Sunday, February 9, 2025

Polaris of Enlightenment

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Study: Money the biggest motivator for reducing food waste

Published 4 October 2024
– By Editorial Staff

Saving money is a far more important driver for most people when it comes to reducing food waste than trying to avoid a perceived impact on the global climate, according to a study by the University of Copenhagen.

The study involved 1,948 Danes who were asked about food waste and what would make them change their habits around it. 27% said that the most important reason for them to reduce food waste was to save money. About 10% answered that they wanted to protect the climate.

– One explanation could be that it is more urgent to prioritise one’s finances than the climate, Camilla Falk Rønne Nissen, one of the researchers behind the study, told Danish national broadcaster DR.

Of the total amount of waste from Danish households, food waste accounts for about 507,000 tonnes, including both regular food waste and leftovers, i.e. food that could have been eaten. Of the total amount of waste, food waste accounts for about 235,000 tonnes.

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North American trade war underway – Canada and Mexico respond with countermeasures

Donald Trump's USA

Published 2 February 2025
– By Editorial Staff
Claudia Sheinbaum, President of Mexico.

Both Canada and Mexico have responded to Donald Trump’s recent tariffs by imposing 25% punitive tariffs on US goods themselves. The decision was taken overnight and marks the start of a trade war in the region.

Canadian Prime Minister Justin Trudeau announced at a press briefing that the Canadian countermeasures will be comprehensive and include everyday products such as beer, wine, fruit, vegetables and clothing. According to Canadian Global News, Trudeau emphasized that Canada has tried to avoid this situation, but is now forced to act.

He also urged Canadians to support domestic products and consider staying in the country for their summer vacations.

– It might mean changing your summer vacation plans to stay here in Canada and explore the many national and provincial parks, historical sites and tourist destinations our great country has to offer, he added.

Mexico has also responded with punitive tariffs, according to a post by President Claudia Sheinbaum on the X platform. However, further details on the scope and design of the Mexican tariffs have not yet been made public.

Meanwhile, China, the third country targeted by Trump, has sharply criticized the US measures. In a statement issued by the Chinese Ministry of Commerce, China said it plans to complain to the World Trade Organization (WTO) and take “corresponding countermeasures”.

China believes that Trump’s 10% tariffs are unfair and violate international trade rules.

Czech central bank wants to build Bitcoin reserve

The new crypto economy

Published 1 February 2025
– By Editorial Staff
The Czech Republic could become the first EU and Western country to actively invest in Bitcoin.

The Czech central bank is considering including bitcoin in its reserves, according to Governor Ales Michl. It is the first Western central bank to consider buying cryptocurrency.

In an interview with the Financial Times, Michl revealed that he plans to submit a proposal to include bitcoin in the central bank’s reserves. However, he later wrote on X that the proposal requires further analysis and discussion before a decision can be made.

No decision is imminent”, he writes. “Bitcoin has significant volatility, which makes it harder to take advantage of its current low correlation with other assets”, Michl continues.

If approved, up to 5% of the central bank’s reserves, equivalent to €140 billion, could be invested in bitcoin. This would make the Czech central bank the first Western central bank to hold cryptocurrency in its reserves.

Since Michl took over the leadership of the Czech central bank in 2022, he has focused on diversifying the bank’s reserves. This has included gradual gold purchases and an increased share of equities in the portfolio.

Bitcoin reached a new record high after Donald Trump took office. Meanwhile, financial giant BlackRock’s CEO Larry Fink predicts that the cryptocurrency could reach $700,000.

In January, Italy’s largest bank, Intesa Sanpaolo, invested over €1 million in bitcoin.

EU may resume Russian gas imports

The war in Ukraine

Published 31 January 2025
– By Editorial Staff

The possibility of resuming Russian gas imports via pipelines could be part of a potential peace deal with Russia, according to the Financial Times. Proposals backed by Germany and Hungary, among others, would aim to lower energy prices in Europe while bringing Moscow to the negotiating table.

There is pressure from some big member states on energy prices and this is one way to bring those down, of course, what is described as an anonymous EU official told the Financial Times.

The idea, meanwhile, is facing strong criticism in some quarters, including concerns in Brussels that a resumption of imports would increase Russia’s export revenues and counter previous efforts to reduce dependence on Russian energy.

From 40 to 10 percent

The EU’s direct gas imports from Russia have fallen dramatically since the start of the war in Ukraine in 2022. Before the war, Russian gas accounted for around 40% of the EU’s total gas supply, but in 2024 this share has dropped to around 10% as a result of sanctions, diversification of energy sources and the Nord Stream pipeline terror attack.

To compensate for the shortfall, the EU has increased imports of liquefied natural gas (LNG), particularly from the United States and Norway, while imports of liquefied gas also from Russia have increased through gaps still left in the sanctions.

Overall, the situation has led to a sharp increase in energy prices in Europe and has had a very negative impact on the European economy, with the EU’s largest economy Germany, for example, experiencing economic contraction for two years in a row.

In the end, everybody wants lower energy costs, said a senior EU official, according to the Financial Times.

Growing opposition

Some EU countries, such as Slovakia and Hungary, have expressed open concern about their energy supply, arguing that the political leadership in Ukraine has jeopardized their energy security by stopping gas transfers through the country from Russia.

In Germany, the leader of the opposition party Alternative for Germany, Alice Weidel, recently pledged to restart the Nord Stream project if the party comes to power.

Sweden donates new major package to Ukraine

The war in Ukraine

Published 31 January 2025
– By Editorial Staff
Minister of Defense Pål Jonson.

Swedish production of military equipment will be included in the next aid package to Ukraine. The package will be the largest to date and amounts to a total of SEK 13.5 billion (€1.2 billion).

The Government and the Sweden Democrats have presented the 18th aid package to Ukraine, where Sweden will now procure military equipment specifically intended for donation to the country. For example, €90 million is set aside to manufacture long-range missiles and long-range drones.

We are moving from donation to production, said Pål Jonson (M) at a press conference on Thursday.

Approximately €500 million will be used for procurement from Swedish and foreign defense industry, €250 million will be donated and a further €250 million will be donated from existing equipment from the Swedish Armed Forces, including 146 trucks, 16 combat boats, 1,500 TOW anti-tank missiles and 2,000 anti-tank shells. Sweden will also provide extensive training.

In total, Sweden’s military support to the Ukrainian war now amounts to approximately SEK 61.9 billion (€5.5 billion), which is roughly equivalent to the entire annual expenditure of the state budget on pensions. Previously, Sweden has donated aircraft, armored vehicles, missiles and artillery shells.