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The Latest Breaking News from Economy

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Guardian - UK

Saudi Revenues Jump 50% in 1st Half of 2022, with $36 Bn Surplus

In a performance that exceeded the targeted budget surplus for 2022, the Saudi Ministry of Finance disclosed on Thursday a record increase in revenues during the first half of this year, driven by a surge in oil prices and the fast growth of the non-oil sector. Experts told Asharq Al-Awsat…

Asharq Al-Awsat

Asian stock markets rise ahead of US jobs data

Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation

The Independent UK

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Sinema ready to advance Democrats' budget bill after tax changes

WASHINGTON — Sen. Kyrsten Sinema, D-Ariz., announced late Thursday night that she is willing to “move forward” on Democrats’ tax, climate and health package after leaders agreed to drop a provision modifying the taxation of "carried interest" and make other tweaks to "protect advanced manufacturing and boost our clean energy…

Tribune News Service

Reserve Bank wary of cautious consumers amid falling house prices, as global economy sours

The Reserve Bank slashes its forecasts for economic growth as rate rises, house price falls and a souring global economy weigh on Australia's outlook.

ABC News

The potential of sustainable wood

Forests are not just the lungs of the planet: they have huge potential, if managed sustainably, to become a major source of welfare, income and renewable products as part of a more healthy global economy.

Bangkok Post

Britain heading for year-long recession - but PM and Chancellor nowhere to be seen

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

Daily Mirror

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Sunak scorns Truss’s claims that tax cuts can avert recession

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

The Guardian - UK

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

Reuters

Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

The Independent UK

Andrew Bailey hits back at claims Bank of England too slow to raise interest rate

The shocking assessment of the economy has reset the backdrop for the Conservative leadership contest

Evening Standard

3 Under the Radar Penny Stocks to Buy Now

The Fed’s aggressive interest rate hikes and the economy's contraction for two consecutive quarters have increased the odds of a potential recession. Nevertheless, robust corporate earnings and some positive economic data have greatly supported the downside of the benchmark indexes lately. Therefore, we think it could be wise to invest…

StockNews.com

Meet the doomsayers: 5 who say US economy will keep shrinking

Only a minority of economists correctly predicted that the U.S. economy would contract last quarter. The number who expect it to keep shrinking in the current period is even smaller.

Tribune News Service

Is the declining rupee a crisis or an opportunity?

There is an expectation of further depreciation, which can lead to further capital outflows

The Hindu

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The Hindu

Waiting for democracy in Jammu and Kashmir

The long haul back to stabilisation from a dangerous situation needs to begin; the first step is Assembly elections

AAP

RBA warns on inflation, downgrades growth

The central bank has released its quarterly Statement on Monetary policy, setting out new forecasts for the economy, labour market, wages and inflation.

StockNews.com

2 Chinese Stocks to Buy on the Dip

China has endured a tough time due to rising COVID-19 cases and a slowing economy. However, as the economy opens up and the government provides ample support to drive growth, it could be wise to buy Chinese stocks FinVolution (FINV) and Viomi Technology (VIOT) on their dips. Let’s discuss….

The National (Scotland)

Boris Johnson and Keir Starmer both on holiday as economy crumbles

BORIS Johnson has come under fire for being on holiday while the UK is forecast to go into recession amid rising interest rates and inflation.

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Daily Record

"Tory created cost of living crisis.” says MSP Natalie Don

MSP Natalie Don says that the UK Government have lost control of the economy

Daily Mirror

Liz Truss and Rishi Sunak tear into each other as Britain heads for recession

Both candidates to be the next Prime Minister questioned the other's approach as Labour warned that the Tories "have lost control of the economy"

The Independent UK

Applications for US jobless claims up again last week

More Americans applied for jobless benefits last week as the number of unemployed continues to rise modestly, though the labor market remains one of the strongest parts of the U.S. economy

The National (Scotland)

'Final straw' warning for struggling hospitality sector as recession threat looms

SOARING interest rates could be the “final straw” for struggling hospitality businesses, industry leaders have warned as the UK economy faces a…

The Independent UK

UK faces long recession and deepest plunge in living standards on record, Bank of England warns

Country to enter recession this year and economy on course to shrink for five straight quarters

ABC News

Key WA businesses want more done to address state's chronic skilled worker shortages

Major West Australian businesses want barriers to migration dropped to boost the number of skilled workers able to enter the state.

The Independent UK

Asian shares rise on optimism on economic data, earnings

Asian shares are mostly higher as investors welcome encouraging economic data and quarterly earnings reports from big companies

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