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☆ Nations reach accord to protect marine life on high seas
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +5 min

The U.N. Convention on the Law of the Sea came into force in 1994, before marine biodiversity was a well-established concept. The treaty will create a new body to manage the conservation of ocean life and establish marine protected areas in the high seas. "For the first time, we are getting a binding agreement for the high seas, which until now have hardly been protected," Lemke said. Several marine species — including dolphins, whales, sea turtles and many fish — make long annual migrations, crossing national borders and the high seas. The high seas have long suffered exploitation due to commercial fishing and mining, as well as pollution from chemicals and plastics.

RIYADH/DUBAI, Feb 28 (Reuters) - Saudi Basic Industries Corp (SABIC) (2010.SE), one of the world's biggest petrochemical companies, said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. The company posted a net income of 290 million riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion a year earlier. SABIC's shares fell 4% to 88 riyals in early trade in Riyadh following the results. Demand from China, which ended its strict pandemic-related controls in early December, could return in the second quarter or second half of 2023, SABIC's acting Chief Executive Abdulrahman Al-Fageeh said. Net income attributable to shareholders for the year 2022 was 16.53 billion riyals, down 28% from the previous year.

☆ SABIC's quarterly net profit slumps 94% on lower sales prices
▼ + stars: | 2023-02-28 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 28 (Reuters) - Petrochemicals firm Saudi Basic Industries Corp (SABIC) (2010.SE) said on Tuesday its fourth-quarter net profit slumped 94% on lower average sales prices. SABIC posted a net income of 0.29 billion riyals ($77.28 million) in the three-month period ended Dec. 31, down from 4.97 billion riyals in the year-ago period. Prices across the main petrochemicals segments, chemicals, polyethylene and performance polymers came in lower in the fourth quarter, SABIC said, adding that margins are expected to continue being under pressure in the first half of 2023, partly due to slow demand. Net income attributable to shareholders for the year 2022 came in at 16.53 billion riyals, down 28% from the previous year. ($1 = 3.7527 riyals)Reporting by Hadeel Al Sayegh; Editing by Nivedita Bhattacharjee and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ French court to rule on landmark TotalEnergies Uganda case
▼ + stars: | 2023-02-27 | by ( America Hernandez | ) www.reuters.com time to read: +3 min

PARIS, Feb 27 (Reuters) - A French court on Tuesday could order oil major TotalEnergies (TTEF.PA) to halt the development of an east Africa pipeline in a landmark case based on legislation that makes big companies liable for risks to the environment and human rights. TotalEnergies has argued that its vigilance, compensation and relocalisation plans are fair and legal, and that a French court does not have the power to control the overseas activities of its subsidiary TotalEnergies EP Uganda. The non-governmental organisations behind the suit seek an emergency suspension of TotalEnergies' east Africa projects until financial compensation has been paid to those they say have been harmed as a result of those plans. In a statement to Reuters on Monday, TotalEnergies said its vigilance plan had been implemented effectively in the projects under scrutiny. Reporting by America Hernandez, Editing by Silvia Aloisi and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Dow said it was recycling our shoes. We found them in Indonesia
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +19 min

While the sample was small, the fact that none of these shoes made it to a Singapore recycling facility underscores weaknesses in the system. Dow said these builds will use the 10,000 kilograms (22,000 pounds) of recycled shoe material that have been produced through the Singapore recycling project so far. Reuters had dropped those shoes into a Dow recycling bin at a Singapore community center in September, three months earlier. Recycling flopsThis is not the first novel recycling scheme launched by Dow that hasn’t lived up to its billing. In its Jan. 18 statement, Dow said the shoe recycling partners are “energized by the common vision of sport championing a greener and more sustainable Singapore.” Dow did not comment on the Journal of Consumer Psychology study.

