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The Latest Breaking News from Economy

Rising mortgage rates will cause ‘financial stress’, MPs hear, as two-year fixed rates hit 15-year high – as it happened

Treasury Committee quiz lenders about mortgage rates, as two-year fixed mortgage rate rises to 6.66%, highest since 2008

The Guardian - UK

Ministry unveils platform targeting online scammers

The Digital Economy and Society (DES) Ministry is set to launch the Central Fraud Registry as an automated solution to fight scams and address illegal transactions, fraud and mule accounts.

Bangkok Post

Overhauling sick pay rules would pump billions into British economy, say experts

A report for the Centre for Progressive Change think tank outlines how reforming the system could deliver benefits for businesses, workers and the Treasury

Daily Mirror

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Sick pay reforms could boost UK economy by £4.1bn – research

It comes as the number of people off work due to long-term illness remains around record high levels.

The Independent UK

As the West battles inflation, for China ‘the risk is persistent deflation.’ Here’s why it could be a disaster for the world’s second largest economy

EY’s chief economist, Gregory Daco, tells Fortune to look at Japan: Elevated debt and a deflationary environment is “the worst of both worlds.”

Fortune

Crude Prices Slide on Global Energy Demand Concerns

August WTI crude oil (CLQ23 ) on Monday closed down -0.87 (-1.18%), and Aug RBOB gasoline (RBQ23 ) closed down -1.97 (-0.76%). Crude oil and gasoline prices Monday settled moderately lower. Concerns that a slowdown in China's economy will crimp its energy demand weighed on crude prices Monday. Also, comments...

Barchart

Krungsri hosts Japan-ASEAN Startup Business Matching Fair 2023

In Thai national economy, there are more than 3 million micro, small, and medium-sized enterprises. They account for approximately 35 percent of the country’s GDP and above 70 percent of employment. Both the government and private sectors have been supporting startup and small business development for many years, while also…

Bangkok Post

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Recession Is Not Completely Off The Table Despite Healthy Economy: Janet Yellen

Interest rate remains high at 4% while President Joe Biden thinks the economy can avoid a recession.

Zenger

Bank of England boss vows to ‘see the job through’ on reducing inflation

Andrew Bailey to give speech in City of London signalling further interest rate rises are in store

The Guardian - UK

Crude Slightly Lower on Global Energy Demand Concerns

August WTI crude oil (CLQ23 ) this morning is down -0.09 (-0.12%), and Aug RBOB gasoline (RBQ23 ) is up +0.30 (+0.12%). Crude oil and gasoline prices this morning are mixed. Concerns that a slowdown in China's economy will crimp its energy demand are weighing on crude prices today. Also,...

Barchart

Vivek brings gig economy to politics

How Republican long-shot Vivek Ramaswamy hopes to bring the gig economy to political fundraising

Salon

Glasgow night bus services axed due to lack of passengers

Licensed trade association criticises move for hitting night-time economy

Insider UK

Teamsters Union Moves Closer To Largest U.S. Labor Strike In Decades At UPS

Contract negotiations falter as frustrations over wages and working conditions, raising concerns for the U.S. economy.

Zenger

3 Stocks to Add Some Exposure to Steel

After a challenging 2022, the steel demand is expected to rise thanks to the reopening of the Chinese economy, easing inflation, and America’s infrastructure development initiatives. To that end, it could be wise to buy fundamentally strong steel stocks ArcelorMittal (MT), Commercial Metals Company (CMC), and Aperam (APEMY). Read more.

StockNews.com

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France 24

Swimming in the Seine by 2025: Paris mayor announces three locations

BUSINESS DAILY – Monday, 10.07.2023: We take a look at how the investment of €1.4 billion to clean up the Seine river is beginning to bear fruit. The Paris mayor's office has unveiled the three sections of the Seine that will be safe to swim in by 2025, in a…

Axios

Warning: Student loan cliff ahead

For millions of individuals that means real spending cuts — which could translate to a slowdown for the economy overall.

Al Jazeera

Pakistan’s flailing economy hit by drop in worker remittances

A dramatic drop in foreign workers’ remittances signals a further blow to the economy as Islamabad seeks an IMF bailout.

Fortune

Another round of inflation is a bigger risk than a recession, Goldman Sachs economist says

'If anything the economy has grown too quickly.'

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Newslaundry

Bengal violence: IE editorial points to ‘TMC bombs’, Telegraph says central forces ‘invisible’

The violence in West Bengal seems to be unrelenting with reports of fresh clashes amid repolling for the single-phase panchayat polls in several areas on Monday. At least 19 have been killed during the election, and 22 in the run-up to it, despite the deployment of nearly 60,000 central security…

The Guardian - UK

Monday briefing: How the government’s debt woes could cost the economy – and Rishi Sunak

In today’s newsletter: The prime minister promised to halve inflation this year, and is already struggling. What does that mean for an economy that keeps getting worse?

The Independent UK

Stock market today: Asian shares are mixed on signs of slowing growth in the US and China

Asian shares have begun the week with mixed trading

The Guardian - US

Why aren’t Americans happier about the economy?

The economy is getting better overall – but as the rich get richer and the poor grow poorer, overall has become a worse gauge of wellbeing

Bangkok Post

Trade takes another hit

The value of Thai exports dipped for an eighth consecutive month in May, falling by 4.6% to US$24.3 billion, contributing to an overall decline of 5.1% to $116 billion in the first five months of this year.

Newsroom.co.nz

Forced sale concerns for 43,000 mortgage holders: survey

Around 3 percent of mortgage holders face the very real possibility of a having to sell over the next year as a result of higher interest rates.

Manchester Evening News

The Greater Manchester areas ranked among the country's best and worst for a night out

A new survey has revealed a divide between wealthier and more deprived areas

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