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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“Extreme weather and Red Sea crisis are driving up the prices of commodities…

“Wild weather driven by climate change is elevating the cost of energy, food and fuel; increasing the frequency of natural disasters and raising insurance costs… These wild weather patterns–coupled with geopolitical tensions–have changed the outlook for certain commodities.”

https://oilprice.com/Metals/Commodities/Extreme-Weather-and-Red-Sea-Crisis-Trigger-Commodities-Rally.html


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“The Floating Traffic Jam That Freaked Us All Out. The coronavirus pandemic schooled the world in the essential role of global supply chains. Have we learned anything from it?

“The pandemic laid bare the consequences of relying on faraway factories and container ships to keep humanity supplied with goods.”

https://www.nytimes.com/2024/06/02/business/economy/covid-pandemic-global-supply-chains.html


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“OPEC+ on Sunday agreed to extend all production curbs into next year, a deal that likely signals oil prices will remain elevated through the U.S. presidential election…

“The further extension of cuts agreed Sunday could tip global oil markets into a supply deficit, pushing up prices.”

https://www.wsj.com/business/energy-oil/opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-7ef55454


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“The United States is lurching towards civil war…

“In short, the November election is crystalised in the mind as not about jobs or war, but a referendum on whether or not Trump should be in prison. Whatever the outcome, America will lose.”

https://www.telegraph.co.uk/news/2024/06/02/united-states-lurching-towards-civil-war/


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“US sees clouds of a financial crisis gathering on horizon.

“Financial bubbles, latent capital losses, opaque markets and abysmal public deficit: The warning signs of a financial shock are proliferating in an American economy that has not been able to rid itself of its slow poisons – high inflation and high interest rates.”

https://www.lemonde.fr/en/economy/article/2024/06/01/the-us-sees-the-clouds-of-a-financial-crisis-gathering-on-the-horizon_6673400_19.html


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“A commercial real estate crisis is hiding in plain sight…

“…at least half of the banking system’s Tier 1 capital loss-absorbing capacity has already been consumed by unrealized interest rate losses on its assets. Many banks in the system are ill-prepared to absorb additional losses from commercial real estate loan defaults.”

https://thehill.com/opinion/finance/4689279-the-commercial-real-estate-crisis-hiding-in-plain-sight/


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“A financial storm is coming that governments cannot fight.

“Savers may be fooling themselves by thinking their money is safe from private credit… the dangers are all too obvious. What’s really driven the growth in private credit is another of finance’s enduring characteristics – the search for yield. Ultra-low interest rates have made investors increasingly oblivious to risk as they seek out higher rates of return.”

https://www.telegraph.co.uk/business/2024/06/02/coming-financial-storm-governments-powerless-to-fight/


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“UK Debt Hangover Ties Next Government’s Hands, Whoever Wins…

“Britain’s crumbling public services desperately need money, but taxes are at a postwar high, the national debt is at levels last seen in the early 1960s and servicing it in a world of high interest rates is costing £60 billion ($76 billion) extra a year…”

https://www.bloomberg.com/news/articles/2024-06-02/uk-debt-hangover-ties-next-government-s-hands-whoever-wins


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“Energy bills ‘to remain high because of delays to nuclear plants’` [UK]

“Energy bills will remain significantly higher for at least the next six years as gas-fired power stations age and as the construction of new nuclear plants is delayed, a new analysis has suggested.”

https://www.thetimes.co.uk/article/energy-bills-to-remain-high-because-of-delays-to-nuclear-plants-ctbvv90zk


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“European Gas Jumps as Unplanned Norwegian Outages Crimp Supply…

“Flows into UK’s Easington terminal, which receives Norwegian gas, and Norway’s Nyhamna gas production plant are unavailable after upstream and downstream restrictions. The duration of the outages is uncertain, network operator Gassco said.”

https://www.bloomberg.com/news/articles/2024-06-03/european-gas-jumps-as-unplanned-norwegian-outages-crimp-supply


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“Another European gas crisis is on the horizon…

“Plagued by already notoriously high energy prices, the complete replacement of Russian supply will create new costs on multiple fronts, all of which will lead to new burdens for Europe’s companies and consumers… creating new infrastructure for more expensive US or Qatari LNG will not be as easy as many believe.”

https://unherd.com/newsroom/another-european-gas-crisis-is-on-the-horizon


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“ECB Rate Cut Will Be Rare Bright Spot in Troubled Euro Region…

“… despite the calm on the surface, the economy is starting to see the consequences of problems that have been decades in the making. Increasingly eclipsed by the dynamism of the US and the rise of China, the euro zone is languishing with anaemic growth, weak productivity, poor demographics, and bloated public finances…”

https://www.bloomberg.com/news/articles/2024-06-03/ecb-s-interest-rate-cuts-give-cheer-but-europe-s-economy-facing-many-problems


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“French far right has big lead over Macronists in European election, polls show.

