The Asian Development Bank cut its economic growth forecast for developing Asia amid rising interest rates, a prolonged war in Ukraine and China's Covid Zero policy.

World Business Watch: Asian development bank cuts growth forecast for year 2022-23

American Express is looking to hire around 1,500 people for technology roles, shrugging off fears of an economic slowdown that has prompted other US financial companies to cut jobs in recent months.

World Business Watch: American Express to hire 1,500 tech staff by year-end

The world's largest economy, the United States of America is struggling with a 40-year high inflation. US federal reserve is poised to unleash another interest rate hike on Wednesday after the latest data showed a worrying US inflation picture.

World Business Watch: US Fed reserve set for another rate hike on Wednesday

United Kingdom's new business secretary Kwasi Kwarteng is set to announce $30 billion in tax cuts in his emergency budget on Friday. The new chancellor is said to believe the changes will ease the cost of living and boost economic growth.

UK's new business secretary expected to announce $30 billion in tax cuts this week

The major challenge ahead of UK's newly appointed Prime Minister Liz Truss is to uplift the country's economy. Truss' economic plans have been temporarily halted due to Queen's demise.

WION Fineprint| UK PM faces major economic challenges; Truss warned of 'mass bankruptcies'

US railroad workers are close to striking over claims that grueling schedules and poor working conditions have been driving employees out of the industry over the past several years. The looming strike could paralyse the nation's supply chain and transportation.

Possible US Railroad strike could fuel more inflation, cripple transportation

Japan's core machinery orders extended gains in July, raising hopes business growth spending may offset near-term headwinds from a global economic slowdown and a weaker yen.

World Business Watch: Japan's machinery orders post surprise gains in July

A number of Japanese men and women say they do not want to marry, a trend that experts fear may weaken attempts to address the country's population crisis.

Japan's birthrate has been affected by the decrease in marriages as a result of the country's potential for rapid population loss, a declining workforce, and a shrinking economy.

The National Institute of Population and Social Security, a government-affiliated organisation in Tokyo, anticipates that as per the 2021 survey result, there will be increased worries about the low birth rate.

<a href="https://www.wionews.com/world/japan-moves-towards-low-and-non-alcoholic-drinks-amidst-massive-demand-515329">Also read |&nbsp;Japan moves towards low- and non-alcoholic drinks amidst massive demand</a>

The survey revealed that 17.3 per cent of males and 14.6 per cent of women aged between 18 and 34 said that they do not intend to get married in the future, the highest per cent since a 1982 survey, in which only 2.3 per men and 4.1 per cent women stated that they would not get married, The Guardian reported.

In addition to this, an increasing desire among young working women to benefit from the freedoms that come with their being unmarried has contributed to the trend to a number of other causes. However, men claim to enjoy being single as well, but they also expressed their worries about their employment and ability to support their families.

<a href="https://www.wionews.com/world/japanese-voters-re-elect-okinawas-governor-who-wants-smaller-us-military-footprint-on-chain-of-islands-515178">Also read |&nbsp;Japanese voters re-elect Okinawa's governor who wants smaller US military footprint on chain of islands</a>

Experts have urged Japan to urgently address Japan's infamously long working hours to make it simpler for working women after having kids.

When asked about an "ideal" lifestyle, nearly 40 per cent of men and 34 per cent of women said being able to balance work and children. Additionally, less than 7 per cent of men stated that they would want their spouse to take care of the family while staying at home, which implies a changing attitude regarding gender roles.

The health ministry June reported that the birth rate in Japan in 2021 had decreased by 29,231 from the previous year to a record low of 811,604.

(With inputs from agencies)

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A number of Japanese men and women say they do not want to marry, a trend that experts fear may weaken attempts to address the country's population crisis. Japan's birthrate has been affected by the decrease in marriages as a result of the country's potential for rapid population loss, a declining workforce, and a shrinking economy.

A number of Japanese men and women say they do not want to marry, a trend that experts fear may weaken attempts to address the country's population crisis. Japan's birthrate has been affected by the decrease in marriages as a result of the country's potential for rapid population loss, a declining workforce, and a shrinking economy. The National Institute of Population and Social Security, a government-affiliated organisation in Tokyo, anticipates that as per the 2021 survey result, there will be increased worries about the low birth rate. Also read | Japan moves towards low- and non-alcoholic drinks amidst massive demand The survey revealed that 17.3 per cent of males and 14.6 per cent of women aged between 18 and 34 said that they do not intend to get married in the future, the highest per cent since a 1982 survey, in which only 2.3 per men and 4.1 per cent women stated that they would not get married, The Guardian reported. In addition to this, an increasing desire among young working women to benefit from the freedoms that come with their being unmarried has contributed to the trend to a number of other causes. However, men claim to enjoy being single as well, but they also expressed their worries about their employment and ability to support their families. Also read | Japanese voters re-elect Okinawa's governor who wants smaller US military footprint on chain of islands Experts have urged Japan to urgently address Japan's infamously long working hours to make it simpler for working women after having kids. When asked about an "ideal" lifestyle, nearly 40 per cent of men and 34 per cent of women said being able to balance work and children. Additionally, less than 7 per cent of men stated that they would want their spouse to take care of the family while staying at home, which implies a changing attitude regarding gender roles. The health ministry June reported that the birth rate in Japan in 2021 had decreased by 29,231 from the previous year to a record low of 811,604. (With inputs from agencies) WATCH WION LIVE HERE

