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The Latest Breaking News from Economy

Tesla pauses hiring, Musk says need to cut staff by 10%: Reuters

Tesla Inc. Chief Executive Officer Elon Musk said the electric carmaker needs to cut staff by around 10%, noting he had a “super bad feeling” about the economy, according to an internal email seen by Reuters.

Tribune News Service

Elon Musk has ‘super bad feeling’ about economy and wants to cut 10% of Tesla jobs

Tesla has struggled to restart production at its Shanghai factory after Covid restrictions

The Independent UK

Job growth in US tops estimates, signaling optimism on economy

U.S. employers hired at a robust pace in May while wage gains held firm, suggesting the economy continues to power forward as the Federal Reserve raises interest rates at a steep pace to tame red-hot inflation.

Tribune News Service

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Recession is coming, but it's a necessary evil, PNC CEO Bill Demchak says

PITTSBURGH — PNC Financial Services Group CEO Bill Demchak believes the country is headed for a recession, albeit a mild one.

Tribune News Service

Elon Musk seeks 10% job cuts at Tesla over ‘super bad feeling’ about economy

Email to executives also calls for hiring freeze at electric car maker, which has 100,000 staff worldwide

The Guardian - UK

Co-Founders programme awards 10 startups £10,000 each to develop product ideas

The teams will now go on to Co-Founders+ where they'll be given mentors and specialists to accelerate their ideas

Birmingham Post

Musk Says Tesla Needs to Cut Staff by 10%, Pauses All Hiring

Tesla chief executive Elon Musk said he had a "super bad feeling" about the economy and that the electric carmaker needed to cut staff by around 10%, according to an internal email seen by Reuters. The email, titled "pause all hiring worldwide," was sent to Tesla executives on Thursday. Tesla…

Asharq Al-Awsat

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Karl W. Smith: Biden’s economic hubris gives way to humility

Treasury Secretary Janet Yellen has finally admitted how badly she underestimated the inflationary threat last year. Although President Joe Biden himself continues to insist the economy is better than it looks, even he acknowledges that Americans won’t view the economy more favorably until rising prices are tamed.

Tribune News Service

Feeling 'super bad' about economy, Musk wants to cut 10% of Tesla jobs

Tesla CEO Elon Musk has a "super bad feeling" about the economy and needs to cut about 10% of salaried staff at the electric carmaker, he said in emails seen by Reuters.

Reuters

Labor’s Officially Backed A Minimum Wage Pay Rise, So WTF Does That Mean What Happens Next?

Let's pop our economy hats on.

Pedestrian.tv

Why the Market’s Next Move Could Be Higher

Just like bull markets breed excesses and complacency, bear markets do the same but in a different way. While it's an open question of whether or not the S&P 500 (SPY) is in a bear market, there's no doubt that certain parts of the market have been in a bear…

StockNews.com

Doubts linger over job situation

The government's planning unit, the National Economic and Social Development Council (NESDC), reported on May 23 Thailand's unemployment rate dropped in the first quarter to its lowest level since the start of the pandemic, boosted by higher employment in both the agricultural and non-agricultural sectors, as the economy gradually recovers.

Bangkok Post

FBI sets sights on crypto economy with arrest of former OpenSea staffer

Ex-employee of the NFT marketplace, Nathaniel Chastain, charged with wire fraud and money laundering

The Guardian - UK

How nature’s wealth could be shared fairly

Letter: Dr Richard Pratt explains the idea of a ‘stewardship economy’ developed by his late brother, Julian Pratt

The Guardian - UK

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Benzinga

Daimler Truck Head Sees Signs Of Chip Crisis Recovery

Daimler Truck Holding AG (OTC:DTRUY) head Karin Radstrom, in an interview with Bloomberg, acknowledged seeing chip crisis recovery signs. Her comments mirrored with Mercedes Benz Group AG (OTC:DMLRY) production chief Joerg Burzer's recent similar assessment. Radstrom added that the factories are busy with backlog orders after months of outages due to chip component shortfalls.…

The Independent UK

White House says US prepared to handle economic storms as JPMorgan boss predicts ‘hurricane’ ahead

JPMorgan Chase CEO Jamie Dimon is predicting an economic ‘hurricane’ ahead even as the White House says the US economy remains strong

The Conversation

South Africa's economy has taken some heavy body blows: can it recover?

Economists are growing increasingly concerned about South Africa’s economy. This is because the country’s three major macroeconomic problems – lacklustre economic growth, growing inflation and very high unemployment – have been exacerbated by a series of major disruptions.

Tribune News Service

Downtown Seattle considers a future with lots of tourists and few office workers

Like many small businesses in downtown Seattle, the Pure Food Fish Market has had to adjust to an economy that's still missing some of its pre-COVID-19 players.

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The New Daily

Market Wrap: Economic ‘hurricane’ warning as Russian oil ban brings volatility to markets

Investors warned to prepare for an economic "hurricane" caused by aggressive central bank tightening and the war in Ukraine.

The Independent UK

US pump prices hit record as OPEC+ producers gather

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to send to the world economy as U.S. gas prices hit another record high

Benzinga

Delta, United Airlines Positive On Post-Pandemic Spending: Reuters

Delta Air Lines Inc (NYSE:DAL) and United Airlines Holdings Inc (NASDAQ:UAL) downplayed the prospect of a U.S. economic recession, saying a shift in consumer spending from goods to services would keep their businesses afloat, reported Reuters. Delta Airlines lifted its June quarter's revenue guidance but on a lower capacity than planned. Related: Why Delta Air Lines…

The Japan News/Yomiuri

China's economy faces obstacles despite end of Shanghai lockdown

SHANGHAI -- The lockdown imposed on Shanghai has been lifted after two months, but there is little likelihood of economic activity returning to normal in the immediate future. Although the administration of Chinese President Xi Jinping is scrambling to deal with the aftermath of an approach that prioritized "zero-COVID" policies…

Insider UK

Scottish GDP rises by 1% during first quarter

Economic growth driven by increased outputs in the construction and services sectors

Reuters

Time is running out for Russia, German economy minister says

Germany must work harder to reduce its energy-dependence on Russia but Western sanctions in response to Moscow's invasion of Ukraine are still taking a heavy toll on the Russian war machine, German Economy Minister Robert Habeck said on Thursday.

The Times of India

Russian President Vladimir Putin thinks his biggest ally in Ukraine war is time

As Russia’s invasion of Ukraine settles into a grinding war of attrition, one question more than any other will likely decide the outcome: On whose side is time?

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