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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“Increased conflict and extreme weather events caused by climate change are intensifying food crises, with more than one in four children facing severe hunger, according to a UNICEF report.

“Globally, 27 per cent of children under 5 years of age suffered severe food poverty in 2022, the UN’s child development agency said on Thursday in its biggest ever study of the issue.”

https://www.ft.com/content/ef0107a1-626e-438a-a6dd-cdbda6e4fb32


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“World War 3 has already started. The West could fall without a shot being fired [Western perspective]

“Rather than a shooting war, we are seeing intense strategic competition. No country can compete with the USA and Nato on the battlefield, so instead our enemies are trying to defeat us through economic and cultural means without firing a shot.”

https://www.telegraph.co.uk/news/2024/06/06/iran-russia-china-qatar-turkey-world-war-three/


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“US oil and gas production show signs of flattening…

“Clear evidence that U.S. oil production was turning over was masked by unusual weather in December 2023 and January 2024 distorting year on year comparisons. But with the return of more normal weather in March 2024 the lack of net growth over the last six months has become apparent.”

https://www.reuters.com/markets/commodities/us-oil-gas-production-show-signs-flattening-kemp-2024-06-06/


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“Gazprom badly hurt by Ukraine war, says company-commissioned report…

“Although Gazprom is hoping that a new pipeline to China can help make up for lost European export volumes, its capacity will only be 50 bcm a year and prices in the Asian nation are much lower than in Europe…”

https://www.ft.com/content/21f8f63f-80d6-455f-abf8-fce269d70319


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“Russia nuclear-powered submarine to visit Cuba amid rising tensions with US…

“The announcement came a day after US officials said that Washington had been tracking Russian warships and aircraft that were expected to arrive in the Caribbean for a military exercise. They said the exercise would be part of a broader Russian response to US support for Ukraine.”

https://www.theguardian.com/world/article/2024/jun/07/russia-nuclear-powered-submarine-kazan-to-visit-cuba


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“Russia could arm the West’s enemies with long-range missiles if Ukraine uses NATO-supplied weapons to strike Russian territory, Russian President Vladimir Putin warned Wednesday.

“Several countries that have provided long-range weapons to Ukraine, including the United Kingdom, the United States and Germany, have given Kyiv permission to use them to attack targets across Russia’s border in recent weeks.”

https://www.politico.eu/article/putin-threaten-arm-west-enemy-with-long-range-missile/


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“Moscow says it has detained a French citizen accused of gathering information about Russia’s military activities and failing to register as a “foreign agent”.

“”Such information, if obtained by foreign sources, may be used against the security of the state,” said Russia’s Investigative Committee (SK).”

https://www.bbc.co.uk/news/articles/cl44z775j12o


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“France to send Mirage fighter jets to Ukraine and train pilots…

“France will transfer Mirage-2000 fighter jets to Ukraine and train Ukrainian pilots, the French president, Emmanuel Macron, has announced… France would also equip and train an entire brigade of 4,500 Ukrainian soldiers, Macron said.”

https://www.theguardian.com/world/article/2024/jun/07/ukraine-war-briefing-france-to-send-mirage-fighter-jets-and-train-pilots


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“Germany will conscript the young, ration food and turn subway stations into bomb shelters during wartime, according to a new government preparations for a future conflict with Russia.

“German officials have released a 67-page document which outlines how the outbreak of war will affect the civilian population…”

https://www.telegraph.co.uk/world-news/2024/06/06/conscription-and-rationing-germanys-plan-for-war-russia/


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“Ukraine ready for EU membership talks, Brussels says…

“The European Commission will recommend the start of EU accession talks with Ukraine this month in a bid to signal support to the war-torn country before Budapest takes over the rotating presidency of the bloc, according to three people familiar with the matter.”

https://www.ft.com/content/a3b02cd2-267f-4633-80a7-c88f2bb2fa87


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“Inflation fight isn’t over, warns Lagarde as Eurozone cuts rates.

“The fight against inflation is not yet over, Christine Lagarde has warned, after the European Central Bank (ECB) cut interest rates for the first time in five years. The ECB President refused to say that the eurozone has entered a period when it is “dialling back” interest rates.”

https://www.telegraph.co.uk/business/2024/06/06/ftse-100-markets-latest-news-uk-interest-rate-cut-ecb/


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“Italian stamp honouring fascist founder of Rome soccer club triggers protests.