☆ BASF to cut 2,600 jobs on high costs in Europe
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: +3 min

A view of a chemical plant of German company BASF, in Ludwigshafen, Rhineland-Palatinate, western Germany, on October 06, 2022 in Ludwigshafen, Germany. BASF said it would cut 2,600 jobs and halt its share buybacks as it warned of a further decline in earnings reflecting high costs in Europe, uncertainty due to the war in Ukraine and rising interest rates. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

☆ BASF flags earnings decline, job cuts on high costs in Europe
▼ + stars: | 2023-02-24 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

The German chemicals giant said in a statement on Friday that 2023 earnings before interest and tax (EBIT), adjusted for special items, would fall to between 4.8 billion euros ($5.09 billion) and 5.4 billion from 6.9 billion in 2022, which was down 11.5% from 2021. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. On Friday, it revised the net loss downwards to 627 million euros. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

☆ Analysis: To raise prices or not? Consumer goods makers weigh bets on buyer strength
▼ + stars: | 2023-02-20 | by ( Jessica Dinapoli | Thomson Reuters | New York-Based Reporter Covering U.S. Consumer Products Spanning Paper Towels To Packaged Food | ) www.reuters.com time to read: +6 min

But, there are small signs the pressure is easing, with U.S. consumer prices a month earlier declining for the first time in two-and-a-half years, due in part to gas prices. Price hikes - or halts - are set to take center stage at the Consumer Analyst Group of New York annual conference on Feb. 20 in Boca Raton, Florida. DIFFERENT PREDICTIONSAfter more than a year of consistent price hikes, some consumer goods makers such as Kraft Mac & Cheese manufacturer Kraft Heinz Co (KHC.O) are pressing pause as they weigh consumer demand for their items. Frozen pizza prices have risen about 14% in the last year, according to IRI data. "Retailers cannot truly push back on prices … if the company has an important brand," Bernstein analyst Bruno Monteyne said.

☆ Day in the life of the founder of Rebundle, a hair-extension brand that closed a $2.1 million pre-seed round with investors like Colin Kaepernick
▼ + stars: | 2023-02-17 | by ( Alexandra York | ) www.businessinsider.com time to read: +2 min

Ciara Imani May launched Rebundle, a sustainable synthetic braiding hair startup, in 2019. The business closed a $2.1 million pre-seed round in December, which included investors like Colin Kaepernick. Through her research, she realized that the majority of synthetic braiding hair is terrible for the planet, as it's often made of harmful toxins and nonreusable plastics. The brand's first product, Braid Better — lightweight, comfortable, itch-free, and biodegradable hair extensions — launched its limited product line in January 2021. Since then, Rebundle relaunched as a direct-to-consumer brand, raised a $2.1 million pre-seed round, acquired hundreds of repeat customers, and scaled to a seven-person team.

☆ Dry clean your clothes in this climate startup's vending machine
▼ + stars: | 2023-02-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Dry cleaning is not only costly for consumers, it's costly to the environment as well. While some industrial dry cleaners are opting for greener chemicals, others are looking to change the whole business model. Presso is an Atlanta-based startup that invented what looks like a vending machine for dry cleaning, but its process is a little different. The process, however, takes only a few minutes and can cost up to 80% less than traditional dry cleaning, depending on the garment. None of the process of even doing logistics inside a dry cleaning facility, none of that exists anymore," said Jain.

☆ U.S. Sanctions Nine Companies for Moving Iranian Oil Products
▼ + stars: | 2023-02-09 | by ( Richard Vanderford | ) www.wsj.com time to read: +2 min

The U.S. Treasury Department has sanctioned nine companies for allegedly helping move Iranian petroleum products and petrochemicals valued at hundreds of millions of dollars to buyers in Asia via a previously sanctioned Hong Kong company. Three companies in Malaysia and Singapore are among those facing sanctions, Treasury said Thursday. The companies were allegedly involved in the sale and shipment of products on behalf of Triliance Petrochemical Co., a Hong Kong-based broker that was added to the sanctions list in 2020. “Iran [is] increasingly turning to buyers in East Asia to sell its petrochemical and petroleum products, in violation of U.S. sanctions,” said Brian E. Nelson, a Treasury undersecretary. Officials are considering new sanctions on Chinese surveillance companies over sales to Iran’s security forces.

☆ Explainer: What we know and don't know about the Chinese balloon
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +6 min

Here's what we know, and don't know, about the balloon that has triggered a dramatic diplomatic dispute between the two powers:HOW BIG IS IT? WAS IT A WEATHER BALLOON? Other companies that develop stratospheric balloon systems include U.S. space tourism firm World View and French firm CNIM Air Space. AIR is particularly keen on stratospheric balloon technology and has posted several articles on its WeChat account about Aerostar. read moreWhile analysts did not yet know the size of the Chinese balloon fleet, U.S. officials have spoken of dozens of missions since 2018 across five continents, with some targeting Japan, India, Vietnam, Taiwan and the Philippines.

