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The Latest Breaking News from Economy

Markets Aren't Perfect, but Government Is Worse

The free market allows people to cooperate, fix errors, and adapt to changing circumstances.

Reason

'Liz Truss shorn of power and pitifully out of her depth in the cavalcade of clowns'

The Tory government's ineptitude would be laughable if it's decisions hadn't broken Britain's economy, with PM Liz Truss out of her depth following the mini-Budget U-turn, says the Voice of the Mirror

Daily Mirror

An Asean country might be near a crisis

I am talking about an imaginary country which is a member of Asean. This country may or may not exist. To avoid unnecessary negative repercussions, this country shall remain nameless and be referred to as country "N" with its currency "D". This country is the star of Asean with a…

Bangkok Post

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Stocks to gain from stimulus measures

Retail, tourism and construction stocks are likely to benefit from cabinet approval this week of 17 billion baht in spending to stimulate the economy, says Asia Plus Securities (ASPS).

Bangkok Post

Global recession looks likely. Even if Australia escapes it, we are in for a bad couple of years

Economics is confusing at the best of times. But, at the moment, it’s downright counter-intuitive.

The Conversation

Jeff Bezos, one of the world’s richest men, warns the rest of us about economic recession: ‘Batten down the hatches’

The CEO of JPMorgan Chase, Jamie Dimon, also predicts a recession within the next nine months

The Independent UK

EU leaders united against Russia, divided over energy summit

European Union leaders head into Thursday's energy summit looking for joint measures to contain an energy crisis that has already dented their economy and threatens to spread more hardship this winter

The Independent UK

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Tax cuts to cost $11b more than estimate

The federal treasurer says the controversial stage three tax cuts will cost billions more than previously thought as the government faces calls to scrap them.

AAP

Like ‘two separate elections.’ How abortion and inflation have taken over California political ads

LOS ANGELES — The congressional election ads bombarding Californians show a sharp dichotomy in priorities — Democrats are laser-focused on abortion access, while Republicans zero in on inflation.

Los Angeles Times

Biden to release 15m barrels from strategic reserve in effort to tamp down gas prices – as it happened

Move is president’s attempt to mitigate concerns over the economy as midterms approach

The Guardian - US

Bank shares fall with reports Chancellor Jeremy Hunt could impose ‘ludicrous’ windfall taxes on their profits

Analysts hit out at reports as banks set for bumper profits

Insider UK

'Why is she still here?' Liz Truss mocked by Keir Starmer during fiery PMQs

The Labour leader said the Conservatives' economic credibility is "gone" and asked, "why is she still here?".

Daily Record

Top tips for selling pre-loved items as market reaches £6.5billion

A third of the pre-loved market is made up of used transport products

Wales Online

Are Democrats messing up their midterm messaging? Our panel responds

Democrats have come under fire from critics like Bernie Sanders, who say the party isn’t focusing enough on the economy. Is that right?

The Guardian - US

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Wales Online

More than half of voters think Liz Truss should resign as Prime Minister

80% blame the Government for the rising cost of living

Daily Record

Inflation returns to 40-year high as fears over cost of living crisis grow

The SNP's economy spokesperson Alison Thewliss said the rise in inflation was due to the situation in Downing Street.

The Independent UK

Half of Britons say Truss should quit as she prepares for tough PMQs clash

Almost as many people think Liz Truss should resign as thought the same about Boris Johnson in his final months as Prime Minister.

Asharq Al-Awsat

ASOS Warns on Outlook as Consumers Feel Inflation Pain

British online fashion retailer ASOS said it needed to rebuild its once-successful business model after it reported an 89% drop in 2021-22 profit and forecast a loss in the first half, due to a rapidly deflating economy. The group, whose shares have fallen 80% this year, made adjusted profit before…

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Manchester Evening News

Campaign for 'night tram' to run across Greater Manchester

Call to boost night-time economy at council meeting

Asharq Al-Awsat

Saudi Crown Prince Launches National Industrial Strategy

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz launched the National Strategy for Industry, which aims to promote industry and attract investment, leading to economic diversification and growth of non-oil exports and GDP. The Crown Prince, also Prime Minister and Chairman of the Council of Economic Affairs and Development, said…

Asharq Al-Awsat

Malaysia: OPEC+ Decision to Cut Output Made to Address Market Uncertainties

Malaysia has said a decision by OPEC+ member states to cut oil production was unanimous, and made after taking into account the need to address market uncertainties. Malaysia joins other OPEC+ countries this week in backing a steep cut to the group's output target. "OPEC+ countries collectively took into consideration…

The National (Scotland)

Visitors shell out £1.7 million boost at Scottish oyster festival

THE return of a festival celebrating local native oysters boosted a Scottish town’s economy by

The Guardian - UK

What do US curbs on selling microchips to China mean for the global economy?

Washington’s ban on hi-tech exports to China marks a huge gambit for economic supremacy for the next decades

Los Angeles Times

Biden, in speech, aims to keep abortion top of mind for voters as midterms near

WASHINGTON — As renewed concerns about the economy appear to be boosting Republicans’ chances in next month’s midterm elections, President Joe Biden spoke pointedly about abortion Tuesday in an effort to remind voters what’s at stake for women and families.

The Conversation

Sanctions on Russia are increasing, not decreasing, its revenue

The European Union has just approved new sanctions against Russia, including a price cap on oil sales, following the United States’ Sept. 30 announcement of new economic sanctions. Both announcements are in response to Russia’s annexation of four regions of Ukraine.

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