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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“Conflict marred more countries last year than at any time since World War II… and there are worrying signs that militarisation will increase, report finds...

“The number of conflicts – driven mostly by civil war – grew throughout the Cold War period and then broadly declined over the period of globalisation from the mid-1990s onward.

“However, after the global financial crash in 2008/9, conflict has picked up again markedly – this time led (just as it was in the 1930s) by conflict between states.”

https://www.telegraph.co.uk/global-health/terror-and-security/worldwide-conflict-war-report-global-peace-index/


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“Today’s political meltdown looks a lot like the 2008 financial crisis.

“Is America’s political system facing a meltdown? Dire symptoms of a breakdown are evident… The public is irreparably divided on virtually every issue, large or small and vital or trivial. Neither political party is able or willing to compromise on solutions.”

https://thehill.com/opinion/campaign/4713835-todays-political-meltdown-looks-a-lot-like-the-2008-financial-crisis/


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“Americans tired of sky-high borrowing costs could be disappointed this week…

“The [superficially] hot jobs report is a double-edged sword for Wall Street. On one hand, a resilient labor market lessens the chance that the economy will tip into recession. On the other, it puts long-awaited interest rate cuts from the Federal Reserve on the back burner.”

https://edition.cnn.com/2024/06/10/investing/premarket-stocks-trading-fed-meeting-rates/index.html


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“The UK economy showed no growth in April, stalling the muted rebound from last year’s recession.

“The Office for National Statistics (ONS) said there was zero growth in April compared to the 0.4% growth recorded during March. The economy was unable to maintain momentum after being weighed down by the struggling factory and construction sectors.”

https://uk.finance.yahoo.com/news/uk-economy-flatlines-april-gdp-062924419.html


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“Trust in British politics hits record low as Brexit and culture wars fuel divide, survey finds…

“A record percentage of people rarely trust any government to prioritise the needs of the country over internal party interests, the latest British Social Attitudes survey has found.”

https://inews.co.uk/news/politics/trust-in-british-politics-hits-record-low-as-brexit-and-culture-wars-fuel-divide-survey-finds-3105462


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“We can’t borrow our way back to growth [UK]…

“When 7.3 per cent of public spending goes on interest spending, the debt burden is completely unsustainable – and it’s only getting worse… the pandemic was the second of two major shocks to public borrowing and debt in the past fifteen years. The first of course was the financial crisis of the late 2000s.”

https://www.cityam.com/we-cant-borrow-our-way-back-to-growth/


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“France’s borrowing costs rise on Macron’s snap election decision…

“Markets analyst Tina Teng told Euronews: “Basically, investors are fleeing French markets. The bond yields rise implies sell off in French government bonds amid uncertainties, coupled with the drop in its stock markets, led by banking stocks.””

https://www.euronews.com/business/2024/06/11/frances-borrowing-costs-rise-on-macrons-snap-election-decision


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“Why far-right EU gains and a French snap election could send a chill through European renewables…

“Populist far-right parties were the big winners of the EU elections, which will likely make it harder for current EU Commission President Ursula von der Leyen to push through her Green Deal and could even derail her bid for re-election.”

https://www.rechargenews.com/energy-transition/why-far-right-eu-gains-and-a-french-snap-election-could-send-a-chill-through-european-renewables/2-1-1658361


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“As Europe shifts far-right, migrants fear for their futures…

“French author Emilia Roig was more direct: “Acknowledge that fascism has arrived,” she wrote on Instagram. “Let’s speak in the present tense. Denial isn’t helpful, it makes things worse.””

https://www.dw.com/en/as-europe-shifts-far-right-migrants-fear-for-their-futures/a-69335566


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“Europe preparing for war as Ukraine conflict looms large…

“More than three-fourths of European countries spent more on their militaries in 2023, a report has found, as the world’s most peaceful region fears a possible expansion of Russia’s war on Ukraine.”

https://www.aljazeera.com/news/2024/6/11/europe-preparing-for-war-as-ukraine-conflict-looms-large-report-finds


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“Ukrainian agricultural group boss warns Kyiv against export feud with EU…

“The owner of one of Ukraine’s largest agricultural companies has warned Kyiv against prolonging its dispute with the EU over food exports, saying it risks losing the bloc’s support in the war with Russia.”

