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The Latest Breaking News from Economy

Everything you need to know about today's Bank of England warning

The Bank of England have announced today that the UK is facing its longest recession since the 1920s, but what does that actually mean?

Liverpool Echo

White House holds firm on US avoiding recession as economy looms over midterms

‘We do not see it going into recession,’ White House says

The Independent UK

Voices: Republicans have convinced voters inflation is Biden’s fault — even though they have no plan to solve it

Polls show that the GOP has successfully managed to make inflation a deciding issue, without having a clear policy for combating it. What this implies about the future is scary

The Independent UK

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Five Ways To Save Money In A Recession

The economy and a recession are at the forefront of voters’ minds as the U.S. heads into the midterm elections in a few days. Most voters think the U.S.

Benzinga

Bank of England warns of longest recession in 100 years as it raises rates to 3%

UK economy faces ‘very challenging outlook’ with recession now expected to last until middle of 2024

The Guardian - UK

Centrelink a barrier to Australian pensioners filling skills gaps, advocates say

Advocates say the barrier of Centrelink penalties is keeping the "grey economy" away from the workforce, despite moves in the budget to fix the problem.

ABC News

Amazon pauses hiring for its corporate workforce

It said the hiring freeze is in response to the economy being "in an uncertain place."

Axios

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It may sound paradoxical, but Britain needs to spend its way out of recession

Cutting during a recession has been long discredited, says Guardian columnist Polly Toynbee

The Guardian - UK

Ricky Ponting makes big Pat Cummins claim ahead of Australia's must-win T20 World Cup game

Australia star Pat Cummins has struggled at the T20 World Cup, taking just three wickets at an average of 36.66 and an economy rate of 9.16, and Ricky Ponting has suggested he should be axed

Daily Mirror

The U.S. is trying to mend ties with Venezuela. One big reason? Oil

The Biden administration has extended an olive branch to Venezuela. It might sway Caracas to resume talks with the opposition for elections, and eventually let Venezuelan oil back on the world market.

WEKU

Bank of England delivers biggest interest rate hike in 33 years

Central bank raises key rate to 3 percent, warns UK economy is in a recession that could last two years.

Al Jazeera

3 Strong Buy Stocks Begging to Be Bought in Q4

The Federal Reserve announced its fourth consecutive 75-bps rate hike yesterday. As the chances of the economy falling into a recession are tightening, fundamentally strong and resilient stocks Merck & Co (MRK), Biogen (BIIB), and Kroger (KR), which are rated Strong Buy in our proprietary rating system, could be safe…

StockNews.com

BoE: Britain faces two-year recession

LONDON: The Bank of England raised interest rates to 3% on Thursday from 2.25%, its biggest rate rise since 1989, but it pushed back against expectations for further steep hikes, saying Britain faces a painful recession that could last two years.

Bangkok Post

US jobless claims hold near historic low despite cooling economy

Applications for US unemployment insurance last week fell slightly, hovering around historically low levels as the labor market holds strong despite a weakening economy.

Tribune News Service

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Evening Standard

The Standard View: Higher interest rates, spending cuts and tax rises leave the economy on the brink

When it rains, it pours. Estate agent Savills predicts that the mainstream London housing market will suffer the most acute fall in prices out of all regions in 2023. That’s despite properties in the city enjoying the more modest end of price growth since the pandemic.

The Independent UK

Unions warn of impact on workers of interest rate rise

The TUC has called for a new economic plan.

Axios

WSJ poll: Anxious Americans disillusioned by economy ahead of midterms

It adds to a raft of signs that a disillusioned, anxious electorate is ready to use the midterms to punish the party in power.

Daily Mirror

UK is heading for longest recession in a century, Bank of England warns

The Bank of England issued a gloomy warning about the future of the British economy as it hiked interest rates to 3%, the biggest single rate rise in three decades

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The Guardian - UK

Bank of England signals interest rates probably won’t go much higher

Central bank felt the need to massage down interest rate expectations amid fears over impact on UK economy

WEKU

Five-time congressional candidate running against a five-term congressman

The race in the sixth congressional district pits a five-term U.S. representative against a perennial candidate in the central Kentucky area. There are also two write-in candidates on the ballot.

Birmingham Post

Pembroke net zero centre could add millions to Welsh economy and create thousands of jobs - report

RWE plans to build the new net zero centre at Pembroke Power Station by 2040

Reuters

Italy's Meloni reassures EU on her first foreign trip as premier

Italy's new Prime Minister Giorgia Meloni made her first foreign trip in office on Thursday to the heart of the European Union, showcasing her commitment to the bloc mindful of her nationalistic views and spending plans.

Benzinga

How Jerome Powell Swung The Market Pendulum As He Went From 'Dovish' And 'Pivot' To Most 'Hawkish'

What a difference a day can make! This rang true for the market, which went from euphoria to despair within a day.

Caixin Global

Fisher: China’s Economy Can Weather a Global Recession — if One Even Hits

History shows Chinese growth can persist despite pockets of weakness and recession elsewhere

Bangkok Post

Cracks in Vietnam rattle investors

Financial markets in Vietnam, Asia’s fastest-growing economy, are in an unsettling slide as a crackdown on property lending, a falling currency and rising interest rates heap pressure on banks and rattle confidence.

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