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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“A fiscal storm is coming but nobody is battening down the hatches…

“What do riots in Kenya, Liz Truss, a renewed currency crisis in Brazil and growing market jitters over the outcome of French parliamentary elections this weekend all have in common?

“Answer: they are all early tremors of the all-encompassing fiscal earthquake to come… Virtually the world over, public debt is completely out of control.”

https://www.telegraph.co.uk/business/2024/06/29/fiscal-storm-coming-nobody-battening-down-hatches/


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“Soaring government debt could roil global financial markets, warns BIS head…

“Global government debt is already at record levels and elections ranging from the US presidential vote in November, to recent polls in Mexico and South Africa, and votes in France and Britain in the coming week, all carry risks.”

https://www.theguardian.com/world/article/2024/jun/30/soaring-government-debt-could-roil-global-financial-markets-warns-bis-director


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“France’s far right is in pole position after the first round of parliamentary elections that confirmed their dominance in French politics and brought them to the gates of power.

“Supporters of Marine Le Pen’s anti-immigration National Rally (RN) cheered as she said the president’s “Macronist bloc has been all but wiped out”.”

https://www.bbc.co.uk/news/articles/cx82n333ze7o


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“Rioting engulfed the streets of Paris last night as thousands of enraged voters set light to rubbish, smashed up shop windows and fired flares after the far-right steamed to victory in the first round of snap parliamentary elections…

“Le Pen late last night gleefully declared that Macron’s party had been ‘wiped out’ as she celebrated the victory…”

https://www.dailymail.co.uk/news/article-13586385/Shops-boarded-amid-fears-left-wing-riots-far-right-National-Rally-WINS-round-snap-French-election-Humiliated-Macron-drops-Le-Pens-party-power-Olympics-declares-Democracy-spoken.html


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“ECB faces speculation over market intervention after French elections…

“The European Central Bank is facing mounting speculation that it could intervene if the French election triggers widespread market panic, as policymakers prepare for their annual conference in Portugal next week.”

https://www.ft.com/content/f51c457b-2d3d-4bfa-8860-0a58111492f9


“The risk of a euro crisis is rising. One way of looking at the euro zone is as a forest where dry tinder is piling up. The locals are not doing much to clear the debris, and some are wandering around with naked flames.”

https://www.reuters.com/breakingviews/risk-euro-crisis-is-rising-2024-07-01/


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“Clashes erupt as far-right AfD states aim to govern Germany…

“Two police officers were hospitalised Saturday after clashes with hooded protesters outside the congress of Germany’s far-right AfD, as the party met weeks after its record EU election result. About 1,000 police were deployed in the western city of Essen…”

https://www.gulf-times.com/article/685715/international/clashes-erupt-as-far-right-afd-states-aim-to-govern-germany


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“More than 15,000 Malaga residents join anti-tourism demo amid claims they are ‘strangers in their own city’ after being ‘overrun’ by foreign visitors…

“A right-wing group tried to hijack the protest soon after it started yesterday in central city square Plaza de la Merced by chorusing ‘Council housing for nationals’ but were met with calls of ‘Fascists out of our neighbourhoods’ and ended up disbanding.”

https://www.dailymail.co.uk/news/article-13584733/thousands-Malaga-residents-join-anti-tourism-demo.html


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“Two years of the cost of living crisis: ‘We’ve had to make massive cutbacks’ [UK].

“The general election is just around the corner and Sarah and Paul Bowmer face a tough choice. While inflation might have come down, food prices are still 25% higher than two years ago. The couple from Derbyshire say little has changed for them as they struggle to make ends meet.”

https://news.sky.com/video/two-years-of-the-cost-of-living-crisis-weve-had-to-make-massive-cutbacks-13161295


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“The baby bust: how Britain’s falling birthrate is creating alarm in the economy.

“Costs, the climate crisis and choice are all factors in a demographic revolution presenting huge challenges for government. The falling birthrate threatens a disaster so costly no politician dares think about it.”

https://www.theguardian.com/business/article/2024/jun/30/the-baby-bust-how-britains-falling-birthrate-is-creating-alarm-in-the-economy


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“UK military unprepared for ‘conflict of any scale’, warns ex-defence official.

““In any larger-scale operation, we would run out of ammunition rapidly . . . Our defences are too thin, and we are not prepared to fight and win an armed conflict of any scale,” Rob Johnson told the Financial Times. “The UK has reached a situation where it cannot defend the British homelands properly.””

https://www.ft.com/content/8251f12b-0296-47f0-a774-3b7c99b9e53d


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“Several US military bases in Europe on heightened alert amid possible terrorist threat.

