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February 17th - Analyst Eamonn Sheridan: The Reserve Bank of Australias (RBA) February meeting minutes are expected to reinforce its case for resuming tightening, highlighting persistent inflation, strong demand, and continued capacity pressures, but without indicating any major shift from previously provided policy guidance. The logic behind the RBAs decision to raise interest rates for the first time in over two years will be detailed in the February monetary policy meeting minutes. The minutes are unlikely to offer significant new information; market focus will be on subtle details. Investors will scrutinize the extent to which the committee emphasized strong demand, a tight labor market, and capacity constraints in the overall economy. Previous communications have indicated that private demand has exceeded previous forecasts, while supply capacity remains constrained, exacerbating price pressures. The minutes are likely to reinforce the policys data-dependent and tightening stance. Further rate hikes remain a realistic possibility if demand growth exceeds supply and inflation fails to ease effectively.February 17th - A Russian diplomatic source stated late on the 16th that a Russian delegation led by Presidential Aide Medinsky had departed and was expected to arrive in Geneva, Switzerland, early on the 17th to participate in trilateral talks between Russia, the United States, and Ukraine. Bilateral contacts between Russia and Ukraine are possible during the talks. The source said the Russian delegation would arrive in Geneva around 6:00 AM local time on the 17th. The US is technically involved in coordinating the necessary permits for the Russian delegations arrival in Geneva via the EU. The source said the trilateral talks plan to discuss key factors in resolving the Ukrainian issue, including military, political, and humanitarian issues. The duration of the talks is currently unknown. Bilateral contacts between Russia and Ukraine are possible during the Russia-US-Ukraine talks.BHP Billiton (BHP.N): Optimistic about the economic backdrop supporting key commodities.BHP Billiton (BHP.N): The Escondida copper mine is expected to produce between 1 million and 1.1 million tons in fiscal year 2027.BHP Billiton (BHP.N) reported a net profit of $5.64 billion for the first half of the year, up 28% year-on-year; revenue for the first half was $27.902 billion, higher than the market estimate of $26.907 billion.

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.