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The Latest Breaking News from Economy

Pound tumbles to two-year low as stagflation fears rise – as it happened

Sterling tumbles to lowest since June 2020 as Bank of England lifts interest rates to 13-year high, cuts growth forecasts, and sees inflation hitting 10%

The Guardian - UK

Bank of England expected to raise interest rates to 13-year high

Economists predict minimum 0.25 point rise as households contend with cost of living crisis

The Guardian - UK

Rising interest rates in US will hinder foreign economies

When the Federal Reserve raises interest rates — as it did Wednesday — the impact doesn’t stop with U.S. homebuyers paying more for mortgages or Main Street business owners facing costlier bank loans

The Independent UK

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Rising oil prices buy Iran time in nuclear talks, officials say

Emboldened by an oil price surge since Russia invaded Ukraine, Iran's clerical rulers are in no rush to revive a 2015 nuclear pact with world powers to ease sanctions on its energy-reliant economy, three officials familiar with Tehran's thinking said.

Reuters

China’s 'innovation machine': how it works, how it’s changing and why it matters

China has had the world’s fastest growing economy since the 1980s. A key driver of this extraordinary growth has been the country’s pragmatic system of innovation, which balances government steering and market-oriented entrepreneurs.

The Conversation

Fed orders biggest interest rate hike since 2000 to combat inflation

WASHINGTON — For the first time in 22 years, the Federal Reserve on Wednesday pushed up interest rates by a full half-percentage point — a significant escalation of its efforts to get control of troublingly high inflation.

Los Angeles Times

Powell Says More Hikes Are Likely Coming, But US Economy Is 'Well Positioned' To Handle Them

Federal Reserve Chairman Jerome Powell had some relatively soothing words for the markets after the Fed on Wednesday raised its target fed funds rate by 0.5% to a new range of between 0.75% and 1.0%.

Benzinga

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US Federal Reserve hikes interest rates to tackle inflation

The US Federal Reserve has hiked interest rates by half a percentage point - double its usual rate - to tackle the country’s highest level of inflation in 40 years. Fed Chairman Jerome Powell said it was 'essential' to lower inflation and reduce hardship for American families. Thomas Costerg, Senior…

France 24

Inflation control needs another model

Lasting inflation control would require placing agricultural production on a steady footing

The Hindu

Economic speed bumps yes, but no breakdown

Nepal’s vulnerability has been exposed by the lack of pragmatic policy interventions and abrupt moves towards self-sufficiency

The Hindu

Fed hopes biggest rate hike in 22 years tames inflation without recession or stagflation: 3 essential reads on what it all means

The Federal Reserve on May 4, 2022, lifted its benchmark interest rate by half a percentage point to a range of 0.75% to 1%, its biggest increase in 22 years. The aggressive move, which has been expected for many months, is part of the U.S. central bank’s effort to slow…

The Conversation

The EU just proposed a ban on oil from Russia, its main energy supplier

The European Union wants to sharpen its sanctions against Russia. But its leaders acknowledge Europe's economy could suffer.

WEKU

How Does the Pharmaceutical Industry Perform During Recessions?

The Fed’s aggressive interest rate hikes and high energy prices will likely fuel recessionary conditions. Moreover, the unexpected decline in GDP in the first quarter indicates a possible economic contraction. Amid such possibilities, the pharmaceutical industry could attract investors’ attention because of the inelastic demand for its products. Today, I…

StockNews.com

Bank of England tipped to raise interest rates to 1% today - how it would affect you

The Bank of England is set to raise interest rates again from 0.75% to 1%. This will have an affect on people's savings, mortgages and pension pots. Here's how you could be affected

Daily Mirror

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Glasgow Live

Glasgow to get £50m boost to economy as thousands descend on city for conferences

Glasgow has successfully bid for 71 new conferences, which will bring more than 36,000 delegates to the city and boost the local economy by some £53 million in delegate spend.

Asharq Al-Awsat

Indicators Point to High Liquidity Movement in Saudi Arabia

Saudi Arabia has seen indicators of high liquidity movement, prompted by the recovery of commercial demand and consumer spending over the last period, in parallel with the growth of the national economy and the rise in oil revenues and non-oil activity in the Kingdom. Cash liquidity rose by 2.7% at…

The Independent UK

Sri Lanka foreign reserves at record low, politics in crisis

Sri Lanka’s finance minister says the South Asian country's economy is in dire straits with its usable foreign reserves down to less than $50 million

The Times of India

EMIs set to rise as RBI hikes repo rate by 40 bps to 4.40%

NEW DELHI: In a surprise move, the Reserve Bank of India (RBI) on Wednesday hiked key repo rate by 40 basis points (bps) to 4.40 per cent amid rising inflationary pressures in the economy.

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Daily Mirror

Disabled gran lives by candlelight and eats just one meal a day due to soaring bills

Rita, a full-time carer from Kent, has removed all lightbulbs from her property and sets her alarm for 5am to make use of Economy 7 cheap off-peak electricity

Tribune News Service

Stuart Rothenberg: Inflation, recession and the 2022 midterms

With six months to go until the 2022 midterm elections, the economic indicators continue to deteriorate for Democrats. While unemployment remains low and the economy continues to grow (except for a recent hiccup that few take seriously), inflation is up dramatically, and interest rates are spiking.

Caixin Global

Shrinking Capital Investment Drags Down Caixin New Economy Index

The share of high-value added industries in China’s overall economic inputs dropped to 28.8% in April from 30.6% the previous month, the NEI shows

Insider UK

Glasgow's economy sees multimillion-pound boost from conferences

The city received 71 successful bids for conferences last financial year - estimated to be worth more than £50m in attendee spending

Los Angeles Times

Biden, a reluctant culture warrior, may see court’s abortion ruling define his presidency

WASHINGTON — After declaring himself a “bridge” to the next generation of Democratic leaders, President Joe Biden took office 15 months ago vowing to focus on getting the pandemic under control, stabilizing the economy and restoring a sense of order and calm following his predecessor’s four frenetic, polarizing years.

Bangkok Post

Private sector opposes wage hike

A proposal by labour advocacy groups to increase the daily minimum wage to 492 baht is drawing stiff opposition from entrepreneurs who fear the hike in a volatile economy will deal a blow to businesses.

Newcastle Herald

As it happened: Andrew Barr gets a shoutout from Treasurer

The Reserve Bank decision to lift the cash rate on Tuesday has forced the Coalition to defend its handling of the economy.

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