Business

Jay Powell warns US recession is 'certainly a possibility'

Jay Powell warns US recession is ‘certainly a possibility’

Jay Powell said a US recession is “certainly a possibility” and warned that avoiding a downturn now largely depends on factors outside the Federal Reserve’s control. In testimony to the Senate banking committee on Wednesday, the Fed chair acknowledged it was now more challenging for the central bank to root out soaring inflation while maintaining …

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Elizabeth Warren to Fed chair Jerome Powell: Don't 'drive this economy off a cliff'

Elizabeth Warren to Fed chair Jerome Powell: Don’t ‘drive this economy off a cliff’

During a Senate Banking Committee hearing on Wednesday, Democratic Senator Elizabeth Warren urged Powell to proceed with rate hikes cautiously and avoid setting off a recession that costs millions of jobs. Warren asked Powell if Fed rate increases will lower gas prices, which have hit record highs this month. “I wouldn’t think so,” Powell said. …

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Sam Bankman-Fried rescues crypto lenders BlockFi, Voyager

Sam Bankman-Fried rescues crypto lenders BlockFi, Voyager

With no central bank willing to come to the rescue, beleaguered crypto companies are turning to their peers for help. Billionaire crypto exchange boss Sam Bankman-Fried has signed deals to bail out two firms in as many weeks: BlockFi, a quasi-bank, and Voyager Digital, a digital asset brokerage. FTX, Bankman-Fried’s crypto exchange, agreed Tuesday to …

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Bobby Kotick Will Stay On Activision Board For Another Year

Bobby Kotick Will Stay On Activision Board For Another Year

Look at this man. How does he keep getting away with it?Photo: Scott Olson (Getty Images) Just yesterday, Activision Blizzard shareholders voted to approve a report looking into the company’s anti-harassment efforts. While the company itself is “carefully considering” that, stockholders also gave the green light to the Board of Directors nominees, which included shitty …

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Wall Street stocks rise as Jay Powell points to economic resilience

Wall Street stocks rise as Jay Powell points to economic resilience

Wall Street stocks rose on Wednesday as investors weighed comments from the Federal Reserve chair that signaled the US economy may be strong enough to withstand more interest rate rises. The S&P 500 added 0.5 per cent after Fed chair Jay Powell began a two-day testimony to lawmakers. The moves extended gains from the previous …

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US tech companies yank job offers, leaving college grads scrambling

US tech companies yank job offers, leaving college grads scrambling

June 22 (Reuters) – One by one, over the last week of May, Twitter Inc (TWTR.N) rank up some members of its incoming class of new hires who had recently graduated from college and revoked the job offers in 15-minute calls, according to some of the recipients. “It was traumatic,” Iris Guo, an incoming associate …

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Online lottery ticket firm Jackpot gets funding from top sports execs

Online lottery ticket firm Jackpot gets funding from top sports execs

Online lottery ticket company Jackpot announced Wednesday that it closed on $35 million in series A funding, led by some of the biggest names in sports who see the promising growth potential in digital lottery sales. The cash infusion could enable Jackpot to start rolling out its website and app later this year in select …

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Proteus is Amazon's first fully autonomous warehouse robot

Proteus is Amazon’s first fully autonomous warehouse robot

In a post looking back over the past 10 years since it purchased robotics company Kiva, Amazon has revealed its new machines, including its first fully autonomous warehouse robot. It’s called Proteus, and it was designed to be able to move around Amazon’s facilities on its own while carrying carts full of packages. The company …

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Dow Jones Futures Fall;  Fed Chief Powell Testifies As Recession Fears Grow

Dow Jones Futures Fall; Fed Chief Powell Testifies As Recession Fears Grow

Dow Jones futures fell sharply early Wednesday, along with S&P 500 futures and Nasdaq futures, setting the new stock market rally on course to erase much of Tuesday’s strong gains. Treasury yields and crude oil prices also fell significantly. Federal Reserve Chair Jerome Powell will testify before Congress amid growing concerns that Fed rate hikes …

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