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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“Crisis memory, geopolitics and the risks of financial contagion… The question of how well we can deal with shocks in our future is not at all clear…

“When financial crises erupt amid hegemony — that is, when one country or economic system is dominant — that entity can use its overwhelming political and monetary power (ie reserves) to contain shocks…

“But when the global power balance is highly contested, countries battle each other with monetary and political firepower, making it far harder to stem contagion.”

https://www.ft.com/content/10584fae-9bcc-42a3-987f-902d6415368b


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“Global foreign investment declines for second year as geopolitical tensions rise, UN trade body reports…

“According to UNCTAD, the decrease was primarily due to rising geopolitical tensions and concerns over “greenwashing”, a marketing practice to make things seem more environmentally friendly than they actually are.”

https://news.un.org/en/story/2024/06/1151276


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“The $100,000 debt problem facing every American. Democrats and Republicans alike know the country is in a difficult budget hole, and they keep digging…

“If present trends continue, the debt in 2027 will equal 106.2 percent of annual economic output, according to the latest forecast from the nonpartisan Congressional Budget Office. That would exceed the all-time high of 106.1 percent of gross domestic product in 1946…”

https://www.washingtonpost.com/opinions/2024/06/20/us-debt-worse-cbo/


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“How Homeownership Became an American Fantasy…

“30 years ago, the median US household income was about $32,000. Census Bureau data also says that the median home cost was $130,000. So in 1994, Americans typically spent about 4 times their household income on buying a home. According to the latest census data, in 2022, it was up to 6 times.”

https://www.bloomberg.com/news/articles/2024-06-20/the-housing-affordability-crisis-is-rooted-in-the-great-recession-and-pandemic


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“Australia’s east faces immediate gas shortage amid cold snap, outage…

“Australia’s east is facing a gas shortage after a cold snap drove up demand for heating and power while supply dipped due to an extended outage at the region’s main gas plant, the energy market operator said.”

https://www.reuters.com/business/energy/australias-east-faces-immediate-gas-shortage-amid-cold-snap-outage-2024-06-21/


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“UK parties ignoring food shortage risks, say farming and retail bodies…

“A letter signed by the National Farmers’ Union (NFU) and the British Retail Consortium (BRC) to leaders of the Conservative, Labour and the Liberal Democrat parties said: “The basic responsibility of any government is to ensure its citizens are safe and properly fed.”

https://www.theguardian.com/business/article/2024/jun/20/farming-retail-uk-tories-labour-lib-dems-food-security-shortage


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“Cull urban deer and give the meat to food banks, urge gamekeepers…

“A “modest investment” by the Scottish government could establish a larder facility, with trained recreational deer managers to produce “central belt roe deer for collection by an approved game meat handling establishment”.”

https://www.thetimes.com/uk/scotland/article/cull-urban-deer-and-give-the-meat-to-food-banks-say-gamekeepers-zfz96rb7j


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“French rally against far-right ends in clashes ahead of national elections…

“Riot police clashed with demonstrators in the French city of Rennes on Thursday in the latest rally against the rise of the far-right ahead of a national election this month… The first round of voting is on June 30.”

https://www.france24.com/en/europe/20240620-french-rally-far-right-clashes-national-elections


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“Balkan drama sizzles as Serbia threatens to quit Euro 2024…

“Serbia said it could leave the Euro 2024 football championship if governing body UEFA doesn’t punish Croatia and Albania for anti-Serbian chants during a match on Wednesday.”

https://www.politico.eu/article/serbia-threatens-quit-euro-cup-2024-over-hateful-chants-croatia-albania/


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“Is Berlin ready for the apocalypse? Politicians debate bunkers plan.

“Officials debate whether Germany needs to better prepare its citizens for large-scale war, given that none of its public bunkers or civil defense shelters are deemed functional.”

https://www.the-berliner.com/english-news-berlin/germany-ready-for-war-officials-debate-bunkers-plan/


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“Arctic military transport corridor to be created amid Finland-Russia tensions…

“Three Nordic countries have agreed to create an Arctic “military transport corridor” for channelling personnel and equipment to Finland amid tensions with its neighbour Russia, Norway’s prime minister said Thursday.”

https://www.telegraph.co.uk/world-news/2024/06/20/arctic-military-transport-corridor-finland-russia-tensions/


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“Netherlands clears EU’s final hurdle for Ukraine, Moldova accession talks to formally start…

“The Dutch parliament on Thursday (20 June) voted in favour of greenlighting the negotiation frameworks for Ukraine and Moldova, clearing the last hurdle for the EU to formally open accession talks with both countries next week.”

https://www.euractiv.com/section/enlargement-neighbourhood/news/netherlands-clears-eus-final-hurdle-for-ukraine-moldova-accession-talks-to-formally-start/


