Published 17:58 IST, December 29th 2024 India’s defense sector achieved a monumental 16.7% growth in indigenous production, reaching Rs 1,26,887 crore in FY 2023-24. New Delhi: India has made remarkable strides in 2024, setting new records and achieving significant milestones in various fields, from sports to technology and defense. Here’s a look at the five standout achievements: 1. India’s Paralympic Success in Paris 2024 India’s Paralympic contingent achieved its best-ever performance at the Paris 2024 Games, securing 29 medals—7 gold, 9 silver, and 13 bronze. This historic achievement saw India finishing 18th on the overall medal table, surpassing previous records and establishing the country as a rising force in para-sports. 2. FDI Inflows Cross $1 Trillion, Cementing India’s Investment Position India has crossed a major milestone, with Foreign Direct Investment (FDI) inflows totaling over $1 trillion. According to the Department for Promotion of Industry and Internal Trade (DPIIT), India’s cumulative FDI, including equity, reinvested earnings, and other capital, stands at $1,033.40 billion. Mauritius, Singapore, and the U.S. were the top investors, with significant inflows into sectors such as services, telecommunications, software, and pharmaceuticals. This marks India as a key global investment destination, with a 119% increase in FDI over the past decade. 3. Record-Breaking Growth in Indigenous Defence Production India’s defense sector achieved a monumental 16.7% growth in indigenous production, reaching Rs 1,26,887 crore in FY 2023-24. This growth, the highest in value terms to date, reflects the success of government policies and initiatives aimed at self-reliance. Public sector undertakings (PSUs) played a key role, contributing 79.2% of total defense production. The government is now targeting Rs 3 lakh crore in defense production by 2029. 4. India Becomes World’s Second Largest Mobile Producer In a significant leap forward, India has become the world’s second-largest mobile producer, surpassing several global players. The India Cellular & Electronics Association (ICEA) reported that India’s mobile phone manufacturing value surged 21-fold over the past decade, from Rs 18,900 crore in 2014-15 to Rs 4.1 lakh crore in FY24. By the end of FY24, India is expected to meet 97% of its domestic mobile demand, with exports reaching Rs 1,20,000 crore. 5. World Record for Largest Human Waving of the Tricolour India made history at O.P. Jindal Global University (JGU) in collaboration with the Flag Foundation of India (FFI), breaking the Guinness World Record for the largest human waving of the national flag. The event was hailed as a tribute to India’s democratic and secular values. Mr. Rishi Nath, the adjudicator from Guinness World Records, certified the event, confirming JGU and FFI as the new record holders. Get Current Updates on India News , Entertainment News along with Latest News and Top Headlines from India and around the world. Updated 17:58 IST, December 29th 2024Business leaders have warned Labour that their “illogical” tax on environmentally harmful products will have a negative impact on the environment. Known as the “ grocery tax ”, the new legislation will see retailers and manufacturers charged per tonne of packaging materials they use in a bid to encourage businesses to use less. The measure is one of several designed to help the UK reach its Net-Zero pledge and reduce waste but senior industry figures have warned that it could have the opposite effect. Under the scheme, retailers and manufacturers will be charged more for using plastic wrapping compared to other materials, but as the charges are based on weight, many believe that it will still be cheaper to use plastic as opposed to heavier, more recyclable products like glass. Jason Galley, director and chief executive at the Metal Packaging Manufacturers Association, told the Telegraph : “It was advertised as supposed to reduce waste, increase recycling and reduce packaging – but actually it is driving in 180 degrees in the other direction. “If you charge less for something that recycles less then you have higher fees for disposing of those materials as it will have to go to landfills or to be incinerated. You push costs up, you drive towards something that is feeding inflation, it is just insane. It is lose-lose.” Dave Dalton is the chief executive of British Glass and believes that the policy is “illogical”. He told the Telegraph: “Glass fees will be around 49 times higher than other, less recyclable materials, leaving brands with no choice but to move away from using 100 per cent recyclable glass products. “Unfortunately, we are now in a position where consumers are indirectly being taxed to use less sustainable materials.” Mr Dalton urged ministers to amend the fee calculation from weight to volume and to recognise that the policy could see an exodus of businesses using products such as glass or metal. The policy, known as Extended Producer Responsibility (EPR) , was originally devised by Michael Gove during his time as environment secretary and earlier this month secondary legislation was passed that will see the levy come into legal force on 1 January 2025. But experts have warned that the policy has been pushed through too quickly and has not been given enough consideration. Dr Nicholas Kirk, director of the