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On December 9th, Jinhui Group (00137.HK) announced on the Hong Kong Stock Exchange that a buyer, in which the company holds approximately 55.69% equity, entered into a shipbuilding contract with the seller on December 9th, 2025. According to the terms of the contract, the seller agreed to build and sell the vessel at a contract price of US$33.45 million (approximately HK$261 million). The vessel will be delivered to the buyer on or before October 31st, 2028. The seller is Jiangmen Nanyang Shipbuilding Engineering Co., Ltd.On December 9th, Geely Automobile (00175.HK) announced on the Hong Kong Stock Exchange the latest progress regarding the selection of eligible Krypton holders. The selection process has been completed, and the results are as follows: a total of 777,228,611 consideration shares will be allotted and issued to eligible Krypton holders who have made a valid selection to receive the consideration shares. The number of consideration shares to be issued represents approximately 7.7% of the Companys total issued share capital as of the selection deadline (i.e., 5:00 p.m. (Eastern Time) on December 5, 2025); the Group will pay a total of approximately US$701 million in cash consideration to the remaining eligible Krypton holders who have selected or are deemed to have selected to receive the cash consideration. The Company will apply to the Listing Committee for approval for the listing and trading of the 777,228,611 consideration shares.Oil prices fell on December 9th, continuing the previous days decline, as traders focused on negotiations to end the Russia-Ukraine conflict, the looming global supply glut, and the direction of US interest rates. Soojin Kim of Mitsubishi UFJ Financial Group stated, "Traders remain cautious given the International Energy Agencys (IEA) forecast of a record oil glut next year, coupled with prices being confined to a narrow range of $4 since early November." Investors are currently awaiting the upcoming monthly reports from OPEC and the IEA for further clues on supply and demand trends.On December 9th, UK-based biotechnology company Relation Therapeutics announced a collaboration with Novartis to discover and advance novel targets for atopic diseases. Under the agreement, Relation will receive an initial grant of $55 million, including upfront payments, equity investment, and additional R&D funding. Furthermore, Relation is eligible to receive up to $1.7 billion in preclinical, development, regulatory, and commercial sales milestone payments, as well as tiered royalties based on net product sales.The onshore yuan closed at 7.0693 against the US dollar at 16:30 on December 9, up 20 points 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.