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The Latest Breaking News from Economy

EU leaders united against Russia, divided over energy summit

European Union leaders head into Thursday's energy summit looking for joint measures to contain an energy crisis that has already dented their economy and threatens to spread more hardship this winter

The Independent UK

Tax cuts to cost $11b more than estimate

The federal treasurer says the controversial stage three tax cuts will cost billions more than previously thought as the government faces calls to scrap them.

AAP

Like ‘two separate elections.’ How abortion and inflation have taken over California political ads

LOS ANGELES — The congressional election ads bombarding Californians show a sharp dichotomy in priorities — Democrats are laser-focused on abortion access, while Republicans zero in on inflation.

Los Angeles Times

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Biden to release 15m barrels from strategic reserve in effort to tamp down gas prices – as it happened

Move is president’s attempt to mitigate concerns over the economy as midterms approach

The Guardian - US

Bank shares fall with reports Chancellor Jeremy Hunt could impose ‘ludicrous’ windfall taxes on their profits

Analysts hit out at reports as banks set for bumper profits

Insider UK

'Why is she still here?' Liz Truss mocked by Keir Starmer during fiery PMQs

The Labour leader said the Conservatives' economic credibility is "gone" and asked, "why is she still here?".

Daily Record

Top tips for selling pre-loved items as market reaches £6.5billion

A third of the pre-loved market is made up of used transport products

Wales Online

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Are Democrats messing up their midterm messaging? Our panel responds

Democrats have come under fire from critics like Bernie Sanders, who say the party isn’t focusing enough on the economy. Is that right?

The Guardian - US

More than half of voters think Liz Truss should resign as Prime Minister

80% blame the Government for the rising cost of living

Wales Online

Inflation returns to 40-year high as fears over cost of living crisis grow

The SNP's economy spokesperson Alison Thewliss said the rise in inflation was due to the situation in Downing Street.

Daily Record

Half of Britons say Truss should quit as she prepares for tough PMQs clash

Almost as many people think Liz Truss should resign as thought the same about Boris Johnson in his final months as Prime Minister.

The Independent UK

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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Asharq Al-Awsat

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…

The National (Scotland)

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 Guardian - UK

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

Los Angeles Times

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.

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The Conversation

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 Independent UK

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’

Reuters

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.

Los Angeles Times

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.

The Guardian - UK

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

Reason

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.

The Times of India

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.

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