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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“All eyes will be on President Joe Biden at NATO summit – and the risks of missteps are huge… This coming fortnight has all the ingredients to be historically consequential.

“We can expect big announcements on Ukraine from the NATO leaders meeting in Washington. We will discover who Donald Trump’s running mate will be and we will watch President Biden fight for his political life.”

https://news.sky.com/story/all-eyes-will-be-on-president-biden-at-nato-summit-and-the-risks-of-missteps-are-huge-13174906


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“The age of drone warfare is disrupting the defence industry…

“Traditional weapons programmes take years, sometimes decades, to develop and rely on substantial government budgets as well as large research and testing facilities. By contrast, drones are cheap, lethal and quick to make, helping to level the field between smaller players and established industry giants.”

https://www.ft.com/content/cf6ded0f-f595-4359-b8f7-273799f1149c


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“US Drones Will Create a ‘Hellscape’ in the Taiwan Strait…

“in the Pentagon’s vision (if indeed it pans out), metal and plastic would do most of the burning, sinking and expiring, instead of American bodies. “I want to turn the Taiwan Strait into an unmanned hellscape,” says Admiral Samuel Paparo, the new US commander in the Indo-Pacific region.”

https://www.bloomberg.com/opinion/articles/2024-07-07/us-drones-will-create-a-hellscape-in-the-taiwan-strait


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“The U.S. Air Force Has a Big Problem It Can’t Solve: Its Fleet of Warplanes Is Old…

“…there are growing concerns that much of the fleet is outdated and ill-equipped for modern conflicts, especially against advanced air defense systems like those in China.”

https://nationalinterest.org/blog/buzz/us-air-force-has-big-problem-it-cant-solve-its-fleet-warplanes-old-208659


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“‘I had to downgrade my life’ – US workers in debt to buy groceries…

“Ms Ellis works full-time as a nurse’s assistant and has a second part-time job. But she needs to economise. She has switched stores, cut out brand-name items like Dove soap and Stroehmann bread, and all but said goodbye to her favourite Chick-fil-A sandwich.”

https://www.bbc.co.uk/news/articles/cx002795738o


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“‘Like lockdown’: Aussies reveal how cost-of-living crisis is hitting household budgets…

“Whichever way you cut it, Aussie households are under incredible stress at the moment. While the Reserve Bank last month decided to officially keep interest rates on hold at 4.35 per cent, economists have warned that we are teetering on a “knife’s edge” when it comes to entering a recession.”

https://www.news.com.au/finance/money/costs/like-lockdown-aussies-reveal-how-costofliving-crisis-is-hitting-household-budgets/news-story/b9ecfeb223ee8b0d4565e6d7a543d24e


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“I’m hungry, cold and have multiple disabilities. Does Keir Starmer’s promise of real change include me? [UK]

“…Personal independence payments (Pips) should cover the additional costs of my disabilities, such as a chiropractor to manage the pain of my fibromyalgia, or holistic therapy for my mental health. But the cost of living is so high they never stretch that far.”

https://www.theguardian.com/commentisfree/article/2024/jul/06/disabilities-keir-starmer-change-britain


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“Labour’s £10 Billion Crisis Bill Just the First Fiscal Challenge…

“…many crises are so acute there’ll be no choice but to tackle them immediately. In particular, a series of tricky short-term decisions await on public sector pay, fuel duties, and healthcare and prison funding.”

https://www.bloomberg.com/news/articles/2024-07-06/labour-s-10-billion-crisis-bill-just-the-first-fiscal-challenge


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“France elections latest: ‘Instability, political chaos and gridlock’ likely as Le Pen suffers shock loss.

