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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“Free trade is dead… Joe Biden’s new tariffs on Chinese goods mark the decisive rejection of an economic orthodoxy that dominated American policy making for nearly half a century…

“Republicans and Democrats don’t agree on much, but for a long time, they agreed on this: the more free trade, the better. Now they agree on the opposite: Free trade has gone too far… That is a very big change from the world we were living in not long ago.”

https://www.theatlantic.com/ideas/archive/2024/05/tariffs-free-trade-dead/678417/


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“China imposes sanctions on Boeing, other US defence firms…

“China’s Commerce Ministry has imposed sanctions on three US companies from importing and exporting activities related to China. The ministry put General Atomics Aeronautical Systems on its unreliable entities list, and said that it sold arms to Taiwan.”

https://www.businesstoday.in/world/us/story/china-imposes-sanctions-on-boeing-other-us-defence-firms-430184-2024-05-20


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“Soaring [US] debt and deficits causing worry about threats to the economy and markets.

“Government debt that has swelled nearly 50% since the early days of the Covid pandemic is generating elevated levels of worry both on Wall Street and in Washington. The federal IOU is now at $34.5 trillion, or about $11 trillion higher than where it stood in March 2020.”

https://www.cnbc.com/2024/05/19/soaring-debt-and-deficits-causing-worry-about-threats-to-the-economy-and-markets.html


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“Canada is experiencing one of the country’s worst declines in the standard of living in 40 years, according to a study.

“While Canada’s gross domestic product (GDP) has grown in recent years, driven by high population growth and labour supply, its GDP per person has fallen dramatically, the study said.”

https://www.telegraph.co.uk/world-news/2024/05/18/canadas-standard-of-living-track-worst-decline-40-years/


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“Canada’s auto theft crisis is deepening, as insurance claim costs top $1.5 billion for the first time…

“New data from the Insurance Bureau of Canada (IBC) shows insurance providers handled 49,679 claims for stolen vehicles in 2023, with costs eclipsing $1.54 billion for the year. Overall, the number of claims has spiked 56 per cent since 2018…”

https://financialpost.com/transportation/autos/auto-theft-crisis-deepens-insurance-claims-top-1-5-billion


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“Australian home lenders accused of ignoring mortgage customers in financial distress…

“Major Australian lenders are not doing enough to support mortgage customers in financial hardship, and in some cases they are ignoring requests for assistance altogether, the corporate regulator has found.”

https://www.theguardian.com/australia-news/article/2024/may/20/australia-mortage-loan-applications-lenders-support


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“‘Clean water is a basic right’: protesters against sewage in seas and rivers gather across the UK…

“Wearing fancy dress and waving inflated plastic poops, they paddled into the bay on surfboards, kayaks and standup paddle boards – as did protesters at more than 30 other events across England, Scotland, Wales and Northern Ireland…”

https://www.theguardian.com/environment/article/2024/may/18/clean-water-protesters-sewage-seas-rivers-uk-water-companies


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“Thames Water’s biggest investor cuts value of its stake to zero…

“The Canadian pension fund Omers issued a “full writedown” of its 31.7% stake in Thames’s troubled parent company in its annual report published on Friday, signalling that it believes its share is worth nothing.”

https://www.theguardian.com/business/article/2024/may/17/thames-water-investor-cuts-value-stake-zero-omers


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“‘I have never in my lifetime seen as much anger’: how Ireland’s migration system was overwhelmed…

“The number of people applying for asylum in Ireland has almost tripled in the past year compared with before Covid, and the Irish government claims that Britain’s plans to deport applicants to Rwanda are behind 80pc of the recent rise.”

https://www.telegraph.co.uk/business/2024/05/19/how-ireland-migration-system-overwhelmed/


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“European far-right leaders gather ahead of EU elections…

“International far-right leaders, including France’s Marine Le Pen, Hungary’s Viktor Orbán, Italy’s Giorgia Meloni and Argentina’s Javier Milei, came together in Madrid to rail against socialism and “massive illegal migration” three weeks before hard-right parties are expected to see a surge in support in June’s European elections.”

https://www.theguardian.com/world/article/2024/may/19/european-far-right-leaders-gather-ahead-of-eu-elections


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“U.S. and Europe Move Closer to Using Russian Assets to Help Ukraine…

“Finance ministers from the Group of 7 will be meeting in Italy later this week in hopes of finalizing a plan that they can deliver to heads of state ahead of the group’s leaders meeting next month.”

https://www.nytimes.com/2024/05/19/us/politics/russian-assets-help-ukraine.html


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“Poland announces £2bn border defence project ‘to keep out Russia’…

“Donald Tusk, the prime minister, used the 80th anniversary of the 1944 allied victory at Monte Cassino, in which Polish troops played a key role, to unveil the scheme, dubbed “East Shield”.”

https://www.thetimes.co.uk/article/poland-announces-2bn-border-defence-project-to-keep-out-russia-3vqb2sgwm


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“Finland to present plan to push back migrants on Russian border.

