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 era of globalisation is about to come screeching to a halt. The engine of prosperity that has propelled growth since the Cold War is on its way out…

“It is not in anybody’s interests to see a return to the sort of blanket protectionism ushered in by Smoot-Hawley. That particular piece of US legislation cast a long shadow over the 1930’s by prolonging the effects of the Great Depression, torpedoing world trade, and even complicating international efforts to contain Hitler. What a grim legacy.”

https://www.telegraph.co.uk/business/2024/05/16/era-globalisation-come-screeching-halt/


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“Xi, Putin hail ties as ‘stabilising’ force in chaotic world…

“”China is ready to work with Russia to… uphold fairness and justice in the world,” Xi said… Putin, in turn, told Xi the two countries’ relations were “stabilising factors in the international arena”… “Together, we uphold the principles of justice and a democratic world order that reflects multipolar realities and is based on international law,” he added.”

https://www.channelnewsasia.com/world/russia-putin-china-visit-xi-jinping-support-ukraine-invasion-4338676


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“China sold a record amount of Treasury and US agency bonds in the first quarter, highlighting the Asian nation’s move to diversify away from American assets as trade tensions persist.

“Beijing offloaded a total of $53.3 billion of Treasuries and agency bonds combined in the first quarter.”

https://www.bloomberg.com/news/articles/2024-05-16/china-sells-record-sum-of-us-debt-amid-signs-of-diversification


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“U.S. defense spending and military aid costs are adding up.

“President Joe Biden signed a $95 billion U.S. military aid package in April 2024, allocating funding to Ukraine, Israel, Taiwan and the Indo-Pacific region. This is on top of the National Defense Authorization Act of 2024, which authorized military spending of a record $886 billion.”

https://www.cnbcafrica.com/2024/how-much-the-u-s-spends-on-wars-abroad/


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“House passes Republican-backed bill designed to pressure Biden on delivering weapons to Israel…

“The Republican-led House passed a bill Thursday that would restrict the president’s ability to withhold weapons transfers to Israel in a vote that drew attention to the divided Democratic caucus on the war in Gaza.”

https://www.nbcnews.com/politics/congress/house-passes-bill-rebuking-biden-pausing-weapons-israel-rcna152681


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“Dow Jones hits record milestone as US bets on faster rate cuts.

“The Dow Jones Industrial Average hit a record 40,000 this afternoon, seen as a major milestone for the index which tracks 30 of America’s top companies… The index surpassed its previous record high of 39,935.04, hit on Wednesday, and has recovered nearly 40pc from its October 2022 lows.”

https://www.telegraph.co.uk/business/2024/05/16/ftse-100-markets-latest-news-uk-us-china-interest-rates/


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“Fed Officials Suggest Interest Rates Should Stay High for Longer…

“Several Federal Reserve officials said the central bank should keep borrowing costs high for longer as policymakers await more evidence inflation is easing, suggesting they’re not in a rush to cut interest rates.”

https://www.bloomberg.com/news/articles/2024-05-16/fed-s-mester-suggests-interest-rates-should-stay-high-for-longer


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“The U.S. just took its biggest step yet to end coal mining…

“In one of its biggest steps yet to keep fossil fuels in the ground, the Biden administration announced Thursday that it will end new coal leasing in the Powder River Basin, which produces nearly half the coal in the United States.”

https://www.washingtonpost.com/climate-environment/2024/05/16/coal-leasing-powder-river-basin-climate/


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“Chevron to sell UK North Sea assets as it exits ageing oil basin.

“The US oil major said the decision to leave the North Sea was not related to the UK tax regime… Instead, Chevron said it had reviewed its global portfolio “to assess whether assets are strategic and competitive for future capital”.”

https://www.ft.com/content/353ca4ea-ce4c-4e1f-a717-7514b9112856


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“Nuclear waste to be stored 650ft under the English countryside…

“The facility, which has yet to be allocated a site, will hold some of the 5m tonnes of waste that was generated by nuclear power stations over the past seven decades… The proposals come amid fears Britain’s stockpile of nuclear waste will grow in the coming decades with nowhere to put it.”

https://www.telegraph.co.uk/business/2024/05/16/nuclear-waste-stored-650ft-under-english-countryside/


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“As countries toughen anti-gay laws, ‘rainbow refugees’ seek asylum in Europe.

