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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“Consumer confidence across richer economies has yet to return to pre-pandemic levels, suggesting households are still feeling the pain of the cost of living crisis despite an economic rebound in many countries…

“…consumer confidence remains below its long-term average in most advanced economies — posing a headache for politicians campaigning in elections around the world this year…

“Economists say confidence is low because households are still under pressure despite the growth returning to their economies.”

https://www.ft.com/content/5f116904-856f-40b1-afac-b44fac30b951


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“Banks’ Exposure to Shadow Lenders Should Have Regulators on Alert… Where Do Shadow Banks Get Their Money? Your Deposits…

“Just about every part of the shadow-banking industry — including pension funds and insurers — has recently been taking on more leverage, often in the form of short-term debt. A lot of that funding is coming from traditional banks.”

https://www.bloomberg.com/opinion/articles/2024-05-21/banks-exposure-to-shadow-lenders-should-have-regulators-on-alert


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“Bond markets are behaving most oddly…

“Governments, ahead of all that of the United States, are borrowing prodigious sums of money, unprecedented ones, and instead of charging a higher rate of interest for pleasure, investors are not only falling over themselves to lend it at lower rates but are apparently feeling good about it.”

https://reaction.life/bond-markets-are-behaving-most-oddly/


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“Has the US finally borrowed too much?

“US government debt is high, and it’s getting higher. The US debt-to-GDP ratio is more than 100 per cent of GDP. The Congressional Budget Office thinks the deficit is headed to 6 per cent of GDP, and a lot of that is just the debt interest. Those numbers sound pretty scary, and neither political party seems ready to do anything about it.”

https://www.ft.com/content/d3db8606-d66c-4522-8822-09db4e32fe1f


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“Red Lobster, which brought affordable shrimp and lobster to middle-class America and grew to become the largest seafood restaurant chain in the world, has filed for bankruptcy.

“The company said it had more than $1 billion in debt and less than $30 million in cash on hand.”

https://edition.cnn.com/2024/05/20/investing/red-lobster-restaurants-bankruptcy/index.html


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“The sad reality of the cost of living crisis in Australia… One-in-five Australians are working a second job to keep up with rising costs and almost half are afraid they will be let go.

“An employment survey of more than 6000 Australians has found inflation and an employer-driven job market is pushing more workers to take on a second job…”

https://www.dailymail.co.uk/news/article-13441085/The-sad-reality-cost-living-crisis-Australia-Millions-forced-make-one-major-change-lives.html


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“Almost every NHS trust across England surveyed has seen health worsen in their area as a result of poverty and the cost of living crisis, research has found.

“The survey, conducted between February and March 2024 by NHS Providers, spoke to leaders at 72 NHS trusts, accounting for a third of all trusts in England.”

https://www.theguardian.com/society/article/2024/may/21/nhs-trusts-across-england-say-cost-of-living-crisis-has-worsened-health


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“[UK] Families will today be urged to stockpile three days’ worth of food and water to help build national ‘resilience’.

“Deputy Prime Minister Oliver Dowden will advise people to make contingency plans for dealing with potential emergencies such as prolonged power cuts, cyber attacks and floods.”

https://www.msn.com/en-gb/news/world/families-to-be-urged-to-stockpile-three-days-worth-of-food-and-water/ar-BB1mNRRA


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“German property crisis deepens as foreign investment dries up…

“The country’s economy shrank by 0.3% in both the fourth quarter and over the whole of 2023, making Germany last year’s worst performing major economy on a global scale.”

https://www.euronews.com/business/2024/05/21/german-property-crisis-deepens-as-foreign-investment-dries-up


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“Italy’s large deficit, debt could erode investor confidence, IMF warns…

“In its annual Article IV report on the Italian economy, the IMF urged the government to reach a primary surplus – net of debt servicing costs – of around 3% of output to ensure a gradually declining debt-to-GDP ratio.”

https://www.reuters.com/markets/europe/italys-large-deficit-debt-could-erode-investor-confidence-imf-warns-2024-05-20/


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“Italian far-right Lega files bill for mandatory military service…

“Deputy Prime Minister Matteo Salvini’s League party has submitted a bill to the Chamber of Deputies proposing a mandatory six-month period of military or civilian service for all young people aged between 18 and 26…”

https://www.euractiv.com/section/politics/news/italian-far-right-lega-files-bill-for-mandatory-military-service/


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“EU data shows rise in employed young people living with parents…

“Eurofound has published a wide-ranging report outlining the challenges facing young people in the EU, including housing, the cost of living crisis, mental health and precarious employment.”

