DINNER PARTY INTEL: Stockpiling becomes a thing as Brexit looms
Four out of 10 Brits are stockpiling food, medicine and clothes in their homes
1. Start lending or hand it over, banks are told
To boost growth, Nigeria is giving its banks a choice: lend more money, or hand it over to the central bank and earn nothing on it, Bloomberg reports. Commercial banks have until September to use at least 60% of their deposits for loans. Those that don’t will have their cash-reserve requirements increased, meaning they’ll be forced to park more money at the central bank.
Nigeria’s banks are some of the most reluctant lenders. Their average loan-to-deposit ratio is below 60%. That compares with 78% across Africa, Bloomberg says. It’s above 90% in SA and about 76% in Kenya.
2. Stockpiling becomes a thing as Brexit looms
Four out of 10 Brits are stockpiling food, medicine and clothes in their homes in preparation for the growing prospect of the UK leaving the EU without a Brexit deal, Business Insider reports. It quotes intelligence company Blis, which conducted a poll, and says fear that there will be shortages in a no-deal Brexit scenario is driving the move.
The two candidates to replace Theresa May as prime minister, Boris Johnson and Jeremy Hunt, have promised to take the UK out of the EU this year, with or without a deal. October 31 is the expected date that Brexit will take place.
3. Antarctic glacier melt may become irreversible
The melting of glaciers in Antarctica will accelerate and become irreversible even if global heating eases, a Nasa-funded study suggests. It found that instability in the Thwaites glacier means a time will come when it will be impossible to stop it flowing into the sea and triggering a 50cm sea-level rise, The Guardian reports. Other Antarctic glaciers were likely to be similarly unstable.
The rate of ice loss from five Antarctic glaciers had doubled in six years and was five times faster than in the 1990s.