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Boeing's 737 MAX aircraft faced another setback as an Alaska Airlines flight made an emergency landing on Friday due to a cabin panel blowout. <o:p></o:p>

While not as severe as the global grounding of all MAX-family jets five years ago, US regulators have ordered a temporary grounding of certain planes for safety checks. <o:p></o:p>

Approximately 215 737 MAX 9 jets are currently in service globally, with 171 featuring the problematic plug door. Here's how regulators and airlines are responding to the recent incident.<o:p></o:p>

Regulatory response<o:p></o:p>

The US Federal Aviation Administration (FAA) issued a directive temporarily grounding 171 Boeing 737 MAX 9 airplanes until inspections are performed. The US National Transportation Safety Board (NTSB) has initiated an investigation. <o:p></o:p>

In Brazil, the aviation regulator ANAC announced that the FAA ruling automatically applies to all flights. Similarly, the European Union Aviation Safety Agency (EASA) adopted the FAA directive. <o:p></o:p>

China, considering action, has sought details on the incident, while India ordered domestic airlines to conduct a one-time inspection of emergency exits on all Boeing 737-8 MAX aircraft in operation.<o:p></o:p>

Global airline response<o:p></o:p>

Alaska Airlines swiftly grounded its entire 65 MAX 9 fleet, later returning 18 to service following maintenance checks. <o:p></o:p>

However, uncertainties led to a subsequent reversal, causing significant disruptions with 163 cancelled flights on Sunday, anticipating travel disruptions until at least midweek.<o:p></o:p>

&nbsp;United Airlines, the only other US carrier operating the jets, temporarily suspended service on all 737 MAX 9 aircraft for FAA-required inspections. <o:p></o:p>

Copa Airlines temporarily grounded 21 737 MAX 9 aircraft, expecting to resume normal operations within 24 hours but acknowledging potential delays. <o:p></o:p>

Flydubai reassured the unaffected status of its three Boeing 737 MAX 9 planes, citing a deactivated mid-aft exit door configuration.<o:p></o:p>

Turkish Airlines withdrew its five aircraft for inspection, promptly grounding them at the first landing airport.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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Boeing's 737 MAX aircraft faced another setback as an Alaska Airlines flight made an emergency landing on Friday due to a cabin panel blowout. While not as severe as the global grounding of all MAX-family jets five years ago, US regulators have ordered a temporary grounding of certain planes for safety checks.

Boeing's 737 MAX aircraft faced another setback as an Alaska Airlines flight made an emergency landing on Friday due to a cabin panel blowout. While not as severe as the global grounding of all MAX-family jets five years ago, US regulators have ordered a temporary grounding of certain planes for safety checks. Approximately 215 737 MAX 9 jets are currently in service globally, with 171 featuring the problematic plug door. Here's how regulators and airlines are responding to the recent incident. Regulatory response The US Federal Aviation Administration (FAA) issued a directive temporarily grounding 171 Boeing 737 MAX 9 airplanes until inspections are performed. The US National Transportation Safety Board (NTSB) has initiated an investigation. In Brazil, the aviation regulator ANAC announced that the FAA ruling automatically applies to all flights. Similarly, the European Union Aviation Safety Agency (EASA) adopted the FAA directive. China, considering action, has sought details on the incident, while India ordered domestic airlines to conduct a one-time inspection of emergency exits on all Boeing 737-8 MAX aircraft in operation. Global airline response Alaska Airlines swiftly grounded its entire 65 MAX 9 fleet, later returning 18 to service following maintenance checks. However, uncertainties led to a subsequent reversal, causing significant disruptions with 163 cancelled flights on Sunday, anticipating travel disruptions until at least midweek. United Airlines, the only other US carrier operating the jets, temporarily suspended service on all 737 MAX 9 aircraft for FAA-required inspections. Copa Airlines temporarily grounded 21 737 MAX 9 aircraft, expecting to resume normal operations within 24 hours but acknowledging potential delays. Flydubai reassured the unaffected status of its three Boeing 737 MAX 9 planes, citing a deactivated mid-aft exit door configuration. Turkish Airlines withdrew its five aircraft for inspection, promptly grounding them at the first landing airport. (With inputs from Reuters) WATCH WION LIVE HERE

Global response unfolds as Boeing 737 MAX faces safety checks following cabin panel blowout

2024 promises a resurgence in hiring with anticipated expansion across sectors. This report looks at this job resurgence and industries that stood resilient in 2023 amid challenges

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A mid-air incident involving a Boeing aircraft has reignited concerns over the aircraft manufacturer's safety measures, just as it was on the verge of gaining approval for its latest MAX jet models. <o:p></o:p>

The incident occurred on a flight operated by Alaska Airlines, with 171 passengers on board, where a door plug inexplicably detached. The Federal Aviation Administration (FAA) has grounded 171 Boeing MAX 9 airplanes until safety assurances are provided.<o:p></o:p>

Experts are currently investigating the cause of the door plug detachment, with the FAA expressing a commitment to keeping the aircraft grounded until convinced of their safe operation. <o:p></o:p>

The mishap compounds the challenges faced by Boeing and its supplier Spirit AeroSystems, grappling with production setbacks that followed the prolonged safety grounding of the 737 MAX and disruptions due to the pandemic.<o:p></o:p>

Boeing, aiming to close the market share gap with Airbus, has been under immense pressure since the 2018 and 2019 Boeing MAX crashes that led to a 20-month worldwide grounding. <o:p></o:p>

The Alaska incident could potentially prompt regulators to adopt a more stringent approach towards unresolved aviation issues, building on the reforms instituted in 2020.<o:p></o:p>

Airlines' preference for single-aisle aircraft has intensified, with Boeing's MAX series crucial for the company's market share and financial stability. <o:p></o:p>

Disappointing sales of the MAX 9 prompted Boeing to introduce the larger-capacity MAX 10 to compete with Airbus's A321neo. Analysts highlight the importance of a successful MAX line-up to help Boeing maintain its market share and financial strength.<o:p></o:p>

Boeing, already burdened with $39 billion in debt, is hesitant to invest in an entirely new aircraft until engine technology matures. Delays in the certification of the MAX 10 could add pressure to Boeing's strategy bridging the current decade.<o:p></o:p>

China, a crucial market, is closely monitoring Boeing's struggles, especially given the recent trade tensions and MAX safety concerns.<o:p></o:p>

Since the grounding of the 737 MAX in 2019, Boeing's shares have declined by over 40 per cent, contrasting with Airbus's 25 per cent increase. The incident's fallout may depend on how regulators handle the certification of the MAX 7, the smallest and least-sold version. <o:p></o:p>

Jeff Guzzetti, a former US air crash investigator, suggests that the MAX 9 incident could influence the decision, emphasising the importance of maintaining strict safety standards.<o:p></o:p>

As the investigation into the incident is ongoing, experts caution that it could revive discussions about recent quality problems in Boeing's production. <o:p></o:p>

Questions about the company's ability to handle the increasing production rate have been raised, with concerns about production deficiencies and quality escapes. <o:p></o:p>

Boeing's production setbacks include issues like loose hardware, drilling errors, and incorrect attachments, raising doubts about its manufacturing capabilities.<o:p></o:p>

Boeing insists that its production system is poised for improvement, despite past challenges. <o:p></o:p>

CEO Dave Calhoun affirmed their commitment to a steady and efficient increase in production, emphasising collaboration with the supply base.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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A mid-air incident involving a Boeing aircraft has reignited concerns over the aircraft manufacturer's safety measures, just as it was on the verge of gaining approval for its latest MAX jet models.

