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The Latest Breaking News from Economy

Google parent Alphabet drops as earnings, sales miss estimates

After reporting earnings and revenue that missed expectations, Google parent Alphabet Inc. said on Tuesday it would slow hiring and control expenses, signaling that it was girding for tough times ahead as the economy falters.

Tribune News Service

Westminster parties won’t deliver on boosting economy, new analysis warns

KEY measures to boost Scotland’s economy are “impossible to deliver” in the UK political system as the Tories nor Labour will argue for…

The National (Scotland)

'Austerity is something Britain simply can’t afford - and we will all pay the price'

Two top professors who predicted Liz Truss' downfall have outlined their own plan to help salvage the country's economy and deal with the mounting crises facing the new prime minsiter

Daily Mirror

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Cabinet backs expats owning land

The cabinet approved on Tuesday the Interior Ministry's proposal to allow foreigners to hold land ownership of up to one rai (roughly 0.16 hectares) for residential purposes, though critics warned the move may trigger land speculation by foreign investors.

Bangkok Post

Brazil's Bolsonaro considering minimum wage increase after leaked reports

Brazil President Jair Bolsonaro's government is considering raising the minimum wage and civil servants' salaries above inflation, Economy Minister Paulo Guedes said on Tuesday, but he denied intentions to end middle class tax benefits.

Reuters

Cuban Americans in Miami prefer Trump to DeSantis, and other poll takeaways

MIAMI — A majority of Cuban Americans in Miami Dade disapprove of President Joe Biden’s handling of key issues like the economy and Cuba policy and intend to overwhelmingly support Republican candidates in the midterm elections, according to a poll by Florida International University released Tuesday.

Miami Herald

Economy and Society, October 25, 2022: Missouri latest state to divest BlackRock funds over ESG

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

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Budget good, but more needed: business

Treasurer Jim Chalmers' first budget has been welcomed by business chiefs, but they say more work is needed to get the economy on a stronger footing.

AAP

Record number of Americans have bank accounts, gov't says

The number of Americans who do not have a bank account fell to a record low last year, as the proliferation of online-only banks and an improving economy is bringing more Americans into the traditional financial system

The Independent UK

The UK is facing an economic crisis – here's why it needs to find a global solution

Recent changes in the UK’s top job have had a positive effect on pound sterling and long-term sovereign bond yields. But the financial market reaction has been muted compared with the financial turmoil blamed on former prime minister Liz Truss and ex-chancellor Kwasi Kwarteng in recent weeks.

The Conversation

New PM Rishi Sunak pledges to lead UK out of economic crisis

New leader promises to unite the country as well as place economic stability and confidence at the heart of his agenda.

Al Jazeera

Pubs and nightclubs opening hours: Everything you need to know as Cabinet approves new rules

Changes coming to the opening hours of pubs and clubs across Dublin

Dublin Live

Meloni: Italy could be in recession in 2023, faces tough times

The new Italian government faces some of the toughest challenges since World War Two and the economy could sink into recession in 2023, Prime Minister Giorgia Meloni said on Tuesday in her maiden speech to parliament.

Reuters

Rishi Sunak speech in full as he admits economy is in 'crisis' and hints at cuts

In a speech lasting just under six minutes, the new Prime Minister acknowledged 'mistakes' made by Liz Truss and made a pointed reference to Boris Johnson's mandate as he desperately tries to unite his party

Daily Mirror

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The Conversation

Four scenarios for a world in disorder

Chinese leader Xi Jinping’s recent speech to the Communist Party Congress could be one of the most consequential of the decade. He told the audience – and the world – that his economic growth-crushing zero-COVID policy is here to stay, and that Beijing is more determined than ever to reunify…

Bangkok Post

Wealthy foreigners given new pathway to buy land in Bangkok, Pattaya

The government has taken a major step toward giving foreigners the right to buy land for housing, as the country seeks to boost the economy by enticing more wealthy international investors.

Reuters

Analysis-China's newly empowered Xi faces a daunting to-do list

China's Xi Jinping kicks off his third leadership term with more power than ever, but a mountain of problems to tackle, from a dismal economy to his own COVID-19 policy that has backed the country into a corner, and deteriorating ties with the West.

Radio France Internationale

Greenpeace study shows plastic recycling is a 'failed concept'

Plastic recycling rates continue to decline, at the same time as production is increasing, according to a Greenpeace USA report released this week. The environmental watchdog blasts as "fiction" industry claims that we have created an efficient, circular economy.

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Pedestrian.tv

Labor’s Dropped Its First Federal Budget In A Decade So Here Are 6 Takeaways For Young Aussies

Labor's flagged the budget as "responsible" - but it's still going ahead with those tax cuts.

Asharq Al-Awsat

Thousands March in Khartoum on 1st Anniversary of Sudan Coup

Thousands of demonstrators took to the streets of Sudan's capital of Khartoum on Tuesday, marking the first anniversary of a military coup that upended the nation’s short-lived transition to democracy. Videos published on social media showed marchers with flags and drums, most of them bound for the Presidential Palace. Other…

Radio France Internationale

Russia, Hungary congratulate Xi Jinping on third term as EU and US remain silent

China's economy grew at a faster pace than forecast in the third quarter of 2022, but investors have reacted with alarm to President Xi Jinping's sweeping new powers over the ruling Communist Party.

The Guardian - AU

Six graphs that explain the 2022 federal budget: rosy views mugged by reality

Australian treasurer Jim Chalmers’ main economic message is enjoy today because tomorrow is going to be tough

The Guardian - AU

Jim Chalmers’ first budget comes amid a darkening economic outlook. Here’s what could go wrong

The federal budget forecasts growth of 3.25% this year but hints at a slowing global economy with high inflation and interest rates

The Guardian - AU

Australian budget forecasts heavy hit to economy due to floods and disasters

Estimates growth will lose about quarter of a percentage point during the current quarter, or about $5bn in economic activity, because of flooding

The Conversation

Jim Chalmers’ 2022-23 budget mantra: whatever you do, don’t fuel inflation

Terrified by the prospect of further stoking the worst inflation in three decades, Treasurer Jim Chalmers and Finance Minister Katy Gallagher have delivered a budget that takes out of the economy about as much as it pumps into it.

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