Daily updates on climate change and the global economy.

5th July 2024 Today’s Round-Up of Economic News

“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


“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


“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/


“‘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


“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/


“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


“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


“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


“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


“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


“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/


“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/


“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


“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/


“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/


“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


“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/


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/


“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


“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


“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/


“‘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


“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


“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


“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


“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/


“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


“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


“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


“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/


“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/


“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/


“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/


“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


“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


“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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3rd July 2024 Today’s Round-Up of Economic News

“Climate change is pushing up food prices — and worrying central banks.

“Shifting weather patterns are reducing crop yields and squeezing supplies, creating what could become a permanent source of inflation.”

https://www.ft.com/content/125e89c0-308a-492f-ae8e-6834847d1186


“Climate and capacity: Why power outages are surging around the world…

“Countries in Europe, Africa, Middle East, South Asia and other parts have experienced large-scale blackouts in recent weeks. Main cause is high demand spurred by adverse weather combined with inadequate generation capacity.”

https://www.aa.com.tr/en/environment/climate-and-capacity-why-power-outages-are-surging-around-the-world/3262691


“US court hits Biden’s climate plans as it ends LNG permits pause…

“According to US media reports, Judge James Cain in Lake Charles, Louisiana, sided with 16 Republican-led states and said the US Department of Energy’s freeze on LNG export approvals was “without reason or logic”.”

https://www.offshore-technology.com/news/us-court-hits-bidens-climate-plans-ends-lng-permits-pause/


“U.S. manufacturing activity edged lower in June, deepening a recent slump on continued weak demand, according to industry survey data published Monday.

“The Institute for Supply Management’s (ISM) manufacturing index came in at 48.5% last month, down 0.2 percentage points from May.”

https://www.voanews.com/a/us-manufacturing-contraction-deepens-in-june/7680761.html


“America’s freight recession is showing no signs of ending.

“Overcapacity, bad weather and less consumer spending impacted the truck freight market… JB Hunt, a leading trucking firm, was one of the first to warn of this “freight recession” in 2023. Its problems persisted into 2024, when the firm posted both a profit and sales miss in the first quarter.”

https://www.businessinsider.com/accuride-default-freight-recession-outlook-trucks-consumer-demand-sp-global-2024-7


“US expels more than 100 Chinese migrants in rare mass deportation…

“The flight, which happened over the weekend, comes amid intense political debate ahead of the US presidential election over the issue of Chinese immigration.”

https://www.theguardian.com/world/article/2024/jul/03/us-expels-chinese-migrants-mass-deportation-flight


“U.S. will fund deportations from Panama, expanding migrant crackdown.

“The Biden administration will begin paying for Panama to detain and deport more of the migrants streaming through Central America en route to the United States, the latest White House effort to curb illegal crossings at the southern border, officials said Tuesday.”

https://www.washingtonpost.com/immigration/2024/07/02/united-states-homeland-security-panama-china/


“In Britain’s election, dental care has emerged as a top issue.

“Layla Waters pulled out five of her own teeth after not being able to get an appointment with a National Health Service dentist. This kind of do-it-yourself dentistry has become increasingly common in the United Kingdom.”

https://www.washingtonpost.com/world/2024/07/02/britain-election-issues-dentistry/


“Twitchy, Truss-scarred UK bond market awaits a Labour government…

“A bond market crisis that rocked Britain’s economy two years ago has cast a long shadow over the country’s July 4 election… Spooked by plans by the ruling Conservative Party’s then-Prime Minister Liz Truss to slash taxes in September 2022, the scars of the bond rout remain.”

https://www.msn.com/en-gb/money/other/twitchy-truss-scarred-uk-bond-market-awaits-a-labour-government/ar-BB1pjL5M


“Borrowing costs surged across Europe yesterday after Marine Le Pen crushed Emmanuel Macron in the first round of parliamentary elections in France.

“The yield on French ten-year government bonds – a key measure of how much it costs the state to borrow – hit 3.35 per cent for the first time since November last year.”

https://www.thisismoney.co.uk/money/markets/article-13589559/French-borrowing-costs-surge-Marine-Le-Pens-election-victory.html


“Hundreds of candidates pull out of French run-off in bid to foil far right.

“France’s left-wing and centrist parties have withdrawn hundreds of candidates from Sunday’s parliamentary elections, in a move aimed at thwarting the formation of the country’s first far-right government since World War II.”

https://www.aljazeera.com/news/2024/7/2/more-than-200-candidates-pull-out-of-french-run-off-to-foil-far-right


“New Dutch government sworn in amid concerns over far-right ministers…

“The development aid minister has argued that development aid should be abolished, the asylum and immigration minister has referred to “population replacement”, and the housing minister was a vocal anti-lockdown campaigner.”

https://www.theguardian.com/world/article/2024/jul/02/nominees-geert-wilders-led-cabinet-raise-eyebrows-netherlands


“US’s terrorist listing of European far-right group signals fears of rising threat − both abroad and at home…

“The Biden administration designated the Nordic Resistance Movement as a terrorist group shortly after EU parliamentary elections, in which far-right political groups made significant gains. Far-right groups, such as Germany’s Alternative for Germany, won seats – 15 of them – for the first time.”

https://theconversation.com/uss-terrorist-listing-of-european-far-right-group-signals-fears-of-rising-threat-both-abroad-and-at-home-232794


“Europe’s aggressive blueprint to bolster its nuclear fleet for the energy transition is jeopardized by a lack of key components: skilled workers.

“Atomic power producers in France, the UK and Sweden are having trouble finding the hundreds of thousands of welders, engineers and planners needed…”

https://www.bloomberg.com/news/articles/2024-07-03/europe-s-nuclear-power-revival-at-risk-as-edf-and-peers-face-staffing-struggle


“Shell has paused the construction of one of Europe’s largest biofuel plants which was expected to convert waste into green jet fuel and biodiesel by the end of the decade…

“Instead, Shell’s chief executive, Wael Sawan, is planning to shift its focus towards high-profit oil projects and expanding its gas business to exploit higher global oil and gas prices after Russia’s invasion of Ukraine.”

https://www.theguardian.com/business/article/2024/jul/02/shell-to-pause-construction-of-huge-biodiesel-plant-in-rotterdam


“Germany should take more leadership to defend Europe’s Eastern border, says Poland’s Tusk…

“Speaking alongside Scholz after the joint talks, Tusk said that he was pleased to hear from Scholz, that Germany was ready to take responsibility for the protection of the EU’s eastern borders along with other EU member states.”

https://www.euractiv.com/section/defence-and-security/news/germany-should-take-more-leadership-to-defend-europes-eastern-border-says-polands-tusk/


“Ukraine has a month to avoid default…

“War is exacting a heavy toll on Ukraine’s economy. The country’s gdp is a quarter smaller than on the eve of Vladimir Putin’s invasion, the central bank is tearing through foreign reserves and Russia’s recent attacks on critical infrastructure have depressed growth forecasts.”

https://www.economist.com/finance-and-economics/2024/06/30/ukraine-has-a-month-to-avoid-default


“Ukraine war: Sanctions against Russia failed to achieve goals, claims Moscow’s UK ambassador.