Young Japanese men and women do not intend to get married, says survey 

Economists are becoming more pessimistic about Germany than they have been since the 2008 financial crisis. The Europe's biggest economy is facing significant pressures at the moment, here's our report.

Pessimism over German economy grows, recession inevitable for Germany?

USA's attempt to kick start the Indo-Pacific Economic Framework (IPEF) may have been dealt an early blow as India walked out of the trade talks. Reportedly, in a statement released after two days of negotiations in Los Angeles, the US side released a statement explaining India's position.

USA's attempt to kick start the Indo-Pacific Economic Framework (IPEF) may have been dealt an early blow as India walked out of the trade talks. Reportedly, in a statement released after two days of negotiations in Los Angeles, the US side released a statement explaining India's position. “India is not now in the ‘trade pillar’. However, minister (Piyush) Goyal and I have been talking and we have our bilateral and trade policy forum. I should be meeting him by the end of this year. We would cover the same issues in that bilateral channel,” said US trade representative Katherine Tai. Stating that doors remained open for New Delhi to join the economic side of the platform, Tai further added, “That question you should pose to minister Goyal. I wouldn’t characterise it as opting out, India is not in the trade pillar right now.” It is pertinent to note that Joe Biden launched the IPEF initiative in May earlier this year. IPEF is an attempt by Washington to bring together Asian countries to counter China's influence in the region. India, Australia, Brunei, Fiji, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam and the US are the 14 members of the grouping. Read more: PM Modi to be present at the launch of President Biden's Indo-Pacific Economic framework IPEF features four main focus areas viz. supply chain resiliency, connected economy, clean energy transformation (clean energy, decarbonisation, and infrastructure), and fair economy (anti-corruption, anti-money laundering and tax). While India will be part of three out of the four pillars i.e supply chain, clean economy, and fair economy, it has refrained from joining the connected economy. And this is not the first time that New Delhi has opted out of joining an economic arrangement in a new grouping, In 2019, Prime Minister Narendra Modi and his government took the rather bold approach of not joining the Regional Comprehensive Economic Partnership (RCEP) WATCH | India rejects calls to join Regional Comprehensive Economic Partnership (RCEP) × (With inputs from agencies) WATCH WION LIVE HERE:

India pulls out of trade talks with US led Indo-Pacific group

The lifting of Covid curbs have boosted consumer and business spending. Japan's economy grew more than initially reported in second quarter. It translates into Japan seeing its economy growing for a third quarter in April-June.

Japan: Easing Covid curbs lift Japan spending

The sharp rise in&nbsp;gold&nbsp;prices has driven a&nbsp;surge&nbsp;of&nbsp;illegal&nbsp;mining&nbsp;in&nbsp;Brazil, much of it in the Amazon rainforest, according to a&nbsp;study&nbsp;published Tuesday.

Gold&nbsp;output in&nbsp;Brazil, the world's 14th-biggest producer last year, has soared since the coronavirus pandemic pushed international prices to record highs.

Of the 112 tonnes of&nbsp;gold&nbsp;produced in&nbsp;Brazil&nbsp;last year, at least seven percent was&nbsp;illegal&nbsp;and 25 percent potentially&nbsp;illegal, found the&nbsp;study&nbsp;from the Federal University of Minas Gerais (UFMG).

"From 2020 to 2021, there was a 44-percent increase in the amount of&nbsp;illegal&nbsp;gold&nbsp;produced," said the&nbsp;study.

<a href="https://www.wionews.com/world/jihadist-ambush-on-gold-mine-vehicle-convoy-kills-seven-in-burkina-faso-510503">Also read |&nbsp;Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso</a>

The trend continued basically unchanged in the first six months of 2022, it found.

Lucrative profits are driving a&nbsp;gold&nbsp;rush in the Brazilian Amazon, where the amount of deforestation for&nbsp;mining&nbsp;set a record of 121 square kilometers (47 square miles) last year, according to satellite monitoring by the national space agency, INPE.

The&nbsp;study&nbsp;found at least 23 percent of&nbsp;mining&nbsp;deforestation in the Amazon, a key buffer against climate change, was on Indigenous reservations, conservation areas and other officially protected lands.

Illegal&nbsp;wildcat miners with links to organized crime have violently attacked Indigenous inhabitants in some areas, and studies show the mercury they use to separate&nbsp;gold&nbsp;from sediment is contaminating rivers.

