Microsoft Xbox, Sony PlayStation, Nintendo: Video game earnings round-up

A gamer plays on Sony’s Playstation 5 console at his home in Seoul. Yelim Lee | AFP via Getty Images The giants of the video game world saw their sales slide in the second quarter, as initial tailwinds from the Covid pandemic faded. In the three months ended June, Microsoft, Sony and Nintendo each posted … Read more

The U.S. economy has yet to face its biggest recession challenge

A person removes the nozel from a pump at a gas station on July 29, 2022 in Arlington, Virginia. Olivier Douliery | AFP | Getty Images You’d be hard-pressed now to find a recession in the rearview mirror. What’s down the road, though, is another story. There is no historical precedent to indicate that an … Read more

5 things to know before the stock market opens Tuesday

Here are the most important news items that investors need to start their trading day: 1. Stock futures in the red Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, June 30, 2022. Brendan McDermid | Reuters U.S. stock futures fell Tuesday, as investors worried about inflamed geopolitical … Read more

Economist slams Facebook for fact-checking recession post

A prominent economist has revealed that Facebook placed a fact-checking label on a post asserting that the US has entered a recession, giving it a “partly false” rating as President Biden continues to reject the grim assessment of the economy. Dr. Phillip Magness, the research and education director at the American Institute for Economic Research, a … Read more

Evergrande has failed to deliver the debt restructuring plan it promised

The real estate company’s failure to meet its self-imposed deadline comes at a time when China’s entire property sector is dealing with a growing mortgage boycott and slumping housing sales. According to an exchange filing on Friday, Evergrande offered instead some details on ‘preliminary restructuring principles’ for its offshore debt, and said it aims to … Read more

Productivity and focus must improve

Google CEO Sundar Pichai speaks on stage during the annual Google I/O developers conference in Mountain View, California, May 8, 2018. Stephen Lam | Reuters Google is launching a new effort called “Simplicity Sprint” in an effort to improve efficiency and improve employee focus during an uncertain economic environment. The Alphabet company had its regular … Read more

Top economic takeaways as US wrangles with recession fears | Inflation News

Back-to-back GDP slowdown, Fed doubling down, a cooling jobs market, red-hot prices and tech’s big bang, here are the main economic highlights from a busy week. It was an eventful, data-packed week for the US economy. The Federal Reserve, the country’s central bank, raised interest rates by 75 basis points on Wednesday, the second time … Read more

Inflation figure that the Fed follows closely hits highest level since January 1982

An inflation gauge that the Federal Reserve uses as its primary barometer jumped to its highest 12-month gain in more than 40 years in June, the Bureau of Economic Analysis reported Friday. The personal consumption expenditures price index rose 6.8%, the biggest 12-month move since the 6.9% increase in January 1982. The index rose 1% … Read more

White House goes on offense to argue that the U.S. is not in a recession

U.S. President Joe Biden delivers remarks on the Inflation Reduction Act of 2022 at the White House in Washington, U.S., July 28, 2022. Elizabeth Frantz | Reuters WASHINGTON — The White House responded to second-quarter negative GDP growth with a full slate of events and a well-coordinated message: Despite what everyone is saying, the U.S. … Read more