“Ella Anthony knew it was time to leave her native Nigeria when she escaped an abusive, forced marriage only to face angry relatives who threatened to turn her in to police because she was gay.”

https://www.france24.com/en/europe/20240516-as-countries-toughen-anti-gay-laws-rainbow-refugees-seek-asylum-in-europe


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“Fifteen countries ask Brussels to explore creating migrant centers outside the EU.

“The group, led by Denmark, supports Italy’s controversial model based on sending asylum seekers to Albania. The petition comes shortly before European elections at a time when immigration has become a hot button issue.”

https://english.elpais.com/international/2024-05-16/fifteen-countries-ask-brussels-to-explore-creating-migrant-centers-outside-the-eu.html


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“The Netherlands veers sharply to the right with a new government dominated by party of Geert Wilders…

“With hard-right and populist parties now part of or leading a half dozen governments in the 27-nation European Union, they appear positioned to make gains in the bloc’s June 6-9 election.”

https://apnews.com/article/netherlands-government-radical-right-immigration-wilders-77ff99e0798d54d150d320706a685a38


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“Europe’s Youth Are Fueling the Far Right.

“Evidence is mounting that Europe’s far right will score better than ever before in the upcoming European Parliament elections on June 6 to June 9—and that the continent’s young voters will fuel its ascent.”

https://foreignpolicy.com/2024/05/13/europe-eu-elections-youth-far-right-populism/


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“Geopolitical tensions and policy uncertainty in a year featuring many elections worldwide present risks to euro area financial stability, the European Central Bank (ECB) warned Thursday…

“Luis de Guindos warned the outlook remained “fragile”. “Geopolitical tensions are a significant source of risk for not only euro area financial stability but also global financial stability,” he said.”

https://www.barrons.com/news/geopolitical-tensions-threaten-eurozone-stability-ecb-dbf7a4f9


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“EU under pressure after US levies tariffs on Chinese goods. Brussels scrambles to avoid being dragged into trade war…

“The bloc remains split on taking more muscular action against Chinese companies, also for fear of possible retaliation against European businesses.”

https://www.ft.com/content/31575d29-1945-4a90-8640-04967e1d1b2f


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“Fico shooting not only exposes poisonous politics but Slovakia’s fractured zeitgeist… The country is at war with itself…

“The assassination attempt on Robert Fico, Slovakia’s prime minister, is unprecedented in the country’s history. But the attack, which the premier is likely to survive, speaks to an increasingly poisonous atmosphere in the central European nation of 5.5 million people.”

https://www.telegraph.co.uk/world-news/2024/05/16/roberto-fico-shooting-divided-slovakia-politics/


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“As Russia Advances, NATO Considers Sending Trainers Into Ukraine.

“NATO allies are inching closer to sending troops into Ukraine to train Ukrainian forces, a move that would be another blurring of a previous red line and could draw the United States and Europe more directly into the war.”

https://www.nytimes.com/2024/05/16/us/politics/nato-ukraine.html


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“Washington no longer rules out US weapons being used to strike Russian soil.

“Ukraine had been waiting for this green light for months. In a visit to Kyiv on Wednesday, May 15, US Secretary of State Antony Blinken hinted that Ukrainian forces could strike Russian territory with weapons supplied by the US, for the first time since the Russian invasion in 2022.”

https://www.lemonde.fr/en/international/article/2024/05/16/war-in-ukraine-washington-no-longer-rules-out-its-weapons-being-used-to-strike-russian-soil_6671634_4.html


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“Putin ally says Ukraine risks dragging the West into a major war with Russia…

“Vyacheslav Volodin, the speaker of the State Duma, …said that Ukrainian lawmakers were trying to convince the US to allow Kyiv to use U.S.-supplied weapons to strike Russian territory. “This path leads to a tragedy that can affect all of humanity… Western politicians need to realise their responsibility and do everything to avoid bringing the situation to a global catastrophe.”

https://www.reuters.com/world/europe/putin-ally-says-ukraine-risks-dragging-west-into-major-war-with-russia-2024-05-16/


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“Japan protests after China, Russia call released water “contaminated”.

