World

Alarm as Earth hits 'Overshoot Day' Thursday: NGOs

Mankind marks a dubious milestone Thursday, the day by which humanity has consumed all earth can sustainably produce for this year, with NGOS warning the rest of 2022 will be lived in resource deficit.

The date — dubbed “Earth Overshoot Day” — marks a tipping point when people have used up “all that ecosystems can regenerate in one year”, according to the Global Footprint Network and WWF.

“From January 1 to July 28, humanity has used as much from nature as the planet can renew in the entire year. That’s why July 28 is Earth Overshoot Day,” said Mathis Wackernagel, president of the Global Footprint Network.

He added: “The Earth has a lot of stock, so we can deplete Earth for some time but we cannot overuse it for ever. It’s like with money; we can spend more than we earn for some time until we’re broke.”

It would take 1.75 Earths to provide for the world’s population in a sustainable way, according to the measure, which was created by researchers in the early 1990s.   

Global Footprint Network said Earth Overshoot Day has fallen ever sooner over the last 50 years.

– Uneven burden –

In 2020, the date moved back three weeks due to the Covid-19 pandemic, before returning to pre-pandemic levels.

The burden is not evenly spread. If everyone lived like an American, the date would have fallen even earlier, on March 13, Wackernagel said.

The two NGOs point the finger at the food production system and its “considerable” ecological footprint.

“In total, more than half of the planet’s biocapacity (55 percent) is used to feed humanity,” the two NGOs said.

“A large part of the food and raw materials are used to feed animals and animals that are consumed afterwards”, said Pierre Cannet of WWF France.

In the EU, “63 percent of arable land… is directly associated with animal production”, he said.

“Agriculture contributes to deforestation, climate change by emitting greenhouse gases, loss of biodiversity and degradation of ecosystems, while using a significant share of fresh water,” the NGOs said.

Based on scientific advice, they advocate reducing meat consumption in rich countries. 

“If we could cut meat consumption by half, we could move the date of the overshoot by 17 days,” said Laetitia Mailhes of the Global Footprint Network.

“Limiting food waste would push the date back by 13 days, that’s not insignificant,” she added, while one-third of the world’s food is wasted.

Alarm as Earth hits 'Overshoot Day' Thursday: NGOs

Mankind marks a dubious milestone Thursday, the day by which humanity has consumed all earth can sustainably produce for this year, with NGOS warning the rest of 2022 will be lived in resource deficit.

The date — dubbed “Earth Overshoot Day” — marks a tipping point when people have used up “all that ecosystems can regenerate in one year”, according to the Global Footprint Network and WWF.

“From January 1 to July 28, humanity has used as much from nature as the planet can renew in the entire year. That’s why July 28 is Earth Overshoot Day,” said Mathis Wackernagel, president of the Global Footprint Network.

He added: “The Earth has a lot of stock, so we can deplete Earth for some time but we cannot overuse it for ever. It’s like with money; we can spend more than we earn for some time until we’re broke.”

It would take 1.75 Earths to provide for the world’s population in a sustainable way, according to the measure, which was created by researchers in the early 1990s.   

Global Footprint Network said Earth Overshoot Day has fallen ever sooner over the last 50 years.

– Uneven burden –

In 2020, the date moved back three weeks due to the Covid-19 pandemic, before returning to pre-pandemic levels.

The burden is not evenly spread. If everyone lived like an American, the date would have fallen even earlier, on March 13, Wackernagel said.

The two NGOs point the finger at the food production system and its “considerable” ecological footprint.

“In total, more than half of the planet’s biocapacity (55 percent) is used to feed humanity,” the two NGOs said.

“A large part of the food and raw materials are used to feed animals and animals that are consumed afterwards”, said Pierre Cannet of WWF France.

In the EU, “63 percent of arable land… is directly associated with animal production”, he said.

“Agriculture contributes to deforestation, climate change by emitting greenhouse gases, loss of biodiversity and degradation of ecosystems, while using a significant share of fresh water,” the NGOs said.

Based on scientific advice, they advocate reducing meat consumption in rich countries. 

“If we could cut meat consumption by half, we could move the date of the overshoot by 17 days,” said Laetitia Mailhes of the Global Footprint Network.