☆ Cruz Foam makes styrofoam alternative from shrimp shells and food waste
▼ + stars: | 2023-02-08 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Meanwhile, companies that ship or sell fragile goods, food or medical supplies that need to stay cold during shipping still need materials with the lightweight, insulating qualities and manufacturability of styrofoam. That's where startup Cruz Foam comes in. Cruz Foam is made from naturally occurring materials including chitin (pronounced like "kite-in") along with starches and fibers diverted from agricultural waste streams. Chitin is a polymer contained in the shells of shrimp and other crustaceans, as well as insect exoskeletons. Besides that, styrofoam products are usually treated with flame retardants and can absorb other pollutants from water around them, increasing the threat to any wildlife that eats or lives amid the discarded styrofoam.

☆ U.S. warned Turkey on exports seen to boost Russia's war effort, official says
▼ + stars: | 2023-02-04 | by ( Jonathan Spicer | ) www.reuters.com time to read: +3 min

Brian Nelson, the U.S. Treasury Department's top sanctions official, visited Turkish government and private sector officials on Thursday and Friday to urge more cooperation in disrupting the flow of such goods. "There is no surprise...that Russia is actively looking to leverage the historic economic ties it has in Turkey," the official said. NATO member Ankara opposes the sweeping sanctions on Russia on principle but says they will not be circumvented in Turkey, urging the West to provide any evidence. At least $777 million of these products were made by Western firms whose chips have been found in Russian weapons systems. Nelson also visited the United Arab Emirates and Oman to reiterate that Washington will continue aggressively enforcing its sanctions, the Treasury said last week.

☆ Russia’s Ukraine War Effort Fueled by Turkish Exports
▼ + stars: | 2023-02-03 | by ( Jared Malsin | ) www.wsj.com time to read: 1 min

A Russian company that was sanctioned for making rifles for the country’s armed forces was among the firms that received items from Turkey. ISTANBUL—Turkish companies last year exported tens of millions of dollars worth of machinery, electronics, spare parts and other items that Russia needs for its military, according to a survey of trade data, showing how Moscow can fuel its war effort despite international sanctions. At least 13 Turkish firms exported a total of at least $18.5 million worth of items, including plastics, rubber items and vehicles, to at least 10 Russian companies sanctioned by the U.S. for their role in Russia’s assault on Ukraine, the data show. The Turkish companies sent at least three shipments of American-made goods, according to the data reviewed by The Wall Street Journal.

☆ More beauty brands are ditching plastic packaging — and consumers are buying in
▼ + stars: | 2023-02-02 | by ( Korie Wilkins | ) www.businessinsider.com time to read: +7 min

Some beauty companies are ditching plastics in favor of aluminum, glass, or plant-based materials. "Beauty products come in bottles and pots with pumps and lids, and we're noticing the first question a consumer asks is, 'Is this all recyclable?'" Purpose-driven beauty companies are ditching plastics in favor of aluminum, glass, or plant-based materials. If they use plastic, they're trying to ensure that it's designed to be recyclable (mindful of inks and coatings). As a result, shoppers, namely millennials and Gen Z, are skipping the store and ordering their beauty products online.

Samsung's new flagship Galaxy S23, S23+, and S23 Ultra phones get a processor boost. While the new Galaxy 23 series follows in the footsteps of last year's S22, the Galaxy S23 Ultra, S23+, and S23 received slight updates to their design. Samsung Galaxy S23 (128GB) The Galaxy S23 (2023) is the entry model in Samsung's flagship smartphone series. Samsung Galaxy S23+ (256GB) The Galaxy S23+ is a larger-screen version of the S23 (6.6 inches versus 6.1). Samsung Galaxy S23 Ultra (256GB) The Galaxy S23 Ultra (2023) is Samsung's most powerful smartphone to date.

☆ I struggled with infertility for 16 months. Then I used my science background to invent a product for at-home insemination and got pregnant on the 2nd try.
▼ + stars: | 2023-01-28 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

The doctor made a plan: We would try three months of intrauterine insemination — or IUI — before discussing in vitro fertilization. Members of LGBTQ communities have been using ICI for decades and pioneered a lot of the technology. I told my husband we could make our own ICI kit. During my fertile window, we wouldn't have sex but would use the ICI kit. There's no Food and Drug Administration-approved at-home ICI kit — the kits that are sold aren't approved or sterile.

