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The Latest Breaking News from Economy

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

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…

Asharq Al-Awsat

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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.

Reuters

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.

WEKU

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 Conversation

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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

The Independent UK

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.

Bangkok Post

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.

Tribune News Service

China’s economy slows sharply with GDP growth among worst on record

The economy grew 3% in 2022, exceeding some forecasts, but still well below China’s official target for the year

The Guardian - AU

China’s economy grows 3%, among worst performances on record

Official figures reflect toll of Beijing’s since-abandoned ‘zero COVID’ pandemic strategy.

Al Jazeera

China’s economy grew 3% last year, not even half 2021's rate

China’s economic growth fell to 3% last year under pressure from antivirus controls and a real estate slump but is gradually reviving after restrictions that kept millions of people at home were lifted

The Independent UK

'Stable' outlook despite climate spending

The outlook for state government coffers is stable as growth counters a slower global economy, but big spending on climate and net zero will bite into budgets.

AAP

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Birmingham Post

Birmingham 2022 Festival 'added £100m to region's economy' - report

Newly published reports are out today into the economic and cultural impact of last year's companion arts festival to the 2022 Commonwealth Games

The Independent UK

Nearly a quarter of UK chief executives admit business models will not be viable in a decade

Global executives offer gloomiest-ever outlook for global economy, PwC finds

Tribune News Service

Survey: The US economy has a 64% chance of entering a recession this year

More likely than not, the U.S. economy will enter a recession this year, Bankrate’s Fourth-Quarter Economic Indicator poll found.

Asharq Al-Awsat

Study Envisages Connection between Innovation, Financing, Trade with Global Economy

Saudi researcher Dr. Raja Almarzoqi underscored the connection between innovation, international commerce movement, financing and economic growth that has become an enabler of global economy that crosses borders. He called for the adoption of government policies and legislations that would benefit further from the relationship between research, development of innovation…

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The Guardian - UK

Ramaphosa cancels Davos trip amid South Africa energy crisis

Africa’s most industrialised economy being hit by daily power cuts as anger grows among opposition and public

StockNews.com

3 Large-Cap Stocks to Add to Your Buy List This Winter

Despite inflation cooling further in December, the likelihood of the economy entering a recession this year is rising as the Fed expects to continue increasing interest rates until inflation comes down to its 2% target. Therefore, large-cap stocks Microsoft (MSFT), UnitedHealth (UNH), and Taiwan Semiconductor (TSM) could be stable investments…

Wales Online

Independent and Labour councillors in Merthyr Tydfil clash over funding settlement

The independent cabinet member said UK Government had thrown the economy off a cliff but that Welsh Government had turned its back on the Valleys but Labour councillors said the responsibility lies with UK Government

StockNews.com

The #1 Pharma Stock to Buy in January 2023

While the stock market and the economy have been subdued by progressive interest-rate increases, AbbVie Inc. (ABBV) has not only reported a robust third quarter but also demonstrated its confidence in its long-term prospects by raising its quarterly dividend. Read on….

The Guardian - UK

The case for a new Keynesianism when Labour returns to power

Letters: Carol Wilcox and Tony Brauer respond to an article by James Meadway of the Progressive Economy Forum

Evening Standard

China’s re-opening after Covid could be very bad news for global inflation

I spent last week in Hong Kong and Singapore, singing for my supper. It was just ahead of Chinese New Year — the Year of the Rabbit begins on January 22 — and, in the past, both cities would have been heaving. On this occasion, however, only Singapore was. Hong…

The Independent UK

Asian shares mostly higher after gains on Wall Street

Shares are mostly higher in Asia after Wall Street benchmarks ended last week on a high note

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