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The Latest Breaking News from Economy

Ukraine invasion: Six months of Putin’s war unravels Russia’s superpower image

LONDON: Six months into President Vladimir Putin’s invasion of Ukraine, the war has upended fundamental assumptions about Russia’s military and economy.

The Times of India

China Warns of 'Severe' Threat to Harvest from Worst Heatwave on Record

China's autumn harvest is under "severe threat" from high temperatures and drought, authorities have warned, urging action to protect crops in the face of the country's hottest summer on record. The world's second-largest economy has been hit by record temperatures, flash floods and droughts this summer -- phenomena that scientists…

Asharq Al-Awsat

Ukraine and UK in talks over ‘landmark’ digital trade deal to help war-torn country

UK will use ‘trade as force for good,’ says International Trade Secretary

The Independent UK

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As Ukraine War Drags On, Europe’s Economy Succumbs to Crisis

It was meant to be Europe's stellar year. A post-pandemic spending euphoria, supported by copious government spending was set to drive the economy and help fatigued households regain a sense of normality after two dreadful years. But all that changed on Feb. 24 with Russia's invasion of Ukraine. Normality is…

Asharq Al-Awsat

Decade of ‘lost economic growth’ in UK has cost Scotland billions, new analysis claims

SCOTLAND's economy lost out on around £18 billion because of a “decade of lost growth” in the UK which has added to the impact of the…

The National (Scotland)

China's jobless turn to car boot sales as COVID-hit economy stalls

When the COVID-19 pandemic forced Wang Wei to shut his tourism company, the Tianjin native poured his life-savings of 80,000 yuan ($11,785) into selling coffee from the back of his green Suzuki micro van in the Chinese capital Beijing.

Reuters

Prayut survives budget test in parliament

Parliament on Tuesday passed a 3.19 trillion baht annual budget bill for the 2023 fiscal year, handing another victory to Prime Minister Prayut Chan-o-cha who survived a no-confidence vote last month in which the opposition had accused him of mismanaging the economy.

Bangkok Post

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TUC unveils plan for £15 minimum wage as cost-of-living crisis bites

Government promise of ‘high wage economy’ needs more than ‘wishful thinking’, unions say

The Independent UK

UK and Ukraine kick off talks on digital trade deal to help war-torn country

The International Trade Secretary Anne-Marie Trevelyan said the UK will use ‘trade as a force for good’.

The Independent UK

Inflation peaked at 7.8%, 4% target by FY24: RBI governor

MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das has said inflation expectations have been anchored after peaking at 7.8% in April 2022. The governor also said that the central bank would like to bring down inflation to within 4% over a time cycle of about two years or so.

The Times of India

Coles flags higher costs as inflation bites, WiseTech jumps on earnings, ASX rises

Australian shares have risen after two straight sessions of falls, with energy and mining stocks leading the recovery on firm commodity prices, while concerns over aggressive rate hikes and slowing growth across the globe checked risk appetite.

ABC News

Green lending under BoT scrutiny

Financial institutions are expected to report their environmental loan strategies and related targets to the Bank of Thailand from next year as the country attempts to transition to a green economy.

Bangkok Post

Michael Pascoe: Which way is up for our economy? Or is it down?

Keep an ear out for the various experts who were forecasting harder and faster interest rate hikes by the RBA. I suspect they might be going a little quiet.

The New Daily

Biden administration forecasts $1.03T deficit, down $400B

The Biden administration is forecasting that this year’s budget deficit will be nearly $400 billion lower than it estimated back in March, due in part to stronger than expected revenues, reduced spending, and an economy that has recovered all of the jobs lost during the multi-year pandemic

The Independent UK

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Benzinga

Buying Russian Stocks In The U.S. Is Still Impossible — Here's Why

The Russian economy has been hit hard by global sanctions after the country’s hostile actions began in Ukraine. Among the many casualties of these sanctions is the Moscow Stock Exchange, which suffered a drop of almost 40% since the invasion.

The Conversation

China property crisis: why the housing market is collapsing – and the risks to the wider economy

China has been trimming interest rates recently – in contrast to other major economies – as it tries to stem the economic effects of its zero-COVID policy and address a growing property crisis. The country’s traditionally strong housing market has been affected by a funding crisis that has seen development…

StockNews.com

How These 2 Dueling Impulses Could Impact the Stock Market

The S&P 500 (SPY) hit its first rough patch since mid-July. And, we've basically retraced the entire last leg higher. As we laid out in our previous commentaries, the conditions that contributed to the melt-up (bearish sentiment and positioning) remain intact albeit to a lesser degree. Similarly, the factors that…

Reuters

Meltdown averted but six months on, Russians face economic pain

Russia's economy has avoided the meltdown many predicted after Moscow sent its forces into Ukraine six months ago, with higher prices for its oil exports cushioning the impact of Western sanctions, but hardships are emerging for some Russians.

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Dublin Live

Culture Night announces 2022 return with added late night events

Culture Night aims to celebrate Ireland's late night economy this year

The Times of India

Explainer: What is pushing China towards economic slowdown & how it may impact India

NEW DELHI: World's second largest economy is moving towards an economic slowdown. Persisting geopolitical challenges, inflation and resurging cases of Covid-19 has put the Chinese economy under pressure.

Bangkok Post

Riding Thailand’s Green Surge

From miracle textiles to $400 doll houses and the planet’s largest PET resin recycler, investors embrace a BCG economy

The Guardian - UK

China’s property market is in freefall. What does this mean for the world economy?

The sector is dangerously overheated – but unlike the 2008 financial crisis, the global ripple effect is likely to be limited, says professor of economics Keyu Jin

The Times of India

Tech layoffs hit California revenue with 12% July shortfall

California collected 12% less in revenue than it expected in July, indicating that state coffers are taking a hit from a slowing economy and a cooldown in the once-booming technology industry.

Asharq Al-Awsat

Asian Markets Track Wall St Plunge on Growing Rate Fears

Asian markets fell again Tuesday and the dollar held gains as traders grow increasingly worried that the Federal Reserve will continue to ramp up interest rates to fight inflation. With the Jackson Hole symposium of central bankers and finance chiefs taking place this week, the focus is on what Fed…

Reuters

Explainer-Blood, treasure and chaos: the cost of Russia's war in Ukraine

Russia's Feb. 24 invasion of Ukraine has left tens of thousands of dead, displaced millions and sown economic strife across the world.

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