☆ McDonald's is testing strawless lids in the US after uproar over paper straws in UK
▼ + stars: | 2023-01-27 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

In 2018, it rolled out paper straws in the UK, but admitted the alt-materials were not recyclable. The chain recently began testing strawless lids for cold beverages in select US markets. A few years after Starbucks launched strawless lids, McDonald's is testing out its own in select US markets, the company confirmed. In 2018, McDonald's pledged to recycle food and beverage packaging in 100% of McDonald's restaurants by the end of 2025. The new lids come after McDonald's restaurants in the UK rolled out paper straws in 2018.

☆ Dow posts dour quarterly results, says will slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Dow said it plans to achieve $1 billion in cost savings in 2023 by reducing operating expense by $500 million. The company would record a charge of $550 million to $725 million in the first quarter of 2023 for costs associated with these activities. Shares of the company fell nearly 4% in premarket trade to $55.80. Net sales in the fourth quarter fell 17% to $11.86 billion, pressured by customer destocking, missing the average estimate of $12 billion, according to Refinitiv IBES data. Packaging and Specialty Plastics segment net sales in the quarter were $6.1 billion, down 16% compared with a year earlier.

☆ Dow posts dour quarterly results, plans to slash 2,000 jobs
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: +1 min

☆ Column: North Asia cranks coal imports to fuel industrial reboot
▼ + stars: | 2023-01-25 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

LITTLETON, Colo. Jan 24 (Reuters) - Thermal coal imports into China, Japan and South Korea - three of the world's largest coal users - hit their highest combined total in 16 months in December as the North Asian manufacturing powerhouses primed their economies for growth in 2023. Economic momentum in these countries - which collectively accounted for nearly half of all thermal coal imports in 2021 - was subdued in 2022 as China's strict zero-COVID measures stifled industrial activity across the world's largest manufacturing base. Combined thermal coal imports by the three countries totalled 43 million tonnes in December 2022, the highest monthly tally since August 2021, ship-tracking data from Kpler shows. China output of key industrial inputsOne such key end user is Asia's car production industry, which started to show signs of growth as of the latest data from late 2022 across China, Japan and South Korea. Japan passenger car exports by key marketIn sum, the combination of more freedom of movement in China and greater industrial activity across North Asia should spur an improvement in global economic growth in 2023.

☆ The Stanley tumbler is the latest trendy water bottle taking over TikTok — here are the 6 brands it's beating out, from Hydro Flask to Camelbak
▼ + stars: | 2023-01-25 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Stanley tumblers had a surge of popularity in 2022 with many calling it the new "it" portable drinkware. Stanley is beating out drinkware from other brands that previously dominated the market. Here are the beloved water bottle brands that are now falling by the wayside. Stanley is cashing in on that growth: In February 2022, Stanley was named the fastest-growing equipment accessories brand, with sales growing by 275% in 2021, the company told the New York Times earlier this year. Before these colorful tumblers took over your TikTok, these are the six brands that dominated the reusable water bottle market.

☆ Plastics Export: How I Keep My Family, Baby Safe From Toxic Microplastics.
▼ + stars: | 2023-01-25 | by ( Adrienne Matei | ) www.businessinsider.com time to read: +12 min

Hardman does research on microplastics — tiny pieces of plastic debris that are broken down from larger plastic items. Microplastics are often too small to pick up or even notice, but they are everywhere: in the air, dust, and rain. Laura HardmanPlastic is a relatively new pollutant, so there's still a lot we don't know about it. In the lab, my team of researchers and I focus on the sources, effects, and fate of plastics in the ocean. The simple answer is we don't know what plastics might be doing to us, but I've started to get really concerned.

☆ New technique from U.S. national lab promises to strip carbon dioxide emissions from power plants and factories at record-low cost
▼ + stars: | 2023-01-24 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +12 min

Just as importantly, industrial processes such as making iron, steel, cement, fertilizer, pulp and paper, and bioenergy could all reduce their carbon dioxide emissions this new technique. "We have the technology to be able to capture carbon dioxide from those industrial point sources. PNNL's technique removes carbon dioxide at the source, rather than sucking it out of the air. The technique of vacuuming up existing CO2 out of the air is known as direct carbon capture, and is exemplified by the Swiss company Climeworks. Graphic courtesy Nathan Johnson at Pacific Northwest National LabWhat happens with the rest of the carbon dioxide?

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