October 20, 2021

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Climate action, increase in COVID in India and red card for the Super League | Economic and economic news

Climate action, increase in COVID in India and red card for the Super League |  Economic and economic news


It has been a week of mind-boggling news; some of them are full of hope, including promises from the world’s top polluters to reduce carbon emissions.

There have also been some tragic developments in India. This week marked a significant worsening of the spread of COVID-19 there.

But some of the stories this week have been downright ridiculous. For example, a multibillion-dollar breakaway European football championship proposal scored an embarrassing own goal.

And then, there was the Dogecoin roller coaster and a son who was ordered to pay his mother $ 100 million.

So, if you’ve been too busy to absorb the ins and outs of everything that happened, here are the numbers you need to know.

50 percent

The amount of which the United States – the second largest greenhouse gas emitter in the world after China – has promised to reduce its atmospheric carbon production by 2030 from 2005 levels.

The aggressive engagement came at a two-day summit called by US President Joe Biden starting Thursday, Earth Day.

US President Joe Biden spoke Thursday at the Virtual Climate Leaders Summit from the White House [Evan Vucci/AP Photo]

“Time is running out, but I think we can do it,” Biden said in his opening remarks. “We will do it.”

Chinese President Xi Jinping has not offered a new emissions target, saying instead that China expects its carbon emissions to peak before 2030 and that the country will reach net zero emissions by 2060.

You can read more details on the Earth Day Summit in Ben Piven’s story here.

55 percent

This is the even more aggressive cut in greenhouse gas emissions proposed by representatives of European governments and the European Parliament one day before the Biden summit.

Under a proposal for a so-called European climate law, the bloc will consider reducing emissions by this amount by 2030 from 1990 levels. A series of related regulations could transform the region’s economy.

332.730

The number of new COVID-19 infections reported by India on Friday, a sad new global daily record.

India has been battling a wave of new coronavirus cases and deaths in recent days as hospitals run out of space and vital resources like oxygen. A doctor from a government hospital in the capital, New Delhi, told Al Jazeera that the latest wave of COVID-19 infections was like a “tsunami”.

You can read how the wave of COVID-19 could affect India’s economic recovery in Megha Bahree’s Short Answer explanation here.

Meanwhile, India’s deepening health crisis has reverberated on world energy markets. The price of US crude oil looked set for a weekly drop of about two percent as investors brace for a drop in energy demand as parts of India close to curb the spread of the virus. India is the third largest oil importer in the world.

[Bloomberg]

6.5 million dollars

The amount of money raised in one day earlier this month from the sale of jade and gems at an annual rate in Myanmar, according to local media.

Miners search for jade stones in a landfill of a Hpakant jade mine in the state of Kachin. The industry is controlled by the military, and residents are left to raise funds from the world’s richest deposits of the bright green stone [FIle: Soe Zeya Tun/Reuters]

The country’s military, which took power from the civilian government on February 1, has long dominated Myanmar’s jade industry and continues to reap immense profits, write Emily Fishbein, Nu Nu Lusan, and Zau Myet Awng.

In 2015, environmental watchdog Global Witness valued Myanmar’s jade industry at $ 31 billion and described it as possibly the “largest natural resource robbery in modern history.”

A miner in Hpakant Township, Kachin State, which owns the world’s largest and most profitable jade mines, described an atmosphere of fear as security forces intensify patrols of the complexes.

“I’ve seen a lot of zombie movies, but I never realized I’d be living in such an environment,” he said. “People don’t go out at all unless it’s necessary.”

$ 51 billion

The estimated maximum market value climbed this week by Dogecoin, the cryptocurrency with a Shiba Inu dog as its logo. It started out as something of a Bitcoin parody in 2013, but now has some serious backers including billionaire tech entrepreneur Elon Musk.

Once joked, investors are starting to take Dogecoin more seriously after a sharp rise in its value [File: Yuriko Nakao/Getty Images]

After growing up to 400% in just a few days, its market value briefly surpassed that of auto giant Ford and food processing conglomerate Kraft Heinz.

It subsequently retreated by about 20%, losing about $ 10 billion of its value.

Why is it so popular? Many analysts see this as another example of overly exuberant investors looking for substantial returns in obscure niche markets versus those in more established assets like stocks or blue-chip bonds.

$ 100 million

The amount of money a London court ordered a son to pay his mother at the center of the UK’s largest divorce case.

Temur Akhmedov worked with his billionaire father, Farkhad Akhmedov, to do “whatever he could” to prevent his mother from getting a £ 450 million ($ 627 million) court-approved divorce refund, Judge Gwynneth said. Knowles in a ruling Wednesday, according to Bloomberg news agency. The judge ruled that Temur should pay his mother more than $ 100 million.

4.8 billion dollars

The size of the investment of the US banking giant JP Morgan in the now failed football championship of the European Super League.

The six English clubs that were part of the 12 original founding members of the league, along with Atletico Madrid and Inter, have abandoned the project – launched hastily last Sunday – after a furious response from fans and politicians.

The Super League had argued that it would increase revenue for the top clubs and allow them to distribute more money to the rest of the game.

Football fans demonstrate against the proposed European Super League on Tuesday outside Stamford Bridge football stadium in London [File: Neil Hall/EPA]

But UEFA and FIFA football governing bodies, fan groups and other teams said it would above all increase the wealth of elite clubs. They are also opposed to the fact that the Super League would have been a closed competition, guaranteeing seats year after year for the teams involved. Clubs from other leagues have to perform well enough to stay there.

“We are living in the era of a new geopolitical sports economy, because what we have is an intersection of economic, commercial, industrial and political interests,” Paul Widdop, senior lecturer in sports business at Manchester Metropolitan University (and a Liverpool fans), he told Al Jazeera. Football “is a mirror of society”.

You can read a deep dive into the James Brownsell story debacle here.

So, there’s a lot to chew on as you cheer on your favorite team this weekend.