A mid-air incident involving a Boeing aircraft has reignited concerns over the aircraft manufacturer's safety measures, just as it was on the verge of gaining approval for its latest MAX jet models. The incident occurred on a flight operated by Alaska Airlines, with 171 passengers on board, where a door plug inexplicably detached. The Federal Aviation Administration (FAA) has grounded 171 Boeing MAX 9 airplanes until safety assurances are provided. Experts are currently investigating the cause of the door plug detachment, with the FAA expressing a commitment to keeping the aircraft grounded until convinced of their safe operation. The mishap compounds the challenges faced by Boeing and its supplier Spirit AeroSystems, grappling with production setbacks that followed the prolonged safety grounding of the 737 MAX and disruptions due to the pandemic. Boeing, aiming to close the market share gap with Airbus, has been under immense pressure since the 2018 and 2019 Boeing MAX crashes that led to a 20-month worldwide grounding. The Alaska incident could potentially prompt regulators to adopt a more stringent approach towards unresolved aviation issues, building on the reforms instituted in 2020. Airlines' preference for single-aisle aircraft has intensified, with Boeing's MAX series crucial for the company's market share and financial stability. Disappointing sales of the MAX 9 prompted Boeing to introduce the larger-capacity MAX 10 to compete with Airbus's A321neo. Analysts highlight the importance of a successful MAX line-up to help Boeing maintain its market share and financial strength. Boeing, already burdened with $39 billion in debt, is hesitant to invest in an entirely new aircraft until engine technology matures. Delays in the certification of the MAX 10 could add pressure to Boeing's strategy bridging the current decade. China, a crucial market, is closely monitoring Boeing's struggles, especially given the recent trade tensions and MAX safety concerns. Since the grounding of the 737 MAX in 2019, Boeing's shares have declined by over 40 per cent, contrasting with Airbus's 25 per cent increase. The incident's fallout may depend on how regulators handle the certification of the MAX 7, the smallest and least-sold version. Jeff Guzzetti, a former US air crash investigator, suggests that the MAX 9 incident could influence the decision, emphasising the importance of maintaining strict safety standards. As the investigation into the incident is ongoing, experts caution that it could revive discussions about recent quality problems in Boeing's production. Questions about the company's ability to handle the increasing production rate have been raised, with concerns about production deficiencies and quality escapes. Boeing's production setbacks include issues like loose hardware, drilling errors, and incorrect attachments, raising doubts about its manufacturing capabilities. Boeing insists that its production system is poised for improvement, despite past challenges. CEO Dave Calhoun affirmed their commitment to a steady and efficient increase in production, emphasising collaboration with the supply base. (With inputs from Reuters) WATCH WION LIVE HERE

Mid-air incident puts Boeing in regulatory spotlight amid production struggles

It's an unprecedented election year, unfolding against the backdrop of heightened geopolitical tensions and economic uncertainties. But for investors, the question isn't just who wins, but what they promise. All eyes are on fiscal discipline as the world navigates uncertainties.

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Saudi Arabia has decided to lower the major Crude prices for consumers in all regions, including its primary market in asia, for the month of February. This is due to the ongoing market downturn. Meanwhile, robust global supply, driven by the US, is increasing the possibility of a glut. This will compel the OPEC+ group, led by Saudi Arabia and Russia, to continue cutting output into this year.

OPEC+ group to extend output cuts into this year | World Business Watch

Naresh Goyal, the founder of Jet Airways and an accused in the ₹538 crore (over $64.6mn) fraud case at Canara Bank, pleading before a special court on Saturday&nbsp;stated that he has "lost every hope of life".&nbsp;

Goyal, currently in judicial custody at Mumbai's Arthur Road jail, requested the court with "folded hands" that it would be "better if he dies in jail" than endure his present condition.

The septuagenarian, visibly emotional during the proceedings, highlighted the deteriorating health of his wife, Anita, who reportedly has an advanced stage of cancer.&nbsp;

Goyal, arrested by the Enforcement Directorate (ED) on September 1 last year in connection with the alleged bank fraud, moved a bail application before special judge M G Desphande.

Also watch&nbsp;|&nbsp;Jet airways founder, Naresh Goyal arrested

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During the hearing, Goyal,&nbsp;his body trembling, informed the court about his precarious health, swollen and painful knees, and difficulty in standing.&nbsp;

He urged the court not to send him to J J Hospital, citing the troublesome and tedious journey from Arthur Road jail, impacting his health further.

<h2>'I have lost every hope of life'</h2>

"I have lost every hope of life, and it's better I should die rather than be alive in such a situation," Goyal told the court, tearfully requesting not to be sent to the hospital and instead allowing him to pass away in jail.

Turning 75 soon, Goyal claimed that his health prevented him from personally attending court hearings. The judge then assured Goyal that his mental and physical health would be taken care of and directed his lawyers to address the concerns.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/jet-airways-and-go-fist-lose-their-airlines-codes-after-being-non-operational-report-632062">Jet Airways and Go Fist lose their airlines codes after being non-operational</a>

In his bail plea, Goyal cited multiple health issues and maintained his innocence.&nbsp;

The next hearing is scheduled for January 16.&nbsp;

The ED case under the Prevention of Money Laundering Act (PMLA) stems from a CBI FIR against Jet Airways, Goyal, his wife Anita, and former company executives, alleging fraud of ₹538 crore (over $64.6mn) at Canara Bank.

(With inputs from agencies)&nbsp;

Naresh Goyal, the founder of Jet Airways and an accused in the ₹538 crore (over $64.6mn) fraud case at Canara Bank, pleading before a special court on Saturday stated that he has "lost every hope of life".

Naresh Goyal, the founder of Jet Airways and an accused in the ₹538 crore (over $64.6mn) fraud case at Canara Bank, pleading before a special court on Saturday stated that he has "lost every hope of life". Goyal, currently in judicial custody at Mumbai's Arthur Road jail, requested the court with "folded hands" that it would be "better if he dies in jail" than endure his present condition. The septuagenarian, visibly emotional during the proceedings, highlighted the deteriorating health of his wife, Anita, who reportedly has an advanced stage of cancer. Goyal, arrested by the Enforcement Directorate (ED) on September 1 last year in connection with the alleged bank fraud, moved a bail application before special judge M G Desphande. Also watch | Jet airways founder, Naresh Goyal arrested × During the hearing, Goyal, his body trembling, informed the court about his precarious health, swollen and painful knees, and difficulty in standing. He urged the court not to send him to J J Hospital, citing the troublesome and tedious journey from Arthur Road jail, impacting his health further. 'I have lost every hope of life' "I have lost every hope of life, and it's better I should die rather than be alive in such a situation," Goyal told the court, tearfully requesting not to be sent to the hospital and instead allowing him to pass away in jail. Turning 75 soon, Goyal claimed that his health prevented him from personally attending court hearings. The judge then assured Goyal that his mental and physical health would be taken care of and directed his lawyers to address the concerns. Also read | Jet Airways and Go Fist lose their airlines codes after being non-operational In his bail plea, Goyal cited multiple health issues and maintained his innocence. The next hearing is scheduled for January 16. The ED case under the Prevention of Money Laundering Act (PMLA) stems from a CBI FIR against Jet Airways, Goyal, his wife Anita, and former company executives, alleging fraud of ₹538 crore (over $64.6mn) at Canara Bank. (With inputs from agencies)

Jet Airways founder Naresh Goyal breaks down in court, says, ‘better I should die’

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The head of heavily indebted Chinese property developer Evergrande's electric vehicle unit has been detained, the firm said Monday, the second executive from the company to come under investigation in recent months.

Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property crisis.

The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo -- listed on its website as its president -- had "been detained in accordance with the law on suspicion of illegal crimes".

It did not give further details on why exactly Liu had been held.

Chinese law allows for individuals to be detained for extended periods while they are under investigation.

Those placed under investigation are usually convicted.

Liu's detention follows Evergrande's announcement in September that chairman Xu Jiayin was "subject to mandatory measures" from Chinese authorities over "crimes".

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/china-detains-evergrande-employees-amid-property-crisis-636762">China detains Evergrande employees amid property crisis</a>

Liu, born in 1981, has also served as chairman of the board of an Evergrande-owned football team based in the southern city of Guangzhou.

<h2>- Cash flow woes -</h2>

At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of electric cars in just "three to five years".

But the EV unit's cash flow and growth outlook were hit hard by its parent company's increasingly dire financial situation.

Evergrande NEV indicated in March 2023 that it was fighting to secure liquidity in order to stay afloat.

On Monday, just before it announced Liu's detention, shares in the EV firm were halted briefly on the Hong Kong Stock Exchange "at the request of the company", the company said.

Less than an hour after restarting trading at 1:00 pm (0500 GMT), the EV firm's share price was down 13 per cent.

The announcements come after the failure of a deal that would have sold a stake in Evergrande NEV to NWTN, a Dubai-based firm specialising in clean-energy vehicles.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/china-imposes-sanctions-on-us-defence-giants-amid-growing-taiwan-tensions-677647">China imposes sanctions on US defence giants amid growing Taiwan tensions</a>

Following a long delay, the firm began production of its first EV model -- the Hengchi 5 -- in 2022.

Evergrande NEV shares were suspended for 15 months between April 2022 and July 2023, owing to the firm's failure to publish financial results.

It is currently valued at around $570 million, having lost almost half its value in five years.

As the real estate giant's woes deepened, a Hong Kong court last month gave it until late January to put together a restructuring plan, extending a deadline that could lead to its liquidation.

The head of heavily indebted Chinese property developer Evergrande's electric vehicle unit has been detained, the firm said Monday, the second executive from the company to come under investigation in recent months.

The head of heavily indebted Chinese property developer Evergrande's electric vehicle unit has been detained, the firm said Monday, the second executive from the company to come under investigation in recent months. Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property crisis. The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo -- listed on its website as its president -- had "been detained in accordance with the law on suspicion of illegal crimes". It did not give further details on why exactly Liu had been held. Chinese law allows for individuals to be detained for extended periods while they are under investigation. Those placed under investigation are usually convicted. Liu's detention follows Evergrande's announcement in September that chairman Xu Jiayin was "subject to mandatory measures" from Chinese authorities over "crimes". ALSO READ | China detains Evergrande employees amid property crisis Liu, born in 1981, has also served as chairman of the board of an Evergrande-owned football team based in the southern city of Guangzhou. - Cash flow woes - At the time of its establishment in 2019, Evergrande NEV said it aimed to become the world's leading manufacturer of electric cars in just "three to five years". But the EV unit's cash flow and growth outlook were hit hard by its parent company's increasingly dire financial situation. Evergrande NEV indicated in March 2023 that it was fighting to secure liquidity in order to stay afloat. On Monday, just before it announced Liu's detention, shares in the EV firm were halted briefly on the Hong Kong Stock Exchange "at the request of the company", the company said. Less than an hour after restarting trading at 1:00 pm (0500 GMT), the EV firm's share price was down 13 per cent. The announcements come after the failure of a deal that would have sold a stake in Evergrande NEV to NWTN, a Dubai-based firm specialising in clean-energy vehicles. ALSO READ | China imposes sanctions on US defence giants amid growing Taiwan tensions Following a long delay, the firm began production of its first EV model -- the Hengchi 5 -- in 2022. Evergrande NEV shares were suspended for 15 months between April 2022 and July 2023, owing to the firm's failure to publish financial results. It is currently valued at around $570 million, having lost almost half its value in five years. As the real estate giant's woes deepened, a Hong Kong court last month gave it until late January to put together a restructuring plan, extending a deadline that could lead to its liquidation.

China's Evergrande says head of EV arm detained

The Israel Ministry is poised to grant approval for Elon Musk's Starlink satellite internet service this week, with the intention to kickstart limited operations in the country, according to a communication ministry official cited by Bloomberg.<o:p></o:p>

Initially, sales will be limited to official bodies, and Starlink has committed not to provide access to humanitarian organisations in the Gaza Strip without Israel's defence establishment approval, as stated by Elad Malka, the deputy director of the ministry, in an interview.<o:p></o:p>

Elon Musk's Starlink, operated by SpaceX, has been in discussions with Israeli authorities regarding its operations, aiming to support wartime communications along Israel's southern and northern borders.<o:p></o:p>

The caveat, however, is that access will be restricted in the Gaza Strip, with concerns that it could be utilised by Hamas, as explained by Elad Malka.<o:p></o:p>

&nbsp;In November, Musk faced criticism for suggesting Starlink's potential service in Gaza but later clarified that activation would only occur with the approval of the US and Israel governments. <o:p></o:p>

The Israeli government, fast-tracking the Starlink license, sees it as a strategic move amid its ongoing conflict with Hamas.<o:p></o:p>

Malka disclosed that the Israeli government, amid the prolonged conflict with Hamas, expedited plans for the Starlink license. <o:p></o:p>

The satellite internet service provider has established an Israeli subsidiary and is set to commence the sale of its terminals in the coming weeks. <o:p></o:p>

Sales will be limited to approved clients, including communications companies and local councils, as outlined in the license. The move is seen as an effort to enhance wartime communication capabilities while maintaining stringent restrictions to address security concerns.<o:p></o:p>

In response to the development, SpaceX has not immediately commented on the situation. The approval signifies a significant step for Starlink's expansion into Israel, with the company preparing to sell its terminals in the country. <o:p></o:p>

The war between Israel and Hamas, now entering its fourth month, has prompted the government to accelerate the licensing process to leverage Starlink's capabilities for enhanced communication infrastructure.<o:p></o:p>

(With inputs from Bloomberg)<o:p></o:p>

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The Israel Ministry is poised to grant approval for Elon Musk's Starlink satellite internet service this week, with the intention to kickstart limited operations in the country, according to a communication ministry official cited by Bloomberg.

