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Global commodity shock enters next phase with recession test

BUSINESS

Global commodity shock enters next phase with recession test

The second half will be about how consumers, businesses and governments cope with the shockwaves to commodity flows. Either the global economy can withstand the sky-high prices needed to maintain tight supplies -- especially for energy -- or soaring prices will be cured by recessions.

Lufthansa scraps 2,200 flights as Europe travel chaos mounts

BUSINESS

Lufthansa scraps 2,200 flights as Europe travel chaos mounts

Germany’s flagship airline scrapped both domestic and European routes for July and August, a spokesman said. That follows 900 cancellations announced earlier this month.

S&P 500 may have another 24% to fall, 150 years of market history shows

BUSINESS

S&P 500 may have another 24% to fall, 150 years of market history shows

That’s according to Societe Generale, which calculates the benchmark gauge may need to tumble as much as 40% from its January peak in the next six months to hit bottom. That comes out to 2,900. The upper end of the range the firm gave is for the index to slump by roughly 34% from its top, to 3,150.

Jerome Powell hammers home ‘unconditional’ commitment to cool inflation

BUSINESS

Jerome Powell hammers home ‘unconditional’ commitment to cool inflation

Policymakers raised interest rates by 75 basis points last week and Powell signaled that another move of that size -- or a 50 basis-point increase -- was on the table when they meet again in late July.

Germany Warns of Lehman-Like Contagion From Russian Gas Squeeze

WORLD

Germany Warns of Lehman-Like Contagion From Russian Gas Squeeze

With energy suppliers piling up losses by being forced to cover volumes at high prices, there risks a spillover effect for local utilities and their customers, including consumers and businesses, Economy Minister Robert Habeck said Thursday after raising the country’s gas risk level to the second-highest “alarm” phase.

Bridgewater doubles bet against European stocks to $10.5 billion

BUSINESS

Bridgewater doubles bet against European stocks to $10.5 billion

Ray Dalio’s Bridgewater Associates has built a $10.5 billion bet against European companies, almost doubling its wager in the past week to its most bearish stance against the region’s stocks in two years.

Uber is said to have explored a sale of Indian ride-hailing arm

BUSINESS

Uber is said to have explored a sale of Indian ride-hailing arm

The US company began weighing alternatives and reached out to several interested parties after recognizing it had limited potential for profitable expansion in the country, the people said, asking not to be named as the information is not public.

Uber is said to have explored a sale of Indian ride-hailing arm

COMPANIES

Uber is said to have explored a sale of Indian ride-hailing arm

India and Japan are the sole major remaining Asian markets for Uber

Half of new US entrepreneurs are women, leading a creation boom

BUSINESS

Half of new US entrepreneurs are women, leading a creation boom

A survey found that almost half of 2021’s new entrepreneurs were women, a significant uptick from 28% in 2019. And the share of new Black business owners tripled to 9%, according to Gusto, a payroll and human-resource management business.

GST council to consider sales tax on cryptocurrency next week

BUSINESS

GST council to consider sales tax on cryptocurrency next week

The panel, comprising federal and states’ finance ministers, is seeking to broaden the tax net to track dealings in virtual digital assets in a more effective manner, the people said, declining to be identified citing rules on speaking with media.

BlackBerry investors oppose Prem Watsa’s re-election as a director

BUSINESS

BlackBerry investors oppose Prem Watsa’s re-election as a director

Watsa received just 50.7% support at the Canadian software company’s annual meeting on Wednesday. That means, excluding the 46.7 million shares controlled by Watsa’s Fairfax Financial Holdings Ltd., shareholders representing a majority of the votes at the meeting opposed him.

Junk bonds point to a 50% chance of a recession, Citi says

BUSINESS

Junk bonds point to a 50% chance of a recession, Citi says

Spreads on US high-yield bonds are currently hovering around 500 basis points, while risk premiums on some of the lowest-rated corporate debt is closing in on 1,000 basis points, which is considered a distressed level.

