Tesla Inc. CEO Elon Musk said Monday the United States is probably in a recession—and added that it could get worse and last up to a year-and-a-half. What Happened The billionaire entrepreneur, who was speaking remotely at an All-In Summit being held in Miami, said recession could lead to misallocation of capital and warned companies should…
Elon Musk Says US Is Probably Already in a Recession, Could Last up to 18 Months Before ‘Boom Time Again’
Asia Stocks Mixed After Wall Street Gain, Powell Warns on Rates
BEIJING—Asian stock markets were mixed Wednesday after Wall Street rose and the Federal Reserve’s chairman said it will raise interest rates further if needed to cool inflation. Shanghai and Hong Kong declined. Tokyo and Seoul advanced. Oil prices rose to stay above $110 per barrel. On Wall Street, the benchmark S&P 500 index rose by…
SoftBank Suffers Record Loss in Last Fiscal Year
SoftBank Group Corp on May 12 released its performance for the 2021 fiscal year ending March 31, reporting a net loss of 1.7 trillion yen ($15.1 billion), the biggest loss in any fiscal year since its establishment in 1981. Its Vision Fund posted a net loss of 251.6 billion yen ($2.2 billion) in the Chinese…
Government Will Not Cut Public Service to Fund Election Pledges: Australian PM
May 17, 2022
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anthony albaneseAustraliaBusiness & Economyeconomic policiesInternationaljosh frydenbergScott MorrisonWorld
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Australian Prime Minister Scott Morrison has said that the Coalition would not slash essential public services to fund its election commitments. The centre-right Coalition released its policy costings on May 17, which specified that government departments would be subject to an “efficiency dividend,” or annual budget reduction of two percent in the next three years…
LIVE UPDATES: Several Russian Generals Have Reportedly Been Killed, Ukrainian Regional Admin Says
The latest on the Russia–Ukraine crisis, May 18. Click here for updates from May 17. Several Russian Generals Have Reportedly Been Killed, Ukrainian Regional Admin Says Ukrainian guerrilla fighters reportedly have killed several high-ranking Russian officers in the southern city of Melitopol, the regional administration said on Telegram. Russian forces have occupied the city since early…
‘There Are More Important Issues’: Labor Treasury Defends Delayed Policy Costings Release
May 17, 2022
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anthony albaneseAustraliaAustralia federal election 2022Australia Labor PartyBusiness & EconomyeconomyJim ChalmersWorld
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Labor Treasury spokesman Jim Chalmers has rejected the claims that Australia Labor party’s (ALP) leader Anthony Albanese cannot handle the pressure after the opposition leader abruptly left his press conference in Perth on Wednesday. Albanese has reportedly brushed off several questions about Labor’s policy costings and whether it would post higher deficits than forecast. Instead, he argued that…
Walmart Profit Falls Short, Cuts Outlook, Hit by Higher Fuel and Labor Costs
Walmart Inc. reported a 25 percent drop in quarterly earnings and cut its full-year profit outlook on Tuesday as rising costs of fuel and labor hurt its bottom line while shoppers squeezed by decades-high inflation moved to buy lower-margin basics. Shares of the retailer fell nearly 10 percent in morning trading, its biggest one day…
Powell: Fed to Keep Hiking Rates Until It Controls Inflation
WASHINGTON—Chair Jerome Powell on Tuesday underscored the Federal Reserve’s determination to keep raising interest rates until there is clear evidence inflation is steadily falling—a high-stakes effort that carries the risk of causing an eventual recession. The Fed’s increases in its benchmark short-term rate typically lead, in turn, to higher borrowing costs for consumers and businesses,…
Wall Street Ends Sharply Higher, Fueled by Apple
Wall Street finished sharply higher on Tuesday, lifted by Apple, Tesla, and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth. Ten of the 11 major S&P sector indexes advanced, with financials, materials, consumer discretionary, and technology all gaining more than 2 percent. Investors were cheered by data…
Fed Chair Jerome Powell Discusses Future Rate Policies as 10-year Treasury Yield Rates Rise
May 17, 2022
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10-Year Treasury YieldBusiness & Economyeconomic policieseconomyFederal Reserve's BoardinflationMarketsUncategorizedUS
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The yield on the benchmark 10-year Treasury note climbed to 2.96 percent on May 17, up from 1.5 percent at the start of 2022, as investors awaited news on U.S economic data and remarks on future monetary policy from Federal Reserve policymakers. The yield on the 10-year Treasury note last traded up 7 basis points to 2.955 percent,…
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