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“US to redirect Patriot air defence orders to Ukraine…

“US National Security Council spokesperson John Kirby on Thursday confirmed that the US had made the “difficult but necessary decision” to prioritise delivering Patriot and NASAM missiles to Ukraine, delaying deliveries to other countries…”

https://www.ft.com/content/89fe9d6b-3a0f-42a5-af50-cff7f457a126


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“EU approves 14th Russia sanctions package, includes first-ever LNG sector measures…

“EU member states on Thursday (20 June) approved a 14th package of sanctions against Russia over its war in Ukraine, which for the first time included a ban on re-exports of Russian liquefied natural gas (LNG) in the EU.”

https://www.euractiv.com/section/eu-russia/news/eu-approves-14th-russia-sanctions-package-includes-first-ever-lng-sector-measures/


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“Russia, China find payments workaround as US sanctions net widens, sources say.

“Russia-China trade options have narrowed since the U.S. imposed sanctions last week on the only Russian bank branch in China, but President Vladimir Putin’s Chinese visit last month has helped ensure the two countries have payment alternatives for now, three sources said.”

https://www.reuters.com/world/russia-china-find-payments-workaround-us-sanctions-net-widens-sources-say-2024-06-20/


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“Japan has unveiled trade restrictions against firms in China, India, Kazakhstan, and Uzbekistan over their alleged support for Russia’s war on Ukraine.

“The sanctions announced by Japan’s Ministry of Foreign Affairs on Friday mark the first time Tokyo has targeted China-based companies over their alleged links to the war.”

https://www.aljazeera.com/economy/2024/6/21/japan-sanctions-china-based-firms-accused-of-supporting-war-in-ukraine


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“Putin reconsiders nuclear weapons doctrine after state visit to Vietnam…

“Russian President Vladimir Putin has said he’s considering changing Russia’s nuclear weapon doctrine due to the development of ultra-low-power explosive nuclear devices by his country’s adversaries. The remarks were made during a press conference in Vietnam’s capital Hanoi…”

https://www.euronews.com/2024/06/21/putin-reconsiders-nuclear-weapons-doctrine-after-state-visit-to-vietnam


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“Russian President Vladimir Putin said on Thursday that Russia might supply weapons to North Korea in what he suggested would be a mirror response to the Western arming of Ukraine.

“Putin was speaking to reporters in Vietnam, a day after visiting nuclear-armed North Korea and signing a mutual defence agreement with its leader, Kim Jong Un.”

https://www.reuters.com/world/europe/putin-says-russia-is-considering-changing-its-nuclear-doctrine-2024-06-20/


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“South Korea will consider supplying arms to Ukraine after Russia and North Korea sign strategic pact.

“South Korea said Thursday that it would consider sending arms to Ukraine, a major policy change that was suggested after Russia and North Korea rattled the region and beyond by signing a pact to come to each other’s defense in the event of war.”

https://apnews.com/article/north-korea-russia-kim-jong-un-putin-military-assistance-war-d9bb8aee7eb1a692b932337578fb3e30


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“South Korea fires warning shots after North Korean troops cross border…

“On Thursday morning, “several North Korean soldiers who were working inside the DMZ on the central front line crossed the Military Demarcation Line,” Seoul’s Joint Chiefs of Staff said… Similar incidents took place on June 9 and Tuesday this week.”

https://www.france24.com/en/asia-pacific/20240621-seoul-military-north-korea-border-incursion


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“Video shows dramatic China-Philippines clash in disputed waters.

“China’s Coast Guard has been filmed brandishing axes and blades and ramming Philippine ships in the South China Sea, in one of the most serious incidents yet in the disputed area.”

https://www.aljazeera.com/program/newsfeed/2024/6/20/video-shows-dramatic-china-philippines-clash-in-disputed-waters


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“China’s President Xi Jinping said there were “deep-seated problems” in the Chinese military’s politics, ideology, work style and discipline, state-run CCTV reported Wednesday, amid an ongoing military anti-corruption purge.

“”There must be no hiding place for corrupt elements in the army,” Xi was quoted as saying at a military political work conference this week…”

https://www.reuters.com/world/china/chinas-xi-says-army-faces-deep-seated-problems-anti-corruption-drive-2024-06-19/


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“Millions of students at risk: India’s elite exams hit by corruption ‘scam’.

“More than 3 million aspirants took India’s top tests for medical and research schools. Their future is now uncertain amid paper leaks, arrests and growing demands for a re-examination.”

https://www.aljazeera.com/news/2024/6/21/millions-of-students-at-risk-indias-elite-exams-hit-by-corruption-scam


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“Saudi Arabia has displaced China as the most prolific issuer of international debt among emerging markets, breaking Beijing’s 12-year run at the top.

