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The Latest Breaking News from Economy

Chinese Big Tech Still Sits in the Party’s Sights

Given the CCP’s overriding priorities of rebuilding a strong domestic economy and maintaining robust supply chains against external threats, it is unlikely to embark on an extensive campaign like it did in 2020 and 2021 to rein in technology platforms.

The News Lens

House swaps and dog walks: Travelers find cheaper alternatives to lodging

Lillian Smith has spent about eight of the last 12 months traveling around the world, hitting France, Morocco, Japan and South Korea. Her cost for lodgings in that time? About one night in a hotel, along with the time she spent walking dogs, watering plants and changing litter boxes.

Reuters

How damage from a US debt default could cascade across the global economy

If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone

The Independent UK

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Biden to resume in-person negotiations on lifting US debt ceiling

US President Joe Biden is meeting with Republican House Speaker Kevin McCarthy this Monday, resuming talks on raising the government's borrowing limit. Washington has until June 1 to reach a deal before the government runs out of money to pay its bills, which would send shockwaves through the US economy…

France 24

Welsh economy has shrunk shows new figures from the ONS

The contraction was the biggest dip of any UK nation or region

Birmingham Post

Climate economy pact ushers in new era for Aussie firms

Unleashing investment in critical minerals and rare earths and generating hydrogen production credits, Australia will become a domestic supplier under US law.

AAP

Commentary: What we can learn from an earlier inflation-employment conundrum

America’s unemployment now stands at a 54-year low of 3.4%, a useful reminder that our post-COVID economy is similar to the post-World War II economy of 1947-1949. Much like today, that generation faced a tricky combination of high inflation and low unemployment. Our predecessors brought inflation down without significantly breaking…

Tribune News Service

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The US could default on June 1 owing to gridlock over the debt limit; Biden vs Trump polls are close

The United States debt limit is a legislative limit on the overall debt the US government can incur. As the US keeps running budget deficits, the debt keeps increasing. Congress could deal with this permanently by either repealing the debt limit, or increasing it to a very large number.

The Conversation

Biden gets low ratings on economy, guns, immigration in AP-NORC Poll

Just 33% of American adults say they approve of President Joe Biden’s handling of the economy and only 24% say national economic conditions are in good shape

The Independent UK

Weak economy hampers liquor upgrades

The Excise Department says current economic conditions are unfavourable, resulting in only one small, community-based entrepreneur applying for a licence to become a medium-sized liquor producer, says deputy director-general Kriengkrai Pattanaporn.

Bangkok Post

China’s war chest: how the fight for semiconductors reveals the outlines of a future conflict

US efforts to stifle China’s chip industry are thought to be part of a wider plan to hinder Beijing’s preparations for war

The Guardian - UK

Leading the economy

The business sector is calling for the new government to appoint appropriate leaders to take the helm at economic ministries, in particular the Finance Ministry, as they want to see the country progress without interruption amid several internal and external challenges.

Bangkok Post

Yellen, FOMC Minutes and Other Key Themes to Watch This Week

It was a great week in the overall market this week. The S&P 500 ($SPX) (SPY) finished up over 1% with most of that run coming in the second half of the week.

Barchart

What the hell's going on with migrant workers?

Migration numbers have risen rapidly after the borders opened, but the Treasury forecasts they will fall just as fast. That's good news for workers' wages, but bad news for employers, reports Jonathan Milne.

Newsroom.co.nz

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The Guardian - UK

‘We in the west were blinded’: China crackdown on business has Maoist roots

‘Anti-spying’ raids on consulting firms and attacks on tech companies are being driven by party ideology, says academic Chris Marquis

The Guardian - UK

The west’s tightening of Russian sanctions is a sign of failure

The Kremlin is putting up stiffer economic resistance than the G7 anticipated

Tribune News Service

Record UK migration surge set to expose government divisions

Data confirming a record surge in migration into the U.K. is expected to lay bare splits in the ruling Conservative Party and highlight the economy’s urgent demand for new workers.

The Guardian - UK

Surge in strikes at Chinese factories after Covid rules end

Action by workers has trebled this year as the country emerges from its draconian coronavirus measures

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The Hindu

Russia-Ukraine crisis an issue of humanity: PM Modi at G7 session

Prime Minister Narendra Modi on May 21 said he does not consider the current situation in Ukraine to be an issue of politics or economy attending the annual summit of the G7 advanced economies in Hiroshima.

The Independent UK

Polls open in Greece's first election since international bailout spending controls ended

Polls have opened in Greece’s parliamentary election, the first since the country’s economy ceased to be subject to strict supervision and control by international lenders who had provided bailout funds during its nearly decade-long financial crisis

Tribune News Service

The Greek economy is roaring back, but voters are counting the cost

From the building of a new metro line to buzzing cafes and tavernas and tourists milling around the squares where rioters once clashed with police, Greece’s return from the depths of its economic crisis is impossible to miss in Athens.

Al Jazeera

Zelenskyy goes on diplomatic blitz to tighten screws on Russia

Ukraine leader’s visit to Hiroshima thrust the G7’s efforts to choke Russia’s economy to the top of a busy agenda.

Daily Mirror

US debt default threatens global chaos making 2008 recession 'look like tea party'

The US has raised its debt ceiling limit multiple times in the last decade up to $13.4 trillion but a deal must be struck before the end of the month to avoid default which could spark a terrible recession

Fortune

The high-stakes debt ceiling fight could be a $12 trillion blow to the American economy: Here are 3 disasters a default would trigger

Janet Yellen has warned that defaulting on the debt would be a "catastrophe," but do you really know what that means?

Fortune

The ‘dysfunctional’ debt ceiling fight could cause a $12 trillion blow to the American economy if Washington doesn’t get its act together

There have been 78 debt ceiling deals since 1960 and zero failures. Could this time really be different?

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