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On December 18th, silver prices broke through $66 per ounce for the first time on Wednesday, with a year-to-date increase of nearly 130%. A new round of price surge that began that day propelled its price up by more than 4%, bringing silvers total market capitalization to $3.75 trillion, surpassing AI giant Google to become the worlds fourth-largest asset, after gold, Nvidia, and Apple.Venezuelan President Nicolás Maduro said on Wednesday that Venezuela will continue its oil trade despite US President Donald Trumps order to block oil tankers entering and leaving the country.Sources say Qatar has lowered its February Al-Shaheen crude oil price to a premium of 53 cents per barrel over Dubai quotes.On December 18th, Japanese Chief Cabinet Secretary Minoru Kihara intensified his verbal warnings about market conditions, indicating increased government sensitivity to the yens movements and rising long-term interest rates, and a verbal intervention to combat the yens weakness. Kihara stated that the government is closely monitoring market developments, including changes in long-term interest rates. This statement was widely interpreted as a warning to the foreign exchange market. Although Kihara did not directly mention the yen, his emphasis on monitoring financial conditions underscores concerns that recent depreciation could destabilize the market. His remarks come as the yen remains under pressure due to persistent yield differentials between Japan and other major economies, despite growing expectations that the Bank of Japan will continue its gradual policy normalization.Note: US President Trump did not mention Venezuela even once during his entire State of the Union address.

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.