Bill Kelty, a mastermind of reforms that set up Australia’s modern economy, has delivered a stinging critique of the economic record of Anthony Albanese and Jim Chalmers.
ANZ chief economist Richard Yetsenga is no alarmist, but he does sound one big alarm for the global economy.
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Two of the most important corridors for international energy shipments are blocked by Iran and its proxies, oil prices are up and the global economy is reeling.
Lutnick said $500bn of estimated $1tn needed to fund checks to all US adults could come from new visa programDonald Trump’s controversial proposal to give a $5,000 “dividend” to all US adults if Republicans maintain control of Congress in November’s elections would not be paid out from US tax revenues, according to the US commerce secretary, Howard Lutnick.“It’s not tax money,” Lutnick said in an interview with NBC News, adding that the administration could “earn the money that Donald Trump wants to pay out, not from the deficit and not from taxpayers”. Continue reading...
Henrik Zeberg, an economist who studies business cycles, laid out his timeline for how and when a downturn could hit markets and the economy.
Russia’s full-scale war in Ukraine cost Poland an estimated €113.4 billion between 2022 and 2025, according to Statistics Poland. The losses include reduced economic output, higher inflation, lower real wage growth, and increased defense and Ukraine-related spending.
Sweden votes on Sunday as voters weigh migration, crime, the economy and whether the far right will enter government.
US president will hold talks with Ireland’s leftwing president Catherine Connolly, and play golfDonald Trump has touched down in Dublin this morning for a two-day visit to Ireland, where he will hold talks with the Irish president and prime minister, and play golf.The weekend visit coincides with the Irish Open, a major golf tournament taking place at the beachfront Doonberg golf course owned by the US president.Many in Ireland are rooting for Connolly to let rip at Trump for his policies and rhetoric on immigrants and the Middle East. Others hope she will stifle any criticisms to avoid provoking a visitor who could upend Ireland’s economy.” Continue reading...
Hong Kong — Rachel Xia has grown quite used to flying solo in the decade since leaving her hometown…
A slow rollout will disappoint investors. A fast one risks undermining the industry’s own foundations. But managed carefully, this is a technology that could benefit us all
London — A narrow waterway located at the mouth of the Red Sea between Yemen and Djibouti has provided…
The record price of diesel threatens to stoke inflation at a time when consumers are already price-sensitive and businesses are reeling from higher costs due to trade tensions. Why it matters: Diesel is a key cost throughout the supply chain, meaning soaring prices could eventually show up in what consumers pay for everything from groceries to household goods.Driving the news: The national average price of a gallon of diesel topped $6 for the first time ever, AAA said Friday, Axios' Ben Berkowitz reports.That's up 60% from a year earlier.Between the lines: Food prices could be among the first places consumers feel the ripple effects, executives said this week.At grocery chain Kroger, which has been trying to keep a lid on prices: "I would expect that the pressure is actually going to mount," CEO Greg Foran said Friday on an earnings call.At pork producer Smithfield Foods: "That impact is beginning to flow through in the second half of the year," CFO Mark Hall said Thursday.At Hormel Foods: "With the Iran war and the spike in diesel costs, that's been something we've had to confront," interim CEO Jeffrey Ettinger said Wednesday.But the effects extend well beyond food.For example, at Newell Brands — whose portfolio includes Rubbermaid, Sharpie and Coleman — the inflationary impacts of energy costs have far exceeded the company's initial estimates."It's either resin, which is obviously dependent on the price of oil, or it is direct transportation costs, i.e., diesel," CFO Mark Erceg said Tuesday.The big picture: Energy prices have spiked since President Trump launched the war with Iran, which prompted the closure of the Strait of Hormuz, a key shipping lane.The latest Energy Information Administration outlook expects retail diesel to average $4.40 a gallon in 2027, up 33 cents, or 8.2%, from its previous forecast of $4.07, Axios' Rebecca Falconer and Ben Geman reported.The average price of unleaded gasoline has also spiked, rising by $1.11 over the last year to $4.30 per gallon as of Friday, according to AAA.By the numbers: 47 of the 50 states have experienced an increase in average diesel prices of more than $2 per gallon over the last year, according to GasBuddy analyst Patrick De Haan.The economy is facing an extra $300 million in diesel costs every 24 hours.California is poised to become the first state with average diesel prices above $8 — with many stations already above $9, according to GasBuddy.The bottom line: Record diesel prices are turning the energy shock into a broader cost shock for businesses and consumers.
The cost of diesel hit $6 a gallon for the first time ever this week. It could be another blow to consumers already feeling the sting of high inflation.
Resilient start to third quarter comes as surging oil price reignites inflation fears
WASHINGTON — U.S. inflation accelerated last month as gas prices spiked in the wake of renewed fighting in the Middle East, underscoring the affordability challenges that are top of mind for many voters with midterm elections now just seven weeks away. The consumer price index rose 3.4 percent last month compared with a year ago, the Labor Department said Friday, just like July. But inflation quickened month to month as costs jumped 0.4 percent from July, quadrupling the 0.1 percent registered in the previous month. Inflation remains stubbornly elevated more than five years after prices soared as the economy emerged from the pandemic. Friday's report increases pressure on the inflation-fighters at the Federal Reserve to boost their benchmark interest rate next week, which could lift mortgage and auto loan costs in the months ahead. Federal Reserve Chair Kevin Warsh and other Fed officials have signaled they would need to see continuing disinflation to leave rates where they are. "Today’s August report did not deliver that,” said Kathy Bostjancic, chief economist at Nationwide. Price
We are seeking readers who can help us understand how the Trump administration’s sweeping changes to immigration policy are affecting businesses, workers and the economy.