The Israel Ministry is poised to grant approval for Elon Musk's Starlink satellite internet service this week, with the intention to kickstart limited operations in the country, according to a communication ministry official cited by Bloomberg. Initially, sales will be limited to official bodies, and Starlink has committed not to provide access to humanitarian organisations in the Gaza Strip without Israel's defence establishment approval, as stated by Elad Malka, the deputy director of the ministry, in an interview. Elon Musk's Starlink, operated by SpaceX, has been in discussions with Israeli authorities regarding its operations, aiming to support wartime communications along Israel's southern and northern borders. The caveat, however, is that access will be restricted in the Gaza Strip, with concerns that it could be utilised by Hamas, as explained by Elad Malka. In November, Musk faced criticism for suggesting Starlink's potential service in Gaza but later clarified that activation would only occur with the approval of the US and Israel governments. The Israeli government, fast-tracking the Starlink license, sees it as a strategic move amid its ongoing conflict with Hamas. Malka disclosed that the Israeli government, amid the prolonged conflict with Hamas, expedited plans for the Starlink license. The satellite internet service provider has established an Israeli subsidiary and is set to commence the sale of its terminals in the coming weeks. Sales will be limited to approved clients, including communications companies and local councils, as outlined in the license. The move is seen as an effort to enhance wartime communication capabilities while maintaining stringent restrictions to address security concerns. In response to the development, SpaceX has not immediately commented on the situation. The approval signifies a significant step for Starlink's expansion into Israel, with the company preparing to sell its terminals in the country. The war between Israel and Hamas, now entering its fourth month, has prompted the government to accelerate the licensing process to leverage Starlink's capabilities for enhanced communication infrastructure. (With inputs from Bloomberg) WATCH WION LIVE HERE

Israel to give Starlink green signal amid war, but with restrictions

In a week from now, the U.S. could approve bitcoin-based exchange traded funds for the first time. A Reuters report says that investment management firms, stock exchanges, & the U.S. Markets regulator have discussed final changes in their applications for bitcoin-based exchange-traded funds.

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The Red Sea crisis has disrupted the global shipping industry. But that's hardly the only issue that shipping giants are facing right now. The industry fears it will continue to face significant disruptions in 2024.

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The ongoing property crisis in China has taken down another company. This time, it is wealth management firm Zhongzhi, which filed for bankruptcy liquidation. Zhongzhi applied for bankruptcy arguing it could not repay its debts due to insufficient assets.

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In a move that can have a huge impact on the logistics industry, India's antitrust body is probing delivery companies like DHL, UPS & FedEx for alleged collusion on discounts and tariffs.

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India has quickly become the preferred hub for EV manufacturing. Days after reports said that Tesla could set up a plant in the Indian state of Gujarat, Vietnamese electric-vehicle maker VinFast is all set to invest 2 billion dollars to set up a manufacturing plant in the state of Tamil Nadu.

VinFast to set up $2 bn manufacturing plant in Tamil Nadu

Germany's economy will take a while to recover from one of its worst annual performances in a generation, even if it does start growing again in 2024.

2023: Germany's weakest performance in a generation

Consumer Reports has found that plastics retain a "widespread" presence in food despite the health risks, and called on regulators to reassess the safety of plastics that come into contact with food during production.

The non-profit consumer group said on Thursday that 84 out of 85 supermarket foods and fast foods it recently tested contained "plasticizers" known as phthalates, a chemical used to make plastic more durable.

It also said 79% of food samples in its study contained bisphenol A (BPA), another chemical found in plastic, and other bisphenols, though levels were lower than in tests done in 2009.

Consumer Reports said none of the phthalate levels it found exceeded limits set by US&nbsp;and European regulators.

It also said there was no level of phthalates that scientists confirm is safe, but that does not guarantee the safety of foods you eat.

Phthalates and bisphenols can disrupt the production and regulation of estrogen and other hormones, potentially boosting the risk of birth defects, cancer, diabetes, infertility, neurodevelopmental disorders, obesity and other health problems.

Among tested supermarket foods, Annie's Organic Cheesy Ravioli contained the most phthalates in nanograms per serving, 53,579, followed by Del Monte sliced peaches and Chicken of the Sea pink salmon.

Elevated phthalate levels were also found in products such as Cheerios, Gerber baby food and Yoplait yogurt, and several burgers, nuggets and fries from Wendy's, Burger King and McDonald's.

Consumer Reports also found variations among similar products. The 33,980 phthalates in nanograms per serving in Wendy's Crispy Chicken Nuggets, for example, was more than four times the level in McDonald's Chicken McNuggets.

"That tells us that, as widespread as these chemicals are, there are ways to reduce how much is in our foods," said James Rogers, who oversees Consumer Reports' product safety testing.

The consumer group said a reassessment by the US&nbsp;Food and Drug Administration and other agencies of the risks of plasticizers is "overdue and essential."

Polar raspberry lime seltzer was the only tested product containing no phthalates.

General Mills (GIS.N), whose brands include Annie's, Cheerios and Yoplait, did not immediately respond to requests for comment. Burger King (QSR.TO) and Wendy's (WEN.O) did not immediately respond to similar requests.

Chicken of the Sea (TU.BK) and Del Monte said they do not add phthalates to their food, and receive similar assurances from their suppliers. Del Monte also said that phthalates are "widespread in the environment."

Gerber and McDonald's (MCD.N) said they follow regulatory requirements, and require rigorous testing for chemicals in packaging.

&nbsp;

Consumer Reports has found that plastics retain a "widespread" presence in food despite the health risks, and called on regulators to reassess the safety of plastics that come into contact with food during production.

Consumer Reports has found that plastics retain a "widespread" presence in food despite the health risks, and called on regulators to reassess the safety of plastics that come into contact with food during production. The non-profit consumer group said on Thursday that 84 out of 85 supermarket foods and fast foods it recently tested contained "plasticizers" known as phthalates, a chemical used to make plastic more durable. It also said 79% of food samples in its study contained bisphenol A (BPA), another chemical found in plastic, and other bisphenols, though levels were lower than in tests done in 2009. Consumer Reports said none of the phthalate levels it found exceeded limits set by US and European regulators. It also said there was no level of phthalates that scientists confirm is safe, but that does not guarantee the safety of foods you eat. Phthalates and bisphenols can disrupt the production and regulation of estrogen and other hormones, potentially boosting the risk of birth defects, cancer, diabetes, infertility, neurodevelopmental disorders, obesity and other health problems. Among tested supermarket foods, Annie's Organic Cheesy Ravioli contained the most phthalates in nanograms per serving, 53,579, followed by Del Monte sliced peaches and Chicken of the Sea pink salmon. Elevated phthalate levels were also found in products such as Cheerios, Gerber baby food and Yoplait yogurt, and several burgers, nuggets and fries from Wendy's, Burger King and McDonald's. Consumer Reports also found variations among similar products. The 33,980 phthalates in nanograms per serving in Wendy's Crispy Chicken Nuggets, for example, was more than four times the level in McDonald's Chicken McNuggets. "That tells us that, as widespread as these chemicals are, there are ways to reduce how much is in our foods," said James Rogers, who oversees Consumer Reports' product safety testing. The consumer group said a reassessment by the US Food and Drug Administration and other agencies of the risks of plasticizers is "overdue and essential." Polar raspberry lime seltzer was the only tested product containing no phthalates. General Mills (GIS.N), whose brands include Annie's, Cheerios and Yoplait, did not immediately respond to requests for comment. Burger King (QSR.TO) and Wendy's (WEN.O) did not immediately respond to similar requests. Chicken of the Sea (TU.BK) and Del Monte said they do not add phthalates to their food, and receive similar assurances from their suppliers. Del Monte also said that phthalates are "widespread in the environment." Gerber and McDonald's (MCD.N) said they follow regulatory requirements, and require rigorous testing for chemicals in packaging.

