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The Latest Breaking News from Economy

Each state must define a target to make India $5 trillion economy: PM Modi

NEW DELHI: Each state must recognise its strength and define a target as this is crucial for India to become a $5 trillion economy, Prime Minister Narendra Modi said on Friday.

The Times of India

2 Big Problems That Could Further Impact the Stock Market

In last week's commentary, we noted that the S&P 500 (SPY) had been range-bound, but that "it may be prudent to pare back on risk and exposure" due to signs of weakness like rising credit spreads and a weakening growth outlook. However, I didn't anticipate the speed and intensity of…

StockNews.com

The Fed is still struggling to get its story straight

Much as I sympathize with the Federal Reserve as it grapples with an economy in extremely trying circumstances, I believe it could be doing better in one crucial respect: helping financial markets to align their expectations with its thinking.

Tribune News Service

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NRG chairman Jake Berry calls for radical changes to levelling-up agenda

Ex-minister warns the Northern Research Group of Conservative MPs that red-wall voters did not give ‘an unconditional vote’.

The Independent UK

Fixing Our Economic Woes Is as Easy as Looking to the Past

The economy is spinning, but we’ve proven there are viable ways to slow it down to more bearable levels.

Reason

Fight against inflation raises spectre of global recession

Analysis: Interest rate cuts show central banks willing to plunge economies into recession to halt price rises

The Guardian - UK

Putin: Russian economy to overcome 'reckless' sanctions

President Vladimir Putin has said at Russia’s showpiece investment conference that the country’s economy will overcome sanctions that he called “reckless and insane.”

The Independent UK

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Is a major recession unavoidable? Three economists give their views

We are in a double bind right now. Prices are going through the roof but all the signs suggest that the economy is weakening. The answer to higher prices is normally to raise interest rates, but this also induces people and firms to spend less money. The challenge for central…

The Conversation

Your car’s air conditioning can use up gas. How to save fuel on hot days as prices rise

Hot temperatures are scorching much of the United States, breaking records ahead of the official start of summer.

Tribune News Service

The latest Bank of England rate rise won't do much to tackle inflation - here's what could work

There wasn’t much dramatic tension as markets waited for the Bank of England’s latest decision on interest rates. The fifth monthly quarter-point hike in a row was largely expected, taking the base rate to 1.25% in June 2022. All the announcement really revealed, in fact, was what a mess UK…

The Conversation

Volkswagen Looks To Settle Porsche Buyers' Complaints For Bypassing Emission Norms

Volkswagen AG (OTC:VLKPF) agreed to settle Porsche buyers’ complaints by paying a minimum of $80 million, Bloomberg reports. The buyers alleged improperly skewed emissions and fuel economy test results. Tests proved that fuel economy was one to two miles per gallon lower than the company advertised. Also Read: Will Volkswagen Ever Come Out…

Benzinga

China defends 'zero-COVID' after US envoy warns of costs

China is defending its tough “zero-COVID” policy after the U.S. ambassador said it is causing serious damage to the global economy and foreign business sentiment

The Independent UK

Ugly concrete stilts could soon tower over Manchester, kill 14,000 jobs and wreck city's 'once-in-a-lifetime' chance

Manchester council leader and others have made an urgent call to change the government's HS2 plans

Manchester Evening News

Lebanon Says ‘Final’ Gas Deal with Egypt to Be Signed June 21

Lebanon will sign a "final" agreement to import gas from Egypt on June 21, its energy ministry told Reuters, after months of delays to a plan viewed as critical to boosting power supplies for Lebanon's stricken economy. The plan, first floated in summer 2021, is part of a US-backed effort…

Asharq Al-Awsat

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Asharq Al-Awsat

Saudi Arabia, US Plan to Promote Promising Sectors

Saudi Minister of Commerce Majid al-Qasabi met with US Secretary of Commerce Gina Raimondo in Washington on Thursday to discuss advancing bilateral trade relations. Qasabi, who headed a delegation from the Kingdom, said the talks are part of both countries' keenness to increase coordination according to a joint action plan…

The News Lens

Taiwan’s Lost Growth (Part 2): How Stagnant Wages are Throttling the Economy

Taiwan has one of the lowest GDP growths since 1995 among emerging economies. This is not going to change if wages don’t grow.

The Times of India

RBI not behind the curve, focus on inflation target could have been disastrous for economy: Shaktikanta Das

MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das on Friday refuted criticism of the RBI being behind the curve in its policies, making it clear that the consequences of focusing on the 4 per cent inflation target would have been "disastrous" for the pandemic-hit economy.

The Times of India

Sri Lanka’s economy grinds to a halt as fuel supplies run dry

COLOMBO: Sri Lanka’s economic activity is coming to a near standstill as the island nation, facing its worst financial crisis, runs out of fuel for transport and there’s little signs of fresh supplies coming in.

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The Independent UK

Asian stocks follow Wall St lower on economy fears

Asian stock markets are mostly lower after Wall Street fell on fears interest rate hikes will depress global economic activity

The Independent UK

Takeaways from AP interview: Biden on inflation, US psyche

President Joe Biden sat down with The Associated Press to discuss the state of the economy, his concerns about the national mood, and his commitment to standing up to Russia’s aggression in Ukraine

Caixin Global

Weekly Must-Read: China’s Efforts to Prop Up Property Market Fall Short

While local governments have taken steps to stimulate the ailing sector, both supply and demand remain weak

The Guardian - AU

Stock markets plunge again as flurry of interest rate hikes fuels recession fears

Investors wary as other central banks follow US Federal Reserve in raising borrowing costs

Daily Mirror

Brits warned UK 'may already be in recession' as inflation could climb to 11%

Experts have warned that Britain may be sliding into a recession as inflation continues to soar and the Bank of England is forced to raise interest rates for the fifth time

Chicago Sun-Times

9 takeaways from Jan. 6 committee hearing: Al Gore, Mike Pence met history test Trump flunked

Trump’s pressure campaign on Pence, who will travel to Chicago on Monday to deliver a major speech on the economy at the University Club of Chicago, was the focus of the Jan. 6 committee’s third hearing Thursday.

The Independent UK

Transcript of AP interview with President Joe Biden

A transcript of an Oval Office interview Thursday with President Joe Biden by AP White House reporter Josh Boak

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