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The Latest Breaking News from Economy

Saudi Arabia, WEF Launch Innovation Accelerator, Explore Collaborations in Global Metaverse Village

A high-level delegation from Saudi Arabia participated in a multilateral meeting with the World Economic Forum’s (WEF) leadership at WEF’s 2023 Annual Meeting in Davos. Prince Faisal bin Farhan Al Saud, Minister of Foreign Affairs; Princess Reema bint Bandar Al Saud, Ambassador to the United States; Abdullah bin Amer Alswaha,…

Asharq Al-Awsat

Germany will not fall into recession, Scholz tells Bloomberg TV

German Chancellor Olaf Scholz said on Tuesday he was convinced Europe's largest economy would not fall into a recession despite soaring energy and food prices in the wake of Russia's invasion of Ukraine.

Reuters

Kentucky threatens to divest from 11 banks over ESG policies

Kentucky State Treasurer Allison Ball (R) on January 2 issued a statement notifying 11 banks that their environmental, social, and corporate governance (ESG) policies amounted to energy boycotts that harmed the state’s economy according to definitions passed into law last spring. The statement says the banks have 90 days to…

Ballotpedia

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The true impact of strikes in Britain revealed – £6bn and counting

Warning of ‘unsustainable’ hit comes as number of working days lost to strikes hits 30-year high

The Independent UK

Rocks ahead! Leaders struggle at the helm of the world economy

As food prices soar a near record 11.3 percent today, there's a new outcrop of inflation looming, Jonathan Milne reports. NZ and the world now face a hard landing in which millions may lose their livelihoods.

Newsroom.co.nz

Welsh Government has no intention of cutting losses and selling Cardiff Airport says Vaughan Gething

Vaughan Gething said his government will not face a conflict of interest in assessing a freeport bid with Cardiff Airport at its heart

Birmingham Post

German economy minister: recession threatening Europe manageable

Germany's economy minister said that easing gas prices give hope that a recession threatening Europe, and Germany, can be managed and even reduced, and underscored the need to establish more critical infrastructure to create a more resilient economy.

Reuters

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Nigeria’s currency redesign and withdrawal limits: questionable policy and bad timing

The Central Bank of Nigeria launched new banknotes in November 2022. The new notes came into effect on 15 December 2022.

The Conversation

IMF chief sees light at the end of the tunnel amid global inflation and recession gloom

Kristalina Georgieva expects growth to bottom out this year.

Fortune

Putin: Russian Economy Likely Shrank 2.5% in 2022 but Beating Expectations

President Vladimir Putin said on Tuesday that the Russian economy was likely to have shrunk by 2.5% in 2022, but that it was performing better than most experts had predicted. Putin, who was speaking at a meeting with top officials including the finance minister and central bank chief, said real…

Asharq Al-Awsat

'I can't fly economy because my boobs wont fit - they nearly caused an accident once'

Model Anastasiya Berthier with a natural 34KK chest admits she's forced to pay for first-class or business-class seats on airlines as economy can't accommodate her large chest

Daily Mirror

Putin: Russian economy likely shrank 2.5% in 2022 but beating expectations

President Vladimir Putin said on Tuesday that the Russian economy was likely to have shrunk by 2.5% in 2022, but that it was performing better than most experts had predicted.

Reuters

Davos 2023: China reopens its doors with investment pitch to global elite

China's Vice-Premier Liu He welcomed foreign investment and declared his country open to the world on Tuesday after three years of pandemic isolation.

Reuters

Commentary: California’s budget surplus has vanished and its economy is in danger. It can go one of two ways

The much-celebrated California boom is facing a harsh reality.

Los Angeles Times

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Los Angeles Times

Commentary: Think Big Tech’s thousands of layoffs indicate a coming recession? Think again

Amazon is laying off more than 18,000 workers. Salesforce is shedding 8,000, and Twitter has let go thousands more.

Tribune News Service

Editorial: Shining a brighter light on federal spending bills

The White House drove the country into an inflation mess because it refused to listen to economists and others who predicted the administration’s massive multitrillion-dollar spending spree would overheat the economy. Next time — let’s hope there isn’t a next time, but … — such willful ignorance may be more…

Asharq Al-Awsat

Luxury Giant LVMH hits 400 Billion Euro in Market Value

LVMH shares rose to a fresh record high on Tuesday, giving the luxury goods group a market capitalization of 400 billion euros ($434 billion) for the first time and cementing its lead as Europe's most valuable company. Like other luxury companies which are heavily exposed to China, LVMH has benefited…

Asharq Al-Awsat

Yemen Calls for Int’l Support to Revive its Economy, Stop Houthi Terror

The Yemeni Presidential Leadership Council urged on Monday international support to help revive the country’s economy, stop the collapse of the local currency and put an end to the terrorism of the Iran-backed Houthi militias. Members of the PLC, Aidaroos al-Zubaidi and Sultan al-Arada held separate talks in Riyadh with…

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Reuters

EU's Gentiloni: Very good partnership with the U.S. but we must support our competitiveness

The partnership between the European Union and the United States is "very good", said European Commissioner for Economy Paolo Gentiloni on Tuesday but he added that the EU must strengthen its competitiveness in the wake of Washington's "Inflation Reduction Act" (IRA).

Reuters

Berlin New Year's Eve riots rekindle immigration debate

Youth riots that erupted in Berlin on New Year's Eve have rekindled a debate over immigration just as Germany is preparing reforms to lure a new wave of skilled foreign workers to Europe's largest economy.

WEKU

China's economic growth falls to 3% in 2022 but slowly reviving

The world's No.2 economy grew by 3% in 2022, less than half of the previous year's rate, official data showed Tuesday as China faced pressure from anti-virus controls and a real estate slump.

The Conversation

Extreme storms and flood events cause damage worth billions to ports -- and they are most disruptive to small island developing states

Shipping ports are crucial for the global economy. They handle the majority of trade, are industrial and transportation hubs and provide employment. But ports, by their nature, are located in coastal areas or on large rivers and are exposed to natural hazards such as storms and floods as a result.

The Independent UK

Asian shares slip as China says economy slowed further

Asian shares are mostly lower after China reported its economy expanded at a 3% pace last year, less than half 2021's rate

Bangkok Post

China's economy grows at slowest pace in decades

BEIJING: China's economy grew last year at its slowest pace in four decades as it was hammered by Covid-19 lockdowns and a property crisis but the forecast-beating reading raised hopes for a strong recovery as it reopens.

Tribune News Service

China’s population starts shrinking, first drop since 1960s

China’s population started shrinking in 2022 for the first time in six decades, a milestone for the world’s second-largest economy, which is facing an increasingly serious demographic crisis.

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