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The Latest Breaking News from Economy

Federal Reserve announces fourth straight interest rate hike to combat inflation

Federal Reserve Chairman Jerome Powell warns ‘we still have some ways to go’ on curbing inflation

The Independent UK

MPs clash over Scottish independence in heated Westminster debate

THE case for Scottish independence has been put forward by MPs during a marathon debate in the House of Commons.

The National (Scotland)

Fed unleashes another big interest rate hike but hints at a pullback

The Fed’s move raised its key short-term rate to a range of 3.75% to 4%, its highest level in 15 years. It was the central bank’s sixth rate hike this year.

Chicago Sun-Times

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SNP: UK is a ‘failing state’ and Westminster has been ‘ignoring’ economic crisis

SNP Westminster leader Ian Blackford spoke of the ‘massive act of economic self-harm’ of Brexit during a Commons independence debate.

The Independent UK

The UK economy is about to be thrown into a black hole – by its own government

It fits the definition of madness to propose more austerity. But that, along with higher interest rates, is what’s coming, says Guardian economics editor Larry Elliott

The Guardian - UK

California could soon rise to the world's 4th-largest economy

California has long faced criticism for driving away business and workers, due to high taxes and prices and tough regulations.

Los Angeles Times

US firms add 239,000 jobs, boosted by leisure sector, ADP says

Hiring at U.S. companies rose in October by more than forecast, mainly reflecting a surge in leisure and hospitality and underscoring resilient labor demand despite the Federal Reserve’s efforts to cool the economy.

Tribune News Service

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Saudi Arabia Advances 10 Places in Green Future Index 2022

Environmental initiatives and programs, including the Green Saudi Arabia and the Green Middle East initiatives, as well as the carbon circular economy and energy transformations, have contributed to advancing Saudi Arabia’s ranking in the Green Future Index for 2022. Issued by the MIT Technology Review of the Massachusetts Institute of…

Asharq Al-Awsat

Maersk warns of ‘dark clouds on the horizon’ as it cuts demand forecast amid growing recession fears

The firm said vacancy rates for warehousing fell to near-historic lows, as businesses scrambled for extra storage space to hold their swelling inventory levels after a drop-off in consumer demand

Evening Standard

Greater Manchester's night time economy tsar Sacha Lord rules out MP bid after joining Labour

Mr Lord is an mdviser to Mayor Andy Burnham and co-founder of the Parklife Festival and The Warehouse Project

Birmingham Post

Investment in China’s New Economy Sectors Shrinks, Caixin Index Shows

The contribution of high value-added industries such as biotechnology to the country’s total economic inputs slipped in October

Caixin Global

Latino voters look beyond immigration, and hope candidates will, too

While immigration remains a threshold issue for many Latino voters, it is not the only thing they're focused on ahead of the midterms.

WEKU

With the global economy on the rocks, quiet quitting is no longer a thing

Endless pieces have been written about slacking off at work. But now it emerges even the poster boy for the idea is back toiling 50 hours a week, writes Arwa Mahdawi

The Guardian - UK

Karl W. Smith: Your no-rent paying child is an inflation fighter

It’s generally accepted among economists and investors that the Federal Reserve has an impossible task of getting inflation under control without broad and lasting damage to the economy. It’s time for a reality check. In fact, it’s looking more and more like the central bank may have a far easier…

Tribune News Service

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Los Angeles Times

Commentary: Liz Truss’ downfall won’t end trickle-down economics

With former British Prime Minister Liz Truss’ free-market reforms having severely wounded the British economy, a chorus of pundits have claimed that the end of free-market thought is upon us. Who could at this point be so foolhardy as to claim that simply cutting taxes for the rich — and…

Los Angeles Times

Michael Hiltzik: Republicans keep harping on inflation, but don't have any answers for it

Even if you didn't know from your household accounts that inflation has been running hot this year, your local Republican officeholders and candidates would make sure it wasn't a secret.

The News Lens

Japan Warily Welcomes Back International Travelers

In his parliamentary speech in October, Kishida presented his plan to revive the Japanese economy, including a pledge to increase international tourist spending beyond the pre-pandemic high in 2019.

The Times of India

Acting early would have exerted heavy costs: Shaktikanta Das on RBI missing inflation target

NEW DELHI: RBI governor Shaktikanta Das said on Wednesday that Indian economy is growing steadily, drawing strength from its macroeconomic fundamentals and buffers.

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news in one place.

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Asharq Al-Awsat

China Imposes Covid Lockdown on Area Around iPhone Factory

Chinese authorities on Wednesday locked down the area surrounding the world's largest iPhone factory belonging to Foxconn after workers fled the facility to avoid a virus outbreak and the resulting restrictions. All people except Covid-prevention volunteers and essential workers "must not leave their residences except to receive Covid tests and…

Reuters

China imposes fresh lockdown around major Apple iPhone plant

China ordered an industrial park that houses an iPhone factory belonging to Foxconn to enter a seven-day lockdown on Wednesday, in a move set to intensify pressure on the Apple supplier as it scrambles to quell worker discontent at the base.

Dynamite News

Report: India On Track To Become Third-Largest Economy By 2030

The report titled 'Why This Is India's Decade' looked at the trends and policies shaping the future of India's economy. Read on for details:

The Independent UK

Majority of gig economy workers ‘feel under threat from review websites’

The study found the algorithms – processes used to rank workers according to performance metrics – lack transparency and are highly volatile.

ABC News

Rockhampton Ring Road delays will cost millions in lost revenue and jobs, business leaders say

Jason Thomasson has been preparing for an "industrial boom" that was expected with the start of Rockhampton's Ring Road. The project delay is estimated to cost the local economy $176 million in revenue and jobs.

Bangkok Post

China's economy rotting from the head

China highlights a long-debated question about economic development: Can a top-down autocracy outperform liberal market economies in terms of innovation and growth?

Reason

With Lula's Win in Brazil, the Left Dominates Latin America

The question now is whether Bolsonaro’s coalition can remain in place once the man himself is out of power.

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