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On January 13th, the Jiangsu Provincial Government issued a notice regarding the "Artificial Intelligence+" Action Plan for Jiangsu Province, which mentions accelerating the application of autonomous driving in various industries. This includes accelerating the research and deployment of large-scale models in assisted driving and autonomous driving systems, constructing a data-driven algorithm system across the entire process, and promoting the development of intelligent cockpits adapted to high-level autonomous driving. The plan also explores the construction of an innovation platform for autonomous driving spatial intelligence and world models. Furthermore, it promotes pilot applications of "vehicle-road-cloud integration" for intelligent connected vehicles, constructs intelligent roadside infrastructure, and achieves networked recognition of all traffic facilities and autonomous driving mode operation within designated areas.Hong Kong-listed tech stocks weakened in the afternoon, with SenseTime (00020.HK) falling more than 4%, Kuaishou (01024.HK) falling more than 3%, and Xiaomi Group (01810.HK), Baidu (09888.HK) and others following suit.On January 13th, JPMorgan Chase issued a report stating that WuXi AppTec (02359.HK) recently issued a profit warning, expecting sales to increase by 16% year-on-year to RMB 45.5 billion in 2025, exceeding the banks forecast by 2%; adjusted net profit is expected to increase by 41% year-on-year to RMB 15 billion, 4% higher than the banks forecast. The bank believes that the better-than-expected performance is mainly driven by continuous capacity and production capacity improvement, production process optimization, and improved operational efficiency; the market is expected to react positively to the profit warning. In addition, although the profit warning did not provide specific details on gross profit margin or operating expenses, the bank believes that WuXi AppTecs adjusted net profit margin expansion to 33% is another positive surprise; a target price of HKD 142 and an "overweight" rating are now given.January 13th Futures News: 1. WTI crude oil futures trading volume was 1,065,300 lots, a decrease of 158,978 lots from the previous trading day. Open interest was 1,998,254 lots, an increase of 2,157 lots from the previous trading day. 2. Brent crude oil futures trading volume was 204,328 lots, a decrease of 10,772 lots from the previous trading day. Open interest was 230,708 lots, an increase of 2,585 lots from the previous trading day. 3. Natural gas futures trading volume was 876,995 lots, a decrease of 207,686 lots from the previous trading day. Open interest was 1,643,126 lots, a decrease of 36,978 lots from the previous trading day.Kuwait set its official selling price for its extra-light crude oil to Asia in February at a discount of $1.60 per barrel to the average price in Oman/Dubai.

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.