“Finland will propose a law next week allowing border agents to block asylum seekers trying to enter from Russia, the prime minister said on Sunday, a decision that could cause Helsinki to temporarily breach its international commitments.”

https://www.reuters.com/world/europe/finland-present-plan-push-back-migrants-russian-border-2024-05-19/


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“Let Ukraine use Western weapons in Crimea, Shapps urges.

“The UK Defence Secretary has urged Germany and other allies to give Volodymyr Zelensky permission to use their weapons to strike targets in Crimea. Grant Shapps did not confirm whether the UK would allow weapons supplied to Ukraine to be used against targets in Russia.”

https://www.standard.co.uk/news/politics/grant-shapps-vladimir-putin-crimea-ukraine-russia-b1158732.html


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“Nato training soldiers in Ukraine does not escalate war, says Estonian PM.

“Nato allies should not fear that sending troops to Ukraine to train its soldiers would risk dragging the military alliance into war with Russia, Estonia’s prime minister has said.”

https://www.ft.com/content/5197bc27-faed-4eb6-87ba-e3dda7c13d14


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“West ‘playing with fire’ : Moscow.

“The West is risking further escalation by arming Ukraine and encouraging it to strike Russian territory, Foreign Ministry spokeswoman Maria Zakharova said on Friday.”

https://en.mehrnews.com/news/215294/West-playing-with-fire-Moscow


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“Cuba laments collapse of iconic sugar industry. Cuba now imports sugar to meet domestic demand – once unthinkable…

“Spiralling inflation, shortages of basic goods and the decades-long US economic embargo have made for a dire economic outlook across the board in Cuba. But things are particularly bleak in the sugar trade.”

https://www.bbc.co.uk/news/world-latin-america-68935247


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“Venezuela has moved “substantial quantities of [military] personnel and equipment to the border with Guyana amid its territorial dispute over the Essequibo region.

“The update comes from the Center for Strategic and International Studies in Washington D.C., which this week released a report on the latest developments in the Venezuela-Guyana dispute.”

https://oilprice.com/Latest-Energy-News/World-News/Venezuela-Moves-Substantial-Quantities-of-Troops-to-Guyana-Border.html


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“US troops to leave Niger by mid-September…

“In March, Niger announced the end of its military agreement with the US. Military spokesperson Col Amadou Abdramane accused the US of raising objections about the allies that Niger had chosen. Col Abdramane condemned the US for its “condescending attitude” and “threat of reprisals”.”

https://www.bbc.co.uk/news/articles/czkk7g1vj31o


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“At least three U.S. citizens – accused of being CIA agents – are arrested in Congo after failed coup…

“Video shows what is thought to be two of the men groveling for mercy on the ground as they were surrounded by government forces following a shootout in the capital Kinshasa on Sunday.”

https://www.dailymail.co.uk/news/article-13436591/congo-cia-americans-coup-kinshasa.html


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“Tunisians protest as number of stranded migrants grows.

“Anti-migrant anger is mounting in impoverished towns like Jebeniana along the Tunisian coastline that have emerged as a launchpad for thousands of people hoping to reach Europe by boat.”

https://www.voanews.com/a/tunisians-stage-protest-as-number-of-stranded-migrants-grows-/7618024.html


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“Lebanon’s Far-Right ‘Soldiers of God’ Are Stirring Sectarian Tensions…

“When Soldiers of God goes out on patrol, it claims to do so in defence of Lebanon’s Christian lands against the “Islamist peril”, as well as “criminals” and “outsiders”… In Lebanon, these “others” often refer to Syrian refugees.”

https://flaglerlive.com/lebanons-far-right-soldiers-of-god-are-stirring-sectarian-tensions/


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“Smotrich: If Hezbollah doesn’t withdraw from border, IDF must take southern Lebanon.

“Israel should not shy away from launching a military takeover of southern Lebanon if Hezbollah does not withdraw from the border, Finance Minister Bezalel Smotrich declared Sunday, becoming the latest minister to publicly challenge Prime Minister Benjamin Netanyahu…”

https://www.timesofisrael.com/smotrich-if-hezbollah-doesnt-withdraw-from-border-idf-must-take-southern-lebanon/


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“Israel war cabinet minister vows to quit if there is no post-war plan for Gaza.

