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The Latest Breaking News from Economy

Powell vows to limit Fed’s climate role to protect independence

Federal Reserve Chair Jerome Powell sought to draw a line around how far the central bank will use its powers to promote a greener economy, vowing it will not be a climate regulator.

Tribune News Service

World Bank forecasts India's FY23 GDP at 6.9%; warns of global recession

NEW DELHI: The World Bank on Tuesday retained India's economic growth at 6.9% for financial year 2022-23.

The Times of India

China Is Scaling Back Its Failed Semiconductor Industrial Policies. America Should Do the Same.

The warning signs are flashing "don't be like China."

Reason

From analysis to the latest developments in health,
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Global economy 2023: what happens next with industrial action

This is the fifth instalment in our series on where the global economy is heading in 2023. It follows recent articles on inflation, energy, food and the cost of living.

The Conversation

World Bank warning: Global economy is at risk of recession

The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies — the United States, Europe and China — the World Bank warns

The Independent UK

2 Growth Stocks to Buy Before They Take Off

Growth stocks may stage a recovery as interest rate hikes might slow, and the economy might achieve a soft landing. Moreover, a market rebound seems to be in the cards in 2023. Therefore, fundamentally strong growth stocks CVS Health (CVS) and General Motors (GM) could be solid buys now. Keep…

StockNews.com

How far would you go to avoid paying hundreds of pounds in flight tax?

Plane Talk: Air Passenger Duty rises for long-haul trips in April – up to £200 for longer trips in anything better than basic economy

The Independent UK

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Queensland tourism surge smashes records as travellers shrug off COVID

Destination Gold Coast was anticipating a $657 million injection into the local economy over the period from Boxing Day to Australia Day.

The New Daily

Three quarters of us are concerned about economy and 58% worry about our budgets

There are fears we are heading for a 'financial lockdown'

Wales Online

Xi warns officials about ‘collusion’ with business

Chinese leader Xi Jinping warned officials against “colluding” with the business world, underscoring that his government’s crackdown on the private sector will remain a concern for investors despite efforts to revive the economy.

Bangkok Post

China suspends issuing visas in Japan, S.Korea to retaliate for COVID curbs

China suspended issuing short-term visas in South Korea and Japan on Tuesday, after announcing it would retaliate against countries that required negative COVID-19 tests from Chinese travellers.

Reuters

Editorial: Competition is all-American: The Biden administration is right to move to ban noncompete agreements

We don’t know whether the Federal Trade Commission is right that forbidding noncompete agreements in labor contracts will increase wages by nearly $300 billion per year. Nor do we have a strong opinion about whether the ban can be carried out via regulation, as just proposed, or requires legislation like…

Tribune News Service

Saudi Crown Prince Announces Diriyah as PIF’s Fifth Giga-Project

Saudi Crown Prince and Chairman of the Public Investment Fund (PIF) Mohammed bin Salman announced on Monday designating Diriyah as the fifth giga-project owned by the Kingdom’s sovereign wealth fund. The Diriyah tourism project aligns with PIF’s strategy for achieving the goals of the Kingdom’s plan for national transformation, Vision…

Asharq Al-Awsat

Economists see a silver lining to China’s COVID chaos: better-than-expected 2023 economic growth

Banks are raising their forecasts for China's 2023 GDP growth, even as the country endures a massive COVID wave.

Fortune

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The Independent UK

German, Lithuanian lawmakers show support in Taiwan visit

Lithuanian lawmakers on a visit to Taiwan have taken aim at China, saying the world’s second largest economy tried to use all sorts of measures to change Lithuania’s decision to break diplomatic norms in warming up relations with the self-ruled island

The Independent UK

China economy recovering but hampered by virus outbreaks

The most optimistic forecasts say China’s business and consumer activity might revive as early as the first quarter of this year

Wales Online

Wales aims to build world-leading lab to fight cancer

Economy minister Vaughan Gething says the UK is at risk of a 'future health and economic crisis'

Miami Herald

With not a single elected leader left, Haiti is becoming a textbook case of a ‘failed state’

For years, Haiti has suffered from a disastrous economy, a struggling police force and a practically invisible government.

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Bangkok Post

Downturn doesn't mean disaster

The new year has been rung in by a buildup of recession chatter. From Washington to Singapore, anxiety about a downturn is intensifying. While there are good reasons to be dour about the prospects for the global economy, 2023 doesn't have to be a write-off. It could even turn out…

Fortune

America might just do the impossible and avoid a recession, according to top economist Mark Zandi

Moody’s chief economist says a “soft landing” for the U.S. economy is in the cards. But BlackRock’s Rick Rieder warns, “Policymakers’ ability to stick this landing for the economy and markets is still very much up in the air.”

Newsroom.co.nz

What 2023 has in store for the New Zealand economy

Economics is a dark art at the best of times, but with so many balls in the air, few things are a given.

The Guardian - UK

Keir Starmer may win power, but he won’t be able to turn the UK around on the cheap

A Labour government is destined to fail unless it pledges to increase spending on public services, says James Meadway of the Progressive Economy Forum

Fortune

Biden's argument for student loan forgiveness is borrowers suffered financially during the pandemic. It's more complicated than that

The Biden administration is defending its widespread debt relief by saying that the pandemic “profoundly disrupted” the economy. New research suggests it’s not that simple.

The Conversation

The South African government has been buying farmland for black farmers. It's not gone well

When the African National Congress came to power in South Africa in 1994, an expressed priority was land reform. This was to address the fact that black farmers had been excluded from the agricultural economy for most of the 20th century. The aim of land reform was to provide agricultural…

The Conversation

What's a 'gig' job? How it's legally defined affects workers' rights and protections

The “gig” economy has captured the attention of technology futurists, journalists, academics and policymakers.

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