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February 13th - Electric vehicle manufacturer Rivian warned that its losses this year may be higher than expected as it works to control costs during the critical period leading up to the launch of its next-generation SUV. In releasing its fourth-quarter earnings report, Rivian projected an adjusted EBITDA loss of $1.8 billion to $2.1 billion for 2026. While the final figure in this range represents an improvement over last years loss, it exceeded analysts previous expectations of a loss of approximately $1.8 billion. This forecast indicates that Rivians path to profitability remains bumpy, facing weak demand for electric vehicles, high raw material costs, and the loss of regulatory credit revenue following the Republican-led repeal of electric vehicle-friendly policies. Rivian also stated that its highly anticipated R2 mid-size electric SUV will go on sale as planned in the second quarter. This model is crucial for Rivian to achieve higher production volumes and improved profitability, as it will be launched at a lower price.Rivian (RIVN.O) reported fourth-quarter revenue of $1.286 billion, compared to market expectations of $1.263 billion.The Dow Jones Industrial Average closed down 669.42 points, or 1.34%, at 49,451.98 on Thursday, February 12; the S&P 500 closed down 108.71 points, or 1.57%, at 6,832.76; and the Nasdaq Composite closed down 469.32 points, or 2.03%, at 22,597.15.February 13th - US stocks closed with the Dow Jones Industrial Average down 1.34%, the S&P 500 down 1.57%, and the Nasdaq Composite down 2.03%. Apple (AAPL.O) plunged 5%, Nvidia (NVDA.O) fell 1.64%, and Amazon (AMZN.O) dropped 2.2%. SanDisk (SNDK.O) rose 5%.Sources say that Midad Energy, backed by Saudi Arabia, has signed a term sheet to acquire assets from sanctioned Lukoil, pending regulatory approval.

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.