Consumer Reports finds 'widespread' presence of plastics in food

There's a big merger in the works in the energy sector, one that can revamp the global natural gas business in the US. Natural gas producer Chesapeake Energy & Southwestern Energy are close to finalising a merger deal. The merger would create a nearly 17 billion dollar company.

US: Chesapeake Energy & Southwestern Energy in merger talks

Oil trade has added a new dimension to the already strong India-Russia ties. Bilateral ties remain strong despite the sanctions against Russia & the ongoing west Asia tensions. In this report, we decode how Russian oil has transformed India's energy demand.

Russia: Top oil supplier to India | Oil import adds new dimension to India-Russia ties

McDonald's CEO Chris Kempczinski has blamed 'misinformation' for its losses, as the boycott movement against western brands continues amid the Israel-Hamas war. Kempczinski revealed that West Asia sales have been hit by 'misinformation' about the fast-food giant's position on the Israel-Hamas war. He called such 'misinformation' disheartening and ill-founded.

McDonald's CEO blames 'misinformation' for West Asia sales hit

India's Ministry of Statistics and Programme Implementation&nbsp;in its first advance estimate has said that the country's economy is likely to grow by 7.3 per cent in financial year 2023-24. The ministry said that the fresh figure surpasses the provisional growth rate of 7.2 per cent in the previous financial year.

"The growth in real GDP during 2023-24 is estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23," said India's National Statistics Office (NSO), which comes under Ministry of Statistics.

Watch | Why did Russian oil price in November for India hit a 12-month high?

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This estimate of growth places India ahead of major global economies. India has seen increased state spending and also notable increase in manufacturing activities.

The advance estimate is in line with the recent adjustment in growth forecast by the Reserve Bank of India (RBI). India's central bank upgraded its growth forecast to 7 per cent from 6.5 per cent.

Also Read | <a href="https://www.wionews.com/india-news/indian-government-signs-969-million-defence-deal-to-strengthen-army-capabilities-676724">Indian government signs $96.9 million defence deal to strengthen army capabilities</a>

The Indian government has taken steps to boost the economy which&nbsp;includes&nbsp;increased state spending to improve infrastructure in the country.

The government has also made investments with an aim to boost manufacturing.

Indian economy grew by 7.6 per cent year-on-year in the September quarter. This was better than the&nbsp;expected performance.

Despite global factors and uncertainties, the performance of the Indian economy has been robust. S&amp;P Global Ratings has&nbsp;forecast&nbsp;India holding on to its position as the fastest-growing major economy over the next three years.

Also Read | <a href="https://www.wionews.com/business-economy/2024-economic-outlook-5-key-things-to-watch-out-this-year-676419">2024 Economic Outlook: 5 key things to watch out this year</a>

Prudent fiscal policies, a resilient domestic market and strategic investments has been a winning combination for India to leave its global counterparts behind.

The ratings agency has predicted India to become the world's third-largest economy&nbsp;by 2030,

(With inputs from agencies)

India's Ministry of Statistics and Programme Implementation in its first advance estimate has said that the country's economy is likely to grow by 7.3 per cent in financial year 2023-24.

India's Ministry of Statistics and Programme Implementation in its first advance estimate has said that the country's economy is likely to grow by 7.3 per cent in financial year 2023-24. The ministry said that the fresh figure surpasses the provisional growth rate of 7.2 per cent in the previous financial year. "The growth in real GDP during 2023-24 is estimated at 7.3 per cent as compared to 7.2 per cent in 2022-23," said India's National Statistics Office (NSO), which comes under Ministry of Statistics. Watch | Why did Russian oil price in November for India hit a 12-month high? × This estimate of growth places India ahead of major global economies. India has seen increased state spending and also notable increase in manufacturing activities. The advance estimate is in line with the recent adjustment in growth forecast by the Reserve Bank of India (RBI). India's central bank upgraded its growth forecast to 7 per cent from 6.5 per cent. Also Read | Indian government signs $96.9 million defence deal to strengthen army capabilities The Indian government has taken steps to boost the economy which includes increased state spending to improve infrastructure in the country. The government has also made investments with an aim to boost manufacturing. Indian economy grew by 7.6 per cent year-on-year in the September quarter. This was better than the expected performance. Despite global factors and uncertainties, the performance of the Indian economy has been robust. S&P Global Ratings has forecast India holding on to its position as the fastest-growing major economy over the next three years. Also Read | 2024 Economic Outlook: 5 key things to watch out this year Prudent fiscal policies, a resilient domestic market and strategic investments has been a winning combination for India to leave its global counterparts behind. The ratings agency has predicted India to become the world's third-largest economy by 2030, (With inputs from agencies)

Indian economy to grow by 7.3 per cent, say government's advance estimates

The euro zone may have entered recession in the final months of 2023. That's what the latest economic data from the region indicates. The euro zone economy remained weak in december. The composite index, a gauge of economic health, stood at 47.6. Any number below 50 indicates economic contraction.The services sector index stood at a five-month high of 48.8. But it still remained in the contraction zone.

Euro zone economy weakens in December, set to enter recession

Soon, there will be a new capital city on the world map. Egypt is building a new high-tech capital city away from Cairo, to boost its economy through big-ticket infrastructure projects. But the path leading to the new capital city is being built on huge debts.

Egypt to spend billions to double size of new capital city

A study carried out by a UK think tank has revealed that bosses of Britain's biggest corporate companies have made more money in the first four days of the new year than the average British worker will make till the year-end, reported BBC. The study by High Pay Centre, the think tank, says that by lunchtime on Thursday (January 4) they had earned more than 34,963 pounds, the annual median wage of workers in Britain.

The centre says that top bosses will enjoy an average annual reward amount of 3.81 million pounds. This means that they are earning 1170 pounds per hour. This comes to 109 times what an average worker earns.

In order to surpass the yearly income of the average worker, lawyers in top cities in the country will have to wait a bit longer, but not too much. By the beginning of the next week, they will have crossed the mark.

When it comes to leading bankers, they will overtake the figure by January 17.

BBC reported that the High Pay Centre made the calculations based on salaries published by the companies in their annual reports.

The news outlet quoted the Trade Union Congress (TUC), which said there were "obscene levels of pay inequality".

There are reportedly occasional claims in the UK that top earners are not paid adequately in the UK.

"When politicians listen to these misguided views, it's unsurprising that we end up with massive inequality, and stagnating living standards for the majority of the population," said High Pay Centre director Luke Hildyard.

<h2>Counterview</h2>

BBC quoted an interesting opinion of Professor Len Shackleton from the free-market think tank, the Institute of Economic Affairs. Shackleton said that since high-earning individuals paid a higher proportion of taxes, a crackdown on their earnings would lead to increased tax bills for others.

"Top earners pay stonking amounts in taxes: the top 1% of all earners in this country pay almost 30% of income tax. If we somehow stopped these people earning large amounts, many of them would leave the country and we would all have to pay higher taxes to compensate," he said.

"A CEO can make, or break, a company and therefore it's unsurprising they are paid generously," he said.

A study carried out by a UK think tank has revealed that bosses of Britain's biggest corporate companies have made more money in the first four days of the new year than the average British worker will make till the year-end, reported BBC.