“Japan has lodged protests with China and Russia after they referred to treated water released from the crippled Fukushima power plant as “nuclear-contaminated” in a statement issued after their summit in Beijing the previous day.”

https://english.kyodonews.net/news/2024/05/72c799d240e9-japan-protests-after-china-russia-call-released-water-contaminated.html


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“Japan’s economy suffered a worse-than-expected contraction in the first quarter, official data showed Thursday, in further bad news for its unpopular government.

“Gross domestic product in the world’s number four economy shrank by 0.5 percent against market expectations of a drop of only 0.3 percent.”

https://www.msn.com/en-xl/money/other/japan-economy-suffers-worse-than-expected-contraction-of-0-5/ar-BB1msTLM


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“Philippine ships deployed to watch activists sail to disputed Scarborough Shoal fishing area as China tensions grow.

“Three coastguard patrol ships, a plane and a navy vessel have been deployed by the Philippines to ensure the safety of around 100 activists and fishermen heading to a disputed fishing area in the South China Sea.”

https://news.sky.com/story/philippine-ships-deployed-to-watch-activists-sail-to-disputed-scarborough-shoal-fishing-area-as-china-tensions-grow-13136371


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“North Korea fires ballistic missile, South Korea’s military says…

“Earlier on Friday, the powerful sister of North Korea leader Kim Jong Un said its tactical rockets were intended solely as a deterrent against South Korean military aggression, while denying that Pyongyang was exporting the weapons.”

https://www.reuters.com/world/asia-pacific/north-korea-fires-ballistic-missile-reports-yonhap-2024-05-17/


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“US announces new sanctions over North Korea-Russia arms transfers.

“The United States announced sanctions on Thursday on two Russian individuals and three Russian companies for facilitating arms transfers between Russia and North Korea, including ballistic missiles for use in Ukraine.”

https://www.reuters.com/world/us-targets-illegal-arms-transfers-between-russia-north-korea-treasury-says-2024-05-16/


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“North Koreans Worked Remotely for US Firms to Fund Missiles…

“Posing as Americans, North Korean technology workers secured remote work contracts with hundreds of US companies as part of a scheme to help fund Pyongyang’s illicit nuclear weapons and missile programs, the US government said on Thursday.”

https://www.bloomberg.com/news/articles/2024-05-16/north-koreans-worked-remotely-for-us-firms-to-fund-missiles


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“Hezbollah introduces new weapons and tactics against Israel as war in Gaza drags on…

“Hezbollah has regularly fired missiles across the border with Israel over the past seven months, but the one on Thursday appears to have been the first successful missile airstrike it has launched from within Israeli airspace.”

https://www.independent.co.uk/news/hezbollah-ap-hamas-israel-iran-b2546626.html


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“How the wheels came off Israel’s Gaza invasion. Hamas is resurgent in places the IDF captured months ago.

“When the Israel Defense Forces announced Hamas had been “dismantled” in northern Gaza, the troops had good reason to believe that their job was done… [but] despite the destruction, Hamas has mounted a resurgence in the area, bombarding Israel with rocket fire from the ruins of the city.”

https://www.telegraph.co.uk/world-news/2024/05/17/how-wheels-came-off-israel-gaza-invasion-idf-hamas/


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“Japan, on Wednesday, reacted to US Republican Senator Lindsey Graham’s call for continued arms support to Israel, referencing the atomic bombs dropped on Hiroshima and Nagasaki, Anadolu Agency reports.

“Japanese Foreign Minister, Kamikawa Yoko, expressed her disapproval of Senator Graham’s comparison made over the weekend, regarding the obligation of Japan to supply weapons to Israel.”

https://www.middleeastmonitor.com/20240516-japan-slams-us-senator-over-israel-arms-support-reference-to-atomic-bombs/


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“Spain denies port of call to ship carrying arms to Israel…

““This will be a consistent policy with any ship carrying arms to Israel that wants to call at Spanish ports. The foreign ministry will systematically reject such stopovers for one obvious reason: the Middle East does not need more weapons, it needs more peace.” [Foreign Minister, José Manuel Albares].

https://www.theguardian.com/world/article/2024/may/16/spain-denies-port-of-call-to-ship-carrying-arms-to-israel


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“Yemeni security forces deploy in Aden as anger simmers over lengthy power outages.