British Glass Manufacturers’ Confederation says that plastic packaging can be up to 20 times lighter than glass meaning that businesses will effectively be incentivised to use it instead of materials that are easier to recycle. He said: “My concern is that the policy will incentivise brands and retailers to switch away from a fully recyclable packaging material like glass to a less recyclable one like plastic,” he said. “Should the policy be driving that kind of behaviour?” The government believes that between 85-100% of the increased costs will be passed onto consumers, increasing annual bills per household by around £56 . A Defra spokesman said: “We are committed to cracking down on waste as we move towards a circular economy. “EPR for packaging is a vital first step for our packaging reforms. These reforms will create 21,000 jobs and stimulate more than £10 billion investment in the recycling sector over the next decade. It means packaging producers, rather than the taxpayer, are covering the cost of managing waste. “We continue to work closely with businesses, including in the glass industry, on this programme. We have published further illustrative base fees, based on the latest data for 2024, providing them with more clarity to prepare.”
By JILL COLVIN and STEPHEN GROVES WASHINGTON (AP) — After several weeks working mostly behind closed doors, Vice President-elect JD Vance returned to Capitol Hill this week in a new, more visible role: Helping Donald Trump try to get his most contentious Cabinet picks to confirmation in the Senate, where Vance has served for the last two years. Vance arrived at the Capitol on Wednesday with former Rep. Matt Gaetz and spent the morning sitting in on meetings between Trump’s choice for attorney general and key Republicans, including members of the Senate Judiciary Committee. The effort was for naught: Gaetz announced a day later that he was withdrawing his name amid scrutiny over sex trafficking allegations and the reality that he was unlikely to be confirmed. Thursday morning Vance was back, this time accompanying Pete Hegseth, the “Fox & Friends Weekend” host whom Trump has tapped to be the next secretary of defense. Hegseth also has faced allegations of sexual assault that he denies. Vance is expected to accompany other nominees for meetings in coming weeks as he tries to leverage the two years he has spent in the Senate to help push through Trump’s picks. Vice President-elect JD Vance, still a Republican senator from Ohio, walks from a private meeting with President-elect Donald Trump’s nominee to be attorney general, former Rep. Matt Gaetz, R-Fla., at the Capitol in Washington, Wednesday, Nov. 20, 2024. (AP Photo/J. Scott Applewhite) President-elect Donald Trump’s nominee to be attorney general, former Rep. Matt Gaetz, R-Fla., center, and Vice President-elect JD Vance, left, walk out of a meeting with Republican Senate Judiciary Committee members, at the Capitol in Washington, Wednesday, Nov. 20, 2024. (AP Photo/Ben Curtis) FILE – Sen. JD Vance, R-Ohio, departs the chamber at the Capitol in Washington, March 15, 2023. (AP Photo/J. Scott Applewhite, File) FILE – Sen. JD Vance, R-Ohio, center speaks during a Senate Banking Committee hearing on Capitol Hill in Washington, March 7, 2023. (AP Photo/Andrew Harnik, File) FILE – Sen. JD Vance, R-Ohio, right, speaks with Sen. Sherrod Brown, D-Ohio, before testifying at a hearing, March 9, 2023, in Washington. (AP Photo/Kevin Wolf, File) FILE – Sen. JD Vance, R-Ohio, arrives for a classified briefing on China, at the Capitol in Washington, Feb. 15, 2023. (AP Photo/J. Scott Applewhite, File) FILE – Sen. JD Vance, R-Ohio, arrives for a vote on Capitol Hill, Sept. 12, 2023 in Washington. (AP Photo/Mark Schiefelbein, File) FILE – Sen. JD Vance R-Ohio speaks during a news conference on Capitol Hill in Washington, Feb. 6, 2024. (AP Photo/Jose Luis Magana, File) Vice President-elect JD Vance, still a Republican senator from Ohio, walks from a private meeting with President-elect Donald Trump’s nominee to be attorney general, former Rep. Matt Gaetz, R-Fla., at the Capitol in Washington, Wednesday, Nov. 20, 2024. (AP Photo/J. Scott Applewhite) The role of introducing nominees around Capitol Hill is an unusual one for a vice president-elect. Usually the job goes to a former senator who has close relationships on the Hill, or a more junior aide. But this time the role fits Vance, said Marc Short, who served as Trump’s first director of legislative affairs as well as chief of staff to Trump’s first vice president, Mike Pence, who spent more than a decade in Congress and led the former president’s transition ahead of his first term. ”JD probably has a lot of current allies in the Senate and so it makes sense to have him utilized in that capacity,” Short said. Unlike the first Trump transition, which played out before cameras at Trump Tower in New York and at the president-elect’s golf club in Bedminster, New Jersey, this one has largely happened behind closed doors in Palm Beach, Florida. There, a small group of officials and aides meet daily at Trump’s Mar-a-Lago resort to run through possible contenders and interview job candidates. The group includes Elon Musk, the billionaire who has spent so much time at the club that Trump has joked he can’t get rid of him. Vance has been a constant presence, even as he’s kept a