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The Latest Breaking News from Economy

Joe Biden lashes out at Liz Truss' favourite approach to economy hours before they meet

The US President said he was 'sick and tired of trickle-down economics' - exactly the approach Liz Truss is planning to take in a tax-slashing mini-Budget this Friday

Daily Mirror

Green light for new £25 million virtual production studio in Belfast

Studio Ulster is scheduled to open for filming in 2024.

The Independent UK

UK's Truss says she'll slash taxes despite economic crisis

U.K. Prime Minister Liz Truss said Tuesday that she’s ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in order to get the U.K.’s sluggish economy growing

The Independent UK

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Gaza's first marine fish farm helps make up for dwindling catch

A fish farm established in the Mediterranean Sea off Gaza last year has begun to produce sea bream for the local market as well as for export to the occupied West Bank, bringing a welcome boost to diets and much-needed cash to the economy.

Reuters

Liz Truss boasts she's prepared to be unpopular as she axes bankers' bonus cap

The Tory leader was asked if she's prepared to be unpopular, and replied: 'Yes, yes I am'. It comes as she prepares to cut tax for wealthier Brits this Friday

Daily Mirror

West Lothian community wealth plans may become just a 'talking shop'

As council embraces community wealth building scheme there are warnings that strict rules on best return for sales could deprive communities of land and buildings for social development

Edinburgh Live

Lebanon aims to adopt long-delayed IMF reforms by October

Lebanon's caretaker economy minister says the crisis-hit country hopes to adopt key but long-delayed reforms demanded by the International Monetary Fund for an economic bailout before the end of next month if there is “political will.”

The Independent UK

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India's economy has outpaced Pakistan's handily since Partition in 1947 – politics explains why

India and Pakistan inherited the same economic legacy of underinvestment and neglect from Britain when they became independent states following the Partition on Aug. 15, 1947. Their colonial economies were among the poorest in the world.

The Conversation

Exclusive-Climate change, conflict decimate Syria's grain crop - UN FAO

Climate change, a faltering economy and residual security issues have decimated Syria's 2022 grain crop, leaving the majority of its farmers in a precarious position, the United Nations Food and Agriculture Organization (FAO) said.

Reuters

Morocco’s Budget Deficit Reaches $3bn in August

Morocco’s Ministry of Economy and Finance said Monday that the situation of the Moroccan Treasury's expenses and resources indicated a budget deficit of 30.4 billion dirhams ($3 billion) by August 31, against 43.3 billion dirhams ($4.3 billion) a year earlier. Also, tax revenues showed a good overall performance, with an…

Asharq Al-Awsat

Why is Iran turning to a new ‘digital rial’?

The digital currency may improve Iran’s digital economy, but some have privacy concerns.

Al Jazeera

Liz Truss says she is prepared to be unpopular as she sets out policies aimed at delivering growth – as it happened

Prime minister says chancellor will explain how tax cuts will be paid for on Friday

The Guardian - UK

Lanarkshire wind farm site gets go ahead

The local economy should get local contracts worth £11.7m during construction, as well as several new jobs

Insider UK

China’s imports of Russian coal hit 5-year high as ties deepen

Russian coal imports reach 8.54 million tonnes in August amid soaring energy demand in the world’s No 2 economy.

Al Jazeera

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The Guardian - UK

Energy-saving measures could boost UK economy by £7bn a year, study says

Exclusive: Green home upgrades could also create 140,000 new jobs by 2030, analysis by Cambridge Econometric finds

Bangkok Post

Huawei launches global cloud initiative

Global tech powerhouse Huawei Technologies is sharpening its focus on strengthening its partnership ecosystem for growth by launching a "Go Cloud, Go Global" plan to work with partners across industries to capitalise on its cloud power to push for digital solutions and capacity building.

Bangkok Post

Central banking must go green

Just as there is no question that climate change brings enormous economic and financial risks, there should be no question that central banks can and must play a role in addressing this mother of all market failures. As central banks in the United States and Europe tighten credit to regain…

ABC News

Banks and miners drive ASX higher, Wall Street recovers despite worries about US economic 'hard landing'

Australian shares post solid gains after Wall Street recovers from its two-day losing streak as investors wait to see how aggressively the US Federal Reserve will lift interest rates this week.

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The Guardian - UK

Recession fears shake Germany as energy costs hit business

Olaf Scholz travels to UAE to secure gas supplies amid concern that crisis is out of control

The Independent UK

How much 'pain'? Fed to signal more rate hikes ahead

Federal Reserve Chair Jerome Powell bluntly warned in a speech last month that the Fed’s drive to curb inflation by aggressively raising interest rates would “bring some pain.”

Daily Record

Fears shortage of taxis will drive out West Lothian pubs and clubs

The area's night-time economy is struggling to get back on its feet after the pandemic

Glasgow Live

The lesser-known car button that can instantly reduce fuel consumption by 12 per cent

Many drivers are unaware of this button in many vehicles that can instantly reduce fuel consumption by as much as 12 per cent - boosting fuel economy across the board.

Tribune News Service

Biden says ‘pandemic is over’ and inflation will be controlled

President Joe Biden declared the COVID-19 pandemic “over” and said Americans would gain “control” of inflation, outlining a rosy view for the US economy in an interview less than two months before crucial midterm elections.

Reuters

Pakistan will 'absolutely not' default on debts despite floods: Finance Minister

Pakistan will "absolutely not" default on debt obligations despite catastrophic floods, the finance minister said on Sunday, signalling there would be no major deviation from reforms designed to stabilise a struggling economy.

Tribune News Service

Xi’s heir is likely among China’s rising ‘luckiest generation’

The spotlight at China’s leadership congress next month will fall on the elite lineup installed to steer the world’s No. 2 economy. But another lesser-watched group will also advance, and an eventual successor to President Xi Jinping is likely among them.

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