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The Latest Breaking News from Economy

Consumers drive the economy by spending savings, but inflation is set to hit hard

A massive number of Australians spending their lockdown savings on holidays and eating out drove above-trend economic growth over the June quarter.

The New Daily

The U.K.'s new prime minister inherits an economic nightmare

Britain's economy, already rendered fragile by Brexit, now faces double-digit inflation and negative economic growth.

Axios

Putin says Russia will post budget surplus this year, GDP to decline 'around 2%'

Russia will post a budget surplus this year, President Vladimir Putin said on Wednesday, forecasting a much shallower economic contraction than previously thought as Russia has overcome the worst impact of Western sanctions.

Reuters

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Saudi GDP up 12.2% in Second Quarter, Exceeding Initial Estimate

Saudi Arabia's real gross domestic product expanded by 12.2% in the second quarter compared with the same period of 2021, data showed on Wednesday, as the world's top oil exporter reaps the rewards of high crude prices and a post-pandemic recovery. The second quarter growth figure exceeded a flash government…

Asharq Al-Awsat

The Loop: Australia's economy continues to grow, Nick Kyrgios out of the US Open, and a controversial beer gets a new name

Get up to speed on today's headlines with The Loop.

ABC News

With better standards, we could make plastics endlessly useful – and slash waste. Here's how

If you flip over a plastic food container, you’ll see tiny writing on it – something like “AS 2070”. This means the product meets the Australian standard for plastics safe to use for food.

The Conversation

Russia is gaining from conflict in Ukraine, Putin says

President Vladimir Putin said on Wednesday that Russia had gained, not lost, from the conflict in Ukraine because it was embarking on a new sovereign path that would restore its global clout.

Reuters

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FTSE 100 Live: China trade figures disappoint, mining shares fall

Stock markets are under pressure after China reported disappointing trade figures today.

Evening Standard

Pound falls to lowest level since 1985 against dollar – as it happened

IFS boss says Liz Truss’s plans to freeze energy bills ‘very poorly targeted’; Putin threatens to cut off energy supplies if price caps are imposed; UK housing market shows signs of slowing

The Guardian - UK

Bank of Thailand to hike rates gradually to contain inflation

The Bank of Thailand (BoT) will raise interest rates gradually to curb inflation risks and ensure a smooth recovery as the economy is expected to return to pre-coronavirus-pandemic levels late this year or early next year, BoT governor Sethaput Suthiwartnarueput said.

Bangkok Post

Taiwan’s Economic Slowdown (Part 1): Taiwan’s Wages Are Growing Too Slowly to Allow Profits Grow

Taiwan’s issue isn’t that consumer prices are growing too quickly. It’s that wages are growing too slowly.

The News Lens

After record floods, now Pakistan has to worry about economy

The rain has destroyed vast hectares of crops, including cotton, a key source of employment and forex for the nation.

Al Jazeera

Australian economy holds firm in June quarter driven by export boom

National accounts figures show GDP expanded by 3.6% compared with a year earlier as households drew down on savings to keep spending

The Guardian - AU

Australia's economy grew strongly earlier this year, but at risk of a 'cliff-like slowing'

Australia's economy grew strongly in the three months to June, but it was business owners who benefited more than workers.

ABC News

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Tribune News Service

US says Russia seeking ‘millions of rounds’ from North Korea

Russia wants to buy millions of rockets and artillery shells from North Korea to use in its war against Ukraine, a sign that Western sanctions on its military and economy are starting to bite, U.S. officials said Tuesday.

ABC News

How the latest RBA interest rate rise will impact WA, the most mortgaged state in Australia

Data shows WA is the most mortgaged state in the country and has the largest gap between wage growth and inflation, but comparatively low house prices continue to shield sandgropers from further pain as interest rates rise yet again.

Tribune News Service

A Texas slowdown? More firms report falling sales, decline in new orders

The Texas economy slowed last month with fewer service companies reporting increases in revenue and more manufacturers reporting declines in new orders, according to surveys by the Federal Reserve Bank of Dallas.

StockNews.com

The Odds of Recession & Bear Market

How do you feel about the stock market (SPY) when I tell you that 45% of economists see a recession forming in the next 12 months? And now how does your outlook change when I tell you that the average recession and bear market has formed when only 40% of…

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news in one place.

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Evening Standard

Kwasi Kwarteng: Long-term Liz Truss ally to hold nation’s purse strings

The new Chancellor inherits an economy forecasted to plunge into a prolonged recession as inflation soars to eye-watering levels

The Times of India

Liz Truss promises to fix energy crisis and grow UK economy in first speech as UK PM

LONDON: Liz Truss made her first speech as UK prime minister on Tuesday outside No 10 — in front of a cheering but drenched group of Conservative MPs and the world's media — following a sudden downpour after she had been appointed to the position by the Queen at Balmoral…

France 24

Long winter ahead: PM Liz Truss faces energy crisis on day one

It's day one on the job for Britain's new prime minister and as Russia squeezes natural gas exports, Liz Truss faces a wartime economy. How to keep the lights on across the Channel? How to rein in inflation? As Europeans work to pool their energy purchases, tax windfall profits and…

AAP

GDP lifts 0.9pct in June quarter

Real GDP increased by 0.9 per cent for the June quarter and was 3.6 per cent higher over the year to June.

The Guardian - AU

Economists predict slowdown for Australian economy as interest rates continue to rise

Soaring commodity exports and positive agricultural forecast expected to be balanced by Reserve Bank’s moves to counter inflation

The Guardian - UK

Liz Truss vows to ‘ride out the storm’ in first speech as PM

Speaking outside No 10, Truss promises to rebuild economy and turn UK into an ‘aspiration nation’

The Independent UK

Liz Truss’s first speech as prime minister in full

Liz Truss said her leadership would focus on three priorities - the economy, energy crisis and NHS

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People

Sethaput Suthiwartnarueput

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General Authority for Statistics

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