lower profile. The Ohio senator has spent much of the last two weeks in Palm Beach, according to people familiar with his plans, playing an active role in the transition, on which he serves as honorary chair. Vance has been staying at a cottage on the property of the gilded club, where rooms are adorned with cherubs, oriental rugs and intricate golden inlays. It’s a world away from the famously hardscrabble upbringing that Vance documented in the memoir that made him famous, “Hillbilly Elegy.” His young children have also joined him at Mar-a-Lago, at times. Vance was photographed in shorts and a polo shirt playing with his kids on the seawall of the property with a large palm frond, a U.S. Secret Service robotic security dog in the distance. Related Articles On the rare days when he is not in Palm Beach, Vance has been joining the sessions remotely via Zoom. Though he has taken a break from TV interviews after months of constant appearances, Vance has been active in the meetings, which began immediately after the election and include interviews and as well as presentations on candidates’ pluses and minuses. Among those interviewed: Contenders to replace FBI Director Christopher Wray , as Vance wrote in a since-deleted social media post. Defending himself from criticism that he’d missed a Senate vote in which one of President Joe Biden’s judicial nominees was confirmed, Vance wrote that he was meeting at the time “with President Trump to interview multiple positions for our government, including for FBI Director.” “I tend to think it’s more important to get an FBI director who will dismantle the deep state than it is for Republicans to lose a vote 49-46 rather than 49-45,” Vance added on X. “But that’s just me.” While Vance did not come in to the transition with a list of people he wanted to see in specific roles, he and his friend, Trump’s eldest son, Donald Trump Jr., who is also a member of the transition team, were eager to see former Democratic Rep. Tulsi Gabbard and Robert F. Kennedy Jr. find roles in the administration. Trump ended up selecting Gabbard as the next director of national intelligence , a powerful position that sits atop the nation’s spy agencies and acts as the president’s top intelligence adviser. And he chose Kennedy to lead the Department of Health and Human Services , a massive agency that oversees everything from drug and food safety to Medicare and Medicaid. Vance was also a big booster of Tom Homan, the former acting director of Immigration and Customs Enforcement, who will serve as Trump’s “border czar.” In another sign of Vance’s influence, James Braid, a top aide to the senator, is expected to serve as Trump’s legislative affairs director. Allies say it’s too early to discuss what portfolio Vance might take on in the White House. While he gravitates to issues like trade, immigration and tech policy, Vance sees his role as doing whatever Trump needs. Vance was spotted days after the election giving his son’s Boy Scout troop a tour of the Capitol and was there the day of leadership elections. He returned in earnest this week, first with Gaetz — arguably Trump’s most divisive pick — and then Hegseth, who has was been accused of sexually assaulting a woman in 2017, according to an investigative report made public this week. Hegseth told police at the time that the encounter had been consensual and denied any wrongdoing. Vance hosted Hegseth in his Senate office as GOP senators, including those who sit on the Senate Armed Services Committee, filtered in to meet with the nominee for defense secretary. While a president’s nominees usually visit individual senators’ offices, meeting them on their own turf, the freshman senator — who is accompanied everywhere by a large Secret Service detail that makes moving around more unwieldy — instead brought Gaetz to a room in the Capitol on Wednesday and Hegseth to his office on Thursday. Senators came to them. Vance made it to votes Wednesday and Thursday, but missed others on Thursday afternoon. Vance is expected to continue to leverage his relationships in the Senate after Trump takes office. But many Republicans there have longer relationships with Trump himself. Sen. Kevin Cramer, a North Dakota Republican, said that Trump was often the first person to call him back when he was trying to reach high-level White House officials during Trump’s first term. “He has the most active Rolodex of just about anybody I’ve ever known,” Cramer said, adding that Vance would make a good addition. “They’ll divide names up by who has the most persuasion here,” Cramer said, but added, “Whoever his liaison is will not work as hard at it as he will.” Cramer was complimentary of the Ohio senator, saying he was “pleasant” and ” interesting” to be around. ′′He doesn’t have the long relationships,” he said. “But we all like people that have done what we’ve done. I mean, that’s sort of a natural kinship, just probably not as personally tied.” Under the Constitution, Vance will also have a role presiding over the Senate and breaking tie votes. But he’s not likely to be needed for that as often as was Kamala Harris, who broke a record number of ties for Democrats as vice president, since Republicans will have a bigger cushion in the chamber next year. Colvin reported from New York. Associated Press writer Mary Clare Jalonick contributed to this report.