“The RN’s top candidate, Jordan Bardella, is credited with 32.5 percent of voting intentions in the poll… In France, the European Parliament elections are often seen as a key gauge of national politicians’ popularity.”

https://www.thelocal.fr/20240603/french-far-right-has-big-lead-over-macronists-in-european-election-polls-show


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“A 29-year-old police officer has died two days after being repeatedly stabbed at an anti-Islam rally in Germany…

“Nancy Faeser, the interior minister, on Friday called for a thorough investigation into the attack. “If the investigations reveal an Islamist motive, this would be a further confirmation of the great danger posed by Islamist acts of violence,” she said.”

https://www.telegraph.co.uk/news/2024/06/02/german-policeman-stabbed-rally-dies/


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“Germany’s CDU hit by major cyberattack.

“Politically motivated cyberattacks have increased ahead of this month’s EU election, with many linked to Russian state-sponsored actors… Juhan Lepassaar, head of the European Union Agency for Cybersecurity (ENISA), last week told media that overall attempted attacks doubled from the last quarter of 2023 to the first quarter of this year.”

https://www.politico.eu/article/germany-cdu-politically-motivated-cyberattack-russia-military-intelligence/


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“Scholz to Putin: we will defend ‘every square inch’ of NATO territory.

“NATO’s recent move to strengthen its eastern border is aimed at deterring Russia, German Chancellor Olaf Scholz said on Sunday, adding that it should be clear to Moscow that the alliance will be ready to defend itself if necessary.”

https://www.reuters.com/world/europe/scholz-putin-we-will-defend-every-square-inch-nato-territory-2024-06-02/


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“Is a broader European war with Russia becoming inevitable? Both NATO and Moscow should beware of complacency and misguided wagers.

“Europe finds itself at a perilous juncture, as a direct military confrontation between Russia and Nato appears likelier than ever.”

https://www.thenationalnews.com/opinion/comment/2024/06/02/is-a-broader-european-war-with-russia-becoming-inevitable/


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“Ukraine’s largest hydroelectric dam, the Dnipro Hydroelectric Power Plant, is in “critical condition” after it was hit in a Russian strike on Ukraine’s key energy facilities, authorities say.

“The head of the Zaporizhzhia region military administration, Ivan Fedorov, told Ukrainian television that the power plant can no longer produce electricity.”

https://edition.cnn.com/2024/06/02/europe/ukraine-dnipro-power-plant-critical-condition-intl/index.html


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“Ukraine has fired US-made weapons at targets inside Russia for the first time, according to Russian sources.

“Russia’s ministry of defence and Russian military bloggers have reported that HIMARS, long-range artillery, were fired by Ukraine at Russia on Saturday evening… Ukraine has not commented.”

https://www.telegraph.co.uk/world-news/2024/06/02/ukraine-russia-war-latest-news7/


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“Russia has announced plans to raise taxes on businesses and the wealthy as it scrambles for additional revenue to fund its invasion of Ukraine…

“The amendments are expected to raise about 2.6 trillion rubles ($29bn) a year, the Interfax news agency reported, citing Finance Ministry calculations.”

https://www.aljazeera.com/economy/2024/5/29/russia-plans-higher-taxes-for-rich-companies-as-cost-of-ukraine-war-mounts


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“The Ukraine War Has Transformed Global Grain Trade…

“Russia’s invasion of Ukraine and the temporary blockage of its Black Sea ports have redirected the flow of grain from “the world’s breadbasket”. One of the world’s leading producers of wheat, corn and vegetable oils, Ukraine shipped much of its grain internationally prior to the war…”

https://oilprice.com/Geopolitics/International/The-Ukraine-War-Has-Transformed-Global-Grain-Trade.html


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“Malaysia’s chip industry falls in the crosshairs of US sanctions on Russia.

“Malaysian semiconductor maker Jatronics SDN BHD is among nearly 300 entities that Washington slapped with US sanctions last month over their alleged links to Russia’s military suppliers… Jatronics, based in Kuala Lumpur, is accused of shipping electronic parts and components to Russia…”

https://www.aljazeera.com/economy/2024/6/3/malaysias-chip-industry-falls-in-the-crosshairs-of-us-sanctions-on-russia


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“US risks ‘forever’ trade war with China…

“Economist Stephen Roach criticized US trade policies against China as a “blunder” that risks creating an endless economic conflict between the two nations… “I worry that Biden is getting himself even deeper into a new ‘forever war’ against Chinese trading practices…””

https://www.bloomberg.com/news/articles/2024-05-31/us-risks-a-forever-trade-war-with-china-stephen-roach-says


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“Chinese businesses are increasingly favouring investment in countries including Vietnam and Mexico as trade tensions rise between western governments and Beijing.

“During the year to March, at least 41 Chinese manufacturing and logistics projects were announced for Mexico, while at least 39 were scheduled for Vietnam.”

https://www.ft.com/content/ede919f5-0d3e-43e5-8ef9-407a17551bb9


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“Chinese Firms Jostle With US Peers for Sliver of Gulf Oil Riches.