The&nbsp;study&nbsp;found the vast majority of&nbsp;Brazil's&nbsp;illegal&nbsp;gold&nbsp;output -- 98 percent -- came from three municipalities in the northern state of Para, with the Kayapo and Munduruku Indigenous groups particularly hard-hit.

Federal prosecutors have urged President Jair Bolsonaro's government, which faces international criticism over the accelerating destruction of the Amazon, to adopt stricter controls on the origin of&nbsp;gold.

<a href="https://www.wionews.com/world/indigenous-leader-who-opposed-illegal-mining-killed-in-venezuela-ngo-493817">Also read |&nbsp;Indigenous leader who opposed illegal mining killed in Venezuela: NGO</a>

Prosecutors estimate the social and environmental damages from&nbsp;illegal&nbsp;gold&nbsp;mining&nbsp;at 39 billion reais ($7.5 billion) from January 2021 to June 2022, the&nbsp;study&nbsp;said.

That is nearly equal to&nbsp;Brazil's total estimated&nbsp;gold&nbsp;revenues for the period, 44.6 billion reais.

Total tax revenues from&nbsp;gold&nbsp;mining&nbsp;meanwhile came to less than two percent of the damages.

"The harm (from wildcat&nbsp;gold&nbsp;mining) in the Amazon affects everyone... but the profits generated by these operations are concentrated among just a few," the&nbsp;study's lead author, engineer Bruno Manzolli, told AFP.

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The sharp rise in gold prices has driven a surge of illegal mining in Brazil, much of it in the Amazon rainforest, according to a study published Tuesday. Gold output in Brazil, the world's 14th-biggest producer last year, has soared since the coronavirus pandemic pushed international prices to record highs.

The sharp rise in gold prices has driven a surge of illegal mining in Brazil, much of it in the Amazon rainforest, according to a study published Tuesday. Gold output in Brazil, the world's 14th-biggest producer last year, has soared since the coronavirus pandemic pushed international prices to record highs. Of the 112 tonnes of gold produced in Brazil last year, at least seven percent was illegal and 25 percent potentially illegal, found the study from the Federal University of Minas Gerais (UFMG). "From 2020 to 2021, there was a 44-percent increase in the amount of illegal gold produced," said the study. Also read | Jihadist ambush on gold mine vehicle convoy kills seven in Burkina Faso The trend continued basically unchanged in the first six months of 2022, it found. Lucrative profits are driving a gold rush in the Brazilian Amazon, where the amount of deforestation for mining set a record of 121 square kilometers (47 square miles) last year, according to satellite monitoring by the national space agency, INPE. The study found at least 23 percent of mining deforestation in the Amazon, a key buffer against climate change, was on Indigenous reservations, conservation areas and other officially protected lands. Illegal wildcat miners with links to organized crime have violently attacked Indigenous inhabitants in some areas, and studies show the mercury they use to separate gold from sediment is contaminating rivers. The study found the vast majority of Brazil's illegal gold output -- 98 percent -- came from three municipalities in the northern state of Para, with the Kayapo and Munduruku Indigenous groups particularly hard-hit. Federal prosecutors have urged President Jair Bolsonaro's government, which faces international criticism over the accelerating destruction of the Amazon, to adopt stricter controls on the origin of gold. Also read | Indigenous leader who opposed illegal mining killed in Venezuela: NGO Prosecutors estimate the social and environmental damages from illegal gold mining at 39 billion reais ($7.5 billion) from January 2021 to June 2022, the study said. That is nearly equal to Brazil's total estimated gold revenues for the period, 44.6 billion reais. Total tax revenues from gold mining meanwhile came to less than two percent of the damages. "The harm (from wildcat gold mining) in the Amazon affects everyone... but the profits generated by these operations are concentrated among just a few," the study's lead author, engineer Bruno Manzolli, told AFP. WATCH WION LIVE HERE

Study finds surge in illegal gold mining in Brazil

Despite a resurgence in Covid-19 cases, Japan's household spending grew for a second straight month in July but inflationary pressures from the end slump to a 24-year-low.

Japan economy: Inflation risks loom

In 2022, Saudi Arabia is expected to have the fastest-growing economy, surpassing other faltering Western European and North American countries as well as Asian heavyweights China and India.

According to the report in Economist Intelligence, the Kingdom's gross domestic product is anticipated to expand at the fastest rate since 2011—7.5 percent—this year.

According to the research, increased energy costs, increased oil and gas output, significant investments in the energy and non-energy industries, and the successful implementation of a comprehensive COVID-19 immunisation campaign are the main drivers of the Kingdom's economic growth, as reported by the Arab news.&nbsp;

In addition, it predicted that Saudi Arabia's real GDP growth will be close to a healthy 5% in 2023 before reverting to a more manageable 3% growth between 2024 and 2026.

