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The Latest Breaking News from Economy

Analysis: Unexplained tax revenue growth vexes budget scorekeepers

WASHINGTON — The term “unexplained” doesn’t appear too often in official government documents, unless they are dealing with possible paranormal events, like UFOs. Yet the reference is sprinkled throughout the Congressional Budget Office’s latest budget and economic outlook to describe the recent strength in federal tax receipts that’s blown away…

Tribune News Service

'Queen's Jubilee is an insult to struggling Brits and WON'T boost the economy'

Despite royalists claiming the Queen's Platinum Jubilee will help Britain's economy amid the cost of living crisis - the stats show a very different picture, argues Liam Gilliver

Daily Mirror

Large landlords in Germany consider rent increases as inflation soars

Germany's largest residential landlord Vonovia will increase rents if high inflation rates persist, its chief executive officer said, as consumer prices in Europe's biggest economy have reached the highest level in nearly half a century.

Reuters

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‘Resilient’: Consumers help economy weather Omicron, floods as household outlook sours

Australian households spent more money eating out and traveling the country over the March quarter, helping the national economy weather disruptions.

The New Daily

Three men accused of gang raping women on moving train in Pakistan

Police report says mother-of-two was in economy class before ticket inspector asked if she wanted to move to part of train with air conditioning

The Independent UK

The cost of this weekend's Platinum Jubilee to both the taxpayer and the economy

While it's set to be a memorable event, it's not without significant cost

Wales Online

Politicians Cause Real Pain With Inflationary Policies

Inflation damages the economy while doing the greatest harm to the most vulnerable.

Reason

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Egypt Prepares to Issue its First Sovereign Sukuk

Egypt’s Finance Minister Mohamed Maait said his country is preparing to issue its first sovereign Sukuk (Islamic bonds) based on exclusively state-own assets. In a statement published on the government’s official Facebook page on Tuesday, Maait said the state-ownership policy document includes a national strategy to empower the private sector…

Asharq Al-Awsat

Unexplained tax revenue growth vexes budget scorekeepers - Roll Call

Analysis: The CBO’s latest budget and economic outlook, which describes recent strength in federal tax receipts, is a head-scratcher.

Roll Call

National income is climbing, but the share going to wages is shrinking: 6 graphs that explain the economy

Australia’s economy edged closer back towards normal in the three months to March, growing by 0.8% in the quarter (which is towards the upper end of economic growth before COVID hit in early 2020) and 3.3% over the year to the March (which is somewhat higher than before the pandemic).

The Conversation

As the World Sanctions Russia, China Takes Note

China’s reliance on the West and its capacity to withstand sanctions will be reduced if it has more control over the financial system. While it is working towards becoming less economically dependent on the West, it is not there yet.

The News Lens

Italy Imports More Russian Oil despite Impending Embargo

Even as the European Union decided to reduce Russian crude oil imports by 90% by the end of the year, Italy has become the only country in Europe to increase them, an unintended consequence of EU sanctions against Russia. Meant to punish Russia for invading Ukraine, the EU oil embargo…

Asharq Al-Awsat

Russia-Ukraine war: List of key events, day 98

As the Russia-Ukraine war enters its 98th day, we take a look at the main developments.

Al Jazeera

EU Commission likely to unblock Poland's recovery plan on Wednesday

The European Commission is likely to approve on Wednesday Poland's multi-billion-euro plan for rebuilding the economy after the COVID-19 pandemic, which has been blocked by a dispute over Warsaw's rule-of-law practices, EU officials said.

Reuters

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The Independent UK

Asian shares mixed after stocks retreat on Wall Street

Shares are mixed in Asia after a wobbly day on Wall Street closed out a month buffeted by worries about a possible recession, inflation and rising interest rates

Axios

Treasury Secretary Janet Yellen: "I was wrong about the path inflation would take"

"There have been unanticipated and large shocks to the economy that have boosted energy and food prices," she told CNN.

The Guardian - AU

Australia’s economic growth slows in March quarter despite rise in household spending

GDP figures show annual rate of growth in the Australian economy declined from 4.2% in December quarter to 3.3% in first three months of 2022

Tribune News Service

Yellen says ‘I was wrong’ last year on the path of U.S. inflation

Treasury Secretary Janet Yellen gave her most direct admission yet that she made an incorrect call last year in predicting that elevated inflation wouldn’t pose a continuing problem.

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ABC News

GDP growth beats expectations, but who benefits most as profits outpace wages?

Australia's economic growth beat analyst forecasts over the first few months of the year, but there is evidence the benefits are being felt more by business owners than workers.

Al Jazeera

Li Keqiang: China’s sidelined premier back in the limelight

China’s No 2 has kept a low profile for most of his time in office but his re-emergence could signal deeper schisms.

AAP

SA parliament declares climate emergency

The South Australian parliament has passed a motion declaring a climate emergency, reaffirming an urgent need to decarbonise the state's economy.

Bangkok Post

Explainer: What is PDPA, Thailand's new data law?

Thailand's drive to provide more comprehensive online safety for individuals begins Wednesday with enforcement of the Personal Data Protection Act (PDPA).

The Times of India

Training for Tamil Nadu police to stop counterfeiting

CHENNAI: A 'Capacity Building Programme for Police Officers on Prevention of Counterfeiting and Smuggling' was organized by FICCI's Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE).

Bangkok Post

April arrivals bring more signs of continued revival

The Thai economy in April showed signs of improvement in all areas, particularly the tourism sector, supported by the relaxation of travel restrictions.

StockNews.com

Bullish vs. Bearish Market Perspectives

Markets finally enjoyed some uninterrupted buying into Memorial Day weekend. Some of the major factors in this rise are the successful defense of the 3,850 level and better-than-expected inflation data. From last Monday's close to Friday's close, the S&P 500 (SPY) is up by 4.7%, while the POWR Growth portfolio…

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