“A wave of Chinese banks, asset managers and hedge funds are ramping up in the Middle East, jostling with Wall Street firms who are making their own expansion push in a region flush with oil wealth.”

https://www.bloomberg.com/news/articles/2024-06-03/chinese-firms-jostle-with-us-peers-for-sliver-of-gulf-oil-riches


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“China accuses US of seeking ‘Asia-Pacific NATO’…

“A top Chinese general has accused the US of trying to build an “Asia-Pacific version of Nato”, underlining tensions between Washington and Beijing one day after the two countries’ defence chiefs met for the first time since 2022…”

https://www.ft.com/content/b889d33c-7745-48b7-b847-64f2b3003409


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“China ready to ‘forcefully’ stop Taiwan independence: Defence minister.

“Chinese Defence Minister Dong Jun has said the country’s military was ready to “forcefully” stop Taiwan’s independence, in a fiery speech at a Singapore security forum… ‘whoever dares to split Taiwan from China will be crushed to pieces and suffer his own destruction’.”

https://www.aljazeera.com/news/2024/6/2/china-ready-to-forcefully-stop-taiwan-independence-defence-minister


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“Modi eyes ‘super majority’ amid fears he will change India’s constitution…

“Right-wing Hindus have been openly campaigning to transform India from a secular state into a Hindu one, or Hindu Rashtra. The Rashtriya Swayamsevak Sangh, or RSS, have been most prominent in this campaign and hugely influential in Mr Modi’s policies and personality.”

https://www.telegraph.co.uk/world-news/2024/06/02/india-narendra-modi-election-majority-hindu-nationalism/


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“Iran’s ex-president Ahmadinejad, disqualified Larijani sign up for election…

“Ahmadinejad… who had been largely sidelined following his controversial terms in office, said he’s only heeding “a call from people from across the country” to run again, and he’s confident he can resolve Iran’s domestic and international issues.”

https://www.aljazeera.com/news/2024/6/2/irans-ex-president-ahmadinejad-disqualified-larijani-sign-up-for-election


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“South Africa election: ANC to face coalition demands as they lose majority in landmark vote…

“The cogs are turning hard and fast in the African National Congress (ANC) machinery as a bid to win the election becomes an effort to survive the loss. After 30 years of dominating South Africa’s political landscape, the ANC is set to lose its parliamentary majority…”

https://news.sky.com/story/south-africa-election-anc-to-face-coalition-demands-as-they-lose-majority-in-landmark-vote-13146330


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“Lebanon’s Hezbollah says strikes Israeli bases as clashes intensify…

“Nearly eight months of violence on the Israel-Lebanon border has left at least 451 people dead in Lebanon, mostly fighters but including more than 80 civilians, according to an AFP tally.”

https://www.newarab.com/news/hezbollah-says-strikes-israeli-bases-clashes-intensify


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“Several are killed after Israeli air strike targets Syria’s Aleppo.

“Israel conducted fresh air strikes in Syria, focusing on the Aleppo region, Syrian regime media reports casualties, while a watchdog group specifies pro-Iranian militants among the dead.”

https://www.trtworld.com/middle-east/several-are-killed-after-israeli-air-strike-targets-syrias-aleppo-18169086


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“Biden’s ‘non-starter’ Gaza ceasefire deal only demonstrates his lack of influence…

“…even as Joe Biden spelled out the proposal – leading in theory to a permanent end to hostilities, large-scale food deliveries and the start of reconstruction, there was clearly something awry… The Israeli prime minister’s political career rests instead in the hands of far-right members of the coalition, who say they will walk out if he agrees a ceasefire deal.”

https://www.theguardian.com/world/article/2024/jun/01/biden-gaza-ceasefire-deal-lack-of-influence-netanyahu


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“Maldives to ban Israeli passport holders from entry in protest over Gaza war…

“The Maldives says it will ban Israelis from entering the country, known for its luxury resorts, with the office of the president making the announcement as public anger in the predominantly Muslim nation rises over the war in Gaza.”

https://www.theguardian.com/world/article/2024/jun/03/maldives-israel-passport-holders-ban-gaza-war


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“Civilian deaths from killer drones [and killer robots] are this generation’s ‘Oppenheimer moment’…

“Fielding weapons systems that operate without meaningful human control effectively delegates life-and-death decisions to machines. This crosses a dangerous line. Autonomous weapons systems raise an array of fundamental ethical, humanitarian, legal, operational, moral, security, and proliferation concerns.”

https://www.smh.com.au/technology/civilian-deaths-from-killer-drones-are-this-generation-s-oppenheimer-moment-20240527-p5jh1l.html


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“Debt payments by countries most vulnerable to climate crisis soar…

“The Debt Justice charity said countries at the highest risk of being affected by global heating were paying 15.5% of government revenues to external creditors – up from less than 8% before Covid-19 and 4% at their lowest recent point in 2010.”

https://www.theguardian.com/world/article/2024/jun/03/debt-payments-by-countries-most-vulnerable-to-climate-crisis-soar


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“The uninsurable world: how the market fell behind on climate change…

“Very clearly the [insurance industry’s] models are not working,” said Lindsay Keenan, EU co-ordinator at campaign group Insure Our Future. “I’m amazed how they have managed to blag the regulators with their rhetoric that ‘It’s all OK, we have models for that’ over the years, and still today.””

https://www.ft.com/content/b4bf187a-1040-4a28-9f9e-fa8c4603ed1b


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

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