A study carried out by a UK think tank has revealed that bosses of Britain's biggest corporate companies have made more money in the first four days of the new year than the average British worker will make till the year-end, reported BBC. The study by High Pay Centre, the think tank, says that by lunchtime on Thursday (January 4) they had earned more than 34,963 pounds, the annual median wage of workers in Britain. The centre says that top bosses will enjoy an average annual reward amount of 3.81 million pounds. This means that they are earning 1170 pounds per hour. This comes to 109 times what an average worker earns. In order to surpass the yearly income of the average worker, lawyers in top cities in the country will have to wait a bit longer, but not too much. By the beginning of the next week, they will have crossed the mark. When it comes to leading bankers, they will overtake the figure by January 17. BBC reported that the High Pay Centre made the calculations based on salaries published by the companies in their annual reports. The news outlet quoted the Trade Union Congress (TUC), which said there were "obscene levels of pay inequality". There are reportedly occasional claims in the UK that top earners are not paid adequately in the UK. "When politicians listen to these misguided views, it's unsurprising that we end up with massive inequality, and stagnating living standards for the majority of the population," said High Pay Centre director Luke Hildyard. Counterview BBC quoted an interesting opinion of Professor Len Shackleton from the free-market think tank, the Institute of Economic Affairs. Shackleton said that since high-earning individuals paid a higher proportion of taxes, a crackdown on their earnings would lead to increased tax bills for others. "Top earners pay stonking amounts in taxes: the top 1% of all earners in this country pay almost 30% of income tax. If we somehow stopped these people earning large amounts, many of them would leave the country and we would all have to pay higher taxes to compensate," he said. "A CEO can make, or break, a company and therefore it's unsurprising they are paid generously," he said.

Top UK corporate bosses earn in four days what average worker earns in year: Study

As the world welcomed 2024, another significant milestone in economic history completed 25 years.&nbsp;&nbsp;

The euro, the common currency of the 20-member euro zone, was first launched on New Year's Day in 1999.&nbsp;&nbsp;

For the first three years of its existence, between January 1999 and December 2001, the euro remained 'invisible'. 'Invisible' here means it was mainly used for accounting purposes and to make electronic payments.&nbsp;&nbsp;&nbsp;

On January 1, 2002, the physical form of euro in the form of coins and notes entered the Euro Zone market.&nbsp;&nbsp;

It was the first time in history that several countries had come together to form a monetary union.&nbsp;Overnight, historical currencies like the franc and the deutsche mark became history.&nbsp;&nbsp;

The currencies did disappear overnight, but the process behind its introduction is a story for the ages.&nbsp;

How the war necessitated the union&nbsp;&nbsp;

Europe had been the battleground for numerous wars for many centuries, culminating in the Second World War.&nbsp;

The six-year-long war devastated the European economy and divided the continent into the US and Soviet spheres of influence.&nbsp;&nbsp;

While the Soviet-aligned parts of Europe remained under the 'Iron Curtain', the idea of closer political and economic union gained currency in the US-aligned Western Europe. The idea was to integrate the economies to disincentivises future conflicts on the continent.&nbsp;&nbsp;

A proto economic union began to take shape in the early 1950s - the European Coal and Steel Community (ECSC). The ECSC aimed to provide a common market for Western European coal and steel industries.&nbsp;&nbsp;

France and (West) Germany, the biggest economies on the mainland, held the key to the success of any common market in Europe.&nbsp;&nbsp;

In fact, the Schuman Declaration, which laid the foundation for the common market, noted: "Solidarity in production will make any war between France and Germany not merely unthinkable, but materially impossible."&nbsp;

The proto ‘European Union’&nbsp;

Fast forward to March 1957, and the six member countries of the ECSC transitioned into the European Economic Community - a common customs union to boost trade.&nbsp;&nbsp;

The six initial members were Belgium, France, West Germany, Italy, Luxembourg and Netherlands. Six other countries, including the United Kingdom, joined it later.&nbsp;&nbsp;

The common customs union and transnational market of the late 1950s and 1960s paved the way for the European Union in 1993. But the path leading to a single market, over-riding national identities, wasn't so easy.&nbsp;&nbsp;

France's then-President Charles De Gaulle, while supportive of a common market, was opposed to the inherent supranational idea of a larger political and economic integration of the continent.&nbsp;&nbsp;

His support to a common market remained as long as it helped French interests. The French war hero was also opposed to the entry of the UK, further complicating European unification.&nbsp;&nbsp;

A common market theoretically helps in better trade, but the often-differing economic structures of individual member-states played spoilsport. This also meant that each member-state had its own fiscal and monetary policy.&nbsp;&nbsp;

A 1992 article on the EU’s predecessor encapsulated its actual impact: “Most studies conclude that the European Community is a trade-creating customs union. But the benefits are surprisingly small, typically less than 1 percent of national income.”&nbsp;&nbsp;

Enter Delors – ‘The father of the Euro’&nbsp;

A big realization hit European policymakers in the mid-1980s – a common market was incomplete without a common fiscal and monetary policy.&nbsp;&nbsp;

It was at this point of time that Jacques Delors, then-President of the European Commission, entered the picture.&nbsp;&nbsp;

The Frenchman headed a committee to study the feasibility of complementing the single market with a single currency. During his chairmanship, he realised that fiscal policy coordination were too weak for a monetary union.&nbsp;&nbsp;

Despite the odds, Delors went ahead with the recommendations that paved the way for the Maastricht Treaty, which laid the foundation for a common currency and a common central bank – the European Central Bank.&nbsp;&nbsp;

Euro, as a common currency, was touted as a solution to encourage more trade and investment. Reason: a common would shelter businesses from exchange rate shocks, cut transaction costs and bring price stability to member-states.&nbsp;&nbsp;

One early estimate suggested that a common currency would help achieve savings equal to one per cent of the European Community’s Gross National Product.&nbsp;&nbsp;

Aftermath&nbsp;

So, has the euro project succeeded? Yes, to a large extent. But the currency has had to deal with its own share of problems.&nbsp;&nbsp;

The euro has given the continent an international profile, as over 300 million people use the currency. It is also the second-biggest foreign currency in the global trade basket after the US dollar.&nbsp;&nbsp;

Greater monetary congruence and enhanced trade environment has helped Europe punch&nbsp;above its weight on the global stage.&nbsp;&nbsp;

In a joint column with Presidents of the European Commission, Council, Parliament and Eurogroup, ECB chief Christine Lagarde noted:&nbsp;

“Issuing the world's second most important currency has given us greater sovereignty in a turbulent world.”&nbsp;&nbsp;

At the onset of the 2007-08 global financial crisis, the European Union’s economy – the euro zone constitutes a large part of it – was more or less equal to that of the United States’.&nbsp;&nbsp;

But in 2023, the EU is just about two-thirds of the US economy, having stagnated for a decade now. A lot of it has to do with the debt burden of the late 2000s, which triggered a slowdown in a few member-countries.&nbsp;

Supporters of the euro blamed the crisis on the lack of total integration than on the pitfalls of adopting a common currency.&nbsp;&nbsp;

“It was the failure to follow through in all areas with the formula that had worked in those (banking supervision and fiscal coordination) areas,” argued ex-ECB chief Mario Draghi in September 2018.&nbsp;&nbsp;

However, many like former US Fed chairman Alan Greenspan doubted the feasibility of the euro project. But the currency has withered challenges and continues to tell its tale of resilience.&nbsp;&nbsp;

As the world welcomed 2024, another significant milestone in economic history completed 25 years. The euro, the common currency of the 20-member euro zone, was first launched on New Year's Day in 1999.

