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The Latest Breaking News from Economy

US economy shrinks for a second quarter, fueling recession fears

The drumbeat of recession grew louder after the U.S. economy shrank for a second straight quarter, as decades-high inflation undercut consumer spending and Federal Reserve interest rate hikes stymied businesses and housing.

Tribune News Service

Yellen insists US not in recession as economy shrank 0.9 per cent in second quarter

Two negative quarters meets the informal definition of recession but many economists disagree

The Independent UK

When does a recession begin – and is the US in one now?

Question weighs on consumers, politicians and investors around the world as the Federal Reserve raises interest rates

The Guardian - US

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U.S. economy shrinks for second straight quarter, igniting recession fears

It's not officially a recession yet, but the data shows the economy is on shakier footing as growth slows.

Axios

US economy shrinks in second quarter, signaling unofficial start of recession

The bad news will be a major blow for the Biden administration as it prepares for a tough midterm election season

The Guardian - US

Liz Truss: Who is the foreign secretary hoping to become prime minister?

Social media savvy ‘human hand grenade’ seen as continuity candidate and currently ahead of Rishi Sunak thanks to questionable tax promises and neo-Thatcherite branding

The Independent UK

Conservative leadership race: London will be the engine room of our drive to level up Britain, vows Rishi Sunak

Rishi Sunak and Liz Truss are both sticking to Boris Johnson’s flagship levelling up plans

Evening Standard

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Egypt Calls on Insurance Industry to Contribute to Africa’s Transformation into Green Economy

Egypt’s Finance Minister Mohamed Maait called on the global insurance industry to actively contribute to Africa’s transformation into a green economy. He urged this industry to be a part of the solution to climate change by supporting investment in green projects. Maait made the remarks during his participation in the…

Asharq Al-Awsat

Conservative leadership: Pragmatic Prime Minister is needed to navigate recession

City Voices: Candidates for PM must drop dogmatic approach to tax

Evening Standard

Explainer-Blood, treasure and chaos: the cost of Russia's war in Ukraine

Russia's Feb. 24 invasion of Ukraine has left tens of thousands of dead, displaced millions and sown economic strife across the world.

Reuters

The Chalmers graphs: 7.75% inflation, plunging real wages, weak growth

As he had promised to do almost since the day he became treasurer, Jim Chalmers has presented a gloomy set of forecasts for the Australian economy in his first formal economic statement to the new parliament on Thursday.

The Conversation

Top economist David McWilliams sounds 'creeping' recession warning for Ireland

Finance guru Eddie Hobbs previously warned a 'firestorm' recession in autumn is 'likely'

Irish Mirror

U.S. economy just had a 2nd quarter of negative growth. Is it in a recession?

GDP shrank for a 2nd quarter in a row. While two consecutive quarters of negative growth is often considered a recession, it's not an official definition. Parts of the economy are clearly struggling.

WEKU

The difference between the Tory candidates’ tax plans? One is bad, the other is really bad

Neither has the first idea of what they’re doing. Truss’s proposal does little for those who need it, and Sunak’s is a desperate U-turn, says Larry Elliott, the Guardian’s economics editor

The Guardian - UK

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Asharq Al-Awsat

Seeking New Funds, Hamas Raises Taxes in Impoverished Gaza

Gaza’s Hamas rulers have imposed a slew of new taxes on imported clothes and office supplies just ahead of the new school year, sparking limited but rare protests in the impoverished coastal strip. The move by the armed group comes at a time when Gaza’s 2.3 million people are suffering…

Asharq Al-Awsat

Saudi-Greek Partnership to Link Global Digital Economy through Data Cable

Saudi Arabia and Greece have revealed a strategic partnership between the private sectors in the two countries to work on a cable project that will ensure the smooth digital supply of data worldwide at a time when data traffic is growing by more than 30 percent. The partnership was announced…

The Independent UK

US economy likely grew modestly, if at all, last quarter

After going backward from January through March, the U.S. economy probably didn’t do much better in the spring

The Independent UK

Asian shares, oil prices mostly higher after Fed rate hike

Shares are mostly higher in Asia after the Federal Reserve ratcheted up its campaign against surging inflation by raising its key interest rate three-quarters of a point

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The News Lens

What’s Next for China’s Economy?

China’s economy shrunk from April to June compared to the first three months of the year.

Asharq Al-Awsat

Facebook's Meta Posts First-ever Revenue Drop

Facebook-parent Meta reported on Wednesday its first quarterly revenue drop and a plunging profit as the social media powerhouse battles a turbulent economy and the rising phenomenon of TikTok.

The Guardian - UK

Thursday briefing: What the end of the McDonald’s 99p cheeseburger tells us about the economy

In today’s newsletter: Inflation is raising prices in every part of our lives – but McDonald’s price rises tell a deeper story

Dublin Live

Recession Ireland: Top economist warns 'creeping' recession will hit Ireland

There are many indicators that the country is headed for a recession

Chronicle Live

PM hopefuls Liz Truss and Rishi Sunak set out vision for the North

Their comments come after northern newspapers united to demand action on child poverty, the cost of living and levelling up.

The Independent UK

US not yet in recession and 4 other takeaways from the Fed

Jerome Powell delivered a tough message at the start of a news conference Wednesday: Inflation is way too high, and the Federal Reserve is laser-focused on taming it with higher borrowing costs

The Conversation

A hawkish Fed signals further rate hikes and sees a slowing economy – but not recession

The U.S. Federal Reserve hiked its benchmark interest rate by a further three-quarters of a percentage point on July 27, 2022.

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