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The Latest Breaking News from Economy

Amid Covid outbreaks, slowing economy and property developer liquidity crisis, homebuyers stay on the sidelines, driving sales down 28.2% this year

Caixin Global

Irish Government 'can't rule out' possibility of recession next year

Minister McGrath said the Government was “very open” about the risks facing the Irish economy when the Budget was announced on September 27.

Irish Mirror

Having filled us with fear, chancellor hints that horrors won’t be as huge as he thought

The cuts will still be terrible, but not as terrible as they could have been. Rejoice! Celebrate St Jeremy, the patron saint of expectation management

The Guardian - UK

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Saudi Govt Reviews Kingdom’s Participation at Regional, Int’l Events

The Saudi government reviewed on Tuesday the Kingdom’s participation at various regional and international events over the past week. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh. The ministers underscored the Kingdom’s keenness on bolstering cooperation and coordination at…

Asharq Al-Awsat

Chancellor Jeremy Hunt warned that cutting R&D funding would be a disaster for the UK economy

Vice Chancellor of Swansea University Paul Boyle said such as a move would be 'prove a tragically misguided false economy'

Birmingham Post

Rail cancellations and delays 'costing economy of the north £8m a week'

Andy Burnham rips into train bosses and London accused of not caring about the current level of rail disruption here

Manchester Evening News

Confidence in Tories ‘lost’ as nine in 10 say economy doing badly – poll

At least half the public has little or no faith in either party’s ability to solve the UK’s economic problems.

The Independent UK

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The Real Living Wage could add £1.7 billion to the economy

Specifically in Scotland, the pay rise could add around £114m to the country's coffers

Insider UK

Unemployment in Scotland rises slightly

Scottish employment minister calls on UK Government to use its powers to help stimulate the economy

Insider UK

G20 watchdog says bank climate stress tests may understate exposures

Reuters

Warren: GOP plans to "blow up economy"

Massachusetts senator worries Republicans will use power to cause "chaos" ahead of election

Salon

Germany's Scholz: end of Ukraine war best way for global economic recovery

German Chancellor Olaf Scholz told a session at the Group of 20 leaders on Tuesday that the best way of achieving a recovery in the global economy would be ending Russia's war in Ukraine.

Reuters

Riyadh Economic Forum Tackles Strategic Issues, Solid Studies

Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, Prince Faisal bin Bandar bin Abdulaziz, Governor of the Riyadh region, launched on Monday the tenth edition of the Riyadh Economic Forum, with a wide participation of government officials, economic experts and academics. Prince Faisal…

Asharq Al-Awsat

Pound rallies as US PPI inflation falls; insolvencies jump as UK economy weakens – as it happened

October’s producer price index figures fuel hopes that US inflation is easing, as company insolvencies in England and Wales jump

The Guardian - UK

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Chronicle Live

North East unemployment falls to record low for second month running

The fall in unemployment comes despite a number of warnings over the state of the economy

Asharq Al-Awsat

Asian Markets Rise Further as China Moves Provide Support

Asian markets rose Tuesday as investors brushed off a reverse on Wall Street and focused on signs of slowing inflation and China's moves to shore up its economy. A largely positive meeting between US President Joe Biden and Chinese counterpart Xi Jinping indicated an easing of tensions between the powers…

Asharq Al-Awsat

Xi at G20: Drawing Ideological Lines Obstructs Advancement of Humankind

Chinese President Xi Jinping on Tuesday asked the G20 wealthy nations to contain the fallout from interest rate hikes, as the US Federal Reserve moves aggressively to fight inflation. He also cautioned that drawing ideological lines obstructs the advancement of humankind. "We must contain global inflation and resolve systematic risks…

The Independent UK

Asian stocks mixed after Wall St falls, China retail slows

Asian stocks are higher after Wall Street gave back some of last week’s huge gains, the American and Chinese presidents met and China’s consumer spending shrank in a sign its economy is weakening

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Reuters

Most G20 members condemn Russia's war in Ukraine -draft declaration

A draft declaration by leaders of the Group of 20 major economies, seen by Reuters on Tuesday, said most members condemned Russia's war in Ukraine and stressed it was exacerbating weaknesses in the global economy.

The Guardian - AU

RBA signals it may pause further interest rate rises

Minutes of November Reserve Bank of Australia meeting say board is ‘prepared to keep rates unchanged’ while it assesses state of economy and inflation

Daily Record

Tory government must make rich bear the burden of fixing our economy

Chancellor Jeremy Hunt must raise benefits, uphold the state pension triple lock and tax the rich to repair the damage done by Liz Truss' disastrous budget, writes Record View.

The Independent UK

China consumer, factory activity down as virus controls rise

Chinese consumer spending contracted in October and factory activity weakened as anti-virus controls following a rise in infections weighed on the economy

The Independent UK

Japan's economy shrinks as consumers hold back on spending

Japan's economy has contracted at an annual rate of 1.2% in the July-September quarter, as consumption declined amid rising prices

Al Jazeera

Japan’s economy unexpectedly shrinks as consumptions slows

Asia’s second-largest economy shrinks 0.3 percent after three straight quarters of growth.

Reuters

U.S. expects G20 to condemn Russia's war in Ukraine - U.S. official

The United States expects the G20 group of industrialized nations to condemn Russia's war in Ukraine and its impact on the global economy at the conclusion of a leaders meeting in Bali, a senior U.S. official said on Tuesday.

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