk/news/articles/c4n11j4wewxo


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“ISIS resurgence in Iraq sees fresh attacks, clashes after commander killed…

“The Islamic State (ISIS) is suspected of killing several Iraqi soldiers, including a commander, on Monday, prompting retaliatory operations by the security forces as the group continues to pose a threat in the country.”

https://www.al-monitor.com/originals/2024/05/isis-resurgence-iraq-sees-fresh-attacks-clashes-after-commander-killed


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“Jordan foils arms plot as kingdom caught in Iran-Israel shadow war…

“Jordan has foiled a suspected Iranian-led plot to smuggle weapons into the U.S.-allied kingdom to help opponents of the ruling monarchy carry out acts of sabotage, according to two Jordanian sources with knowledge of the matter.”

https://www.reuters.com/world/middle-east/jordan-foils-arms-plot-kingdom-caught-iran-israel-shadow-war-2024-05-15/


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“Biden advances $1 billion in arms for Israel amid Rafah tensions…

“The Biden administration informally notified congressional committees Tuesday that it planned to move forward with more than $1 billion in weapons deals for Israel, said U.S. officials familiar with the matter, a major transfer of lethal aid…”

https://www.washingtonpost.com/national-security/2024/05/14/biden-israel-weapons-gaza-rafah/


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“US encouraging Arab states to join multinational postwar force in Gaza…

“The US has been discussing the plans with Arab states. Egypt, the United Arab Emirates and Morocco are considering the initiative, but President Joe Biden is not willing to deploy American troops into Gaza, western and Arab officials said.”

https://www.ft.com/content/063e4b92-753a-4c9a-bbd4-e1ed40d20c62


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“Sudan civil war: 200 settlements hit by fires since start of conflict as scorched earth tactics intensify…

“The new data, verified by the Centre for Information Resilience (CIR), reveals that last month was the worst on record for the number of fires being used as a weapon of war.”

https://news.sky.com/story/sudan-civil-war-200-settlements-hit-by-fires-since-start-of-conflict-as-scorched-earth-tactics-intensify-13135155


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“Niger’s prime minister blames US for rupture of military pact…

“Zeine said US officials had attempted to dictate which countries Niger could align with, had failed to justify the presence of US troops in the country while “doing nothing” to counter an Islamist insurgency in the region.”

https://www.theguardian.com/world/article/2024/may/14/niger-us-military-agreement


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“In a city cut off from the world, guns and drugs keep flowing… On the rare days that the hills surrounding Port-au-Prince [Haiti] fall silent, people notice…

““Haiti doesn’t produce guns and ammunition, yet the gang members don’t seem to have any trouble accessing those things,” says Pierre Esperance, executive director of Haiti’s National Human Rights Defense Network.”

https://edition.cnn.com/2024/05/13/americas/haiti-mss-unodc-guns-drugs-intl-latam/index.html


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“‘The streets are on fire’: Violent riots engulf French Pacific island as airport closed.

“Authorities in the French-ruled Pacific island of New Caledonia sent more police onto the streets, shut the international airport and imposed a curfew in the capital after protests over the territory’s voting system turned violent.”

https://www.independent.co.uk/news/world/australasia/new-caledonia-riots-curfew-france-b2544732.html


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“Can banks fix the climate crisis? The evidence so far is lukewarm…

“[A report] makes sobering reading, finding “no evidence” (net zero evidence, if you will) that signatory banks have stopped lending to un-green borrowers. “Net zero banks neither reduce credit supply to the sectors they target for decarbonisation nor do they increase financing for renewables projects,” the paper states in its rather bracing summary.”

https://www.ft.com/content/af604f2f-aa1d-486d-85c1-c5cdfc73999e


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“‘Magical thinking’: hopes for sustainable jet fuel not realistic, report finds…

“There is currently “no realistic or scalable alternative” to standard kerosene-based jet fuels, and touted “sustainable aviation fuels” are well off track to replace them in a timeframe needed to avert dangerous climate change, despite public subsidies, the report by the Institute for Policy Studies, a progressive thinktank, found.”

https://www.theguardian.com/environment/article/2024/may/14/sustainable-jet-fuel-report


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“Like many other commodities, tea is increasing in price. This is due to instability: instability in the climate and instability in the world of geopolitics…

“Like many crops​, tea requires very specific conditions to grow, and a disruption of these conditions results in a disruption of their growth.”

https://www.foodnavigator.com/Article/2024/05/14/tea-prices-rise-due-to-climate-and-geopolitics


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

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