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Hong Kong Stock Exchange announcement: Xiaomi Group (01810.HK) repurchased 5 million Class B shares for HK$161.6 million on March 30.Market news: Israeli sources say a gasoline storage tank caught fire at the Haifa refinery.On March 30th, Thu Lan Nguyen of Commerzbank stated in a report that the possibility of coordinated intervention in the foreign exchange market by Japan and the United States to boost the yen and weaken the dollar should not be ruled out following the recent decline in the yen. She pointed out that US Treasury Secretary Bessant downplayed speculation about such intervention in January, but that was at a time of dollar weakness. The current strength of the dollar makes the conditions for coordinated intervention appear more favorable. The G7 central bank governors and energy and finance ministers meeting on Monday may provide Japanese Finance Minister Satsuki Katayama with a good opportunity to garner Bessants support.Ukrainian President Zelensky: We have referred to the recent drone incident in Finland. The Finnish President and I share similar views on this situation. We are providing all necessary information.On March 30th, InSilicon Technologies (03696.HK) announced a major $2.75 billion collaboration with Eli Lilly, sparking market speculation about a potential acquisition by Lilly. On the afternoon of March 30th, InSilicon Technologies founder and CEO Alex Zhavoronkov denied the acquisition rumors in an interview. "Currently, the companys valuation is relatively low, and at this stage, we hope to maintain our independence. There is no possibility of the company being acquired by a pharmaceutical company. In fact, global technology companies such as Google are investing in AI-powered drug discovery, but AI-driven drug development requires extensive experimental validation. This is why InSilicon Technologies is concentrated in China; Chinas infrastructure and policy support are unparalleled," said Alex Zhavoronkov.

Plastic Consumption Is Projected to Nearly Double by 2050, According to Studies

Haiden Holmes

Feb 27, 2023 14:08

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According to research published on Monday, plastic consumption in G20 nations is on track to nearly double by the middle of the 21st century unless a comprehensive and legally binding global treaty to reduce consumption is drafted.


According to Back to Blue, a research group operated by the Economist Impact think-tank and the Nippon Foundation, existing initiatives to increase recycling or reduce single-use plastic consumption have "barely scratched the surface" and a more comprehensive global plan is required.


In Uruguay, the United Nations began negotiations on an agreement to combat plastic pollution in November, with the goal of drafting a legally binding treaty by the end of the following year. 175 countries have joined up for the negotiations.


Nonetheless, if negotiations fail, annual plastic production in G20 nations could reach 451 million tonnes by 2050 based on current development rates, according to Back to Blue - an increase of nearly 75 percent from 2019.


The research group stated, "There should be no illusions that the treaty negotiations will be anything but difficult and treacherous." "The likelihood of failure is high, both in terms of no treaty emerging and a treaty that is insufficient to reverse the plastic tide."


It called for a stricter ban on single-use plastic, as well as increased production taxes and mandatory programs to hold companies accountable for the entire lifecycle of their products, including recycling and disposal.


Back to Blue stated that the combined measures could limit annual consumption to 325 million tonnes by 2050, but that would still be a 25 percent increase from 2019 and the equivalent of 238 million garbage vehicles.


Brazil, the United States, Indonesia, and Turkey are among the G20 countries that have yet to introduce national prohibitions on single-use plastic products, according to the report.