“Data for new-bond sales by both governments and corporates this year reveal the kingdom is borrowing at a record pace…”

https://www.bloomberg.com/news/articles/2024-06-19/saudi-arabia-dethrones-china-as-top-emerging-market-borrower


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“Hezbollah leader Hassan Nasrallah warns Israel about the cost of a war in Lebanon…

“”Everything you see we can see and everything we can strike we are not sparing in this battlefront,” Nasrallah said, speaking at an undisclosed location. “And it won’t be random bombardment. Every drone will have a target. Every missile will have a target.””

https://www.npr.org/2024/06/20/nx-s1-5013611/hezbollah-hassan-nasrallah-speech-israel-lebanon-gaza


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“Cyprus stresses neutrality after Hezbollah threat over Israel war…

“Cypriots have reacted with shock after threats from the Lebanese militant group Hezbollah that Cyprus could become a target if it allows Israel to use its territory in any conflict between the two sides, who diplomats fear are on the brink of a fully fledged war.”

https://www.theguardian.com/world/article/2024/jun/20/cyprus-stresses-neutrality-after-hezbollah-threat-over-israel-war


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“The shipping industry is sounding the alarm as another vessel sinks in the Red Sea…

“Their call for action highlights the growing human toll from the disruption to one of the world’s trade arteries which has been virtually closed to container ships since late last year. The longer diversion around the southern tip of Africa has sent shipping costs soaring…”

https://edition.cnn.com/2024/06/20/business/red-sea-vessel-sunk-shipping-warning/index.html


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“Yemen: The Ongoing Humanitarian Crisis – Forgotten but Unresolved…

“The humanitarian crisis in Yemen is a devastating consequence of the ongoing conflict, with millions suffering from hunger, disease, and lack of essential services. Urgent international attention and action are needed to alleviate the suffering…”

https://www.eureporter.co/world/yemen/2024/06/21/yemen-the-ongoing-humanitarian-crisis-forgotten-but-unresolved/


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“Sudan: Darfur graveyards swell threefold as 25.6M suffer food shortage…

“The Rome-based Integrated Food Security Phase Classification also estimated that around 25.6 million people in Sudan are suffering critical food shortages, including more than 9 million facing an emergency or worse.”

https://www.al-monitor.com/originals/2024/06/sudan-darfur-graveyards-swell-threefold-256m-suffer-food-shortage


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“Tensions bubble as Sudanese refugees feel resentment from Chadian hosts…

“Sudanese refugees say they are often attacked by Chadians when they leave their refugee camp to find water or gather firewood for cooking fires in the camp, according to Salwa Malik, 27, who lives in the Metche refugee camp.”

https://www.aljazeera.com/features/2024/6/20/tensions-bubble-as-sudanese-refugees-feel-resentment-from-chadian-hosts


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“Police battle anti-tax demonstrators as Kenya protests spread…

“There is a palpable anger among many Kenyans over a controversial finance bill that has introduced a number of unpopular tax proposals. Despite the complaints, the controversial bill was passed by a majority of MPs during the second reading stage.”

https://www.bbc.co.uk/news/articles/ce55egymvyro


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“Niger revokes French operating licence at major uranium mine.

“Niger has revoked the operating licence of French nuclear fuel producer Orano at one of the world’s biggest uranium mines, the company said Thursday, in a move that highlighted tensions between France and the African country’s ruling junta.”

https://www.france24.com/en/live-news/20240620-niger-revokes-french-operating-licence-at-major-uranium-mine


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“Bogota water restrictions reshape life from homes to businesses…

“Every nine days, each resident of Bogotá has to spend 24 hours without running water… As climate change alters weather patterns around the world, major metropolitan areas from Mexico City to Montevideo and Johannesburg to Bangalore have had to contend with water shortages.”

https://www.bloomberg.com/news/features/2024-06-20/bogota-water-restrictions-reshape-life-from-homes-to-businesses


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“Ecuador struck by power outage leaving 18 million in the dark…

“What happened today is just more proof of the energy crisis we’re dealing with,” said Public Works Minister, Robert Luque, ticking off recent problems caused by insufficient power generation that has led to unscheduled service cuts.”

https://www.theguardian.com/world/article/2024/jun/20/ecuador-power-outage-quito


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“Ecuador’s president won’t give up on oil drilling in the Amazon. We plan to stop him – again…

“It seems Noboa, just like his predecessors on the right and the left, wants to destroy the Amazon for oil. How many times will we have to go to court? How many times will we have to take to the streets? How many national referendums will we have to organise and win?”

https://www.theguardian.com/commentisfree/article/2024/jun/16/ecuadors-president-oil-drilling-amazon-waorani


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

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