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The Latest Breaking News from Economy

Tax remains key divide as leadership campaigns respond to economic outlook

Liz Truss’s campaign has argued for implementing tax cuts quickly, while the Sunak campaign has warned against too much borrowing.

The Independent UK

Liz Truss: Who is the foreign secretary hoping to become prime minister?

Social media savvy ‘human hand grenade’ seen as continuity candidate and currently ahead of Rishi Sunak thanks to questionable tax promises and neo-Thatcherite branding

The Independent UK

Sunak defends taking money from deprived urban areas as he faces latest hustings with Liz Truss – as it happened

Candidates face Tory members in Eastbourne; former chancellor, who was filmed saying he tried to divert funds from ‘deprived urban areas’, says it was sensible

The Guardian - UK

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Saudi MAWANI Adopts Regulations in line with Commercial Maritime System

The Saudi Ports Authority (MAWANI) has revealed a new set of regulations governing the activities of shipping agents in the Kingdom’s maritime sector, which comes in line with the objectives of the National Strategy for Transport and Logistics Services. The strategy aims at enhancing the services provided by shipping agents,…

Asharq Al-Awsat

As recession fears grow, strong US hiring is likely slowing

The American job market has defied raging inflation, rising interest rates, growing recession fears

The Independent UK

Cost of living squeeze deepens as recession looms; Felixstowe port strike dates set – as it happened

Strike action will begin on 21st August after talks failed to produce a reasonable pay offer, says Unite union

The Guardian - UK

Saudi Revenues Jump 50% in 1st Half of 2022, with $36 Bn Surplus

In a performance that exceeded the targeted budget surplus for 2022, the Saudi Ministry of Finance disclosed on Thursday a record increase in revenues during the first half of this year, driven by a surge in oil prices and the fast growth of the non-oil sector. Experts told Asharq Al-Awsat…

Asharq Al-Awsat

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Asian stock markets rise ahead of US jobs data

Asian stock markets are higher ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation

The Independent UK

Sinema ready to advance Democrats' budget bill after tax changes

WASHINGTON — Sen. Kyrsten Sinema, D-Ariz., announced late Thursday night that she is willing to “move forward” on Democrats’ tax, climate and health package after leaders agreed to drop a provision modifying the taxation of "carried interest" and make other tweaks to "protect advanced manufacturing and boost our clean energy…

Tribune News Service

Reserve Bank wary of cautious consumers amid falling house prices, as global economy sours

The Reserve Bank slashes its forecasts for economic growth as rate rises, house price falls and a souring global economy weigh on Australia's outlook.

ABC News

The potential of sustainable wood

Forests are not just the lungs of the planet: they have huge potential, if managed sustainably, to become a major source of welfare, income and renewable products as part of a more healthy global economy.

Bangkok Post

Britain heading for year-long recession - but PM and Chancellor nowhere to be seen

Prime Minister Boris Johnson is reportedly on honeymoon in Slovenia while Chancellor Nadhim Zahawi enjoys a family break while families around the country are worried about how they'll pay their bills

Daily Mirror

Sunak scorns Truss’s claims that tax cuts can avert recession

Tory leadership rivals disagree on how to turn economy around and avoid predicted downturn in Sky news debate

The Guardian - UK

Sunak accuses Truss of plans that would pour ‘fuel on the fire’ of recession

Rival insists shrinking economy is not ‘inevitable’

The Independent UK

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Reuters

Sunak and Truss clash over recession warning in debate

British foreign minister Liz Truss clashed over the future of the economy with former finance minister Rishi Sunak on Thursday as the two contenders to be Britain's next prime minister debated the Bank of England's warnings of a long recession.

Evening Standard

Andrew Bailey hits back at claims Bank of England too slow to raise interest rate

The shocking assessment of the economy has reset the backdrop for the Conservative leadership contest

StockNews.com

3 Under the Radar Penny Stocks to Buy Now

The Fed’s aggressive interest rate hikes and the economy's contraction for two consecutive quarters have increased the odds of a potential recession. Nevertheless, robust corporate earnings and some positive economic data have greatly supported the downside of the benchmark indexes lately. Therefore, we think it could be wise to invest…

Tribune News Service

Meet the doomsayers: 5 who say US economy will keep shrinking

Only a minority of economists correctly predicted that the U.S. economy would contract last quarter. The number who expect it to keep shrinking in the current period is even smaller.

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The Hindu

Is the declining rupee a crisis or an opportunity?

There is an expectation of further depreciation, which can lead to further capital outflows

The Hindu

Waiting for democracy in Jammu and Kashmir

The long haul back to stabilisation from a dangerous situation needs to begin; the first step is Assembly elections

AAP

RBA warns on inflation, downgrades growth

The central bank has released its quarterly Statement on Monetary policy, setting out new forecasts for the economy, labour market, wages and inflation.

StockNews.com

2 Chinese Stocks to Buy on the Dip

China has endured a tough time due to rising COVID-19 cases and a slowing economy. However, as the economy opens up and the government provides ample support to drive growth, it could be wise to buy Chinese stocks FinVolution (FINV) and Viomi Technology (VIOT) on their dips. Let’s discuss….

The National (Scotland)

Boris Johnson and Keir Starmer both on holiday as economy crumbles

BORIS Johnson has come under fire for being on holiday while the UK is forecast to go into recession amid rising interest rates and inflation.

Daily Record

"Tory created cost of living crisis.” says MSP Natalie Don

MSP Natalie Don says that the UK Government have lost control of the economy

Daily Mirror

Liz Truss and Rishi Sunak tear into each other as Britain heads for recession

Both candidates to be the next Prime Minister questioned the other's approach as Labour warned that the Tories "have lost control of the economy"

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