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The Latest Breaking News from Economy

Why the Fed raised interest rates by the smallest amount since it began its epic inflation fight

The Federal Reserve’s policy-setting committee lifted interest rates on Feb. 1, 2023, by a quarter of a percentage point to a range of 4.5% to 4.75%. The increase, the smallest since the Fed began an aggressive campaign of rate hikes in March 2022, came amid signs the fastest pace of…

The Conversation

More interest rate increases are warranted, says IMF

Australia's economy is tracking toward a soft landing but the International Monetary Fund envisions more cash rate increases in 2023.

AAP

Interest rates - live: Bank of England hikes base rate for 10th time in row

Central bank confirms rise of 0.5%, bring base rate to 4%

The Independent UK

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Fed hikes key interest rate by quarter-point, signals more ahead

The Fed did note for the first time that price pressures are cooling. It said “inflation has eased somewhat but remains elevated.”

Chicago Sun-Times

Owning These 3 Stocks Could Make You Rich in 10 Years

Consistently falling prices and stronger-than-expected fourth-quarter GDP are renewing hopes about the economy’s overall health. Therefore, it could be wise to add quality stocks with solid fundamentals, Walmart (WMT), Bristol-Myers Squibb (BMY), and CVS Health (CVS), to your portfolio to garner substantial returns in 10 years. Read more….

StockNews.com

The future must use less energy and have more of the things that really matter

We need to reduce our energy consumption and embrace 'degrowth’, in which we redesign the economy to put human and environmental wellbeing at its centre, writes Dr Catherine Knight

Newsroom.co.nz

Truss and Brexit have sunk Britain’s economy – and the right is in deep denial about both

The global economy is hardly booming, but the UK is at the bottom of the pile of developed nations for two clear reasons, says Guardian columnist Martin Kettle

The Guardian - UK

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Interest rates set to rise again as Bank of England braces for ‘shallow’ recession

Decision on Thursday would be the 10th time in a row that policymakers have opted for an increase

The Independent UK

3 Top Stocks You Can Buy Now and Hold for a Lifetime

With the central bank’s progress in controlling inflation, recession risks have subsided. Amid early signs of resilience, the IMF recently upgraded the outlook for the U.S. economy in 2023. Given this backdrop, fundamentally strong stocks Halliburton (HAL), Cardinal Health (CAH), and Jabil (JBL) could be ideal buy-and-hold options for solid…

StockNews.com

The Standard View: Lower salaries represent a false economy if we cannot recruit and retain enough teachers

Schools shut, learning disrupted and parents juggling work with childcare. The echoes of lockdown during today’s teachers’ strike are unmistakable.

Evening Standard

I helped balance the federal budget in the 1990s – here's just how hard it will be for the GOP to achieve that same rare feat

Kevin McCarthy reportedly promised many things to Republican hardliners en route to clinching his job as speaker of the U.S. House of Representatives. One of them was a “balanced budget” in 10 years.

The Conversation

Electronic Arts Cuts Bookings View on ‘Star Wars’ Game Delay, Spending Slowdown

Electronic Arts Inc lowered its annual bookings forecast on Tuesday, as the videogame publisher delayed the release of a title based on the "Star Wars" franchise and consumers dialed back spending in a sagging economy. The company's shares fell nearly 7% in extended trading as the results added to last…

Asharq Al-Awsat

UK curbs on international student visas would be ‘act of economic self-harm’

University leaders fear billions being lost as a result of battles within government over immigration policy

The Guardian - UK

Factbox-Nigeria election 2023: what you need to know and what's at stake

Voters in Africa's biggest economy and most populous nation head to the polls on Saturday to elect a new president and lawmakers, in what is set to be a close contest amid rising frustration over cash and fuel shortages, unprecedented insecurity and surging inflation.

Reuters

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Asharq Al-Awsat

Saudi Economy Grows 8.7%

Saudi Arabia registered an 8.7% economic growth in 2022, the General Authority for Statistics (GASTAT) said on Tuesday. The real GDP of the Kingdom during the fourth quarter of 2022 grew by 5.4 percent, compared to the same period in 2021. “This increase in GDP was a result of the…

The Independent UK

India to raise spending on job creation ahead of election

Prime Minister Narendra Modi’s government plans to ramp up capital spending by 33% in a $550 billion annual budget designed to spur economic growth and create jobs ahead of a general election next year

The Guardian - US

‘Work is about belonging’: LGBTQ+ people’s history in the workplace

In a new book, historian Margot Canaday studies the neglected history of queer people in American workplaces

Reuters

UK's teachers and civil servants join mass strike on 'Walkout Wednesday'

Up to half a million British teachers, civil servants, and train drivers walked out over pay in the largest coordinated strike action for a decade on Wednesday, with unions threatening more disruption as the government digs its heels in over pay demands.

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ABC News

The risk of Australia entering recession has just risen

From a drop in retail sales to falling house prices, there are signs pointing towards a recession in Australia. How will the Reserve Bank respond?

Bangkok Post

Economy may grow 4% on tourism - minister

Thailand's economy could grow as much as 4% this year, which would be the fastest rate in five years, bolstered by a rebound in the tourism sector and increased domestic consumption, Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on Wednesday.

The Independent UK

Powell likely to stress Fed's inflation fight far from over

Inflation is cooling, and parts of the economy appear to be weakening

The Conversation

Humanising capitalism: Jim Chalmers designs a new version of an old Labor project

Treasurer Jim Chalmers begins his Monthly essay “Capitalism After the Crises” with a quote from the ancient Greek philosopher Heraclitus: “No man ever steps in the same river twice. For it’s not the same river, and he’s not the same man.”

StockNews.com

Investor Alert: Why the Bear Market Might End on 2/1?

The stock market (SPY) is at a fork in the road coming into the 2/1 Fed announcement at 2pm ET. However, in this case there are 4 different directions stocks could head from here and thus 4 trading plans you should be aware of now. 40 year investment pro Steve…

Fortune

A JPMorgan strategist just said that markets are in big trouble if the economy doesn't fall into a recession

Without a recession in 2023, the Fed may be forced to hike interest rates later in the year, JPMorgan's Mike Bell says.

ABC News

ASX closes up, Flight Centre lifts and shock CEO exits — as it happened

The Australian share markets close up 0.3 per cent. Catch up on the day's events and insights from our business reporters on the ABC News live markets blog.

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