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The Latest Breaking News from Economy

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.

Reuters

The Chalmers graphs: 7.75% inflation, plunging real wages, weak growth

As he had promised to do almost since the day he became treasurer, Jim Chalmers has presented a gloomy set of forecasts for the Australian economy in his first formal economic statement to the new parliament on Thursday.

The Conversation

Top economist David McWilliams sounds 'creeping' recession warning for Ireland

Finance guru Eddie Hobbs previously warned a 'firestorm' recession in autumn is 'likely'

Irish Mirror

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U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

GDP shrank for a 2nd quarter in a row. While two consecutive quarters of negative growth is often considered a recession, it's not an official definition. Parts of the economy are clearly struggling.

WEKU

The difference between the Tory candidates’ tax plans? One is bad, the other is really bad

Neither has the first idea of what they’re doing. Truss’s proposal does little for those who need it, and Sunak’s is a desperate U-turn, says Larry Elliott, the Guardian’s economics editor

The Guardian - UK

Seeking New Funds, Hamas Raises Taxes in Impoverished Gaza

Gaza’s Hamas rulers have imposed a slew of new taxes on imported clothes and office supplies just ahead of the new school year, sparking limited but rare protests in the impoverished coastal strip. The move by the armed group comes at a time when Gaza’s 2.3 million people are suffering…

Asharq Al-Awsat

Saudi-Greek Partnership to Link Global Digital Economy through Data Cable

Saudi Arabia and Greece have revealed a strategic partnership between the private sectors in the two countries to work on a cable project that will ensure the smooth digital supply of data worldwide at a time when data traffic is growing by more than 30 percent. The partnership was announced…

Asharq Al-Awsat

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US economy likely grew modestly, if at all, last quarter

After going backward from January through March, the U.S. economy probably didn’t do much better in the spring

The Independent UK

Asian shares, oil prices mostly higher after Fed rate hike

Shares are mostly higher in Asia after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate three-quarters of a point

The Independent UK

What’s Next for China’s Economy?

China’s economy shrunk from April to June compared to the first three months of the year.

The News Lens

Facebook's Meta Posts First-ever Revenue Drop

Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok.

Asharq Al-Awsat

Thursday briefing: What the end of the McDonald’s 99p cheeseburger tells us about the economy

In today’s newsletter: Inflation is raising prices in every part of our lives – but McDonald’s price rises tell a deeper story

The Guardian - UK

Recession Ireland: Top economist warns 'creeping' recession will hit Ireland

There are many indicators that the country is headed for a recession

Dublin Live

PM hopefuls Liz Truss and Rishi Sunak set out vision for the North

Their comments come after northern newspapers united to demand action on child poverty, the cost of living and levelling up.

Chronicle Live

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The Independent UK

US not yet in recession and 4 other takeaways from the Fed

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

The Conversation

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

Reuters

Argentina's president sacks economy chief after less than a month - newspaper

Argentina's president will fire Economy Minister Silvina Batakis after just a few weeks on the job, Clarin newspaper reported on Wednesday citing official sources, as the country struggles with a growing economic crisis.

Bangkok Post

Tourist surge to propel economy in 2nd half

The Thai economy will continue to recover in the second half of this year, supported by all the indicators including private consumption and foreign tourist arrivals, says a Bank of Thailand executive.

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The Guardian - AU

Bill Shorten says robodebt royal commission set to start this year – as it happened

This blog is now closed

Bangkok Post

Sri Lanka debt crisis is a lesson for all countries

A tragedy is unfolding in Sri Lanka. The economy is paralysed, and because the country's debts are unsustainable, it cannot borrow. The country is suffering the world's worst economic crisis since World War II.

Bangkok Post

World in crisis needs trade, aid

We are in the toughest period the world economy has faced since the creation of the multilateral system more than three-quarters of a century ago. A quadruple shock of Covid, climate change, conflict and cost-of-living has undone years of hard-fought development gains. As financial conditions tighten, even countries that had…

The Independent UK

Facebook parent Meta posts first revenue decline in history

Facebook and Instagram’s parent company Meta posted its first revenue decline in history Thursday, dragged by a drop in ad spending as the economy falters — and as competition from rival TikTok intensifies

StockNews.com

3 Stocks to Help You Make Passive Income in 2022

Concerns over the Fed’s aggressive interest rate hikes and growing odds of the economy sliding into a recession are expected to keep the stock market highly volatile in the upcoming months. Amid these volatile market conditions, it could be wise to invest in high dividend-yielding stocks Texas Instruments (TXN), Visa…

Benzinga

Experts React To 0.75% Fed Rate Hike: 'Don't Think They Will Pause'

The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 2.25% and 2.5%, its second 0.75% rate hike in two months.

The Conversation

Chalmers' challenge: why the treasurer's words on the economy carry so much weight

When Bill Clinton’s campaign manager, James Carville, scrawled, “the economy, stupid” on a sign in 1992, he merely wanted the campaign volunteers to stick to their presidential candidate’s talking points.

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