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The Latest Breaking News on Economy

Britain to unveil anti-inflation budget as recession looms

London (AFP) - The UK's new government on Friday unveils multi-billion-pound measures aimed at supporting households and businesses hit by the highest inflation in decades.

AFP

Minister denies markets fear ‘gamble’ of tax-slashing mini-budget as borrowing costs leap

‘What the markets want to know is whether the UK economy is going to grow’, Simon Clarke insists – as he rejects claims of ‘trickle-down economics’

The Independent UK

Mini-budget 2022: pound crashes as chancellor cuts stamp duty and top rate of income tax – as it happened

Tax cuts to cost Treasury around £37bn in 2023-24, official figures reveal

The Guardian - UK

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Chancellor to set out plans for ‘new era focused on growth’ in mini-budget

Kwasi Kwarteng is expected to explain how the Prime Minister's tax-cutting promises will be put into practice

Wales Online

Asian markets suffer further losses as central banks turn screws

Hong Kong (AFP) - Asian markets fell again Friday as part of a global sell-off fuelled by recession fears after central banks around the world ramped up interest rates to fight decades-high inflation.

AFP

Unprecedented events creating ‘extremely severe’ risk of global recession – economist Adam Tooze

Economic historian says Australia will largely be fine, as long as China pulls off biggest financial feat the world has ever seen

The Guardian - AU

UK in recession and further interest rate hikes probable, Bank of England warns

Threadneedle Street makes clear on eve of tax-cutting mini-budget that plans risk triggering more rate rises

The Guardian - UK

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3 Stocks You Could Take Position in This Week

Recession fears have been mounting as the Fed maintains its aggressive monetary policy stance to bring inflation under control. While the market is expected to remain uncertain in the near term, we think it could be wise to add fundamentally sound stocks Genuine Parts Company (GPC), Albertsons Companies (ACI), and…

StockNews.com

The Fed says this is going to hurt, but it matters who feels the pain

Higher unemployment could be on the way, the central bank suggests.

Axios

Tanaiste confirms Budget 2023 measures just weeks away and will benefit millions

The Tanaiste suggested that those struggling will see more money “in their pockets and off their bills within weeks.”

Irish Mirror

Central banks worldwide tighten policies to cool inflation

The U.S. Federal Reserve has been the most aggressive in using interest rate hikes to cool inflation that is battering both households and businesses this year

The Independent UK

US jobless claims rise slightly, still near lowest since May

Applications for U.S. unemployment insurance ticked up from an almost four-month low, suggesting demand for workers remains healthy despite an increasingly uncertain economic outlook.

Tribune News Service

More Americans apply for jobless aid

The number of Americans filing for jobless benefits rose slightly last week despite the Federal Reserve’s year-long battle against inflation that’s intended to cool the economy and the tight labor market

The Independent UK

Bank of England poised for another big interest rate hike

Britain’s central bank is under pressure make another big interest rate hike Thursday

The Independent UK

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The Independent UK

UK interest rate rise: Biggest hike in 14 years ‘to add £600 to some mortgages’

New interest base rate announced amid ongoing cost of living crisis

AFP

'Very high chance' Hong Kong will end year in recession

Hong Kong (AFP) - Hong Kong is set to end the year in the midst of a full-blown recession, the city's finance chief warned Thursday, as spiralling interest rates join strict Covid-19 controls in hammering the economy.

The Independent UK

Powell's stark message: Inflation fight may cause recession

The Federal Reserve delivered its bluntest reckoning Wednesday of what it will take to finally tame painfully high inflation: Slower growth, higher unemployment and potentially a recession

Salon

Fed hikes interest rates for third time

According to business analysts, the Fed hasn't made a move against inflation quite this aggressive since the 1980s

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AFP

Fed hikes rates again, warns inflation fight can't be 'painless'

Washington (AFP) - The Federal Reserve rolled out another steep increase in the key US interest rate Wednesday and said more hikes are coming as part of the battle to rein in soaring prices -- an aggressive stance that has raised fears of a recession.

AFP

Fed hikes rates again, says inflation fight can't be 'painless'

Washington (AFP) - The Federal Reserve raised the key US interest rate again Wednesday and said more hikes are coming as it battles soaring prices -- an aggressive stance that has raised fears of a recession.

AFP

US Fed raises key interest rate as recession fears mount

Axios

Fed raises rates 0.75 percentage points, signals more to come

New forecasts show the central bank envisions a weaker economy in the coming years.

Evening Standard

Energy help welcome but questions remain

Today, the Government announced a cap on energy bills for businesses from October, which is intended to help them survive in the harsh economic winter. Small- and medium-sized companies in particular need stability and help with rising prices. Today’s announcement will provide some relief and the clarity they have been…

The Hindu

Recession unlikely to hit India due to 'not so coupled' nature with global economy: Rating agency S&P

Paul F. Gruenwald, S&P global chief economist, said a lot depends on how global fund flows behave if there is a recession in the U.S. and Europe.

The Guardian - UK

UK borrows almost twice as much as expected in August

Figure of £11.8bn comes as high inflation drives interest payments to a record for the month

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