U.S plane manufacturer Boeing expects that it will take another two and a half years for global aviation to return to normal
“The industry recovers to 2019 levels of traffic by the end of 2023, early 2024″ and domestic flying would be at the forefront of any recovery.”Its vice president of commercial marketing, Darren Hulst, said.
Boeing revised up long-term demand forecasts on Tuesday and says long-haul international routes would take the longest to recover.
Boeing says these will need to be eased to enable the recovery from the worst year on record for the aviation sector.
Boeing says that the strength of the global economy is key to getting over this dire slump.
The US aircraft maker has increased its forecast of how many new planes the world will want over the next 20 years.
It says over 40 thousand new commercial aircrafts will be needed by 2040, which will have a combined value of $7.2 trillion.
A growing share of these will go to the Middle East and Asia, as China looks set to replace the United States as the world’s biggest aviation market.
Climate change takes flight
Another big change for the 20 year period of the forecast is the global challenge of climate change.
At the moment air travel accounts for about 2 per cent of global greenhouse emissions.
Mr Hulst says as an industry “we’ve seen that progress over the last 30 years has been dramatic… and as we get into the medium and long term sustainable aviation fuels become a critical part of our sustainability goals.”
What’s keeping flights grounded?
Australian Airports Association has warned that Foreign airlines are at risk of exiting the Australian market unless the federal government provides clarity on the reopening of international borders
AAA Chief Executive James Goodwin Says Australia’s reopening lags behind the rest of the world.
European Union introduced a vaccine passport to make it easier for people to travel across borders within the bloc
Just yesterday. Australia took a major step towards vaccine passports for international travel too, awarding a contract to international IT company Accenture for new digital passenger declarations.
Aviation industry is relying on this and other government actions to get passengers back in the sky and more aircrafts manufactured
Why the U.S. is back to panicking about the debt ceiling
Treasury Secretary Janet Yellen has issued a stark warning, stating that a potential government shutdown in the United States could seriously jeopardize the nation’s economic advancement.
With Congress yet to pass a budget resolution, the looming threat of a shutdown has cast a shadow over the country’s fiscal stability.
Yellen emphasized that a government shutdown would disrupt critical federal functions, impacting not only government employees but also various sectors of the economy. The potential consequences include delayed payments to federal workers, disrupted public services, and a significant hindrance to economic growth.
In her statement, Yellen pointed out that the ongoing economic recovery from the COVID-19 pandemic is already fragile, and a shutdown would add unnecessary uncertainty and risk to an already challenging situation. Financial markets are likely to react negatively to such an event, potentially leading to increased volatility and decreased investor confidence.
Furthermore, Yellen stressed the importance of Congress taking immediate action to raise the debt ceiling. Failure to do so, she warned, could result in a catastrophic default on U.S. government debt, with severe repercussions for the global economy.
China’s economic headwinds will impact the world
In recent times, China’s economic health has become a topic of international concern. Often regarded as the world’s second-largest economy and home to over 1.4 billion people,
China is grappling with a slew of issues: sluggish growth, soaring youth unemployment, and a turbulent property market. The situation escalated further when the chairman of Evergrande, a heavily-indebted real estate giant, came under police scrutiny, leading to a suspension of the company’s shares on the stock market.
The question on many minds is how much these troubles in China matter to the rest of the world. While some argue that fears of a global catastrophe are exaggerated, there will undoubtedly be repercussions felt by multinational corporations, their employees, and even individuals with no direct ties to China.
China plays a pivotal role in the global economy, responsible for more than a third of worldwide economic growth. Hence, any slowdown in China’s economic engine will reverberate beyond its borders. Multinational giants like Apple, Volkswagen, and Burberry rely heavily on China’s vast consumer market, and reduced domestic consumption in China will affect these companies and, subsequently, their global suppliers and workers.
However, the idea that China is the sole driver of global prosperity has its skeptics. While China’s economic growth contributes significantly to global figures, it primarily benefits China itself due to its trade surplus. This surplus means that China exports far more than it imports, making its growth more self-contained.
Nonetheless, a China that spends less on goods and services, or on housing construction, translates to reduced demand for raw materials and commodities. This hits countries like Australia, Brazil, and African nations, which heavily depend on exporting such resources. Moreover, weak demand in China results in stable prices, which can be welcomed by Western consumers grappling with inflation.
Over the past decade, China has poured over a trillion dollars into expansive infrastructure initiatives like the Belt and Road Initiative, benefiting more than 150 countries. However, if China’s economic problems persist, its capacity to finance such projects abroad may diminish. This could have lasting consequences, especially for developing nations reliant on Chinese investments and technology for their infrastructure development.
Lawsuit – Black Tesla workers endure harassment
A recent lawsuit filed by the Equal Employment Opportunity Commission (EEOC) has shed light on a disturbing workplace environment at Tesla’s Fremont factory.
Black Tesla workers have allegedly faced relentless harassment, including the display of swastikas and nooses, according to the lawsuit.
The lawsuit, which was filed on behalf of several affected employees, details a pattern of racial discrimination and harassment that has persisted for an extended period. Incidents reported in the lawsuit include the drawing of swastikas on workstations and restroom walls, as well as nooses left hanging in areas where black employees would see them.
The complaint further alleges that management at the Tesla factory failed to take appropriate action to address the issues, even after multiple complaints were made.
This lack of response has only exacerbated the hostile work environment, leaving the affected workers feeling vulnerable and unsupported.
Tesla, a company known for its innovative approach to electric vehicles and renewable energy, now faces a serious legal battle that threatens to tarnish its reputation.
The EEOC lawsuit seeks compensation for the victims and aims to bring about significant changes in Tesla’s workplace culture to prevent such incidents from happening in the future.
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