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The US economy is splitting in 2

The economy is weighing on Americans differently, depending on your income. It's showing up in company earnings, as brands report lower income shoppers cutting back while luxury thrives. It all points to another iteration of the K-shaped economy. As fears of a recession heat up, the economic situation for Americans...
BUSINESS
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Cost of living crisis: four things the government could do to help

The cost of living crisis hitting millions of households is about to get a whole lot worse. Gas is the bedrock of power generation in the UK, supplying millions of homes directly and accounting for about 45% of electricity supply. It has rocketed in price, up 400% in the past year and 1,000% since 2019, according to the ICE futures market.
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Amazon buys Roomba’s maker, Bolt vanishes, and YC slims down

The most read story this week is kind of a wild one: Bolt Mobility, an on-demand bike/scooter rental company co-founded by Usain Bolt, kinda just…vanished. “The departure has been abrupt,” writes Rebecca, “leaving cities with abandoned equipment, unanswered calls and emails, and lots of questions.”. other...
BUSINESS
Popculture

Walmart Lays off Hundreds of Employees Amid Restructuring Efforts

Walmart laid off about 200 corporate employees this week, the retail giant said Wednesday. The news came after Walmart surprisingly cut its profit outlook because consumers are focusing more on essentials as food and fuel costs rise. The layoffs are part of a restructuring of its corporate offices. The retailer...
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FOXBusiness

Markets will be in for a 'rude awakening’ following jobs report, economist warns

MacroMavens founder Stephanie Pomboy warned Friday following the release of the July employment report that "markets are going to be in for a rude awakening." Speaking on "Mornings with Maria," the economist noted that "employment is the most lagging of lagging indicators" and that is "troubling" for what it implies for the Federal Reserve.
BUSINESS
Phone Arena

HBO Max, Discovery+ to be merged into a single streaming platform

It looks like Warner Bros. Discovery is determined to put the nail in the coffin for HBO Max. The giant announced plans to merge both services in the summer of 2023, but that comes with some massive budget cuts and layoffs. The recent news that Batgirl has been scrapped after...
BUSINESS

There’s one thing that will get Gen Z back in the office full-time: More money

Gen Z may have learned from their parents, Gen Xers who vocally advocated for flexibility and work-life balance in a manner that paved the way for their children. Sometimes, I decide tomorrow will be the day I go into the office. I’ll get up early, make coffee, look for my one work shirt, grab a bagel, and take the train all the way to Fortune’s office in Manhattan’s Financial District.
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How is that Kremlin bank account looking?

MILAN, Italy – The editor of one of Russia’s most respected independent economic journals grudgingly concedes team Putin is riding the sanction storm well. "We’ve had some figures for the first half of 2022 released, and the overall feeling is much more optimistic than it was in March or April," Peter Mironenko of "The Bell" tells Fox News.
ECONOMY

Fed Governor Michelle Bowman Urges For Rate Hikes Until Inflation Falls In 'Meaningful And Lasting Way'

Federal Reserve Governor Michelle Bowman said on Saturday that the Fed should consider more 75 basis-point interest rate hikes in the coming days. According to Bowman, this will help in easing the inflation rate. Additional similarly sized interest rate increases should be on the table until there is a consistent decline in the inflation rate, she noted.
BUSINESS
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Bank of England governor urges workers to limit pay rise demands to help others without ‘bargaining power’

The governor of the Bank of England has urged workers to limit their demands for a pay rise this year warning of the impact of high inflation on those who don’t have ‘bargaining power’.Andrew Bailey said the problem was one “we all have to be very conscious of" hours after he warned households will suffer the deepest fall in living standards on record as the UK plunges into a yearlong recession this autumn.He also rejected criticism from allies of Liz Truss, the frontrunner to become prime minister, that the bank should have raised interest rates earlier, warning that could...
BUSINESS

Western Alliance Bancorporation: Strong Growth On The Cards

The loan book is unlikely to continue to grow at the second quarter's outstanding rate. However, the growth rate will continue to remain at a remarkably high level. Thanks to sticky deposit costs, the topline is moderately rate sensitive. Earnings of Western Alliance Bancorporation (NYSE:WAL) will most probably continue to...
MARKETS

'What recession?': US employers add 528,000 jobs in July

WASHINGTON (AP) — U.S. employers added an astonishing 528,000 jobs last month despite flashing warning signs of an economic downturn, easing fears of a recession and handing President Joe Biden some good news heading into the midterm elections. Unemployment dropped another notch, from 3.6% to 3.5%, matching the more than 50-year low reached just before the pandemic took hold. The economy has now recovered all 22 million jobs lost in March and April 2020 when COVID-19 slammed the U.S. The red-hot numbers reported Friday by the Labor Department are certain to intensify the debate over whether the U.S. is in a recession.
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Weekly Market Review: Small Gains Following Robust Jobs Data

Our weekly review of the market. U.S. stocks were mixed on Friday and the S&P 500 logged a fractional gain last week. Our Stock of the Week is an Industrial name. U.S. stocks were mixed on Friday and the S&P 500 logged a fractional gain last week. Information Technology names led the way higher, while the Energy sector lagged.
STOCKS
InvestorPlace

The 7 Best Stocks to Buy for August 2022

The best stocks to buy in August will all gain substantially more than the S&P 500. Nucor (NUE): Nucor continues to generate record results in 2022. Disney (DIS): The Parks business and Disney+ will keep momentum in August. Bath & Body Works (BBWI): It remains very cheap despite July’s significant...
STOCKS
TechCrunch

A troubling startup layoff trend has emerged

For a long time, I noticed the same startups that conducted layoffs in March 2020 had to scale back again in the 2022 wave. The first wave was in preparation and fear; this wave feels like a pullback after a surge. What confuses me is seeing startups cut staff now, cite it vaguely due to the macroeconomic environment, then do the same thing a few weeks later with the same reasoning.
ECONOMY