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The Latest Breaking News from Economy

What It Means For US Stocks To Be In A Bear Market

Wall Street has officially fallen into a bear market as investor sentiment is hammered by soaring inflation, rising interest rates and worries about a looming recession in the world’s largest economy.

Benzinga

Powell says recession 'a possibility' but not likely

Federal Reserve chairman Jerome Powell vowed to bring inflation back down to 2%. Some lawmakers worry the Fed's efforts to control inflation could tip the economy into recession.

WEKU

Germany Is Stepping up to its Security Duties to Allies, Says Scholz

Germany is upgrading its army so it can defend its allies as well as itself, stepping up to the responsibility befitting it as Europe's biggest and most populous economy, Chancellor Olaf Scholz said in an unusually bellicose speech on Wednesday. Scholz, who took office in December, has faced accusations of…

Asharq Al-Awsat

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Powell says soft landing ‘very challenging,’ recession possible

Federal Reserve Chair Jerome Powell gave his most explicit acknowledgment to date that steep rate hikes could tip the US economy into recession, saying one is possible and calling a soft landing “very challenging.”

Tribune News Service

Economics expert explains why inflation has reached a 40-year high

PRICES are continuing to rise at the fastest rate in 40 years, latest figures show.

The National (Scotland)

Yes, a recession looks inevitable. But it may not be that bad. Here’s why

WASHINGTON — Whether it’s President Joe Biden insisting a recession is avoidable or his critics arguing that the wolf is at the door, both sides are acting as though the nation faces an unprecedented catastrophe.

Los Angeles Times

Brexit minister Jacob Rees-Mogg refuses to say how quitting the EU has impacted UK economy

Put on the spot by The Standard, he said: ‘I’m not going to get into that game.’

Evening Standard

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Fed chief vows to keep raising rates until ‘compelling evidence’ of falling inflation

Senator Elizabeth Warren criticizes the Fed’s rate moves, expressing fear that rate hikes will ‘drive this economy off a cliff’

The Guardian - US

Without a proper plan, stagflation will be the least of Britain’s problems

Rising prices and recession mean the last thing the government should do is muddle through and leave everything to the market, writes economics editor Larry Elliott

The Guardian - UK

Worst natural disaster in eight years kills 1,000 in Afghanistan

At least 1,000 people have been killed and hundreds more injured after a powerful earthquake hit southeastern Afghanistan overnight, setting off a new humanitarian crisis in a country already facing a crumbling economy and hunger.

Tribune News Service

Billionaire Ray Dalio Warns Of Stagflation, Calls Fed 'Naïve And Inconsistent' For Raising Interest Rates

Billionaire hedge fund manager Ray Dalio recently offered his take on whether rising interest rates could help improve the economy.

Benzinga

$1-trillion scope for digital economy: PM Modi

Xi Jinping cautions against ‘bloc confrontation’

The Hindu

Powell: Fed will decide on rate hikes 'meeting by meeting'

Federal Reserve Chair Jerome Powell underscored the Fed’s determination to raise interest rates high enough to slow inflation, a commitment that has fanned concerns that the central bank’s fight against surging prices could tip the economy into recession

The Independent UK

Expecting 7.5% economic growth rate this year: PM Modi

NEW DELHI: The government expects Indian economy to grow by 7.5 per cent this year, Prime Minister Narendra Modi said on Wednesday.

The Times of India

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Daily Record

Boris Johnson told 'get on with the job' by Keir starmer as country faces more rail strikes and soaring inflation

At Prime Minister's Questions, the Tory leader came under fire for his handling of the economy and the rail strikes.

Reuters

Could Germany keep its nuclear plants running?

Every domestic energy source, including nuclear power, is under consideration as Germany seeks to fuel its economy and ward off a recession considered likely if faltering Russian gas supplies stop completely.

Tribune News Service

Sri Lanka’s economy has ‘collapsed,’ prime minister says

Sri Lanka’s economy has “completely collapsed” and an agreement with the International Monetary Fund is the only path to revival, Prime Minister Ranil Wickremesinghe told the parliament on Wednesday.

The Guardian - AU

Family of Hungry Panda delivery rider killed at work awarded $834,000 in landmark decision

Family to receive compensation for death of Xiaojun Chen in what union says is first case where a gig economy worker has been considered an employee

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Wales Online

Teachers call for inflation-beating pay rise and warn of strike action

NEU says average teacher salaries are at their lowest level compared to average earnings across the economy in over 40 years

Birmingham Post

Meet the new chair of East Midlands Freeport

It has been argued that freeport will support 61,000 jobs and bring an extra £8.9bn into the local economy over 30 years

Birmingham Post

UK-GCC trade deal could add £130m to Welsh economy says Government

Talks for a trade agreement between the UK and the Gulf Cooperation Council start in Riyadh, Saudi Arabia today

Asharq Al-Awsat

UAE Boosts ‘Self-Sufficiency’ Through Industrial Localization

UAE's Minister of Industry and Advanced Technology Sultan al-Jaber said that the COVID-19 pandemic and recent geopolitical challenges disrupted supply chains and affected the global economy, "an experience from which we extracted many lessons." The Minister explained that one of the most important lessons is that "regardless of global economic…

Chronicle Live

North East set to take the hardest hit from Brexit, report says

Report from the Resolution Foundation says that Brexit has damaged Britain's competitiveness and will hit wages in the years ahead

The Independent UK

Sri Lanka PM says economy 'has collapsed,' unable to buy oil

Sri Lanka’s prime minister says its debt-laden economy has “collapsed" after months of shortages of food, fuel and electricity

Dublin Live

Leo Varadkar refuses to 'definitively rule out' emergency budget measures to tackle fuel crisis

Mr Varadkar said that Ireland's economy was in a good position and the Government would be able to help people with the cost of living

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