https://www.theguardian.com/news/article/2024/may/21/data-shows-rise-in-employed-young-people-living-with-parents-across-eu


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“How EU funds enable North African countries to push back Europe-bound migrants into the desert…

“…migrants are being arrested by the hundreds and deported to desert areas in Morocco, Tunisia and Mauritania. Human rights are being violated with the backing of the European Union’s resources.”

https://www.lemonde.fr/en/le-monde-africa/article/2024/05/21/how-eu-funds-enable-north-african-countries-to-push-back-europe-bound-migrants-into-the-desert_6672115_124.html


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“Expulsions in Algeria: 11 migrants died of thirst in desert…

“Expulsions of sub-Saharan migrants by the Algerian authorities continue at a sustained pace: Since January 2024, already 10,000 people have been abandoned in the desert, according to the association.”

https://www.infomigrants.net/en/post/57204/expulsions-in-algeria-11-migrants-died-of-thirst-in-desert-alarm-phone-sahara-says


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“Austria hails controversial ‘Rwanda model’ as trailblazer in combating irregular migration to Europe.

“Karl Nehammer, speaking at a joint press conference in Vienna with Sunak, praised the Rwanda model, which was recently approved by the British parliament and states that those who enter the UK without valid documents will be sent to Rwanda…”

https://www.middleeastmonitor.com/20240521-austria-hails-controversial-rwanda-model-as-trailblazer-in-combating-irregular-migration-to-europe/


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“Strikes in Russia with US weapons would help Kyiv hold line, says Ukrainian national security chief…

“US secretary of state Antony Blinken repeated his administration’s long-held position that it has not “encourage or enabled” strikes with US weapons inside Russia. But, he added, ultimately Ukraine “has to make decisions for itself about how it’s going to conduct this war”.”

https://www.ft.com/content/ccbb6c39-9d07-410a-8e47-ba6f401b891d


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“Russia begins tactical nuclear weapon drills near Ukraine border…

“The Russian defence ministry published footage on Tuesday showing trucks carrying missiles to a field where launch systems had been prepared and troops at an airfield readying a bomber to carry a nuclear warhead.”

https://www.theguardian.com/world/article/2024/may/21/russia-begins-tactical-nuclear-weapon-drills-near-ukraine-border


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“Eagles changed their migration routes across Ukraine to avoid fighting and because their habitats were likely damaged or destroyed by war, say scientists.

“The researchers believe the Greater Spotted Eagles skirted around dangers including artillery fire, jets and tanks as well as build-ups of troops.”

https://www.bbc.co.uk/news/articles/c88z0p33413o


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“Japan Trade Deficit Shows Weak Yen Is Weighing on Economy…

“Japan’s imports rebounded in April as the weak yen boosted their value, pushing the nation’s trade balance into deficit and highlighting the increasing economic burden stemming from the currency’s plunge.”

https://www.bloomberg.com/news/articles/2024-05-21/japan-reports-trade-deficit-as-weak-yen-lifts-costs-of-imports


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“The limits of yen intervention. Unilateral efforts to prop up Japan’s currency are expensive and potentially futile…

“… swollen US yields mean the dollar is set to put pressure on the yen and other currencies until US rates come down. That makes one-sided price interventions pointless.”

https://www.ft.com/content/57b5827f-9c2f-4dd0-a83b-859ca9916712


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“China’s fiscal revenue slipped 2.7% in the first four months of 2024 from a year earlier, after a 2.3% slide in the January-March period, in a further sign of an uneven economic recovery.

“Fiscal expenditure rose 3.5% in the first four months, versus a 2.9% gain in the first quarter, according to finance ministry data released on Monday.”

https://www.reuters.com/world/china/chinas-fiscal-revenue-shrank-27-jan-april-amid-shaky-economic-recovery-2024-05-20/


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“Brazil drops rice import tariffs after flooding hits key farming region.

“Some rice farms have been left covered in water by three weeks of deadly flooding in the region, which produces 70 percent of the rice grown in agricultural powerhouse Brazil.”

https://www.france24.com/en/live-news/20240521-brazil-drops-rice-tariffs-after-flooding-hits-key-farming-region


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“Spain withdraws its ambassador to Argentina over President Milei’s insults, escalating crisis.