The current account balance of Saudi Arabia is predicted to be in surplus in 2022, amounting to roughly $163 billion, up from $44 billion in 2021.

Consumer price inflation is anticipated to average around 2.5 percent in 2022 and to further decline in 2023 as the Saudi Central Bank continues to tighten monetary policy in accordance with the US Federal Reserve, according to the report.

It made note of the fact that the Kingdom's ongoing regulatory reforms are enhancing the <a href="https://www.wionews.com/world/zaporizhzhia-nuclear-plants-main-external-power-line-cut-off-radiation-leak-narrowly-avoided-512725">business climate</a> and luring foreign capital.

Along with assisting the labour market, these reforms are also increasing the participation of the private sector in the economy.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-can-risky-g7-cap-on-russian-oil-prices-backfire-512727">Explained: Can 'risky' G7 cap on Russian oil prices backfire?</a>

“Pro-business reforms have made it easier to start a business and easier for foreign companies to invest in the economy, both of which are fundamental to the Kingdom’s long-term development plans under the Vision 2030 strategy,” the report said.&nbsp;

The report says&nbsp;Saudi Arabia's economic prognosis is still positive as long as the reform process stays on course and money keeps flowing into the country's important initiatives and expanding industries.

The International Monetary Fund forecasted in August that Saudi Arabia's GDP will increase by 7.6 percent in 2022.

The IMF's Article IV consultation report predicts that the Kingdom's inflation rate in 2022 will be 2.8 percent.

“Liquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with robust growth, contained inflation and a resilient financial sector,” said the IMF&nbsp;in a press release.&nbsp;

The Saudi <a href="https://www.wionews.com/world/turkey-can-play-a-facilitator-role-in-the-zaporizhzhia-nuclear-power-plant-erdogan-tells-putin-512668">economy</a> is not likely to be significantly impacted by the rise in interest rates, according to the IMF research.

The report also mentioned that fiscal consolidation in Saudi Arabia will be supported by changes in tax administration and policy that will increase tax collection from sources other than oil.

Also WATCH |&nbsp;Indian economy surpasses UK's, beats GDP in nominal cash terms

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In 2022, Saudi Arabia is expected to have the fastest-growing economy, surpassing other faltering Western European and North American countries as well as Asian heavyweights China and India.

In 2022, Saudi Arabia is expected to have the fastest-growing economy, surpassing other faltering Western European and North American countries as well as Asian heavyweights China and India. According to the report in Economist Intelligence, the Kingdom's gross domestic product is anticipated to expand at the fastest rate since 2011—7.5 percent—this year. According to the research, increased energy costs, increased oil and gas output, significant investments in the energy and non-energy industries, and the successful implementation of a comprehensive COVID-19 immunisation campaign are the main drivers of the Kingdom's economic growth, as reported by the Arab news. In addition, it predicted that Saudi Arabia's real GDP growth will be close to a healthy 5% in 2023 before reverting to a more manageable 3% growth between 2024 and 2026. The current account balance of Saudi Arabia is predicted to be in surplus in 2022, amounting to roughly $163 billion, up from $44 billion in 2021. Consumer price inflation is anticipated to average around 2.5 percent in 2022 and to further decline in 2023 as the Saudi Central Bank continues to tighten monetary policy in accordance with the US Federal Reserve, according to the report. It made note of the fact that the Kingdom's ongoing regulatory reforms are enhancing the business climate and luring foreign capital. Along with assisting the labour market, these reforms are also increasing the participation of the private sector in the economy. Also read | Explained: Can 'risky' G7 cap on Russian oil prices backfire? “Pro-business reforms have made it easier to start a business and easier for foreign companies to invest in the economy, both of which are fundamental to the Kingdom’s long-term development plans under the Vision 2030 strategy,” the report said. The report says Saudi Arabia's economic prognosis is still positive as long as the reform process stays on course and money keeps flowing into the country's important initiatives and expanding industries. The International Monetary Fund forecasted in August that Saudi Arabia's GDP will increase by 7.6 percent in 2022. The IMF's Article IV consultation report predicts that the Kingdom's inflation rate in 2022 will be 2.8 percent. “Liquidity and fiscal support, reform momentum under Vision 2030, and high oil prices and production helped the economy recover with robust growth, contained inflation and a resilient financial sector,” said the IMF in a press release. The Saudi economy is not likely to be significantly impacted by the rise in interest rates, according to the IMF research. The report also mentioned that fiscal consolidation in Saudi Arabia will be supported by changes in tax administration and policy that will increase tax collection from sources other than oil. Also WATCH | Indian economy surpasses UK's, beats GDP in nominal cash terms

Saudi Arabia to be the world's fastest-growing economy in 2022; GDP to rise by 7.5%: Report

Saudi Arabia is poised to become the fastest growing economy in 2022 outpacing Asian giants like China India South Korea and other European nations as well. According to this new report, it is being said that the GDP of Saudi Arabia is expected to reach 7.5% this year.

