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G20 Finance Chiefs to Debate Debt, Cryptocurrencies, and Inflation

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G20 Finance Chiefs to Debate Debt, Cryptocurrencies, and Inflation

At a meeting later this week, G20 finance ministers as well as governors of central banks will talk about debt problems in developing countries, virtual currencies, and global inflationary pressures, Indian officials spoke on Tuesday.

G20 Summit 2023 is being held in India

The first significant event of India’s G20 chairmanship is the gathering from February 22–25 in the Nandi Hills summer resort outside of Bangalore. The war will probably be a major topic of discussion during the gathering, which falls on the same day as the anniversary of Russia’s invasion of Ukraine on February 24. At the meeting, it is anticipated that unblocking debt restructuring for struggling economies and increasing aid to Ukraine will take center stage. Janet Yellen, the U.S. Treasury Secretary is also anticipated to squeeze China to “quickly deliver” on debt restructuring for low – and – middle-income nations.

During the previous year, Pakistan, Bangladesh, and Sri Lanka, three geographically proximity South Asian nations, have requested bailouts from the International Monetary Fund (IMF) because of a global recession brought on by the COVID-19 disease outbreak and the conflict in Ukraine. At the same time that India is taking the helm of the bloc, these nations have also experienced political unrest.

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According to a story from Reuters last week, India is putting up a plan for the G20 to aid indebted nations by requesting that lenders, particularly China, the greatest sovereign creditor in the world, accept a significant loan haircut.

Obtaining sufficient funding to battle climate change, as well as restrictions on crypto-currencies, global taxation, and multilateral development bank reforms are all on the agenda, according to the authorities.

To try and come to agreements on shared definitions, principles, and standards on how to revamp troubled nation debts, the International Monetary Fund (IMF) anticipates holding a video conference with the United States, Saudi Arabia, China, India, World Bank, and other Group of Seven (G7) countries during the event.

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India also supports efforts by the US, the World Bank, and the IMF to include middle-income nations in the infamous Common Framework (CF), a G20 project that was started in 2020 to aid poor countries in delaying outstanding debts.

Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.

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Florida Becomes The First State In The US To Ban Lab-Grown Meat Ban

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Florida Becomes The First State In The US To Ban Lab-Grown Meat Ban

Florida has become the first State in the US to ban laboratory grown meat. Florida Governor Ron DeSantis signed a bill on Wednesday which bans the sale of any form of lab grown meat. The bill is clearly a move to appease the state’s cattle industry.

In a statement the state’s commissioner of agriculture said it was protecting the interests of the state’s farmers as well as the integrity of American agriculture. The lab grown meat ban is also one of the many other pet causes of DeSantis.

DeSantis said just after the bill was signed,

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“Today, Florida is fighting back against the global elite’s plan to force the world to eat meat grown in a petri dish or bugs to achieve their authoritarian goals,”

In a press release it was said that Florida was negating the World Economic Forum’s goal of forcing the world to eat lab-grown meat and insects.

However it must be remembered that lab grown meat is still not available for the consumers. Lab grown meat is harvested from animal cells and the FDA has given approval to two entities Upside Food and Good Meat to make the lab grown meat. The two companies also do not have any outlets to sell this meat. Till date only two high end restaurants China Chilcano, Chef José Andrés’ high-end Peruvian restaurant in Washington, DC, and Bar Crenn, a Michelin-starred restaurant in San Francisco have served lab grown meat to the consumers. However both these restaurants have stopped featuring the lab grown meat on their menu.

The lab grown meat industry has not even started competing with the farmers but it seems the ban is a way to preempt any such possibility. A section of the population believes that the move is a consequence of a conspiracy theory which stated that the “globalists” are forcing people to eat bugs and live in pods. This theory is also known as the “Great Reset,” which was first coined in 2020 after a World Economic Forum initiative that urged governments to use the pandemic to promote sustainable development. The Right Wing experts connected it with a 2016 World Economic Forum blog post which talked about the possible use of bug protein and a 2013 book about insect farming published by the United Nations.

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Lab Grown or cultivated meats are harvested in bioreactors using cells from animals. Startups are working on chicken, fish and beef meat. The promoters of lab grown meat contend that the process will in the long run significantly lower the greenhouse gas emissions associated with producing meat. The process of making lab grown meat involves extracting living cells from an animal and feeding it with nutrients such as proteins, sugars and fats. The final product is much akin to traditionally produced meat in taste as well as composition.