“Limiting food waste would push the date back by 13 days, that’s not insignificant,” she added, while one-third of the world’s food is wasted.

Facebook's Meta posts first-ever revenue drop

Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok. 

Meta had long delivered seemingly endless upward growth but after this income miss — and reporting earlier this year its first decline in global daily users — the company sounded a more modest tone.

“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” CEO Mark Zuckerberg told analysts after the firm reported a 36 percent drop in profit to $6.7 billion.

Meta also said that revenue in the recently ended quarter ebbed a percent to $28.8 billion, its first such slip since the firm, then known simply as Facebook, went public in 2012.

“The year-over-year drop in quarterly revenue signifies just how quickly Meta’s business has deteriorated,” said analyst Debra Aho Williamson.

“The good news, if we can call it that, is that its competitors in digital advertising are also experiencing a slowdown.”

Meta however reported an increase in daily Facebook users to 1.97 billion, defying analysts’ predictions of a drop, but noted monthly users fell about two million to 2.93 billion.

Its shares were down around 3.5 percent in after-hours trading, continuing a decline in the firm’s stock since February that has erased about half of its value.

Meta has also faced steady scrutiny from lawmakers and regulators over not only its massive strength in the social media market, but also its impact on the health of its users.

The results came just hours after US regulators announced they would try to block Meta’s acquisition of virtual reality fitness app maker Within, a potential blow to the tech giant’s metaverse ambitions.

– US targets Meta VR purchase –

“This acquisition poses a reasonable probability of eliminating both present and future competition,” the FTC complaint said. “And Meta would be one step closer to its ultimate goal of owning the entire ‘Metaverse.'”

Meta is focused on building its metaverse vision for the internet’s future, betting heavily on the interactive virtual world that the company believes will ensure its powerful position.

The social media giant said the FTC’s move defied reality, and expressed confidence that its buy of Within would be good for VR users as well as developers who make apps in that market.

“The FTC’s case is based on ideology and speculation, not evidence,” Meta said in response to an AFP inquiry.

Meta has also faced turbulence as it tries to adapt its platforms to better battle short-video app TikTok, which is threatening the Silicon Valley giant’s primacy.

Meta-owned Instagram is attempting to quell complaints by users including celebrities Kylie Jenner and Kim Kardashian who say changes have made it too much like TikTok, including video recommendations.

Instagram chief Adam Mosseri posted a video on Twitter addressing the complaint, saying a number of changes were being experimented with and promising not to abandon photo sharing at the service.

“We are going to continue to support photos, it is part of our heritage,” Mosseri said.

Earnings season has gotten off to a less than great start with disappointing reports from Netflix, Snapchat’s parent company and Microsoft.

Snap announced plans last week to “substantially” slow recruitment after bleak results wiped some 30 percent off the stock price of the tech firm, which is facing difficulties on several fronts.

Even juggernaut Google reported its profit and revenue slipped as the internet giant’s long sizzling ad revenue growth cooled, but the market seemed relieved the news wasn’t worse.

The big tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on their marketing budgets, and Apple’s data privacy changes, which have reduced their leeway for ad personalization.

Pro-Sadr protesters storm Iraqi parliament in fortified Green Zone

Hundreds of supporters of powerful Iraqi cleric Moqtada Sadr danced and sang in parliament Wednesday after storming Baghdad’s high-security Green Zone in protest at a rival bloc’s nomination for prime minister.

Police fired barrages of tear gas in a bid to stop the protesters from breaching the gates of the heavily fortified Green Zone, but the crowds surged forward and entered parliament.

“I am against the corrupt officials who are in power,” said protester Mohamed Ali, a 41-year-old day labourer, one of the hundreds who entered the zone that is home to both government buildings and diplomatic missions, before later leaving peacefully.

The protests are the latest challenge for oil-rich Iraq, which remains mired in a political and a socioeconomic crisis despite soaring global energy prices.

Sadr’s bloc emerged from elections in October as the biggest parliamentary faction, but was still far short of a majority and, nine months on, deadlock persists over the establishment of a new government.

Crowds wandered around the parliament building waving national flags, taking photographs, chanting and cheering.

