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On August 22, Director of National Intelligence Gabbard issued a directive to the US intelligence community several weeks ago, demanding that all information regarding the Russia-Ukraine peace talks not be shared with US intelligence partners. Multiple US intelligence officials stated that the memorandum, dated July 20 and signed by Gabbard, instructed agencies not to share information with the "Five Eyes" alliance, which includes the United Kingdom, Canada, Australia, and New Zealand.On August 22, Japans Ministry of Finance reportedly plans to raise the assumed long-term government bond interest rate in its fiscal 2026/27 budget proposal to 2.6%, the highest level in 17 years. During the fiscal 2025 budget proposal, Japans assumed government bond interest rate was 2.1%, but was adjusted to 2.0% in the final budget. The report also stated that the increase will lead to increased debt servicing costs.Japans core CPI annual rate in July was 3.1%, in line with expectations of 3.00% and the previous value of 3.30%.Japans July core CPI annual rate will be released in ten minutes.On August 22, the Hong Kong residential market suffered its biggest loss yet on August 19. The mansion at 15 Gough Hill Road, The Peak, owned by Shenzhen Xiangqi Group Chairman Chen Hongtian or a related party, sold for HK$790 million after two years of bidding. The property, originally purchased for HK$2.1 billion in 2016, has now depreciated by HK$1.31 billion, a 62.4% drop, to a price per square foot of approximately HK$43,700 (1 square foot equals approximately 0.0929 square meters). The property was taken over by Bank of East Asia in 2023 due to financial problems, becoming a bank-owned property and undergoing multiple bid extensions before a buyer was found. The property has a usable area of 18,000 square feet, with a nearly 10,000 square foot garden and 2,788 square feet of parking space. The price per square foot once reached HK$227,400. Converted to square meters, the typical mainland Chinese standard, the unit price of this mansion at its peak would have reached approximately HK$2.45 million per square meter.

U.S. States Battle to Share Diminishing Colorado River Water Supplies

Skylar Williams

Feb 03, 2023 11:45

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The Colorado River, which supplies 40 million people in seven U.S. states with potable water, is drying up, straining a water distribution treaty in the midst of the greatest drought in 1200 years, which is compounded by climate change.


California left the six states of Arizona, Colorado, Nevada, New Mexico, Utah, and Wyoming on Tuesday in response to a U.S. government deadline requiring them to negotiate their own supply cuts or face the possibility of federally mandated reductions.


Kevin Moran, a specialist in water policy at the Environmental Defense Fund, described today's events as a step forward.


"After twenty years of drought and the effects of climate change, six of the seven basin states are playing catch-up to minimize water use from the Colorado River," Moran told Reuters.


When the states signed its pact a century ago, the river was expected to produce 20 million acre-feet of water annually. An acre-foot (1,233 cubic meters) of water is sufficient to supply two urban households with water for one year.


The real flow has decreased to an average of 12.5 million acre-feet over the past two decades, leaving state water managers with more rights on paper than actual availability.


California receives the greatest allocation, of which 80 percent is utilized by its $50 billion agriculture sector.


Many experts believe that the state's choice to opt out of the deal increases the likelihood that the water dispute will reach the nation's top courts.


David Hayes, a lecturer at Stanford University Law School, stated, "We have a scenario where certain water rights holders in California say, 'We're not willing to give up additional water, and we believe we have legal rights and are willing to go to court if necessary.'"


"And there is insufficient time to fight these issues," Hayes, a former senior climate adviser to President Joe Biden, warned.


He identified the need for significant conservation efforts to safeguard reservoirs from overuse and drought exacerbated by climate change, a condition that, if left uncontrolled, might threaten water supply to Las Vegas or California from the Hoover Dam.


Although California was deluged for weeks beginning in late December by seven atmospheric rivers that dumped up to 30 inches (76 centimeters) of rain in some regions, the Colorado River basin received little of this precipitation.


California cannot resolve its long-term crisis without substantial investments to capture more storm water, repair flood plains, and recycle wastewater, despite forecasts of more such atmospheric rivers of increasing magnitude and frequency.


In at least 1,200 years, 2000-2021 was the driest 22-year period for southwestern North America, according to a paper published in Nature in 2017.


Sharon Megdal, director of the Water Resources Research Center at the University of Arizona, stated, "Something will have to give."


As temperatures rise, mountain snows melt more rapidly in the spring, and the state lacks the storage capacity to accommodate the runoff.


She noted that a letter signed by the six states demonstrated that they all acknowledged the need for a change in operating protocols for the Colorado River and its supplies.


"I believe that people would like to believe that we can find a way to keep these economic activities, our type of businesses, and our livelihoods going," Megdal added.