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 great American boom is finally running out of steam, leaving mountains of debt…

“High borrowing and low personal savings are dashing hopes of an economic soft landing… Citigroup has become the first big American bank to warn that the US has already tipped into a recession.

“Once this process begins, it can snowball very fast into mass business layoffs unless the Federal Reserve moves fast. There is no sign of that.”

https://www.telegraph.co.uk/business/2024/06/05/great-american-boom-running-out-steam-mountains-debt/


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“Bond yields are falling. This time, it’s not being treated as good news.

“‘We are back at a point where the Fed might need to help the economy,’ one trader says… a subtle shift appears to be unfolding now in the bond market, in which the question is whether the central bank may need to cut borrowing costs to help prop up the economy.”

https://www.morningstar.com/news/marketwatch/20240604107/bond-yields-are-falling-this-time-its-not-being-treated-as-good-news


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“Zero-down mortgages are back sparking fears of being the new subprime loans which caused the 2008 market crash.

“A new “zero-down” mortgage program has sparked concern of fueling another housing bubble given its similarities to the disastrous subprime loans that contributed to the 2008 housing market crash.”

https://www.independent.co.uk/news/world/americas/zero-down-mortage-subprime-loans-crash-b2556073.html


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“Thousands of new trade tariffs led by economic superpowers [US, China and EU] could wipe out up to 7% of global GDP, IMF says…

““Trade is slowing down even more than it would be slowing down otherwise,” Georgieva said during an interview with CNBC “Squawk on the Street” co-anchor Sara Eisen at the CNBC CEO Council Summit in Washington, D.C., on Tuesday.”

https://www.cnbc.com/2024/06/04/most-worrying-economic-trend-is-willy-nilly-tariff-policy-imf-head.html


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“Rising global conflict means countries will spend the next 10 years restocking arms, the boss of one of the UK’s largest weapons manufacturers has said.

“Chemring, which describes itself as a key supplier to Nato, said countries are reacting to the wars in Gaza and Ukraine as well as “an increasingly assertive China”.”

https://www.bbc.co.uk/news/articles/c3ggd88er4ro


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“Central banks turn cautious on China’s yuan, keen on dollars and gold…

“The data, from a survey carried out by the think tank and published on Tuesday, challenges – at least in the short term – the trend towards de-dollarisation, the idea that countries will diversify away from dollars.”

https://www.reuters.com/markets/currencies/central-banks-turn-cautious-chinas-yuan-keen-dollars-gold-2024-06-03/


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“UK faces £33bn hole in finances or return to austerity, thinktank says…

“The Resolution Foundation said the debate between Labour and the Conservatives over the funding of specific pledges was “detached from reality”, with election promises based on cuts that would be hard to deliver.”

https://www.theguardian.com/business/article/2024/jun/04/uk-faces-33bn-hole-in-finances-or-return-to-austerity-thinktank-says


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“UK clothing sales to EU plummet as Brexit red tape deters exporters.

“UK exports of clothing and footwear to the EU have dived since Brexit, according to a new study that shows the extent to which complex regulations and red tape at the border have deterred firms from sending goods across the Channel.”

https://www.theguardian.com/business/article/2024/jun/05/uk-clothing-sales-eu-crash-brexit-red-tape-deters-exporters


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“Gibraltar will retaliate if Spain imposes full border checks on the Rock, the British territory’s first minister has warned.

“Fabian Picardo was speaking after the Tories shelved political-level negotiations until after the July 4 general election. “If these talks break down, sorrow might turn to anger quite quickly,” he told the Gibraltar Chronicle on Monday.”

https://www.telegraph.co.uk/world-news/2024/06/03/gibraltar-will-reciprocate-if-spain-imposes-full-border-che/


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“German Unemployment Up More Than Expected, Damping Rebound Hopes.

“German unemployment rose more than anticipated — undermining expectations that Europe’s biggest economy will recover only gradually this year… “The spring recovery hasn’t really taken off this year,” agency head Andrea Nahles said in a statement.”

https://www.bloomberg.com/news/articles/2024-06-04/german-unemployment-up-more-than-expected-damping-rebound-hopes


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“The death of a police officer by an Afghanistan-born migrant is stirring political tensions in Germany ahead of a crucial European election, with four other men injured in the incident.