“Marine Le Pen’s far-right National Rally have fallen short in the French parliamentary election while the leftist New Popular Front (NFP) have emerged as the dominant force, according to exit polls – but France is likely to have a hung parliament.”

https://news.sky.com/story/france-elections-latest-far-right-national-rally-hoping-to-win-majority-as-second-round-vote-sees-huge-rise-in-turnout-13173764


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“Clashes break out in France following left’s surprise election win…

“Serious riots and clashes broke out at rallies in Paris and other cities on Sunday following the second round of the French parliamentary elections which saw the left-wing New Popular Front (NFP) pull of a surprise win, according to initial projections.”

https://www.scmp.com/news/world/europe/article/3269531/violent-clashes-break-out-across-france-after-left-wings-surprise-election-win


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“German defence budget slammed as inadequate by military leader…

“”Defence Minister Boris Pistorius asked for an additional £6-7 billion. He received £1 billion. This will not prepare us for war,” he emphasised, adding that there will be gaps at every turn. “It worries me greatly,” he confessed.”

https://www.msn.com/en-gb/money/other/german-defence-budget-slammed-as-inadequate-by-military-leader/ar-BB1pvXYP


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“Latvian president urges more EU defense spending…

“Athens and Riga agree that European defense spending should be exempt from fiscal rules… Rinkevics furthermore said that regardless of who wins the upcoming presidential elections in the United States, Europe will need “to be more serious about its own defense and security.””

https://www.ekathimerini.com/politics/foreign-policy/1243335/latvian-president-urges-more-eu-defense-spending/


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“Ukraine wants Poland to protect its skies near border…

““If NATO is not ready to admit Ukraine during the war, we have to demand that the allies ensure sufficient measures to stop and overcome the enemy,” Olga Kondratyuk [deputy speaker of the Ukrainian Supreme Council] wrote on Facebook.”

https://www.euractiv.com/section/politics/news/ukraine-wants-poland-to-protect-its-skies-near-border/


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“China and Belarus hold ‘anti-terror’ military drills on Polish border…

“Belarus’ Ministry of Defence said that the 11-day “joint anti-terrorist exercise” would start on Monday and “improve coordination between Belarusian and Chinese units”. Chinese media said the exercises would be held in Brest, on the Polish border.”

https://www.telegraph.co.uk/world-news/2024/07/07/china-belarus-anti-terror-military-drills-polish-border/


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“Satellite images reveal China’s military build-up near Pangong Lake, India’s western border…

“China’s military is preparing for the long haul in the area surrounding Pangong Lake in eastern Ladakh, having built subterranean bunkers to store weapons and fuel, as well as hardened shelters for armoured vehicles at a crucial base in the region.”

https://www.firstpost.com/world/satellite-images-reveal-chinas-military-build-up-near-pangong-lake-indias-western-border-13790237.html


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“In the wake of a deadly knife attack on a school bus full of Japanese children near Shanghai last month, Japan’s consulate in the city issued a stern warning to its citizens…

“Last August, assailants threw eggs at a Japanese school in Suzhou, while in Qingdao, eastern Shandong province, another school was targeted with stones after Japan began to release radioactive water from the Fukushima Daiichi nuclear plant.”

https://www.ft.com/content/954dd160-3102-477f-b816-1a1769f0a628


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“Japan protests China’s installation of buoy over its continental shelf…

“Chief Cabinet Secretary Yoshimasa Hayashi told reporters in Tokyo it was “regrettable” that China set up a buoy at a location in the high seas surrounded by Japan’s exclusive economic zone, or EEZ, “without explaining its purpose and other details.””

https://www.rfa.org/english/news/china/japan-china-buoy-protest-07072024213840.html


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“Japan and the Philippines sign a defense pact in the face of shared alarm over China…

“The Reciprocal Access Agreement, which similarly allows Filipino forces to enter Japan for joint combat training, was signed by Philippine Defense Secretary Gilberto Teodoro and Japanese Foreign Minister Yoko Kamikawa in a Manila ceremony witnessed by President Ferdinand Marcos Jr.”

https://www.washingtonpost.com/world/2024/07/07/japan-philippines-reciprocal-access-agreement/3197d67a-3cc2-11ef-83bf-e35a32077d3e_story.html


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“The yen’s collapse this year to a nearly four-decade low is undermining Japan’s plans for its largest military build-up in postwar history.

