Shenzhen, China, became the first city in the world to adopt electric buses when it fully electrified its public transportation system, setting a pattern for the rest of the globe. With China emerging as the global leader in electric buses and trucks, accounting for over 90% of the total in 2021, this innovative step signaled the start of an electric Revolution.
globalEDGE Blog - By Author: Michael Barron
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Brazil is now a significant producer of corn, soybeans, cattle, cotton, and other agricultural products worldwide. But this growing agricultural industry is not without opposition, especially when it comes to its part in using the Amazon rainforest.
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Singapore’s economy has seen a dramatic transition in recent years, with the exponential rise of its digital industry. This explosion of the digital economy has had a profound impact on many sectors and has been essential to Singapore’s economic development.
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The global economy has been significantly impacted by artificial intelligence, and Japan, with its long history of technological innovation, is well-positioned to significantly impact the AI landscape. Japan is building its own AI innovations like ChatGPT that are anticipated to change a range of sectors, from manufacturing to healthcare, significantly influence the country's economic future.
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Some of the most valuable shipping routes in the world are in the South China Sea, which is 1.4 million square miles in size. Developing conflicts in the South China Sea are having a significant impact on small businesses. Their location, industry, and reliance on the geographical region for business all influence how much of an effect they have. Around 80% of global trade is carried by sea, and estimates of the volume carried through the South China Sea range from 20% to 33%.
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If you are interested in learning more about global organizations, you should visit globalEDGE’s page about them. You can read about over 60 organizations by clicking here.
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The collapse of the Silicon Valley Bank (SVB) has had a significant impact not only on the United States but on businesses and countries around the world. As one of the largest and most successful banks in the world, SVB has played a vital role in providing financial services to many of the most innovative and high-growth companies in the technology sector.
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2022 was a year of major milestones and innovations in the cryptocurrency industry, including the meteoric rise of Web3 and the metaverse, the continued development of decentralized finance, and the introduction of non-fungible tokens. The upward trend seemed like it would continue, with the global crypto community aligning to support Ukraine amid its tensions and ultimate conflict with Russia. Thousands of people and leading brands joined hands to donate crypto funds to Ukraine, which will go down in history as one of the most prominent mass-market uses of blockchain technology to date. But this social unity has not helped hide the dramatic downward shift many crypto coins and exchanges are currently taking.
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The discovery of a sizable rare-earth element deposit in Sweden raises new expectations for Europe's transition away from fossil fuels and a reduction in the reliance on China, which currently supplies most of the vital minerals. Rare-earth elements are essential for renewable energy and electric vehicles. The Swedish state-owned mining corporation LKAB has already started creating a strategy to extract the components from the largest known deposit in Europe. The deposit contains certain rare-earth elements that might be utilized to make permanent magnets, which are needed to power electric motors and wind turbines. The mining of iron ore may result in the production of rare-earth elements as a byproduct.
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During an economic crisis, Egypt is cutting back on its domestic energy consumption to provide more natural gas to Europe. This past summer, the Egyptian government began to reduce household electricity consumption by cutting the lighting in some streets, squares, shops, and government buildings. In order to do this, the amount of natural gas needed to generate electricity must be reduced by 15%, and the surplus will be shipped to European buyers who pay top dollar for liquified natural gas.
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European Union lawmakers and member countries reached a deal to ban the sale of new gasoline and diesel cars and vans by 2035. It would effectively prohibit the sale of new cars and vans powered by gasoline or diesel in the 27-nation bloc. The deal EU between negotiators was made on October 27and is the first agreement of the bloc's “Fit for 55" package, which the bloc's European Commission set up to achieve the goal of cutting greenhouse gas emissions by 55% over this decade. Under the deal, carmakers are required to reduce the emissions of new cars sold by 55% in 2030 compared to 2021, leading to a 100% cut five years later. The European Parliament and member states must formally approve the agreement before it is put into action.
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On October 3rd, 2022, the Ukrainian forces made their biggest breakthrough yet. Their forces have accelerated their advance into Russian-held areas of the southern Kherson region, while Western officials downplay the likelihood of Russia using nuclear weapons in retaliation. Ukrainian troops announced the liberation of several towns, while Moscow sought to prevent an encirclement of its forces in the east and south of the country. The Ukrainian soldiers waved their flag over Davydiv Brid and claimed the liberation of Starosillya, Arkhangelskoye, and Velyka Oleksandrivka.
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India is facing a major economic boom that few are talking about. Over the globe, there has been a decrease in total economic growth. The U.S., China, and Russia are getting the majority of the attention right now, yet while the rest of the world is declining, India is projected to grow more than double the projections for total global growth with a yield of 7%+ overall growth. There are many reasons why the global economy is down right now, including the outbreak of COVID-19, Russia’s invasion of Ukraine, and overall rising energy prices.