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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“Political Unrest Worldwide Is Fueled by High Prices and Huge Debts.

“Economic turmoil is spreading across the globe, and the response has been protests, attempted coups and elections of far-right politicians… a common thread is clear: rising inequality, diminished purchasing power and growing anxiety that the next generation will be worse off than this one.”

https://www.nytimes.com/2024/07/05/business/global-economy-debt-inequality.html


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“US-Led Debt Increase Across G-7 Stokes S&P and Scope Concerns.

“The analyses of Group of Seven and equivalent economies intensifies the spotlight on their borrowing in a week when two face elections, and after the Bank for International Settlements cautioned that governments are vulnerable to a precipitous loss of confidence.”

https://www.bloomberg.com/news/articles/2024-07-04/us-led-debt-increase-across-g-7-stokes-s-p-and-scope-concerns


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“The Great Oil Shortage: Are We Ready for the Next Crisis?

“…Globally, the competition for crude oil is intensifying, particularly between the U.S. and China. China has been aggressively securing oil imports from key producers such as Saudi Arabia, Russia, and Iraq.”

https://thedeepdive.ca/the-great-oil-shortage-are-we-ready-for-the-next-crisis/


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“‘We don’t see a pathway’ to coal phaseout, says US utility…

“The US investor-owned utility sees no pathway to phase out coal amid growing demand for more around-the-clock power fuelled by data centres for artificial intelligence and new manufacturing.”

https://www.ft.com/content/052fc091-3720-4d8d-9493-2a16d100220c


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“Australian regulator warns east coast to face gas shortage by 2027…

“The ACCC warning came in two weeks after Australia’s energy market operator said the east was facing an immediate gas shortage following a cold snap that drove up demand for heating. Meanwhile, supply dipped due to an extended outage at the region’s main gas plant.”

https://www.reuters.com/business/energy/australian-regulator-warns-east-coast-face-gas-shortage-by-2027-2024-07-05/


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“Climate protest trial turns to chaos as defendants defy court rules [UK]…

“There was chaos in the courtroom at a climate protest trial when two defendants stood and made statements defying the authority of the court… Daniel Shaw said: “Climate change represents an existential threat to humanity. The court agrees with that. Why are you not trying the people causing this crisis?”

https://www.theguardian.com/uk-news/article/2024/jul/04/climate-protest-trial-chaos-defendants-defy-court-rules


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“The U.K. North Sea Oil Industry Is in Decline…

“In 2023, U.K. North Sea oil output fell to its lowest level since the 1970s, when production first began. The quantity of accessible reserves is rapidly depleting following decades of intensive drilling…”

https://oilprice.com/Energy/Energy-General/The-UK-North-Sea-Oil-Industry-Is-in-Decline.html


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“Councils Locked Out of Funding Signal Crisis for UK After Vote…

“Some of Britain’s most cash-strapped town halls are being locked out of a vital source of short-term funding, foreshadowing a major financial headache awaiting the UK government after the July 4 election.”

https://www.bloomberg.com/news/articles/2024-07-03/uk-local-governments-locked-out-of-funding-points-to-crisis-after-election?embedded-checkout=true


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“As Europe turns right, why has a center-left party won by a landslide in the UK?

“…Britain suffers from many of the same problems as other European countries. If Starmer falters as prime minister, there is every chance that the popular right could continue to capture the public’s imagination, as it has elsewhere in Europe.”

https://edition.cnn.com/2024/07/04/europe/uk-election-europe-populist-surge-intl/index.html


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“French election turmoil to have prolonged impact on stock and bond markets…

“No matter which party comes out on top in Sunday’s French parliamentary election, some investors are betting the vote marks the beginning of a more turbulent period for the country’s stock and bond markets.”

https://www.bloomberg.com/news/articles/2024-07-05/french-election-turmoil-to-have-prolonged-impact-on-stock-and-bond-markets?srnd=markets-vp


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“Far-right France risks paralyzing EU’s Green Deal…

“National Rally (RN), which along with its allies bagged one in three votes nationwide in the initial round of the French election last Sunday, has vowed to overhaul the country’s energy and climate policies if given the opportunity to govern.”

https://www.politico.eu/article/far-right-france-risks-paralyzing-eu-green-deal/


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“Swiss government will allow financial institutions to self-regulate greenwashing…

“Switzerland’s financial institutions can self-regulate on greenwashing policies, the government said, in a move that was welcomed by industry leaders but lambasted by climate advocates.”

https://greencentralbanking.com/2024/07/04/swiss-government-will-allow-financial-institutions-to-self-regulate-greenwashing/


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“European central bankers have warned that risks including trade tensions and high government debt are piling up for the region’s economy.

