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The Latest Breaking News from Economy

China's Xi backs zero-COVID policy as Shanghai expands mass testing

President Xi Jinping said China must stick "unswervingly" to its zero-Covid strategy, as more than half of Shanghai's 25 million lockdown-weary residents gird Friday for a weekend virus testing drive. China is the last major economy still pursuing a policy of stamping out all outbreaks, wielding snap lockdowns, mass testing…

Asharq Al-Awsat

Aberdeen's green freeport bid unveiled

Proposals claim an ability to create 30,000 jobs and £7.5bn of gross value added to the local economy

Insider UK

City Council urged to create guaranteed income program for Black men

The idea is that such a program, paying $600 to $800 a month, would remove some men from the streets, thereby reducing their dependence on an illegal economy driven by the drug trade.

Chicago Sun-Times

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Colorado Town Contemplates New Name: "Kush" In Effort To Stimulate Local Economy

Benzinga recently reported that cannabis tourism was a $17 billion industry. Now, Moffat, population 120, is aiming to cash in this opportunity.

Benzinga

Mum shares handy trick to turn economy seats on flight into comfy bed for her kids

Adele Barbaro has anxieties about her children's comfort on a long-haul flight from Melbourne to Los Angeles.

Daily Record

Jobless data, not cherries

The country's latest employment rate should give the government and public a sense of relief. However it is also breeding concern about whether the data is being cherry-picked to project an overly positive image of the state of the economy.

Bangkok Post

Mum shares genius flight hack to turn economy seats into a giant bed on long-haul trips

A number of airlines now offer 'Sky Couches' which allow families to turn economy seats into flat beds for around €120. The convertible seats are a lifesaver for parents on long-haul flights

Irish Mirror

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Despite bumps, plant-based aviation fuels maker Gevo continues its stock flight

Patrick Gruber, chief executive of Colorado-based bio-fuels producer Gevo, got an investor cold shoulder this week.

Tribune News Service

Singapore Dollar Weighing Down The British Pound

The Singapore dollar has shown great strength for the past 12 months against the Great British pound, underpinned by the Singaporean economy growing 7.6% and expectations for it to continue growing the rest of this year. Adding to the strength of the Singapore dollar in recent weeks is China starting…

Benzinga

Mum shares little-known flight trick that turns economy seats into a comfy bed

A mum has shared a little-known way to relax on a long haul flight by transforming the seats into a giant comfy bed - and it's cheaper than upgrading to business class

Daily Mirror

A Decade Into Legal Cannabis, Americans See Legalization As A Net Positive For Economy And Society

A decade after Colorado and Washington became the first states to legalize cannabis for adult-use in the US, following the passage of Amendment 64 and Initiative 502, respectively, the majority of Americans believe cannabis has an overall positive impact on the creation of high-quality jobs – at both the local…

Benzinga

The price of war: OECD warns of slowing growth, high inflation

Russia's invasion of Ukraine is derailing the global economy's recovery from the Covid-19 pandemic. The Organisation for Economic Cooperation and Development (OECD) is the latest to slash its global GDP growth forecast for 2022, from 4.5 percent projected in December to just 3 percent in its latest outlook. Driving that…

France 24

Biden's inflation crunch: Too much shopping — even at beach

President Joe Biden could have looked out the window of his limousine on his drive last weekend to his beach home and seen firsthand why he's struggled to contain inflation

The Independent UK

Putin says no Iron Curtain will close off Russia's economy

President Vladimir Putin said on Thursday that no Iron Curtain would fall over the Russian economy despite the sanctions imposed by the West because Moscow would not close itself off from the world like the Soviet Union did.

Reuters

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Benzinga

Top-Line Beat, Bottom-Line Miss, Inflationary Pressures: Hooker Furnishings' Mixed Q1 Results

Hooker Furnishings Corp (NASDAQ:HOFT) reported a first-quarter FY23 sales decline of 9.5% year-on-year to $147.3 million, beating the consensus of $145.35 million. Net sales from Hooker Branded segment decreased by 17.7% Y/Y, Home Meridian declined 26.4%, and Domestic Upholstery gained 62.2%. The gross profit rose 12.3% Y/Y to $29.5 million, and the margin…

The Independent UK

More Americans apply for jobless benefits last week

More Americans applied for jobless aid last week but the total number of Americans collecting unemployment remains at a five-decade low

The Hindu

Current account deficit likely to hit three-year high at $43.8 billion in FY22

Exports could face significant headwinds from rising uncertainty and volatility in the global economy primarily because of the spike in commodity prices, especially crude oil after Russia invaded Ukraine

Insider UK

Airbnb host restrictions ‘could cost Scottish economy millions’

Councils must devise a licensing system for short-term rentals by October, with operators required to get a licence by July 2024

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Evening Standard

The Standard View: With the economy set to flatline, where’s the plan for growth?

It’s official, the cost of filling up an average tank of petrol has hit £100, driven by the continued surge in oil prices.

The Times of India

Will RBI's rate hike really tame inflation?

NEW DELHI: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised the policy rates by 50 basis points (bps) on June 8, following the inter-meeting hike of 40bps in May. This has brought the repo rate to 4.90%. The back-to-back hikes signal that inflation has been reinstated as…

Liverpool Echo

More than 400 new jobs coming to Ellesmere Port

Plans for a new development in the town could boost the local economy by up to £72 million

Asharq Al-Awsat

TECOM Offers 625 Million Shares on Dubai Financial Market

A major free zone operator in Dubai said Thursday it would make an initial public offering on the local stock market. The TECOM Group plans to offer 625 million shares on the Dubai Financial Market. TECOM said it planned to offer investors dividends of $218 million a year for the…

Foreign Affairs

Deglobalization Is Not Inevitable

How the World Trade Organization Can Shore Up the Global Economic Order

The Independent UK

Europe's 1st rate hike in 11 years looms amid high inflation

It's decision time again for the European Central Bank

Daily Record

Galloway national park could be a "game changer" for region's economy

The process for creating a third national park in Scotland is under way with the issue debated at the Scottish Parliament on Tuesday

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