Bitcoin is leading indicator of stock-market Bottom, Mobius says

CRYPTOCURRENCY

Bitcoin is leading indicator of stock-market Bottom, Mobius says

Worries about global recessionary risks have wiped out billions in Bitcoin’s market value, with the token crashing about 70% from its peak to trade near $20,000.

Jack Ma’s Ant to apply for key license as soon as this month

BUSINESS

Jack Ma’s Ant to apply for key license as soon as this month

The People’s Bank of China intends to accept Ant’s application to become a financial holding company once it’s submitted and will then start a review process, which could take months, said the people, asking not to be identified discussing a private matter.

China Premier Li Keqiang’s trip to wheat farm shows food, inflation worries

BUSINESS

China Premier Li Keqiang’s trip to wheat farm shows food, inflation worries

Li Keqiang stressed the importance of the wheat harvest this year while touring a farm in Gaobeidian, a city in the northern province of Hebei, Xinhua said on Tuesday.

US seeks to limit nicotine levels in cigarettes

BUSINESS

US seeks to limit nicotine levels in cigarettes

The Food and Drug Administration will draft a rule that limits nicotine, according to a notice of a proposed rule posted on the US Office of Information and Regulatory Affairs.

India to resist anti-US messaging at BRICS summit with Xi Jinping, Vladimir Putin

BUSINESS

India to resist anti-US messaging at BRICS summit with Xi Jinping, Vladimir Putin

The virtual event, which Beijing is hosting this week, is set to bring together Xi, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South Africa’s Cyril Ramaphosa and Brazil’s Jair Bolsonaro.

Oversupply of India bonds to drive yields to 8%, StanChart says

BUSINESS

Oversupply of India bonds to drive yields to 8%, StanChart says

The lender estimates that excess supply of sovereign and state debt may total as much as 6.3 trillion rupees ($81 billion) this fiscal year. That’s likely to further upset a market that’s struggling to cope with rising interest rates and dwindling surplus liquidity, said Parul Mittal Sinha, head of India financial markets at the bank.

Adults who love toys? The toy industry loves them, too

BUSINESS

Adults who love toys? The toy industry loves them, too

A cohort of shoppers like Dykstra—dubbed “kidults” by toy industry insiders—have helped US toy sales surge 37% over two years, to $28.6 billion in 2021, according to data tracker NPD Group.

Elon Musk, Nouriel Roubini and Goldman warn of rising US recession risk

BUSINESS

Elon Musk, Nouriel Roubini and Goldman warn of rising US recession risk

Their outlooks will stoke fears of a hard landing for the world’s biggest economy as the Federal Reserve jacks up interest rates to counter the fastest pace of inflation in decades.

Joe Biden says US recession avoidable after call with Larry Summers

BUSINESS

Joe Biden says US recession avoidable after call with Larry Summers

“I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters Monday at Rehoboth Beach, Delaware. “I think we’re going to be able to get a change in Medicare and a reduction in the cost of insulin.”

US sanctions helped China supercharge its chipmaking industry

BUSINESS

US sanctions helped China supercharge its chipmaking industry

Nineteen of the world’s 20 fastest-growing chip industry firms over the past four quarters, on average, hail from the world’s No. 2 economy, according to data compiled by Bloomberg.

Mounting crypto liquidations make DeFi go to extremes

CRYPTOCURRENCY

Mounting crypto liquidations make DeFi go to extremes

The record-setting rout in cryptocurrencies has put a slew of decentralized-finance applications and their communities in a race to protect themselves against a cascade of liquidations -- sometimes by employing unprecedented measures.

Once-Spurned Superjumbos Return to Skies as Travel Roars Back

WORLD

Once-Spurned Superjumbos Return to Skies as Travel Roars Back

Many airlines struggled to see a future for their enormous Airbus SE A380s when the pandemic grounded fleets in early 2020. Qantas Airways Ltd. parked its 12 double-deckers in the Californian desert, saying they wouldn’t be needed for at least three years, while Etihad Airways said it’s not clear if its 10 superjumbos will ever fly again.

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