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The Latest Breaking News from Economy

US economy seen narrowly averting back-to-back contractions

The U.S. economy may have eked out modest growth in the second quarter, skirting back-to-back quarterly contractions, but rising at a tepid enough pace to feed concerns of an eventual downturn.

Tribune News Service · Jul 27, 2022

Fed announces another big interest rate hike to thwart inflation. When will it stop?

WASHINGTON — In the most aggressive back-to-back interest rate increases since the early 1980s economic crisis, the Federal Reserve on Wednesday announced another three-quarters of a percentage point hike and signaled that it wasn’t done in its effort to beat back inflation despite rising risks of triggering a recession.

Los Angeles Times · Jul 27, 2022

Aldi and Sainsbury's sign up for local Scottish gift card initiative to boost economy

They are the latest big branded retailers to have signed up for the initiative.

Daily Record · Jul 27, 2022

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Inflation is spiking in Zimbabwe (again). Why high interest rates aren't the answer

The central bank of Zimbabwe has raised its benchmark rate from 80% to a fresh record of 200%. This increase comes as Russia’s invasion of Ukraine is driving global commodity prices higher, exacerbating inflation in many countries around the world, including Zimbabwe.

The Conversation · Jul 27, 2022

Northern Ireland council accuses Department for Economy of 'breaching obligations' over mineral prospecting licences

"The Department as a competent authority is in breach of its obligations"

Belfast Live · Jul 27, 2022

US economy sending mixed signals: Here's what it all means

The U.S. economy is caught in an awkward, painful place

The Independent UK · Jul 27, 2022

After cannabis, govt takes step towards allowing casinos to operate

After decriminalising cannabis, the government is now considering casinos to attract foreign money and lure more tourists to galvanise the pandemic-hit economy.

Bangkok Post · Jul 27, 2022

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Climate for 'great reallocation': Deloitte

Without a 'great reallocation' of investment by governments and industry, starting now, Australia could be at risk of hefty economic losses by 2050.

AAP · Jul 27, 2022

Fed set to impose another big rate hike to fight inflation

The Federal Reserve is under pressure to continue raising interest rates aggressively with inflation at a four-decade high, the job market strong and consumers still spending

The Independent UK · Jul 27, 2022

Brazil's Lula says he doesn't want to touch money from foreign currency reserves

Brazil's presidential frontrunner Luiz Inacio Lula da Silva, who led Latin America's largest economy from 2003 to 2010 and is now looking for a comeback, on Wednesday said he would not look to touch money from the country's foreign exchange reserves if elected.

Reuters · Jul 27, 2022

Chalmers' economic statement to say inflation and global slowdown will slash Australia's growth

Headwinds buffeting the economy – notably high inflation and a global slowdown – have led to a significant downgrade of Australia’s economic growth forecasts, compared with the pre-election estimates.

The Conversation · Jul 27, 2022

Zero probability of recession in India, risk climbs for some Asian economies: Report

NEW DELHI: Indian economy has zero chances of slipping into recession, even amidst persisting global challenges, a survey by Bloomberg economists showed.

The Times of India · Jul 27, 2022

The 5 Cs and the Care Economy

S3E28 of The Conversation Piece

The Walrus · Jul 27, 2022

Treasurer warns of economic blow worth billions – and it has already started

Australia's economy is being dealt a massive blow by fast-rising interest rates and slowing global growth, Treasurer Jim Chalmers will warn on Thursday.

The New Daily · Jul 27, 2022

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Tribune News Service · Jul 27, 2022

Despite economic headwinds, most state budget experts aren’t worried

Grocery, gas and housing prices are up this year. The stock market is down. Voters are souring on the economy, and some analysts are warning of a looming recession.

The Independent UK · Jul 27, 2022

Liz Truss: Who is the foreign secretary hoping to become prime minister?

Social media savvy ‘human hand grenade’ seen as continuity candidate and currently ahead of Rishi Sunak thanks to questionable tax promises and neo-Thatcherite branding

Asharq Al-Awsat · Jul 27, 2022

IMF Raises Saudi Economic Growth Forecasts

The International Monetary Fund (IMF) has raised its 2023 growth forecasts for Saudi Arabia’s economy by 0.1% from April to 3.7%. It maintained its projections for the Kingdom’s economic growth during 2022 at 7.6% compared to 4.4% in January. This was revealed Tuesday in its World Economic Outlook report for…

Benzinga · Jul 27, 2022

Bill Ackman Explains Why Inflation, Not Fed Rate Hike, Is Biggest Threat To US Economy

Billionaire hedge fund manager and CEO of Pershing Square Holdings Ltd. (OTC: PSHZF) Bill Ackman explained through a series of tweets that the biggest risk to the U.S.

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Los Angeles Times · Jul 27, 2022

Commentary: California workers urgently need an $18 minimum wage. The Legislature should act this year

Californians may have gotten temporary relief recently when gas prices finally fell to about $6 a gallon this month, down from as high as $8 per gallon in June in Los Angeles County. Inflation has rocked the economy, with prices soaring 9.1% in June.

WEKU · Jul 27, 2022

Another big Fed rate hike is here to battle inflation. Economy hangs in balance

U.S. Federal Reserve raises rates for fourth time in 2022, this time by another three-quarters of a percentage point to battle inflation. It's at a size and pace we haven't seen since the 1980s.

Asharq Al-Awsat · Jul 27, 2022

Greek Development Minister: Cooperation between Riyadh, Athens Has No Limits

A high-ranking Greek official said that the visit of Saudi Crown Prince Mohammed bin Salman to Greece would establish a strategic partnership between the two countries, in light of existing agreements that enhance cooperation in defense, security, economy and trade. Minister of Development and Investment Adonis Giorgiadis told Asharq Al-Awsat…

Reuters · Jul 27, 2022

Ukraine aims for $15-20 billion IMF loan by year-end -central bank governor

Ukraine aims to strike a deal for a $15-$20 billion programme with the International Monetary Fund before year-end to help shore up its war-torn economy, the country's central bank governor Kyrylo Shevchenko told Reuters.

Insider UK · Jul 27, 2022

Carbon capture could be worth £100 billion to UK economy by 2050

Offshore Energies UK report warns that Britain’s supply chain to support sector is fragile

The Independent UK · Jul 26, 2022

Protocol has created ‘feast or famine’ economy in Northern Ireland

A House of Lords committee said there was an urgent need for the EU and UK to reengage to resolve issues with post-Brexit Irish Sea trade.

The Guardian - AU · Jul 26, 2022

China property sales could plunge by one-third, analysts say, as crisis deepens

Amid reports Beijing is planning massive bailout, S&P predicts sales slump will heighten liquidity squeeze and trigger more defaults

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