“…most viewed the French elections as the sign of a broader shift in a more populist, protectionist and turbulent direction that is likely to hit Europe harder than most parts of the world.”

https://www.ft.com/content/a1251197-2446-4df6-8c0e-9e33becf0cb2


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“Poland seeks border guard help from Germany, Greece, Finland…

“Poland hopes to bring in border guards and police from Finland, Germany and Greece to help patrol its frontier with Belarus, a senior official said on Thursday, amid mounting concerns over migration pressures from the east into Europe.”

https://www.reuters.com/world/europe/poland-seeks-border-guard-help-germany-greece-finland-2024-07-04/


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“As Biden slips toward the edge, NATO holds its collective breath…

“Now, says one senior administration official who had been involved in the planning, the NATO summit will be a moment of trepidation and peril. Every European eye will be on Biden, wondering whether he can recover physically and politically.”

https://www.washingtonpost.com/opinions/2024/07/04/biden-nato-anxious-allies-eager-enemies/


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“China and Russia highlight ‘tectonic shifts in global politics’…

“The presidents of China and Russia urged allies to resist external influence saying the global centres of power are changing and a multipolar world is on the horizon… Xi called on the countries to “resist external interference” while Putin said “new centres” of political and economic might are on the rise.”

https://www.aljazeera.com/news/2024/7/4/china-and-russia-highlight-tectonic-shifts-in-global-politics


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“Russian central bank’s daily yuan swap volume hits record high…

“Russia’s central bank provided banks with a record 19.5 billion yuan ($2.68 billion) on Wednesday under currency swap transactions, data showed, as lenders seek alternative ways to replenish their foreign currency reserves after dollar and euro trading was restricted.”

https://www.reuters.com/business/finance/russian-central-banks-daily-yuan-swap-volume-hits-record-high-2024-07-03/


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Taliban regime is our trusted ally against terrorists, says Putin.

“The Russian president told journalists after meeting regional leaders in Kazakhstan that the ruling regime in Kabul could help the Kremlin fight ISIS-K amid a rise in terrorist attacks in Russia… Moscow has been quietly improving links with the Taliban for years, even supplying weapons secretly through back channels as it fought Nato forces.”

https://www.telegraph.co.uk/world-news/2024/07/04/taliban-trusted-ally-against-terrorists-putin/


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“EU brushes aside risk of China trade war over electric vehicle tariffs.

“The EU’s top trade official, Valdis Dombrovskis, has brushed aside concerns of trade-war retaliation from Beijing against European business, after the European Commission imposed duties on Chinese electric vehicles.”

https://www.theguardian.com/business/article/2024/jul/04/eu-china-electric-vehicle-tariffs-trade-war-risk


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“Why Chinese banks are now vanishing. The state is struggling to deal with troubled institutions…

“Some 3,800 such institutions [small, rural banks] dot the Chinese countryside. They have 55trn yuan ($7.5trn) in assets—13% of the total banking system—and have long been mismanaged, accruing vast amounts of bad loans.”

https://www.economist.com/finance-and-economics/2024/07/04/why-chinese-banks-are-now-vanishing


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“Japan finance minister Suzuki says weak yen is pushing up import costs.

“Japanese Finance Minister Shunichi Suzuki said on Friday that a weak yen is pushing import costs up and also affecting the economy and prices in the country. The minister also reiterated that he “will closely monitor stock and forex markets with vigilance.””

https://www.forexlive.com/news/japan-finance-minister-suzuki-says-weak-yen-is-pushing-up-import-costs-20240705/


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“‘This is very serious’: Tensions spike in the buffer zone between North and South Korea…

“Stationed in a hut just metres from the North Korean border, Burgener and the NNSC have a frontline view of how the frozen conflict has developed. Since the start of the year, they have noticed a significant remilitarisation on both sides of the DMZ.”

https://www.independent.co.uk/asia/east-asia/north-korea-weapons-dmz-south-seoul-b2573966.html


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“New Delhi’s water crisis spotlights threat to India’s booming economy as climate change takes toll…

“A report by international ratings agency Moody’s stated late last month: “India is facing a growing water shortage as water consumption increases amid rapid economic growth and increasingly frequent natural disasters due to climate change.””

https://www.scmp.com/week-asia/economics/article/3269072/delhis-water-crisis-spotlights-threat-indias-booming-economy-climate-change-takes-toll


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“Iraq’s climate vision aims to diversify energy sources and move twards clean alternatives.