As the world welcomed 2024, another significant milestone in economic history completed 25 years. The euro, the common currency of the 20-member euro zone, was first launched on New Year's Day in 1999. For the first three years of its existence, between January 1999 and December 2001, the euro remained 'invisible'. 'Invisible' here means it was mainly used for accounting purposes and to make electronic payments. On January 1, 2002, the physical form of euro in the form of coins and notes entered the Euro Zone market. It was the first time in history that several countries had come together to form a monetary union. Overnight, historical currencies like the franc and the deutsche mark became history. The currencies did disappear overnight, but the process behind its introduction is a story for the ages. How the war necessitated the union Europe had been the battleground for numerous wars for many centuries, culminating in the Second World War. The six-year-long war devastated the European economy and divided the continent into the US and Soviet spheres of influence. While the Soviet-aligned parts of Europe remained under the 'Iron Curtain', the idea of closer political and economic union gained currency in the US-aligned Western Europe. The idea was to integrate the economies to disincentivises future conflicts on the continent. A proto economic union began to take shape in the early 1950s - the European Coal and Steel Community (ECSC). The ECSC aimed to provide a common market for Western European coal and steel industries. France and (West) Germany, the biggest economies on the mainland, held the key to the success of any common market in Europe. In fact, the Schuman Declaration, which laid the foundation for the common market, noted: "Solidarity in production will make any war between France and Germany not merely unthinkable, but materially impossible." The proto ‘European Union’ Fast forward to March 1957, and the six member countries of the ECSC transitioned into the European Economic Community - a common customs union to boost trade. The six initial members were Belgium, France, West Germany, Italy, Luxembourg and Netherlands. Six other countries, including the United Kingdom, joined it later. The common customs union and transnational market of the late 1950s and 1960s paved the way for the European Union in 1993. But the path leading to a single market, over-riding national identities, wasn't so easy. France's then-President Charles De Gaulle, while supportive of a common market, was opposed to the inherent supranational idea of a larger political and economic integration of the continent. His support to a common market remained as long as it helped French interests. The French war hero was also opposed to the entry of the UK, further complicating European unification. A common market theoretically helps in better trade, but the often-differing economic structures of individual member-states played spoilsport. This also meant that each member-state had its own fiscal and monetary policy. A 1992 article on the EU’s predecessor encapsulated its actual impact: “Most studies conclude that the European Community is a trade-creating customs union. But the benefits are surprisingly small, typically less than 1 percent of national income.” Enter Delors – ‘The father of the Euro’ A big realization hit European policymakers in the mid-1980s – a common market was incomplete without a common fiscal and monetary policy. It was at this point of time that Jacques Delors, then-President of the European Commission, entered the picture. The Frenchman headed a committee to study the feasibility of complementing the single market with a single currency. During his chairmanship, he realised that fiscal policy coordination were too weak for a monetary union. Despite the odds, Delors went ahead with the recommendations that paved the way for the Maastricht Treaty, which laid the foundation for a common currency and a common central bank – the European Central Bank. Euro, as a common currency, was touted as a solution to encourage more trade and investment. Reason: a common would shelter businesses from exchange rate shocks, cut transaction costs and bring price stability to member-states. One early estimate suggested that a common currency would help achieve savings equal to one per cent of the European Community’s Gross National Product. Aftermath So, has the euro project succeeded? Yes, to a large extent. But the currency has had to deal with its own share of problems. The euro has given the continent an international profile, as over 300 million people use the currency. It is also the second-biggest foreign currency in the global trade basket after the US dollar. Greater monetary congruence and enhanced trade environment has helped Europe punch above its weight on the global stage. In a joint column with Presidents of the European Commission, Council, Parliament and Eurogroup, ECB chief Christine Lagarde noted: “Issuing the world's second most important currency has given us greater sovereignty in a turbulent world.” At the onset of the 2007-08 global financial crisis, the European Union’s economy – the euro zone constitutes a large part of it – was more or less equal to that of the United States’. But in 2023, the EU is just about two-thirds of the US economy, having stagnated for a decade now. A lot of it has to do with the debt burden of the late 2000s, which triggered a slowdown in a few member-countries. Supporters of the euro blamed the crisis on the lack of total integration than on the pitfalls of adopting a common currency. “It was the failure to follow through in all areas with the formula that had worked in those (banking supervision and fiscal coordination) areas,” argued ex-ECB chief Mario Draghi in September 2018. However, many like former US Fed chairman Alan Greenspan doubted the feasibility of the euro project. But the currency has withered challenges and continues to tell its tale of resilience.

Flashback Friday: How the euro emerged out of Europe’s quest for greater integration 

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024.&nbsp;

The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity. Later, the Ukraine war disrupted global supply chains and impacted commodity prices.

The twin blows contributed to a slowdown in 2023, with the world economy expected to grow by just three per cent.

Global economic projections for 2024, too, are not rosy. Global growth is expected to slow to 2.9 per cent, as per the International Monetary Fund.

"The global economy continues to recover from the pandemic, Ukraine war and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Even so, growth remains slow and uneven, with widening divergences," writes academician Pierre-Olivier Gourinchas in an IMF blog.

A lot would depend on these five factors since they could make-or-break the world economy.

1) Rate cuts by the Fed &amp; other central banks

Everyone expects the US Fed to start cutting rates from April this year. The economy continues to grow, albeit at a slower pace, and inflation is closer to the Federal Reserve's 2 per cent target.

The US grew at 5.2 per cent in the July-September quarter - the fastest pace of expansion since the last three months of 2021. The annual inflation rate stood at 3.1 per cent at the end of November.

Many expect at least three rate cuts this year, with the monetary cycle likely to continue up to 2025-end. It is estimated that the Fed may go for at least a 2.5 per cent reduction in interest rates over the next 18-24 months.

The rate cuts are likely certain help the global economy, as spending and consumption will get a boost due to the easing monetary policy. This will also give thumbs up to other central banks to follow suit.

Apart from the US Fed, all eyes will be the actions taken by the European Central Bank, Bank of England, Bank of Japan and the Reserve Bank of India.

However, if inflation makes a comeback or tensions heighten in West Asia and East Asia, the US central bank may be forced to keep the rates steady or even raise them.&nbsp;&nbsp;&nbsp;

2) Geopolitical tensions

The Ukraine war, tensions in West Asia, and the growing rivalry between the US and China have had a significant impact on the global economy in recent years.

These geopolitical events have disrupted economic activities, threatening to fragment global trade into smaller blocks, hamper supply chains, and increase prices of essential commodities.

These tensions will spill over to 2024 too.

"The current conflicts (in Ukraine and West Asia) appear to be long term. At best, they could cause volatility in oil markets. At worst, they could fragment the economy and trade system further," a recent Deutsche Bank analysis reads.

The rivalry between the US and China will be closely watched. Already locked in a trade war since 2018, any further escalation between the two biggest economies could drag global growth and make the world a less integrated place — ‘de-globalised’ in other words.

Any drastic action across the Taiwan straits will have global ramifications, with a particular impact on the semiconductor industry and the ongoing artificial intelligence boom.

More so, a 'black swan' event like the Ukraine war will add to the uncertainties.

3) Recession in advanced countries

Slower economic growth raises the fear of a prolonged recession in 2024.

