• The World Bank has cut its growth forecast for the global economy to 1.7% for 2023, significantly down from the 3% it projected earlier.
• The downgrade is led by a significant downgrade to its prospects for the U.S. economy, which is now forecast to grow by just 0.5% compared to 2.4% earlier.
• The World Bank also cut its growth outlook for China for 2023 from 5.2% to 4.3%, Japan from 1.3% to 1% , and Europe and Central Asia from 1.5% to 0.1%.
• The World Bank attributes the downgrade to a "unexpectedly rapid and synchronous" global monetary policy tightening, which has caused a significant worsening of global financial conditions and is now "exerting a substantial drag on activity."

• India plans to develop 125 GW of new renewable energy sources by 2030 to boost its program to use and export green hydrogen.
• The country's union cabinet approved $2.4 billion for the manufacture of electrolyzers to produce up to 5 million metric tons per year.
• India aims to establish itself as a global hub of green hydrogen and is targeting 10% of the global demand for green hydrogen by 2030.
• The government will develop frameworks for implementing regulations, public-private R&D partnerships, and workforce skill development.

• The largest six banks in the United States have been given until July to show the Federal Reserve what effects disastrous climate change scenarios could have on their bottom lines.
• Noting the risks could be “material,” the Fed said the banks will have to show how their finances fare under a number of climate stress tests, including heat waves, wildfires, floods and droughts, according to details of a new Fed pilot program released on Tuesday.
• The Federal Reserve first announced the pilot program in September, noting that Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo would participate.

RMA Group, Inc. (RMA), a California-based provider of technology-enabled laboratory testing, inspection, and quality management services for critical public and private infrastructure assets and portfolio company of OceanSound Partners, has acquired C Below, Inc. (C Below), a California-based provider of technology-enabled underground utility locating services. As part of the transaction, C Below’s operations will be merged with RMA’s SiteScan Subsurface Imaging business. Ed Lyon, CEO of RMA, stated, "The combination of C Below and SiteScan enables RMA to better serve our clients through a larger geographic footprint and new service capabilities. C Below operates with the same client-centric culture and a shared history of technology innovation as RMA, making it an invaluable addition to our family of testing, inspection, and certification services for infrastructure asset owners, contractors, and public agencies."

Pennoni Associates, Inc. (Pennoni), a Pennsylvania-based multidisciplinary consulting engineering firm, has acquired the assets of Van Note-Harvey Associates, Inc. (VNHA), a New Jersey-based consulting engineering, environmental, planning and land surveying firm. The acquisition of VNHA will help to expand Pennoni's operating footprint in New Jersey and enhance its service offerings for public and private sector clients. “With the addition of Van-Note Harvey, Pennoni will expand public and private work in New Jersey. This growth will allow us to offer more comprehensive services in the municipal sector throughout the region and broaden our client base in the private sector. VNHA has a stellar reputation, and we are thrilled to have them as part of the team,” says President and CEO Pennoni David DeLizza.