“The government has slashed orders for aircraft, and officials warn that further cuts may be imminent. Japan buys much of its military equipment from American companies, in transactions done in dollars.”

https://www.nytimes.com/2024/07/08/business/japan-yen-defense-spending.html


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“Iran, Pakistan deport nearly 12000 Afghans within four days.

“Rights group fear a humanitarian crisis which in turn make situation inside Afghanistan worse. The country is currently going through a financial crisis and even basic services are not available to majority of the population.”

https://www.freepressjournal.in/world/iran-pakistan-deport-nearly-12000-afghans-within-four-days


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“Man buries 15-day-old daughter alive as he had no money for treatment [Pakistan]…

“Pakistan has been facing a major financial crisis for the past few years. The sharp fall in the central bank’s foreign exchange was the main reason for Pakistan’s financial crisis… the common people are in crisis due to the shortage of essential items like food and medicine.”

https://keralakaumudi.com/en/news/news.php?id=1340230&u=man-buries-15-day-old-daughter-alive-as-he-had-no-money-for-treatment


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“The struggle for mental health in Lebanon’s multiple crises…

“The tremendous pressure since the start of the financial collapse has left millions of people unable to afford basic healthcare services. Already before this, Lebanon’s healthcare system catered to the privileged few.”

https://assafirarabi.com/en/60332/2024/07/06/the-struggle-for-mental-health-in-lebanons-multiple-crises/


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“Lebanon’s Hezbollah movement said on Sunday it launched its “largest” air operation, sending explosive drones at a mountaintop Israeli military intelligence base in the occupied Golan Heights.

“It is the latest incident among escalating cross-border exchanges of fire that have triggered global alarm.”

https://www.newarab.com/news/hezbollah-targets-israeli-mountain-base-largest-air-attack


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“Fears of long war in Gaza as new chapter opens and ‘intense fighting’ eases off…

“Palestinians and Israelis alike fear that the coming chapter in the conflict could amount to a long period of insurgency-style warfare and indefinite occupation.”

https://www.theguardian.com/world/article/2024/jul/06/fears-of-long-war-in-gaza-as-new-chapter-opens-and-intense-fighting-eases-off


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“Red Sea tension pushed up container prices 120% over last 6 months…

“Container traffic in the Red Sea almost came to stop as ships shifted their routes to the Cape of Good Hope due to attacks on Israeli ships by Iranian-backed Houthis in Yemen, said new figures announced on Friday, Anadolu Agency reports.”

https://www.middleeastmonitor.com/20240706-red-sea-tension-pushed-up-container-prices-120-over-last-6-months/


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“South Africa’s Eskom May Post $825 Million Annual Loss, FT Says.

“The energy crunch has hurt households and businesses and in turn weighed on economic activity in Africa’s largest economy, In 2023 it contributed to a drop in GDP growth to just 0.7%…”

https://www.bloomberg.com/news/articles/2024-07-07/south-africa-s-eskom-may-post-825-million-annual-loss-ft-says?embedded-checkout=true


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“Blackout as national power grid system collapses again [Nigeria].

“In a notice to its customers, the Enugu Electricity Distribution Company Plc (EEDC), stated: “EEDC wishes to inform her esteemed customers of a general system (national grid) collapse which occurred at 15:09 hours today, 6th July, 2024.”

https://www.vanguardngr.com/2024/07/blackout-as-national-power-grid-system-collapses-again/


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“Sudan is now confronting its most severe food security crisis on record…

“There is also a high risk of famine in multiple regions if immediate action is not taken. Famine is a severe and widespread lack of food that leads to extreme hunger, malnutrition and increased mortality in a population.”

https://theconversation.com/sudan-is-now-confronting-its-most-severe-food-security-crisis-on-record-233923


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“West Africa bloc warns of regional ‘disintegration’ as juntas form ‘Confederation of Sahel States’.

