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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“Bonds’ Decades-Long Lead Over Gold Vanishes as Debt Worries Grow. Safe haven’ of choice has become gold, Invesco says…

“To Kristina Hooper, chief global market strategist at Invesco, the divergence of the two traditional havens signals investors’ heightened angst about skyrocketing government debt…

““The safe haven asset class of choice has become gold rather than Treasuries,” said Hooper. “The bigger theme is just the concern about a lot of debt and concern that the fiscal situation in the United States is unsustainable.”

https://www.bloomberg.com/news/articles/2024-05-23/bonds-decades-long-lead-over-gold-vanishes-as-debt-worries-grow


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“A New Trade War Offers No Easy Way Back for Old Global Order.

“The world’s three dominant economies are entering a combative phase that threatens to deepen fractures and challenges decades of free-market orthodoxy as the US uses trade weapons borrowed from China’s playbook, leaving Europe at a critical crossroads.”

https://www.bloomberg.com/news/articles/2024-05-23/a-new-trade-war-offers-no-easy-way-back-for-old-global-order


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“Geopolitical risks top concern for global family offices, UBS survey shows.

“A major geopolitical conflict is the top risk for global family offices in both the near- and medium-term, while North America and Asia Pacific are set to become the top destinations for fresh asset allocations, a recent UBS, opens new tab survey found.”

https://www.reuters.com/business/finance/geopolitical-risks-top-concern-global-family-offices-ubs-survey-shows-2024-05-22/


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“For the first time since the financial crisis, investors in top-rated bonds backed by commercial real estate debt are getting hit with losses.

“Market watchers say the fact the pain is reaching all the way up to top-ranked holders, overwhelming safeguards put in place to ensure their full repayment, is a testament to how deeply distressed pockets of the US commercial real estate market have become.”

https://www.bloomberg.com/news/articles/2024-05-23/cmbs-buyers-suffer-first-loss-on-aaa-debt-since-financial-crisis


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“Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans’ deposits.

“The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, which acts as a middleman between financial technology companies and banks.”

https://abcnews.go.com/US/wireStory/abrupt-shutdown-financial-middleman-synapse-frozen-thousands-americans-110483674


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“Is US really in a recession? More than half of Americans think so.

“The larger picture suggests that inflation and the rising cost of living—factors not typically considered in the National Bureau of Economic Research recession determinations—are influencing Americans’ views. According to the poll, 70% of Americans cited the cost of living as their biggest economic concern…”

https://www.msn.com/en-in/news/world/is-us-really-in-a-recession-more-than-half-of-americans-think-so/ar-BB1mXi0M?ocid=finance-verthp-feeds


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“‘Feel-bad’ effect of cost-of-living crisis sees Irish consumer confidence fall again…

““Chunky increases in food, drink and clothing prices in April and various high-profile price-hike announcements of late are a concern,” he said. “So too, is the renewed upward pressure on fuel costs. All in all, ‘feel-bad’ is still dominant.””

https://www.msn.com/en-ie/money/other/feel-bad-effect-of-cost-of-living-crisis-sees-irish-consumer-confidence-fall-again/ar-BB1mTeEm


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“‘Insidious and unsavoury’: how private debt collectors push vulnerable Australians to breaking point.

“Australia’s cost-of-living crisis has triggered concerns about the activity of private debt collectors among financial counsellors and the consumer watchdog… The National Debt Helpline has “never been busier”, with calls up by 25% in the last financial year…”

https://www.theguardian.com/news/article/2024/may/23/insidious-and-unsavoury-how-private-debt-collectors-push-vulnerable-australians-to-breaking-point


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“Cost of living crisis drives 3 million cash-strapped Brits to ‘dangerous’ loan sharks, study finds.

“Illegal lending is a risky business, often involving eye-watering interest rates and the threat of physical violence. But almost one in 12 UK adults have turned to an illegal lender over the past three years, a report by financial inclusion organisation Fair4All has shown.”

https://www.bigissue.com/life/money/loan-sharks-illegal-lenders-poverty-cost-of-living-crisis/


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“[UK] Abortions surge past record 250,000 in a single year, with experts blaming cost of living crisis forcing women to terminate pregnancies ‘for purely financial reasons’…

“This figure is about 17 per cent higher than the previous year, itself another record breaker since the Abortion Act was introduced in the 60s.”

https://www.dailymail.co.uk/health/article-13451427/Abortions-surge-record-250-000-single-year-experts-blaming-cost-living-crisis-forcing-women-terminate-pregnancies-purely-financial-reasons.html


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“This may be the last [UK] election before the next world war…

“These are all compelling reasons why the major political parties need to make defence, and how they intend to keep the country safe from future challenges, a key feature in their election manifestos.”

https://www.telegraph.co.uk/news/2024/05/23/uk-election-rishi-sunak-conservative-party-world-war-putin/


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“Finland hawks urge Aland Islands remilitarization…

“The self-governing archipelago stretching across the middle of the Baltic Sea officially belongs to Finland, its residents speak Swedish, and Russia is tasked with enforcing an accord that has banned any military presence on its shores for over a century.”

https://www.bloomberg.com/news/features/2024-05-23/finland-hawks-urge-aland-islands-remilitarization-as-russia-tensions-grow


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“Putin has ‘both eyes’ on Gotland, warns Sweden’s army chief…

“Gotland, Sweden’s largest island and comparable in size to the smallest U.S. state of Rhode Island, is strategically located in the middle of the Baltic Sea — between Stockholm and Russia’s Kaliningrad exclave.”

https://www.politico.eu/article/russia-putin-eyes-sweden-gotland-baltic-sea-army-chief/


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“Russia alarmed NATO allies by proposing to unilaterally redraw its border in the Baltic Sea, before withdrawing the bombshell text without offering an explanation.

