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The Latest Breaking News from Economy

Business confidence in freefall, warns Chamber of Commerce

Confidence has been hit by weakening overseas sales and orders, alongside a flat UK market

Birmingham Post

G7 hopes to show unity on Ukraine despite darkening economic outlook

The Group of Seven rich democracies will seek to demonstrate their long-term support for Ukraine in its fight against Russian aggression at a summit starting on Sunday even as the war's growing impact on the world economy tests their resolve.

Reuters

EXPLAINER: Why Sri Lanka's economy collapsed and what's next

Sri Lanka’s prime minister says the island nation's debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel

The Independent UK

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IMF: Overall Saudi GDP Projected to Grow 7.6%

The International Monetary Fund (IMF) has highlighted solid indicators for the Saudi economy, expecting a 7.6 percent overall GDP growth in 2022. Non-oil growth will increase to 4.2 percent in 2022, with the current account surplus will increase to 17.4 percent of GDP in 2022, said the Fund experts. An…

Asharq Al-Awsat

China's Xi Calls for Stronger Fintech Oversight, Security

A high-level Chinese government meeting led by President Xi Jinping has called for stronger oversight and better security in financial tech, state media reported, with the sector hit hard by a regulatory crackdown. The government action has pummeled some of China's biggest tech firms, wiping out hundreds of billions of…

Asharq Al-Awsat

IMF Says Ready to Begin Aid Talks with Tunisia

The International Monetary Fund is set to begin formal talks on a new financial aid package for Tunisia, to help the North African nation deal with the dire economic situation, an IMF official said Wednesday. The country has been in preliminary discussions with the global lender for a new loan…

Asharq Al-Awsat

Allison Schrager: Inflation ate your free lunch, but you’re still better off

Believe it or not, we live in the best of times. It’s been a crazy few decades, with a pandemic, rising inequality, slowing growth and productivity, and major changes in the economy. But generally, most people experienced huge gains in living standards. We shudder to think what life was like…

Tribune News Service

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Scottish TV and film industry 'could be worth £1 billion by 2030'

New report from Screen Scotland states the industry contributed £568m to the nation's economy in 2019

Insider UK

Rishi Sunak warned ‘recession is the new enemy’ as sky-high inflation hits millions

Rishi Sunak was warned on Thursday that “recession is the new enemy” as sky-high inflation hits millions of families and many businesses.

Evening Standard

Markets Fluctuate, Oil Falls again as Recession Warnings Build

Asian markets struggled Thursday to recover from the previous day's battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation. Soaring prices and central banks' battle to rein them in have sent…

Asharq Al-Awsat

Scottish TV and film industry could be worth £1bn by 2030, claims minister

A report by Screen Scotland found the sector contributed almost £568 million to Scotland’s economy in 2019.

The Independent UK

ASX rises, Wall Street slips as Jerome Powell says US recession is a 'possibility'

The Australian share market edges higher, while Wall Street falls slightly after the US Federal Reserve chairman Jerome Powell tells a Senate committee that a “soft landing” for the US economy will be difficult.

ABC News

NESDC sees rising global risks in 2023

Structural changes in geopolitics are likely to create more risks for the Thai economy next year, warns the state planning unit's chief.

Bangkok Post

Erdogan and Saudi Crown Prince embrace as years of rancor end

Saudi Crown Prince Mohammed bin Salman and Turkish President Recep Tayyip Erdogan on Wednesday agreed to work toward closer relations in areas such as economy and defense to turn the page on years of rancor that had brought trade and diplomatic ties to a virtual standstill.

Tribune News Service

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The Conversation

LIV Golf: Sportwashing vs. the commercial value of public attention

The LIV Golf Invitational Series held its first event recently at Centurion Club in St. Albans, England.

Caixin Global

Xi Jinping Slams Sanctions as ‘Double-Edged Sword’ Hurting World Economy

Chinese president in opening remarks at BRICS summit calls for strengthened macroeconomic policy coordination in the face of global economic crisis

Benzinga

What It Means For US Stocks To Be In A Bear Market

Wall Street has officially fallen into a bear market as investor sentiment is hammered by soaring inflation, rising interest rates and worries about a looming recession in the world’s largest economy.

WEKU

Powell says recession 'a possibility' but not likely

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.

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Asharq Al-Awsat

Germany Is Stepping up to its Security Duties to Allies, Says Scholz

Germany is upgrading its army so it can defend its allies as well as itself, stepping up to the responsibility befitting it as Europe's biggest and most populous economy, Chancellor Olaf Scholz said in an unusually bellicose speech on Wednesday. Scholz, who took office in December, has faced accusations of…

Tribune News Service

Powell says soft landing ‘very challenging,’ recession possible

Federal Reserve Chair Jerome Powell gave his most explicit acknowledgment to date that steep rate hikes could tip the US economy into recession, saying one is possible and calling a soft landing “very challenging.”

The National (Scotland)

Economics expert explains why inflation has reached a 40-year high

PRICES are continuing to rise at the fastest rate in 40 years, latest figures show.

Los Angeles Times

Yes, a recession looks inevitable. But it may not be that bad. Here’s why

WASHINGTON — Whether it’s President Joe Biden insisting a recession is avoidable or his critics arguing that the wolf is at the door, both sides are acting as though the nation faces an unprecedented catastrophe.

Evening Standard

Brexit minister Jacob Rees-Mogg refuses to say how quitting the EU has impacted UK economy

Put on the spot by The Standard, he said: ‘I’m not going to get into that game.’

The Guardian - US

Fed chief vows to keep raising rates until ‘compelling evidence’ of falling inflation

Senator Elizabeth Warren criticizes the Fed’s rate moves, expressing fear that rate hikes will ‘drive this economy off a cliff’

The Guardian - UK

Without a proper plan, stagflation will be the least of Britain’s problems

Rising prices and recession mean the last thing the government should do is muddle through and leave everything to the market, writes economics editor Larry Elliott

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