Gas Prices Rise to 7-Year Highs in Canada

——————————-

Prices in Europe tripled in the past 2 months—fivefold during the last year. “On the international front, we’re seeing pretty much close to all—time highs in many markets worldwide,” says Martin King, senior analyst at RBN energy. As the world rebounds from COVID-19, the demand is exceeding supply. This shortage and various other factors are causing the price spike in natural gas. Typically in Europe, storage tanks would be filled in preparation for winter, but exports from major suppliers, such as Norway, are down due to maintenance issues-resulting in a shortage. The continued shipments of liquefied natural gas to Europe from the United States, and Hurricane Ida also contribute to the rising prices in North America. Even though North America has avoided the worst of this crisis, Canadians should still be prepared for higher prices this winter. [CBC][CBC][By Justin Wei]

——————————-

Prepare for Blast-Off on December 18th

——————————-

After nearly a month of shipping preparations, NASA’s newest space telescope, the James Webb, successor of Hubble, arrived in French Guiana on October 12th. The observatory travelled 9 300 kilometers on a 16 day trip across the sea beginning in California, passing through the Panama Canal, and arriving in Port de Pariacabo. Operational preparations will be completed in the next two months before the scheduled launch on December 18th from an Ariane 5 rocket. Engineers will run final checks, load the spacecraft with propellants, mount the observatory, and cover it with fairing before takeoff. Thomas Zurbuchen says, “We are going to see things in the universe beyond what we can even imagine today.” [NASA][By Justin Wei] 

——————————-

Border to Reopen After 18 Month Closure

——————————-

After being closed for a year and half, fully-vaccinated Canadians will once again be allowed to enter the United States at land and ferry crossings starting early next month. The news came on Tuesday night, when senior US officials announced a plan to reopen the land borders with Canada and Mexico. Both borders have been closed to non-essential visitors since March 2020. However, officials stressed that a specific date for the reopening has not yet been determined, and that a number of details were still being worked out. The announcement follows repeated questions on why the US didn’t reopen its border even after Canada did to fully-vaccinated Americans in August, and increasing calls by politicians in both countries to do so. [CBC] [By Joshua Zhuang]

——————————-

China Promises $290 Million to Protect Nature

——————————-

On 12 October, President Xi Jinping announced in a UN conference call that China would pledge 1.5 billion yuan to the Kunming Biodiversity Fund. The funds plan to contribute to protecting biodiversity in developing countries for the next 10 years. After decades of economy-focused growth, Xi says in recent years China has at last begun progressing in wildlife protection. Due to China’s vision, many other countries at the conference have also been inspired. French President Emmanuel Macron said that by 2030 France would stop importing products that have caused deforestation. With their initiative, China and France both hope that other major countries will follow in their footsteps and make a change for the better. [CBC][By Iris Ma]

——————————-

New (potential) COVID Drug Decreases Hospitalizations by 50% 

——————————- 

The American pharmaceuticals company Merck has developed a new COVID pill named molnupiravir. This take-home medication has shown promise, with stage 3 clinical trials showing that it decreases hospitalizations by 50%. Right now, all COVID medications are administered in hospitals via injection, which means most people who get medicated are already severely ill. Molnupiravir could significantly help with the battle against COVID by hitting  the illness early and hard, possibly making it more effective. It is currently pending FDA approval. Many countries have already secured deals to get it, including the US, which bought 1.7 million doses for $712 per dose. Merck has also licensed the drug to 5 other manufacturers, which will sell the drug at lower prices to low-middle income countries. [The Guardian, Nature][By Miranda Zhao]

——————————-

A $3.5trn Democrat project that propose major increases in social spending 

——————————- 

As the next wave of societal growth and advancement of social welfare is on its inevitable path fast approaching, America falls short to European nations with a tax system that is grossly inefficient and needlessly complex. Admittedly its federal tax revenue is quite small, but growing rapidly. The Democrats in the House of Representatives are working out how to pay for President Biden’s proposed social-spending bill, which includes cash handouts for parents, child care subsidies, green investment and more money for health care, taking America a step in the direction of European welfare. But at its present size of $3.5trn (1.2% of the projected GDP), it is nearly impossible for America’s federal government to cover, thus, lawmakers are proposing the biggest tax raise in nearly 30 years. The plan would raise the rate of capital gains tax and introduce various new levies, although with a myriad of deductions allowing the very rich to disguise labour income as lightly taxed capital gains, it does not promise a bright future for American welfare. However, on the bright side, it would curtail many loopholes that let investment class their fees as capital gains not income. It would reduce tax evasion by increasing enforcement, such as through audits of the tax returns of higher classes, and it would put a heavier tax rate “pass through” companies, shells which let many professionals treat their income as business profits, incurring a much lower tax rate. [Economist] [Sam Li]