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Real-time News
January 15th - The Federal Reserves Beige Book showed that overall economic activity in eight of the 12 Federal Reserve districts increased at a slight to moderate pace, three districts reported no change, and one district reported a moderate decline. This is an improvement over the previous three reporting periods, when most districts reported little change in economic activity. The Beige Book indicated a slightly optimistic outlook for future activity, with most districts expecting modest to moderate growth in the coming months. The Beige Book also showed that most banks reported slight to moderate growth in consumer spending this period, primarily due to the holiday shopping season; recent employment conditions were largely unchanged, with eight of the 12 districts reporting no change in hiring activity; and prices increased at a moderate pace in the vast majority of districts, with only two districts reporting slight price increases. Cost pressures from tariffs were a common problem across all districts.Market news: A U.S. judge has refused to immediately grant Minnesotas request to block ICE enforcement operations in the state.According to the Wall Street Journal, senior European diplomats are “completely confused” about U.S. plans regarding Iran.A U.S. court said a judge will rule on Thursday via telephone hearing on the request for a temporary injunction against Statoils offshore wind farm.On January 15th, the Polish Foreign Ministry issued a statement on the evening of January 14th, urging Polish citizens to leave Iran immediately and advising against travel to Iran. That same evening, the Italian Foreign Ministry also issued a statement urging its citizens to leave Iran. Also that day, the Spanish Foreign Ministry announced that the Spanish government had formally advised all its citizens currently in Iran to leave the country as soon as possible. Reports also indicated that the UK had closed its embassy in Tehran. Previously, the United States, France, and other countries had issued similar security warnings.

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.