EU Drought: Economic Impact
The Rhine near the key waypoint Kaub, in Germany, on 12 August 2022. Source: Thomas Frey/DPA via AP.
Europe's intense heatwaves driven by climate change are having severe impacts on the EU economy. Coupled with record-high inflation levels, extreme temperatures will reduce stable crop yields, deepening the cost of living crisis as prices of certain goods are expected to rise. Furthermore, factories in certain countries such as Germany may need to lower or halt production volumes completely as low water levels on the Rhine River severely impacting transportation for the major industries with chemical, steel, petroleum and construction materials all at risk.
- Blow for Germany as Rhine falls below critical water level
- Europe drought: German industry at risk as Rhine falls
- Rhine River Level at Kaub Is Set to Stay Low at Key Waypoint in Coming Days
- Driest July in memory imperils Europe's crops
- Dutch government declares water shortage due to drought
- Drought takes toll on Tuscany's famed olive oil and wine production
Walmart Streaming Services Partnership
Source: Times Now.
The US retailer has partnered with Paramount Global to provide Paramount+'s streaming service to its Walmart+ subscribers. This would strengthen Walmart's competition with Amazon, as we may see other retailer look to establish similar partnerships with streaming services for additional revenue streams.
- Walmart enters streaming deal with Paramount+ in race with Amazon
- Walmart Ponders Streaming Deal With Paramount, Disney and Comcast
- Walmart held talks on streaming deal with Disney, Comcast and Paramount
Themes to Watch Out
H&M China Return
Source: Getty Images.
H&M has now resumed presence to Alibaba's popular Tmall online platform, 16 months after being banned H&M over their expressed public concerns about human rights abuses in Xinjiang. Why the ban was suddenly lifted still remains unknown. Previously, Chinese customers protested H&M when they refused to use cotton produced in Xinjiang - a region claimed to be exposed to forced labour whereas such claims are denied by China.
- H&M Returns to China's Tmall After Cancellation Over Xinjiang
- H&M back on Alibaba's Tmall after Xinjiang controversy
- H&M Returns to China’s Internet After a 16-Month Disappearance
China Drought Concerns
Piers are seen near the dried riverbed exposed after the water level dropped in the Yangtze River in Yunyang county in China's Chongqing Municipality. Source: AP.
The intense heat in China is hurting the global economy as it continues to dry the Yangtze river basin, leading to shutdowns of hydropowered factories - Toyota, Chinese lithium battery giant CATL and raw material firms are among those affected across China. After the severe Covid lockdowns in Shanghai, supply chains are expected to be further disrupted by the halt of operations, exacerbating the ongoing power crisis and chip shortages.
- China's factories are shutting down again—but not because of covid
- Electric vehicle makers face another disruption as the power crisis hits China
- High Temps, Drought in China Affect Drinking Water, Crops
- As China’s energy crisis closes factories, how much will it affect the economy?
- High temperatures bring drought, power shortages to China's Yangtze River delta
- Weather tracker: deadly floods in South Korea and drought in China
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