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US stock market daily report (June 18, 2014, Wednesday)

June 19, 2014, Thursday, 05:29 GMT | 01:29 EST | 09:59 IST | 12:29 SGT
Contributed by Millennium Traders

The oceans of the world are being threatened by carbon pollution and the waters are becoming more acidic. Marine life is being threatened by pollution. Overfishing could wipe out entire species.

During an ocean conservation conference hosted by the State Department, President Barack said in a recorded video message, "If we ignore these problems, if we drain our oceans of their resources, we won't just be squandering one of humanity's greatest treasures, We'll be cutting off one of the world's major sources of food and economic growth, including for the United States. We cannot afford to let that happen."

The Pacific Remote Islands Marine National Monument was previously designated to protect unique species and rare geological formations by President George W. Bush. President Obama on Tuesday announced plans to expand the massive stretch of the Pacific Ocean - final boundaries for the preserve not yet determined - to protect fragile marine life, of which drilling, fishing and other activities will be banned.

The proposal by the President, which does not require new action from Congress, will create the world's largest ocean preserve. Under the 1906 Antiquities Act - a law that allows for land-based national monuments to be created by executive order - Presidents have authority to phase out commercial fishing and other activities from U.S. waters. The particular stretch of the Pacific Ocean is considered U.S. territory because it surrounds an array of remote, mostly uninhabited islands controlled by the U.S. between Hawaii and American Samoa. Per the White House, the President plans to solicit input from conservation experts, fishermen, politicians, scientists plus others, prior to the new protections taking effect.

Nations have exclusive economic control over waters that extend 200 nautical miles from its coast, under maritime law.

The Pew Charitable Trusts - an independent non-profit, non-governmental organization (NGO), founded in 1948 with over $5 billion in assets with the mission to serve the public interest by "improving public policy, informing the public, and stimulating civic life" - determined that the President could protect more than 780,000 square miles, nearly nine times what President Bush set aside when he created the monument. Per Pew, if Obama were to protect all U.S. waters in the Pacific other than Hawaii, the sanctuary could grow to roughly 1.5 million square miles.

While there is currently very little commercial fishing in the potentially protected waters, and there are no signs of potential drilling, the President is taking proactive steps to protect the waters from future, potentially damaging activities.

President Obama also vowed to create a government program to combat black market fishing and seafood fraud, in which seafood products are mislabeled to hide their origin. The White House said 20% of the wild marine fish caught each year are part of the black market, at a cost of $23 billion to the legitimate fishing industry. Obama said, "For this effort to succeed, it has to be bigger than any one country."

Beth Lowell of the conservation group Oceana said, "President Obama's announcement is a historic step forward in the fight against seafood fraud and illegal fishing worldwide. This initiative is a practical solution to an ugly problem and will forever change the way we think about our seafood."