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Japans retail sales in March totaled 14.306 trillion yen, compared with 12.155 trillion yen in the previous month.April 30th - According to a document from the U.S. Court of International Trade, the first batch of refunds for tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) on imported goods will be issued around May 11th. The U.S. Supreme Court ruled on February 20th that the IEPA did not authorize the president to impose large-scale tariffs. On March 4th, a judge from the U.S. Court of International Trade ruled that Customs and Border Protection (CBP) could not impose tariffs under the IEPA during tariff settlements. This means that tariffs previously imposed under the IEPA must be refunded.Japans inventory levels fell 1.5% month-on-month in March, compared with 0.3% in the previous month.Japans preliminary industrial production growth rate for March was 2.3% year-on-year, below the expected 2.2% and the previous reading of 0.40%.Futures News, April 30th - According to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) closed higher on Wednesday, with the benchmark contract rising 2.2%, reaching its highest level in three and a half years, mainly reflecting a surge in international crude oil futures. As US-Iran peace talks stalled, investors became more concerned about long-term supply disruptions in the Middle East, causing crude oil prices to jump more than 6% on Wednesday, reaching their highest level in nearly a month. This boosted the global vegetable oil market, including Chicago soybean oil.

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.