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The Latest Breaking News from Economy

Fewer Americans file for jobless benefits last week

U.S. applications for unemployment benefits fell last week to their lowest level in 16 weeks, defying the Federal Reserve’s attempts to slow the economy and bring down inflation

The Independent UK

Middle East round-up: Egypt economy pounded

Here’s a round-up of Al Jazeera’s Middle East coverage this week.

Al Jazeera

Bank of England Governor Andrew Bailey on inflation, interest rates and recession

Andrew Bailey has been on an official visit to South Wales

Birmingham Post

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Davos CEOs are confident a bad economy won't stall climate initiatives or digital transformation

CEOs George Oliver, Bill McDermott, and Julie Sweet say some change is unstoppable.

Fortune

Michael Hiltzik: The US economy is again being held hostage to our ridiculous federal debt ceiling

The individuals in charge of U.S. fiscal policy are often thought to be among the most sober people in the world, so you may be wondering why we're suddenly hearing ideas such as the minting of a trillion-dollar platinum coin or selling $100 face-value Treasury bonds for $200.

Los Angeles Times

POINT: Biden gets a solid ‘A’ at his midterm

As we approach the midpoint of President Joe Biden’s first term, there is little doubt that he deserves a solid “A.” He has turned the economy around, gotten the pandemic under control, gotten inflation under control and laid the basis for a rapid transition to clean energy. No president since…

Tribune News Service

Former Israeli Prime Minister Naftali Bennett Wieghs In On Controversial Judicial Reforms

“It will harm the foundations of the State of Israel, its economy and its citizens, and it may tear the rope that connects us all”

Zenger

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Lunar New Year spending seen at 3-yr high

Thailand's consumer spending over the Lunar New Year period could rise 13.6% to 45 billion baht (US$1.36 billion), a three-year high, as the economy recovers and China's border reopening bolsters tourism, a university survey showed on Thursday.

Bangkok Post

Countdown in the offing for political fight over debt

The countdown toward a possible U.S. government default is in the offing

The Independent UK

New Zealand's Ardern leaves legacy of kindness, disappointments

Jacinda Ardern has put tiny New Zealand on the map in her five years as prime minister, becoming a global icon for left-leaning politics and women in leadership, even as she struggled at home with the economy and COVID-19 restrictions.

Reuters

China reopening ‘not enough’ to power Thai growth to 4% in 2023

An upswing in tourism from China’s reopening will help boost Thailand’s economy, but isn’t sufficient to restore growth to pre-pandemic levels just yet, according to analysts.

Bangkok Post

North Korea pledges to revitalise economy after COVID ‘victory’

The secretive state claims ‘remarkable successes’ after upheaval caused by the COVID-19 pandemic.

Al Jazeera

The Sanctions on Russia Are Working

Slowly but surely, sanctions are weakening Putin.

Foreign Affairs

North Korea calls for normalising factories, economy after COVID 'upheaval'

North Korea's parliament has outlined plans to normalise industrial production and meet its economic goals this year, despite the "worst-ever upheaval" amid the coronavirus pandemic in 2022, state media said on Thursday.

Reuters

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The Independent UK

‘Worrying picture’ for retail and tourism services over price rises – survey

The UK and Scottish governments have been urged to offer more financial relief packages to businesses.

Insider UK

Rising costs and looming recession weigh down Scottish business growth

More than 80% of Scottish firms intend to raise prices over the next quarter

Bangkok Post

Is a global recession really coming up?

The world's leading economists spent most of 2022 convincing themselves that, if the global economy was not already in a recession, it was about to fall into one. But with the year 2022 end, the global slump has been postponed to the present 2023.

Tribune News Service

Weak US retail sales, factory data heighten recession concerns

U.S. retail sales fell by the most in a year and business equipment production slumped, raising concerns that the economy is losing momentum under the weight of tighter Federal Reserve policy.

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The Conversation

Insomnia, headaches, and stomach pains: the hidden costs of gig workers’ flexibility

The ever-expanding gig economy has brought with it the rise of the independent contractor, from delivery drivers to personal shoppers and dog walkers. Compared to traditional employees, independent contractors are classified as self-employed and do not benefit from a minimum wage, paid time off, or other protections. This kind of…

Fortune

Cisco’s CEO at Davos says most executives are ‘very optimistic’ about the economy's future—despite Americans' recession fears

While some Davos attendees warned of a looming recession, Cisco's CEO isn't worried. And Carlyle Group's co-founder argued that it might even be a good time to invest in stocks.

Asharq Al-Awsat

Egypt Sees High Demand from Investors after Currency Drop

Egypt is seeing good investor appetite for stakes in its state-owned enterprises, the country's planning minister said on Wednesday, as the government pursues partial privatizations to drum up funds after a sharp fall in the value of its currency. Egypt, faced with a currency crunch exacerbated by the war in…

The Conversation

Why China’s shrinking population is a big deal -- counting the social, economic and political costs of an aging, smaller society

Throughout much of recorded human history, China has boasted the largest population in the world – and until recently, by some margin.

Reuters

Davos 2023: Germany's Scholz upbeat on energy, warns on deglobalisation

Germany's energy supply for this winter is secure, Chancellor Olaf Scholz said on Wednesday, adding that the ability of Europe's largest economy to swiftly wean itself off Russian gas has shown how flexible and speedy it can be.

Salon

Will GOP blow up the world's economy?

Yes, the debt-ceiling fight is a boring, pointless political ritual — but the risk this time is off the charts

Evening Standard

Ministers hope Chancellor Jeremy Hunt will unveil tax cuts in the autumn before 2024 election

Ministers hope Chancellor Jeremy Hunt can announce tax cuts in the autumn ahead of a General Election a year later.

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