Negotiations between the International Longshoremen’s Association and port operators stalled this week, making it possible that East Coast dockworkers walk off the job again in January. The U.S. Maritime Alliance, which represents port operators and shipping companies and the union representing about 2,400 workers in Baltimore’s port left the bargaining table in New Jersey two days early after reaching an impasse on the issue of automation. The ILA and the maritime alliance came to a tentative agreement after a three-day strike in early October, sending 45,000 dockworkers in East and Gulf Coast ports back to work until Jan. 15. The strike was the second time this year that port operations were significantly disrupted after the port mostly closed for about two months following the Francis Scott Key Bridge collapse in March. When the cargo ship Dali hit the bridge, the span collapsed into the Patapsco River, killing six road construction workers and blocking the shipping channel. In a statement Wednesday, the ILA said talks broke down Tuesday when port employers introduced a plan to implement “semi-automation.” Negotiations were supposed to last four days this week, the union said. “The ILA has always supported modernization when it leads to increased volumes and efficiency. For over 13 years, our position has been clear: we embrace technologies that improve safety and efficiency, but only when a human being remains at the helm,” the union said in the statement. “Automation, whether full or semi, replaces jobs and erodes the historical work functions we’ve fought hard to protect.” The tentative agreement reached in October included a 62% rise in wages over six years, according to the union’s statement. In its own statement Wednesday, the U.S. Maritime Alliance said it was not seeking to eliminate jobs with new technology but to modernize, making workers safer and improving both efficiency and port capacity. “Unfortunately, the ILA is insisting on an agreement that would move our industry backward by restricting future use of technology that has existed in some of our ports for nearly two decades – making it impossible to evolve to meet the nation’s future supply chain demands,” the alliance said. Scott Cowan, president of Baltimore’s ILA Local 333, was unavailable for comment Friday. Maryland Port Administration spokesperson Richard Scher said that while the state agency isn’t directly involved in the negotiations, it is “closely monitoring” the talks and encouraging both parties to make progress toward a final agreement. The Maryland Port Administration owns Baltimore’s main cargo terminals, but private companies run them. “While both sides have been meeting and making progress toward a deal, there is still a lot of work needed to achieve a new contract that satisfies the parties,” Scher said in a statement. “We remain hopeful that an agreement will be reached by the January deadline.” A strike at the port would have a serious impact on the economy, both in Maryland and across the country, experts say. After just a few days, a work stoppage at ports along the East Coast could lead to shortages of goods from overseas. Tinglong Dai, the Bernard T. Ferrari professor of business at Johns Hopkins Carey Business School, t old The Baltimore Sun in October that if workers were to strike for more than a week, consumers might see shortages of perishables like bananas, which are generally shipped to the U.S. from Central America. A more lengthy strike could impact additional industries, like auto sales, he said.Vancouver-based bookkeeping service Bench Accounting has announced its sudden closure, potentially putting hundreds of staff out of work. The company that has described itself as North America’s largest bookkeeping service for small businesses says on its website in a “notice of closure” dated Friday that the platform is “no longer accessible.” The statement acknowledges that the closure is “abrupt and may cause disruption,” and says the firm is committed to helping customers “navigate through the transition.” Bench has previously said it had more than 600 employees and had received investor funding of US$113 million. It said it moved to Vancouver and changed its name to Bench in 2013, having started out in 2012 as 10sheet Inc in the U.S. Calls to Bench’s Vancouver office went to voice mail and did not immediately receive a response. But the company’s former CEO and co-founder Ian Crosby released a statement on social media on Friday, saying he was “very sad” about the closure. Crosby, who said he was ousted by the company’s board about three years ago, said there was a lesson in the fate of the company. “I hope the story of Bench goes on to become a warning for VCs (venture capitalists) that think they can ‘upgrade’ a company by replacing the founder. It never works,” he said. The University of British Columbia Sauder Business School alumni said he had been avoiding speaking publicly about Bench since his exit, but wanted to make a statement in light of the company’s demise. He said that in 2021 he had been battling with some board members over their strategy for a “new direction” that he thought was a “very bad idea.” “Rather than continuing to fight with me, they opted to just replace me, thinking that they could run the company better themselves,” he said. “I was totally convinced that their approach would destroy the company. I opted to resign rather than fight.” Other bookkeeping companies were quick to reach out to Bench’s former clients, with rivals such as Acuity and Better Bookkeeping making reference to Bench’s closure in social media pitches. A spokeswoman for B.C.‘s jobs ministry said they were looking into a request for comment. This report by The Canadian Press was first published Dec. 27, 2024.
