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The Latest Breaking News from Economy

Equinor (EQNR) Scores Deal To Acquire East Point Energy

Equinor ASA EQNR entered an agreement to acquire battery storage developer East Point Energy LLC, marking its entry into the U.S. power market through flexible assets. The agreement backs Equinor's strategy of a clean energy economy and would provide a forum to expand its contributions in the United States.

Benzinga

Indian economy to grow 7.1-7.6% in current fiscal: Report

NEW DELHI: Indian economy is projected to grow 7.1–7.6 per cent in the current financial year despite shifting geopolitical realities across the world, a report said on Wednesday.

The Times of India

Big Tech’s reckoning won’t stop with Uber

Life for big tech companies looks increasingly different to how it did five years ago. Back then, Uber Technologies Inc. used a secret “kill switch” to thwart police from probing its data systems in more than a dozen countries. It forged into cities where its gig-economy model broke local rules,…

Tribune News Service

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Cheap Chinese steel 'set to flood UK if trade measures are axed'

The warning comes after the Trade Remedies Authority recommended scrapping protections aimed at stopping imports of low-cost metal overwhelming British producers

Daily Mirror

Scorching inflation hit 9.1% in June, highest since 1981

The price shock is tanking Americans' view of the economy.

Axios

UK economy shows unexpectedly strong growth in May

Britain’s economy showed unexpectedly strong growth in May, with the three major components of production— manufacturing, construction and services — all posting gains

The Independent UK

Scotland reacts to Rishi Sunak's pledge to 'run economy like Thatcher'

SCOTS have reacted in outrage after Tory leadership frontrunner Rishi Sunak pledged to “run the economy like Margaret Thatcher”.

The National (Scotland)

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Commentary: The Sriracha shortage, or as my wife might call it: Our long, heatless summer

We all have a very full platter this summer. A sinking economy. Scandalously high gas prices. An obstinate, and reemerging, coronavirus. War in a foreign land. Cryptocurrency collapse. And then there are the shortages. Tampons, baby formula and the one my wife brought to my attention — the Sriracha shortage.

Los Angeles Times

Economy Minister Vaughan Gething on tourism taxes, holiday home rules and Brexit

The minister was in North Wales and defended moves to add taxes and rules on the tourism sector

Birmingham Post

Surprise news of UK growth masks increasing pain from inflation

Analysis: May is only one month and there is likely to be a sharp contraction in June

The Guardian - UK

Explainer: Why Sri Lanka is in economic freefall and Gotabaya Rajapaksa fled

COLOMBO: Sri Lanka’s president has fled the country and the prime minister has promised to resign in the face of massive protests and the economy’s collapse.

The Times of India

FTSE 100 Live: US inflation highest since 1981, UK economy posts surprise growth

US inflation data soared past analyst expectations to hit 9.1% in June, the higest jump since 1981.

Evening Standard

UK economy rebounds by 0.5% despite cost-of-living crisis

Growth witnessed across all main sectors – but ONS warns inflationary pressures could see this falter

The Independent UK

UK economy sees tiny growth of 0.5% after months of shrinking and recession fears

The economy has returned to growth, but this has been driven by more people visiting the doctor and booking holidays, with some economists predicting a further slowdown

Daily Mirror

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The Guardian - UK

UK economy returns to growth thanks to holiday boom and GP visits

GDP rose by 0.5% in May after revised 0.2% decline for April, says ONS

Evening Standard

UK GDP rises by 0.5 per cent in May

Increase in output was bigger than expected in the City

The Guardian - UK

Stick with net zero targets for good of economy, businesses urge next PM

Groups representing Unilever and Amazon say long-term targets will boost investment and provide jobs

The Guardian - UK

US inflation hits new 40-year high; euro dips below dollar for first time since 2002 – as it happened

Stocks fall after US inflation jumps to 9.1%, as UK economy grows faster than expected by 0.5% in May

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The Independent UK

EXPLAINER: What's happened and what's next in Sri Lanka

Sri Lanka’s president, who had announced he would resign Wednesday, has fled the country after months of turmoil culminated in protesters converging on the presidential palace

Reuters

Shanghai sweats over small, but stubborn COVID outbreak already hampering economy

Anxiety levels rose along with temperatures in Shanghai on Wednesday, as medical workers sweated beneath their hazmat suits while administering compulsory mass testing for COVID-19 in a city that recently emerged from a painful two-month lockdown.

Bangkok Post

Baht in spotlight after hitting 7-year low

The currency of Southeast Asia's second-largest economy hit a seven-year low of 36.35 baht against the greenback last week. Nonetheless, analysts feel upbeat about the baht's future in the second half of this year.

The Independent UK

Rishi Sunak would run economy ‘like Margaret Thatcher’ and ‘cut taxes responsibly’

Former chancellor has set out his economic vision as detractors accuse his camp of ‘dirty tricks’

The Independent UK

Common sense Thatcherism needed for UK economy, says Sunak

The former chancellor told the Telegraph newspaper that his economic vision amounted to ‘common sense Thatcherism’.

The Conversation

Guilt, shame, dissatisfaction: workers and customers on the gig economy (and how to make it better)

The gig economy is in trouble. Rideshare drivers are cancelling in droves. Wait times for food delivery are ballooning out and driver shortages are leading to food waste.

The Conversation

NZ has reached 'full employment' – but not all workers will benefit from a tighter labour market

New Zealand’s unemployment rate hit a low of 3.2% in the fourth quarter of 2021 and again in the first quarter of this year. That’s the lowest the rate has been since at least 1986, both overall and separately for men (3.1% in both quarters) and women (3.3% in both…

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