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Global Financial Watchdog Warns of Economic Challenges Ahead
The Financial Stability Board has cautioned G20 leaders about potential economic shocks in the coming months. The chair, Klaas Knot, highlighted the impact of rising interest rates on global economic, the need for close monitoring of real estate and urged financial providers to manage their risks. He stressed the importance of implementing global bank capital rules and regulating nonbank financial institutions. Despite recent stability, he warned that financial system risks remain.
Brent Oil Surges to $90/Barrel as OPEC+ Extends Supply Cuts
Oil prices hit their highest levels since November of 2022, with Brent crude reaching $90.04 per barrel. This surge followed Saudi Arabia and Russia's decision to extend supply cuts until the end of the year, sparking concerns about potential winter shortages. Analysits predict the market deficit of over 1.5 million barrels per day in Q4 2023 and UBS forecasts Brent crude to hit $95 per barrel by the end of 2023.
Kim Jong Un and Putin to Discuss Weapons Deal
Kim Jong-un plans to travel to Russia this month to meet with President Vladimir V. Putin to discuss the possibility of supplying Russia with more weaponry for its war in Ukraine. The U.S. warns against such deals and vows to impose sanctions on those facilitating weapons transfers between the two countries. There is a concern that these agreements may breach the UN Security Council resolutions.
South America Has Broken Monthly Heat Records Every Single Day of August - From the First to the Last Day
South America experienced an unprecedented heatwave in August, setting new temperature records every day throughout the month. From French Guiana to Colombia, soaring temperatures are becoming more frequent, mirroring a global trend of increasing heat extremes. This extreme event was linked to a heat dome over Paraguay, fueled by El Niño and global warming. Weather historian Maximiliano Herrera called it a climate-altering phenomenon.
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