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The Latest Breaking News from Economy

Livingston boss admits club may have hit financial 'brick wall' as they start to feel impact of covid and economic downturn

The Lions gaffer confessed he may not be able to continue to offer pay rises to players as the impact of covid and the economy starts to bite.

Daily Record

Interest rates all but certain to rise in October but end of big hikes nearing, RBA governor says

Reserve Bank board will consider either a 25 or 50 basis point rise at next month’s meeting, Philip Lowe tells MPs

The Guardian - AU

More interest rate rises ahead but pace of increase set to slow, RBA governor says

Reserve Bank governor Philip Lowe says he will keep lifting interest rates but the pace will soon slow down and he is confident the economy can absorb the rises.

ABC News

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ASX dives again amid rate rise and recession fears, gold and oil stocks fall

The ASX and Wall Street stumble again on worries about steep interest rate rises next week by the Federal Reserve, and after the Reserve Bank governor says more rate rises are needed to curb inflation. The World Bank warns of a global recession because of higher rates.

ABC News

UTCC survey suggests recovery on course

Despite the global economic slowdown, the Thai economy remains on course for a recovery, according to a recent business survey.

Bangkok Post

Developers seek gradual rise in land, building tax

Property developers have urged the government to reconsider full collection of the land and building tax, suggesting a step-by-step increase, starting from a discounted rate of 50-75% during 2023-25 as the economy is fragile.

Bangkok Post

Sydney News: Major events tipped to give economy shot in the arm

MORNING BRIEFING: Sydney is preparing for a series of major music, art, culture and sporting events in spring and summer.

ABC News

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Founder Of World's Largest Hedge Fund Rails Against Fed, Predicts 20% Stock Plummet

The Federal Reserve's raising of interest rates could bring the economy "down," according to billionaire Ray Dalio. In a recent LinkedIn post, the Bridgewater Associates founder said increasing interest rates to about 4.5% — meant to offset inflation — will cause stock prices to plummet by 20%.

Benzinga

Soft retail sales, fewer jobless claims paint mixed US economic picture

A barrage of data Thursday offered a mixed view of the U.S. economy in the face of rapid inflation, including more tempered retail activity and a labor market that’s still vibrant.

Tribune News Service

Concerns grow as Nigeria's inflation surges to 17-year high

Nigeria’s consumer inflation surged to 20.5% in August, its statistics agency said Thursday, signalling more hardship for citizens and businesses in Africa’s largest economy

The Independent UK

Biden declares tentative rail agreement a "win"

"Together we reached an agreement that will keep our critical rail system working and avoid disruptions of our economy."

Axios

Biden's approval rating rebounds ahead of midterms

The public's perception of his handling of the economy and inflation still remains low.

Axios

Germany urges firms to make tax-free payments to employees

The German government is urging companies to make a one-off payment to their employees of up to 3,000 euros (dollars) as a way of addressing the impact of rising prices while preventing a spiral of inflation in Europe’s biggest economy

The Independent UK

Biden announces deal to avert crippling railroad strike: ‘A win for tens of thousands of rail workers’

A strike by railroad workers would have crippled large swaths of the US economy and fanned the flames of inflation

The Independent UK

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The Independent UK

G7 nations to take tougher line on trade with China

Germany’s economy minister says the Group of Seven major economies have agreed to take a tougher, more coordinated stance toward China when it comes to trade

The Conversation

William Ruto is now in charge of Kenya’s shaky economy: where to start

Kenya’s President William Ruto, sworn in as new President on 13 September 2022, has inherited an economy saddled with debt, inflation, joblessness and national pessimism. The International Monetary Fund has also added to his pain: it recently asked Kenya to broaden its tax base and scrap the fuel subsidy.

Tribune News Service

Rail strike averted with hours to go as Biden team pushes deal

U.S. railroads and unions reached a tentative deal early Thursday, a breakthrough that looks to avert a labor disruption that risked adding supply-chain strains to the world’s largest economy.

Tribune News Service

US railroads, unions reach tentative deal on eve of deadline

U.S. railroads and unions reached a tentative deal early Thursday, a breakthrough that looks to avert a labor disruption that risked adding supply-chain strains to the world’s largest economy.

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Chicago Sun-Times

Railroad strike averted: With tentative deal, Metra trains may run as scheduled

President Joe Biden says a tentative railway labor agreement has been reached, averting a strike that could have been devastating to the economy before the midterm elections.

Asharq Al-Awsat

Saudi Crown Prince Launches National Gaming and Esports Strategy

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Chairman of the Council for Economic and Development Affairs, unveiled the National Gaming and Esports Strategy that marks the beginning of a new era toward leading the gaming sector and making the Kingdom a global hub…

Reuters

Sri Lanka's economy shrinks 8.4% amid fertiliser, fuel shortages

Sri Lanka's economy shrank 8.4% in the quarter through June from a year ago in one of the steepest declines seen in a three-month period, amid fertiliser and fuel shortages during the nation's most severe financial crisis in more than seven decades.

Reuters

Analysis-Lula unlikely to repeat Brazil state bank lending binges

Over more than a decade in power, Brazilian leftist Luiz Inacio Lula da Silva and his handpicked successor used state banks to bolster corporate "national champions" and major sectors their Workers Party saw as essential to the economy.

The Independent UK

Plan to axe banker bonus cap condemned as ‘obscene’ amid pay cuts and ‘huge risk’ to economy

’Nurses given real-terms pay cuts. City executives given unlimited bonuses,’ TUC chief says

Salon

There's a solution to the labor shortage

The economy's improving fast — but now we can supercharge it by offering legal status to undocumented workers

WEKU

Biden says tentative railway labor deal has been reached, averting a strike

President Joe Biden said Thursday a tentative railway labor agreement has been reached, averting a potentially devastating strike before the pivotal midterm elections.

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