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The Latest Breaking News from Economy

Treasurer Jim Chalmers' first budget has been welcomed by business chiefs, but they say more work is needed to get the economy on a stronger footing.

AAP

Record number of Americans have bank accounts, gov't says

The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system

The Independent UK

The UK is facing an economic crisis – here's why it needs to find a global solution

Recent changes in the UK’s top job have had a positive effect on pound sterling and long-term sovereign bond yields. But the financial market reaction has been muted compared with the financial turmoil blamed on former prime minister Liz Truss and ex-chancellor Kwasi Kwarteng in recent weeks.

The Conversation

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read the most diverse news in one place.

New PM Rishi Sunak pledges to lead UK out of economic crisis

New leader promises to unite the country as well as place economic stability and confidence at the heart of his agenda.

Al Jazeera

Pubs and nightclubs opening hours: Everything you need to know as Cabinet approves new rules

Changes coming to the opening hours of pubs and clubs across Dublin

Dublin Live

Meloni: Italy could be in recession in 2023, faces tough times

The new Italian government faces some of the toughest challenges since World War Two and the economy could sink into recession in 2023, Prime Minister Giorgia Meloni said on Tuesday in her maiden speech to parliament.

Reuters

Rishi Sunak speech in full as he admits economy is in 'crisis' and hints at cuts

In a speech lasting just under six minutes, the new Prime Minister acknowledged 'mistakes' made by Liz Truss and made a pointed reference to Boris Johnson's mandate as he desperately tries to unite his party

Daily Mirror

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Four scenarios for a world in disorder

Chinese leader Xi Jinping’s recent speech to the Communist Party Congress could be one of the most consequential of the decade. He told the audience – and the world – that his economic growth-crushing zero-COVID policy is here to stay, and that Beijing is more determined than ever to reunify…

The Conversation

Wealthy foreigners given new pathway to buy land in Bangkok, Pattaya

The government has taken a major step toward giving foreigners the right to buy land for housing, as the country seeks to boost the economy by enticing more wealthy international investors.

Bangkok Post

Analysis-China's newly empowered Xi faces a daunting to-do list

China's Xi Jinping kicks off his third leadership term with more power than ever, but a mountain of problems to tackle, from a dismal economy to his own COVID-19 policy that has backed the country into a corner, and deteriorating ties with the West.

Reuters

Greenpeace study shows plastic recycling is a 'failed concept'

Plastic recycling rates continue to decline, at the same time as production is increasing, according to a Greenpeace USA report released this week. The environmental watchdog blasts as "fiction" industry claims that we have created an efficient, circular economy.

Radio France Internationale

Labor’s Dropped Its First Federal Budget In A Decade So Here Are 6 Takeaways For Young Aussies

Labor's flagged the budget as "responsible" - but it's still going ahead with those tax cuts.

Pedestrian.tv

Thousands March in Khartoum on 1st Anniversary of Sudan Coup

Thousands of demonstrators took to the streets of Sudan's capital of Khartoum on Tuesday, marking the first anniversary of a military coup that upended the nation’s short-lived transition to democracy. Videos published on social media showed marchers with flags and drums, most of them bound for the Presidential Palace. Other…

Asharq Al-Awsat

Russia, Hungary congratulate Xi Jinping on third term as EU and US remain silent

China's economy grew at a faster pace than forecast in the third quarter of 2022, but investors have reacted with alarm to President Xi Jinping's sweeping new powers over the ruling Communist Party.

Radio France Internationale

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The Guardian - AU

Six graphs that explain the 2022 federal budget: rosy views mugged by reality

Australian treasurer Jim Chalmers’ main economic message is enjoy today because tomorrow is going to be tough

The Guardian - AU

Jim Chalmers’ first budget comes amid a darkening economic outlook. Here’s what could go wrong

The federal budget forecasts growth of 3.25% this year but hints at a slowing global economy with high inflation and interest rates

The Guardian - AU

Australian budget forecasts heavy hit to economy due to floods and disasters

Estimates growth will lose about quarter of a percentage point during the current quarter, or about $5bn in economic activity, because of flooding

The Conversation

Jim Chalmers’ 2022-23 budget mantra: whatever you do, don’t fuel inflation

Terrified by the prospect of further stoking the worst inflation in three decades, Treasurer Jim Chalmers and Finance Minister Katy Gallagher have delivered a budget that takes out of the economy about as much as it pumps into it.

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news in one place.

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ABC News

Federal budget 2022: Winners and Losers

It's the second federal budget of the year, but this time Treasurer Jim Chalmers is delivering Labor's first in close to a decade. Here's where it plans to spend its money and where it wants to rein things in.

AAP

Two years to go before wages rise

The gloomy state of the economy will weigh on household budgets with a boost to real wages not expected until at least mid-2025.

Tribune News Service

Allison Schrager: Biden hasn’t helped the economy. He’s made it worse

To President Joe Biden’s credit, his policies didn’t cause many of the economic problems we face today. But they did make them worse. Even more troubling, his policies might reduce growth in the future and make the economy less equal and resilient.

Tribune News Service

Ramesh Ponnuru: Democrats are focusing on the wrong issues

A political party has a problem when voters think it has the wrong answers to their most important questions. It has a bigger problem when voters think it isn’t even focusing on those questions. Democrats have put themselves in that position, and it may cost them dearly in next month’s…

Birmingham Post

Cardiff University's massive impact on UK economy revealed

The university has 33,000 students and almost 7,000 staff

Wales Online

What Rishi Sunak is likely to announce on benefits and energy bills

Mr Sunak vowed to increase benefits in line with inflation and scrap VAT on energy bills - but that was before the economy collapsed

The Guardian - UK

Rishi Sunak will leave the economy in a hole – Labour will have to think big to dig it out

If Starmer wins, he must either pursue austerity with a red rosette, or find game-changing new ideas, says Guardian columnist Owen Jones

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