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Business earnings, economic data to dominate this week
... scheduled to take place June 10, was delayed to allow the airline to continue discussions with its shareholders, Frontier and JetBlue Airways, which has issued a counter offer. The minimum hourly wage hike to $22 per hour will take effect, as well as the Bank of America's minimum hourly wage hike to $22 per hour. Vehicle sales, construction spending and the ISM manufacturing PMI will be the focus of the week's economic data. The IRS will change the mileage rate for tax deductions for the rest of 2022 and the ...
Updated: 06/26/2022
Stagflation has arrived, economists say
... president of Queens College at Cambridge University , said in an interview that the baseline was stagflation, and then you have a balance of risk, which is the wrong way. He is not alone in that view. Since June 2008, stagflation fear, measured by Bank of America's monthly fund manager survey, has reached its highest level since June 2008. Consumers are on the same page, with the consumer sentiment index of the University of Michigan suggesting consumers are fearing stagflation, according to ING economists....
Updated: 06/26/2022
IPOs drop 80% in first half of 2022
... offerings, down from 53 in the same period last year. Since the 63% drop in the first half of 2009, IPOs have fallen so sharply. The impact of Russia's invasion of Ukraine and... ... delays as in the same period last year, seven companies, including SBI Sumishin Net Bank , postponed listings in the first half. Venture capital and other sources of funding... ... last year. Both of these declines were the biggest since 2009 for this period. The Americas saw a 90% drop in value, while Asia suffered a nearly 20% drop. Even before...
Updated: 06/25/2022
Fed's Powell says central bank is committed to tackling inflation
... we need and the determination that it will take to restore price stability. There are growing numbers of Wall Street firms forecasting a recession in the next two years due to the Fed's policies to hamper consumer demand and tame inflation. Goldman, Bank of America and Deutsche Bank all raised the odds of a downturn in 2022 or 2023. Powell has said that the central bank is not trying to induce a recession, but he has not ruled out the possibility of a downturn and stressed that reducing inflation is the ...
Updated: 06/24/2022
Netflix is the most popular subscription service in the US, according to new survey
... the fact that Netflix is currently the top choice of consumers. The stock of Netflix , currently trading at $180 a share, has dropped 70% year-to-date amid a market sell-off that has slammed growth stocks and fueled talk of a potential recession. Bank of America claims that despite the fact that streaming could be sticky in a recession, recurring cancellations and re-subscriptions are likely to occur. It expects to lose 2 million subs in the current quarter. The company cut 300 positions on Thursday in ...
Updated: 06/24/2022
US stocks rise on signs of economic slowdown
... profit forecast despite softening global demand for shipping. Bank stocks were mixed after the Federal Reserve 's annual stress test showed that the lenders have enough capital to weather a severe economic downturn. Citigroup Inc C.N slipped 1.5% and Bank of America Corp fell 1.7% lower, while Morgan Stanley gained 3.1%. Zendesk Inc. ZEN.N soared 29.0% after the software company said it would be acquired by a group of private equity firms led by Hellman Friedman LLC and Permira for $10.2 billion. Advancing ...
Updated: 06/24/2022
Netflix faces new round of job cuts
... workers since May, roughly double the number recorded in all of 2021, according to layoffs.fyi, which tracks publicly announced redundancies. In the last few weeks, there have been hundreds of cuts announced by firms in the housing sector. The head of America s central bank told members of Congress this week that their efforts to bring down rising prices by raising interest rates risk triggering a sustained economic slowdown, but were worth it to restore price stability. Federal Reserve chairman Jerome Powell said ...
Updated: 06/24/2022
Russia says EU, NATO forming a new coalition targeting Russia
... foreign minister said. Kovar decided after the EU and NATO are essentially the formation of a new coalition targeting Russia, and that is a difference of the action taken by... ... independence on the international arena and force it to play by rules set by the US. America and its allies will not succeed in such an endeavor, he warned at the time.... ... development by slapping Russia with an unprecedented number of sanctions, targeting banking and finance sectors as well as the aviation and space industries. The US and...
Updated: 06/24/2022
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