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The Latest Breaking News from Economy

Fitch Cuts China's 2022 GDP Forecast on COVID Hit

Fitch said on Tuesday it has cut China's GDP growth forecast for 2022 to 4.3% from 4.8%, saying pandemic-related disruptions have had an impact on the country's economy in the first two quarters of the year. The rating agency said it stills expects a quarter-over-quarter GDP contraction in the second…

Asharq Al-Awsat

China's top leaders signal reprieve for tech companies

Loosening restrictions could remove one source of downward pressure on China's economy.

Axios

He got Congress to care about antitrust again. Now time is running out, says David Cicilline - Roll Call

If Democrats lose control in the midterms, as most election handicappers expect, it could spell trouble for the push to rein in Big Tech.

Roll Call

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Inflation, recession and the 2022 midterms - Roll Call

The current economic issues of inflation and low growth could put Democrats at a disadvantage in the 2022 midterms.

Roll Call

Why is Belarus supporting Russia and how is it involved in Ukraine?

Soviet relic Alexander Lukashenko increasingly dependent on Vladimir Putin’s patronage for survival as grip on power slips and economy teeters on brink of disaster

The Independent UK

Labor says rate rise highlights PM’s shredded credentials but Morrison insists it’s part of pandemic journey

Scott Morrison says Reserve Bank has ‘made a very important statement about where we are now in our journey out of this pandemic’

The Guardian - AU

Economy seen growing 3.5% this year: PM

Thailand's economy is expected to grow 3.5% this year, down from an earlier projection of 4.0%, Prime Minister Prayut Chan-o-cha said on Tuesday, noting how the Russia-Ukraine war could slow the economies of the country's trading partners.

Bangkok Post

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Global problems may exacerbate shortages in N.Korea's isolated economy

North Korea's isolated economy will not be insulated from global economic headwinds caused by the Ukraine war and the COVID-19 lockdowns in China, analysts said, with recently resumed border trade taking a hit and inflation exacerbating food shortages.

Reuters

Slovakia says it will seek exemption from any EU embargo on Russian oil

Slovakia will seek an exemption from any embargo of Russian oil agreed by the European Union in its next set of sanctions against Moscow for its invasion of Ukraine, Slovakia's Economy Ministry said on Tuesday.

Reuters

The Pilbara is a powerhouse of the Australian economy, so why have its major towns not thrived as well?

Poor planning, a narrow industry base of FIFO workers, cyclones, heat and dust. Many obstacles stand in the way of the Deputy PM's dream of a Newcastle-sized city in the Pilbara, says an academic.

ABC News

‘I can’t see it getting any better’: could the UK be heading for a recession?

Small business owners are already being hit as consumers cut back on non-essentials

The Guardian - UK

Victorian budget 2022 piles on debt to pump money into strained health system, education

Victoria's election-year budget will pile on debt to fix the state's beleaguered health system and continue to pump money into education and transport, all while it attempts to claw back a modest surplus in just four years.

ABC News

‘Not a businessman’: Hong Kong’s next chief faces test on economy

John Lee to take over business hub as economy languishes after two years of political crackdowns and pandemic controls.

Al Jazeera

Why Today’s Market Differs from the Stagflationary Stock Market Seen in the 70s

Monday stocks retested the S&P 500’s (SPY) lowest levels of the 2022 correction. Yes, shares bounced higher into the open. Unfortunately that tells us nothing about what comes next. So let's explore what is causing stocks to push to new lows...what the tea leaves say about where stocks go from…

StockNews.com

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Benzinga

3 Reasons to Remain Bullish on U.S. Banks

As of this past Friday, 17 of the 18 banks in the S&P 500 have reported results for the first quarter and not only have the quantitative results been supportive of strong fundamentals, but the tone from management teams has also been consistently positive about business trends.

The Guardian - AU

Victoria’s treasurer flags surplus in 2025/26 ahead of the state budget

Tim Pallas says Tuesday’s budget shows the state performed better than expected this financial year

The Times of India

India's unemployment rate rose to 7.83% in April: CMIE

MUMBAI: The unemployment rate in the country grew to 7.83 per cent in April from 7.60 per cent in March, according to the Centre for Monitoring Indian Economy (CMIE) data.

Asharq Al-Awsat

Germany Drops Opposition to Russian Oil Ban, Ministers Say

Two senior ministers in Chancellor Olaf Scholz's government on Monday said Germany would be ready to back an immediate European Union ban on Russian oil imports, and that Europe's biggest economy could weather shortages and price hikes. The comments by Finance Minister Christian Lindner and Economy Minister Robert Habeck are…

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AAP

Morrison offers sympathy over rate rise

As the Reserve Bank decided on its first cash rate lift in almost 12 years, Scott Morrison says he understands some home borrowers will face tougher times.

The Guardian - US

Met Gala organizers face criticism for ‘Gilded Glamor’ theme amid inflation

Theme pays homage to period of prosperity, industrialization and growth in US from 1870 to 1890, leading some to call it ‘out of touch’

The Independent UK

Fed to fight inflation with fastest rate hikes in decades

The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans’ financial strains and likely weaken…

The Conversation

Fed hopes for ‘soft landing’ for the US economy, but history suggests it won’t be able to prevent a recession

The Federal Reserve will likely soon learn what gymnasts already know: sticking a landing is hard.

Axios

April was the worst month for stocks since COVID first hit

Worries about Fed tightening collided with signals of a weaker economy

Asharq Al-Awsat

Sisi: Mega Projects Support Egypt’s 'Resilience'

Egyptian President Abdel Fattah al-Sisi said the successive achievements and the national megaprojects have helped Cairo overcome the recent international crises, in reference to the impacts of the Russian-Ukrainian war and the COVID-19 pandemic. In his speech on Sunday marking the occasion of Labor Day, Sisi mentioned the support and…

Reuters

Germany drops opposition to Russian oil ban, ministers say

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