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The Latest Breaking News from Economy

Biden’s trip abroad in limbo as leaders scramble to avoid debt default

Mr Biden may nix travel to Australia and Papua New Guinea so he can be present for negotiations over raising the government’s statutory debt limit

The Independent UK

Top Obama economist says we should abolish the debt limit as the current political 'brinksmanship' hurts the economy

The Harvard professor has argued since 2017 that the debt ceiling no longer helps restrain the national debt as intended.

Fortune

The economy works for so few people – what can we do about that?

Welcome to the brand new, free newsletter from Scotonomics and The National. Click the banner below to receive it straight to your inbox every…

The National (Scotland)

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Lawsuit filed against Twitter, Saudi Arabia; claims acts of transnational repression committed

A humanitarian aid worker who used an anonymous Twitter account to mock Saudi Arabia about its economy has filed a federal racketeering lawsuit against the social media platform, the kingdom and a number of individuals alleging an attempt to silence critics overseas

The Independent UK

No time to waste in cutting plastic pollution, UN warns ahead of treaty talks

A roadmap for slashing the plastic pollution ravaging the world’s oceans and ecosystems was on Tuesday put forward by UN experts – who say the coming years will be instrumental in curbing millions of metric tonnes of waste and creating a circular economy.

Radio France Internationale

Smokers cost London’s economy £2.6bn a year, figures reveal

There are almost 800,000 smokers in the capital, creating an overall cost of £3bn

Evening Standard

COVID-19's total cost to the economy in US will reach $14 trillion by end of 2023 – new research

The Research Brief is a short take about interesting academic work.

The Conversation

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Nigeria’s street food adds to the plastic problem – green leaves offer a solution

Street food is popular in Nigerian cities. Most of the local food delicacies are sold by vendors whose livelihoods depend on informal subsistence activities such as local food production and street food hawking. They are part of Nigeria’s vast informal sector, which accounts for 57.7% of the country’s economy.

The Conversation

A lot of offices are still empty — and it's becoming a major risk for the economy

The office property sector is in trouble as many workplaces remain empty, and that threatens to spark a number of economic problems, including more pain at the country's banks.

WEKU

South West secures share of £30m government fund to improve roads

Several projects UK-wide have received funding from the Department for Transport, as part of a three-year programme developed by the Association of Directors of Environment, Economy, Planning and Transport (ADEPT)

Birmingham Post

Nigel Farage admits 'Brexit has failed' as he slams 'useless' politicians

NIGEL Farage has admitted that “Brexit has failed” in an interview after he was read a list of disastrous facts about the UK economy.

The National (Scotland)

CMA denies blocking Microsoft-Activision deal is bad for UK’s reputation; unemployment rises – as it happened

Turning a blind eye to anti-competitive deals wouldn’t improve UK’s reputation as good place to do business, suggests Competition and Markets Authority

The Guardian - UK

Stock market today: Asian shares turn lower after China economic data weaker than expected

Asian shares have turned lower after the latest data showed China's economy is weaker than expected

The Independent UK

Mayor Andy Burnham reveals how the new Manchester Baccalaureate will work

New system will help young people who don't want to go to university

Manchester Evening News

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Insider UK

International students 'bring in billions' to Scottish economy

Those living in Glasgow central, Edinburgh east, Aberdeen north and Dundee west make the greatest financial contributions

The Guardian - UK

Tuesday briefing: Why Suella Braverman thinks immigration is harming Britain – and what the facts say

In today’s newsletter: The home secretary said this week that migrant labour harms the UK’s ‘national character’ – but it’s not that simple

The Independent UK

Tory backlash as one in five will be paying higher income tax rate by 2027

One in four teachers and one in eight nurses will be paying 40p rate in biggest tax rise since 1970s, experts warn

The Guardian - UK

International students boosted UK economy by £42bn in 2021/2 – study

Report finds economic benefit to UK rose by a third in three years, making overseas students a significant contributor to economy

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The Texas Tribune

Texas GOP’s broadest attempt yet to erode blue cities’ power gets one step closer to becoming law

Gov. Greg Abbott and other supporters of the bill have long sought legislation to push back against local regulations that they say hamper business owners and harm the state’s economy.

The National (Scotland)

International students bring in billions for Scottish economy, study shows

MORE than a third of first year undergraduates in Scotland are from abroad, a study has found, with international students bringing in billions for…

ABC News

ASX slips, Reserve Bank warns of further rate hikes, consumer confidence sinks to COVID-19 lows

The Australian share market has ended its day lower, while the Reserve Bank warns there may be further interest rate hikes, and consumer confidence sinks to its lowest levels since the early days of the COVID-19 pandemic and the 1990s recession.

Bangkok Post

Call for fast formation of government

The Khon Kaen Chamber of Commerce is calling for a rapid endorsement of the election results to facilitate the timely injection of the fiscal 2024 budget into the Thai economy.

Bangkok Post

NESDC demands discipline

The National Economic and Social Development Council (NESDC) has warned the new government to strictly maintain financial and fiscal discipline as it will affect foreign investors' confidence in the Thai economy, says secretary-general Danucha Pichayanan.

Fortune

A veteran market watcher who saw the Fed creating a disaster in 2008 says 'distortions in the economy' today are still the Fed's fault

Jim Grant has been writing the “Interest Rate Observer” every week since 1983—and routinely making prescient predictions.

Fortune

Fed's Raphael Bostic doesn't see rate cuts until 2024

Atlanta Fed President Raphael Bostic thinks high consumer spending and strong labor market could continue to push prices higher.

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