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The Latest Breaking News from Economy

"We have to be honest": New Chancellor Jeremy Hunt's warning as he promises to get economy back on track

He has warned of 'difficult' economic decisions to come

Manchester Evening News

What is a steady state economy?

A steady state economy has a stable size and operates within ecological limits.

The Canberra Times

Communist Party's 20th Congress gets under way, offering clues to China’s future

The Chinese Communist Party (CCP) Congress kicked off in Beijing on Sunday, an event expected to confirm Xi Jinping as China’s first leader since Mao Zedong to serve three successive terms. Decisions unveiled at the congress – especially the fate of Prime Minister Li Keqiang – will indicate whether Xi…

France 24

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IMF meetings have exposed the fragmentation of the global economy

Countries have responded to a series of shocks by looking out for themselves, which could increase volatility and uncertainty

The Guardian - UK

Odisha abolishes contractual recruitment system

BHUBANESWAR: Diwali has come early for all those who are aspiring for a government job in Odisha as chief minister Naveen Patnaik on Saturday announced abolition of contractual recruitment system forever besides regularizing services of over 57,000 contractual employees.

The Times of India

Brazil seeks international support for IDB presidency, says Guedes

Brazilian Economy Minister Paulo Guedes said the government is seeking international support for the country's nominee to head the Inter-American Development Bank (IDB), expected to be presented in the coming days, but whose name he did not reveal.

Reuters

The Stats Guy: Our transformation to a knowledge economy continues. Why don’t we feel rich?

Australia's knowledge economy now has more higher- and middle-income earners and fewer low-income earners.

The New Daily

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Banker pay unchained: A bonus for the British economy?

City comment: Jeremy Hunt now has the chance to re-examine the disastrous mini-Budget. He should think twice before scrapping the banker bonus cap.

Evening Standard

What China looks like after a decade of Xi Jinping's rule

Xi is expected to be selected for a precedent-defying third term at this year's 20th Party congress.

Axios

Xi Set to Open Party Congress at Challenging Time for China

Chinese President Xi Jinping will take the stage on Sunday to kick off a historic congress of the ruling Communist Party, where he is poised to win a third term that solidifies his place as China's most powerful ruler since Mao Zedong. The congress comes at a tumultuous time, with…

Asharq Al-Awsat

SMEs Make up 95% of Operating Firms in the UAE

The United Arab Emirates’ Economy Minister, Abdullah bin Touq al-Marri, said the SMEs account for 95 percent of the overall operating companies in the country. They offer job opportunities to more than 85 percent of the total labor force in the private sector, he stressed, adding that they are a…

Asharq Al-Awsat

Arab, Islamic Officials Condemn Negative Campaign against Saudi Arabia

Saudi Arabia’s rejection of the negative statements against it in wake of the OPEC+ decision was welcomed by Arab and Islamic leaders. The officials expressed their solidarity with Saudi Arabia and strong condemnation of the statements and campaigns against Riyadh. On Thursday, an official source at the Saudi Foreign Ministry…

Asharq Al-Awsat

How Xi can strengthen China's economy

Xi Jinping is poised to become the first three-term president in Chinese history when the Communist Party of China's 20th National Congress starts tomorrow. That gives an opportune time to take stock of his economic-policy record from the past ten years and explore some obvious steps to improve economic performance…

Bangkok Post

3 Stocks That Could Help You Retire Even in a Bear Market

September inflation report came in hotter than expected, increasing the chances of aggressive interest rate hikes later this year. Since analysts expect the economy to tip into a recession next year, dividend-paying stocks Walmart (WMT), Coca-Cola (KO), and Greif (GEF), which are backed by solid fundamentals, could help you plan…

StockNews.com

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Reuters

IMF countries strengthen calls to end Ukraine war, Russia blocks communique

International Monetary Fund member countries on Friday issued a near-unanimous call for Russia to end its war in Ukraine, the IMF's steering committee chair said, calling the conflict the single biggest factor fueling inflation and slowing the global economy.

The Independent UK

Bank CEOs increasingly turning pessimistic on economy

The outlook of the U.S. economy from Wall Street’s biggest banks is getting gloomier and gloomier, after the industry spent the past year and a half trumpeting that the U.S. economy is strong and the U.S. consumer resilient

Tribune News Service

Odds of US recession within next year climb to 60%, survey shows

Odds now favor that the U.S. economy slipping into a recession within the next year, with economists expecting the labor market and demand will become casualties in the Federal Reserve’s inflation battle.

Reuters

Mexico labor ministry official named new deputy economy minister

Mexico's economy ministry said Friday that Alejandro Encinas Najera, a top labor ministry official, would become the country's new deputy economy minister.

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Asharq Al-Awsat

Arab League Praises Saudi Arabia’s Balanced Approach in Oil Markets

Arab League Secretary-General Ahmed Aboul Gheit expressed on Friday his rejection of the “negative media campaign against Saudi Arabia in wake of OPEC+’s partial oil cut” last week. A spokesman for Aboul Gheit said the “baseless” statements are “far removed from the truth.” “Rather, they are aimed at politicizing purely…

The Guardian - UK

Keir Starmer: UK needs election now whether Liz Truss stays or goes

Labour leader says government is ‘completely at end of the road’ and his party is preparing for power

Axios

Why Britain's economic mess matters even if you're not British

Britain's economic problems are unique in many ways, but recent events indicate the world economy is entering a new phase.

Evening Standard

Rare family appearance and a TikTok glow-up — Jeremy Hunt’s first Budget

The Chancellor has already lasted longer in the job than his predecessor Kwasi Kwarteng – so does his first Budget fit the serious, “steady” reputation he’s become known for? Katie Strick reports

Daily Mirror

Liz Truss rushes out of ultra-short NINE-minute press conference after refusing to resign

The Prime Minister was gone in the blink of an eye after telling the nation she would continue with her mission to grow the economy - despite sacking Chancellor Kwasi Kwarteng and U-turning over corporation tax due to market turmoil

Zenger

Barges Hit Bottom Of Mississippi River As Water Levels Approach Historic Low

The supply chain across the nation's heartland is facing significant constraints that could have far-reaching consequences into the winter, starting with farmers in the Plains and expanding all the way to the overall economy of the United States

The Conversation

How to understand what's going on with UK mortgage rates

The UK mortgage market has tightened as confidence in the economy has faltered in recent weeks. Lenders withdrew more than 1,600 homeloan products after the (then) chancellor Kwasi Kwarteng’s September mini-budget sent the UK economy into a tailspin.

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