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September 4th - The Mediterranean tanker market has recently seen a significant correction. Shipbroker Riverlake stated that freight rates for a 140,000-ton crude oil tanker traveling from the Black Sea to the Mediterranean have fallen to 280 world scale (WS) points, down from approximately WS570 in mid-August. Since the second half of August, trans-Mediterranean freight rates have also decreased by about 100 WS points, reaching WS280 by early September. Another shipbroker indicated that freight rates may have fallen to around WS200. In contrast, traders say that freight rates for transporting Urals crude oil from Novorossiysk to India have remained largely unchanged, at approximately $18 million to $20 million per voyage. This is because many shipowners are still avoiding Russian Black Sea ports due to security concerns, reducing the number of available tankers and helping to support freight rates on the India route.According to the Wall Street Journal, U.S. ethics filings show that Commerce Secretary Lutnick earned more than $250 million last year.On September 4, Ukrainian President Volodymyr Zelenskyy posted on social media that the headquarters of the National Security Service of Ukraine, located in downtown Kyiv, was attacked by a Russian drone that day. Ukrainian media, citing sources, reported on the same day that, due to security concerns, US Presidential Envoy Sergei Witkov, who was scheduled to visit Russia and Ukraine, was considering alternative plans to the visit.September 4th - According to a Nikkei report, Japans Ministry of Defense plans to develop satellites equipped with artificial intelligence to analyze space surveillance data, thereby accelerating decision-making and enhancing Japans ability to strike targets using long-range missiles. The Ministry of Defense plans to collaborate with Japanese companies to build test satellites between fiscal years 2027 and 2029 and to verify their performance on the ground. These satellites are scheduled to be launched in fiscal year 2030 or later to test their capabilities. The artificial intelligence system is expected to be developed independently by Japan.According to Nikkei, Japans Ministry of Defense plans to launch a satellite in fiscal year 2030 or later to test its capabilities in space.

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.