– ‘Rejection of injustice’ –

Prime Minister Mustafa al-Kadhemi called on the protesters to “immediately withdraw”, warning that the security forces would ensure “the protection of state institutions and foreign missions, and prevent any harm to security and order”.

But it took orders issued by the Shiite leader Sadr before the crowds of protesters started to leave nearly two hours later.

“Revolution of reform, and rejection of injustice and corruption,” Sadr wrote on Twitter, in support of the protesters.

“Your message has been heard… you have terrorised the corrupt”, he added, calling on the demonstrators to say a prayer “before returning home safe and sound”.

“We obey the Sayyed,” the crowds chanted as they calmly left parliament, a term honouring Sadr by acknowledging him as a descendant of the Prophet Mohammed.

Sadr’s bloc won 73 seats in last year’s election, making it the largest faction in the 329-seat parliament. But since the vote, talks to form a new government have stalled.

The protesters oppose the candidacy of Mohammed al-Sudani, a former minister and ex-provincial governor, who is the pro-Iran Coordination Framework’s pick for premier.

The Coordination Framework draws lawmakers from former premier Nuri al-Maliki’s party and the pro-Iran Fatah Alliance, the political arm of the Shiite-led former paramilitary group Hashed al-Shaabi.

– ‘Reject the political process’ –

“I am against Sudani’s candidacy, because he is corrupt,” added protester Mohamed Ali.

“We reject the whole political process”, said Bashar, a protester in parliament, giving only his first name.  “We want an independent person who serves the people”.

Iraq was plunged deeper into political crisis last month when Sadr’s 73 lawmakers quit en masse.

Sadr had initially supported the idea of a “majority government” which would have sent his Shiite adversaries from the Coordination Framework into opposition.

The former militia leader then surprised many by compelling his lawmakers to resign, a move seen as seeking to pressure his rivals to fast-track the establishment of a government.

Sixty-four new lawmakers were sworn in later in June, making the pro-Iran bloc the largest in parliament.

Earlier this month, hundreds of thousands of Muslim worshippers loyal to Sadr attended a Friday prayer service in Baghdad, in a display of political might.

The huge turnout came despite scorching heat and the Shiite cleric not being there in person — an indication of his status as a political heavyweight, as well as a key religious authority.

The mercurial cleric’s sermon took aim at rivals from other Shiite factions.

“We are at a difficult… crossroads in the formation of the government, entrusted to some we do not trust,” Sadr said in the speech on July 15, read out by Sheikh Mahmud al-Jayashi.

Sadr’s sermon took particular aim at the Hashed al-Shaabi, which has been integrated into the army, but is seen by many Iraqis as an Iranian proxy.

Hashed supporters last year protested near the Green Zone, demonstrating against what they said was vote “fraud”.

lk/tgg/pjm/dwo

Veggie 'steak' spared the knife in France

Vegetarian “steak” has been spared the knife in France after a court delayed a government bid to ban the use of meaty terms to describe plant-based products.

The prohibition was set to come into force on October 1 following a long campaign from French meat and livestock groups, seeking to uphold the country’s famously fastidious conventions for the naming of food and drink. 

The government said terms including sausage, lardon, dumpling and carpaccio should be reserved for meat products.

But on Wednesday the Council of State administrative court sided with Proteines France, an organisation that represents the vegetable protein sector.

It accepted concerns over the speed and scope of the legislation, and granted a suspension. 

Proteines France was relieved the government now has to regroup on the issue, but remains “cautious” over further legal action, the organisation’s lawyer told AFP.

“The Council of State has accepted our argument that it is impossible for vegetable products to be excluded from the lexical field,” Guillaume Hannotin said.

He argued some terms were originally unconnected to meat, such as “steak”, which can mean a “slice” in English, or “carpaccio”, named after an Italian Renaissance painter renowned for his use of the colour red.

In October 2020, the European Parliament rejected a move to ban the use of terms of animal origin for plant products — except when words like “yoghurt”, “cream” or “cheese” are applied to products without animal milk. 

With the publication of its decree in June, France became the only country in the EU to go against this decision.

Ukraine moves closer to grain exports, strikes Russian-held bridge

Ukraine on Wednesday said it had restarted operations at its blockaded Black Sea ports as it moved closer to resuming grain exports with the opening of a coordination centre to oversee a UN-backed deal. 

