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Ukraine claims the attacked factory in Bryansk produces components for military electronic warfare systems.The Ukrainian military has attacked a Russian microelectronics factory in Bryansk.On July 7th, European Central Bank (ECB) Executive Board member Leon Panetta stated that even as the US and Iran approach a lasting peace agreement, the ECB is still grappling with an uncertain economic situation. Speaking at a conference in Rome, Panetta said that while the US-Iran negotiations could lead to energy prices falling below the ECBs June forecast, "the outlook remains fragile." He stated, "Upside risks to inflation and downside risks to growth continue to coexist. This requires continued monitoring of geopolitical developments, energy markets, supply chains, wages, and inflation expectations. It also requires monetary policy to avoid committing to a predetermined path." Panetta also noted that the current conflict is one of a series of increasingly frequent supply shocks that could alter how policymakers respond in the future to ensure inflation reaches the 2% target in the medium term.On July 7th, the State Financial Regulatory Commission (SFC) and the Shanghai Municipal Peoples Government jointly issued "Several Measures to Accelerate the Construction of Shanghai International Reinsurance Center." These measures emphasize strengthening the primary responsibilities of insurance institutions, urging them to establish and improve internal control and compliance management systems, and enhancing the management of operational risks and cross-border capital flows. The measures also aim to enhance the regulatory effectiveness of the SFC, improve prudential regulatory rules in the reinsurance sector, and strengthen supervision of solvency, related-party transactions, and business finances. Support will be given to the Shanghai Financial Regulatory Bureau to research and establish a monitoring system adapted to reinsurance risks, improving the penetration and effectiveness of risk monitoring for cross-border reinsurance and on-exchange transactions, and maintaining the safe and stable operation of the Shanghai International Reinsurance Center. Finally, the measures leverage the auxiliary regulatory functions of the reinsurance registration and trading center to improve the quality and efficiency of reinsurance supervision.July 7th Futures News: On July 7th, the Shanghai Futures Exchanges energy and chemical warehouse receipts and changes are as follows: 1. Pulp futures warehouse receipts: 288,584 tons, an increase of 2,417 tons compared to the previous trading day; 2. Pulp futures mill warehouse receipts: 20,000 tons, unchanged compared to the previous trading day; 3. Offset paper futures warehouse receipts: 1,557 tons, unchanged compared to the previous trading day; 4. Offset paper futures mill warehouse receipts: 6,640 tons, unchanged compared to the previous trading day; 5. Fuel oil futures warehouse receipts: 336 tons. 6. Petroleum asphalt futures warehouse receipts: 9310 tons, unchanged from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 15970 tons, unchanged from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 2961000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

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.