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The Latest Breaking News from Economy

Record revenues but plummeting profits: The Fortune 500 is trying to tell us something about the state of the economy

Fortune 500 companies generated record revenues of $18.1 trillion last year, but profits tanked roughly 15%. Here's why that happened and what it means for the economy.

Fortune

Test Cricket: Ravindra Jadeja becomes India's most successful left-arm spinner surpassing Bishan Singh Bedi

Now in 65 Test matches, Jadeja has taken 267 wickets at an average of 24.25 and an economy rate of 2.44. Read further on Dynamite News:

Dynamite News

HP explores local growth trends

HP Thailand, the local operating unit of the global tech firm, has unveiled its "Future Ready" strategies for 2023-24, aiming to capture growth in Thailand's digital economy.

Bangkok Post

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While the U.S. economy seems headed for a soft landing, the eurozone just slid into recession

Europe could have escaped a technical recession if not for Ireland’s exceedingly weak Q1 figures—but economists urge caution.

Fortune

Keir Starmer will have to break a few eggs if he’s to achieve a green economy

The £28bn delay caps weeks of turmoil over Labour’s green ambitions, but if he’s serious about them, the leader will need to get used to it

The Guardian - UK

Boris Johnson resigns as MP with immediate effect and says he is ‘bewildered and appalled’ at being ‘forced out’ – as it happened

Former prime minister to be suspended for 10 days and will not stand again in Uxbridge and South Ruislip

The Guardian - UK

Labour scales back £28billion-a-year green energy plan after Tory economic chaos

Shadow Chancellor Rachel Reeves said the party would 'ramp up' investment in green projects over time but said the economic carnage inflicted on Britain by Liz Truss had narrowed Labour's options

Daily Mirror

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Labour in major economic U-turn as it delays flagship £28bn ‘green prosperity plan’

Rachel Reeves blamed Tory government for ‘crashing economy’ as party rowed back on key pledge

The Independent UK

'Dollarization' of North Korean economy, once vital, now potential threat to Kim's rule

North Korea has tolerated the widespread use of more stable foreign currencies like U.S. dollars and the Chinese yuan since a bungled revaluation of the won in 2009 triggered runway inflation and public unrest

The Independent UK

The US Dollar is Ready to Flex its Muscle, Again

The United States dollar is the world's most dominant reserve currency, accounting for over 60% of all foreign exchange reserves held by central banks around the globe. The King of currencies has a seasonal buy that may advance it to higher levels.

Barchart

Consumer confidence ticks up in May

Consumer confidence rose for a 12th straight month in May and hit the highest level since March 2020, boosted by a gradually recovering economy and a resilient tourism sector.

Bangkok Post

The S&P 500 is in a bull market. Here's what that means and how long the bull might run

The S&P 500 is now in what Wall Street refers to as a bull market, meaning the index has risen 20% or more from its most recent low

The Independent UK

UK inflation nightmare - why Britain is suffering more than any other major economy

Inflation is tipped to average 6.9% as it takes longer to come down here than in any other G7 nation, according to the Organisation for Economic Cooperation and Development

Daily Mirror

Do production-linked incentives for manufacturing work?

The Centre believes that the PLI scheme has boosted the domestic manufacturing sector, but critics have questioned its success. Do PLI schemes for manufacturing work?

The Hindu

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Zenger

Larry Summers Urges Tax Hike On Top 1% As He Sees Economy Languishing In ‘New And Dangerous Territory’

Former Treasury Secretary Larry Summers took to Twitter on Tuesday to express his worst fears concerning the economy

The Hindu

CII to help T.N. realise $1 trillion economy by 2030

The Confederation of Indian Industry (CII) has lined up a slew of initiatives in Tamil Nadu to help the State achieve its $1 trillion economy by 2030

The Conversation

Ukraine recap: dams, lies and economic statistics

The likely cause of the destruction of the Kakhovka dam and power plant in the early hours of Tuesday morning remains shrouded in mystery – predictably, both sides are blaming each other. But it’s important to remember that under the Geneva conventions the destruction of infrastructure such as dams and…

Evening Standard

Heathrow boss regrets lack of ‘diggers’ over Boris Johnson’s constituency

John Holland-Kaye made the comment as he insisted a third runway is vital for the UK to have a ‘thriving healthy economy’

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Daily Mirror

People divided over double decker plane seats set to 'make economy better for all'

A new double decker economy plane cabin gives an idea of what economy seats of the future could look like - but not everybody is convinced by the design

Fortune

Billionaire investor Ray Dalio says U.S. is facing a big-cycle debt crisis

The Bridgewater Associates founder said the American economy was facing a “risky situation.”

The Times of India

Mohammed Siraj completes 50 wickets in Test cricket

NEW DELHI: Paceman Mohammed Siraj achieved the milestone of 50 wickets in Test cricket on Thursday during India's ICC World Test Championship (WTC) final against Australia at The Oval in London.

The Conversation

Kenya’s opposition wants to split up the country – but secession calls seldom succeed

Kenya’s opposition politicians recently called for secession – which is the withdrawal of territory and sovereignty from part of an existing state to create a new state. Led by Raila Odinga, who received 48.8% of the presidential vote in Kenya’s 2022 election, the politicians want the country split into two…

Evening Standard

Eurozone entered mildest possible recession over winter, revised figures show

GDP dipped by 0.1% in back-to-back quarters, which is the shallowest recession possible

The Independent UK

US applications for jobless benefits highest since October 2021

The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy

Fortune

A handful of companies have the power to save the oceans. Here’s why we’re urging them to reinvent our land-based food systems

In Europe, the top 10 food brands control 40% of what people eat. In the U.S., 4 companies control 85% of the meat market. Another 4 dominate world grains.

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