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On Thursday, January 8, the Hong Kong Hang Seng Index opened down 156.17 points, or 0.59%, at 26,302.78; the Hang Seng Tech Index opened down 24.99 points, or 0.44%, at 5,713.53; the H-share Index opened down 39.12 points, or 0.43%, at 9,099.63; and the Red Chip Index opened down 5.62 points, or 0.14%, at 4,109.34.Hong Kong stocks opened lower, with the Hang Seng Index down 0.59% and the Tech Index down 0.44%. Newly listed stocks Tianshu Zhixin (09903.HK) rose approximately 31%, Jingfeng Medical (02675.HK) rose over 36%, and Zhipu (02513.HK) rose over 3%.Hang Seng Index futures opened down 0.53% at 26,334 points, a discount of 125 points.According to the Financial Times, US oil companies have warned that guarantees are required to invest in Venezuela.On January 8th, the main contract for container shipping (Europe route) fell by over 7% in early trading. A research report from Yide Futures on January 8th indicated that the price surge and subsequent pullback was due to profit-taking by some investors and shipping companies lowering their online freight rates for mid-to-late January, impacting market sentiment and causing a significant drop in the index. Specifically, CMA CGM lowered its 20GP and 40GP TEU rates by $135 and $250 respectively; Evergreen Marine lowered its rates by $100 and $200 to $2015/TEU and $3030/FEU respectively; and Maersk lowered its WK4 Shanghai-Gdansk high-cube freight rate to $2420. Market research indicates that spot bookings for mid-to-late January are strong, but current bookings for late January are lower than at the end of December. Shipping companies are further supporting prices primarily to encourage pre-shipment. If subsequent cargo volumes fall short of expectations, spot freight rates are expected to reach a turning point at the end of January. With expectations of concentrated shipments before the Spring Festival, the marginal support logic remains, therefore, the short-term outlook for the 02 contract is for continued high-level fluctuations. (This content and opinion are for reference only and do not constitute any investment advice.)

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.