DIRS.INFO The most relevant business & tech news

☆ Columbia’s student journalists produced New York magazine’s cover story. Here’s how they did it
▼ + stars: | 2024-05-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

“It was clear from the outset that The Spectator was really leading the coverage,” Summers told CNN by phone Monday. The photographs were captured by student journalists — including the cover image shot by freshman Stella Ragas — working in conjunction with New York photo director Jody Quon. Gathering reporting from campus for the issue, however, was not without its challenges for the student journalists. “There is significantly more trust of us than national outlets who parachute in and maybe don’t have the intimate knowledge,” Ramirez told CNN. In fact, when the encampments first propped up on campus, Ramirez told CNN that the student journalists were reluctant to retire for the night.

Persons: New York CNN —, Nick Summers, Isabella Ramirez, Summers, ” Summers, Ramirez, —, Stella, Jody Quon, David Dee Delgado, ”, Quon, “, ” Quon, ” Ramirez Organizations: New York CNN, New York, Columbia University, Columbia Daily Spectator, The Spectator, New, CNN, The, Hamilton Hall, Israel, Rye, Protesters, Reuters “ Locations: New York, Morningside, Rye Spaeth, Hamilton Hall

☆ The Fed might not be done raising interest rates just yet
▼ + stars: | 2024-04-11 | by ( Elisabeth Buchwald | Bryan Mena | ) edition.cnn.com time to read: +6 min

Inflation slowed substantially in 2023 as the Fed lifted rates to nearly a quarter-century high and held them at that level since July. Still, most Fed officials have signaled that they plan to cut rates this year if the economy evolves as expected. And if the inflation situation worsens even further, the Fed may even have to consider raising rates. Like Bowman and Kashkari, New York Fed President John Williams said rate hikes aren’t part of his baseline outlook. The timing of that first rate cut is critical because if the Fed cuts too soon, it risks locking in inflation at a high level.

Persons: hasn’t, Michelle Bowman, Neel Kashkari, Bowman, John Williams, he’s, ” Williams, Williams, Jerome Powell, Susan Collins, ” Collins, Powell, Larry Summers, ” Summers, Summers, Goldman Sachs, ” Organizations: CNN, Wall, Federal Reserve, ” Minneapolis, Kashkari , New York Fed, Boston, CPI, Bloomberg, UBS, Barclays, Bank of America Locations: Kashkari , New

☆ Larry Summers blasts Harvard over antisemitism: ‘I have lost confidence’
▼ + stars: | 2024-01-22 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Famed economist Larry Summers slammed Harvard’s top leaders on Sunday over concerns about how the Ivy League school is fighting antisemitism. Summers, a former president of Harvard, strongly criticized the selection of Harvard professor Derek Penslar as the co-chair of a newly-formed presidential task force on antisemitism. “I have lost confidence in the determination and ability of the Harvard Corporation and Harvard leadership to maintain Harvard as a place where Jews and Israelis can flourish,” Summers said in a post on X, formerly known as Twitter. The task forces will be charged with examining bias, determining root causes and compiling recommendations to combat hate. “As things currently stand, I am unable to reassure Harvard community members, those we are recruiting or prospective students that Harvard is making progress in countering anti-Semitism,” Summers said.

Persons: Larry Summers, Harvard’s, Summers, Derek Penslar, “, ” Summers, Claudine Gay, Clinton, Obama, Penslar, ”, ” Penslar, Israel, Israel’s, Bill Ackman, “ Harvard, Alison Frank Johnson, Steven Levitsky, stnd, ” Alan Garber, ” Garber, Penny Pritzker Organizations: New, New York CNN, Ivy League, Harvard, Harvard Corporation, Twitter, Jewish Telegraphic Agency, CNN, American Academy for Jewish Research, North America ”, The Corporation Locations: New York, Israel, Gaza, North America

☆ Turkey prices are down. A deadly bird flu could change that
▼ + stars: | 2023-12-02 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +5 min

New York CNN —Egg and turkey prices are down. But a deadly bird flu is still threatening poultry flocks, turkey in particular. Turkey takes a hitThis year, turkey prices were low ahead of Thanksgiving — partially because turkey farmers expected an outbreak in the spring that didn’t really happen, boosting turkey supplies, explained Matt Busardo, poultry market reporter at Urner Barry. But the uptick of bird flu cases has hit turkey farms hard, and threatens to tighten supply in groceries this spring. In part that’s because unlike eggs, turkey isn’t a kitchen staple — meaning that higher prices could just lead people to skip that turkey sandwich after all.