“Several US military bases across Europe were put on a heightened state of alert over the weekend, with the level of force protection raised to its second-highest state amid concerns that a terrorist attack could target US military personnel or facilities.”

https://edition.cnn.com/2024/06/30/politics/us-military-bases-europe-alert/index.html


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“Tree-less canopy walkway shines spotlight on Hungary graft…

“The project in the Hungarian village of Nyirmartonfalva — built under an EU-funded, now corruption-accused programme — showcases the deep-seated problem of graft and waste as the country takes on the bloc’s rotating presidency from Monday.”

https://www.france24.com/en/live-news/20240701-tree-less-canopy-walkway-shines-spotlight-on-hungary-graft


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“Environmental activists, citizens to intensify protests against lithium mining in Serbia.

“Vukosavić: There is danger that wastewater from mine will contaminate groundwater in the Mačva area… “Biologists and ecologists didn’t change their opinion. We say again: life and the mine can’t coexist. Choose, life or the mine,” she pointed out and concluded that the people haven’t changed their opinion either.”

https://balkangreenenergynews.com/environmental-activists-citizens-to-intensify-protests-against-lithium-mining-in-serbia/


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“China tightens rules for rare earths mining and refining, spells out fines for breaches…

“In recent years, China has banned the export of rare earth extraction and separation technologies as well as technology to make rare earth magnets. In an article in November, the country’s top anti-espionage agency highlighted rare earths as strategic mineral resources that were “directly related to national security”.”

https://www.scmp.com/news/china/politics/article/3268642/china-tightens-rules-rare-earths-mining-and-refining-spells-out-fines-breaches


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“China’s factory activity contracts for second straight month…

“Factory activity in China remained in contraction for a second consecutive month in June, adding to difficulties facing the world’s second-largest economy ahead of next month’s key third plenum.”

https://www.scmp.com/economy/economic-indicators/article/3268599/chinas-factory-activity-contracts-second-straight-month


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“North Korea says US, South Korea and Japan developing ‘Asian NATO’…

““We strongly denounce… provocative military muscle-flexing against the DPRK [Democratic People’s Republic of Korea],” Pyongyang’s Ministry of Foreign Affairs said in a statement carried by the state-run KCNA news agency on Sunday.”

https://www.aljazeera.com/news/2024/6/30/north-korea-says-us-south-korea-and-japan-developing-asian-nato


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“Pakistan is set to start the second phase of a controversial plan to send undocumented Afghan refugees back to their country.

“Beginning Sunday, authorities are likely to expel more than 800,000 Afghans from the country, after about 541,000 were forced to leave in the first phase in November last year.”

https://www.aljazeera.com/news/2024/6/30/pakistan-to-start-second-phase-of-afghan-deportations


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“Turkish-Greek tensions rise again over continental shelf claims.

“A new warning by Türkiye over violation of its territorial waters by Greece risks a new crisis between the two countries seeking to normalize their relations. Acable-laying ship lies at the heart of the latest crisis between Türkiye and Greece.”

https://www.dailysabah.com/politics/turkish-greek-tensions-rise-again-over-continental-shelf-claims/news


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“Iran warns Israel of ‘obliterating war’ if it attacks Lebanon…

““All options, [including] the full involvement of all Resistance Fronts, are on the table,” the mission wrote in a post on X late on Friday, referring to Iran-aligned armed groups across the region.”

https://www.aljazeera.com/news/2024/6/29/iran-warns-israel-of-obliterating-war-if-it-attacks-lebanon


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“U.S. and Europe Warn Lebanon’s Hezbollah to Ease Strikes on Israel and Back Off Conflict…

“U.S., European and Arab mediators are pressing to keep stepped-up cross-border attacks between Israel and Lebanon’s Hezbollah militants from spiralling into a wider Middle East war that the world has feared for months.”

https://time.com/6993935/us-europe-warn-hezbollah-to-ease-strikes-on-israel/


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“US set to remove $320m Gaza humanitarian pier – and it may never come back.

“The pier built by the US military to bring aid to Gaza is being removed to protect it from the weather, and officials say they are considering not reinstalling it unless aid begins flowing out into the population again.”

https://www.independent.co.uk/news/world/middle-east/gaza-aid-pier-remove-weather-b2570895.htm


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“Thousands of ultra-Orthodox Israelis Protest Against Conscription; Haredi Minister’s Car Pelted With Stones…

“Thousands of people are protesting in Jerusalem on Sunday evening, following a unanimous High Court ruling last week that says ultra-Orthodox men must be drafted into the Israeli army and that yeshivas should not receive government funding if their students do not enlist.”

https://www.haaretz.com/israel-news/2024-06-30/ty-article/.premium/thousands-protest-against-haredi-conscription-ministers-car-pelted-with-stones/00000190-6a2d-d90c-a7fc-7f2de43a0000


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“Israel to test Hamas-free ‘bubbles’ in postwar Gaza plan…

“The pilot scheme for the “humanitarian enclaves” — a template for what Israel imagines would follow the war — will soon be launched in the northern Gaza neighbourhoods of Atatra, Beit Hanoun and Beit Lahia, according to six people with knowledge of the plan.”