“A commemorative stamp honouring the founder of AS Roma soccer club, who was also an infamous fascist, was unveiled on Thursday at the industry ministry, drawing criticism from Jewish groups and opposition parties.”

https://www.reuters.com/world/europe/italian-stamp-honouring-fascist-founder-rome-soccer-club-triggers-protests-2024-06-06/


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“A Polish soldier has died after being stabbed by a migrant on the country’s border with Belarus, Warsaw’s military said Thursday…

“As Poles prepare to vote in the EU election on June 9, the soldier’s death could be used by the country’s right-wing and far-right parties, which have long campaigned on anti-immigration sentiment.”

https://www.politico.eu/article/polish-soldier-dies-after-clash-with-migrants-on-belarus-border/


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“Romania’s far right evokes Vlad the Impaler — and Donald Trump…

“Both characters have become a source of inspiration for the upstart far-right party, which rose quickly from a fringe anti-vaccination group in the Covid-19 pandemic to become the main opposition force in Romania ahead of local and EU elections on Sunday…”

https://www.ft.com/content/7abc4fc4-af97-4a03-a998-568d682f61b9


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“Emmanuel Macron: ‘Europe could find itself at a standstill’ if far right wins EU election…

“Europe has never been so threatened,” warned the French leader… The French leader’s party, Renaissance, headed by Valérie Hayer is struggling in the polls, more than 15% behind Jordan Bardella, the head of the far-right National Rally party, according to the latest Euronews poll.”

https://www.euronews.com/my-europe/2024/06/07/emmanuel-macron-europe-could-find-itself-at-a-standstill-if-far-right-wins-eu-election


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“EU-China trade war brews as EU embraces Japan to fight off common competitor…

“Beijing has toughened its critical tone towards the European Union’s protectionist measures against China, warning of increased friction in trade relations. As a trade war brews, the EU is uniting with Japan in fending off Chinese clean tech competition.”

https://www.euractiv.com/section/eu-china/news/eu-china-trade-war-brews-as-eu-embraces-japan-to-fight-off-common-competitor/


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“In New Caledonia, ‘No Confidence’ With France After Violent Protests…

“The authorities continue to enforce a nightly curfew and a ban on alcohol sales, while Indigenous Kanak protesters maintain barricades on Noumea’s outskirts and in remote towns like Hienghene.”

https://www.nytimes.com/2024/06/07/world/asia/new-caledonia-france-unrest.html


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“Palau confirms ‘major’ cyberattack, points to China…

“The Pacific archipelago is one of just 12 states worldwide that diplomatically recognise self-ruled Taiwan, which China insists is part of its territory. Taipei said on Monday it was ready to help Palau beef up its digital defences…”

https://www.france24.com/en/live-news/20240605-palau-confirms-major-cyberattack-points-to-china


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“South China Sea: Philippines accuses Chinese coastguard of blocking sick soldier’s evacuation…

“The Philippine coastguard on Friday accused its Chinese counterpart of blocking efforts to evacuate a sick armed forces member in the South China Sea, calling it “barbaric and inhumane”.”

https://www.scmp.com/news/asia/southeast-asia/article/3265717/south-china-sea-philippines-accuses-chinese-coastguard-blocking-sick-soldiers-evacuation


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“South China Sea: Philippine troops accused of cutting Chinese fishing nets near Second Thomas Shoal…

“Official news agency Xinhua reported on Tuesday that military personnel stationed at Second Thomas Shoal on the BRP Sierra Madre had cut nets placed by Chinese fishermen in the surrounding waters.”

https://www.scmp.com/news/china/diplomacy/article/3265478/south-china-sea-philippine-troops-accused-cutting-chinese-fishing-nets-near-second-thomas-shoal


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“China’s Homeowners and Banks Are Trapped in a Mortgage Mess…

“As China’s property downturn grinds into a fourth year and house prices continue their downward march, an increasing number of mortgages are slipping underwater, placing fresh financial strain on both households and banks.”

https://www.bloomberg.com/news/articles/2024-06-06/china-s-homeowners-and-banks-are-trapped-in-a-mortgage-mess


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“Real Estate Investors Are Wiped Out in Bets Fuelled by Wall Street Loans.

“Syndicators made big purchases that are unravelling with high interest rates, adding distress to an already troubled US property market. It’s an echo of the subprime mortgage boom that led to the 2008 financial crisis: a lending model built on packaging seemingly safe loans…”

https://www.bloomberg.com/news/features/2024-06-06/real-estate-investors-face-crisis-as-big-wall-street-deals-unravel


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“Colombia’s economy could soon be hit by soaring energy costs as the South American country is considering LNG imports to meet rising natural gas demand while its domestic production slumps.