“The since-deleted draft decree authored by Russia’s defense ministry appeared on the government’s legal portal on Tuesday, and argued that the existing maritime border needed revising…”

https://www.politico.eu/article/russia-defense-ministry-change-baltic-sea-border-finland-latvia/


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“German defence industry says it will need government help to reduce dependence on China.

“The German defence industry depends heavily on Chinese raw materials such as rare earths, with Beijing mining 69% of rare earths globally and processing 86%, according to official figures. China also dominates the mining of other resources crucial for the defence industry…”

https://uk.news.yahoo.com/german-defence-industry-says-government-105320611.html


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“OMV Warns Russia’s Gazprom May Halt Natural Gas Supply to Austria.

“The urgent market message from OMV highlights the vulnerability of Austria’s gas supply, which is still dependent on Russia’s Gazprom. While Gazprom suspended gas supply to many EU countries in the wake of the invasion of Ukraine, Austria and several other central European countries continue to receive gas from Russia.”

https://oilprice.com/Latest-Energy-News/World-News/OMV-Warns-Russias-Gazprom-May-Halt-Natural-Gas-Supply-to-Austria.html


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“The West is tapping Russian money to arm Ukraine. Much more could follow…

“Finance ministers from the Group of Seven advanced economies are discussing Friday new ways of using the proceeds from some €260 billion ($282 billion) of Russia’s foreign currency reserves that were frozen by Western countries after the full-scale invasion of Ukraine in February 2022.”

https://edition.cnn.com/2024/05/24/business/russian-frozen-assets-g7-ukraine/index.html


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“Russia says EU will feel ‘full measure’ of retaliation over frozen assets plan.

“”We are talking about another attempt to legitimise theft at state level,” Maria Zakharova told reporters, saying the EU had shown it could not be considered a reliable jurisdiction for investors. U.S. Treasury Secretary Janet Yellen said on Thursday that immobilised Russian assets represent a potential source of support for Ukraine through 2025 and beyond.”

https://www.reuters.com/world/europe/russia-says-eu-will-feel-full-measure-retaliation-over-frozen-assets-plan-2024-05-23/


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“Russia deployed anti-satellite weapon into space, US warns.

“The United States believes Russia has launched a new weapon into space capable of destroying satellites. Cosmos 2576, deployed via a rocket launched from western Russia last week, has been described by Pentagon officials as “a counter space weapon”.”

https://www.telegraph.co.uk/world-news/2024/05/22/russia-deployed-anti-satellite-weapon-into-space-us-war/


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“Serbia reels at UN resolution on Srebrenica massacre.

“Decades later, Belgrade is still determined to control the narrative over the slaughter of over 8,000 Bosniaks in 1995 during the Yugoslav war and mold it to its own interests.”

https://www.politico.eu/article/serbia-un-resolution-srebrenica-genocide-massacre-aleksandar-vucic/


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“Police Bank Raid Sets Back Kosovo’s Peace Talks With Serbia…

“Kosovo’s interior minister, Xhelal Svecla, said the operation on May 20 targeted an “illegal financial institution”… For Serb communities in northern Kosovo, it was the final severing of a cash lifeline, particularly for pension and welfare recipients. The bank was the last Serbian lender operating in the Albanian-majority country.”

https://www.bloomberg.com/news/newsletters/2024-05-24/police-bank-raid-sets-back-kosovo-s-peace-talks-with-serbia


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“China’s second day of war games around Taiwan tests ability to ‘seize power’.

“China’s military carried out a second day of war games around Taiwan on Friday, with drills to test its ability to “seize power” and control key areas in exercises Beijing has said were launched to punish Taiwan’s new president, Lai Ching-te.”

https://www.reuters.com/world/asia-pacific/china-starts-second-day-war-games-around-taiwan-2024-05-24/


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“Philippines, Japan near reciprocal troops deal in move to counter China.

“The pact allowing Manila and Tokyo’s defence forces to train in each other’s territories is expected to be signed next month. Philippine defence secretary Gilberto Teodoro said the two sides would also hold talks about a military intelligence-sharing accord.”

https://www.scmp.com/news/asia/southeast-asia/article/3263880/philippines-japan-near-reciprocal-troops-deal-move-counter-china


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“South Korea, Japan unveil sanctions over alleged Russia-North Korea arms trade.

“South Korea and Japan announced on Friday a series of sanctions applied to individuals, organisations and ships related to Russia’s alleged procurement of weapons from North Korea in breach of U.N. Security Council resolutions.”

https://www.reuters.com/world/asia-pacific/south-korea-imposes-sanctions-north-koreans-two-russian-vessels-2024-05-24/


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“Macron says French troops will stay in New Caledonia ‘as long as necessary’.