https://www.ft.com/content/d6a5d6d6-2df0-45eb-ad95-67b6d159f29


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“Egypt’s Sisi Warns of Region Sliding towards ‘Unprecedented’ Conflict…

“Egyptian President Abdel Fattah al-Sisi urged on Saturday the international community to take “serious and immediate” action to stop the region from slipping into a “new and unprecedented conflict.”

https://english.aawsat.com/arab-world/5035547-egypt%E2%80%99s-sisi-warns-region-sliding-towards-%E2%80%98unprecedented%E2%80%99-conflict


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“Spoiled food, heatstroke deaths: blackouts pile on misery in blazing Egypt…

“At least once a day, the hum of every fan, air conditioner and fridge across Egypt goes quiet. The lights go out and an expletive is muttered or hurled into the quickly-heating air… In June, the Aswan parliamentarian Riham Abdelnaby said dozens had died of heat-related illness.”

https://www.scmp.com/news/world/middle-east/article/3268651/spoiled-food-heatstroke-deaths-blackouts-pile-misery-blazing-egypt


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“Sudan on precipice of famine ‘beyond imagination’, says outgoing UN aid chief…

“Martin Griffiths told the Guardian that while Gaza is the subject of intense media coverage and diplomatic effort (albeit unsuccessful so far), another – potentially much larger – human-made tragedy is unfolding in Sudan…”

https://www.theguardian.com/world/article/2024/jun/30/sudan-on-precipice-of-famine-beyond-imagination-says-outgoing-un-aid-chief


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“Looting and fighting reported in a central Sudan city as paramilitary group attacks military troops.

“Residents say fighters from Sudan’s notorious paramilitary group have looted homes and shops and taken over the main hospital in a central city, forcing tens of thousands to flee.”

https://www.washingtonpost.com/world/2024/06/30/sudan-war-military-rsf-new-front/c5e6a242-36c9-11ef-93fe-36cbc6f6ab36_story.html


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“Kenya: The pain of the bereaved, calls for fresh protests.

“After days of bloody protests against proposed tax hikes and the removal of the bill, Kenyans were still shaken to the core. The Kenya National Commission on Human Rights reported cases of abduction and arbitrary arrests.”

https://www.africanews.com/2024/06/30/kenya-the-pain-of-the-bereaved-calls-for-fresh-protests/


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“‘Nowhere to go’: people trapped in eastern DRC as rebel militia seize key town.

“Rwandan-backed M23 rebels have seized a strategic town in the Democratic Republic of Congo’s volatile east, a local official said. “Kanyabayonga has been in the hands of the M23 since Friday evening,” the administrative official said, under condition of anonymity.”

https://www.theguardian.com/world/article/2024/jun/29/nowhere-to-go-people-trapped-in-eastern-drc-as-rebel-militia-seize-key-town


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“Child malnutrition crisis in Nigeria amid rural violence and soaring food inflation.

“An unprecedented number of children in northern Nigeria are suffering from acute malnutrition, aid workers in the country have said. Nigeria has the “largest number of food insecure people globally” at 31.8 million…”

https://www.theguardian.com/world/article/2024/jul/01/child-malnutrition-crisis-in-nigeria-amid-rural-violence-and-soaring-food-inflation


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“The Sahel, epicentre of drug distribution…also to the Middle East?

“The Sahel has become a vital geopolitical hotspot for criminal groups involved in drug trafficking. With the Sahel as the epicentre, drugs are distributed everywhere. Given that drugs are spreading beyond the traditional markets (North America and Europe), it is necessary to take into consideration emerging markets.”

https://www.atalayar.com/en/opinion/lucia-guerrero-jurado-ieee/the-sahel-epicentre-of-drug-distribution-also-to-the-middle-east/20240629190000202008.html


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“Between Mexico and Texas, the despair of migrants dependent on the US election…

“The border, closed on June 5, has not reopened. To apply for asylum, it is now impossible for people to go to the border police and risk getting sent back to their own country and banned for five years. Instead, each individual must use the system set up by the Biden administration just over a year ago…”

https://www.lemonde.fr/en/international/article/2024/07/01/between-mexico-and-texas-the-despair-of-migrants-dependent-on-the-us-election_6676273_4.html


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“Rich world’s worker shortage to grow.

“A new McKinsey report reveals that labour markets in advanced economies, including the UK and EU, are experiencing unprecedented tightness… This tightness is “not just a pandemic-induced blip” but a long-term issue driven by ageing populations and slowing population growth.”

https://www.linkedin.com/news/story/rich-worlds-worker-shortage-to-grow-6036905/


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“Macroeconomic impacts of climate change…

“…the assumption that the economic damage from global warming is only confined to the agriculture sector is no longer true… climate change will affect individual and household income, sectors of the economy, energy markets, inflation variability, financial markets, innovation, and rising public debt, among others.”

https://www.dawn.com/news/1842944/macroeconomic-impacts-of-climate-change


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

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