However, the US – the world’s largest economy – likely to skip recession this year, after defying the odds in 2023.

Though that’s the general consensus, but some outliers believe that unemployment may rise in 2024. This, they argue, will have a ripple effect on consumer spending, leading to a recession.

But the Euro Zone, struggling for a while now, is unlikely to get lucky. Factory output has been declining for over 18 months now. The 20-member currency union will not only enter 2024 in technical recession but there is also a high possibility of long-term trouble for the economy.

The IMF's anticipates a slight recovery in 2024. But a lot would depend on the fine balancing act of curbing inflation – still way above the central bank’s target – and fueling growth.

Any rise in inflation – largely energy-driven – will keep prices elevated and growth in the negative territory.

The worst hit will be the United Kingdom, whose economy is on the cusp of a recession after shrinking in 2023. In fact, the Bank of England has warned of recession around the time of elections, likely to be held in mid-2024. The country is likely to see zero growth this year, irrespective of recession.

4) Growing debt burden

The debt burden is likely to remain a big concern, especially in the developing world.

Debt servicing costs will rise by 39 per cent for the 24 poorest countries this year, as per The World Bank.

The poorest countries face a huge $3.5 trillion debt burden. In the absence of any resolution mechanism, they could default.

As per reports, these countries, often dubbed 'frontier markets', will have to repay about $200 billion of debt in 2024.

This, in the words of Indermit Gill, the World Bank Group’s Chief Economist, will force developing countries to choice between servicing their public debts and investing in public health, education, and infrastructure.

The focus will be on the World Bank, the International Monetary Fund &amp; China – the biggest lenders. Any resolution to the debt crisis in 2024 will depend on these key players.

5) Elections around the world

Over half of humanity will go to polls, covering at least 40 countries. They represent half of the world’s Gross Domestic Product, raising the stakes for businesses.

India, the United States and the United Kingdom are among the major countries set to go to polls this year.

India is on track to be the third-biggest economy in the world and the markets are betting on Prime Minister Narendra Modi's third consecutive&nbsp;term.

In the US, a possible re-election of Donald Trump could push global trade – especially with China – into a tailspin.

Across the Atlantic, all eyes will be on the Labour party, which is tipped to win the UK elections amid the economic crisis.

Any expected or unexpected political changes will have economic implications for the world.

<o:p></o:p>

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024. The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity.

From policymakers to the general public, everyone is hoping for a stable and growing economy in 2024. The world has been in bad shape since 2020. To begin with, Covid-19 pandemic-related restrictions disrupted day-to-day economic activity. Later, the Ukraine war disrupted global supply chains and impacted commodity prices. The twin blows contributed to a slowdown in 2023, with the world economy expected to grow by just three per cent. Global economic projections for 2024, too, are not rosy. Global growth is expected to slow to 2.9 per cent, as per the International Monetary Fund. "The global economy continues to recover from the pandemic, Ukraine war and the cost-of-living crisis. In retrospect, the resilience has been remarkable. Even so, growth remains slow and uneven, with widening divergences," writes academician Pierre-Olivier Gourinchas in an IMF blog. A lot would depend on these five factors since they could make-or-break the world economy. 1) Rate cuts by the Fed & other central banks Everyone expects the US Fed to start cutting rates from April this year. The economy continues to grow, albeit at a slower pace, and inflation is closer to the Federal Reserve's 2 per cent target. The US grew at 5.2 per cent in the July-September quarter - the fastest pace of expansion since the last three months of 2021. The annual inflation rate stood at 3.1 per cent at the end of November. Many expect at least three rate cuts this year, with the monetary cycle likely to continue up to 2025-end. It is estimated that the Fed may go for at least a 2.5 per cent reduction in interest rates over the next 18-24 months. The rate cuts are likely certain help the global economy, as spending and consumption will get a boost due to the easing monetary policy. This will also give thumbs up to other central banks to follow suit. Apart from the US Fed, all eyes will be the actions taken by the European Central Bank, Bank of England, Bank of Japan and the Reserve Bank of India. However, if inflation makes a comeback or tensions heighten in West Asia and East Asia, the US central bank may be forced to keep the rates steady or even raise them. 2) Geopolitical tensions The Ukraine war, tensions in West Asia, and the growing rivalry between the US and China have had a significant impact on the global economy in recent years. These geopolitical events have disrupted economic activities, threatening to fragment global trade into smaller blocks, hamper supply chains, and increase prices of essential commodities. These tensions will spill over to 2024 too. "The current conflicts (in Ukraine and West Asia) appear to be long term. At best, they could cause volatility in oil markets. At worst, they could fragment the economy and trade system further," a recent Deutsche Bank analysis reads. The rivalry between the US and China will be closely watched. Already locked in a trade war since 2018, any further escalation between the two biggest economies could drag global growth and make the world a less integrated place — ‘de-globalised’ in other words. Any drastic action across the Taiwan straits will have global ramifications, with a particular impact on the semiconductor industry and the ongoing artificial intelligence boom. More so, a 'black swan' event like the Ukraine war will add to the uncertainties. 3) Recession in advanced countries Slower economic growth raises the fear of a prolonged recession in 2024. However, the US – the world’s largest economy – likely to skip recession this year, after defying the odds in 2023. Though that’s the general consensus, but some outliers believe that unemployment may rise in 2024. This, they argue, will have a ripple effect on consumer spending, leading to a recession. But the Euro Zone, struggling for a while now, is unlikely to get lucky. Factory output has been declining for over 18 months now. The 20-member currency union will not only enter 2024 in technical recession but there is also a high possibility of long-term trouble for the economy. The IMF's anticipates a slight recovery in 2024. But a lot would depend on the fine balancing act of curbing inflation – still way above the central bank’s target – and fueling growth. Any rise in inflation – largely energy-driven – will keep prices elevated and growth in the negative territory. The worst hit will be the United Kingdom, whose economy is on the cusp of a recession after shrinking in 2023. In fact, the Bank of England has warned of recession around the time of elections, likely to be held in mid-2024. The country is likely to see zero growth this year, irrespective of recession. 4) Growing debt burden The debt burden is likely to remain a big concern, especially in the developing world. Debt servicing costs will rise by 39 per cent for the 24 poorest countries this year, as per The World Bank. The poorest countries face a huge $3.5 trillion debt burden. In the absence of any resolution mechanism, they could default. As per reports, these countries, often dubbed 'frontier markets', will have to repay about $200 billion of debt in 2024. This, in the words of Indermit Gill, the World Bank Group’s Chief Economist, will force developing countries to choice between servicing their public debts and investing in public health, education, and infrastructure. The focus will be on the World Bank, the International Monetary Fund & China – the biggest lenders. Any resolution to the debt crisis in 2024 will depend on these key players. 5) Elections around the world Over half of humanity will go to polls, covering at least 40 countries. They represent half of the world’s Gross Domestic Product, raising the stakes for businesses. India, the United States and the United Kingdom are among the major countries set to go to polls this year. India is on track to be the third-biggest economy in the world and the markets are betting on Prime Minister Narendra Modi's third consecutive term. In the US, a possible re-election of Donald Trump could push global trade – especially with China – into a tailspin. Across the Atlantic, all eyes will be on the Labour party, which is tipped to win the UK elections amid the economic crisis. Any expected or unexpected political changes will have economic implications for the world.

2024 Economic Outlook: 5 key things to watch out this year