https://www.ft.com/content/0e420b8c-132c-42fc-bddf-c354f46b8856


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“US lifts ban on sending weapons to Ukraine’s controversial Azov brigade…

“The US State Department said in a statement on Tuesday that there had been a “thorough review” of the current Azov brigade and “no evidence” of human rights violations had been found.”

https://www.aljazeera.com/news/2024/6/12/us-lifts-ban-on-sending-weapons-to-ukraines-controversial-azov-brigade


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“Russia and Belarus begin second stage of tactical nuclear weapons drills…

“Kremlin spokesman Dmitry Peskov said the situation in Europe was “quite tense” and that such drills and maintaining combat readiness were important in view of the “hostile decisions and actions” by the US and its allies and their “daily provocations”.”

https://www.aljazeera.com/news/2024/6/12/russia-and-belarus-begin-second-stage-of-tactical-nuclear-weapons-drills


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“Russian warships en route to Cuba hold missile drills in Atlantic…

“The drills by the submarine Kazan and the warship Admiral Gorshkov involved firing high-precision missiles at mock enemy targets from a distance of more than 600 km (370 miles), it said in a statement. The Admiral Gorshkov also conducted training in recent days to repel an air attack, the ministry said.”

https://www.reuters.com/world/europe/russian-warships-practise-use-high-precision-weapons-atlantic-ministry-says-2024-06-11/


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“US to Widen Sanctions to Curb Chip Sales to Russia’s War Machine…

“The Biden Administration on Wednesday will announce changes that broaden the scope of existing export controls and restrictions to target US-branded goods even if they’re not made domestically, according to people familiar with the move…”

https://www.bloomberg.com/news/articles/2024-06-11/chip-sales-to-russia-to-be-curbed-under-wider-us-sanctions


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“Taiwan’s energy crunch could ‘throw a wrench’ into the global semiconductor industry…

“Taiwan has endured three major outages in the last seven years, accompanied by a slew of smaller disruptions in the past year. “Taiwan has both an energy crunch and, even more importantly, an electricity crunch,” said the Atlantic Council’s Global Energy Center.”

https://www.cnbc.com/2024/06/11/taiwans-energy-crunch-could-throw-a-wrench-into-global-chip-industry.html


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“China has a ‘near monopoly’ on many critical minerals. JPMorgan says it could be the next battleground with the U.S...

“China has a “near monopoly” on the mining of many raw materials that are critical for the production of semiconductors and other technologies, JPMorgan said Monday, highlighting the importance of key minerals in the escalating U.S.-China trade war.”

https://fortune.com/2024/06/10/china-near-monopoly-many-critical-minerals-jpmorgan-says-next-battleground-usa/


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“China urges greater BRICS role as Western sanctions mount…

“China has urged the BRICS bloc of nations to take on greater responsibilities and establish itself as being inclusive to the world, Foreign Minister Wang Yi said on Tuesday, in the wake of Western sanctions and trade restrictions imposed on the country.”

https://www.reuters.com/world/china-urges-greater-brics-role-western-sanctions-mount-2024-06-11/


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“Philippines says China poses ‘existential’ threat in South China Sea…

“Last month, Marcos warned that any death of a Philippine citizen by “a wilful act” would be considered very close to an “act of war”. The hostilities have sparked fears of a broader conflict in the region, where Taiwan is also a flashpoint…”

https://www.ft.com/content/b4ee2e18-3256-4371-8369-9a3118959fca


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“In Tit-For-Tat Move, India To Rename 30 Places In Tibet In Response To China’s Arunachal Provocation…

“The newly elected NDA government, led by Prime Minister Narendra Modi, has approved the renaming of 30 places in Tibet, signaling a strong response to China’s nomenclature aggression in the Indian state of Arunachal Pradesh.”

https://www.news18.com/india/in-a-tit-for-tat-move-india-to-rename-30-places-in-tibet-in-response-to-chinas-nomenclature-aggression-8928865.html


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“The Indian rupee may dip to an all-time low at open on Wednesday ahead of important U.S. inflation data and new interest rate forecasts by Federal Reserve officials.

“Non-deliverable forwards indicate the rupee will open at 83.58-83.60 to the U.S. dollar…”

https://www.reuters.com/markets/currencies/rupee-may-drop-all-time-low-before-us-inflation-fed-rate-projections-2024-06-12/


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“India’s looming financial crisis – the country presents a textbook example of the key elements that signal an emerging calamity.