“Israeli war cabinet minister Benny Gantz has threatened to resign unless Prime Minister Benjamin Netanyahu sets out a post-war plan for the Gaza Strip. Mr Gantz set an 8 June deadline for a plan to achieve six “strategic goals”…”

https://www.bbc.co.uk/news/articles/cekkz82gnzgo


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“UN humanitarian chief delivers ‘apocalyptic’ warning over Gaza aid…

““If fuel runs out, aid doesn’t get to the people where they need it. That famine, which we have talked about for so long, and which is looming, will not be looming any more. It will be present,” the UN under-secretary general for humanitarian affairs and emergency relief coordinator, Martin Griffiths, told AFP…”

https://www.theguardian.com/world/article/2024/may/19/un-humanitarian-chief-delivers-apocalyptic-warning-over-gaza-aid


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“Georgia’s central bank spends $60 mln to support lari amid political crisis…

“Georgia has been mired in a political crisis over a bill on “foreign agents” passed by parliament on Tuesday, which critics say is authoritarian and Kremlin-inspired. A senior U.S. diplomat suggested that day that Washington might sanction some Georgian officials if it ultimately becomes law.”

https://www.reuters.com/world/europe/georgias-central-bank-spends-60-mln-support-lari-amid-political-crisis-2024-05-16/


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“The death of Iranian President Ebrahim Raisi in a helicopter crash has dealt a shock blow to the Islamic regime and its supreme leader, Ayatollah Ali Khamenei…

“Raisi had been expected to run for a second term in elections next year. Under the constitution, a vote now has to be held within 50 days.”

https://www.ft.com/content/1fc2e498-77ff-47d9-85db-2ad832e6c14a


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“Kyrgyz Security Forces Cordon Off Parts Of Bishkek Amid Violence…

“The Kyrgyz government said 28 people were injured, including three foreigners, in an incident that took place in Bishkek on the night of May 17-18. The violence was apparently triggered by a video of a fight in the courtyard of a Bishkek hostel involving “foreigners”…”

https://www.rferl.org/a/bishkek-kyrgyzstan-crowd-university-students-incident-injuries-/32952596.html


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“Islamic State claims responsibility for gun attack that killed three Spanish tourists in Afghanistan.

“The terror group’s affiliate in Afghanistan is a major rival of the country’s Taliban government, and earlier claimed responsibility for an attack on Chinese citizens in Kabul in 2022.”

https://news.sky.com/story/islamic-state-claims-responsibility-for-gun-attack-that-killed-three-spanish-tourists-in-afghanistan-13139847


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“Myanmar’s Rakhine state engulfed by conflict as rebels claim victory…

“Intense fighting in Myanmar’s Rakhine state between the military regime and the Arakan Army (AA) ethnic armed group has dealt a further setback to the country’s military rulers. It has also fueled concerns about mass displacement and the destruction of dwellings amid spiraling communal tensions between ethnic Rakhine and Rohingya.”

https://asia.nikkei.com/Spotlight/Myanmar-Crisis/Myanmar-s-Rakhine-state-engulfed-by-conflict-as-rebels-claim-victory


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“The Pacific territory of New Caledonia is “under siege”, the mayor of its capital has said, following days of rioting that has left six people dead.

“Nouméa mayor Sonia Lagarde said numerous public buildings on the archipelago had been set on fire and that, despite the arrival of hundreds of police reinforcements, the situation was “far from getting back to calm”.”

https://www.bbc.co.uk/news/articles/crggl7zxzd1o


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“Behind New Caledonia’s Riots, a Fight Over Vast Reserves of Nickel…

“Before riots swept New Caledonia last week, President Emmanuel Macron aimed to put the remote territory—and its massive reserves of nickel—at the center of France’s push to secure raw materials for the clean-energy transition… Those plans are colliding with a hard-line local political movement that seeks independence from France and is refusing to go along.”

https://www.wsj.com/world/behind-new-caledonias-riots-a-fight-over-vast-reserves-of-nickel-a73f6301


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“Gold price jumps to a record high, rising geopolitical tensions in focus…

“The gold price (XAU/USD) gains momentum on Monday. The yellow metal hit a record high near $2,450 during the European session on Monday amid renewed hopes for interest rate cuts from the US Federal Reserve (Fed) and rising geopolitical tensions…”

https://www.fxstreet.com/news/gold-price-climbs-to-a-record-high-rising-geopolitical-tensions-in-focus-202405200400


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

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