Economy
Stocks making the biggest moves premarket: Kellogg, Lennar, Spirit Airlines and others
Check out the companies making headlines before the bell: Kellogg (K) – Kellogg jumped 8.1% in premarket trading after announcing plans to split into three separate public companies. One entity will comprise the snack and international cereal businesses, another the U.S. cereal business and the third will be a pure-play plant-based food producer. Lennar (LEN) […]
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Labor market ‘worse than the 1970s’ as strikes hit UK, Nobel Prize-winning economist says
A usually busy Waterloo Station is almost empty in London on June 21, 2022 as the biggest rail strike in over 30 years hits the UK. Ben Stansall | Afp | Getty Images LONDON – The labor market is “worse than the 1970s,” with massive rail strikes in the U.K. offering a sign of things […]
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Elon Musk says Tesla will lay off 3.5% of total workforce as ex-employees sue company
Tesla CEO Elon Musk. Patrick Pleul | AFP | Getty Images Elon Musk has sought to clarify how many Tesla workers will lose their jobs, following the launch of a lawsuit by former employees who claim the automaker breached U.S. labor laws. Speaking at an event hosted by Bloomberg Tuesday, Musk said Tesla would reduce […]
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Inflation is the ‘biggest poison’ for the global economy as recession risk rises, Deutsche Bank CEO says
Christian Sewing, Chief Executive Officer of Deutsche Bank, attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2020. Denis Balibouse | Reuters Europe and the U.S. face a high likelihood of recession as central banks are forced to aggressively tighten monetary policy to combat inflation, according to […]
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Former U.S. ambassador says lifting China tariffs could slash inflation by 1% over time, help Biden in midterms
Removing tariffs on imported Chinese goods will strip 1% off inflation in the U.S. over time and return confidence to the economy which could help President Joe Biden at the ballot box, former U.S. ambassador David Adelman says. “Inflation will be No. 1 issue in midterm elections in the U.S. in November,” Adelman told CNBC’s […]
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Sterling has further to fall as Bank of England wrestles growth-inflation conundrum, strategists say
LONDON — Sterling has fallen more than 9% against the U.S. dollar so far this year and despite a recent reprieve, currency strategists see further pain ahead for the pound. The Bank of England last week delivered another 25 basis point hike to interest rates, a more cautious move than peers such as the U.S. […]
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Jokowi lays out his pitch for why Elon Musk should invest in Indonesia
Elon Musk, here seen at an event in New York in early-May, is being aggressively courted to produce his electric vehicles “end to end” in resource-rich Indonesia. Angela Weiss | AFP | Getty Images President Joko Widodo denied that Indonesia has turned protectionist during his tenure, saying the gates remain open to all players — […]
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The world can avoid a recession but it won’t think it can until it does, says David Roche
A “global recession depression” is unlikely to happen, but the world won’t think it can avoid one until it does, according to veteran strategist David Roche. “The likelihood is that the world is going to worry most about recession because what you’re describing is a lot of things going wrong at the same time, and […]
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U.S. recession isn’t ‘inevitable,’ but inflation is ‘unacceptably high,’ Treasury Secretary Yellen says
U.S. Treasury Secretary Janet Yellen testifies before a House Ways and Means Committee hearing on President Biden’s proposed 2023 U.S. budget, on Capitol Hill in Washington, June 8, 2022. Jonathan Ernst | Reuters The recession that many Americans fear is coming is not “at all imminent,” Treasury Secretary Janet Yellen said Sunday. Talk of a […]
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Inflation and recession fears are squeezing some industries more than others
A woman pushes a shopping cart through the grocery aisle at Target in Annapolis, Maryland, on May 16, 2022, as Americans brace for summer sticker shock as inflation continues to grow. Jim Watson | AFP | Getty Images People still appear willing to shell out to travel, go to the movies and have a drink […]
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