“Large gas and energy-intensive industries could be hit hard by a further spike in their energy costs, as LNG imports could be two or three times more expensive than domestic supply…”

https://oilprice.com/Latest-Energy-News/World-News/Colombia-Risks-Economic-Slowdown-Amid-Natural-Gas-Shortage.html


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“Milei Begins to Slash Energy Subsidies for Low-Income Argentines… heading into a particularly harsh winter…

“For the first time since Milei took office, low-income homes will see the energy cost of their utility bills double on average in June, while middle class families could see prices rise 155%.”

https://financialpost.com/pmn/business-pmn/milei-begins-to-slash-energy-subsidies-for-low-income-argentines


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“Benin-Niger spat deepens with arrests at crude pipeline terminal…

“A prosecutor in Benin said authorities had detained on Wednesday five Niger nationals for allegedly entering Benin’s Seme-Kpodji pipeline terminal under false pretences, deepening a dispute over exports of crude oil from Niger via Benin.”

https://www.reuters.com/world/africa/benin-niger-spat-deepens-with-arrests-crude-pipeline-terminal-2024-06-06/


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“Conflicts cause migrations, while routes in the Sahel are getting more dangerous…

“Africans, particularly youths, are having it really hard in countries known to be shutting off escape routes for those dreaming of migrating but with few viable options of doing so safely.”

https://www.ippmedia.com/the-guardian/opinion/editorial/read/conflicts-cause-migrations-while-routes-in-the-sahel-are-getting-more-dangerous


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“Villagers flee in terror as 150 reportedly killed in Sudan rebel attack…

“At least 150 people were killed and 200 injured in an attack by rebel forces in Sudan, local officials and witnesses said, in the latest atrocity in the year-long war that has displaced more than 7 million people.”

https://edition.cnn.com/2024/06/06/africa/sudanese-government-accuses-militia-massacre-intl/index.html


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“US Seeks to Up Pressure on Houthis in Threat to Yemen-War Truce…

“…the shelving of the peace deal could undo a fragile two-year truce and reignite land fighting among Yemen’s warring factions, potentially drawing in Saudi Arabia and other Gulf states like the United Arab Emirates.”

https://www.bloomberg.com/news/articles/2024-06-06/us-seeks-to-up-pressure-on-houthis-in-threat-to-yemen-war-truce


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“Clashes in Jerusalem as thousands of Israelis parade through Muslim quarter…

“Thousands of Israeli religious nationalists have paraded through Muslim parts of the Old City of Jerusalem in the annual Flag Day march, an event that threatens to trigger further violence in the Israel-Hamas war.”

https://www.theguardian.com/world/article/2024/jun/05/clashes-in-jerusalem-as-thousands-of-israelis-parade-through-muslim-quarter


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“Israel is on the brink of a second war. Benjamin Netanyahu is under pressure to take the fight to Hezbollah…

“An extra 50,000 reservists have also been called up, and deployment notices are going out across Israel… Hezbollah are notably more formidable opponents than Hamas, both in terms of strategic calculation and materiel.”

https://www.newstatesman.com/politics/the-staggers/2024/06/israel-is-on-the-brink-of-a-second-war


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“Five reasons financial disasters are hard to avoid…

“Opinions differ on what will cause the next financial crisis. Some expect the rapid growth in government debt to cause problems; others think real estate will be a source of instability. The history of finance suggests trouble often begins in areas people mistakenly believed were safe.”

https://www.reuters.com/breakingviews/five-reasons-financial-disasters-are-hard-avoid-2024-06-06/


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“Is there a financial crisis bubbling under the surface?

“Officials continue to insist that the banking system is “sound” and “resilient.” But it’s clear there is trouble bubbling under the surface. It’s like the Jenga tower – it only takes removing one block to send the whole tower tumbling.”

https://www.fxstreet.com/analysis/is-there-a-financial-crisis-bubbling-under-the-surface-202406061736


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“… the global financial system is being refashioned… cross-border capital flows have fallen precipitously, and those which remain are increasingly oriented along geopolitical lines…

“American-led financial warfare has incentivised the creation of parallel systems whose chokepoints are beyond Uncle Sam’s reach… The looming threat is that the entire system fractures.”

https://www.economist.com/special-report/2024/05/03/how-crises-reshaped-the-world-financial-system


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

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