Progress towards fulfilling the landmark agreement came as Kyiv’s artillery struck a key bridge in Moscow-controlled territory in south Ukraine, damaging an important supply route as Ukrainian forces look to wrest back the Kherson region.

And as German authorities said Russia drastically reduced gas deliveries to Europe in a move seen as revenge for Western sanctions over the invasion, Ukraine announced plans to increase its electricity imports to Europe.

Ukraine and Russia last week agreed a plan with the help of Turkey and the United Nations to allow grain stranded by Moscow’s naval blockade to be exported from three ports.

Kyiv has said it hopes to begin sending out the first of millions of tonnes of grain this week despite a missile strike by Russia over the weekend on the port in Odessa. 

Ukraine’s navy said “work has resumed” at the export hubs to prepare for ships to be escorted through the mine-infested waters to reach world markets.

As part of the deal, a coordination centre involving Ukrainian and Russian representatives opened in Istanbul to monitor the safe passage for shipping along established routes and oversee inspections for banned weapons. 

The blockage of deliveries from two of the world’s biggest grain exporters has contributed to a spike in prices that has made food imports prohibitively expensive for some of the world’s poorest countries.

– ‘Leave Kherson’ –

Fighting has continued to rage on the ground in Ukraine despite the push to get the grain out, and Kyiv struck back by hitting the vital Antonivskiy bridge over the Dnipro river in a move that threatens to cut supply lines to Russian troops. 

Ukraine’s Defence Ministry said on Twitter the strikes on bridges over the Dnipro created an “impossible dilemma” for Russia: “retreat or be annihilated by the Ukrainian army”.

Kirill Stremousov, the deputy head of the Russian-installed regional administration in Kherson, confirmed the bridge had been hit overnight and traffic had been halted.

But he sought to downplay the damage, insisting that the attack would not affect the outcome of the hostilities “in any way”.  

Ukrainian forces in recent weeks have been clawing back territory in the Kherson region, which fell to Russian forces easily and early after their invasion launched on February 24.

Their counter-offensive, supported by Western-supplied long-range artillery, has seen its forces push closer to Kherson city, which had a pre-war population of under 300,000 people.

Russian forces “should leave Kherson while it is still possible. There may not be a third warning,” Ukrainian presidential advisor Mykhaylo Podolyak said on Twitter after the attack.

Meanwhile the leader of pro-Russian separatists in eastern Ukraine called on Moscow to conquer key cities across the country. 

“Today the time has come to liberate Russian cities, founded by Russians: Kyiv, Chernigiv, Poltava, Odessa, Dnipro, Kharkiv, Zaporizhzhia, Lutsk,” Denis Pushilin said on Telegram.

Russia sought to capture the capital Kyiv in the early days of its invasion but later retreated, focusing its efforts on Ukraine’s east Donbas region. 

In the battered Donetsk region — part of the Donbas — AFP journalists saw a house hit in an intense artillery exchange around the ravaged frontline city of Bakhmut.

A worker was inside the courtyard when the shell hit and was saved by emergency rescuers who cut a hole in a steel fence using an axe. 

“I heard a whistle. And I don’t remember anything. It exploded and I was thrown into the barn by the explosion,” 51-year-old Roman told AFP.

Ukraine’s emergency services said that Russian artillery had hit a hotel in Bakhmut, leaving two people dead and five injured.

– Gas ‘power play’ –

Deepening an energy crisis in Europe sparked by the war, Germany’s energy regulator said flow of Russian gas via the key Nord Stream pipeline had dropped to 20 percent of capacity on Wednesday from 40 percent.

Kremlin spokesman Dmitry Peskov blamed EU sanctions for the limited supply, but Berlin has dismissed the explanation and government spokeswoman Christiane Hoffmann called the reductions a “power play” by Moscow.

The European Union has been bracing for energy cutbacks and on Tuesday agreed a plan to reduce gas consumption by 15 percent this winter to break its dependence on Russia.

Reacting to Europe’s energy concerns, Ukrainian President Volodymyr Zelensky announced plans to boost Ukrainian electricity supplies to European consumers.