“Macron arrived in New Caledonia’s capital Noumea on Thursday, amid continuing protests over voting reforms the Indigenous Kanak people say would dilute their vote and undermine their struggle for independence.”

https://www.aljazeera.com/news/2024/5/23/macron-says-french-troops-will-stay-in-new-caledonia-as-long-as-necessary


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“Chinese weapons are taking over in Africa…

“China is now the largest arms-supplier to sub-Saharan Africa, dethroning Russia, whose arms exports to the region between 2019-2023 were 44% lower than in the previous four years. “China has been looking at new markets, particularly where Russia is on the retreat,” says Alex Vines of Chatham House…”

https://www.economist.com/middle-east-and-africa/2024/05/23/chinese-weapons-are-taking-over-in-africa


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“US-led coalition airstrikes on Yemen’s Hodeidah airport…

“…the U.S.-British naval coalition has been carrying out air raids and missile strikes against Houthi targets in Yemen since January. This has led to an escalation, with the Houthis expanding their attacks to include U.S. and British commercial vessels and naval ships.”

https://www.firstpost.com/world/us-led-coalition-airstrikes-on-yemens-hodeidah-airport-13774455.html


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“Palestinians fear economic collapse as Israel moves to withhold tax revenue…

“Mr Smotrich said he and other ministers were seeking “harsh punitive measures against the [PA] for its unilateral actions against Israel, including its pursuit of unilateral recognition”. But US Treasury Secretary Janet Yellen said on Thursday that the decision “threatens economic stability in the West Bank”.”

https://www.thenationalnews.com/news/mena/2024/05/23/palestinians-fear-economic-collapse-as-israel-moves-to-withhold-tax-revenue/


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“Lebanon’s economic reforms are insufficient to help lift the country out of its economic crisis, the IMF said on Thursday.

“Ernesto Ramirez Rigo, the head of the IMF mission visiting Lebanon, said in a statement that Lebanon’s ongoing refugee crisis, fighting with Israel at its Southern border and the spillover from the war in Gaza are exacerbating an already dire economic situation.”

https://thefinancialexpress.com.bd/world/lebanons-reforms-insufficient-for-recovery-imf-says


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“‘Suicide drones’ threaten Syrian farmers’ lives and livelihoods…

“Since late 2023, the Syrian regime has been waging a drone war in northwestern Syria… Repeated drone attacks there in recent months have not only struck HTS and Syrian opposition military targets, but also civilians and farmers tending their land, according to the Syrian Observatory for Human Rights.”

https://syriadirect.org/suicide-drones-threaten-syrian-farmers-lives-and-livelihoods/


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“Afghanistan’s climate and conflict crises have a dire global cost…

“The country is facing one of the most complex humanitarian crises of its recent history. It is a convergence of the past 45 years of imposed conflicts of geopolitics, endemic poverty, climate change, the global economic recession due to the COVID-19 pandemic, and chronic foreign aid dependency.”

https://www.devex.com/news/opinion-afghanistan-s-climate-and-conflict-crises-have-a-dire-global-cost-107640


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“‘We have failed economically’: Bhutan turns to ‘Gross National Happiness 2.0’ as crisis deepens…

“…recent discussions of “Gross National Happiness 2.0” by its newly elected Prime Minister Tshering Tobgay suggest that change on some level is underway as the country struggles with an economic crisis that’s left it — as Tobgay has said— “teetering on the brink of collapse.””

https://www.cnbc.com/2024/05/24/bhutan-introduces-gross-national-happiness-2point0-to-help-economic-crisis.html


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“Looming threat: Climate change hits Lao economy.

“During a session on water scarcity management in South-East Asia at the 10th World Water Forum, Sengphasouk Xayavong from the Laos Ministry of Natural Resources and Environment emphasised the dire connection between climate change, water scarcity, and economic progress in Laos.”

https://www.thestar.com.my/aseanplus/aseanplus-news/2024/05/24/looming-threat-climate-change-hits-lao-economy


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“Investor interest in environmental, social, and governance funds has waned as a result of the challenging economic and geopolitical environment…

“”Greenwashing has become a huge problem and the fund management industry, as a whole, has not been clear enough about the challenges of making a measurable, real world impact through secondary market investments…””

https://www.ftadviser.com/investments/2024/05/23/investor-interest-in-esg-has-waned-amid-cost-of-living-crisis/


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“National Grid’s £7bn rights issue sheds light on energy transition costs…

“The trouble for investors, however, is that — at least initially — growth will not be enough to compensate them for all the additional equity they are putting in… Funding the green transition is a laudable ambition but it will not light up returns.”

https://www.ft.com/content/6112745b-8b40-4498-9b6c-5ec33485e6e1


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“The “Energy Transition” Won’t Happen.

“Foundational innovation in cloud technology and artificial intelligence will require more energy than ever before—shattering any illusion that we will restrict supplies.”

https://www.city-journal.org/article/the-energy-transition-wont-happen


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

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