“Far-right activists from the Alternative for Germany’s (AfD) youth movement took to the streets of Mannheim on Sunday…”

https://www.euronews.com/my-europe/2024/06/03/tensions-rise-between-activists-in-mannheim-after-deadly-stabbing-of-policeman


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“The far right may not win real power in Europe – but it will influence those who do…

“…while the far right may be the best-represented political ideology in the European parliament, its political influence will most likely again fall well short of its electoral weight. The reason is that EU politics is group politics and the far right is the most divided political “family” in Europe.”

https://www.theguardian.com/commentisfree/article/2024/jun/05/europe-far-right-power-european-elections


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“Cost of going green sparks backlash from Europe’s voters…

“Soaring energy prices because of Russia’s war in Ukraine and the wider cost of living crisis have turned many Europeans against abandoning fossil fuels. And farmers across Europe have blocked roads in anger at environmental reforms. It could spell trouble for the EU’s Green parties at the polls…”

https://www.bbc.co.uk/news/articles/c4nneg6252eo


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“Polish protesters have resumed their blockade at the Rava-Ruska-Hrebenne border crossing due to Ukrainian agricultural imports, Ukraine’s Border Guard Service said on June 4.

“Polish farmers have intermittently protested at the Ukrainian border since last fall, but the most recent wave of blockades largely ended in late April.”

https://www.yahoo.com/news/polish-farmers-resumed-blockade-ukrainian-094042968.html


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“Russia has taken out over half of Ukraine power generation…

“Russia has knocked out or captured more than half of Ukraine’s power generation, spurring rolling blackouts nationwide and heightening fears about the future of energy supplies to Ukrainian cities and EU customers.”

https://www.ft.com/content/4d583259-7565-4cbc-972e-ea77f4a76175


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“US seeks EU sanctions guarantee to back $50bn Ukraine loan…

“Washington needs the EU to prolong the bloc’s sanctions on Russian state assets, which expire every six months unless renewed by unanimous consent, until the end of the war to ensure the US is not left on the hook for repayments.”

https://www.ft.com/content/8654c04d-3516-4d9c-829b-576d976654e9


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“Ukraine can strike Russian targets with Dutch F-16s…

“Dutch Defense Minister Kajsa Ollongren has reassured Kyiv that the 24 F-16 fighter jets that the Netherlands intends to donate to Ukraine may be used to strike targets inside Russia… “There is not” a Belgian-style restriction, Ollongren said.”

https://www.politico.eu/article/ukraine-can-strike-russian-targets-dutch-f-16s-fighter/


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“Nato is developing multiple “land corridors” to rush US troops and armour to the front lines in the event of a major European ground war with Russia…

“It comes amid warnings from the Alliance’s top leaders that Western governments must prepare themselves for a conflict with Russia in the next two decades.”

https://www.telegraph.co.uk/world-news/2024/06/04/nato-land-corridors-us-troops-european-war/


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“French military instructors in Ukraine would be ‘legitimate target’, Russia says…

“”Whoever they are labelled as, whether they are members of the French armed forces or are just mercenaries, they represent an absolutely legitimate target for our armed forces,” Russian Foreign Minister Sergei Lavrov told a news conference.”

https://www.france24.com/en/france/20240604-french-military-instructors-in-ukraine-would-be-legitimate-target-russia-says


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“South Korea plans to nullify peace deal to punish North Korea over trash-carrying balloon launches…

“On Monday, South Korea’s presidential national security council said it has decided to suspend a 2018 inter-Korean agreement aimed at easing frontline animosities, until mutual trust between the two Koreas is restored, according to the presidential office.”

https://www.independent.co.uk/news/north-korea-ap-south-korea-seoul-moon-jaein-b2555544.html


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“A shock election result in India humbles Narendra Modi…

“…the bjp itself appeared to be on course to lose more than 60 seats compared with the last election in 2019, with results mid-afternoon putting its tally at 238, down from 303 in 2019. Crucially, that means that it will rely on its alliance partners to control parliament.”

https://www.economist.com/asia/2024/06/04/a-shock-election-result-in-india-humbles-narendra-modi


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“China eyes closer ties with Turkey to take on global ‘power politics’.

“Chinese Foreign Minister Wang Yi tells visiting Turkish counterpart Hakan Fidan that Beijing is keen to work with Ankara to maintain the stability of the global supply chain.”

https://www.scmp.com/news/china/diplomacy/article/3265328/turkey-sees-brics-economic-potential-it-waits-full-eu-membership


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“Kremlin welcomes Turkey’s reported desire to join BRICS…

“Peskov said there was heightened interest in BRICS – a group comprising Brazil, Russia, India, China, South Africa, Ethiopia, Iran, Egypt, and the United Arab Emirates – from various states, but said it was unlikely the grouping could completely satisfy all interested nations.”

https://www.reuters.com/world/kremlin-welcomes-turkeys-reported-desire-join-brics-2024-06-04/


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“The war in Gaza looms over Asia’s geopolitics…

“Western officials may have been unprepared for the depth of sympathies for Gaza among Asian countries — and their frustration over Western hypocrisy… The Palestinian cause is a fiery issue in Southeast Asian countries like Indonesia and Malaysia…”

https://www.washingtonpost.com/world/2024/06/05/asia-gaza-support-israel-china-sympathies-geopolitics-war/


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“New signs of tension between Biden and Israel’s Netanyahu over war.