“Andrei Kelin says “business is pure business” as an investigation reveals glaring loopholes in the restrictions regime, which has allowed British companies – legally – to help keep Russian gas flowing and generate huge revenues for the Kremlin’s war machine.”

https://news.sky.com/video/ukraine-war-sanctions-against-russia-failed-to-achieve-goals-claims-moscows-uk-ambassador-13162568


“Leader of Russia’s Dagestan blames attacks on ‘international terrorists’…

“Western security experts said the attacks were further evidence that Russia, preoccupied with its war in Ukraine, faces a growing problem with Islamist militant violence at home. But Melikov insisted the threat was an external one.”

https://www.reuters.com/world/leader-russias-dagestan-blames-attacks-international-terrorists-2024-07-01/


“Chinese and Russian troops hold joint drill targeting cross-border terrorism…

“China and Russia have conducted a joint military drill focused on cross-border terrorism, as concerns grow in Moscow over terror attacks… The drill came just days after terror attacks in Russia’s southern Dagestan region on June 23, in which at least 22 people were killed…”

https://www.scmp.com/news/china/military/article/3268894/chinese-and-russian-troops-hold-joint-drill-targeting-cross-border-terrorism


“Taiwan says China has seized fishing boat, escalating tensions…

“Chinese officials boarded and then seized a Taiwanese fishing boat operating near China’s coast close to a Taiwan-controlled island and took it to a Chinese port, the Taiwan coast guard said late on Tuesday in a further escalation of tensions.”

https://asia.nikkei.com/Politics/International-relations/Taiwan-tensions/Taiwan-says-China-has-seized-fishing-boat-escalating-tensions


“Lao central bank governor removed amid economic crisis…

“Laos’ economic problems are now affecting “the future of its food security and nutrition” in the country, according to the Asian Development Bank, or ADB.”

https://www.rfa.org/english/news/laos/central-bank-governor-removed-07022024171313.html


“Anti-coup forces allege Myanmar military using banned, restricted weapons…

“Doctors told Al Jazeera that the men experienced rapid onset necrosis, an effect not normally seen in a blast wound. Necrosis causes the deterioration of most or all of the cells in an organ or tissue due to disease or the failure of the blood supply.”

https://www.aljazeera.com/features/2024/7/2/anti-coup-forces-allege-myanmar-military-using-banned-restricted-weapons


“Turkish aircraft airstrike several areas in the Iraqi Duhok governorate in a likely foreshadowing of military activity in the region…

“Turkish aircraft conducted several airstrikes Monday targeting the Iraqi Duhok governorate in the Kurdistan region of northern Iraq, namely in the Metin Mountain, purportedly in pursuit of the Kurdistan’s Workers’ Party (PKK) fighters.”

https://english.almayadeen.net/news/politics/turkey-launches-airstrikes-in-iraq-s-duhok


“Turkish police arrest hundreds after anti-Syrian riots in several cities.

“…after a Syrian man had been accused of harassing a child. Turkey, which hosts around 3.2 million Syrian refugees according to UN data, has been shaken several times by bouts of xenophobic violence in recent years.”

https://www.france24.com/en/middle-east/20240702-turkish-police-arrest-hundreds-after-anti-syrian-riots-in-several-cities


“Turkey closes Syria border after violence flares in both countries…

“…hundreds of angry Syrians took to the streets in several towns in the rebel-held northwest Syria, an area where Turkey maintains thousands of troops and has carved out a sphere of influence that has stopped Syrian President Bashar al-Assad from regaining control.”

https://www.reuters.com/world/middle-east/turkey-closes-syria-border-after-violence-flares-both-countries-2024-07-02/


“Shadow of war with Israel looms over anxious Lebanese.

“For months, the question of whether Lebanon will be dragged into another war has dominated life in this country. It is what people often describe as “the situation”, a constant backdrop casting a shadow across the whole place.”

https://www.bbc.co.uk/news/articles/c8vdmlymrdno


“Israel risking disastrous war against Hezbollah for political reasons, says former US official.

“Israel risks going to war against Hezbollah to ensure Benjamin Netanyahu’s political survival, but it would be a miscalculation that could lead to mass civilian deaths in both Lebanon and Israel, a former US military intelligence analyst has warned.”

https://www.theguardian.com/world/article/2024/jul/02/israel-hezbollah-war-warning


“Houthis Mount Biggest Month of Attacks on Ships This Year…

“Attacks by the Houthis ramped up in June… The attacks are helping to contribute to the second-largest increase in a gauge of global sea transport on record as vessels sail thousands of miles extra around Africa.”

https://www.bloomberg.com/news/articles/2024-07-02/houthis-mount-biggest-month-of-attacks-on-ships-this-year


“Kenya police clash with protesters as tax bill unrest continues…

“Police have fired tear gas and water cannon at protesters across Kenya as demonstrations against a controversial finance bill continue, even after the president said he would not sign it.”

https://www.aljazeera.com/news/2024/7/2/kenya-police-clash-with-protesters-as-weeks-long-tax-bill-unrest-continues


“[Kenyan] Treasury faces looming budget crisis in the wake of Gen Z uprising.

“President William Ruto’s embattled administration faces a Herculean task in the months ahead in funding public services, implementing development projects and programmes and paying public debts.”

https://www.standardmedia.co.ke/business/article/2001498208/treasury-faces-looming-budget-crisis-in-the-wake-of-gen-z-uprising


“Clashes between police and protesters disputing Mauritania’s presidential election result kill 3.

“Clashes in Mauritania between security forces and protesters rallying against the reelection of President Mohamed Ould Ghazouani left three people dead, authorities said Tuesday. An unspecified number of people were reported injured.”

https://abcnews.go.com/International/wireStory/clashes-police-protesters-disputing-mauritanias-presidential-election-result-111622802


“Cuba announces new measures for “war-time economy” amid growing crisis…

“Cuba`s government said late on Sunday it would double down on price controls and continue to fight tax evasion in an increasingly desperate bid to tamp down on a ballooning fiscal deficit and spiraling inflation that have devastated its economy.”

https://www.reuters.com/markets/cuba-announces-new-measures-war-time-economy-amid-growing-crisis-2024-07-01/


“New Cuban radar site near US military base could aid China spying – report…

“Satellite images appear to show that Cuba is building a new radar site likely to be capable of spying on the US’s nearby Guantánamo Bay naval base, in the latest upgrade to the country’s surveillance capabilities long thought to be linked to China.”

https://www.theguardian.com/world/article/2024/jul/02/cuba-radar-site-guantanamo


“After a stop in Cuba, 2 Russian ships dock in Venezuelan port as part of ‘show the flag’ exercises…

“Two Russian naval ships docked Tuesday in the Venezuelan port of La Guaira after exercises in the Atlantic Ocean that Moscow said were to “show the flag” in remote, important regions, and an initial stopover in Cuba.”

https://www.independent.co.uk/news/ap-venezuelan-cuba-moscow-atlantic-ocean-b2572971.html


“Economic turmoil in Bolivia fuels distrust in government following coup attempt…

“…as a political feud continues between rivals, the country’s deepening economic crisis and President Luis Arce’s refusal to admit there is one, are fuelling the public’s distrust in the government.”

https://www.france24.com/en/tv-shows/business/20240702-economic-turmoil-in-bolivia-fuels-distrust-in-government-following-coup-attempt


“Bolivia recalls ambassador to Argentina over Milei’s coup comments.

