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HSBCs preview of the US July CPI: It is expected that several core inflation components will cool down more than expected, leading to both the overall CPI and core CPI falling short of market expectations.August 9th - The US CPI report, to be released next Wednesday, is undoubtedly the most closely watched data of the week. Economists generally expect the annual inflation rate to slow slightly, but core inflation is likely to remain high, reflecting persistent price pressures in the services and housing sectors. According to the latest data, the Federal Reserve remains cautious, emphasizing that it needs further assurance that inflation is sustainably approaching its 2% target before considering interest rate cuts.August 9th - As Typhoon Dolphin approaches, its impact on Shanghai continues to intensify, making the flood control situation severe. Mayor Gong Zheng chaired a video conference today (August 9th) to coordinate typhoon defense and response efforts, conducting further checks, deployments, and implementation of typhoon preparedness measures.According to real-time data from Lighthouse Pro, as of 12:04 PM on August 9th, the film "The Eight Immortals!" had grossed over 1.4 billion yuan.Conflict Updates: 1. Russian Operations Command: The Ilsky oil refinery caught fire due to drone debris. 2. Ukraine claims attacks in Kyiv and other areas, resulting in multiple deaths and injuries. 3. Local authorities state the fire at the Ilsky oil refinery in Krasnodar has been extinguished. 4. According to Interfax: Russia claims a drone attacked a ship carrying weapons for the Ukrainian military east of Odessa. 5. The Ukrainian military states that Ukrainian troops attacked the Ilsky and Sizlan oil refineries in Russia, causing the fire. Other Updates: 1. US Officials: Ukraine agrees to avoid attacks on non-Russian oil tankers and Black Sea oil facilities. 2. New Zealand imposes new sanctions on Russia following US actions. 3. Zelensky: The US will provide Ukraine with Patriot interceptor missiles monthly. 4. Ukrainian President Zelensky expresses gratitude for the US Senates passage of the Russian sanctions bill. 5. Zelensky visits Serbia as Russias influence weakens. 6. Sources: Musk refused to allow Ukraine to use Starlink to strike targets within Russia. 7. A Ukrainian drone violated Bulgarian airspace and exploded, endangering key energy facilities. Bulgaria has summoned the Ukrainian ambassador regarding the incident. 8. Ukrainian Foreign Ministry: Ukraine has no intention of launching any equipment towards Bulgaria.

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.