“Our export not only allows us to generate foreign currency revenues, but also help our partners withstand the energy pressure from Russia,” Zelensky said in his daily address to the nation Wednesday evening.

Long-lasting loss of smell, taste in 5% of Covid cases: study

Around five percent of people who have had Covid-19 develop long-lasting problems with their sense of smell or taste, a large study said Thursday, potentially contributing to the burden of long Covid.

A lost sense of smell has been a hallmark of contracting coronavirus since the early days of the pandemic, but it has not been clear how often symptoms like this occur — or how long they can last.

Seeking to find out, researchers analysed the findings of 18 previous studies involving 3,700 patients.

In a new study published in the BMJ, they found that six months after contracting the virus, four percent of patients had not recovered their sense of smell. Meanwhile two percent had not recovered their sense of taste.

It was unclear if this represented a full or partial recovery, however.

The researchers estimated that loss of smell may persist in 5.6 percent of patients, while 4.4 percent may not fully recover their sense of taste.

One woman told the researchers that she had not recovered her sense of smell more than two years after contracting Covid.

The researchers said that while most patients should recover their sense of smell and taste within the first three months of getting Covid, “a major group of patients might develop long-lasting dysfunction”.

“That (may require) timely identification, personalised treatment, and long-term follow-up.”

Danny Altmann, an immunologist at Imperial College London not involved in the research, said it was a “strong and important study”.

“Studies such as this alert us to the hidden burden out there of people suffering with persistent symptoms, but perhaps not having thought it worth contacting the GP on the assumption there wouldn’t be much to be done,” he said.

The research also found that women were less likely to recover these senses than men.

The cause of the disparity is not clear, but the researchers suggested women tend to have better senses of smell and taste in the first place, meaning they have more to lose.

The data did not include which Covid variant the patients contracted. Previous research has indicated that more recent Omicron variants are less likely to lead to smell loss.

Ford profits rise on strong Q2 sales, pricing

Ford shares zoomed higher Wednesday as the US auto giant reported increased second-quarter profits on a surge in auto sales that more than offset the hit from higher costs.

The Michigan company had already disclosed a jump in second-quarter US auto sales that bucked the declines reported at other carmakers amid the ongoing semiconductor shortage. 

But on Wednesday Ford also confirmed its 2022 profit targets, pointing to continued strong vehicle pricing as dealerships contend with tight product inventories.

Profits for the quarter ending June 30 rose 19 percent to $667 million on a 50 percent surge in revenues to $40.2 billion.

Vehicle demand “is — and is expected to remain –- strong,” said Chief Financial Officer John Lawler, while adding that the pricing conditions remained “dynamic.”

Ford said it continued to face cost pressures, with $4 billion in headwinds in 2022 related to higher prices for metals and other commodities. 

The company also raised its estimate for “other” inflationary pressures to $3 billion for the year, up $1 billion from the prior forecast. Companies have been contending with broad-based inflation on everything from salaries to shipping.

Shares jumped 6.5 percent to $14.05 in after-hours trading.

US stocks rally, dollar retreats as Fed hikes interest rates again

Wall Street stocks rallied and the dollar retreated Wednesday as the Federal Reserve again proceeded with a large interest rate hike, maintaining its forceful stance to combat inflation.

The US central bank carried out the second straight 75 basis point increase, and the fourth rate hike this year, moving aggressively to cool the strongest surge in inflation in more than four decades without derailing the world’s largest economy.

Following a positive session in European equity markets, US stocks were also up prior to the Fed’s 1800 GMT announcement.

But equities pushed even higher during Fed Chair Jerome Powell’s news conference, where he described the US economy as slowing but not in recession.

Analysts said the central bank’s move met market expectations and they took heart in Powell’s statements that implied the central bank could undertake smaller interest rate hikes later in 2022 after two straight super-sized increases.

Wall Street “is contemplating less aggressive monetary policy at least on the Fed Funds rate as we move from the third quarter into the fourth quarter,” said Art Hogan, chief market strategist at B Riley Wealth Management.

All three major US indices enjoyed solid gains, with the S&P 500 finishing up 2.6 percent. 

The dollar also pulled back against the euro and other currencies in a sign the Fed’s stance was seen as less hawkish than expected.

