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The Latest Breaking News from Economy

India and UK to connect their space clusters: UK science minister

India, UK to connect space clusters; keen to collaborate on nuclear energy. Both countries to work together on telecoms, satellite communications, AI, and 5G. UK to invest in space clusters, pass Space Act. Talks ongoing to develop ideas for PMs to announce when Sunak visits India. India's innovation economy, scale…

The Hindu

London’s five star summer as more than 1 million attend concerts in a week

A million people attended 22 concerts in the capital in the last week – supercharging the economy to the tune of £320m

Evening Standard

Israel's judicial reform plans lead to economic uncertainty

As protests against Israeli PM Benjamin Netanyahu's revised plans to reform the courts flare up, we take a look at the impact the controversy has had so far on the country's economy. The Israeli tech sector, which represents 15 percent of GDP, is among those most opposed to the plan.…

France 24

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Cancelled cruise ship costs local economy £400,000 according to Portland Port

Bosses at Dorset port said that non-arrival of Princess Cruise lines' Regal Princess had also lost berthing fees

Birmingham Post

‘My home’: The Mozambican electrician who moved to Zimbabwe twice

After fleeing war in Mozambique and then economic peril in Zimbabwe, Luciano Chataika has found a home away from home.

Al Jazeera

A million UK households face £500 rise in monthly mortgage payments; US inflation drops to 3% – as it happened

Bank of England chief says there ‘will be consequences’ of higher interest rates, as all UK banks pass stress tests

The Guardian - UK

A Bearish Investor Ponders the Bull Case for Stocks

Steve Reitmeister is by no means a permabear...but its hard for him to give up his economics background and turn away from the bearish evidence in hand. However, with the S&P 500 (SPY) up more than 20% from the October lows its time for some honest reflection of the current…

StockNews.com

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MSPs begin probe of public procurement reform

Economy and Fair Work Committee seeks views on how well thee 2014 changes have worked

Insider UK

Truss’s taskforce claims average Briton £10,000 worse off than US counterpart

The Growth Commission launched on Wednesday, suggested ‘consistent growth levels’ of 3% by 2040 are achievable.

The Independent UK

Turning the housing crisis around: how a circular economy can give us affordable, sustainable homes

Households across Australia are struggling with soaring energy and housing costs and a lack of housing options. Mixed with a climate crisis, economic volatility and social inequality, it’s a potent set of policy problems. Australia needs a circuit-breaker – a bold national project to tackle the climate crisis and support…

The Conversation

Larry Summers Sees Need For More Tightening Despite Soft June Jobs Data

Former Treasury Secretary warns of inflation risk and suggests further interest rate hikes.

Zenger

SRE Stock: A Smart Investment as the Market Rotates Away From Risk

With public utility Sempra Energy tied to a lucrative piece of the California economy, SRE stock represents a smart buy ahead of potential uncertainty in the market.

Barchart

Beware: The same old economic systems are masquerading as new frameworks

Do you know your circular economy from your just transition? How about your green growth from your degrowth? Over the summer, SCOTONOMICS will…

The National (Scotland)

Scottish Green ministers accused of hypocrisy over use of chauffeur-driven cars

Labour peer Lord Foulkes of Cumnock has accused Patrick Harvie and Lorna Slater of being hypocrites.

The Independent UK

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Zenger

Jobless Claims Climb, Part-time Employment Surges In US

US Unemployment Claims Rise to 248,000, Part-time Workers Increase to 5.4 Million in June.

Glasgow Live

Petition launched for First Glasgow to make U-turn on scrapping 'crucial' night bus services

First Glasgow announced this week that 11 routes will be scrapped which has left Glaswegians and the council 'very concerned', with a petition to save the night services now launched.

The Independent UK

Why are wages rising and what does it mean for the economy?

Average pay was 7.3% higher in the three months to May compared with the same period last year

Axios

Chart: Why homeowners weren't crushed by the Fed's rate-hiking campaign

It's one reason the U.S. economy has so far proved resilient amid rapid interest rate hikes.

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The Week

What’s causing China’s deflation crisis?

China’s economy is teetering on the brink of a deflation crisis as its recovery from the pandemic stalls.

Fortune

There’s a hidden recession red flag hidden in the latest jobs report, according to two top economists

Once you strip out the growth in government jobs, the private job creation numbers are feeble, and getting more so.

Evening Standard

FTSE 100 Live: ‘Pressure to increase interest rates intense’, mortgage rates at 15-year high, shares down

Unemployment and wage growth both unexpectedly rose today, fuelling fears of stagflation in the UK economy.

Tribune News Service

A mining company is hunting for lithium — right on the edge of wildlife refuge

LAS VEGAS -- The modern-day gold rush in the race to a greener economy is knocking on the door of a long-protected oasis in the middle of the Nevada desert.

The Guardian - UK

Rising mortgage rates will cause ‘financial stress’, MPs hear, as two-year fixed rates hit 15-year high – as it happened

Treasury Committee quiz lenders about mortgage rates, as two-year fixed mortgage rate rises to 6.66%, highest since 2008

Bangkok Post

Ministry unveils platform targeting online scammers

The Digital Economy and Society (DES) Ministry is set to launch the Central Fraud Registry as an automated solution to fight scams and address illegal transactions, fraud and mule accounts.

Daily Mirror

Overhauling sick pay rules would pump billions into British economy, say experts

A report for the Centre for Progressive Change think tank outlines how reforming the system could deliver benefits for businesses, workers and the Treasury

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