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The Latest Breaking News from Economy

Inflation, recession fears and tax cuts: any new UK chancellor faces an unenviable in-tray

The flood of ministerial resignations from UK prime minister Boris Johnson’s government in recent days started with Rishi Sunak’s resignation as UK chancellor of the exchequer on July 5 2022, alongside health secretary Sajid Javid’s. His resignation letter cited differences of opinion over the economy, saying that a “low-tax, high-growth…

The Conversation

Start-up award winners show the potential of the UK economy

The Wales StartUp Awards form part of the UK-wide National StartUp Awards series.

Birmingham Post

Millions tested in Shanghai as China grapples COVID resurgence

Millions of people in Shanghai queued for a third day of mass COVID-19 testing on Thursday as authorities in several Chinese cities scrambled to stamp out new outbreaks that have rekindled worries about growth in the world's second-largest economy.

Reuters

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The US Industrial Complex Is Starting to Buckle From High Power Costs

Surging bills are forcing companies to scale back industrial operations, threatening a greater drag on the economy.

Businessweek

Egypt’s Private Sector Records Worst Performance in 2 Years

Egypt’s non-oil private sector economy had its worst performance in two years as demand slumped after a sharp spike in prices and the pound’s devaluation while businesses struggled to secure the necessary supplies of raw materials. S&P Global Egypt Purchasing Managers’ Index (PMI) dropped to 45.2 in June from 47.0…

Asharq Al-Awsat

"Jobs day" is the new "CPI day"

The jobs numbers once again are front burner.

Axios

‘The family took over’: how a feuding ruling dynasty drove Sri Lanka to ruin

The inside story of Rajapaksa family infighting that toppled a country into violence and bankruptcy

The Guardian - UK

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Japan PM bets on world-defying inflation policy to win election

As politicians around the globe rush to tamp down inflation, Japan Prime Minister Fumio Kishida is betting instead that older voters in particular will look past surging prices in a crucial election on Sunday.

Tribune News Service

Scottish Government names Mark Logan chief entrepreneur

Two-year port is a key part of the recently-announced national economic transformation strategy

Insider UK

3 High-Quality Cyclical Stocks to Buy for the Long-Term

Inflation is one of the biggest threats facing the economy. One profitable strategy during this period of high inflation is to focus on stocks that have pricing power, as these companies’ margins will continue to expand. In contrast, stocks without pricing power are likely to underperform as margin compression erodes…

StockNews.com

Rescuing Thailand from the middle-income trap

Eleven years ago this month, Thailand made a laudable achievement by moving from the category of a lower middle-income country to an upper-middle-income country.

Bangkok Post

Amazon, Microsoft, Google Strengthen Grip on Cloud

The pandemic period has been a boon for the trio of companies that dominate cloud computing. Now as the economy enters another tumultuous phase, Amazon.com Inc., Microsoft Corp. and Google appear poised to extend their strength.

Bangkok Post

Are widespread layoffs coming? How the pandemic has changed employers' recession strategy

WASHINGTON — With the economy slowing, the post-pandemic surge is over for Wisconsin restaurant owner Patrick DePula and his four pizza and pasta places.

Los Angeles Times

Croatia's PM proposes new candidate after finance minister resigns

Croatia's Prime Minister Andrej Plenkovic said on Wednesday that he proposed economy professor Marko Primorac as the new finance minister after Zdravko Maric filed his resignation in an unexpected move.

Reuters

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The Independent UK

US job openings slip, though remain at healthy level

U.S. employers advertised fewer jobs in May as the economy has shown signs of weakening, though the overall demand for workers remained strong

Benzinga

Meta Remains Adamant On NFT Push In Contrast With Google, Apple To Secure Its Metaverse Ambitions

Meta Platforms, Inc (NASDAQ:META) pushed ahead with plans to launch access to digital collectibles to its 3 billion users amid the crypto meltdown, the Financial Times reports. Meta would in no way adjust its plans around so-called non-fungible tokens, said new fintech head Stephane Kasriel in an interview with FT. The efforts are…

The Guardian - UK

Nadhim Zahawi: is new chancellor going to change direction on economy?

Analysis: Rishi Sunak’s successor treading tightrope between spending to keep PM in power and dealing with economic crisis

Reuters

Social unrest over spiralling living costs spreads to France's railways

Railway workers in France went on strike on Wednesday, disrupting travel across the rail network days before the summer holidays begin and at a time of unrest in other areas of the economy as high inflation eats into salaries.

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The Independent UK

Pound slumps to two-year low against dollar as fears for UK economy deepen

Sterling has fallen 11% against the US currency this year

WEKU

From blockbuster to bust: Behind the precipitous drop in IPOs

Private companies are sitting on the sidelines in 2022 after a record setting year of initial public offerings fueled by cheap borrowing.

Axios

Too much inflation aid from states could prolong the problem

Some states drawing up plans to send more dollars into the economy at a time when prices are spiking.

Salon

Roe, Uvalde could upend Texas election

A history-making spring in Texas is laying the groundwork for a contentious final four months in the race

Daily Record

New Chancellor Nadhim Zahawi confirms taxes will go up as families continue to struggle

The Tory MP was appointed Rishi Sunak's replacement late last night after he sensationally quit over the handling of the Chris Pincher affair.

France 24

The secret lives of Iran's smugglers

Smuggling is a huge part of the Iranian economy. All kinds of products change hands illegally in Iran, from contraband items like alcohol and satellite dishes, to washing machines, phones and car parts. However, little is known about these people who operate in the shadows. We're joined by Ershad Alijani…

The Guardian - UK

Bank of England vows to get inflation back to 2%

Chief economist Huw Pill wants to make strategy plain to the public in hint of more interest rate rises

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