Persons: ” Dennis Summers, Summers, We’re, ” Summers, Emily Metz, “ We’ve, Ryan Hojnowski, Urner Barry, skyrocket, ”, Hojnowski, it’s, Matt Busardo, Barry, “, there’s, ” Busardo, —, Kasinger, Ohio’s Summers, Christine McCracken Organizations: New, New York CNN, CNN, American Egg Board, Bureau of Labor Statistics, Bloomberg, Getty, Rabobank, “ Locations: New York, United States, Iowa, Ohio, Turkey, Minnesota

☆ Harvard could face funding consequences if it fails to tackle antisemitism, says Bill Ackman in letter
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Ackman, who met with a group of more than 200 Harvard students and faculty last week, said the university’s administration is not doing enough to protect them. “Harvard student disciplinary actions should not be outsourced to the police department,” he wrote. When contacted, Harvard directed CNN to earlier statements from Gay and Harvard’s Executive Vice President Meredith Weenick about community conduct. Ackman and others suggested there should be employment consequences for students who had signed the letter. In his letter, Ackman acknowledged the success of that message and suggested that Harvard administrators warn students of the potential consequences.

Persons: Bill Ackman, ”, Ackman, Claudine Gay, Harvard Business School Dean Srikant Datar, ” Datar, “, Harvard’s Slack, Meredith Weenick, Gay, ” Gay, Leslie Wexner, Abigail, Lawrence Summers, Clinton, ” Summers Organizations: New, New York CNN, Billionaire, Harvard University, Harvard, Israel, Harvard Business School, Harvard University Police Department, FBI, “ Harvard, CNN, Gay, Harvard Hillel, Palestinian, Elite, Wexner Foundation, Pershing Square Capital Management, Civil, Defamation Locations: New York, Israel, Gaza, Palestine, Harvard’s

☆ Premarket stocks: How Goldman Sachs is navigating a more turbulent world
▼ + stars: | 2023-11-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +11 min

Jared Cohen: If you reflect back on most of the last 20 years, the geopolitical center of gravity has been in the Middle East. But there’s a paradigmatic shift where the geopolitical center of gravity has moved from the Middle East to Washington and Beijing. That’s before you get into other factors like the war in Europe, now, the war in the Middle East and a variety of other things. I don’t think that’s the case. Leaders in the Middle East have a big vision of their role in the world.

Persons: Goldman Sachs, won’t, Goldman, Bell, Jared Cohen, Cohen, they’re, They’ve, it’s, They’re, Bill Ackman, ”, Ackman, Claudine Gay, “, Lawrence Summers, Clinton, ” Summers, Chris Isidore, Shawn Fain Organizations: CNN Business, Bell, New York CNN, Goldman Sachs Global Institute, Applied Innovation, Global Affairs, Google, Harvard, Harvard University, Israel, Pershing Square Capital Management, “ Harvard, Civil, CNN, UAW, United Auto Workers, General Motors, Ford Locations: New York, China, Europe, East, Washington, Beijing, Taiwan, South China, Israel

☆ The Ivy League donor backlash is a PR nightmare, and that’s the point
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Donors understand as well as anyone that pulling their funds won’t inflict significant financial damage on Ivy League institutions, which boast huge endowments, my colleague Nathaniel Meyersohn reports. But he said that financial threats from donors were not the right solution to influencing universities’ positions on these issues. At 5 million subscribers paying $3.99 a month, Snapchat+ is set to earn around $239 million in annual revenue. Still, analysts are intrigued by Snap’s user growth, especially for a company that’s been around for over a decade. “In my view, there’s significant value for a company that’s growing its installed base at this level,” said Angelo Zino, senior equity analyst at CFRA Research.

Persons: CNN Business ’, Nathaniel Meyersohn, Lee Gardner, ” Gardner, “, Indiana University’s, Lawrence Summers, ” Summers, TikTok, Twitter, Snapchat, Clare Duffy, it’s, we’ve, Clare, that’s, ”, Angelo Zino, you’ll Organizations: CNN Business, CNN, Harvard, Ivy League, Higher Education, “ Ivy League, Indiana, Indiana University’s Lilly Family School, Philanthropy, “, US, Netflix, Twitter, Facebook, CFRA Research Locations: Israel, United States, China

☆ Harvard and UPenn donors are furious. It may have a financial domino effect
▼ + stars: | 2023-10-19 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +9 min

Donors often give for specific purposes — facilities, faculty research, technology on campus, athletics, scholarships and financial aid for low-income students. The Wexner Foundation said it’s breaking off ties with Harvard University, alleging the school has been “tiptoeing” over Hamas’ attacks. Lawrence Summers, the former president of Harvard and US Treasury Secretary, has criticized the “morally unconscionable” student statement and Harvard leaders’ response. But he said that financial threats from donors were not the right solution to influencing universities’ positions on these issues. Organizers of the Palestine Writes festival denied that it embraced antisemitism, according to UPenn student newspaper The Daily Pennsylvanian.