Report: Saudi Arabia to grow at fastest pace in a decade

India's economy grew at its fastest pace of 13.5 percent year-on-year in the April to June quarter. A rebound in private consumption that's one of the key drivers of growth.

India's Q1 GDP grows at 13.5%, fastest pace in a year

India posted a GDP growth of 13.5% in the first quarter of the ongoing financial year. How does India's performance compare with other major economies? What are the challenges ahead? Palki Sharma tells you.

Gravitas: India outperforms major economies

Russia's first deputy PM Andrey Belousov has said that Russia's economy will shrink by less than three percent in 2022, that's a much shallower contraction than initially expected while inflation will be below earlier projections.

Russian economy to contract by less than 3% in 2022

It's beginning to seem as though nothing will be able to stop the British pound from reaching new lows.

The UK's economic problems are getting worse by the day, with predictions of inflation exceeding 18% next year and the likelihood that households everywhere may experience energy poverty this winter. Traders agree that in order to control pricing pressures, the Bank of England will be forced to plunge the country into a deep recession and result in massive job losses.

As per Bloomberg reports, It has enabled the pound to reach historic lows. The challenges facing the British <a href="https://www.wionews.com/world/bolsonaro-and-lula-attack-each-other-in-the-first-televised-debate-ahead-of-the-october-elections-510987">economy</a> and the future prime minister are highlighted by the currency's current price of $1.18, which is only 4 US cents above its lowest level since 1985 against the dollar.

“Is there more downside? Yes, absolutely,” said Geoff Yu, senior&nbsp;currency&nbsp;strategist at Bank of New York Mellon Corp. “Even if things improve, sterling can’t return to where it was in the past of $1.40 or $1.45. That’s going to be very hard&nbsp;to achieve.”

Also read |&nbsp;<a href="https://www.wionews.com/world/french-lawmakers-lodge-complaint-against-uk-sewage-dump-in-shared-waters-510832">French lawmakers lodge complaint against UK over sewage dumping in shared waters</a>

Higher rates should theoretically result in a stronger currency. It's the opposite, though, for the UK at the moment. Investors are of the opinion that additional<a href="https://www.wionews.com/videos/us-senator-fed-will-tip-us-into-recession-511041"> aggressive increases in borrowing costs,</a> which are necessary to reduce price growth, would worsen Britain's economic situation relative to that of the US and the euro area.

When the growth-inflation trade-off is this poor, Kit Juckes, chief currency strategist at Societe Generale SA in London, said that rates "aren't always going to be enough to support a currency."

Last month, UK inflation reached a 40-year high of 10.1% year-over-year, and Citigroup Inc. has predicted that it may reach 18% in January. This year, more than half of UK homes run the risk of falling into energy poverty.

Also WATCH |&nbsp;Suzuki to set up new R&amp;D company in India

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It's beginning to seem as though nothing will be able to stop the British pound from reaching new lows. The UK's economic problems are getting worse by the day, with predictions of inflation exceeding 18% next year and the likelihood that households everywhere may experience energy poverty this winter.

It's beginning to seem as though nothing will be able to stop the British pound from reaching new lows. The UK's economic problems are getting worse by the day, with predictions of inflation exceeding 18% next year and the likelihood that households everywhere may experience energy poverty this winter. Traders agree that in order to control pricing pressures, the Bank of England will be forced to plunge the country into a deep recession and result in massive job losses. As per Bloomberg reports, It has enabled the pound to reach historic lows. The challenges facing the British economy and the future prime minister are highlighted by the currency's current price of $1.18, which is only 4 US cents above its lowest level since 1985 against the dollar. “Is there more downside? Yes, absolutely,” said Geoff Yu, senior currency strategist at Bank of New York Mellon Corp. “Even if things improve, sterling can’t return to where it was in the past of $1.40 or $1.45. That’s going to be very hard to achieve.” Also read | French lawmakers lodge complaint against UK over sewage dumping in shared waters Higher rates should theoretically result in a stronger currency. It's the opposite, though, for the UK at the moment. Investors are of the opinion that additional aggressive increases in borrowing costs, which are necessary to reduce price growth, would worsen Britain's economic situation relative to that of the US and the euro area. When the growth-inflation trade-off is this poor, Kit Juckes, chief currency strategist at Societe Generale SA in London, said that rates "aren't always going to be enough to support a currency." Last month, UK inflation reached a 40-year high of 10.1% year-over-year, and Citigroup Inc. has predicted that it may reach 18% in January. This year, more than half of UK homes run the risk of falling into energy poverty. Also WATCH | Suzuki to set up new R&D company in India

UK: Raging inflation pushes the Pound to a near 37-year low

After completing 100 days in office, Australian Prime Minister Anthony Albanese in his speech stated that his government is working on jobs and workplace reform as the country earlier faced economic challenges during the coronavirus pandemic’s recovery phase.

