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The Latest Breaking News from Economy

Fed set to impose another big rate hike to fight inflation

The Federal Reserve is under pressure to continue raising interest rates aggressively with inflation at a four-decade high, the job market strong and consumers still spending

The Independent UK

Brazil's Lula says he doesn't want to touch money from foreign currency reserves

Brazil's presidential frontrunner Luiz Inacio Lula da Silva, who led Latin America's largest economy from 2003 to 2010 and is now looking for a comeback, on Wednesday said he would not look to touch money from the country's foreign exchange reserves if elected.

Reuters

Chalmers' economic statement to say inflation and global slowdown will slash Australia's growth

Headwinds buffeting the economy – notably high inflation and a global slowdown – have led to a significant downgrade of Australia’s economic growth forecasts, compared with the pre-election estimates.

The Conversation

From analysis to the latest developments in health,
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Zero probability of recession in India, risk climbs for some Asian economies: Report

NEW DELHI: Indian economy has zero chances of slipping into recession, even amidst persisting global challenges, a survey by Bloomberg economists showed.

The Times of India

The 5 Cs and the Care Economy

S3E28 of The Conversation Piece

The Walrus

Treasurer warns of economic blow worth billions – and it has already started

Australia's economy is being dealt a massive blow by fast-rising interest rates and slowing global growth, Treasurer Jim Chalmers will warn on Thursday.

The New Daily

Despite economic headwinds, most state budget experts aren’t worried

Grocery, gas and housing prices are up this year. The stock market is down. Voters are souring on the economy, and some analysts are warning of a looming recession.

Tribune News Service

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Liz Truss: Who is the foreign secretary hoping to become prime minister?

Social media savvy ‘human hand grenade’ seen as continuity candidate and currently ahead of Rishi Sunak thanks to questionable tax promises and neo-Thatcherite branding

The Independent UK

IMF Raises Saudi Economic Growth Forecasts

The International Monetary Fund (IMF) has raised its 2023 growth forecasts for Saudi Arabia’s economy by 0.1% from April to 3.7%. It maintained its projections for the Kingdom’s economic growth during 2022 at 7.6% compared to 4.4% in January. This was revealed Tuesday in its World Economic Outlook report for…

Asharq Al-Awsat

Bill Ackman Explains Why Inflation, Not Fed Rate Hike, Is Biggest Threat To US Economy

Billionaire hedge fund manager and CEO of Pershing Square Holdings Ltd. (OTC: PSHZF) Bill Ackman explained through a series of tweets that the biggest risk to the U.S.

Benzinga

Commentary: California workers urgently need an $18 minimum wage. The Legislature should act this year

Californians may have gotten temporary relief recently when gas prices finally fell to about $6 a gallon this month, down from as high as $8 per gallon in June in Los Angeles County. Inflation has rocked the economy, with prices soaring 9.1% in June.

Los Angeles Times

Another big Fed rate hike is here to battle inflation. Economy hangs in balance

U.S. Federal Reserve raises rates for fourth time in 2022, this time by another three-quarters of a percentage point to battle inflation. It's at a size and pace we haven't seen since the 1980s.

WEKU

Greek Development Minister: Cooperation between Riyadh, Athens Has No Limits

A high-ranking Greek official said that the visit of Saudi Crown Prince Mohammed bin Salman to Greece would establish a strategic partnership between the two countries, in light of existing agreements that enhance cooperation in defense, security, economy and trade. Minister of Development and Investment Adonis Giorgiadis told Asharq Al-Awsat…

Asharq Al-Awsat

Ukraine aims for $15-20 billion IMF loan by year-end -central bank governor

Ukraine aims to strike a deal for a $15-$20 billion programme with the International Monetary Fund before year-end to help shore up its war-torn economy, the country's central bank governor Kyrylo Shevchenko told Reuters.

Reuters

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Insider UK

Carbon capture could be worth £100 billion to UK economy by 2050

Offshore Energies UK report warns that Britain’s supply chain to support sector is fragile

The Independent UK

Protocol has created ‘feast or famine’ economy in Northern Ireland

A House of Lords committee said there was an urgent need for the EU and UK to reengage to resolve issues with post-Brexit Irish Sea trade.

The Guardian - AU

China property sales could plunge by one-third, analysts say, as crisis deepens

Amid reports Beijing is planning massive bailout, S&P predicts sales slump will heighten liquidity squeeze and trigger more defaults

ABC News

Former American billionaire Chuck Feeney honoured by University of Queensland for multi-million-dollar donations

In a rare move, the "eccentric" former billionaire who prefers flying economy, and has generously donated more than $500 million to Australian causes, accepts an accolade in Queensland.

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The Hindu

Why Mamallapuram was chosen to host the Chess Olympiad

Such international events will help the economy, says retired official

ABC News

China's mortgage boycott is escalating. Now Evergrande suppliers have stopped paying bank loans

The property crisis in China may have entered a dangerous phase as mortgage boycotts spread and banking corruption shakes confidence, with the shadow of COVID outbreaks and lockdowns also hanging over the economy.

Ballotpedia

Economy and Society- July 26, 2022: Responses to proposed Biden administration ESG rules

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

The Independent UK

EXPLAINER: How do we know when a recession has begun?

By one common definition, the U.S. economy is on the cusp of a recession

Asharq Al-Awsat

IMF Cuts Global Growth Outlook, Warns High Inflation Threatens Recession

The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a…

The Independent UK

Bill to boost semiconductor industry passes key Senate test

The Senate has advanced a $280 billion bill designed to boost the U.S. semiconductor industry and to accelerate high tech research that backers say will be critical to the economy in future decades

Axios

IMF slashes forecasts for global economy in "gloomy" outlook

"The world may soon be teetering on the edge of a global recession, only two years after the last one,” an IMF economist said.

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