“ECOWAS said on Sunday it feared the consequences of the creation of a “Confederation of Sahel States” by the military rulers of Burkina Faso, Mali and Niger, warning that it could lead to political isolation and increased insecurity.”

https://www.france24.com/en/africa/20240708-west-africa-bloc-juntas-confederation-sahel


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“Violence, rape, thirst, even organ theft: Migrants face lethal risks in Africa…

“If not left to die of dehydration or illness, migrants on the dangerous land routes through northern Africa toward the Mediterranean and Europe risk rape, torture, sex trafficking and even organ theft, according to a new report…”

https://www.deccanherald.com/world/violence-rape-thirst-even-organ-theft-migrants-face-lethal-risks-in-africa-3-3096477


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“Fuel shortages a bitter pill for Cuba’s sugar cane producers…

“…the industry is teetering on the brink with Cuba in the grips of a crushing economic crisis marked by frequent power blackouts and severe shortages of basic supplies such as fuel, fertilizer and pesticides.”

https://www.msn.com/en-ie/news/world/fuel-shortages-a-bitter-pill-for-cuba-s-sugar-cane-producers/ar-BB1ptjPf


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“La Rioja issues Argentina’s first emergency ‘quasi-currency’ in 20 years…

“La Rioja’s new BOCADE — known as “chachos” because the bills feature local strongman Ángel Vicente “Chacho” Peñaloza — can be used for purchases in any store within the province. The government also said people can pay provincial taxes and public services with them.”

https://buenosairesherald.com/economics/la-rioja-issues-argentinas-first-emergency-quasi-currency-in-20-years


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“Battery maker LG Energy Solution Ltd.’s second-quarter profit missed analyst estimates, as sales of electric vehicles continued to slow.

“Operating profit for three months ended June 30 dropped 58% from a year earlier to 195.3 billion won ($141 million), the Seoul-based company said Monday.”

https://www.bloomberg.com/news/articles/2024-07-08/battery-maker-lg-energy-s-profit-sinks-on-global-ev-slowdown?embedded-checkout=true


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“Battery maker SK On declares ‘emergency’ as EV sales disappoint…

“A leading South Korean producer of electric vehicle batteries has declared itself in crisis as its customers struggle with disappointing EV sales in Europe and the US… chief executive Lee Seok-hee announced a series of cost-cutting and working practice measures last Monday, describing them as a state of “emergency management”.”

https://www.ft.com/content/5affede6-1f1d-458e-b4d0-e2e7e902dcca


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“China’s Solar Sector Unlikely to Recover Soon as Glut Persists…

“China’s floundering solar sector is unlikely to return to profit anytime soon, as the market may remain oversupplied for up to two years, analysts cited major manufacturer Longi Green Energy Technology Co. as saying.”

https://www.bloomberg.com/news/articles/2024-07-08/china-s-solar-sector-unlikely-to-recover-soon-as-glut-persists


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“Another Green Bubble Is Deflating in Biofuels…

“After the stock market debacle for wind companies in 2023, the biofuel sector is the next deflating green bubble. The industry is battling several problems: significant cost overruns and engineering shortcomings, and a glut of biofuels as rosy forecasts for demand never materialized.”

https://www.bloomberg.com/opinion/articles/2024-07-08/green-energy-the-biofuels-industry-bubble-is-deflating?srnd=all


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“Private Credit Funds With No Skin in Game a Worry: Credit Weekly…

“Watchdogs including the Bank of England have spent months examining how private markets interact amid wider concerns about the risks that shadow banking, which encompasses everything from insurers to money market funds, pose to the financial system.”

https://finance.yahoo.com/news/private-credit-funds-no-skin-190000533.html


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

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