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On July 10th, MiniMax founder and CEO Yan Junjie released an internal letter to all employees, responding to recent market fluctuations and emphasizing that the companys long-term direction remains unchanged. In the letter, Yan Junjie announced that, effective immediately, until the company achieves its AGI (Automatic Group Index), he will no longer receive any salary from the company. Over the next four years, he will allocate 4% of his personal shares—equivalent to 4% of the companys total share capital—to incentivize team members who have worked alongside the company and created value together; he will also allocate 1% of his shares to establish a special fund to continuously support the development of related open-source communities.Newly listed stock N Torrance surged over 1000% in early trading, triggering a temporary trading halt.As of 09:31 Beijing time, WTI crude oil futures rose 0.40%, and US natural gas futures rose 0.17%.On July 10th, Japanese Economy and Fiscal Policy Minister Minoru Jonouchi stated on Friday that the government would never pre-convey its preferences regarding how the central bank should set interest rates, thus mitigating market concerns about political interference in monetary policy. This followed a draft economic blueprint stating that "appropriately guiding monetary policy to achieve a stronger economy is very important," which exacerbated market concerns that the dovish government of Prime Minister Sanae Takaichi might pressure the Bank of Japan to postpone interest rate hikes. The draft also mentioned a legal provision requiring the Bank of Japan to align its policy decisions with the governments economic agenda, but did not mention another provision ensuring its legal independence from political interference. At a press conference, Jonouchi stated, "The governments specific monetary policy measures are determined by the Bank of Japan, and this position remains unchanged." He pointed out, "The government will never pre-convey its views to the Bank of Japan on matters such as the timing and magnitude of interest rate hikes, or the direction of monetary policy." However, he added that the government and the Bank of Japan "should obviously" share an understanding of the economic, price, and financial situation.Oil-themed funds opened lower, with the Global Oil and Gas Energy LOF falling more than 3%, the Harvest Crude Oil LOF falling more than 2%, and the E Fund Crude Oil LOF, Southern Crude Oil LOF, and Oil Fund LOF all falling more than 1%.

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.