Besides drafting Drake Maye, the Patriots had an ‘F-minus’ offseason, Bill Simmons says
Facebook Twitter WhatsApp SMS Email Print Copy article link Save WASHINGTON — Treasury Secretary Janet Yellen said her agency will need to start taking “extraordinary measures,” or special accounting maneuvers intended to prevent the nation from hitting the debt ceiling , as early as January 14, in a letter sent to congressional leaders Friday afternoon. "Treasury expects to hit the statutory debt ceiling between January 14 and January 23," she wrote in a letter addressed to House and Senate leadership, at which point extraordinary measures would be used to prevent the government from breaching the nation's debt ceiling — which was suspended until Jan. 1, 2025. The department in the past deployed what are known as “extraordinary measures” or accounting maneuvers to keep the government operating. Once those measures run out, the government risks defaulting on its debt unless lawmakers and the president agree to lift the limit on the U.S. government’s ability to borrow. 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FILE - U.S. Treasury Secretary Janet Yellen speaks during a visit to the Financial Crimes Enforcement Network (FinCEN) in Vienna, Va., on Jan. 8, 2024. (AP Photo/Susan Walsh, File) The news came after Democratic President Joe Biden signed a bill into law last week that averted a government shutdown but did not include Republican President-elect Donald Trump’s core debt demand to raise or suspend the nation’s debt limit. Congress approved the bill only after a fierce internal debate among Republicans over how to handle Trump's demand. “Anything else is a betrayal of our country,” Trump said in a statement. After a protracted debate in the summer of 2023 over how to fund the government, policymakers crafted the Fiscal Responsibility Act, which included suspending the nation's $31.4 trillion borrowing authority until Jan. 1, 2025. Notably however, Yellen said, on Jan. 2 the debt is projected to temporarily decrease due to a scheduled redemption of nonmarketable securities held by a federal trust fund associated with Medicare payments. As a result, “Treasury does not expect that it will be necessary to start taking extraordinary measures on January 2 to prevent the United States from defaulting on its obligations," she said. The federal debt stands at about $36 trillion — after ballooning across both Republican and Democratic administrations. The spike in inflation after the COVID-19 pandemic pushed up government borrowing costs such that debt service next year will exceed spending on national security. Republicans, who will have full control of the White House, House and Senate in the new year, have big plans to extend Trump's 2017 tax cuts and other priorities but are debating over how to pay for them. How many credit cards do you have? US consumers now carry fewer than 4 credit cards on average Many consumers may remember receiving their first credit card, either years ago in a plain envelope, or months ago from a smartphone app. Still other consumers may remember their newest card, maybe because it's the credit card they're now using exclusively to maximize cash back rewards or airline miles. But for most consumers, there's also a murky in-between where they add, drop and generally accumulate credit cards over time. Over the years, consumers may close some credit card accounts or leave some of their credit cards dormant as a backup form of payment, or perhaps left forgotten in a desk drawer. In the data below, Experian reveals the changes in consumers wallets in recent years. Average Number of Cards Has Declined Since 2017 U.S. consumers, on average, carry fewer cards today than they did in 2017, when the typical wallet held 4.2 active credit cards. As of the third quarter (Q3) of 2023, consumers carried 3.9 cards on average. This average is up slightly since the early days of the pandemic, when consumers reduced their average credit card debt and number of accounts as the economy slowed. Number of Credit Cards Carried Drops Throughout the Years As Experian revealed earlier this year, credit card balances are still climbing, despite (and partially because of) higher interest rates. And while average balances are increasing, they are spread across fewer accounts than in recent years. Alternative financing—including buy now, pay later plans for purchases—may account for at least some of this discrepancy, as consumers gravitate toward these newer financing methods. Residents of More Populous States Have More Credit Cards on Average In general, residents of higher-population states tend to carry more credit cards than those who live in states with fewer and smaller population centers. Nonetheless, the difference between the states is relatively small. Considering that the national average is around four credit cards per consumer, the four states with the fewest cards per