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The Latest Breaking News from Economy

Russian economy 'won't be as it was,' central banker says

The head of the Russian Central Bank is warning that the country’s economy faces pressure from abroad that could persist indefinitely, dampening hopes that conditions could return to the way they were before Russia sent troops into Ukraine

The Independent UK

Spotify Slows Down On Hiring Amid Macro Uncertainties

Spotify Technology S.A. (NYSE:SPOT) slowed hiring by 25%, CNBC reports based on a companywide email from CEO Daniel Ek. However, he added the company would “continue to still hire and grow, we are just going to slow that pace and be a bit more prudent with the absolute level of new hires over…

Benzinga

£15m funding bid for maritime research hub at Devon's Appledore docks

Organisations behind the bid say the proposed innovation centre could put the region 'at the core' of the industry's net zero developments and boost the local economy

Birmingham Post

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Saudi Arabia Advances 8 Positions in Global Competitiveness Index

The Kingdom of Saudi Arabia is continuing its upward ascent in the global competitiveness rankings in the World Competitiveness Yearbook 2022, published by Switzerland-based International Institute for Management Development (IMD). According to the Yearbook, Saudi Arabia is ranked as the 24th most competitive economy among the 63 countries covered by…

Asharq Al-Awsat

The ASX opened strong after the US interest rate rise buoyed Wall Street. But it hasn't cancelled out Tuesday's losses

It's been a dramatic few days on the Australian stock market, with steep losses followed by a brief rise on Thursday morning. But there are still more twists and turns to come.

ABC News

GCC, Gulf Chambers Discuss Activating Role of Private Sector in Gulf Economy

The Gulf Cooperation Council (GCC) and the Federation of Gulf Chambers discussed Wednesday the challenges of the private sector and activating the role of the economy at the 58th meeting held in Muscat. GCC Secretary-General Nayef al-Hajraf stressed the importance of the role of the Gulf private sector in achieving…

Asharq Al-Awsat

Who are the winners and losers of the Fed hiking interest rates?

The Federal Reserve announced Wednesday it will increase its benchmark interest rate by 0.75%, the largest increase in decades. But what does that actually mean for everyday Americans?

WEKU

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Bank of England says inflation will hit 11% after raising interest rates to 13-year high – as it happened

UK central bank has raised interest rates to 1.25%, warned inflation will exceed 11% in autumn, and cut growth forecast for this quarter

The Guardian - UK

Poverty leaves scars for life – I’m still scared of strangers at the door and bills through the letterbox

Denying people their needs to save a few quid is a false economy, says campaigner Jack Monroe

The Guardian - UK

Want a solution for the energy crisis gripping Australia's east? Look west

You can thank Margaret Thatcher for the gas supply crunch Australia’s east coast has been plunged into. As UK prime minister, Thatcher led the charge to kick the government out of the economy and allow the market to rule. In Australia, governments took up the idea with enthusiasm through deregulation…

The Conversation

Govt to decide on later pub opening hours Friday: Anutin

The government is moving closer to allowing bars, pubs and other entertainment venues to remain open beyond midnight as the tourism-reliant nation unwinds pandemic-era restrictions to bolster the economy.

Bangkok Post

Fed's aggressive rate hikes raise likelihood of a recession

Federal Reserve Chair Jerome Powell has pledged to do whatever it takes to curb inflation, now raging at a four-decade high and defying the Fed’s efforts so far to tame it

The Independent UK

US Federal Reserve hikes interest rates 0.75% to curb inflation

The US Federal Reserve has raised interest rates by 0.75% – the most aggressive hike since 1994 – in an effort to curb soaring inflation. America's central bank is trying to tighten monetary policy, while fostering growth in the economy and labour markets. But will the move be effective? Christian…

France 24

TAT hosts music festival in the South

In order to welcome back visitors to Thailand and to boost the country's tourism sector, the Tourism Authority of Thailand (TAT) is hosting Rock On The Beach Music Festival, which will take place from Friday until Sunday in Phuket and 24-26 June in Krabi.

Bangkok Post

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Bangkok Post

Data protection penalties eased

Regulations aimed at relaxing enforcement of the penalties under the Personal Data Protection Act (PDPA) are expected to come into force next week, says Digital Economy and Society Minister Chaiwut Thanakamanusorn.

Benzinga

Kenyan Presidential Candidate: Legalize Cannabis And Snake Venom To Boost Economy

As Kenya faces inflation, unemployment and exorbitant public debt, George Wajackoyah, one of the four presidential candidates in the upcoming August elections, says he wants to get the economy back on track by legalizing cannabis and farming snakes.

Reuters

Nord Stream 1 gas supply cut aimed at sowing uncertainty, Germany warns

Russia's Gazprom on Wednesday announced a further cut in the amount of gas it can pump through the Nord Stream 1 pipeline to Europe, a move Germany's economy minister said was aimed at sowing uncertainty and pushing up fuel prices.

The Hindu

A poverty trend in search of an explanation

The delay in household consumption expenditure survey leaves us unsure of the studies

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The Hindu

Windfall

The BCCI should use its earnings to develop infrastructure and promote women’s cricket

Benzinga

China's Resilient May Data Offers Glimmer Of Hope, But NBS Warns Of Challenges Ahead

The Chinese economy is recovering from the slowdown seen in the wake of the COVID-19 lockdowns in late-March and for much of April. A trio of data released by the China National Bureau of Statistics showed that retail sales, industrial production and fixed-asset investment, all came in better than expected.

The Guardian - UK

Russia rakes in nearly $20bn from oil exports in May

Rise in revenues is setback for west’s efforts to hit Russian economy in wake of Ukraine invasion

Daily Mirror

Claustrophobic or genius? What it's like sitting in a double-decker plane seat

Designer Alejandro Núñez Vicente has created the dual-level Chaise Longue airplane cabin design in a bid to make air travel much comfier and to give economy customers more room

Radio France Internationale

Paris Perspective #31: War, peace and the future of the global economy – Steve Killelea

Paris Perspective looks at the state of peace in the world in 2022 on the occasion of the publication of the 16th Global Peace Index. Steve Killelea is the founder and executive chairman of the Institute for Economics and Peace, which publishes the Index.

Daily Record

Boris Johnson compared to Jabba the Hutt and told 'the force doesn't work for him anymore'

Labour's Keir Starmer pushed himself to the edge of the gag galaxy by likening the Prime Minister first to a Star Wars character and then a Love Island contestant.

The Guardian - UK

Boris Johnson using Jedi mind trick on country over economy, says Starmer

Labour leader says PM is spouting nonsense, telling people ‘they’ve never had it so good’, in bad-tempered PMQs

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