News roundup for Tue, Aug 30, 2022

In short:
  • Early signs suggest monkeypox may be slowing in some U.S. cities, though public health officials remain cautious.
  • Pakistan declared a national emergency due to catastrophic flooding that has submerged a third of the country, displacing millions and causing widespread damage.
  • A fire at a BP refinery in Indiana led to its shutdown, disrupting fuel supplies across the U.S. Midwest. Officials are still assessing when operations will resume.
Economy, Energy, Supply Chain

The UK is raising its energy bill cap to an average of £3,549 starting October 1st. The new rate, set by Ofgem, will be reviewed every three months instead of every six to better reflect market fluctuations. However, this cap only applies to households, not businesses. Small business owners are already feeling the pressure, with one senior economist warning that “a catastrophe is coming this winter” as energy costs threaten families’ financial and physical well-being.

French President Macron warned of upcoming ‘sacrifices’ as Europe moves beyond the era of abundance. He linked the shift to climate change and the ongoing instability caused by Russia’s invasion of Ukraine, signaling a new era of economic challenges for the continent.

This winter might be tough, but gas rationing seems less likely than before. Despite high prices, European countries have managed to secure enough supply to avoid immediate shortages.

The EU is holding an emergency meeting this Friday to address how soaring gas prices could push Europe into a recession. With energy costs rising, governments are under increasing pressure to find solutions.

Via FT

A BP refinery in Indiana shut down after a fire, causing disruptions in fuel supply across the Midwest. Michigan has declared a state of energy emergency, and it's unclear when the facility will restart.

The two largest data centers are stockpiling generator fuel in case of power outages. This precaution highlights growing concerns about grid reliability amid rising energy demand and volatility.

Here’s an explainer on SNAP benefits and who qualifies.

Check your chances of home price declines in your local market using this interactive map:

Opinion: Could El Salvador be the first country to go bankrupt because of crypto?

Food Security

Abbott is resuming production of Similac baby formula, with products expected to return to shelves in about six weeks. This follows a major recall and supply shortage that left many parents struggling.

Ukrainian grain exports have now surpassed one million metric tons. Forty-four ships have been sent to 15 countries, and 70 more applications are pending. However, Ukraine’s overall grain exports are down by 52.6% compared to previous years. This year’s harvest is expected to reach 50 million tonnes, far below the record 86 million tonnes from 2021. The wheat harvest is 98% complete.

The U.S. corn harvest is the smallest since 2019, due to extreme heat and dry conditions in the Midwest. This has made it even harder for the U.S. to compensate for the supply gaps caused by the war in Ukraine.

The global food situation remains tense:

Here’s a satellite view of American corn fields:

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