“The Bolivian government on Monday recalled its ambassador to Argentina, Ramiro Tapia, for consultations following the recent statements by Argentine President Javier Milei about the failed coup in Bolivia on June 26.”

https://english.news.cn/20240702/86a4f4f8da634c5991bb239fb6f9fa66/c.html


“Nine in 10 top global companies failing to uphold human rights, report says…

“More than 90 percent of the world’s 2,000 most influential companies, including Amazon, BMW, Nestle, Rio Tinto, Pfizer, Shein, and Standard Chartered, are failing to meet societal expectations towards human rights, working conditions and corporate ethics, a first-of-its-kind assessment has found.”

https://www.aljazeera.com/economy/2024/7/2/nine-in-10-top-global-companies-failing-to-uphold-human-rights-report-says


“Obsession with growth is enriching elites and killing the planet. We need an economy based on human rights…

“The endless quest for growth at all costs, and the escalating use of the natural resources it demands, is pushing our planet way beyond its limits. Six of the nine “planetary boundaries” – Earth’s life-support systems – have already been crossed.”

https://www.theguardian.com/global-development/article/2024/jul/02/obsession-with-growth-is-enriching-elites-and-killing-the-planet-we-need-an-economy-based-on-human-rights-olivier-de-schutter


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you!

1st July 2024 Today’s Round-Up of Economic News

“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/


“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


“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


“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


“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/


“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


“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


“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


“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


“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


“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


“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


“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/


“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


“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


“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


“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


“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


“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


“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/


“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


“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


“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


“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


“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


“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


“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


“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/


“‘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


“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


“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


“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


“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/


“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.

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you!

28th June 2024 Today’s Round-Up of Economic News

“Soaring U.S. debt poses risks to global economy, IMF warns…

“The required fiscal adjustment will mean “difficult political decisions over the course of multiple years,” the fund said, warning that an unchecked rise in debt could eventually sap U.S. growth and snowball into global financial distress.”

https://www.washingtonpost.com/business/2024/06/27/imf-warning-united-states-debt/


“Trump-Biden debate likely amplified Americans’ dismay about the election…

“Joe Biden and Donald Trump both walked into the presidential debate on Thursday hoping to sway the so-called “double haters”… In the end, those voters probably walked away from the debate with a more visceral understanding of why they hate their options.”

https://www.theguardian.com/us-news/article/2024/jun/28/biden-trump-debate-performance-analysis


“Japanese yen weakens to fresh 38-year lows; top currency diplomat replaced…

“The last time the currency was at this level was in December 1986… The yen has been steadily deprecating since the Bank of Japan ended its negative interest rate policy and scrapped its yield curve control policy in March.”

https://www.cnbc.com/2024/06/28/yen-hits-161-against-us-dollar.html


“Defaults on leveraged loans soar as BoE warns on private equity’s ‘challenges’ [UK]…

“The BoE is concerned that risks in private equity — which now supports companies employing 10 per cent of workers in the UK’s private sector, or about 2mn people — could spill over to the rest of the economy.”

https://www.ft.com/content/680abec2-26a7-4895-a248-0d7c17b9072f


“North Sea tax regime as complex as a ‘war zone’, warns oil group

“Serica ‘actively’ looking overseas ahead of potential increase in UK government’s windfall levy on producers… David Latin noted that neither Labour nor the Conservatives had committed in their manifestos to cutting windfall taxes to recognise a decline in prices.”

https://www.ft.com/content/cde81dce-706f-451d-88a5-9edcf0c48480


“Swedish Court gives green light to controversial mining plans in Kallak.

“Earlier this week, the Swedish Supreme Administrative Court approved the government’s decision to permit the mining plans in Jokkmokk. Local communities, Sámi People and environmental organisations have been protesting for years.”

https://thebarentsobserver.com/en/2024/06/swedish-court-gives-green-light-controversial-mine-kallak-northern-sweden


“Public consultation begins on Norwegian seabed mining…

“The area constitutes 386 blocks and approximately 38% of the area, which was opened in April. The deadline of the public consultation is 26 September 2024. The government plans to award licences in the first half of 2025.”

https://www.iom3.org/resource/public-consultation-on-norwegian-seabed-mining.html


“Top-rated European commercial mortgage bonds set for first losses since credit crisis.

“Investors in several European commercial mortgage bonds that were originally sold with top credit ratings look set to suffer losses, say analysts, the first time since the global financial crisis that the safest tier of this debt has been hit.”

https://www.ft.com/content/50f3a047-f607-467f-ad1a-117e8a310aed


“French far-right leader Jordan Bardella vows ‘cultural battle’ and demands EU rebate.

“Jordan Bardella, the far-right candidate to be France’s prime minister, has pledged to fight a “cultural battle” against Islamism and secure an EU budget rebate even as he promised “a lot of pragmatism” on the economy if his party wins snap elections.”

https://www.ft.com/content/b54d149e-3329-4fbd-97a9-7d5aebb6fbad


“Swastikas and jackboots: an emboldened far right visits Buchenwald…

“Holocaust deniers and conspiracy theorists are stepping up attacks on a potent symbol of remembrance… The AfD is particularly strong in Thuringia, the eastern state where Buchenwald is located. Polls suggest it is on course to win regional elections there in September…”

https://www.ft.com/content/0c2a60fe-9944-4629-ad47-6fe55551370f


“A Den of Spies: Vienna Emerges as Hub for Russian Espionage…

“In the past two years, the number of Russian state employees in Austria swelled to over 500 from 300 to 400, over a half of whom are diplomats and administrators, according to intelligence officials. Up to a half of them operate as spies, Austrian intelligence officials estimate.”

https://www.wsj.com/world/a-den-of-spies-vienna-emerges-as-hub-for-russian-espionage-9dda8b4d


“Russia mulling downgrading ties with West, Kremlin says…

“A downgrading of relations – or even breaking them off – would illustrate the gravity of the confrontation between Russia and the West over Ukraine… Even during the 1962 Cuban Missile Crisis, when the Cold War is thought to have come closest to nuclear war, Russia did not sever relations with the United States…”

https://www.reuters.com/world/europe/russia-considering-downgrading-relations-with-west-kremlin-says-2024-06-27/


“Profits of Russian coal companies plunge 5-fold in Q1 2024… due to falling prices on the global market and a substantial increase in costs.

