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The Latest Breaking News from Economy

Syrian Pound Hits New Low on Black Market

Syria's nose-diving pound hit a new record low Saturday against the dollar on the black market, according to websites monitoring the exchange rate, as the country faces severe fuel shortages. The Syrian economy has been battered by more than 11 years of war and crippling Western sanctions, pushing 90 percent…

Asharq Al-Awsat

Concern as US media hit with wave of layoffs amid rise of disinformation

Wider economic uncertainty is behind cuts at companies including CNN, BuzzFeed and Gannett, executives say

The Guardian - US

December Fed Meeting Preview: How many more giant rate hikes are left? ‘This is where it becomes the tough part’

The Federal Reserve’s busiest year for rate hikes since Jimmy Carter was president may be coming to an end — but U.S. central bankers’ rate increases are far from over.

Tribune News Service

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Investor optimism returns amid tourism recovery

The Investor Confidence Index (ICI) returned to the bullish zone last month amid optimism over the recovery of tourism and the domestic economy, but uncertainties related to US interest rate policy and global Covid-19 infections are still weighing on the outlook.

Bangkok Post

Asian shares follow Wall Street upward

RECAP: Asian stocks climbed after Wall Street posted its first advance this month, with traders focused on upcoming US inflation figures for clues on the path of interest-rate increases.

Bangkok Post

‘There is nothing special about 2%’: BofA says central bankers just made up their inflation target

“The evidence is that steady 4% inflation imposes very small additional costs compared to steady 2% inflation. Either way the economy adapts,” BofA’s global economist said.

Fortune

Watch: Thousands of striking Royal Mail workers stage rally near Parliament

Thousands of Royal Mail workers have staged a rally to mark another strike in the increasingly bitter dispute over “unachievable” conditions they said would “destroy” the company. Members of the Communication Workers Union (CWU) from across the UK congregated outside Parliament in central London to voice their anger about the…

Evening Standard

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Jeremy Hunt warned plan to rip up bank rules is ‘huge mistake’

Chancellor accused of ‘race to bottom’ to mitigate Brexit damage to sector

The Independent UK

Bank of England interest rate hike looms as main event in a blockbuster week for the economy

Will it be 0.75% or 0.50%? Thursday’s top-of-the bill rate move helps set the tone for the economy and consumers into 2023

Evening Standard

Chancellor’s post-Brexit City reforms risk a ‘race to the bottom’

There is a sweeping package of more than 30 reforms

Evening Standard

'More than just a football club' - The importance of Newcastle United for city on 130th anniversary

As Newcastle United celebrates its 130th anniversary we take a look at how vital the club is to the city and its economy

Chronicle Live

Commentary: Mass long-COVID disability threatens the economy

Forget the work-from-home revolution or quiet quitting: The COVID-19 pandemic’s biggest impact on the U.S. labor market will be as a mass disability event. It’s a shock that the economy is not well prepared to handle.

Tribune News Service

China's Xi strikes deals with Saudi royals during 'milestone' visit

Chinese President Xi Jinping signed a raft of deals with Saudi officials during a three-day visit to Riyadh as Beijing seeks to shore up its Covid-hit economy and as the Saudis, long-term US allies, push to diversify their economic and political alliances.

France 24

Asian shares advance on back of Wall Street gains

Shares are higher in Asia after an advance on Wall Street led by the latest rally in technology companies

The Independent UK

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Asharq Al-Awsat

Saudi Arabia, China Strengthen Strategic Partnership in Digital Economy

Saudi Arabia has signed a strategic partnership with China for cooperation on the digital economy. The agreement was signed by Minister of Communications and Information Technology Eng.

The Guardian - UK

Without effective vaccines, China’s economy may not heal

Changes to zero-Covid policy could prove insufficient if lockdowns are expected to continue

Reuters

'It's dead out here': China's slow exit from zero-COVID

Judging by Friday's quiet streets in China's capital Beijing and the reluctance of some businesses to drop COVID curbs, enduring anxieties about the coronavirus are likely to hamper a speedy return to health for the world's second-largest economy.

Foreign Affairs

Why India Can’t Replace China

The barriers to New Delhi’s next boom.

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Tribune News Service

China seeks to tone down assertive diplomacy that ‘backfired,’ US official says

WASHINGTON — China’s assertive diplomacy in recent years has “backfired” and Beijing now seeks a more predictable relationship with the U.S. as the country’s economy slows and the government tries to loosen its strict COVID-19 curbs, the Biden administration’s top Asia official said.

Chicago Tribune

Chicago attracting a healthy amount of investment, but all neighborhoods aren’t equal

Chicago attracted a lot of investment over the past decade, but how well its economy serves residents depends a lot on where they live. Between 2010 and 2020, neighborhoods where most residents are Black received a fraction of the overall investment recorded in mostly white neighborhoods, according to a new…

Bangkok Post

Consumer confidence hit 20-month high last month

Consumer confidence increased for the sixth straight month in November, hitting a 20-month high, lifted by improved economic activity, an increase in foreign tourist arrivals and lower petrol prices.

StockNews.com

3 Stocks That Stand to Benefit from the Ongoing Energy Crisis

Despite the recent retreat in oil and gas prices from their peaks, a surge in demand due to the onset of a chilly winter in the U.S. and Europe and the reopening of China’s economy could boost oil and gas prices significantly. Therefore, we think it could be wise to…

Fortune

Harvard economist Jason Furman warns the U.S. economy could be headed for an ‘incomplete hard landing’. Here's what that means

Furman says a "soft landing" isn't the most likely outcome for the U.S. economy. Rising wages are creating a nightmare for the Fed that will lead to something much worse.

Reuters

Argentina to introduce income tax relief in January

Argentina's government will raise the floor for income taxes in January, the country's Economy Minister Sergio Massa said on Thursday, amid union demands to ease the burden on workers.

Newsroom.co.nz

National cost of Marsden Point closure highlighted by Christmas jet fuel shortage

The loss of the country’s only oil refinery is already hurting the economy with the threat of grounded planes this summer – and that's just the start, argues Simon Terry.

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