“Rapid credit growth is akin to a siren song. It lures economies with the promise of prosperity only to lead them into crises. Each financial boom is framed as a story of financial innovation and good times.”

https://www.thehindu.com/opinion/lead/indias-looming-financial-crisis/article68278359.ece


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“South Korea’s military fired warning shots after about 20 North Korean soldiers briefly crossed the border over the weekend, officials said.

“North Korean troops in the Demilitarised Zone that separates the two countries crossed the demarcation line on Sunday afternoon…”

https://news.sky.com/story/warning-shots-fired-after-north-korean-soldiers-cross-border-13151096


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“Israel hits deepest strike in Lebanon since clashes began…

“An Israeli air strike hit a convoy of trucks in Lebanon’s Hermel region near the border with Syria, killing several people… Tensions between Hezbollah and Israel has been mounting over the past week…”

https://www.middleeasteye.net/news/israel-hits-deepest-strike-lebanon-clashes-began


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“Tensions grow after Israel seizes Gaza-Egypt corridor.

“Relations between Israel and Egypt are under renewed strain. Almost two weeks ago, Israel took control of a corridor running along the entire length of the Gaza-Egypt border. Egypt is Israel’s closest regional ally. The move has raised tensions and is threatening to undo decades of diplomacy.”

https://www.dw.com/en/tensions-grow-after-israel-seizes-gaza-egypt-corridor/video-69323407


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“Saudi Arabia’s petro-dollar exit: A global finance paradigm shift…

“The financial world is bracing for a significant upheaval following Saudi Arabia’s decision not to renew its 50-year petro-dollar deal with the United States, which expired on Sunday, 9 June, 2024.”

https://www.bizcommunity.com/article/saudi-arabias-petro-dollar-exit-a-global-finance-paradigm-shift-670911a


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“US, Saudi Arabia close to finalizing draft security treaty, WSJ reports…

“…the draft treaty would grant Washington access to Saudi territory and airspace to protect U.S. interests and regional partners, the newspaper reported. It is also intended to bind Riyadh closer to Washington by prohibiting China from building bases in the kingdom or pursuing security cooperation with Riyadh…”

https://www.reuters.com/world/us-saudi-arabia-close-finalizing-draft-security-treaty-wsj-reports-2024-06-09/


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“Developing countries face record interest payments as rates rise…

“The world’s developing countries were expected to pay a record $150 billion-plus in interest on external debt in 2023 and again in 2024, according to the World Bank, raising concerns over the potential effect on the global economy.”

https://asia.nikkei.com/Economy/Developing-countries-face-record-interest-payments-as-rates-rise


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“Nigeria is facing its worst economic crisis in decades, with skyrocketing inflation, a national currency in free-fall and millions of people struggling to buy food…

“The pain is widespread. Unions strike to protest salaries of around $20 a month. People die in stampedes, desperate for free sacks of rice. Hospitals are overrun with women wracked by spasms from calcium deficiencies.”

https://www.nytimes.com/2024/06/11/world/africa/nigeria-economy-strike.html


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“Riots erupt in drought-stricken central Algeria over months of water shortages.

“Violent riots erupted in a drought-stricken Algerian desert city last weekend after months of water shortages left taps running dry and forced residents to queue to access water for their households.”

https://abcnews.go.com/International/wireStory/riots-erupt-drought-stricken-central-algeria-months-water-111024789


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“Haitians face catastrophic hunger as country further descends into lawlessness…

“Waves of hunger are flooding the streets of Haiti. “Sometimes I ask people for a bite when I see them eating. But they humiliate me,” said Heugenie. The 70-year-old made her living selling vegetables on the side of the street, until her stall was destroyed by the lawless gangs that roam the capital Port-au-Prince.”

https://www.telegraph.co.uk/global-health/terror-and-security/haiti-food-insecurity-gang-violence-famine-hunger/


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“Food Companies Hope You Won’t Notice Shortages Are Raising Prices…

“Our food supply is on incredibly shaky ground, a confluence of what might’ve once seemed like “black swan” events: worsening climate change, geopolitical strife, a pandemic, wars, supply chain bottlenecks and widespread labor shortages.”

https://www.bloomberg.com/news/articles/2024-06-11/food-is-only-getting-more-expensive-thanks-to-shortages-inflation


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

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