“Yemeni authorities have deployed security forces and armored vehicles across the port city of Aden, in preparation for the latest in a series of protests over hours-long electricity outages caused by a shortage of fuel for power stations.”

https://abcnews.go.com/Business/wireStory/yemeni-security-forces-deploy-aden-anger-simmers-lengthy-110272714


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“Burst Oil Pipeline Risks South Sudan Violence, Economic Meltdown…

“A broken pipeline that exports about two-thirds of South Sudan’s crude production could heighten the risk of renewed fighting in the world’s newest nation if not repaired urgently, according to the International Crisis Group.”

https://www.bloomberg.com/news/articles/2024-05-16/burst-oil-pipeline-risks-south-sudan-violence-economic-meltdown


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“Sudan faces ‘inferno of violence’ and risk of famine, UN warns.

“Residents of conflict-hit Sudan are “trapped in an inferno of brutal violence” and increasingly at risk of famine due to the rainy season and blocked aid, the UN’s humanitarian coordinator for the country warned Wednesday.”

https://www.france24.com/en/africa/20240516-sudan-faces-inferno-of-violence-and-risk-of-famine-un-warns


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“‘The gangs are in charge’: Haiti’s outgunned police fight a desperate rear defence…

“Nine hours and countless bullets after gunmen began bombarding Stanley’s police station in Port-au-Prince, the twentysomething officer started fearing he would not make it out alive… “If you don’t hear from me, it’s because I’m dead,” he wrote…”

https://www.theguardian.com/world/article/2024/may/16/the-gangs-are-in-charge-haitis-outgunned-police-fight-a-desperate-rear-defence


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“Haiti’s crisis rises to the forefront of elections in neighboring Dominican Republic…

“As soaring violence and political turmoil grip neighboring Haiti, the Dominican Republic will hold elections Sunday that have been defined by calls for more crackdowns on migrants and finishing a border wall dividing the countries.”

https://apnews.com/article/dominican-republic-election-migration-haiti-90195a0af8a9becd201cf8a2c964f2e3


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“New Caledonia riots: parts of territory ‘out of state control’, French representative says.

“Tensions remained high in Nouméa, the capital of New Caledonia, on Friday after days of riots as the French government’s representative said areas of the Pacific territory have “escaped” state control.”

https://www.theguardian.com/world/article/2024/may/17/new-caledonia-riots-protests-noumea-out-of-state-control


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“Construction Industry Braces for Impact as Copper Prices Rise…

“Recent increases copper prices could pose a significant challenge for the U.S. construction industry and the copper market. The primary drivers behind the escalating prices is projected supply-demand imbalances and the recent LME and CME ban on Russian copper.”

https://oilprice.com/Energy/Energy-General/Construction-Industry-Braces-for-Impact-as-Copper-Prices-Rise.html


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“The US government is open to easing sanctions on billionaire, Israeli mining magnate Dan Gertler if he gives up his business operations and assets in the Democratic Republic of Congo…

“The mines are rich in copper and cobalt… Gertler was sanctioned in 2017 by the U.S. Treasury for “hundreds of millions of dollars’ worth of opaque and corrupt mining and oil deals” in Congo…”

https://www.bloomberg.com/news/articles/2024-05-16/biden-open-to-easing-sanctions-on-billionaire-gertler-in-return-for-congo-exit


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“‘Blatantly failing’: Human rights abuses ‘widespread’ in transition metals mining sector, report warns…

“As the rapid deployment of clean energy technologies fuels demand for their components, human rights abuses linked to the supply of critical minerals show no sign of letting up.”

https://www.climatechangenews.com/2024/05/16/calls-for-responsible-mining-fail-to-stem-rights-abuses-linked-to-transition-minerals/


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“Mining volcanic brine: a new era of mining could be about to erupt…

“Based at the Oxford Martin School, Royal Society Research Professor Jon Blundy is confident that the answer to mining’s problems is bubbling somewhere between two and four kilometres beneath the earth’s surface – specifically, under volcanoes.”

https://www.mining-technology.com/features/mining-volcanic-brine-a-new-era-of-mining-could-be-about-to-erupt/


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“Asteroid mining: Is the insurance industry ready for space?

““We have a couple of submissions in from companies that are looking at asteroid mining,” said Joseph Ziolkowski (pictured above). “It sounds crazy but there has been a massive amount of investment into companies that are building technology to mine asteroids.”

https://www.insurancebusinessmag.com/uk/news/breaking-news/asteroid-mining-is-the-insurance-industry-ready-for-space-489567.aspx


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

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