For example the Los Angeles startup Meat uses the plasma of cows to grow meat for ground beef. It takes about three years to raise a cow to 300 kilograms of meat. However 2000 kg of meat can be produced in a year from a single cow’s plasma and there is no need to slaughter the animal also.

However lab grown meat is extremely energy intensive and the startups have not been able to scale up the production and bring the price down.

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The U.S. Cattlemen’s Association, an association which represents the traditional meat producers have vehemently opposed cultivated meat citing safety concerns and have been lobbying to prevent the lab grown meat to be referred as beef.

Good Meat, a lab grown Meat Company which is the first in the world to sell lab-grown meat, wrote on X it was “disappointed” by the new Florida law.

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Brazil Dam Collapse Amid Heavy Rainfall and Flood; Watch Video Here

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Brazil Dam Collapse Amid Heavy Rainfall and Flood; Watch Video Here

Southern Brazil experienced heavy rains which have caused destruction in the area. Due to heavy rains, a hydroelectric dam located in the Rio Grande do Sul state collapsed. 

Due to this, over 30 people met their ultimate demise in the disaster. The BBC has reported that more than 60 people are also reported missing. 

Since Saturday, more than 15000 people have been forcibly evacuated from their houses as the rescue efforts intensify. 

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Dam Collapse Causes Chaos

The hydroelectric dam collapse between the Bento Gonçalves and Cotiporã resulted in a two-meter wave. As a result, it worsened the critical situation in the flood-stricken areas. 

Emergency responders and residents both panicked hard as the difficulties were exacerbated. 

This Brazil flooding is described as one of the worst in recent history. Almost 500,000 people were devoid of critical resources, such as access to clean water and electricity. 

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Luiz Inácio Lula da Silva, the Brazilian President, responded to the chaos and extended the central government’s support. Rescue operations were carried out in multiple municipalities as per urgent orders given by Governor Eduardo Leite.

Helicopters were also sent if any person is trapped and needs evacuation. Due to heavy destruction, aerial winching has been proved to be the most effective means of extraction. 

Cause Of Heavy Rain and Flood

Meteorologists studied the cause and announced that the level of unprecedented rainfall intensity can be attributed to higher-than-average temperatures coupled with upgrading humidity and strong winds. 

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Thus, El Niño worsened Southern Brazil’s situation and its extreme weather conditions. 

According to The Economic Times, Forecasters from the meteorological department predicted the continued rainfall “with the passage of a cold front, Rio Grande do Sul’s communities’ resilience is being tested to the limit.”

Also Read: Watch: Dubai Floods Gushing Every Year As Storm Dumps 1.5 Years of Rain

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Warning Issued Against Dangerous Game ‘Senior Assassin’ After the Death of a 16-Year-Old Boy

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Warning Issued Against Dangerous Game 'Senior Assassin' After the Death of a 16-Year-Old Boy

Internet trends sometimes get infiltrated by games that result in dangerous situations for those involved. We had Blue Whale and then Pokémon Go, and now we have “Senior Assassin.” In this game, players receive a target and must eliminate them using water guns, paintball guns, and other similar items.

Warning Issued Against Dangerous Game ‘Senior Assassin’

The target is a real person. The game has gone so far that participants are running and chasing people in public, including outside school boundaries. The stakes have been raised as people now carry fake firearms resembling real ones while chasing others for the game. Although the game did not originate from TikTok, videos of participants “eliminating” their targets have gone viral on the platform.

Recently, a group of high school students was running around with fake firearms when they encountered a licensed gun owner. The police have stated that this game can lead to dangerous situations because someone with a real gun might feel threatened and end up shooting someone without knowing the full context.

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Tragically, the game has already caused the death of a boy. Six-year-old Justin Johnson, who had sickle cell disease, was lured out of his room by the trend, while others began chasing him with toy guns. After a few moments, Justin suffered heart palpitations, prompting his father to call for help.

Unfortunately, Justin had stopped breathing by the time help arrived. The family’s lawyers are now pursuing legal action against the “Senior Assassin” game, which they believe caused Justin’s death. “It’s supposed to be a game that involves individuals trying to tag other individuals with water guns or pellet guns or paintball guns,” claimed the lawyer during the hearing of this case.

Investigations are ongoing, and the police have issued a warning about the dangers associated with the game.

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Also Read: Heather Pressdee, The Pennsylvania Nurse Connected To The Deaths Of 17 Patients Sentenced To Hundreds Of Years In Prison

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