The prime minister in conversation with National Press Club said that this week, a government-sponsored job summit will bring together important company and union groups to talk about the workplace and wage growth.

<a href="https://www.wionews.com/world/australian-police-seizes-countrys-largest-shipment-of-opioid-509199">Also read |&nbsp;Australian police seizes country's largest shipment of opioid</a>

Albanese is mainly focusing on the emergence of cooperative culture in the workplace. The Australian stated that the economy is being held by a shortage of significant skills and the previous administration erred in advising those with temporary visas to leave Australia during the pandemic.

Albanese stated that along with lifting migration intake, the government will also look at creating additional paths for permanent migration. The government’s main aim is to strengthen the economy.

Albanese said, “Australia is already in the 'recovery' phase - and that's presenting its own economic challenges. Including significant and unpredictable supply and demand imbalances which are driving up costs, for businesses and families,” Reuters reported.

<a href="https://www.wionews.com/world/australian-pm-anthony-albanese-accuses-morrison-of-tin-pot-activity-for-secretly-holding-ministry-roles-507254">Also read | Australian PM Anthony Albanese accuses Morrison of 'tin-pot activity' for secretly holding ministry roles</a>

He criticised the nine years of conservative rule, citing “chaos” in sectors of energy policy and stagnant salaries. He emphasised the step his administration had previously done to address climate change, its determination to hold a referendum to ask voters whether or not to recognise Aboriginal and Torres Strait Islander people in the country’s constitution.

The country’s central bank issued a warning stating inflation rate in the country is on track to reach three- decades high requiring an increase in interest rates and economic growth.

(With inputs from agencies)

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

<o:p>&nbsp;</o:p>

After completing 100 days in office, Australian Prime Minister Anthony Albanese in his speech stated that his government is working on jobs and workplace reform as the country earlier faced economic challenges during the coronavirus pandemic’s recovery phase.

After completing 100 days in office, Australian Prime Minister Anthony Albanese in his speech stated that his government is working on jobs and workplace reform as the country earlier faced economic challenges during the coronavirus pandemic’s recovery phase. The prime minister in conversation with National Press Club said that this week, a government-sponsored job summit will bring together important company and union groups to talk about the workplace and wage growth. Also read | Australian police seizes country's largest shipment of opioid Albanese is mainly focusing on the emergence of cooperative culture in the workplace. The Australian stated that the economy is being held by a shortage of significant skills and the previous administration erred in advising those with temporary visas to leave Australia during the pandemic. Albanese stated that along with lifting migration intake, the government will also look at creating additional paths for permanent migration. The government’s main aim is to strengthen the economy. Albanese said, “Australia is already in the 'recovery' phase - and that's presenting its own economic challenges. Including significant and unpredictable supply and demand imbalances which are driving up costs, for businesses and families,” Reuters reported. Also read | Australian PM Anthony Albanese accuses Morrison of 'tin-pot activity' for secretly holding ministry roles He criticised the nine years of conservative rule, citing “chaos” in sectors of energy policy and stagnant salaries. He emphasised the step his administration had previously done to address climate change, its determination to hold a referendum to ask voters whether or not to recognise Aboriginal and Torres Strait Islander people in the country’s constitution. The country’s central bank issued a warning stating inflation rate in the country is on track to reach three- decades high requiring an increase in interest rates and economic growth. (With inputs from agencies)

Australian PM claims to stay focused on workplace reforms after completing 100 days in office

Pakistan is going through a major catastrophe at the moment. The incessant monsoon rains have caused devastating floods across the landscape. Now, a report&nbsp;by&nbsp;JS Global Research has stated that the floods may cost over $4 billion loss to the country, already battling dwindling finances.

“Based on our preliminary estimates, the current account deficit may increase by $4.4 billion (1 per cent of GDP) – assuming no counter-measures are taken, while around 30 per cent of the CPI (Consumer Price Index) basket is exposed to the threat of higher prices,” read the report.&nbsp;

In pics |&nbsp;<a href="https://www.wionews.com/photos/in-pics-floods-in-pakistan-claim-982-lives-army-called-in-to-help-in-rescue-operations-510603">Floods in Pakistan claim 982 lives, army called in to help in rescue operations</a>

Moreover, the report cites that owing to the floods, the Pakistani government may be forced to import cotton worth $2.6 billion, in addition to wheat worth $900 million. Add textile losses of around $1 billion and the total comes around to $4.5 billion which is approximately 1.08 per cent of Pakistan's GDP.&nbsp;

“Cotton sowing has reportedly been destroyed to a large extent (in Sindh).&nbsp;Assuming the country requires import of cotton to fulfill 80 per cent&nbsp;of demand this year, the import bill will likely exceed USD 4.4 billion (+144 per cent,&nbsp;year-on-year) in FY23," the report added.&nbsp;

Meanwhile, talking about the impact of damaged rice crops, the study added, "Damage to rice crops will result in loss of exports, in addition to a slight reduction in GDP growth and higher CPI inflation.”