“Chairman of the Investment Commission, Haider Makiya pointed out that “the development of new industries is linked to hydrogen production in addition to creating new job opportunities and strengthening the local economy…””

https://ina.iq/eng/33489-investment-iraqs-climate-vision-aims-to-diversify-energy-sources-and-move-towards-clean-alternatives.html


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“Hezbollah says it has fired 200 rockets into Israel after killing of commander…

“The militant group said it launched 100 Katyusha rockets at an Israeli military base in Golan and its Iranian-made Falaq missiles at another base in the town of Kiryat Shmona near the Israel-Lebanon border.”

https://www.theguardian.com/world/article/2024/jul/04/hezbollah-fired-rockets-israel-killing-commander


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“Egypt overhauls cabinet as economic pressures, power cuts persist.

“Egyptian President Abdel Fattah al-Sisi swore in a heavily reshuffled cabinet on Wednesday that includes new finance and foreign ministers in a government facing challenges including the Gaza war on its border, economic woes and daily power cuts.”

https://www.reuters.com/world/africa/egypt-has-agreed-long-awaited-cabinet-reshuffle-local-media-report-2024-07-03/


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“Kenya’s mass protests expose African fury with IMF.

“William Ruto is latest president of developing country caught between multilateral lenders and angry population… As live rounds crackled and police deployed tear gas in Nairobi’s streets, 25-year-old protester Job Muremi said: “The IMF is involved in bringing this chaos upon Kenya.””

https://www.ft.com/content/0e1be993-90e1-4477-9c29-41400c0d1c98


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“US intervened in Congo mine sale to Chinese arms group…

“The US has intervened in the sale of a Congolese copper mine to a Chinese arms manufacturer in an effort to prevent Beijing from further increasing its control of critical minerals, according to people familiar with the matter.”

https://www.ft.com/content/4c5faaa4-d041-4f58-b9ef-ca84f074009d


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“Congo fears escalation as M23 seizes key towns…

“This ongoing conflict in the Democratic Republic of Congo (DRC) and throughout the region has intensified – leading to widespread displacement and raising serious concerns about the humanitarian situation in North Kivu Province in particular.”

https://www.dw.com/en/congo-fears-escalation-as-m23-seizes-key-towns/a-69549332


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“Climate change is exacerbating security challenges in central Africa…

“There are massive and dynamic climate variations being experienced across the region. At the same time as there is crop flooding in northern Cameroon there are rising temperatures and drought in much of Chad…”

https://blogs.lse.ac.uk/africaatlse/2024/07/04/climate-change-is-exacerbating-security-challenges-in-central-africa/


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“Nigeria, Africa’s most populous nation, is grappling with a severe food crisis exacerbated by two formidable challenges: rampant insecurity and devastating floods.

“These twin threats have not only disrupted agricultural production but also intensified the country’s struggle to achieve food security…”

https://businessday.ng/columnist/article/the-deadly-duo-of-insecurity-and-floods-fuel-nigerias-food-crisis/


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“West Africa: Terrorists attacks kill 7,000 in five months…

“The Nigerian Minister of Foreign Affairs, Ambassador Yusuf Tuggar… emphasised the need for collective action against terrorism and violent extremism, which threaten the stability and development of West Africa.”

https://www.asaaseradio.com/west-africa-terrorists-attacks-kill-7000-in-five-months/


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“The jihadis are stalking Benin…

“Bandits from the Northern Nigerian hotspots of Zamfara and Katsina states are crossing over into northern Benin, buying up property and recruiting young men. Is this the moment that the Lake Chad Basin crisis merges with the wider Sahelian one?”

https://africanarguments.org/2024/07/the-jihadis-are-stalking-benin/


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“At least 89 migrants dead after boat capsizes off Mauritania, state news agency says…

“More than 5,000 migrants died while trying to reach Spain by sea in the first five months of this year, or the equivalent of 33 deaths per day, according to Caminando Fronteras, a Spanish charity.”

https://www.theguardian.com/world/article/2024/jul/05/at-least-89-migrants-dead-after-boat-capsizes-off-mauritania-state-news-agency-says


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“Global tax war is looming; it could hit big tech hard…

“If no global agreement goes into effect, some countries will begin to compete for revenue from large multinationals by lowering taxes in what is sometimes called a “tax war.” It will also mean that large tech companies will have to contend with inconsistent tax codes around the globe…”

https://businesspostbd.com/global-economy/global-tax-war-is-looming-it-could-hit-big-tech-hard


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“Seabed mining: a new geopolitical divide?

“Coastal states have rights over resources located in their exclusive economic zones; beyond that, the sea is a common zone where the status of mining remains to be defined. Yet it is a zone rich in resources…”

https://www.polytechnique-insights.com/en/columns/geopolitics/seabed-mining-a-new-geopolitical-divide/


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

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