First UN talks to save oceans kick off Monday

June 4, 2017

Miami, Jun 4: World leaders convene at UN headquarters next week for the first major bid to solve the toughest problems facing our oceans, from coral bleaching to plastic pollution, overfishing and rising seas due to climate change.

oceans

The Ocean Conference in New York June 5-9 attempts to rally nations big and small to make meaningful changes to preserve what is arguably the Earth's most important resource, experts say.

US President Donald Trump's recent decision to withdraw from the Paris climate accord is expected to be a hot topic at the talks, which no high-ranking US officials are expected to attend.

But despite Trump's decision Thursday to end US participation in the Paris deal, which drew worldwide condemnation, experts at the Pew Charitable Trust said the United States has been a part of crafting a broad “call to action,” and is expected to sign it.

“We are committed to halting and reversing the decline in the health and productivity of our ocean,” says the three-page document, which also expresses alarm at the impact of climate change on the ocean.

The call to action is expected to be signed and released some point during the week-long conference, which will bring government officials, ocean advocates and some heads of state to New York.

The US pullout from Paris means other nations will lead the way at the UN talks, particularly small island nations that have the most to lose.

“How can you worry about someone who is not in the room?” said Ambassador Ronny Jumeau, permanent representative to the United Nations for Seychelles.

“Look at who is here, who is sitting in the front row, and say, 'Now what are we going to do about this?'“

The world just marked its three hottest years in modern times. And the oceans have absorbed about one third of the carbon dioxide released by human activities, protecting the planet from the full brunt of climate change.

Melting glaciers and sea ice at the poles threatens swell sea level to the point of washing away entire islands and populated coastlines — home to 37 percent of the planet's population — in the coming decades.

Just 20 inches (half meter) of sea level rise could displace 1.2 million people from islands in the Caribbean Sea, Indian and Pacific Oceans.

Recent studies have shown the troubling extent of plastic pollution, even in the most remote parts of the world.

An uninhabited island in the south Pacific, Henderson Island, thousands of miles from civilization was recently shown to be piling up more than 3,500 pieces of plastic per day.

Even year, more than eight million ton of plastic washes into the oceans, costing at least $8 billion in damage to marine ecosystems and killing an estimated one million sea birds, 100,000 sea mammals and untold numbers of fish.

And famous coral reefs, such as Australia's Great Barrier Reef, are suffering from hot temperatures like never before in modern times, with mass bleaching and die-offs continuing unabated for the past two years.

“Small island states cannot afford to be dismayed or feel down or depressed about any of this,” said Jumeau during a UN press conference.

“We are reaching out to all the friends of the oceans that you can think of to meet the challenges that we face.”

Previous global meetings on problems facing the oceans have taken place, but the World Wildlife Fund's John Tanzer described this one as “historic” because the talks are under the auspices of the United Nations for the first time.

“The reality is that oceans have been in steep decline for at least the last 50 or 60 years,” Tanzer, global oceans lead at WWF, told AFP.

“Here we are in 2017, and it is impossible to talk of anywhere in the world's oceans as being pristine,” he said.

Specifically, nations will talk about how to meet the 2015 UN-adopted Sustainable Development Goal 14, to “conserve and sustainably use the oceans, seas, and marine resources.”

Targets include protecting at least 10 percent of coastal and marine environments by 2020, reducing ocean pollution and strengthening ways to fight illegal, unreported, and unregulated fishing.

A recent report found that illegal fishing in the Pacific has reached a “staggering” value of up to $740 million a year, with much of the problem blamed on fleets from the US, Asia and Europe which under-report their catches.

Individual nations and advocacy groups are already announcing voluntary steps they will take to conserve oceans and protect marine life.

Those pledges will be updated throughout the conference, and can be seen online at https://oceanconference.un.org/commitments.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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News Network
March 23,2020

Singapore, Mar 23: Oil prices fell at the open in Asia on Monday after a trillion-dollar Senate proposal to help the coronavirus-hit American economy was defeated and death tolls soared across Europe and the US.

US benchmark West Texas Intermediate initially tumbled more than three percent but then pulled back some ground to trade 1.5 percent lower, at $22 a barrel.

Brent crude, the international benchmark, fell 4.9 percent to $25 a barrel.

Prices have fallen to multi-year lows in recent weeks as lockdowns and travel restrictions to fight the virus hit demand, and top producers Saudi Arabia and Russia engage in a price war.

The latest drop came after a trillion-dollar Senate proposal to rescue the US economy was defeated after receiving zero support from Democrats, and with five Republicans absent from the chamber because of virus-related quarantines.

The bill had proposed funding for American families, thousands of shuttered or suffering businesses and the nation's critically under-equipped hospitals.

Coronavirus deaths soared across Europe and the United States at the weekend despite heightened restrictions.

The death toll from the virus -- which has upended lives and closed businesses and schools across the planet -- surged to more than 14,300 Sunday, according to an AFP tally.

AxiCorp chief markets strategist Stephen Innes said that "total demand devastation" had set it.

"Oil markets collapsed out of the gate this morning as prices react... to stringent containment lockdown measures," he said.

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News Network
May 20,2020

Washington, May 20: The United States recorded another 1,536 coronavirus deaths over the past 24 hours, the Johns Hopkins University tracker said.

That figure, tallied as of 8:30 pm (0030 GMT), raises to 91,845 the total number of COVID-19 deaths in the US.

The US tops the global rankings both for the highest death toll and the highest number of infections, with more than 1.5 million cases.

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