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On April 21st, the UK Office for National Statistics reported that wage growth (excluding bonuses) slowed to 3.6% annually in the three months to February, a slightly smaller decline than expected, while economists had generally predicted a drop to 3.5%. Prior to the outbreak of the Iran-Iraq conflict at the end of February, the Bank of England had expressed growing concern about slowing hiring. However, new inflationary pressures have emerged due to soaring energy prices caused by the Middle East war, leading economists to postpone their predictions of a possible return to interest rate cuts by the Bank of England. Bank officials stated that the weak economic backdrop could make it more difficult for workers to demand higher pay rises in response to anticipated inflation.On April 21, the General Office of the Shanghai Municipal Peoples Government issued the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai)". The plan proposes to conduct research on intelligent technologies, accelerating breakthroughs in next-generation general artificial intelligence, intelligent software, and intelligent computing systems. It also calls for a systematic approach to scientific intelligence, implementing the "100 Teams, 100 Projects" initiative to incubate innovative enterprises. Furthermore, it emphasizes promoting breakthroughs in collaborative reasoning technologies between general scientific models and disciplinary models, and strengthening research on technologies such as structured representation of scientific data, scientific data governance toolchains, and intelligent agents for scientific experiments.On April 21, the General Office of the Shanghai Municipal Peoples Government issued the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai)". The plan proposes the high-level construction of the Lingang International Data Economy Industrial Park. It supports the Lingang New Area in accelerating its development into an international data processing hub and fostering new international data trade formats such as "data processing upon arrival". The plan also includes launching the construction of an international data comprehensive service and supervision platform, optimizing the layout of cross-border data infrastructure, and improving the convenience of cross-border data transfer for enterprises within the region.On April 21, the General Office of the Shanghai Municipal Peoples Government issued a notice on the "Implementation Plan for the National Digital Economy Innovation and Development Pilot Zone (Shanghai)," which mentions accelerating the intelligent transformation and digital upgrading of key industries. It calls for implementing special actions for "AI + Manufacturing" and "5G + Industrial Internet," supporting the research and development of large-scale industry-specific models. The plan also aims to cultivate and develop new service industry models driven by data elements and artificial intelligence, supporting service industries such as strategic consulting, industry analysis, index publishing, and asset appraisal to strengthen the application of data elements and digital technologies, transforming static data resources into dynamic value services.A report from the Bank of Japans financial system indicates that companies commodity procurement costs may rise, and the impact on supply chains may become apparent.

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.