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The Latest Breaking News from Economy

Thailand's economy is expected to grow 3.5% this year, down from an earlier projection of 4.0%, Prime Minister Prayut Chan-o-cha said on Tuesday, noting how the Russia-Ukraine war could slow the economies of the country's trading partners.

Bangkok Post

Global problems may exacerbate shortages in N.Korea's isolated economy

North Korea's isolated economy will not be insulated from global economic headwinds caused by the Ukraine war and the COVID-19 lockdowns in China, analysts said, with recently resumed border trade taking a hit and inflation exacerbating food shortages.

Reuters

Slovakia says it will seek exemption from any EU embargo on Russian oil

Slovakia will seek an exemption from any embargo of Russian oil agreed by the European Union in its next set of sanctions against Moscow for its invasion of Ukraine, Slovakia's Economy Ministry said on Tuesday.

Reuters

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The Pilbara is a powerhouse of the Australian economy, so why have its major towns not thrived as well?

Poor planning, a narrow industry base of FIFO workers, cyclones, heat and dust. Many obstacles stand in the way of the Deputy PM's dream of a Newcastle-sized city in the Pilbara, says an academic.

ABC News

‘I can’t see it getting any better’: could the UK be heading for a recession?

Small business owners are already being hit as consumers cut back on non-essentials

The Guardian - UK

Victorian budget 2022 piles on debt to pump money into strained health system, education

Victoria's election-year budget will pile on debt to fix the state's beleaguered health system and continue to pump money into education and transport, all while it attempts to claw back a modest surplus in just four years.

ABC News

‘Not a businessman’: Hong Kong’s next chief faces test on economy

John Lee to take over business hub as economy languishes after two years of political crackdowns and pandemic controls.

Al Jazeera

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Why Today’s Market Differs from the Stagflationary Stock Market Seen in the 70s

Monday stocks retested the S&P 500’s (SPY) lowest levels of the 2022 correction. Yes, shares bounced higher into the open. Unfortunately that tells us nothing about what comes next. So let's explore what is causing stocks to push to new lows...what the tea leaves say about where stocks go from…

StockNews.com

3 Reasons to Remain Bullish on U.S. Banks

As of this past Friday, 17 of the 18 banks in the S&P 500 have reported results for the first quarter and not only have the quantitative results been supportive of strong fundamentals, but the tone from management teams has also been consistently positive about business trends.

Benzinga

Victoria’s treasurer flags surplus in 2025/26 ahead of the state budget

Tim Pallas says Tuesday’s budget shows the state performed better than expected this financial year

The Guardian - AU

India's unemployment rate rose to 7.83% in April: CMIE

MUMBAI: The unemployment rate in the country grew to 7.83 per cent in April from 7.60 per cent in March, according to the Centre for Monitoring Indian Economy (CMIE) data.

The Times of India

Germany Drops Opposition to Russian Oil Ban, Ministers Say

Two senior ministers in Chancellor Olaf Scholz's government on Monday said Germany would be ready to back an immediate European Union ban on Russian oil imports, and that Europe's biggest economy could weather shortages and price hikes. The comments by Finance Minister Christian Lindner and Economy Minister Robert Habeck are…

Asharq Al-Awsat

Morrison offers sympathy over rate rise

As the Reserve Bank decided on its first cash rate lift in almost 12 years, Scott Morrison says he understands some home borrowers will face tougher times.

AAP

Met Gala organizers face criticism for ‘Gilded Glamor’ theme amid inflation

Theme pays homage to period of prosperity, industrialization and growth in US from 1870 to 1890, leading some to call it ‘out of touch’

The Guardian - US

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The Independent UK

Fed to fight inflation with fastest rate hikes in decades

The Federal Reserve is poised this week to accelerate its most drastic steps in three decades to attack inflation by making it costlier to borrow — for a car, a home, a business deal, a credit card purchase — all of which will compound Americans’ financial strains and likely weaken…

The Conversation

Fed hopes for ‘soft landing’ for the US economy, but history suggests it won’t be able to prevent a recession

The Federal Reserve will likely soon learn what gymnasts already know: sticking a landing is hard.

Axios

April was the worst month for stocks since COVID first hit

Worries about Fed tightening collided with signals of a weaker economy

Asharq Al-Awsat

Sisi: Mega Projects Support Egypt’s 'Resilience'

Egyptian President Abdel Fattah al-Sisi said the successive achievements and the national megaprojects have helped Cairo overcome the recent international crises, in reference to the impacts of the Russian-Ukrainian war and the COVID-19 pandemic. In his speech on Sunday marking the occasion of Labor Day, Sisi mentioned the support and…

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Reuters

Germany drops opposition to Russian oil ban, ministers say

Asharq Al-Awsat

Saudi Arabia, Pakistan Discuss Boosting Relations, Development

Saudi Arabia affirmed its continuous support for Pakistan and its economy and increasing investment cooperation with Islamabad. Saudi Crown Prince Mohammed bin Salman received Pakistani Prime Minister Mohammad Shehbaz Sharif in Jeddah. During the visit, the two sides exchanged views on issues of mutual concern at the regional and international…

Financial Times

The global stagflation shock of 2022: How bad could it get?

The double blow of pandemic and war has caused inflation to surge and growth to slow around the world. But experts do not expect a return to the 1970s

Al Jazeera

Russia-Ukraine latest updates: Germany ‘ready’ to ban Russian oil

Ukraine news from May 2: Economy minister says Berlin could back embargo, as EU energy ministers debate fresh sanctions.

ABC News

With interest rates about to start rising, experts estimate almost 300,000 mortgage borrowers are at serious risk of default

As interest rates rise, almost 300,000 people who took large and risky home loans during the pandemic could fall into severe financial hardship or even default.

Asharq Al-Awsat

Germany: Quitting Russian Oil by Late Summer Is ‘Realistic’

Germany says it’s making progress on weaning itself off Russian fossil fuels and expects to be fully independent of Russian crude oil imports by late summer. Economy and Climate Minister Robert Habeck said Sunday that Europe’s largest economy has reduced the share of Russian energy imports to 12% for oil,…

Asharq Al-Awsat

Saudi Economy Grows by 9.6% in 1st Quarter of 2022, its Highest Since 2011

The General Authority for Statistics (GASTAT) published flash estimates of the Saudi Gross Domestic Product (GDP) growth rate for the first quarter of 2022, reported the Saudi Press Agency. The figures reveal that the GDP has made the highest growth rate in 10 years, achieving a growth of 9.6% during…

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