Anthropic has built a model of how AI might reshape the US economy by 2030. Its most extreme case describes an economy roughly a third larger than it would otherwise be. That same case carries knowledge-work unemployment near 18 percent. The company published the model on 10 September as an interactive scenario explorer, based on […] This story continues at The Next Web
UK military chiefs say Putin entrenched in Ukraine war despite 1.5 million casualties, a plunging economy and yawning gaps in his labour force - and Ukraine faces a tough winter
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It comes after France's national statistics office lowered its forecast for 2026 growth from 0.7% to 0.4% and warned that the French economy was "losing ground."
Korea's economy continues to show solid signs of recovery, supported by robust exports and improving domestic consumption, the finance ministry said Friday. The Ministry of Finance and Economy offered the assessment in its monthly economic report, known as the Green Book, maintaining its positive assessment from the August report while noting that uncertainties surrounding the war in the Middle East persist. "Recently, the South Korean economy has been showing solid signs of recovery, supported by a substantial increase in exports and improving domestic consumption," the report said. Korea's exports surged 68.7 percent in August from a year earlier, buoyed by strong semiconductor shipments. "However, as uncertainties related to the war in the Middle East have widened somewhat, pressure on people's livelihoods continues amid inflation caused by high oil prices and employment difficulties faced by vulnerable groups and sectors," it added. In August, Korea added 184,000 jobs from a year earlier, while the unemployment rate remained unchanged at 2 percent. The increase marked the largest gain
Online media stars eager to promote President Trump and Republicans worked to find a message that would resonate with an audience that is struggling with an affordability crisis.
ASTANA – The global energy transition is often discussed through the language of climate targets, emissions cuts and…
Recent comments by Portugal's prime minister have prompted discussion about which EU country currently has the best-performing economy and employment growth rate.
The UK economy grew by a much better than expected 0.4% in July - but experts warn a slowdown is looming amid jump in Iran war related costs
Gross domestic product (GDP) increased by 0.4% in July, following growth of 0.3% in June, official figures showed.
Welcome boost for chancellor with unexpected rise put down to rapid growth of AI in services sector outweighing Iran war fallout The UK economy grew in July as the rapid expansion of AI appeared to outweigh the economic damage from the Iran war, in a welcome boost for John Healey.Figures from the Office for National Statistics (ONS) showed a surprise 0.4% increase in gross domestic product (GDP), compared with 0.3% growth in June. City economists had forecast zero growth. Continue reading...
This blog is now closedGet our breaking news email, free app or daily news podcast‘Profound’ increase in death rate for welfare recipients, report findsPeople receiving an income support including disability, unemployment or carers payments had an average mortality rate more than nine times higher than people who did not access the welfare system, AAP reports.I think if One Nation and the Greens are voting together, the Greens are voting the wrong way on climate. … I’m very pleased that this passed the parliament. I’m very pleased that the Greens party room worked with me, the majority.This was a good day yesterday because it’s practical action. … [It’s] good for emissions, and also providing a route for investment and economic development in the regions where this logging has occurred and where now the economy can be diversified. Continue reading...
U.S. diesel prices hit their highest level ever as fuel supply disruption stemming from the Ukraine and Iran wars lifts transportation costs.
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GDP increased by 0.4% in July, up from 0.3% in June, the Office for National Statistics said.
Increased use of AI helped the UK economy grow by 0.4 per cent in July, official figures show, in an unexpected boost for Andy Burnham.
CHUNCHEON, Gangwon Province — Famous for its stir-fried and grilled chicken dish, known in Korean as dakgalbi, Chuncheon has long drawn visitors from across the country to its local eateries. The city is now putting that culinary appeal at the center of the government’s fledgling initiative to revitalize domestic tourism by linking local food with popular tourist attractions. In June, the Ministry of Agriculture, Food and Rural Affairs announced "K-Chicken Belt," a vetted list of 552 restaurants and venues in 30 cities known for chicken dishes. As the city representing dakgalbi in the program, Chuncheon and KORAIL Tourism Development have jointly launched a tourism package featuring the city’s famed foods, traditional liquors, sightseeing destinations and local experience spots. The Korea Food Promotion Institute under the ministry is organizing the program. The package, available for a limited period in October through KORAIL's tourism package online sale platform, includes meals of dakgalbi, grilled barbecue chicken, makguksu (buckwheat noodles), fine-dining restaurants and a p
Twenty-five years after the September 11 attacks, we report on how this event changed America and the world. Also on the show: exclusive interviews with the EU's economy chief Valdis Dombrovskis, Norway's FM Espen Barth Eide, and Brazil's Ambassador to the EU Pedro Miguel da Costa e Silva.
The grouping accounts for a bigger share of the world economy than the G7
Anthropic has published an economic model projecting how AI might reshape the US economy by 2030, and its three scenarios range from barely perceptible to a boom with no historical precedent, including one in which GDP grows 15% a year while nearly a fifth of office workers are out of a job.
Days after the US announced new trade measures against Canada, Prime Minister Mark Carney on Thursday said that his government is not planning to retaliate and is instead focusing on strengthening domestic economy.