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The Latest Breaking News from Economy

3 Reasons to Remain Bullish on U.S. Banks

As of this past Friday, 17 of the 18 banks in the S&P 500 have reported results for the first quarter and not only have the quantitative results been supportive of strong fundamentals, but the tone from management teams has also been consistently positive about business trends.

Benzinga

Victoria’s treasurer flags surplus in 2025/26 ahead of the state budget

Tim Pallas says Tuesday’s budget shows the state performed better than expected this financial year

The Guardian - AU

India's unemployment rate rose to 7.83% in April: CMIE

MUMBAI: The unemployment rate in the country grew to 7.83 per cent in April from 7.60 per cent in March, according to the Centre for Monitoring Indian Economy (CMIE) data.

The Times of India

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Germany Drops Opposition to Russian Oil Ban, Ministers Say

Two senior ministers in Chancellor Olaf Scholz's government on Monday said Germany would be ready to back an immediate European Union ban on Russian oil imports, and that Europe's biggest economy could weather shortages and price hikes. The comments by Finance Minister Christian Lindner and Economy Minister Robert Habeck are…

Asharq Al-Awsat

Morrison offers sympathy over rate rise

As the Reserve Bank decided on its first cash rate lift in almost 12 years, Scott Morrison says he understands some home borrowers will face tougher times.

AAP

Met Gala organizers face criticism for ‘Gilded Glamor’ theme amid inflation

Theme pays homage to period of prosperity, industrialization and growth in US from 1870 to 1890, leading some to call it ‘out of touch’

The Guardian - US

Fed to fight inflation with fastest rate hikes in decades

The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans’ financial strains and likely weaken…

The Independent UK

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Fed hopes for ‘soft landing’ for the US economy, but history suggests it won’t be able to prevent a recession

The Federal Reserve will likely soon learn what gymnasts already know: sticking a landing is hard.

The Conversation

April was the worst month for stocks since COVID first hit

Worries about Fed tightening collided with signals of a weaker economy

Axios

Sisi: Mega Projects Support Egypt’s 'Resilience'

Egyptian President Abdel Fattah al-Sisi said the successive achievements and the national megaprojects have helped Cairo overcome the recent international crises, in reference to the impacts of the Russian-Ukrainian war and the COVID-19 pandemic. In his speech on Sunday marking the occasion of Labor Day, Sisi mentioned the support and…

Asharq Al-Awsat

Germany drops opposition to Russian oil ban, ministers say

Reuters

Saudi Arabia, Pakistan Discuss Boosting Relations, Development

Saudi Arabia affirmed its continuous support for Pakistan and its economy and increasing investment cooperation with Islamabad. Saudi Crown Prince Mohammed bin Salman received Pakistani Prime Minister Mohammad Shehbaz Sharif in Jeddah. During the visit, the two sides exchanged views on issues of mutual concern at the regional and international…

Asharq Al-Awsat

The global stagflation shock of 2022: How bad could it get?

The double blow of pandemic and war has caused inflation to surge and growth to slow around the world. But experts do not expect a return to the 1970s

Financial Times

Russia-Ukraine latest updates: Germany ‘ready’ to ban Russian oil

Ukraine news from May 2: Economy minister says Berlin could back embargo, as EU energy ministers debate fresh sanctions.

Al Jazeera

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ABC News

With interest rates about to start rising, experts estimate almost 300,000 mortgage borrowers are at serious risk of default

As interest rates rise, almost 300,000 people who took large and risky home loans during the pandemic could fall into severe financial hardship or even default.

Asharq Al-Awsat

Germany: Quitting Russian Oil by Late Summer Is ‘Realistic’

Germany says it’s making progress on weaning itself off Russian fossil fuels and expects to be fully independent of Russian crude oil imports by late summer. Economy and Climate Minister Robert Habeck said Sunday that Europe’s largest economy has reduced the share of Russian energy imports to 12% for oil,…

Asharq Al-Awsat

Saudi Economy Grows by 9.6% in 1st Quarter of 2022, its Highest Since 2011

The General Authority for Statistics (GASTAT) published flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022, reported the Saudi Press Agency. The figures reveal that the GDP has made the highest growth rate in 10 years, achieving a growth of 9.6% during…

The Guardian - UK

Bank of England ‘duty bound’ to trigger recession to curb inflation

Ex-official says policymakers must shrink the UK economy to limit upward pressure on prices made worse by Brexit

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WEKU

Italy is launching a digital nomad visa

Italy will soon roll out a new visa that allows remote workers to live in Italy even though their jobs are based abroad. Supporters hope it will attract high-earning workers and spark innovation.

The Hindu

Maharashtra set to become first State with a trillion dollar economy, says Governor Bhagat Singh Koshyari

Despite thorny relations with the MVA government, Koshyari lauds its pandemic efforts

Asharq Al-Awsat

OPEC Fund to Finance Nigeria-Morocco Gas Pipeline

The OPEC Fund for International Development agreed with Morocco to finance the second phase of feasibility studies of a submarine gas pipeline with Nigeria, said Moroccan authorities. The legal documentation relating to the $14.3 million financing granted by the OPEC Fund to the National Office of Hydrocarbons and Mines (ONHYM)…

Wales Online

Newport's changing identity: The city that always seems to take one step forward and two steps back

With a brand new market and the promise of major investment, where is Newport headed?

The Guardian - UK

The sound you can hear is the dying groans of a clapped-out government

The Tories are a scandal-ridden party that is simply bereft of ideas or direction

Daily Record

Vladimir Putin ready to ‘declare all-out war on Ukraine as payback for botched invasion’

Vladimir Putin is poised to announce an all-out war on Ukraine, months after barring Russian media from referring to his nation’s invasion as a “war”.

The Hindu

IPL 2022 | Happy but never satisfied, says Punjab Kings’ Arshdeep on his performance

Arshdeep has not picked up too many wickets but his economy rate in the death overs and clear approach are noteworthy

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