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The Latest Breaking News from Economy

ASOS Warns on Outlook as Consumers Feel Inflation Pain

British online fashion retailer ASOS said it needed to rebuild its once-successful business model after it reported an 89% drop in 2021-22 profit and forecast a loss in the first half, due to a rapidly deflating economy. The group, whose shares have fallen 80% this year, made adjusted profit before…

Asharq Al-Awsat

Campaign for 'night tram' to run across Greater Manchester

Call to boost night-time economy at council meeting

Manchester Evening News

Saudi Crown Prince Launches National Industrial Strategy

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz launched the National Strategy for Industry, which aims to promote industry and attract investment, leading to economic diversification and growth of non-oil exports and GDP. The Crown Prince, also Prime Minister and Chairman of the Council of Economic Affairs and Development, said…

Asharq Al-Awsat

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Malaysia: OPEC+ Decision to Cut Output Made to Address Market Uncertainties

Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties. Malaysia joins other OPEC+ countries this week in backing a steep cut to the group's output target. "OPEC+ countries collectively took into consideration…

Asharq Al-Awsat

Visitors shell out £1.7 million boost at Scottish oyster festival

THE return of a festival celebrating local native oysters boosted a Scottish town’s economy by

The National (Scotland)

What do US curbs on selling microchips to China mean for the global economy?

Washington’s ban on hi-tech exports to China marks a huge gambit for economic supremacy for the next decades

The Guardian - UK

Biden, in speech, aims to keep abortion top of mind for voters as midterms near

WASHINGTON — As renewed concerns about the economy appear to be boosting Republicans’ chances in next month’s midterm elections, President Joe Biden spoke pointedly about abortion Tuesday in an effort to remind voters what’s at stake for women and families.

Los Angeles Times

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Sanctions on Russia are increasing, not decreasing, its revenue

The European Union has just approved new sanctions against Russia, including a price cap on oil sales, following the United States’ Sept. 30 announcement of new economic sanctions. Both announcements are in response to Russia’s annexation of four regions of Ukraine.

The Conversation

What is 55 Tufton Street? The house that ‘crashed’ the UK economy

Westminister home of conservative think-tanks targeted by Led By Donkeys over failure of ‘Trussonomics’

The Independent UK

German nuclear power extension wins Green minister's endorsement

Economy Minister Robert Habeck on Tuesday endorsed the decision of Chancellor Olaf Scholz to use his executive authority to settle a long-running row within the coalition over extending the life of Germany's three remaining nuclear power stations.

Reuters

Biden, in speech, aims to keep abortion top of mind for voters as midterms near

WASHINGTON — With renewed concerns about the economy seeming to boost Republicans’ chances in next month’s midterm elections, President Joe Biden spoke pointedly about abortion Tuesday in an effort to remind voters what’s at stake for women and families.

Los Angeles Times

The neoliberal Spartans led us all into this chaos

Letters: Jerry Palmer on the threads that run from Brexit to today’s turmoil in the UK’s economy and politics. Plus letters from Fawzi Ibrahim and Stephen Coleman

The Guardian - UK

Gavin Newsom Cites Dubious Evidence That His Lockdowns Saved California's Economy

The governor made these claims on Monday while also putting a February 2023 end date on the state's emergency public health order.

Reason

How Tatas are rebuilding the Maharaja’s empire brick by brick

NEW DELHI: From finding components for seats that are no longer being manufactured to making “Christmas Tree” Air India aircraft long cannibalised for spares fly again, the Tata Group has embarked on unarguably the most challenging aviation turnaround of contemporary times.

The Times of India

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Evening Standard

The Leader podcast: Liz Truss ‘sorry’ but what about our bills?

PM apologises for economy ‘mistakes’

The National (Scotland)

Kwarteng urged to turn down £16,000 golden handshake after ‘trashing economy’

KWASI Kwarteng should turn down a potential £16,000 golden handshake after serving only 38 days in office and “trashing the economy”,…

The Guardian - UK

A healthy workforce means a healthy economy. Britain can’t afford to be so ill

For all Liz Truss’s talk about growth, there is little attempt to deal with the rising numbers of people with long-term sickness, says Prof Devi Sridhar

StockNews.com

3 ETFs to Avoid, Sell or Liquidate This Fall

With the Fed all set to approve another significant interest rate hike in its meeting next month and the global economy expected to witness a slowdown, it could be wise to avoid iShares 20+ Year Treasury (TLT), iShares MSCI (EEM), and Direxion Daily Small Cap (TNA), which might witness a…

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news in one place.

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The National (Scotland)

Douglas Ross panned for 'insulting' independent Scotland-Venezuela comparison

DOUGLAS Ross has been panned for an “absurd” comparison likening an independent Scotland to the economic crises faced by Venezuela and Zimbabwe…

The Independent UK

Publish modelling showing impact of post-independence border checks, say Tories

Nicola Sturgeon released a paper on the post-independence economy of Scotland on Monday.

Tribune News Service

Boat buyers, sellers navigate choppy waters from war, inflation, supply woes

When COVID-19 struck down the economy in 2020, it was the marine industry that converted crisis into opportunity as customers seeking a safe mode of recreation bought or rented boats in droves.

Birmingham Post

Nine in 100 working in Exeter are employed at the University, new report shows

Report details how the the university creates employment, helps business through research and helps graduates get higher paid jobs

The National (Scotland)

Douglas Ross says he STILL has 'confidence' in the UK Government

SCOTTISH Conservative leader Douglas Ross has said he has “confidence” in the UK Government to “take the difficult decisions to get things…

The Guardian - UK

UK housebuilder Bellway expects sluggish sales as interest rates rise

Company warns that next 12 months will be tougher, with economy likely to go into recession

Asharq Al-Awsat

OECD Expects Saudi Arabia to Top G20 Economies for 2 Years

The real GDP growth projections of the Saudi economy are expected to reach 9.9 percent this year, and six percent in 2023, recording the highest growth rate among the G20 countries, according to a report by the Organization for Economic Cooperation and Development (OECD). The report "OECD Economic Outlook Interim…

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