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The Latest Breaking News from Economy

Top US spy says Chinese invasion halting Taiwan chip production would be 'enormous' global economic blow

A Chinese invasion of Taiwan could potentially halt production by the world's largest advanced semiconductor chip maker, wiping out up to $1 trillion per year from the global economy per year in the first few years, the top U.S. intelligence official said on Thursday.

Reuters

Real estate agent sparks debate after revealing he and wife sit in first class while children are in economy

‘I fail to see what lesson this will teach them,’ one critic says of plane seating arrangements

The Independent UK

The ‘diplomat monarch’: will King’s coronation revitalise British soft power?

The coronation is an event of huge significance for Britain’s history and economy, but also raises questions about whether the new monarch will bolster the nation’s soft power on the global stage.

The Week

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read the most diverse news in one place.

Airline to launch economy bunk beds passengers can book if they want to sleep

Air New Zealand is introducing bunk beds for economy passengers on long haul flights called Skynest, a design that has been named a finalist the 2023 Crystal Cabin Awards

Daily Mirror

Nigeria's fuel subsidy: it's time to kill it and spend the money in ways that benefit the poor

Nigerians are being hit from all sides by a combination of factors that are making their lives increasingly difficult. These include rising cost of living which is reflected in double-digit inflation, stagnant wages, non-payment or the late payment of salaries, a cash crunch and fuel scarcity.

The Conversation

Sudan Conflict Deals New Blow to Stagnant Economy

The conflict shaking Sudan has dealt a crippling blow to the heart of the country's economy in the capital Khartoum, as well as disrupting internal trade routes, threatening imports and triggering a cash crunch. Across swathes of the capital factories, banks, shops and markets have been looted or damaged, power…

Asharq Al-Awsat

IMF: Gov. Strategy Helped the Saudi Economy

The International Monetary Fund (IMF) confirmed that government-led reforms and private investment growth in new sectors would help support non-oil economic growth in Saudi Arabia to be less dependent on oil. The Saudi economy grew 8.7 percent last year, while the real GDP during the fourth quarter of 2022 increased…

Asharq Al-Awsat

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From Elizabeth II to Charles III: how the UK economy has changed

From rationing to taxes, house prices to health – the differences and similarities between the Britains of 1953 and 2023

The Guardian - UK

The U.S. has more banks than anywhere on Earth. That shapes the economy in many ways

The U.S. has more than 4,500 banks — more banks than any other country. That huge number of lenders has shaped the economy in countless ways, but it also can pose risks.

WEKU

Sisi: Egypt Facing Growing Difficulties with More Sudanese Seeking Refuge

Egyptian President Abdel Fattah Al-Sisi said that his country is facing growing economic “difficulties” because of Sudanese people fleeing the conflict raging in their country to Egypt . In an interview with a Japanese newspaper on Tuesday, The Asahi Shimbun, Sisi said that the Egyptian economy is doomed to worsen…

Asharq Al-Awsat

Federal Reserve can’t protect US economy from debt default: Jerome Powell

WASHINGTON: Federal Reserve Chair Jerome Powell said the failure to raise the US government debt limit would be unprecedented and have highly uncertain and negative effects on the economy.

The Times of India

'The Conservatives have ruined our country. The alternative is a Labour government'

The Government’s mismanagement of the economy has inflicted the steepest fall in living standards since the Second World War

Daily Mirror

White House warns of recession as debt limit fight drags on

White House economists are warning of “severe damage” to the U.S. economy in the event of a debt default

The Independent UK

DES Ministry, 16 banks fend off scams

The Digital Economy and Society (DES) Ministry is joining forces with 16 banks to notify people about online scams and fake news on their banking apps in an effort to raise public awareness about online financial fraud, preventing more scamming victims.

Bangkok Post

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Bangkok Post

Key Asian bourses dip amid US concerns

Major Asian stock exchanges sank on Wednesday on renewed investor concerns that a softening US economy and troubles with that country's regional lenders could slow Asia's growth.

The Guardian - US

US Federal Reserve votes to increase interest rates to 16-year high

Rise in benchmark interest rate is 10th hike since March 2022, when the Fed started its rapid inflation-fighting campaign

Barchart

Fed Expected to Raise Interest Rates Hike by +25 bp Today and Signal a Pause

Market expectations are for the Federal Reserve later today to raise the federal funds target range by +25 bp to 5.00%-5.25%, the highest since 2007. The markets are also expecting the Fed to signal a pause in its rate-hike campaign, with tighter lending conditions and signs of a slowing economy...

Daily Mirror

Flight attendant says economy is 'best place' if you want to join the Mile High Club

Marika Mikusova has explained how enthusiastic couples can join the mile high club when flying on a commercial plane in her new book Diary of A Flight Attendant

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Birmingham Post

Portland Port says asylum seeker barge provides ‘benefits’ for local economy

Bosses at Dorset port have said providing berthing space for the vessel would help to ‘drive continued growth, secure more long-term jobs and generate future investment’

The Conversation

Government to spend $11.3 billion over four years to fund 15% pay rise for aged care workers

Tuesday’s budget will include $11.3 billion over four years to fund the 15% pay rise aged care workers will receive from July 1.

The New Daily

Is Australia walking a ‘narrow path’ towards a per capita recession?

Australia likely avoids a recession, but it's already starting to feel like one as cost of living and higher rates spark a shopper retreat.

Axios

How the regional banking crisis is hitting the economy

Lending is almost certain to tighten, creating a new headwind for an otherwise decent economy.

Fortune

4 CEOs sound off on inflation, interest rates, and where the economy is headed

At the annual Milken Institute Global Conference, chief executives gave insight into what's to come.

Asharq Al-Awsat

Riyadh Conference Stresses Solid Foundations in Building Digital Economy

The Global Asset Allocation Conference underlined on Tuesday the importance of new rules and patterns to strengthen the digital economy. The conference was organized by the Family Office and held in the Saudi capital, Riyadh. Prince Turki Al-Faisal bin Abdulaziz, President of the King Faisal Center for Research and Islamic…

Insider UK

Lloyds beats forecasts with 46% profit rise after interest rates boost

Banking group expects the economy to fall by 0.6% in 2023 overall, slipping into a 'mild recession' over the first three quarters

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