“In an interview with Time Magazine, President Biden said “there is every reason” for people to conclude that Israel’s Prime Minister Benjamin Netanyahu is prolonging the conflict with Hamas for political reasons.”

https://www.nbcnews.com/nightly-news/video/new-signs-of-tension-between-biden-and-israel-s-netanyahu-over-war-212259909908


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“Israel and Hezbollah Move Closer to Full-Scale War…

“…in recent weeks, both sides say there has been a sharp rise in hostilities. Hezbollah has increased its drone and rocket attacks, hitting important Israeli military installations. Israel, too, has stepped up attacks, targeting Hezbollah sites deep into southern Lebanon’s Bekaa Valley…”

https://www.wsj.com/world/middle-east/israel-and-hezbollah-move-closer-to-full-scale-war-988b3bfc


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“Desperate hunger in Tigray pushes thousands into the hands of kidnappers and people smugglers.

“Many Tigrayan youths have lost all hope of a future. During the catastrophic two-year military operation launched by the Ethiopian Federal Government against the Tigray People’s Liberation Front (TPLF), invading forces pounded, burned and looted the region, decimating its infrastructure.”

https://www.telegraph.co.uk/global-health/terror-and-security/tigray-hunger-war-ethiopia-africa-human-trafficking/


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“As famine looms in Sudan, the people fill gap left by the world…

“In Sudan, if nothing changes, it is projected that 2.5 million people could die by September. Yet the international community has funded less than 15 percent of the aid needed. Aid that does arrive may be blocked or looted.”

https://www.aljazeera.com/podcasts/2024/6/5/the-take-as-famine-looms-in-sudan-the-people-fill-gap-left-by-the-world


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“Will Russia’s support for Sudan’s army turn the tide in the war?

“Moscow’s policy of supporting both Sudan’s army and the Rapid Support Forces makes a political resolution to the conflict even more complicated… Russia recognises that in the end, neither side will be able to completely destroy the other, and it would want to be able to maintain close ties with whoever is in power when this is all over.”

https://www.newarab.com/analysis/will-russias-support-sudans-army-turn-tide-war


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“Russia Said to Seek Takeover of France’s Uranium Assets in Niger…

“Russia is seeking to take over uranium assets in Niger held by a state-controlled French company, according to people informed about the matter, in a further challenge to Western interests in Africa.”

https://www.bloomberg.com/news/articles/2024-06-03/russia-said-to-seek-takeover-of-france-s-uranium-assets-in-niger


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“Türkiye, Iran and Morocco Increase their Influence in the Sahel…

“Türkiye, Iran and Morocco are stepping up their initiatives towards ruling military regimes in the African Sahel, seeking to diversify their partners, in the wake of France’s withdrawal from the region.”

https://english.aawsat.com/features/4906626-t%C3%BCrkiye-iran-and-morocco-increase-their-influence-sahel%C2%A0%C2%A0


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“Bolivia truck drivers block roads over fuel shortages…

“On Tuesday (June 4) long lines of vehicles were seen at fuel stations in La Paz, Bolivia’s capital, and several users complained about the lack of diesel. Bolivia’s driver sector announced a 48-hour road blockade demanding a consistent supply of diesel and a regular flow of dollars.”

https://www.yahoo.com/news/bolivia-truck-drivers-block-roads-044720466.html


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“The hidden cost of Colombia’s clean energy transition…

“Landowners are finding that it’s more profitable to use their farms for solar parks than for food crops. Do you understand the problem? What’s more important, food for the country or energy?”

https://www.bnamericas.com/en/interviews/the-hidden-cost-of-colombias-clean-energy-transition


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“Rotting sargassum is choking the Caribbean’s white sand beaches, fueling an economic and public health crisis…

“Since 2011, vast mats of sargassum seaweed have been washing up on Caribbean islands. On shore, they pile up into a dead and stinky mass. These sargassum events have been occurring more frequently and are lasting longer, and the amount of algae is increasing.”

https://theconversation.com/rotting-sargassum-is-choking-the-caribbeans-white-sand-beaches-fueling-an-economic-and-public-health-crisis-230954


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“When Hydropower Runs Dry…

“Hydropower, the biggest source of renewable energy in the world, was crippled by lack of rain in several countries last year, driving up emissions as countries turned to fossil fuels to fill the gap. To cope with the electricity shortfall, China and India turned to coal plants, and Colombia to natural gas.”

https://www.nytimes.com/2024/06/04/climate/global-hydropower-decline.html


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

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