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 shadowy world of spying is back in the spotlight.

“The world is seeing a renewed focus on spying amid heightened geopolitical stress, alarming wars, new invasive technologies and national security fears.”

https://www.scmp.com/opinion/world-opinion/article/3263778/why-shadowy-world-spying-back-spotlight


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“Investors must brace for more geopolitical risk…

“The unipolar world of the past decades is no more, leading to more complexity and risk between countries. Our analysis suggests that geopolitical risk will rise for the remainder of this decade… Protectionism, sanctions, tariffs, export controls and trade wars will intensify in the next few years. History tells us that more economic friction increases the risk of hot war.”

https://www.ft.com/content/69c4a773-221f-4492-9e36-33afd5fcec0c


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“The spectre of nuclear conflict, once again…

“The absence of leaders of consequence across the world, essentially those who have significant influence on world affairs, is aggravating the situation, making it more frightening. As it is, most parts of the world are going through extreme economic turbulence… The nuclear fuse, which earlier tended to be long, appears of late to have shrunk.”

https://www.thehindu.com/opinion/lead/the-spectre-of-nuclear-conflict-once-again/article68219167.ece


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“US Debt Path Now Seen Entering a Danger Zone…

“Not only has the supply of federal debt soared, but the willingness and capacity of primary dealers in Treasuries to trade the securities has failed to increase by the same magnitude. That leaves the market vulnerable to shocks… Baseline projections also don’t account for things like unexpected wars.”

https://www.bloomberg.com/news/newsletters/2024-05-24/world-economy-latest-debt-danger-zone


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“Australian insolvency rates on track for worst period since global financial crisis.

“Business failures are tracking the highest rates since the aftermath of the Global Financial Crisis as deteriorating economic conditions coupled with poor consumer spending and interest rate pressures damage the fortunes of many companies.”

https://www.ntnews.com.au/business/australian-insolvency-rates-on-track-for-worst-period-since-global-financial-crisis/news-story/1781bd9893662b6eecfd125a02b8bc9c


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“The ‘extraordinary numbers’ signalling years of pain for renters [Australia].

“Rental inflation is expected to soar to its highest level since the global financial crisis and remain elevated until 2026, adding to cost-of-living pressure for the one-third of Australians who rent.”

https://www.smh.com.au/politics/federal/the-extraordinary-numbers-signalling-years-of-pain-for-renters-20240524-p5jgfp.html


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“An unexpected fall in bank bonuses has blown a hole in the UK Government’s finances as Labour and the Tories race to set out their spending plans.

“Income tax and National Insurance contributions (NIC) revenues were almost £5bn lower than predicted in the financial year which ended last month…”

https://www.telegraph.co.uk/business/2024/05/26/fall-in-bank-bonuses-blows-hole-in-governments-finances/


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“Labour must be ready for a currency crisis. Britain can’t run on large current account deficit forever – something will have to give…

“The country is currently running a current account deficit with the rest of the world amounting to some 3pc of GDP. This means that we are either having to borrow this amount from abroad every year or sell assets to foreigners to the same degree.”

https://www.telegraph.co.uk/business/2024/05/26/labour-must-be-ready-for-currency-crisis/


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“Conservatives want to bring back compulsory national service.

“Twelve months of mandatory national service would be reintroduced by the Conservatives if they win the general election. Labour criticised the plans, expected to cost about £2.5bn, as “desperate” and “unfunded”.”

https://www.bbc.co.uk/news/articles/cpddxy9r4mdo


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“Spain’s Canary Islands overwhelmed by migrant arrivals.

“Located off Morocco, Spain’s Canary Islands are facing their worst migrant crisis since 2006. In just one year, 30,000 migrants have arrived on the archipelago. The smallest island, El Hierro, saw 4,000 arrive in January alone.”

https://www.france24.com/en/tv-shows/reporters/20240524-spain-s-canary-islands-overwhelmed-by-migrant-arrivals


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“Overtourism in Spain: residents have had enough, as protests erupt in Mallorca, Ibiza and the Canary Islands.

“Thousands marched through Palma de Mallorca, the capital of the largest of the Balearic Islands, in Spain’s latest protest against mass tourism. ‘We want more sustainable tourism,’ a march organiser said.”

https://www.scmp.com/lifestyle/travel-leisure/article/3264212/overtourism-spain-residents-have-had-enough-protests-erupt-mallorca-ibiza-and-canary-islands


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“Mapped: Europe’s rapidly rising right. Hard-right forces are gaining ground ahead of next month’s European Parliament election.

“The longstanding effort to keep extremist forces out of government in Europe is officially over… Five EU countries — Italy, Finland, Slovakia, Hungary and the Czech Republic — have hard-right parties in government.”

https://www.politico.eu/article/mapped-europe-far-right-government-power-politics-eu-italy-finalnd-hungary-parties-elections-polling/


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“Italian banks must quit Russia, ECB’s Panetta says.

“Italian banks must halt their business in Russia as staying in the country also brings a “reputational problem,” European Central Bank policymaker Fabio Panetta said on Saturday.”

https://www.reuters.com/markets/europe/italian-banks-must-quit-russia-ecbs-panetta-says-2024-05-25/


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“European banks in Russia face ‘awful lot of risk’, Yellen says.

“”We are looking at potentially a tougher stepping-up of our sanctions on banks that do business in Russia,” Yellen told Reuters in an interview, declining to provide specifics and not identifying any banks at which they could be aimed.”

https://www.reuters.com/business/finance/european-banks-russia-face-awful-lot-risk-yellen-says-2024-05-25/


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“Hungary seeks to ‘redefine’ its Nato membership over Ukraine.

“Hungarian Prime Minister Viktor Orbán said he was seeking to “redefine” the terms of Nato membership due to his long-standing opposition to aiding Ukraine against Russia’s war… The Hungarian leader has refused to send military aid to Kyiv and has repeatedly delayed EU sanctions on Russia.”

https://www.ft.com/content/08b7a3e1-8ca5-40d7-9cf4-6feed8d6cfd9


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“Six Nato countries plan ‘drone wall’ to defend borders with Russia…

“Ministers from Finland, Norway, Poland and the three Baltic states said at the weekend that they had discussed creating a co-ordinated system of drones along their borders with Russia to prevent smuggling and further provocations, and to help with defence.”

https://www.ft.com/content/949db465-cd27-4c66-9908-c2faa80b602b


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“Estonian border guards have accused their Russian counterparts of removing a set of buoy markers on the Narva River between the two countries…

““Russia uses border issues as a means to create fear and anxiety,” Estonian Prime Minister Kaja Kallas said… Estonia’s border guard service accuse Russian officials of carrying off 24 of 50 buoys helping to separate the two countries on the waterway at 3 a.m. on May 23.”

https://www.intellinews.com/estonia-accuses-russia-of-moving-buoys-as-maritime-tensions-surge-326650/


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“Vladimir Putin must correct an ‘historical mistake’ by Lenin and Stalin, according to reservist tank commander Major-General Nikolay Plotnikov.

“He warned on state TV of the Kremlin invading three cities with substantial Russian links and populations… The cities are Narva in Estonia, Daugavpils in Latvia, and Klaipeda in Lithuania.”

https://www.msn.com/en-ph/news/other/putin-should-grab-cities-in-three-nato-countries-general-warns-on-tv/ar-BB1n5udc


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“A Ukrainian drone strike on a Russian radar station that can track nuclear missiles has sparked alarm in the West.

“Kyiv hit the Armavir radar station in the Krasnodar border region on May 23… Thord Are Iversen, a Norwegian military analyst, said striking a part of Russia’s nuclear-warning system was “not a particularly good idea… especially in times of tension.”

https://www.yahoo.com/news/ukrainian-strike-russian-nuclear-radar-163845828.html


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“US-China Tensions Flare-Up Over Submarine Cables; Beijing Accuses Its ‘Key Adversary’ Of Subsea Espionage In Indo Pacific.

“In the depths of the world’s oceans, a murky game of espionage unfolds, with nations accusing each other of exploiting submarine cables for intelligence gathering and geopolitical manoeuvring.”

https://www.eurasiantimes.com/new-us-china-engage-in-subsea-game-of-spying/


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“China ‘Blockade Simulation’ Exposes $5 Trillion Global Danger…

“The growing concern in Taipei is the idea of a blockade, which would be much less militarily hazardous to mainland forces than attempting a tricky amphibious invasion. And perhaps less likely to trigger war with America.”

https://www.bloomberg.com/news/newsletters/2024-05-25/bloomberg-new-economy-china-blockade-simulation-raises-5-trillion-risk