consumer (Alaska, South Dakota, Vermont and Wyoming) aren't appreciably different, with "only" about 3.3 credit cards per consumer. Average Number of Credit Cards Per Consumer is Similar Across the U.S. Similarly, the four states on the higher end of the scale where consumers have 4.2 or more credit cards are Connecticut, Delaware, Florida, New Jersey and Rhode Island. Older Consumers Have More Active Credit Cards on Average The disparity in average credit card counts is more apparent when the population is segmented by age, thanks in part to Generation Z, many of whom have yet to receive their first credit card. The average number of credit cards for these consumers was two, less than half of what older generations keep on hand. Number of Cards Carried Increases Into Middle Age The average number of credit cards held by each generation follows the familiar pattern seen in credit card balances, which tend to increase in a consumer's middle age. It's not surprising that the number of credit card accounts follows a similar climb throughout young adulthood and middle age, then drops off in the retirement years. How Many Credit Cards Is Too Many? No matter how many credit cards you may have at the moment, keep in mind that the number of accounts has little if any bearing on one's FICO Score. Far more important is how consumers manage those accounts. This is easily demonstrable by quickly stepping through some of the factors that affect your credit scores . Utilization and amounts owed: Credit card issuers extend credit to consumers in the form of a credit limit. Generally, the lower a consumer's credit utilization, or balance compared with credit limit, the better. Keeping credit utilization ratios under 30% can lessen the negative impact credit card balances have on scores, and those with the highest credit scores tend to have credit utilization ratios in the low single digits. Conversely, carrying balances that begin to approach one's credit limits may have adverse effects on credit scores. Delinquencies and payment history: As important as managing balances is, making payments on existing accounts has an even greater impact on scores. Even a single delinquency (late payment) may have an adverse effect on your credit score, no matter how few or many credit card accounts you have. Average age of accounts: This is the only credit score factor where the number of cards one carries may influence their credit score. However, even here, keeping older credit cards open is far from a clear-cut decision. Longer credit histories do tend to have a positive effect on a consumer's credit score, but it's not something you can rush. Adhering to on-time payments and managing amounts owed will go far in improving credit scores, even absent a lengthy credit history. While accounts closed in good standing remain on your credit report for 10 years, canceling your oldest credit card account still has the potential to shorten your credit history when it is eventually removed. The impact of its removal depends on any other active credit cards in your credit file. The Bottom Line Ultimately, the number of cards a particular individual carries is a personal decision. Justifications can be found for carrying a travel rewards card, a cash back card, a balance transfer card, a card for business transactions and other types of credit cards that other consumers may not have either the need or qualifications for. However, keeping track of numerous credit cards, whether or not a consumer is actively using all of them, can be a mentally taxing exercise. Not only that, credit card fees can add up and dull the benefit of carrying several credit cards. Organized consumers can benefit greatly from a wallet full of specialized cards, but for those seeking a more zen-like financial future, some judicial pruning may be in order. Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. Metro areas group counties and cities into specific geographic areas for population censuses and compilations of related statistical data. This story was produced by Experian and reviewed and distributed by Stacker Media. 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Chicago sports dropped the ball like never before in 2024Mohamed A. El-Erian It is something of a tradition every December to take stock of the year that is ending and consider what might lie ahead. This is true on a personal level: In my family, we tend to do this around the dinner table. But it is also true more broadly, with the time of year inviting an examination of the intersection of economics, national politics, and global geopolitics. You would be forgiven if, as a starting point, you expected these three areas to be in alignment. After all, they are deeply interconnected, which suggests self-reinforcing dynamics. But 2024 brought some unusual dispersion in this relationship that actually widened, rather than narrowed, over the course of the year. Begin with geopolitics. In 2024, Russia secured a greater advantage in the Ukraine war than the consensus forecasts of a year ago anticipated. Similarly, the human suffering and physical destruction resulting from the Israel-Hamas conflict in Gaza exceeded most observers’ already grim expectations, and spread to other countries, such as Lebanon. The apparent impunity of the strong, together with the absence of effective means of