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The Latest Breaking News on Economy

The world is facing the risk that major central banks will undertake competitive interest-rate hikes that may look desirable for their countries individually but could drag the world economy into an unnecessary recession.

Bangkok Post

Axe hangs over Morrison’s legacy as government gets serious before budget

Slashing budget deficits have long been cast as a Treasurer’s reason for being. But Jim Chalmers was muted on Tuesday.

The New Daily

Liz Truss signals further tax cuts could be on way in hunt for economic growth

PM’s remarks suggest tax cuts set to be unveiled in Friday’s ‘fiscal event’ may not be the last, with full budget expected in November

The Guardian - UK

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Does anyone want a government job? Anyone?

Businesspeople in the U.S. have been complaining for more than a year about how hard it is to hire anybody. Their public-sector counterparts have had it worse, though, and it might not just be a pandemic thing.

Tribune News Service

Jim Chalmers announces $50bn improvement in federal budget compared to March projections

Treasurer says improvement comes in large part from higher than expected commodity prices boosting returns from mineral exports

The Guardian - AU

Arab Banks Maintain Capital Adequacy at Minimum Levels

Governors of Arab central banks and monetary institutions announced that central banks in the region have maintained capital and liquidity adequacy above the minimum limits established in the Basel Agreement, noting that the total debt in the sector exceeded $756 billion. For his part, the Governor of the Saudi Central…

Asharq Al-Awsat

Joblessness below pre-COVID levels: Finance Ministry

Q1 surge in private consumption not just a function of pent-up demand but also rising employment levels, it says

The Hindu

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Companies declared insolvent in England and Wales jump by 43%

Businesses may struggle as consumers cut back spending amid high inflation and rising fuel costs, economists warn

The Guardian - UK

Recession fears grow as number of businesses going bust rises in August

Figures show the cost-of-living crisis is biting before small businesses have fully recovered from the pandemic

Evening Standard

Northern Ireland jobs market remains in good health despite economic headwinds

HMRC said there were a record number of pay-rolled jobs in August

Birmingham Post

Lenders urged to cancel Zambia debt as country faces economic collapse

Economists accuse bondholders of standing to make huge profits at the expense of the crisis-hit country

The Guardian - UK

More interest rate rises ahead but pace of increase set to slow, RBA governor says

Reserve Bank governor Philip Lowe says he will keep lifting interest rates but the pace will soon slow down and he is confident the economy can absorb the rises.

ABC News

Jobs market 'at turning point' as employers end recruitment

Lower paid workers are facing 'worst-ever' financial crisis, research warns

Insider UK

How central banks are risking a global recession

Major economies are delivering interest rate increases to quash domestic inflation.

Axios

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Evening Standard

Kwasi Kwarteng considers removing cap on bankers’ bonuses

This is a government in a hurry. Boris Johnson secured an 80-seat majority but due to a combination of Covid, scandal and ideological torpor, did not get much done. Liz Truss, on the other hand, has no plans to let this majority go to waste.

The New Daily

Economists discount unemployment rise amid ‘bright’ jobs outlook

Australia's unemployment rate ticked up for the first time in 10 months as more Australians looking for work offset a solid rise in jobs.

The Independent UK

How do interest rates affect inflation?

Borrowing costs at their highest level in 14 years

The Independent UK

What is inflation and what is its current rate in the UK and Europe?

UK inflation fell this week as fuel prices dropped

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The Independent UK

Chancellor wants to scrap bankers’ bonus cap to boost City of London

Boris Johnson backed away from move, fearing political backlash – but Kwasi Kwarteng has put it back on agenda

The Guardian - AU

Australia’s unemployment rate rises slightly from 3.4% to 3.5% as more people seek work

Labour market figure will be watched by economists as a guide to Reserve Bank’s decision on whether to further raise interest rates

AAP

Australian jobless rate lifts to 3.5pct

The jobless rate grew to 3.5 per cent in August, lifting from the record low 3.4 per cent figure in July.

The Guardian - UK

The Guardian view on Kwasi Kwarteng: better at making enemies than forging policy

Editorial: The new chancellor is trying to wrongfoot Labour. That’s an easier game than living up to his pledges

Daily Mirror

When is Kwasi Kwarteng's mini-Budget and what will be in it for you?

Liz Truss's Chancellor Kwasi Kwarteng will deliver a 'fiscal event' this Friday - with tax cuts, freeports on steroids and the end of a bankers' bonus cap all on the cards

The Guardian - UK

Recession threat looms as UK grinds to a halt to mourn Queen

Bank holiday for state funeral could send productivity plummeting at a time when country is struggling for growth

The Independent UK

Driven by consumers, US inflation grows more persistent

U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession

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