Photo: Florian Gaertner/Getty Images.

While governments and corporations are starting to protect themselves from the impacts of climate change, Morgan Stanley says private businesses need to do more.

Why now: The investment bank's strategists are recommending companies strongly consider preparing for a world with more frequent and intense weather events, rising sea levels, changes to agriculture and the spread of infectious disease.

"We expect the physical risks of climate change to become an increasingly important part of the investment debate for 2019," Morgan Stanley equity strategists Mark Savino, Jessica Alsford and Victoria Irving said in a research note Wednesday.

The note also highlights a number of worrying statistics.

  • Climate disasters cost the world $650 billion over 3 years and Americans are bearing the brunt.
  • North America absorbed two-thirds of the global cost of climate disasters over the last 3 years.
  • At $415 billion, the price of the disasters is equal to 0.66% of North America's GDP.
  • Near-term disruptions and long-term structural changes present risks to many sectors of the economy.

Go deeper: What your city's climate will be in 2080

Go deeper

1 hour ago - World

China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 13,048,249 — Total deaths: 571,685 — Total recoveries — 7,215,865Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,353,348— Total deaths: 135,524 — Total recoveries: 1,031,856 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Houston mayor calls for two-week shutdownCalifornia orders sweeping rollback of open businesses — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Education: Los Angeles schools' move to online learning could be a nationwide tipping point.

House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.