preventing dire humanitarian crises, has deepened the sense for many that the global order is fundamentally imbalanced, and lacks any enforceable guardrails. As for domestic politics, upheaval has been the order of the day in many countries. Governments have collapsed in both France and Germany — Europe’s largest economies — leaving the EU without political leadership. And following Donald Trump’s victory in last month’s presidential election, the US is preparing for a political transition that is likely to bring a significant increase in the influence of a new “counter-elite.” Meanwhile, an “axis of convenience,” comprising China, Iran, North Korea, and Russia, is seeking to challenge the Western-dominated international order. Other recent developments — from the now-impeached South Korean president’s abrupt declaration of martial law, a move that was quickly reversed, to the collapse of Bashar Assad’s regime in Syria — have reinforced the impression that we are living at a time of exceptional geopolitical and political volatility. The past year also brought some worrisome macroeconomic developments. Europe’s malaise has deepened, as countries grapple with low growth and large budget deficits. Meanwhile, China has failed to respond credibly to the clear and present danger of “Japanification,” with unfavorable demographics, a debt overhang, and a prolonged property market downturn undermining growth, economic efficiency, and consumer confidence. And yet, stock markets have remained relatively stable and delivered high returns, including almost 60 record-high closes for the S&P index. The US economy’s exceptional performance is a major reason. Far from weakening, as most economists expected, the US pulled even further ahead. Given the amount of foreign capital the US is attracting, and the scale of its investment in the future drivers of productivity, competitiveness, and growth, it is likely to continue outperforming other major economies in 2025. One consequence of this success is that the US Federal Reserve did not deliver the soothing 1.75-2-percentage-point interest rate cuts that markets were pricing in a year ago. This trend, too, is set to continue. At December’s policy meeting, the Fed signaled fewer cuts in 2025, and a higher terminal (long-run) rate. But political and geopolitical upheaval — and the limited prospects for significant improvements — does pose a risk to the endurance of US economic exceptionalism. Even if the US continues outperforming its peers, as expected, the range of possible outcomes, in terms of both growth and inflation, has widened. In fact, global economic and policy outcomes as a whole are now subject to a larger possibility set, both because the downside risks have grown and because upside innovations, such as in artificial intelligence, life sciences, food security, healthcare, and defense, could transform sectors and accelerate productivity gains. Absent a major policy reset, my baseline scenario for the US includes a somewhat lower immediate growth rate, even as the economy outperforms its peers, and sticky inflation. This will present the Fed with a choice: Accept above-target inflation or attempt to bring it down and risk tipping the economy into recession. Globally, economic fragmentation will continue, pushing some countries to diversify their reserves further away from the US dollar and explore alternatives to Western payment systems. Yields on US 10-year government bonds, a global benchmark, will edge higher, trading mostly in the 4.75-5 percent range. As for financial markets, they might find it more challenging to maintain their status as the “good house” in a challenging geo-economic neighborhood. This is how things appear now. But, beyond recognizing the wider dispersion of possible economic outcomes in 2025, it will be crucial regularly to test whichever baseline one embraces against actual developments. Courtesy: arabnews
Fatimatu Abubakar In a significant step towards ensuring a seamless transition of power, Ghana’s Transition Team held its 3rd meeting on December 27, 2024, at the Accra International Conference Centre. The meeting marked a crucial milestone in the team’s efforts to facilitate a smooth handover of power, as the country prepares for a new administration. According to a press release issued by the Transition Team, all sub-committees, except for the Social Sector, presented their reports during the meeting. The reports were deemed satisfactory, with a few requests made for additional information on specific issues. The Co-Chairs of the Transition Team directed both parties to continue engaging and submitting further information as necessary. This development is a testament to the Transition Team’s commitment to a smooth transition process, which is critical for maintaining stability and continuity in the country. The team’s efforts are guided by the principles of transparency, accountability, and cooperation. Ghana’s transition process is not without its challenges, however. The country has experienced its fair share of political tensions and uncertainties in the past. Nevertheless, the Transition Team’s progress is a reassuring sign that the country is on track for a peaceful and orderly transfer of power. The Transition Team’s work is also informed by international best practices in transition management. -BY Daniel Bampoe