Something for the weekend.
(Bloomberg) — Heat, both climatic and financial, continues to dominate the news this weekend. We look at how the world’s two biggest economies seem to have a problem balancing the books, while India’s coal addiction has created a cycle of misery for its sweltering residents. For a lucky few, there’s a chance to escape to the beach — with the boss’s permission.
The White House and Republican negotiators continue to send out messages like “I’m very optimistic” and “Hell no! Not a chance,” when questioned about the US debt-ceiling negotiations and what a deal may entail. Both sides now have a firm deadline to agree on a deal that’s expected to include faster permits for fossil fuel projects. The date is June 5, which ironically is also World Environment Day.
China’s local governments also have a debt problem. Collectively they owe $23 trillion. Here’s what happens when they can’t pay.
Provincial borrowing isn’t the only issue plaguing China right now. Beijing’s decision to bar Micron Technology’s memory chips is raising concern that it may target other chip companies. But, as this analysis shows, that could be disastrous for its economic ambitions.
India’s effort to catch up with China has created its own paradox, summed up by Rabi Behera, who works in searing heat to make the planet warmer. Behara digs coal to power the air-conditioners and fans that help mitigate the summer heat. As the temperatures rise, the nation burns more coal, increasing its contribution to global warming. Can India break the cycle?
With one extreme weather event leading to another, it’s easy to forget other global disasters. The World Health Organization officially declared an end to the Covid-19 emergency earlier this month. Apparently the virus didn’t get the memo.
One thing Covid did do is to create a conflict between those who think everyone should return to their desks (the bosses) and those who have embraced the flexible working arrangements wrought by the virus (everyone else). As employers drag staff kicking and screaming back to the office, some big companies are offering a way to mitigate the pain: Work-From-Anywhere weeks.
That bolthole in Bali may well come in handy now that AI is becoming the answer to everything.
Should you choose to escape on a yacht, however, there are other things to worry about…
Back at the office, some CEOs are increasingly asking: “What do I need to learn so that, you know, I don’t get fired during one of these events?” The “events” in question are cyberattacks and these are the lessons learned by those whose companies got hacked. Perhaps the US Defense Department should take notice.
If all this stirring news leaves you a little shaken, here’s something to soothe your spirits.
Have a suave weekend.
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