“…factors that continue to have a negative impact on coal miners’ financial results include limited transportation capacity of railroad infrastructure, export duties, rising railway tariffs, and western sanctions.”

https://thecoalhub.com/profits-of-russian-coal-companies-plunge-5-fold-in-q1-2024.html


“China’s investments in coal mining reach new high.

“Investments in coal mining in China grew by 6% in 2023, reaching a multi-year high of $100 billion, according to data from the International Energy Agency. China’s share in the global structure of capital expenditures for the development of the coal industry was 62% in 2023, up from 49% in 2017.”

https://globalenergyprize.org/en/2024/06/21/chinas-investments-in-coal-mining-reach-new-high/


“The herders caught up in India and China’s icy conflict…

“”The physical separation of the two militaries has greatly reduced the risk of clashes,” the International Crisis Group (ICG) wrote in a report last year. But the herders say they are the losers, caught in a conflict not of their making.”

https://www.japantimes.co.jp/news/2024/06/27/asia-pacific/india-china-conflict-herders/


“North Korea says it conducted successful test of multiwarhead missile…

“North Korea claims to have successfully tested a multiwarhead missile, a sophisticated weapon that would provide it with the means to overwhelm missile defences in the continental United States…”

https://www.aljazeera.com/news/2024/6/27/north-korea-says-it-conducted-successful-test-of-multiwarhead-missile


“World’s largest maritime drills begin in an increasingly tense Asia Pacific.

” In an era of increased tension and growing competition between China and the United States and its allies, the US Pacific Fleet is hosting Rim of the Pacific (RIMPAC), “the world’s largest international maritime exercise” in Hawaii.”

https://www.aljazeera.com/news/2024/6/28/worlds-largest-maritime-drills-begin-in-an-increasingly-tense-asia-pacific


“New Caledonia riots set to cause ~$1bn insured losses…

“Insured losses from the ongoing New Caledonia riots has been pegged at around $1bn by the Comité des Entreprises d’Assurances de Nouvelle-Calé.”

https://www.theinsurer.com/news/new-caledonia-riots-set-to-cause-1bn-insured-losses/


“Bolivia’s president sees off attempted coup after urging citizens to take to streets.

“Bolivia’s President Luis Arce appears to have seen off an attempt to topple his leftwing government after a dramatic afternoon in which heavily armed troops, seemingly commanded by a top army general, stormed the government palace…”

https://www.theguardian.com/world/article/2024/jun/26/luis-arce-bolivia-coup


“The International Criminal Court (ICC) has convicted the former head of the Islamic police in Mali’s historic city of Timbuktu for war crimes and crimes against humanity.

“Prosecutors say al-Hassan ag Abdoul Aziz ag Mohamed ag Mahmoud led a “reign of terror” in Timbuktu…”

https://www.bbc.co.uk/news/articles/c2ee4208mlzo


“At least 20 soldiers, one civilian killed in western Niger…

“Niger is one of several West African countries battling multiple armed rebellions that have spread outwards from Mali over the past 12 years, killing thousands and uprooting millions of people.”

https://www.aljazeera.com/news/2024/6/26/at-least-20-soldiers-one-civilian-killed-in-western-niger


“Congo’s children: Recruited, raped and killed in conflict…

“Ted Chaiban said it is especially worrying that the conflict is intensifying at the same time the large U.N. peacekeeping mission is beginning to leave the country, at the government’s request. “There is a very real risk that the humanitarian crisis in the DRC could soon become a catastrophe,” he said.”

https://www.voanews.com/a/congo-s-children-recruited-raped-and-killed-in-conflict/7675260.html


“Famine risk rises across Sudan as conflict crisis deepens…

“Sudan is battling the worst levels of food insecurity on record, with a risk of famine in 14 areas across the war-ravaged nation if the conflict between military factions escalates further…”

https://www.telegraph.co.uk/global-health/terror-and-security/famine-risk-rises-across-sudan-as-civil-war-escalates/


“Behind the Deadly Unrest in Kenya, a Staggering and Painful National Debt.

“Kenya, the fastest growing economy in Africa, is on the brink of a fiscal calamity. Across Africa, nations are spending more on interest than on health or education.”

https://www.nytimes.com/2024/06/26/business/kenya-tax-protests-debt.html


“Houthis claim to have developed long-range hypersonic missile…

“Adding to the growing panic for seafarers transiting the Middle East, the Houthis have claimed this week to have launched a homemade long-range hypersonic missile called the Hadim-2. This solid-fuel missile was reportedly used to target a Liberian-flagged ship…”

https://splash247.com/houthis-claim-to-have-developed-long-range-hypersonic-missile/


“Meltdown Looms for the West Bank’s Financial Lifelines.

“Israel’s threatened termination of a banking waiver would paralyse financial activity in the West Bank, causing an economic meltdown and risking the Palestinian Authority’s collapse – with dire consequences for West Bank Palestinians – and maybe for Israel, too.”

https://www.crisisgroup.org/united-states-israelpalestine/meltdown-looms-west-banks-financial-lifelines


“US intel indicates war between Israel and Hezbollah inching closer…

“A war between Israel and Hezbollah could ignite a conflict that forces the U.S. to help defend Jerusalem and pushes the Biden administration to engage more deeply in a region it has for years tried to leave. It also risks another humanitarian disaster…”

https://www.politico.com/news/2024/06/27/us-intelligence-israel-hezbollah-war-00165338


“Globalisation is fracturing. That’s a big problem for net zero, experts say…

“The World Economic Forum is in the middle of its future-focused Annual Meeting of the New Champions. The central theme is how to prevent globalisation falling apart.”

https://www.capitalbrief.com/article/globalisation-is-fracturing-thats-a-big-problem-for-net-zero-experts-say-34545292-6af9-48e1-9578-92a9c1cee41b/preview/


“Lithium: A Clean Energy Solution with a Dirty Secret…

“The communities where lithium is extracted are already suffering from dire health and ecological issues stemming from the extraction of the metal, but the lithium industry is just getting started.”

https://oilprice.com/Energy/Energy-General/Lithium-A-Clean-Energy-Solution-with-a-Dirty-Secret.html


“BP has scaled back its green energy plans – don’t be surprised if it happens again…

” The stock market, as everybody knows by now, is rewarding the US titans with higher share ratings because they have an easier financial story to tell: energy transition globally is happening at a slower pace than imagined a few years ago, and their expertise lies in oil and gas, where immediate demand is still high.”

https://www.theguardian.com/business/nils-pratley-on-finance/article/2024/jun/27/bp-has-scaled-back-its-green-energy-plans-dont-be-surprised-if-it-happens-again


“Maldives climate minister arrested for performing ‘black magic’ on President Muizzu…

“Cops said Fathimath Shamnaz has been remanded in custody for a week pending investigation… Her position is an important job in a nation on the frontlines of the climate crisis, with UN environment experts warning rising seas could make it virtually uninhabitable by the end of the century.”

https://www.firstpost.com/world/maldives-climate-minister-arrested-for-performing-black-magic-on-president-muizzu-13786741.html


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you!