Persons: ”, Lee Gardner, Adam Glanzman, Sara Harberson, ” Gardner, “, Indiana University’s, ” Harvard, Harvard “, Leslie Wexner, Abigail, Charles Mostoller, Claudine Gay, Boycott, Lawrence Summers, ” Summers, Jon Huntsman, Marc Rowan, Billionare Ronald Lauder, Susan Abulhawa, ” UPenn, Liz Magill, ” Magill Organizations: New, New York CNN, Harvard University, University of Pennsylvania, Ivy League, Harvard, Higher Education, Philanthropy, Bloomberg, Getty, “ Ivy League, Indiana, Indiana University’s Lilly Family School, “, ”, “ Revenue, Wexner Foundation, Palestinian, College Hall, Israel, Israel Fellows, Wexner, US, CNN, Wall, Daily, University Locations: New York, Israel, UPenn, United States, Philadelphia , Pennsylvania, U.S, “, Palestine, Palestinian

☆ Debate over the Israel-Gaza war has raised tensions – and the stakes – on college campuses
▼ + stars: | 2023-10-19 | by ( Eric Levenson | ) edition.cnn.com time to read: +32 min

Ronen Zvulun/Reuters A woman mourns over a dead man at the Al-Aqsa Martyrs Hospital in Gaza City on Wednesday, October 18. Alexi J. Rosenfeld/Getty Images Israeli security inspects debris from a rocket in Kiryat Shmona, Israel, on October 18. Dor Kedmi/AP Fire and smoke rise above buildings in Gaza City during an Israeli air strike on October 13. Erik Marmor/AP Six-month-old Sama Alwadia is rescued from the rubble in Gaza City on October 9. Ramez Mahmoud/AP A plume of smoke rises in the sky over Gaza City during an Israeli airstrike on October 9.

Persons: ”, Michelle Deutchman, Spencer Platt, Jon Fansmith, “, ” Fansmith, you’ll, Eboo Patel, they’re, ” Patel, Bill Ackman, Larry Summers, ” Summers, Claudine Gay, —, Gay, ” “, Khan, Yasser Qudih, Ofir Libstein, Aza, Ronen Zvulun, Belal Khaled, Abed Rahim Khatib, Leon Neal, Hod, Alexi J . Rosenfeld, Ayal Margolin, Antony Blinken, Joe Biden, Benjamin Netanyahu, Brendan Smialowski, Ali Jadallah, Biden, Netanyahu, Kenny Holston, Abed Khaled, Ariel Schalit, Mohammed Abed, Kfar Aza, Ilia Yefimovich, Mustafa Hassona, Mahmoud Khaled, Samar Abu, Fatima Shbair, Dor Reder, Violeta Santos Moura, Shir Torem, Wahaj Bani Moufleh, Antonio Macías, Macías, Francisco Seco, Mohammed Saber, Eli Albag, Liri, Mohammed Talatene, Sergey Ponomarev, Hatem Ali, Dor Kedmi, Mahmud Hams, Saher, Hatem Moussa, Abraham Cohen, Valentin Ghnassia, Ghnassia, Yuri Cortez, Yousef Masoud, Ibrahim Hams, Bashar Taleb, Baz Ratner, Jack Guez, Yahya Hassouna, Mapal Adam, Abed Zagout, Tamir Kalifa, Agha, Ibraheem Abu Mustafa, Reuters Itzik, Miriam Shafir, Dor Shafir, Savion Kiper, Maya Alleruzzo, Mohammed Salem, CNN Sergey Ponomarev, Eden Guez, Atef Safadi, Ohad, Mohammed Soboh, Said, Noam Elimeleh Rothenberg, Amir Cohen, Ilai Bar Sade, Erik Marmor, Oren Ziv, Majdi, Ramez Mahmoud, Roi Levy, Alleruzzo, Tali Touito, Jalaa Marey, Oded, Khan Younis, Ahmad Hasballah, Mohammed Fayq Abu Mostafa, Tsafrir, Ahmad Gharabli, Ilan Rosenberg, Eyad Baba, Itai Ron, Hadas Parush, Idan Ofer, Batia, Les Wexner, Abigail, Israel, Liz Magill, ” Magill, Marc Rowan, Ronald Lauder, David Magerman, Jon Huntsman, ” Huntsman, Magill, Israel “, Winston, Strawn, “ Winston, Ryna Workman, ” Workman, Russell Rickford’s, ” Rickford, Abeer AbouYabis, Adolf Hitler Organizations: CNN — College, CNN, University of California National Center for Free, ” Columbia University, Getty Images Columbia, Getty, American Council, Education, Interfaith America, “, Harvard, Ivy League, University of Pennsylvania, Harvard Palestine Solidarity Groups, Harvard University, Reuters, Regional, Al, Aqsa Martyrs Hospital, Israel's, Ahli Baptist Hospital, Israel Defense Forces, Israeli, Ben Gurion International, New York Times, Shifa, Palestinian, AP, West Bank, Aris Messinis, Haim, Mount, Mount Herzl Military, Nova, Anadolu Agency, Nova Festival, Ben Gurion, Rockets, United Nations, Reuters Police, Reuters Rockets, