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 world is mired in $315 trillion of debt, according to a report from the Institute of International Finance.

“This global debt wave has been the biggest, fastest and most wide-ranging rise in debt since World War II, coinciding with the Covid-19 pandemic.”

https://www.cnbc.com/2024/05/29/global-debt-has-grown-to-315-trillion-in-2024.html


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“Why policymakers are more likely to risk high inflation during periods of economic uncertainty…

“…another bout of inflation could occur sooner than markets expect. When faced with economic uncertainties, central banks may not aim for high inflation but they will probably adjust their interest rate policies in a way that makes such an outcome more likely than a deep recession or a financial crisis.”

https://www.theguardian.com/business/article/2024/may/30/why-policymakers-are-more-likely-to-risk-high-inflation-during-periods-of-economic-uncertainty


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“Commodities could cause 1970s-style inflation…

“World Bank economists warn that commodity prices could make it harder to cut rates this year. Mounting geopolitical tensions increase the risk of another energy price surge.”

https://www.investorschronicle.co.uk/news/2024/05/29/commodities-could-cause-1970s-style-inflation/


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“Supporters of former President Donald Trump, enraged by his conviction on 34 felony counts by a New York jury, flooded pro-Trump websites with calls for riots, revolution and violent retribution.

“After Trump became the first U.S. president to be convicted of a crime, his supporters responded with dozens of violent online posts…”

https://www.reuters.com/world/us/trump-supporters-call-riots-violent-retribution-after-verdict-2024-05-31/


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“Civil unrest can spread fast through generative AI… [picture from 2021]

“The dissemination of targeted misinformation to incite violent unrest has been a growing problem for years, with bad actors already employing far-cruder technologies than AI… Moreover, we find ourselves amid escalating civil unrest… major U.S. cities such as New York, Los Angeles, and Washington, D.C. are at high risk for unrest this year.”

https://www.fastcompany.com/91131998/nyc-la-and-dc-are-at-high-risk-for-genai-fueled-civil-unrest-heres-whats-being-done-about-it


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“The number British Army troops has fallen below 73,000 for the first time since the Napoleonic era.

“Official government figures show there are now just 72,510 full-time, trained soldiers ready for deployment… Government accused of being ‘deeply negligent of Britain’s defence’.”

https://www.telegraph.co.uk/news/2024/05/30/army-falls-below-73000-first-time-since-napoleonic-area/


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“Farmers in south-west France have called for a “historic” blockade along France’s border with Spain to call for fresh help for the agricultural sector.

“Ultras de l’A64, a group of farmers from the Haute-Garonne department, has called for farmers to set up blockades from 10:00 on Monday, June 3.”

https://www.connexionfrance.com/news/french-farmers-plan-new-motorway-blockage-protest-for-june-3/661090


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“German inflation increases in May…

“The just-released flash estimate of German inflation in May illustrates the stickiness of inflation in the entire eurozone… a good reminder of how difficult the last mile of bringing inflation sustainably back to 2% will be for the European Central Bank.”

https://think.ing.com/snaps/german-inflation-may24/


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“Europe may soon discover the limits of decoupling on interest rates…

“The weak economic conditions seen in Germany and the UK in 2023 are expected to be followed only by muted growth this year, especially when compared with the US experience. Longer-term growth prospects are also less favourable for Europe.”

https://www.ft.com/content/48ac410b-b38f-40f6-9ea4-06f1e106ce20


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“Europe’s fascist future awaits.

“The death of Western democracy is now highly conceivable, with a return to authoritarian strong men no longer a far fetched fantasy… A look back at the history of fascism in the 1920s and 1930s offers a valuable lesson in understanding the threat posed to liberal democracies by the spread of fascist-style parties.”

https://www.telegraph.co.uk/news/2024/05/30/europes-fascist-future-awaits-if-putin-wins-in-ukraine/


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“Putin’s Shadow War Against Europe Is Intensifying…

“Russian nationals have been arrested in Germany on charges of planning to attack military facilities. English prosecutors claim that Russian agents set fire to a warehouse containing aid for Ukraine. Sweden is investigating alleged Russian-sponsored acts of sabotage. The Czech government accuses Moscow of sabotaging its railways…”

https://www.bloomberg.com/opinion/articles/2024-05-31/putin-s-shadow-war-against-europe-is-intensifying


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“NATO boss seeks 40 bln euros per year for Ukraine military aid, source says…

“NATO chief Jens Stoltenberg will ask allies to pledge a minimum of 40 billion euros ($43.37 billion) annually to fund military aid for Ukraine, an alliance source told Reuters on Thursday, as NATO foreign ministers gathered for talks in Prague.”

https://www.reuters.com/world/europe/nato-boss-seeks-40-bln-euros-per-year-ukraine-military-aid-source-says-2024-05-30/


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“France could announce sending military trainers to Ukraine soon, diplomats say…

“Training would centre around demining, keeping equipment operational and technical expertise for warplanes to be provided by the West, they said. Paris would also finance, arm, and train a Ukrainian motorised brigade.”

https://www.reuters.com/world/europe/france-could-announce-sending-military-trainers-ukraine-soon-diplomats-say-2024-05-30/


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“Poland should not rule out sending troops to Ukraine, says foreign minister.

“Poland should not rule out sending troops to Ukraine, Foreign Minister Radoslaw Sikorski said in comments published on Tuesday, as Kyiv struggles to repel Russian advances, but Sikorski did not specify what role Polish troops would play.”

https://www.reuters.com/world/europe/poland-should-not-rule-out-sending-troops-ukraine-says-foreign-minister-2024-05-28/


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“Germany and France agree Ukraine may strike Russian military targets…

“Whilst Chancellor Scholz had previously been firm on Ukraine not using Western weapons to strike Russian targets, he made a step in the direction of Macron, on the third and last day of the French president’s historic state visit to Germany.”

https://www.euronews.com/my-europe/2024/05/29/germany-and-france-agree-ukraine-may-strike-russian-military-targets


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“Biden changes stance to allow Ukraine to fire US-supplied weapons into Russia…

““The president recently directed his team to ensure that Ukraine is able to use US-supplied weapons for counter-fire purposes in the Kharkiv region so Ukraine can hit back against Russian forces that are attacking them or preparing to attack them,” a US official said.”

https://www.theguardian.com/world/article/2024/may/30/biden-ukraine-weapons-strike-russia


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“US to offer Ukraine security pact as tensions rise between allies…

“The agreement would be the most significant in a series of deals Ukraine has struck with Nato countries that lays out commitments on long-term support, including military training, intelligence sharing and economic assistance.”

https://www.ft.com/content/96697013-abe9-4873-84fa-fabe59775aff


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“Think tank close to Kremlin says Russia should consider a ‘demonstrative’ nuclear explosion.

“The proposal by Dmitry Suslov, a member of the Moscow-based Council for Foreign and Defence Policy, was issued a day after President Vladimir Putin warned the West that NATO members in Europe were playing with fire by proposing to let Kyiv use Western weapons to strike deep inside Russia.”

https://www.reuters.com/world/europe/think-tank-close-kremlin-says-russia-should-consider-demonstrative-nuclear-2024-05-29/


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“Beijing is warning the European Union it will hit its aviation and agricultural sectors unless Brussels pulls back from an impending trade war.

“With the European Commission expected to slap tariffs on Chinese electric vehicles in the coming days, the Chinese Commerce Ministry has sent a five-page letter to EU trade chief Valdis Dombrovskis calling for a reset…”

https://www.politico.eu/article/china-beijing-european-union-aviaton-agriculture-farmers-brussels-trade-war/


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“US seeks to choke off supplies via China for Russia’s war machine…

“In a speech to German business leaders in Berlin on Friday, US deputy Treasury secretary Wally Adeyemo will urge western companies to stop Russia importing critical components from or via China. The US has threatened secondary sanctions against Chinese companies found to have supplied Russia’s defence industry.”

https://www.ft.com/content/e4e79fd4-64da-44ff-917e-053ac20b467f


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“US-China tensions have gone medieval and could regress further.

“… a recent report by the U.S. think tank the Rand Corporation… describes the current state of world affairs as neomedieval based on trends that have strong similarities to the Middle Ages: Weakening states… Fragmenting societies… Unbalanced economies… Ubiquitous threats… Informalization of warfare…”

https://thehill.com/opinion/international/4692003-us-china-tensions-have-gone-medieval-and-could-regress-further/


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“China’s defence ministry condemns US missile deployment in Philippines.

“China’s defence ministry on Thursday strongly condemned the deployment of a U.S. intermediate range missile system in the northern Philippines during military drills in April, saying it “brought huge risks of war into the region”.”

https://www.reuters.com/world/chinas-defence-ministry-condemns-us-missile-deployment-philippines-2024-05-30/


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“China’s state security authority warns against foreign espionage threat to rare-earth industry…

“China’s Ministry of State Security on Thursday issued an article warning of foreign espionage agencies targeting China’s rare-earth industry, engaging in theft and sabotage, posing threat to the country’s natural resource security.”

https://www.globaltimes.cn/page/202405/1313302.shtml


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“Xi Lays Out Vision for Greater Cooperation With Arab States…

“Chinese leader Xi Jinping outlined a range of areas including finance and technology in which his nation can enhance cooperation with Arab nations, underscoring Beijing’s push for greater influence in Middle East.”

https://www.bloomberg.com/news/articles/2024-05-30/xi-lays-out-vision-for-greater-cooperation-with-arab-states


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“Iran says Saudi Arabia has expelled 6 state media journalists ahead of the Hajj after detaining them.

“The incident comes a year after Riyadh and Tehran reached a Chinese-mediated detente. However, there have been tensions for decades between the Sunni and Shiite powerhouses over the holy sites in the kingdom…”

https://abcnews.go.com/International/wireStory/iran-saudi-arabia-expelled-6-state-media-journalists-110634105


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“Britain and American forces strike Houthi targets after spike in attacks on shipping…

“The MoD said intelligence confirmed two locations near Hudaydah were involved in the anti-shipping attacks, with buildings identified as housing drone ground control facilities and storage for long range drones. Surface-to-air weapons were also believed to be on-site.”

https://news.sky.com/story/britain-and-american-forces-strike-houthi-targets-after-spike-in-attacks-on-shipping-13145855


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“Israeli war cabinet member in move to dissolve Netanyahu’s government…

“Benny Gantz’s National Unity Party submitted a bill to dissolve parliament on Thursday, citing the “disaster” of October 7. He added the need “to restore the people’s trust and to establish a broad, stable unity government that can safely lead in the face of the tremendous challenges in security…”

https://www.telegraph.co.uk/world-news/2024/05/30/netanyahu-war-cabinet-israel-government-dissolve-unseat-pm/


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“Israel’s Claim of Control Over Border Zone Risks Raising Tensions With Egypt…

“Israel and Egypt — former enemies that fought at least three major wars — have clashed diplomatically over the Israeli military campaign in Gaza, and particularly over Israel’s ground offensive in Rafah. The Egyptian government faced public pressure to take a tougher stance against Israel…”

https://www.nytimes.com/live/2024/05/30/world/israel-gaza-war-hamas-rafah


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“Egypt has quadrupled the price of subsidised bread in a politically sensitive move that risks sparking social unrest as the country struggles with soaring inflation.

“Some 70mn Egyptians, or more than two-thirds of the population in the Arab country, consume the small flat loaves…”

https://www.ft.com/content/658d7269-11c2-40d7-b181-ecc0a6539ce3


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“‘It’s like American prices’: Lebanon’s cost of living soars as dollar replaces pound…

“Lebanon – a lower-middle income country according to the World Bank, which reclassified the small Mediterranean nation down from upper middle-income status in July 2022 – has been seized by a dollar frenzy, as the country initiated a de facto dollarisation of its economy over a year ago.”

https://www.thenationalnews.com/news/mena/2024/05/29/lebanon-dollar-price-cost-of-living/


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“Nigeria’s Food Security Crisis Worsening.

“Nigeria’s food security challenges may be getting worse as farmers in the country are reporting a decline in the production of some stable food, blaming a variety of reasons that include flooding due to climate change, inflation, insecurity and the fluctuation of the Naira.”

https://leadership.ng/nigerias-food-security-crisis-worsening/


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“Myanmar’s Currency Hits All-Time Low, Gold Surges to Fresh Peak.

“Currency and gold dealers have gone into hiding in Yangon fearing they will be turned into scapegoats after the kyat plunged to an all-time low on Thursday and the price of gold hit its highest peak ever in Myanmar, business sources say.”

https://www.irrawaddy.com/news/burma/myanmars-currency-hits-all-time-low-gold-surges-to-fresh-peak.html


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“How Myanmar’s civil war is rippling into the U.S. and around the world…

“The war is wreaking indirect havoc on the lives of people in the U.S. and elsewhere, as a country widely referred to as a “failing state” becomes what experts say is a “global hub of organized transnational crime.””

https://www.nbcnews.com/news/world/myanmar-junta-civil-war-rebel-offensive-crime-rcna153666


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“North Korea sends balloons carrying excrement to the south as a ‘gift’.

“North Korea sent hundreds of balloons carrying trash and excrement across the heavily fortified border to South Korea on Wednesday, calling them “gifts of sincerity”, prompting an angry response from Seoul, which said the act was base and dangerous.”

https://www.reuters.com/world/asia-pacific/south-korea-alert-balloons-dropping-trash-north-2024-05-29/


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“Global: Executions soar to highest number in almost a decade.

“The five countries with the highest number of executions in 2023 were China, Iran, Saudi Arabia, Somalia and the USA. Iran alone accounted for 74% of all recorded executions while Saudi Arabia accounted for 15%. Somalia and the USA carried out an increased number of executions in 2023.”

https://www.amnesty.org/en/latest/news/2024/05/global-executions-soar-highest-number-in-decade/


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Quote from Narendra Modi: “A remarkable feat!

“Crossing 1 Billion Tonnes in coal and lignite production marks a historic milestone for India, reflecting our commitment to ensuring a vibrant coal sector. This also ensures India’s path towards Aatmanirbharta in a vital sector.”

https://x.com/narendramodi/status/1774844651394228422


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“AI’s thirst for electricity risks slowing US coal phaseout…

“Last Thursday, US utility Alliant Energy said it was pushing back plans to convert its coal plant in Wisconsin to gas from 2025 to 2028. The announcement marks the latest in a series of coal plant retirement delays this year…”

https://www.ft.com/content/158d20ec-fcb1-4638-ad74-6b43bf6a3df0


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“Global shift to renewables slowed in 2023, policy group says…

“Many countries have even backtracked on their ambitions: of 69 countries with renewable energy targets for end-users, only 17 extended them beyond 2024, said REN21, which brings together governments, research institutions and NGOs to promote the switch to clean energy.”

https://www.reuters.com/sustainability/climate-energy/global-shift-renewables-slowed-2023-policy-group-says-2024-05-30/


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“A third U.S. farmworker infected with bird flu is the first to experience respiratory symptoms…

““With this case, respiratory symptoms occurred after direct exposure to an infected cow,” Natasha Bagdasarian, chief medical executive of the Michigan Department of Health and Human Services, said in a statement.”

https://www.statnews.com/2024/05/30/bird-flu-third-case-human-infection-caused-respiratory-symptoms/


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“US poised to invest millions in mRNA bird flu vaccine amid H5N1 scare…

“The US Biomedical Advanced Research and Development Authority is understood to be nearing an agreement with Moderna to finance human trials for its experimental mRNA bird flu vaccine. The deal would include a commitment to stockpile millions of vaccines if the trials were successful…”

https://www.telegraph.co.uk/global-health/science-and-disease/us-poised-to-invest-millions-in-mrna-bird-flu-h5n1-vaccine/


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“Global pandemic treaty could be more than a year away after deadline missed…

“After two years of negotiations, countries failed to agree on the text of an international pandemic accord by a deadline of 24 May. And at the World Health Assembly in Geneva on Tuesday delegates said extensive further negotiations would be needed.”

https://www.theguardian.com/global-development/article/2024/may/29/global-pandemic-treaty-could-be-more-than-a-year-away-after-deadline-missed


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

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