<a href="https://www.wionews.com/videos/gravitas-900-killed-1300-injured-floods-devastate-pakistan-510209">WATCH |&nbsp;Gravitas | 900 killed, 1300 injured: Floods devastate Pakistan</a>

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Pakistan's economy is in doldrums

As reported extensively by WION, Pakistan's economy is under tremendous debt and needs cash liquidity on an almost urgent basis.&nbsp;

According to several estimates, India's neighbouring country needs at least $41 billion in the next 12 months to fund debt repayments and boost foreign exchange reserves that have fallen to a lowly sum of $7.8 billion.

If the&nbsp;$4 billion loss, as reported by the research materialises, Pakistan could be staring at a bleak economic&nbsp;future.&nbsp;

Read more:<a href="https://www.wionews.com/south-east-asia/pakistan-pm-shehbaz-sharif-visits-qatar-to-raise-funds-for-his-cash-strapped-country-509669">&nbsp;Pakistan PM Shehbaz Sharif visits Qatar to raise funds for his cash-strapped country</a>

(With inputs from agencies)

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

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Pakistan is going through a major catastrophe at the moment. The incessant monsoon rains have caused devastating floods across the landscape. Now, a report by JS Global Research has stated that the floods may cost over $4 billion loss to the country, already battling dwindling finances.

Pakistan is going through a major catastrophe at the moment. The incessant monsoon rains have caused devastating floods across the landscape. Now, a report by JS Global Research has stated that the floods may cost over $4 billion loss to the country, already battling dwindling finances. “Based on our preliminary estimates, the current account deficit may increase by $4.4 billion (1 per cent of GDP) – assuming no counter-measures are taken, while around 30 per cent of the CPI (Consumer Price Index) basket is exposed to the threat of higher prices,” read the report. In pics | Floods in Pakistan claim 982 lives, army called in to help in rescue operations Moreover, the report cites that owing to the floods, the Pakistani government may be forced to import cotton worth $2.6 billion, in addition to wheat worth $900 million. Add textile losses of around $1 billion and the total comes around to $4.5 billion which is approximately 1.08 per cent of Pakistan's GDP. “Cotton sowing has reportedly been destroyed to a large extent (in Sindh). Assuming the country requires import of cotton to fulfill 80 per cent of demand this year, the import bill will likely exceed USD 4.4 billion (+144 per cent, year-on-year) in FY23," the report added. Meanwhile, talking about the impact of damaged rice crops, the study added, "Damage to rice crops will result in loss of exports, in addition to a slight reduction in GDP growth and higher CPI inflation.” WATCH | Gravitas | 900 killed, 1300 injured: Floods devastate Pakistan × Pakistan's economy is in doldrums As reported extensively by WION, Pakistan's economy is under tremendous debt and needs cash liquidity on an almost urgent basis. According to several estimates, India's neighbouring country needs at least $41 billion in the next 12 months to fund debt repayments and boost foreign exchange reserves that have fallen to a lowly sum of $7.8 billion. If the $4 billion loss, as reported by the research materialises, Pakistan could be staring at a bleak economic future. Read more: Pakistan PM Shehbaz Sharif visits Qatar to raise funds for his cash-strapped country (With inputs from agencies) WATCH WION LIVE HERE:

Already financially depleted, Pakistan to face additional $4 billion loss due to floods: Report

A leaked memo from Huawei's chief hints at an economic slump in China. Huawei is planning to prioritise 'survival' amid the painful slowdown. Palki Sharma tells you why Huawei is the symptom of a larger disease plaguing the Chinese economy.

Gravitas: Huawei founder warns of economic slump in China

A report from commerce department has showed that economy was growing steadily last quarter when measured from income side. It fits in with recent solid readings on labor market retail sales and industrial production.

US: No signs of recession, gross domestic income rises at 1.4% rate in Q2

Japan's government described its economy as "moderately picking up" in its monthly economic report, keeping the overall assessment unchanged from the previous month, while noting an upward revision to factory output.

Japan sees economy picking up modestly, flags looming risks

It has exactly been six months since Russia invaded Ukraine. While Russia's record employment signals a surprisingly smooth decoupling from the west signaling that business as usual is ongoing in the country however the on-ground situation narrates a completely different story.

Western sanctions hit Russia's biggest car maker

India's consumer inflation was 6.7% last month and the month before it was 7% which reflects that inflation appears to be cooling down. The Reserve Bank of India states that it may have peaked in April already, if so, the worst is behind us.

Has India escaped the global financial gloom?

Is India emerging as an economic bright spot amid fears of a global recession? India's inflation has cooled down after peaking in April and manufacturing output is the highest in 8 months. How did India escape this global economic gloom? Palki Sharma tells you.