“A diplomatic crisis between historic allies Spain and Argentina expanded Tuesday as Spain announced the official withdrawal of its ambassador from Buenos Aires and Argentine President Javier Milei lambasted the move as “nonsense typical of an arrogant socialist.””

https://apnews.com/article/argentina-milei-spain-tensions-diplomatic-crisis-milei-farright-socialism-a295baecb76e9d7021fd650b08e048b6


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“Argentina’s Milei Lays Out Blueprint Toward Dollarization…

““The peso will become like a museum piece and when it becomes very rare, what do you think we will do?” Milei said in a keynote speech at a business event in Buenos Aires Tuesday evening. “We will dollarize and that way the peso will disappear.””

https://www.bloomberg.com/news/articles/2024-05-22/argentina-s-milei-lays-out-blueprint-toward-dollarization


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“Zimbabwe Asks Miners to Ramp Up Gold Output to Support ZiG Currency…

““This new currency is anchored on gold production, we have to determine ways to increase production,” Winston Chitando said Monday in a meeting with miners in the capital, Harare.”

https://www.bloomberg.com/news/articles/2024-05-20/-zig-usd-zimbabwe-asks-miners-to-ramp-up-gold-output-to-support-zig-currency


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“Nigeria Raises Interest Rate to a Record High to Aid Its Bruised Naira.

“The central bank has now lifted the key rate by 1,475 basis points since its tightening campaign began in May 2022 to temper inflation that’s accelerated since January 2023 and is now at 33.7%.”

https://www.bloomberg.com/news/articles/2024-05-21/nigeria-delivers-big-rate-hike-to-aid-its-bruised-naira


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“Niger’s military regime said Tuesday that seven soldiers and several dozen “terrorists” have been killed in fighting in a restive region plagued by insurgents linked to al-Qaeda and ISIS.

“Suspected extremists attacked a military position on Monday in Boni in the western Tillaberi region near Burkina Faso, the defense ministry said.”

https://english.alarabiya.net/News/world/2024/05/21/clash-in-niger-kills-seven-soldiers-dozens-of-terrorists-


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“At least 40 villagers shot dead in latest violence in Nigeria’s conflict-hit north…

“Armed men attacked remote villages in northcentral Nigeria… the attack has been… blamed on the fight for control over water and land between nomadic herders and rural farmers.”

https://abcnews.go.com/International/wireStory/40-villagers-shot-dead-latest-violence-nigerias-conflict-110438986


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“Dozens of civilians have been killed so far this month in intercommunal clashes over land in the Democratic Republic of the Congo, a UN humanitarian agency said on Tuesday.

“The UN Office for the Coordination of Humanitarian Affairs (Ocha) said aid workers are helping the injured and displaced from the deadly clashes in the northeastern province of Tshopo.”

https://www.theeastafrican.co.ke/tea/news/east-africa/dozens-killed-in-inter-communal-clashes-in-dr-congo-un-says-4631156


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“Over 140,000 Displaced in Somalia in 4 Months Due to Conflict, Floods.

“More than 140,000 people have been internally displaced in Somalia over the past four months, primarily due to insecurity and conflict, the UNHCR reported on Monday. In April alone, the UNHCR-led Protection and Return Monitoring Network recorded 52,000 new displacements.”

https://themedialine.org/mideast-daily-news/over-140000-displaced-in-somalia-in-4-months-due-to-conflict-floods/


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“The United Nations has suspended food distribution in the southern Gaza city of Rafah due to lack of supplies and insecurity.

“It also said no aid trucks have entered the territory in the past two days via a floating pier set up by the US for sea deliveries, and warned that the $320m (£250m) project may fail unless Israel starts providing the conditions humanitarian groups need to operate safely.”

https://www.theguardian.com/world/article/2024/may/21/un-suspends-food-aid-in-rafah-over-lack-of-supplies-and-insecurity


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“Torturers deployed as UN peacekeepers.

“Bangladesh and Sri Lanka sent officers implicated in torture and killings as UN peacekeepers, DW, Netra News, and Süddeutsche Zeitung reveal in a new investigation. And the UN is seemingly turning a blind eye.”

https://www.dw.com/en/torturers-deployed-as-un-peacekeepers/a-69139732


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“Attacks on health workers in conflict zones at highest level ever – report…

“While the increase was largely driven by new wars in Gaza and Sudan, continuing conflicts such as Ukraine and Myanmar also saw such attacks continue “at a relentless pace”, the Safeguarding Health in Conflict coalition said.”

https://www.theguardian.com/global-development/article/2024/may/22/attacks-health-war-bombing-looting-hospitals-killing-medics-gaza-sudan-ukraine-humanitarian-law


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“Global economy trending towards fragmentation.

“World leaders are so preoccupied with wars, power struggles, social tensions and political polarization that they appear largely unwilling to invest in preserving global economic integration… Fragmentation also reflects the rapid escalation of climate risks and disasters. Many countries are at risk of destabilization.”

https://www.theasset.com/article/51537/global-economy-trending-towards-fragmentation


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

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