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The Latest Breaking News from Economy

Head of Russia's crime agency suggests nationalising key parts of economy

The head of Russia's federal crime agency on Saturday suggested that key sectors of the economy should be returned to state ownership to support Moscow's war in Ukraine.

Reuters

U.S. inflation is hard to whip. Here's why.

For the first time in decades, the long-term forces shaping the world economy look inflationary.

Axios

J-K LG Manoj Sinha chairs high-level meeting on booting investment into UT

Jammu and Kashmir Lieutenant Governor Manoj Sinha on Saturday chaired a high-level meeting to discuss strategies to attract more investments into UT and proactively resolve all the issues with great synergies and to enhance ease of doing business to boost the economy. Read further on Dynamite News:

Dynamite News

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The debt limit fight is a 'game of chicken' that only has one loser: The U.S. economy

There could be serious economic damage in the U.S. and elsewhere if the debt ceiling fight nears the default deadline.

Fortune

Japan's Kishida says G7 facing historic moment as finance leaders wrap up talks on global economy

Japanese Prime Minister Fumio Kishida says the world is facing a “historic turning point” as the country prepares to host the annual summit of the Group of Seven advanced economies next week in Hiroshima

The Independent UK

Soaring interest rates to cost UK mortgage holders £12bn in extra payments

Impact of Bank of England’s decision to hike rates to 4.5% will be felt mostly by young families, thinktank says

The Guardian - UK

Oklahoma treasurer announces 13 financial institutions can’t do business with the state over ESG policies

Oklahoma State Treasurer Todd Russ (R) on May 3 issued a list of 13 financial institutions that are ineligible to do business with the state under a 2022 law because, according to Russ’s office, they engage in energy boycotts that, in its opinion, hurt the state’s economy. The listed institutions…

Ballotpedia

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TAT makes move into the metaverse

The Tourism Authority of Thailand (TAT) plans to open its first virtual office in the Bitkub Metaverse in the third quarter of this year, in a bid to attract millennials and foreign tourists to bolster Thailand's digital economy.

Bangkok Post

Strategy games keep giving players the most depressing insights into real-world politics and economics

The political and economic lessons of games like Dwarf Fortress and Victoria 3 have one outcome: depression

GamesRadar

Despite BioWare's efforts, Star Wars: The Old Republic's economy is still completely out of control

Low level items and minor crafting materials are selling for millions, but more changes to combat inflation are coming.

PC Gamer

Turkey's EU tightrope act: Is either side ready to break the stalemate?

Just months after a devastating earthquake, and with millions suffering from an economy in dire straits, Turkish voters are deciding who should lead the pivotal NATO ally at the crossroads between Asia, Europe and the Middle East. The outcome will reshape the political landscape in Turkey and beyond. For some,…

France 24

OPINION - UK economy stuck in first gear as GDP plunges in March

Conversations about the weather are rarely actually about the weather. As the social anthropologist Kate Fox writes in her brilliant and often snort-inducing book, Watching the English, weather chat is in fact “a form of code, evolved to help us overcome our natural reserve and actually talk to each other.”…

Evening Standard

The economy might be stalling, but be thankful for our strong job market

City Comment: The GDP graph is now barely flickering, but remarkably few people are involuntarily out of work

Evening Standard

Number of cruise ship visitors to Northern Ireland passes milestone two million mark

The cruise industry is expected to contribute more than £21m to the local economy in 2023.

Birmingham Post

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Reuters

Thailand election: Leading parties, personalities, key issues

Thailand, the second largest economy in Southeast Asia, will hold a general election on Sunday, pitting pro-democracy parties that are surging in popularity against those backed by military-linked conservatives.

Evening Standard

OPINION - The Standard View: Without economic growth, there is no escape from the cost of living crisis

The UK economy cannot get out of first gear. Data released by the Office for National Statistics shows growth was a negligible 0.1 per cent in the first quarter of the year, with output falling by 0.3 per cent in March alone.

Daily Mirror

Rishi Sunak slaps down top Tory's claim 2p could be cut from income tax

The Prime Minister's spokesman said it was not up to Work and Pensions Secretary Mel Stride to dictate tax policy after he claimed getting people back into work will boost the economy enough to reduce income tax by 2p

PC Gamer

Meta says new study shows the metaverse could boost the global economy by $3.6 trillion per year and yes it probably is worth noting Meta paid for the research

By 2035, Meta supported research reckons the company has potential to overtake mobile phones as the major computing platform.

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The Week

Sticky inflation and sluggish growth: why does UK economy continue to struggle?

The UK’s economy shrank by 0.3% in March, with the first quarter of 2023 seeing “sluggish growth” of 0.1%, placing the UK once again towards the bottom of the league table of developed economies.

Insider UK

Why are so many Scottish companies being bought by overseas interests - and does it matter?

Insider investigates a recent trend to assess the potential impact on jobs, support services and national pride

Axios

Inside the booming Taylor Swift economy

Swifties are spending big on travel, lodging, makeup, fashion and food to attend the shows.

WEKU

Turkey's president has built vast power over 20 years. But he may lose on Sunday

A struggling economy and slow earthquake response add up to a tough election for President Recep Tayyip Erdogan, who has dominated Turkish politics for the past 20 years.

The Guardian - US

Societal cost of ‘forever chemicals’ about $17.5tn across global economy – report

Chemicals yield profit of about $4bn a year for the world’s biggest PFAS manufacturers, Sweden-based NGO found

The Guardian - UK

Too early to sound the all-clear as impact of UK rate rises yet to be felt

There are some signs that headwinds are easing but economy still looks fragile

The Independent UK

UK economy shrank unexpectedly in March but grows slightly in first quarter

UK gross domestic product increased by 0.1% in first quarter, but it came after a 0.3% decrease in March

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