On Thursday, all eyes will be on second-quarter US growth data, which could show the US economy is technically in recession according to one leading benchmark.

GDP in the first quarter contracted 1.6 percent. Two quarters of negative growth are generally considered a sign the economy is in recession, although that is not the official criteria.

Powell noted the Fed’s mandate is to promote price stability and full employment, not to make declarations about recessions — but added he did not consider current conditions consistent with such a categorization.

A recession is “a broad-based decline across many industries that is sustained for more than a couple months,” Powell told reporters.

“What we have right now doesn’t seem like that. The real reason is that the labor market is just sending such a strong signal of economic strength that it makes you really question the GDP data.” 

– New Credit Suisse CEO –

In Europe, shares in London rose 0.6 percent, Paris climbed 0.8 percent and Frankfurt added 0.5 percent.

On the corporate front, Switzerland’s scandal-hit banking giant Credit Suisse appointed a new chief executive as higher litigation costs and financial market volatility pushed it deeper into the red.

Ulrich Koerner, head of asset management at the bank, takes the reins from Thomas Gottstein on Monday.

The bank has been hit by a series of scandals and crises including the implosions of financial services firms Greensill and Archegos last year.

After starting the day lower on the Swiss stock exchange, Credit Suisse shares rose one percent.

Back on Wall Street, very large gains were enjoyed by both Microsoft, up 6.7 percent, and Google parent Alphabet, up 7.7 percent, despite reporting lower profits that were still not as bad than feared.

– Key figures at around 2110 GMT –

New York – Dow: UP 1.4 percent at 32,197.59 (close)

New York – S&P 500: UP 2.6 percent at 4,023.61 (close)

New York – Nasdaq: UP 4.1 percent at 12,032.42 (close)

London – FTSE 100: UP 0.6 percent at 7,348.23 (close) 

Frankfurt – DAX: UP 0.5 percent at 13,166.38 (close)

Paris – CAC 40: UP 0.8 percent at 6,257.94 (close)

EURO STOXX 50: UP 0.9 percent at 3,607.78 (close)

Tokyo – Nikkei 225: UP 0.2 percent at 27,715.75 (close)

Hong Kong – Hang Seng Index: DOWN 1.1 percent at 20,670.04 (close)

Shanghai – Composite: DOWN 0.1 percent at 3,275.76 (close)

Euro/dollar: UP at $1.0201 from $1.0117 late Tuesday

Pound/dollar: UP at $1.2151 from $1.2028 

Euro/pound: DOWN at 83.85 pence from 84.11 pence

Dollar/yen: UP at 136.51 yen from 136.91 yen

Brent North Sea crude: UP 2.1 percent at $106.62 per barrel

West Texas Intermediate: UP 2.4 percent at $97.26 per barrel

burs-jmb/sst

NASA details plans to bring back Mars rock samples

NASA plans to bring 30 Martian rock samples back to Earth in 2033, the agency said Wednesday — and is sending two small helicopters to help the mission.

The Perseverance rover, which landed on Mars in February 2021, has so far collected 11 samples as part of its hunt for signatures of ancient life.

But bringing them back for detailed lab study on Earth is proving to be a highly complex task.

Up until now, NASA was planning on sending another rover to Mars to pick up the samples from Perseverance then bring them to a robotic lander equipped with its own rocket, called the Mars Ascent Vehicle.

This in turn would fire the samples into orbit where they would be collected by a European spaceship.

Now, however, the second “Sample Fetch Rover” has been scrapped and Perseverance itself will deliver the precious cargo directly to the lander, which will use a robot arm to extract it.

But since NASA always plans for contingencies, it has a backup plan in case Perseverance becomes immobilized.

The lander, which should launch from Earth in 2028 and land on Mars in mid-2030, will also carry two mini helicopters.

Perseverance brought with it its own helicopter, called Ingenuity, which carried out the first powered flight on another world, and has now made a total of 29 sorties.

The two new helicopters will be a little heavier, equipped with wheels to be able to move on the ground as well, and come with a small arm allowing them to recover the samples.

In this scenario, Perseverance would first drop the samples on the ground, the helicopters would pick them up, then place them next to the ascent vehicle.

The orbiter would be set to return to Earth in the Utah desert in 2033.

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