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The Latest Breaking News from Economy

Top-Line Beat, Bottom-Line Miss, Inflationary Pressures: Hooker Furnishings' Mixed Q1 Results

Hooker Furnishings Corp (NASDAQ:HOFT) reported a first-quarter FY23 sales decline of 9.5% year-on-year to $147.3 million, beating the consensus of $145.35 million. Net sales from Hooker Branded segment decreased by 17.7% Y/Y, Home Meridian declined 26.4%, and Domestic Upholstery gained 62.2%. The gross profit rose 12.3% Y/Y to $29.5 million, and the margin…

Benzinga

More Americans apply for jobless benefits last week

More Americans applied for jobless aid last week but the total number of Americans collecting unemployment remains at a five-decade low

The Independent UK

Current account deficit likely to hit three-year high at $43.8 billion in FY22

Exports could face significant headwinds from rising uncertainty and volatility in the global economy primarily because of the spike in commodity prices, especially crude oil after Russia invaded Ukraine

The Hindu

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Airbnb host restrictions ‘could cost Scottish economy millions’

Councils must devise a licensing system for short-term rentals by October, with operators required to get a licence by July 2024

Insider UK

The Standard View: With the economy set to flatline, where’s the plan for growth?

It’s official, the cost of filling up an average tank of petrol has hit £100, driven by the continued surge in oil prices.

Evening Standard

Will RBI's rate hike really tame inflation?

NEW DELHI: The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised the policy rates by 50 basis points (bps) on June 8, following the inter-meeting hike of 40bps in May. This has brought the repo rate to 4.90%. The back-to-back hikes signal that inflation has been reinstated as…

The Times of India

More than 400 new jobs coming to Ellesmere Port

Plans for a new development in the town could boost the local economy by up to £72 million

Liverpool Echo

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TECOM Offers 625 Million Shares on Dubai Financial Market

A major free zone operator in Dubai said Thursday it would make an initial public offering on the local stock market. The TECOM Group plans to offer 625 million shares on the Dubai Financial Market. TECOM said it planned to offer investors dividends of $218 million a year for the…

Asharq Al-Awsat

Deglobalization Is Not Inevitable

How the World Trade Organization Can Shore Up the Global Economic Order

Foreign Affairs

Europe's 1st rate hike in 11 years looms amid high inflation

It's decision time again for the European Central Bank

The Independent UK

Galloway national park could be a "game changer" for region's economy

The process for creating a third national park in Scotland is under way with the issue debated at the Scottish Parliament on Tuesday

Daily Record

Petrol retailers told not to rip off motorists as price at the pumps soars above £100-a-tank

Michael Gove said an ‘eagle eye’ would be kept on garages to ensure they are not making ‘excess profits’

Evening Standard

Goldman, Nomura see Thailand embarking on rate-hike cycle

The Bank of Thailand (BoT) is set to raise rates from August to quell persistently high inflation, according to analysts, ending a three-year long easy monetary policy stance to shield the Covid-19 pandemic-hit economy.

Bangkok Post

Peel Hunt feels the pain as flotation market sinks

The extent of the strife in the City was laid bare today when investment bank Peel Hunt reported a crash in profits as company floats dry up and clients fret about the global economy.

Evening Standard

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Al Jazeera

Russia-Ukraine war: List of key events, day 106

As the Russia-Ukraine war enters its 106th day, we take a look at the main developments.

Zenger

Big Blockchain Conference Is Back

Istanbul event in July will feature major players and tackle the biggest issues in the crypto world.

Bristol Post

Russia is only country set for worse economic growth than UK

Inflation in UK is also set to hit 10 per cent according to several reports

The Guardian - UK

Cost of filling petrol car hits £100 in ‘truly dark day’ for drivers; ECB plans July rate rise – as it happened

UK fuel prices keep climbing and European Central Bank signals end of ultra-loose monetary policy

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Asharq Al-Awsat

UAE Cabinet Inaugurates New Era Under Mohammed Bin Zayed’s Vision

Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, affirmed Wednesday that the UAE begins a new era of prosperity and growth under the leadership of the new President. The PM spoke during the first cabinet meeting held after the election of Sheikh Mohammed bin…

The Hindu

Morning Digest | Indian economy well placed to deal with challenges, says RBI Governor; Iran says it’s ‘Satisfied’ with action against BJP spokespersons, and more

A select list of stories to read before you start your day

The Guardian - AU

Global supply chain crisis fuels push to local manufacturing as China’s appeal dims

Analysis: US to examine with fresh urgency easing reliance on China as pandemic disruptions expose global economic vulnerabilities

Wales Online

Economic growth set to 'grind to a halt'

Warning of inflation reaching 10% in final quarter of year

Al Jazeera

Latest Ukraine updates: Putin likens himself to Peter the Great

Ukraine news from June 9: President speaks of Russia’s need to ‘take back [territory] and defend itself’.

Reuters

In another reset, PM Johnson pitches plan for UK economy, housing

Prime Minister Boris Johnson told Britons on Thursday he was "on your side", vowing to build a high-growth, low-tax economy where everyone could buy their own home, in his latest attempt at a reset after surviving a major revolt against his leadership.

The Guardian - UK

UK economy ‘will grind to a halt’ and then shrink, BCC forecasts

Business group downgrades its outlook for growth next year to 0.6% as inflation soars

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