Gravitas: India emerging as an economic bright spot?

The 'lipstick index' says people buy more makeup when times get tough. Molly Gambhir tells you where it comes from and whether it can really predict a recession.

WION Fineprint: How your lipstick can predict the economy

Saddled with an economy that is growing at a snail's pace in the aftermath of a global pandemic, China on Monday slashed its lending rates to resuscitate economic growth. Reportedly, Chinese banks cut the one-year loan prime rate (LPR) from 3.7 per cent to 3.65 per cent.&nbsp;

Moreover, to resurrect the fortunes of the failing housing market in China, the&nbsp;People’s Bank of China (PBOC) also cut the five-year LPR, a reference for mortgages by 15 basis points to 4.3 per cent.

It is pertinent to note that LPR forms the basis on which most new and outstanding loans are paid. The rate is decided by a group of 18 banks. For a long time, it has been considered the&nbsp;facto benchmark funding of China.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/world/china-to-miss-its-year-end-55-per-cent-economic-growth-target-501801">China to miss its year-end 5.5 per cent economic growth target</a>

Whenever an economy is in a downturn, the banks usually cut down the lending rates, which effectively reduces the interest rates on loans and mortgages.

Low-interest rates mean that consumers will engage in more lending activities, thereby providing a kick to the economy. Credit demand has been at an all-time low in the Chinese market due to the sudden closure of cities and towns due to Covid.&nbsp;

Why is China's growth story at a halt?

As reported by WION, while countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.

The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods.

Read More:<a href="https://www.wionews.com/world/chinas-economic-growth-drops-to-04-per-cent-amid-draconian-lockdown-measures-and-severe-heatwave-497575">&nbsp;China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave</a>

It hasn't helped the cause that mainland China is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demands.&nbsp;

Earlier this week, Goldman Sachs cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile, Nomura lowered its projections from 3.3 per cent to 2.8 per cent.

Read More: <a href="https://www.wionews.com/world/dark-clouds-for-china-goldman-sachs-and-nomura-slash-chinas-gdp-outlook-508231">Dark clouds for China: Goldman Sachs and Nomura slash China's GDP outlook</a>

The downgrade comes on the heels of the Chinese economy growing by a tiny 0.4 per cent in the quarter while the Politburo giving up on the 5.5 per cent economic growth rate prediction by the year-end.

(With inputs from agencies) 
 
WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

&nbsp;

Saddled with an economy that is growing at a snail's pace in the aftermath of a global pandemic, China on Monday slashed its lending rates to resuscitate economic growth.

Saddled with an economy that is growing at a snail's pace in the aftermath of a global pandemic, China on Monday slashed its lending rates to resuscitate economic growth. Reportedly, Chinese banks cut the one-year loan prime rate (LPR) from 3.7 per cent to 3.65 per cent. Moreover, to resurrect the fortunes of the failing housing market in China, the People’s Bank of China (PBOC) also cut the five-year LPR, a reference for mortgages by 15 basis points to 4.3 per cent. It is pertinent to note that LPR forms the basis on which most new and outstanding loans are paid. The rate is decided by a group of 18 banks. For a long time, it has been considered the facto benchmark funding of China. Read More: China to miss its year-end 5.5 per cent economic growth target Whenever an economy is in a downturn, the banks usually cut down the lending rates, which effectively reduces the interest rates on loans and mortgages. Low-interest rates mean that consumers will engage in more lending activities, thereby providing a kick to the economy. Credit demand has been at an all-time low in the Chinese market due to the sudden closure of cities and towns due to Covid. Why is China's growth story at a halt? As reported by WION, while countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods. Read More: China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave It hasn't helped the cause that mainland China is facing one of the most severe bouts of heatwave in recent memory. The intense heat has caused the Yangtze river to run dry while the electric grid faces the excruciating task of meeting growing power consumption demands. Earlier this week, Goldman Sachs cut China's growth forecast by 0.3 per cent from 3.3 per cent to 3 per cent. Meanwhile, Nomura lowered its projections from 3.3 per cent to 2.8 per cent. Read More: Dark clouds for China: Goldman Sachs and Nomura slash China's GDP outlook The downgrade comes on the heels of the Chinese economy growing by a tiny 0.4 per cent in the quarter while the Politburo giving up on the 5.5 per cent economic growth rate prediction by the year-end. (With inputs from agencies) WATCH WION LIVE HERE:

CPR for the economy? China cuts lending rates to drive credit demand

Chinese authorities are being forced to close factories. But this time - it is not because of the pandemic. A new crisis could derail China's economy. Palki Sharma tells you about it.

Gravitas: Why factories in China are shutting down

According to local media reports, Gotabaya Rajapaksa, the former president of Sri Lanka, may return to the island nation next week after leaving amid widespread protests in July.

Gotabaya Rajapaksa to return to Sri Lanka on August 24?

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