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The Latest Breaking News from Economy

'Out of his depth': Kwarteng urged to quit as Chancellor after destroying economy

CHANCELLOR Kwasi Kwarteng is being urged to quit after taking a “wrecking ball” to the UK’s finances.

The National (Scotland)

Explainer: Why Did The Bank Of England Lay Down $72B To Prevent A 'Lehman Moment'?

The UK’s central bank unpacked a whopping £65 billion ($72 billion) on Wednesday in a desperate attempt to steer the economy back to stability.

Benzinga

1 Stock to Avoid as the Fed Attempts to Cool Down the Economy

Shares of online real estate services company Opendoor Technologies (OPEN) have plummeted more than 75% in price year-to-date with the cooling down of the housing market amid rising interest rates. Furthermore, the company is expected to incur huge losses in the upcoming years. Hence, with the Fed signaling aggressive rate…

StockNews.com

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High inflation, bleak global outlook: Why RBI hiked repo rate by 50 bps

NEW DELHI: A stubbornly high inflation and persistently falling rupee promoted the Reserve Bank of India's (RBI) monetary policy committee (MPC) to raise benchmark lending rates for the 4th time in a row on Friday.

The Times of India

Emily Sheffield: Voters are unlikely to forget Liz Truss’s gamble with Britain’s economy

“Are you ashamed of what you’ve done?” This was just one of many barbed questions the Prime Minster had to face down yesterday in a painful round of regional BBC interviews. This was planned to persuade the country and allay fears. Instead, it was a car crash. Anxiety in the…

Evening Standard

UK is only G7 country with smaller economy than before Covid-19

ONS says GDP grew by 0.2% in three months to June, suggesting Britain is not in recession

The Guardian - UK

UK fiscal watchdog to release analysis of tax-cutting plan

The U.K.’s Office of Budget Responsibility says it will deliver an initial analysis of the government’s economic plan on Oct. 7 following a meeting Friday with Prime Minister Liz Truss

The Independent UK

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The huge fallout from the mini-Budget has quelled its positive growth measures

Chancellor Kwasi Kwartang should have asked to independent Office for Budget Responsibility to assess the impact of his mini-Budget

Birmingham Post

Immigration, abortion and economy expected to take center stage when Abbott, O’Rourke debate Friday

The debate, the candidates’ first and likely only one before the November election, begins at 7 p.m. Central time in Edinburg.

The Texas Tribune

French minister criticises Liz Truss for provoking UK economic disaster

France's Economy Minister Bruno Le Maire said on Friday that he was worried by the financial turbulence in Britain, criticising Prime Minister Liz Truss's economic policies for causing a "disaster" of high borrowing rates for her country.

Radio France Internationale

China manufacturing weak, adding to economy pressure

Two surveys show growth in Chinese manufacturing was weak in September, export orders fell and employers cut jobs

The Independent UK

Bosnia election expected to re-legitimize a failing system

Bosnia’s general election should be about fighting rampant corruption and the country’s ailing economy

The Independent UK

UK economy grows slightly in second quarter

It means the UK might not currently be in recession, as was predicted by the Bank of England earlier this month.

Evening Standard

How Kwasi Kwarteng’s budget damaged the economy and what will happen now

Policy Correspondent Jon Stone unpacks how unfunded tax cuts pulled the rug out from under the UK economy

The Independent UK

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Daily Record

Scots Tory secretary claims Liz Truss's tax cuts are 'small' as he takes swipe at the BBC

Since the Chancellor's mini budget on Friday the economy has tanked due to the unfunded tax cuts which run into the tens of billions.

Tribune News Service

Ramesh Ponnuru: The moral case for higher interest rates

Federal Reserve Chair Jerome Powell’s efforts to cool down the economy are causing progressive criticism to heat up. He has been accused of wanting a “brutal” recession, trying to “throw millions of Americans out of work” and using “dangerous” rhetoric. And those are the comments of just one senator, Elizabeth…

Bangkok Post

Economy still in recovery in August on tourism rebound

Thailand’s economy was still on a path to recovery in August on rebounding tourism and domestic demand, which would continue to support economic activity, the Bank of Thailand (BoT) said on Friday.

ABC News

The week that was for Prime Minister Liz Truss and the UK economy

The UK's economy is in dire straits just three weeks after Prime Minister Liz Truss took up the top job. But it was last Friday's so-called "mini-budget" which has led to a mega drama.

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Wales Online

UK economy grows slightly after predicted decline

It grew 0.2% in three months to June 2022

Bangkok Post

Productivity Improvement Measures – Focusing on Digital

The Productivity Challenge

The Independent UK

'Big impact': UK economic chaos, pound plunge hit businesses

The British government’s economic stimulus plan is designed to help people and businesses by cutting taxes and growing the economy

Evening Standard

FTSE 100 Live: Pound tanks after Kwarteng meets with OBR

The pound fell 1.5% against the dollar to $1.10 after Liz Truss and Kwasi Kwarteng met with the head of the UK’s Budget watchdog, Richard Hughes.

The Guardian - UK

Pound falls after UK’s fiscal watchdog meets Liz Truss and Kwasi Kwarteng – as it happened

Pound trading 0.4% lower at $1.1066 following OBR meeting with UK PM and chancellor; economy grew in second quarter but ‘continues to slow’

The Independent UK

Lebanon's dwindling rain leaves farmers struggling for water

Lebanon is the most water-rich country in the Middle East, but its farming communities are struggling to keep their soil from drying

The Independent UK

UK economy did not shrink in Q2 as previously thought

But UK has also recovered less from Covid-19 pandemic than earlier estimates suggested

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