26th June 2024 Today’s Round-Up of Economic News

“Warnings over lethal and contagious strain of mpox as children in DRC die.

“A dangerous strain of mpox that is killing children and causing miscarriages in the Democratic Republic of the Congo is the most transmissible yet and could spread internationally, scientists have warned.”

https://www.theguardian.com/global-development/article/2024/jun/26/democratic-republic-congo-drc-virulent-strain-mpox-monkeypox-virus-killing-children-miscarriages


“Why antibiotic resistance could make the last pandemic look minor…

“Our warming world is partly responsible for increasing rates of AMR, with shifting climate conditions around the globe helping bacteria such as Salmonella and cholera-causing Vibrio to survive – and evade our current antibiotic weaponry completely.”

https://www.newscientist.com/article/mg26234971-400-why-antibiotic-resistance-could-make-the-last-pandemic-look-minor/


“US health agencies launch new studies of H5N1 bird flu in dairy workers and dairy products…

“The projects are part of a suite of new research announced by federal agencies on Tuesday to understand the dynamics of H5N1 bird flu, which for the first time jumped from birds to dairy cattle around the beginning of the year.”

https://edition.cnn.com/2024/06/25/health/new-studies-bird-flu-dairy-workers-and-dairy-products/index.html


“Finland to start bird flu vaccinations for humans, in world first.

“Finland plans to offer pre-emptive bird flu vaccination as soon as next week to some workers with exposure to animals, health authorities said on Tuesday, making it the first country in the world to do so.”

https://www.reuters.com/business/healthcare-pharmaceuticals/finland-start-bird-flu-vaccinations-humans-2024-06-25/


“Norway starts stockpiling grain again, citing the pandemic, war and climate change…

““There should be an extra level of security in the event of major disruptions in the international trade systems or failure of national production,” Slagsvold Vedum said. “This is an important part of the government’s work to strengthen national preparedness.””

https://apnews.com/article/norway-stockpiling-grain-ukraine-food-security-ac874122f2f2fb43e7d1332c1a51f0e6


“PPE worth £1.4bn from single Covid deal destroyed or written off [UK]…

“An estimated £1.4bn-worth of personal protective equipment (PPE) bought by the government in a single deal has been destroyed or written off, according to figures described as the worst example of waste in the Covid pandemic.”

https://www.theguardian.com/world/article/2024/jun/25/ppe-worth-14bn-from-single-covd-deal-destroyed-or-written-off


“Farmers ‘at war’ with countryside crime gangs [UK]…

“Mr Porter told the BBC: “If we didn’t have all our defences, the countryside would simply become even more lawless and it would be an unsafe place in which to live because these people are hugely threatening. “It is a war. I’m not trying to be dramatic. It literally is like that.””

https://www.bbc.co.uk/news/articles/c5111vx8y4mo


“Denmark to charge farmers €100 a cow in first carbon tax on agriculture.

“After months of fraught negotiations with trade bodies and environmental groups, Denmark’s ruling coalition on Monday night agreed an effective tax rate of DKr120 (€16) per tonne of carbon dioxide equivalent emissions from livestock, including cows and pigs.”

https://www.ft.com/content/c7a4eeaa-3a00-4132-bac3-82e1d0650c78


“Lufthansa to charge up to €72 per ticket to cover climate costs.

“Lufthansa Group airlines will include a surcharge of up to €72 per ticket starting next year to cover costs introduced by the EU Emissions Trading System and the sustainable aviation fuels (SAF) mandates, the German carrier announced Tuesday.”

https://www.politico.eu/article/lufthansa-to-charge-up-to-e72-per-ticket-to-cover-climate-costs/


“With Macron Distracted, Germany Shuts Down Push for Joint EU Debt.

“The German government and its allies are succeeding in their efforts to block plans for new joint borrowing to finance critical European Union projects like defense. So-called defense bonds are likely to be off the table when European leaders gather Thursday…”

https://www.bloomberg.com/news/articles/2024-06-25/eu-summit-defense-bonds-in-question-as-germany-shuts-down-joint-eu-debt-push


“French bond worries could spark broader debt crisis…

“By the end of last year, the country’s debt had risen to 111% of gross domestic product, far beyond the EU’s Maastricht debt ceiling of 60%. This made France the world’s third-largest sovereign debtor, after the United States and Japan.”

https://www.nzz.ch/english/french-bond-worries-could-spark-broader-debt-crisis-ld.1836195


“Bitter Balkan feuds spill into Euros once again…

“An Albanian player leads fans in chants against North Macedonia. Rival supporters unite to chant “Kill the Serbs”. A journalist from Kosovo receives death threats for an eagle gesture. The bitter and often bewildering world of Balkan conflicts… has yet again spilled into the otherwise happy football fest of Euro 2024.”

https://cyprus-mail.com/2024/06/25/bitter-balkan-feuds-spill-into-euros-once-again/


“EU hits 19 Chinese firms with sanctions over links to Russian war effort…

“The 14th package of sanctions against Russia added 61 new companies to the list of entities accused of directly “supporting Russia’s military-industrial complex” in the war in Ukraine, bringing the total to 675 firms.”

https://www.france24.com/en/europe/20240625-eu-hits-19-chinese-firms-with-sanctions-over-links-to-russian-war-effort


“Russian saboteurs ‘behind fire’ at Berlin arms factory written off as accident…

“…intelligence officials now suspect that the fire was deliberately started by Russian operatives and have shared supporting evidence with the German government, according to the Wall Street Journal.”

https://www.telegraph.co.uk/world-news/2024/06/24/russian-saboteurs-caused-fire-berlin-arms-factory-ukraine/


“US, Russia defense chiefs speak as tensions rise over Crimea attack…

“The U.S. and Russian defense chiefs spoke by telephone on Tuesday in rare communication between the two powers and with tensions rising after Moscow blamed Washington for a deadly Ukraine attack over the weekend on the Russian-annexed Crimea. The two sides gave widely divergent accounts of the conversation…”

https://www.reuters.com/world/pentagon-chief-russian-defense-minister-discuss-open-lines-communication-2024-06-25/


“War crimes arrest warrants issued for top Russian officials.

“The International Criminal Court has issued an arrest warrant for Russia’s former defence minister, Sergei Shoigu, and the chief of general staff, Valery Gerasimov. The ICC judges said the two men were suspected of committing war crimes and crimes against humanity during the war in Ukraine.”

https://www.bbc.co.uk/news/articles/c988qjje02eo


“A New Era of Financial Warfare Has Begun. The West’s latest actions against Russia carry risks for the global system and could provoke China…

“However it’s done, making money off other nations’ assets—even aggressor nations, such as Russia, in total violation of global norms—is a risky precedent.”

https://foreignpolicy.com/2024/06/25/g7-summit-frozen-russian-assets-ukraine-chinese-banks/


“US sanctions ‘sprawling shadow banking network’ that helps Iran’s military…

“On Tuesday, the Treasury’s Office of Foreign Assets Control said the entities and individuals are involved in the sale of Iranian oil and petrochemicals, which have helped Iran’s military and government gain illicit access to the international financial system.”

https://www.aljazeera.com/economy/2024/6/25/us-sanctions-sprawling-shadow-banking-network-that-helps-irans-military


“World War III knocking on the door [says Turkey’s Foreign Minister]…

“During a live broadcast last Monday, Fidan repeated his concern over the potential spillover effect of the ongoing war. He has clearly warned about the risk of World War III, especially considering the most recent developments both in the Middle East and in the Ukrainian conflict.”

https://www.dailysabah.com/opinion/columns/world-war-iii-knocking-on-the-door


“North Korea fires potential hypersonic missile towards sea, South Korea says.

“Hypersonic weapons are considered the next generation of arms that aim to rob adversaries of reaction time and traditional defeat mechanisms… The missile launch came hours after South Korea said the North floated flying balloons – believed to be carrying rubbish – across the border for a second day in a row.”

https://news.sky.com/story/north-korea-fires-ballistic-missile-towards-sea-south-korea-says-13158861


“Philippines warns of region-wide conflict over South China Sea reef dispute.

“The Philippine ambassador to Washington has warned that a conflict with China over a contested reef in the South China Sea could engulf countries across the Indo-Pacific, raising the spectre of a possible nuclear war.”

https://www.ft.com/content/b159b5a6-ba06-401c-8585-bc71ad73a69f


“Coal push damps hopes of China’s climate ambition.

“Momentum behind net zero pledges could be fading as Beijing prioritises economic growth and energy security… The key indicators of concern are the rise of new coal-fired power stations in China and the slow rate of retirement of older coal plants.”

https://www.ft.com/content/b0e3c55d-9947-4826-bc1a-32c875368ab5


“Argentina’s copper mining revival sparks environmental tensions.

“…the industry and its activities face consistent pressure from social and environmental organisations, due to the potential for pollution, disputes over water usage, and other conflicts in areas surrounding mines.”

https://dialogue.earth/en/energy/argentinas-copper-mining-revival-sparks-environmental-tensions/


“Battle lines redrawn as Argentina’s lithium mines ramp up to meet electric car demand…

“For 14 years, the 33 Atacama and Kolla Indigenous communities have banded together to halt mining operations, fearful that their water resources will be lost or contaminated and that they will be forced from their land.”

https://www.theguardian.com/global-development/article/2024/jun/25/battle-lines-redrawn-as-argentinas-lithium-mines-ramp-up-to-meet-electric-car-demand


“Javier Milei’s shock therapy pushes Argentina into recession…

“Drastic cuts to public spending led to Argentina’s GDP falling by 2.6c from January to March, which came after a 2.5pc drop in the final three months of 2023. This represents two successive quarters of negative growth, meeting the official definition of a recession.”

https://www.telegraph.co.uk/business/2024/06/25/javier-milei-shock-therapy-pushes-argentina-into-recession/


“Ghana’s cocoa farmers turn to smuggling as currency falls…

“…the depreciation of the cedi, which has lost over 20 percent of its value against the dollar this year, has severely impacted the profitability of cocoa farming even as international prices topped $10,000 per tonne in March before receding in recent months.”

https://business.inquirer.net/465280/ghanas-cocoa-farmers-turn-to-smuggling-as-currency-falls


“Tensions mount ahead of South Africa coalition govt formation…

“South Africa’s weakened African National Congress (ANC) denounced on Monday “outrageous demands” for cabinet positions by its coalition partners in documents leaked to the press amid negotiations to form a government.”

https://www.france24.com/en/video/20240625-tensions-mount-ahead-of-south-africa-coalition-govt-formation


“Police have opened fire on protesters outside the Kenyan parliament as they attempted to storm the building in Nairobi while MPs inside passed legislation to raise taxes.

“At least five people were shot dead, according to Reuters, amid chaotic scenes…”

https://www.theguardian.com/world/article/2024/jun/25/kenyan-police-shoot-dead-protesters-as-crowd-try-to-storm-parliament


“UN Security Council: Regional crisis deepens as Gaza war grinds on…

“While the situation in Gaza remains catastrophic, ongoing Israeli settlement expansion and escalating violence in the occupied West Bank is ratcheting up tension across the whole region, the UN’s Middle East envoy said on Tuesday.”

https://news.un.org/en/story/2024/06/1151441


“US defence secretary Lloyd Austin has warned Hizbollah’s “provocations” threaten to drag Israel and Lebanon into a war that neither side wants.

“Austin’s warning came ahead of a meeting on Tuesday with Israeli defence minister Yoav Gallant, who is in Washington to consult with senior officials…”

https://www.ft.com/content/9119efdf-9771-48d0-8a51-99c72eed46a3


“The military made a robot that can eat organisms for fuel.

“The designers of the phase I engine stressed heavily that the robot is not designed to eat the dead… but we know it could… The project began in 2003 and is a DARPA-funded venture between Cyclone Power Technologies and Robotic Technology, Inc.”

https://www.wearethemighty.com/mighty-tactical/robots-that-eat-people/


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

If you found value in this content, please help me continue this work by becoming a patron of my work via Patreon. And if you are already a subscriber or have donated – thank you!

24th June 2024 Today’s Round-Up of Economic News

“Ending growth won’t save the planet… Curtailing economic growth will not save the planet from catastrophic climate change. [WaPo Editorial Board]…

““Degrowth” — the brand name for neo-Malthusianism — ignores how ingenuity and innovation have repeatedly empowered humanity to overcome ecological constraints identified by Malthus, Ehrlich, et al.”

https://www.washingtonpost.com/opinions/2024/06/21/degrowth-climate/


“Climate change is already making your bills more expensive…

“As human-created greenhouse gas emissions wreak planetary chaos, researchers forecast even more economic effects, driving temporary price increases — and raising risks for longer-term inflation, especially as spikes become more frequent.”

https://www.washingtonpost.com/business/2024/06/23/climate-change-warming-economy-impacts/


“‘You feel death at your doorstep but have no choice’: Extreme heat takes toll on outdoor workers [US]…

“Another punishing wave of intense heat has put much of the US in a vice grip this week, subjecting some workers to dangerous (if not deadly) conditions; disrupting small and large businesses; sapping away consumer spending and tourism; and taking a big bite out of economic activity.

https://edition.cnn.com/2024/06/21/economy/outdoor-workers-extreme-heat-temperature/index.html


“German Economy Minister Robert Habeck said on Sunday that China was indispensable to achieving global climate goals and must find a safe alternative to coal, which accounted for nearly 60% of China’s electricity supply in 2023.

“Officials told Habeck that China was expanding coal production for security reasons…”

https://www.reuters.com/business/environment/german-minister-says-china-indispensable-achieve-climate-goals-2024-06-23/


“Climate and energy have emerged as a federal election flashpoint. But unless the economy improves, will voters be listening? [Australia]…

“With a federal election due by May 2025, few doubt it will be fought over the high cost of living, with emphasis on energy policy and the punishing effects of electricity prices. But the underlying condition of the economy will determine the salience of these arguments with voters.”

https://theconversation.com/climate-and-energy-have-emerged-as-a-federal-election-flashpoint-but-unless-the-economy-improves-will-voters-be-listening-232903


“Future of new oil and gas projects in UK thrown into doubt after landmark Supreme Court decision.

“The case hinged around an oil drilling project at Horse Hill in Surrey, granted planning permission by Surrey Count Council in 2019. The ruling could now have immediate implications for other fossil fuel extraction projects.”

https://news.sky.com/story/future-of-new-oil-and-gas-projects-in-uk-thrown-into-doubt-after-landmark-supreme-court-decision-13155934


“Bulk of UK renewables projects fail to get beyond planning stage.

“The majority of Britain’s onshore renewable energy projects are failing to get beyond the planning stage, according to analysis that highlights the challenges the country still faces in hitting its clean energy targets.”

https://www.ft.com/content/1fd56de4-5930-4fd6-a683-a98d8ac09cab


“Survey: France’s far-right National Party to lead first round of election.

“The alliance of President Emmanuel Macron will fall to third place, while the People’s Front, formed by left-wing and environmentalist parties, is expected to come in second, according to the recent polls.”

https://www.trtworld.com/europe/survey-frances-far-right-national-party-to-lead-first-round-of-election-18176169


“The real risks for investors after the rise of the European far right…

“The European elections have revived he narrative of a fractured Europe where socio-economic views seem to be shifting against the EU’s stated policy prioritiesthere are risks at both a national and EU level that could have longer- term consequences for companies and markets.”

https://www.ft.com/content/ad264b31-cf2c-44b3-a196-d3b2a8ba335c


“Poland mulls closing border with Belarus, minister says.

“Since mid-2021, Poland has experienced an influx of migrants from the Middle East at its border with Belarus, which, according to Warsaw, is being orchestrated by Minsk. The government is making efforts to reinforce the border… but this has not stopped migrants from attempting to cross.”

https://www.euractiv.com/section/politics/news/poland-mulls-closing-border-with-belarus-minister-says/


“EU devises legal loophole to bypass Hungary veto on support for Ukraine…

“The EU has devised a legal workaround to sidestep Hungary’s veto on buying weapons for Ukraine with the profits generated by Russia’s frozen assets this year, in a move that could also clear the way for the G7 to pay $50bn to Kyiv.”

https://www.ft.com/content/88dd9521-30c0-475f-b635-3d04190b82e4


“Russia and Ukraine traded attacks which resulted in casualties overnight and into Sunday, officials from both sides say.

“At least five people were killed, including three children, in a Ukrainian attack on Crimea on Sunday, according to the Russian defence ministry, which said the supply of missiles made the United States responsible for the attack.

https://www.aljazeera.com/news/2024/6/23/russia-ukraine-conduct-air-attacks-on-multiple-cities-as-war-intensifies


“Gunmen have attacked churches, a synagogue and a police post in Russia’s North Caucasus region of Dagestan, killing at least 15 police and National Guard officers, several civilians and an Orthodox priest, according to authorities.

“At least 12 people were injured in the attacks, which took place in the cities of Derbent and Makhachkala on Sunday…”

https://www.aljazeera.com/news/2024/6/23/synagogue-church-attacks-in-russias-dagestan-kill-police-report


“At least one person is dead and several others wounded following a shootout Sunday at a Russian police checkpoint along the border between Russia’s Krasnodar Krai region and Georgia’s breakaway region of Abkhazia…

“In 2008, a five-day conflict broke out between Georgia and Russia over the breakaway regions of South Ossetia and Abkhazia.”

https://www.aa.com.tr/en/europe/at-least-1-killed-in-shootout-at-russia-abkhazia-border/3256404


“‘They won’t silence us’: beaten Georgia activist says protests will continue…

“Berdzenishvili, a prominent activist and co-founder of the Georgian pro-democracy movement Shame, was ambushed and beaten outside his house last week by a group of unknown assailants who pushed and kicked him to the ground.”

https://www.theguardian.com/world/article/2024/jun/24/beaten-georgia-activist-protests-continue-elections


“US aircraft carrier arrives in South Korea amid tensions with North Korea…

“A nuclear-powered United States aircraft carrier has arrived in South Korea for three-nation exercises aimed at stepping up military training, days after North Korea and Russia signed a mutual defence pact.”

https://www.aljazeera.com/news/2024/6/22/us-aircraft-carrier-arrives-in-south-korea-amid-tensions-with-north-korea


“South China Sea: Philippines’ anti-ship missile base puts Scarborough Shoal in cross hairs…

“The Philippines’ installation of an anti-ship missile base facing the South China Sea marks a “quantum leap” in its defences and will give Beijing pause, observers say – even as Manila remains outmatched by China’s superior military might.”

https://www.scmp.com/week-asia/politics/article/3267598/south-china-sea-philippines-anti-ship-missile-base-puts-scarborough-shoal-cross-hairs


“Autocracy is ‘evil’, Taiwan president says after China threatens death for separatism…

“Democracy is not a crime and autocracy is the real “evil”, Taiwan President Lai Ching-te said on Monday after China threatened to impose the death penalty in extreme cases for “diehard” Taiwan independence separatists.”

https://www.reuters.com/world/asia-pacific/autocracy-is-evil-taiwan-president-says-after-china-threatens-death-separatism-2024-06-24/


“India shuns China’s calls to resume passenger flights after 4 years, officials say…

“China is pressing India to restart direct passenger flights after a four-year halt, but New Delhi is resisting as a border dispute continues to weigh on ties between the world’s two most populous countries, officials said.”

https://www.reuters.com/world/asia-pacific/india-shuns-chinas-calls-resume-passenger-flights-after-4-years-officials-say-2024-06-20/


“Widespread protests erupt in Iraq over power outages as temperatures hit 50°C and above…

“The power outages have left many Iraqis without air conditioning or refrigeration during the hottest parts of the day, leading to growing public discontent. Demonstrators have taken to the streets, demanding urgent government action…”

https://www.newarab.com/news/scorching-heat-long-power-outages-prompt-iraqis-protest


“In a statement on Wednesday, Kuwait’s Ministry of Electricity, Water and Renewable Energy said scheduled power cuts would occur for up to two hours a day, in the first such step for the OPEC member state. [Yes, those are melted traffic cones.]