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“US Lawmakers Vow Arms Support for Taiwan After China’s Drills…

““We have to provide that deterrence here,” said Representative Michael McCaul, chairman of the House Foreign Affairs Committee, in a joint press briefing with Taiwanese Foreign Minister Lin Chia-lung on Monday.”

https://www.bloomberg.com/news/articles/2024-05-27/us-lawmakers-vow-arms-support-for-taiwan-after-china-s-drills


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“Scarred by war, Myanmar children ‘cannot have the life they used to have’…

“In the three years since Myanmar erupted into heavy fighting between the military and anti-coup forces, the military has also retaliated against civilians with air strikes, shelling, other types of killings and arson.”

https://www.aljazeera.com/features/2024/5/27/scarred-by-war-children-in-myanmar-cannot-have-the-life-they-used-to-have


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“The Deputy Governor of Tehran has warned about the “threatening” presence of undocumented Afghan immigrants in the province, likening their removal to going to war…

“Immigration of Afghans has drastically increased in the past one year, with some claiming that up to 10,000 have been entering Iran each day…”

https://www.iranintl.com/en/202405266462


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“After Ukraine and Gaza, the forgotten crisis – Syrian refugees…

“There are now more than five million refugees from Syria are registered in the region – with the majority living in Jordan, Lebanon and Turkey. Despite many having been displaced for more than a decade, returning home in safety is simply not an option.”

https://euobserver.com/eu-and-the-world/arb05ca776


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“Thousands rally in Armenia in protest at Azerbaijan land transfer.

“…several thousand people flooded Yerevan’s central Republic Square in a fresh protest spearheaded by charismatic archbishop Bagrat Galstanyan, a church leader from the Tavush region, where villages were handed over to Azerbaijan.”

https://www.france24.com/en/europe/20240527-anti-government-protests-in-armenia-over-azerbaijan-land-transfer


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“Georgia’s PM accuses president of treason for opposing ‘foreign agents’ law…

“Relations between prime minister Irakli Kobakhidze’s ruling Georgian Dream party and Salome Zurabishvili, the president, have collapsed over the plans and sparked mass protests… Tom de Waal, senior fellow at the Carnegie Europe think tank, said that Georgia was at a “dangerous” moment.”

https://www.telegraph.co.uk/world-news/2024/05/26/georgia-pm-president-of-treason-opposing-foreign-agents-law/


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“‘We are divided’: unity in Israel fades as war in Gaza approaches ninth month.

“In Israel’s deeply polarised society, split along ethnic, religious and political lines, the military is supposed to be “the people’s army”, an apolitical melting pot that brings the country together. But …the national unity …has faded.”

https://www.theguardian.com/world/article/2024/may/27/unity-israel-war-in-gaza-approaches-ninth-month


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“Conservative Christians are lending support — and cash — to Israel at war…

“This support stems from the belief by some denominations that the end times prophecy will take place in Israel, and that Israel is the rightful land for Jews, according to their interpretation of the Bible.”

https://www.npr.org/2024/05/26/1244131702/conservative-christians-are-lending-support-and-cash-to-israel-at-war


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“Shipping rates spike as businesses expect more Red Sea attacks…

“The average cost of shipping a 40ft container between the Far East and northern Europe at short notice, the figure that is most sensitive to market prices, hit $4,343 last week, roughly three times higher than the same period last year…”

https://www.ft.com/content/b94db205-bbcf-4d0d-82f0-53f7b7288759


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“Sudan’s Army Deepens Ties With Russia, Iran as Civil War Rages…

“Sudan’s army said it’s poised to get weapons from Russia in return for letting Moscow establish a military fueling station on the Red Sea coast, a blow for the US as its opponents gain influence in the African country torn apart by civil war.”

https://www.bloomberg.com/news/articles/2024-05-26/sudan-s-army-deepens-ties-with-russia-iran-as-civil-war-rages


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“US, European nations consider vaccinating workers exposed to bird flu…

“The United States and Europe are taking steps to acquire or manufacture H5N1 bird flu vaccines… The actions follow the explosive spread of a new strain of bird flu that emerged in late 2020 and has caused unprecedented numbers of deaths among wild birds and domestic poultry and has begun infecting many mammal species.”

https://www.reuters.com/business/healthcare-pharmaceuticals/us-european-nations-consider-vaccinating-workers-exposed-bird-flu-2024-05-27/


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

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