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Global Negotiations On A Treaty To End Plastic Pollution At Critical Phase In Canada

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7 months ago

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Ontario, Canada. Negotiators from most states are currently discussing the draft of a worldwide treaty aimed at eradicating plastic pollution, marking the first instance of such negotiations.

Delegates and observers at the Intergovernmental Negotiating Committee on Plastic Pollution regarded it as a positive development, and discussions have transitioned from conceptualization to the formulation of a treaty at this fourth out of five planned plastics summits.

The concept of internationally restricting the production of plastic is highly controversial. The document continues to exist despite the vehement opposition from countries and companies involved in plastic production, as well as oil and gas exporters. The majority of plastic is derived from fossil fuels and chemical compounds.

The Ottawa session was set for late Monday or early Tuesday. During Monday night’s meeting, there was a heated debate about whether the working groups should prioritize the issue of plastic manufacture before the upcoming and final meeting.

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AP – VOR News Image

Global Negotiations On A Treaty To End Plastic Pollution At Critical Phase In Canada

According to Stewart Harris, a representative of the International Council of Chemical Associations, the members are advocating for a treaty that specifically addresses the recycling and reuse of plastic, sometimes known as “circularity.”

Harris expressed the desire for the deal to be finalized. “We desire to collaborate with the governments in order to execute it.” The private sector has a significant responsibility to fulfill.

Many scientists from the Scientists’ Coalition for an Effective Plastics Treaty attended the meeting to present scientific facts on plastic pollution to negotiators. Their objective was to counteract any misinformation that may be circulating.

Bethanie Carney Almroth, an ecotoxicology professor at Sweden’s University of Gothenburg and coalition co-leader, stated that yesterday’s claim about the lack of microplastic data is factually incorrect. In reality, there have been 21,000 published articles on micro and nanoplastics. “It resembles the game Whac-A-Mole.”

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Global Negotiations On A Treaty To End Plastic Pollution At Critical Phase In Canada

According to her, scientists have been subjected to harassment and intimidation by lobbyists. She informed the United Nations that a lobbyist shouted directly at her during a meeting.

Ecuador’s lead negotiator, Walter Schuldt, stated that despite their divergences, the countries represented have a shared objective of advancing in the treaty process.

“In the interview, he emphasized that we are discussing the preservation of life in the future, encompassing not only human life but also all forms of life on Earth,” he stated.

He expressed his pride in participating in and contributing his small but meaningful effort to the worldwide initiative to tackle an environmental issue.

The negotiators’ objective is to finalize a treaty by the conclusion 2024. The topics given to expert working groups by tonight will progress to the final stage of discussions in autumn in South Korea.

Without undertaking this preparatory work in between meetings, it would be intimidating to successfully conclude the negotiations within this year. Several nations expressed their dedication to collaborating during the intervals between talks on Sunday evening.

The treaty negotiations commenced in Uruguay in December 2022, and Rwanda and Peru’s subsequent submission of the resolution initiated the process in March 2022.

Progress was sluggish at the Paris discussions in May 2023 and the Nairobi talks in November as countries deliberated about the process’s regulations.

Upon the arrival of numerous negotiators and observers in Ottawa, Luis Vayas Valdivieso, the committee chair from Ecuador, reminded them of their objective and urged them to exhibit ambition.

“We have a responsibility to create a new treaty that will stimulate and direct the necessary actions and global collaboration to achieve a future devoid of plastic pollution,” he stated. “We must not disappoint them.”

The delegates have discussed the treaty’s scope, chemicals of concern, problematic and avoidable plastics, product design, and financing and implementation.

Delegates also simplified the cumbersome assortment of choices from the previous meeting.

Many individuals journeyed to Ottawa from communities impacted by plastic manufacture and pollution. Residents residing near petrochemical plants and refineries in Louisiana and Texas distributed postcards to the U.S. State Department with the message, “We desire your presence.”

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AP – VOR News Image

Global Negotiations On A Treaty To End Plastic Pollution At Critical Phase In Canada

The members of the Break Free From Plastic movement journeyed collectively and urged negotiators to personally witness air and water contamination in their regions.

“This remains the most optimal choice we possess to witness transformation in our communities.” Corporations heavily influence them. Jo Banner, a St. John the Baptist Parish resident in Louisiana, expressed their inability to attend the local government. “It seems that this is my sole opportunity and source of optimism to assist my community in recovering and finding solace.”

Members of an Indigenous Peoples’ Caucus held a news conference on Saturday. They expressed concern that microplastics are polluting their food supply. They emphasized that this pollution threatens their communities and ways of life, which are guaranteed to them indefinitely. They perceived a lack of acknowledgment of their opinions.

“Our stakes are larger.” “These are our hereditary territories that are being contaminated with plastic,” Juressa Lee, a resident of New Zealand, expressed following the occurrence. “We are individuals or groups who possess legal rights, rather than individuals or groups with an interest or involvement in a particular issue.” We should be granted greater autonomy in expressing our opinions and judgments than individuals responsible for the issue.

Historically, plastic was not present, but currently, in the Bay of Plenty, the sediment and shellfish, which serve as their seafood supply, are contaminated with little plastic particles. Lee stated that they consider nature’s “resources” as valuable assets.

“Indigenous methods can serve as a guiding force,” Lee stated. “The current approach we are taking is evidently ineffective.”

Vi Waghiyi journeyed from Alaska to advocate for the rights and interests of Arctic Indigenous communities. She emphasizes to decision-makers the need to ensure that this pact provides long-term protection against plastic pollution for future generations.

She stated that their purpose in being here is to serve as the moral compass, ensuring that the decisions made are in the best interest of all individuals.

SOURCE – (AP)

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Trudeau Accelerates Bond Selloff Over Mass Spending Fears

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2 days ago

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2024-11-23

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Trudeau, Bond Market
Trudeau accelerated a bond selloff due to expectations of faster growth and a deeper deficit

Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.

On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.

The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.

Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.

Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.

Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.

As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.

Budget Shortfall

Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.

Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.

This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.

The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.

Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.

The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.

Let the Bankers Worry

Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.

The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.

Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.

“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.

Related:

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

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Forced Sale Google Chrome Could Fetch $20 Billion

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3 days ago

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2024-11-21

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Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

Related News:

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

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Bitcoin Has Set a New Record And Is Approaching $100,000.

Published

4 days ago

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2024-11-21

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Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

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PayPal’s Technical Challenges Are Affecting Thousands Of Customers Globally.

NVIDIA’s Earnings: The Leader In AI Chips Demonstrates Relentless Growth.

 

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