“It blamed the cuts on “the inability of power plants to meet increased demand” during peak hours amid “a rise in temperatures compared to the same period in previous years.”

https://tribune.com.pk/story/2473068/kuwait-announces-power-outages-as-demand-surges-amid-summer-heat


“Netanyahu says Israel is winding down its Gaza operations. But he warns a Lebanon war could be next…

“The comments threatened to further heighten the tensions between Israel and Hezbollah at a time when they appear to be moving closer to war. Netanyahu also signaled that there is no end in sight for the grinding war in Gaza.”

https://www.washingtonpost.com/world/2024/06/23/israel-palestinians-hamas-war-news-06-23-2024/762acb86-314f-11ef-872a-1d22f44a0d95_story.html


“Is Beirut Airport being used by Hezbollah to store explosives and missiles?

“An investigation by the UK Telegraph newspaper quote whistleblowers claiming Lebanon’s main civilian airport has received a huge cache of Iranian-made weapons, being used against Israel. More information with FRANCE 24 correspondent in Beirut Rawad Taha.”

https://www.france24.com/en/video/20240623-is-beirut-airport-being-used-by-hezbollah-to-store-explosives-and-missiles


“Israel’s Iron Dome anti-missile batteries risk being overwhelmed in the opening strikes of any significantly escalated conflict with Hezbollah.

“The assessment delivered by US officials late last week, echoing recent analysis by experts in Israel and the United States, comes amid fears that a war with Hezbollah could be a… dangerous undertaking.”

https://www.theguardian.com/world/article/2024/jun/23/israel-iron-dome-hezbollah-war-lebanon


“Thousands of Iran-backed fighters offer to join Hezbollah in its fight against Israel…

“Hezbollah leader Hassan Nasrallah said in a speech Wednesday that militant leaders from Iran, Iraq, Syria, Yemen and other countries have previously offered to send tens of thousands of fighters to help Hezbollah, but he said the group already has more than 100,000 fighters.”

https://www.washingtonpost.com/world/2024/06/23/lebanon-israel-iraq-syria-hezbollah-fighters-iran/2ab1fa52-311e-11ef-bcdf-31cdebd3022f_story.html


“Prospects for West Bank are bleak amid rising violence with world’s eyes on Gaza.

“Since the Hamas attacks, Israeli security forces have worked to prevent the West Bank from becoming another front in the war, although there is evidence that their draconian approach is actually pushing the area closer to collapse.”

https://news.sky.com/story/prospects-for-west-bank-are-bleak-amid-rising-violence-with-worlds-eyes-on-gaza-13157695


“Yemen’s Houthis claim joint raid on Israeli ships with Iraqi militia…

“Yemen’s Houthis have claimed carrying out a joint military operation with an Iranian-backed Iraqi militia, known as the Islamic Resistance in Iraq, to target four vessels in Israel’s Haifa port… Israel’s Channel 12 reported an explosion occurred in Haifa at dawn…”

https://www.aljazeera.com/news/2024/6/23/yemens-houthis-claim-joint-raid-on-israeli-ships-with-iraqi-militia


“UK ‘tried to suppress criticism’ of alleged UAE role in arming Sudan’s RSF militia.

“UK government officials attempted to suppress criticism of the United Arab Emirates and its alleged role in supplying arms to a notorious militia waging a campaign of ethnic cleansing in Sudan, sources have told the Guardian.”

https://www.theguardian.com/global-development/article/2024/jun/24/uk-allegedly-suppressing-criticism-uae-arming-sudan-rsf-militia-genocide-darfur


“Congo: Militias using machetes and guns leave at least 23 dead in attacks on villages…

“The motive for the attacks was not clear but militia violence in Congo is linked to long-running competition for influence and the region’s rich mineral resources. The human rights situation in Ituri has deteriorated since the beginning of the year…”

https://news.sky.com/story/congo-militias-using-machetes-and-guns-leave-at-least-23-dead-in-attacks-on-villages-13157355


“Coup-hit Niger was betting on a China-backed oil pipeline as a lifeline. Then the troubles began…

“Analysts say the crises could further hurt Niger, one of the world’s poorest countries which funds most of its budget with now-withheld external support in the aftermath of the coup.”

https://www.scmp.com/news/world/africa/article/3267740/coup-hit-niger-was-betting-china-backed-oil-pipeline-lifeline-then-troubles-began


“Another Crescent: Iran’s Brewing Influence in the Sahel Region…

“Economically, Iran aims to access the region’s natural resources, such as gold, uranium, and other valuable minerals, to support its economic needs… the recent wave of coups in the Sahel region presents Iran with opportunities to advance its anti-Western agenda.”

https://thegeopolitics.com/another-crescent-irans-brewing-influence-in-the-sahel-region/


“Inflation, recession force Argentines to eat less beef…

“Argentines, famed for steakhouses, sprawling cattle ranches and asado barbecues, are consuming less beef than ever, forced to tighten their belts by triple-digit inflation and a recession. Beef consumption is down almost 16% this year so far in the South American nation…”

https://www.reuters.com/markets/commodities/meat-loving-argentines-eat-less-beef-inflation-bites-2024-06-22/


“Bitter political fight in Bolivia is paralyzing the government as unrest boils over economic crisis…

“With prices surging, dollars scarce and lines snaking away from fuel-strapped gas stations, protests in Bolivia have intensified over the economy’s precipitous decline from one of the continent’s fastest-growing two decades ago to one of its most crisis-stricken today.”

https://www.winnipegfreepress.com/business/2024/06/22/bitter-political-fight-in-bolivia-is-paralyzing-the-government-as-unrest-boils-over-economic-crisis


“Fresh unrest in New Caledonia after independence activists flown to France for detention…

“Buildings, including a police station and a town hall, were set on fire in New Caledonia overnight, authorities said, as the French Pacific territory was hit by a new surge of unrest.”

https://www.theguardian.com/world/article/2024/jun/24/new-caledonia-unrest-independence-activists-france-detention


“This is truly incredible: Nvidia, $NVDA, is now larger than the entire French and UK stock markets.

The company’s market cap has skyrocketed by over $2 trillion year-to-date with the stock up 174% in 2024. 5 years ago, Nvidia wasn’t even one of the 20 largest public companies in the world.”

https://x.com/KobeissiLetter/status/1804141149877158116


“The multitrillion-dollar [shadow banking] threat that could spark another financial crisis…

“Last week, the Federal Reserve Bank of New York published a series of blog posts on the interconnections between the regulated banking system and the less regulated (or effectively unregulated) non-banks. Their conclusion was that non-banks pose an increasing risk to America’s big banks.”

https://www.smh.com.au/business/banking-and-finance/the-multitrillion-dollar-threat-that-could-spark-another-financial-crisis-20240624-p5jo3y.html


“What nuclear annihilation could look like… “The survivors would envy the dead.”

“I invited author, Annie Jacobsen on The Gray Area to talk about what a nuclear exchange would really look like and how perilously close we are to that reality.”

https://www.vox.com/the-gray-area/356044/nuclear-annihilation-annie-jacobsen


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

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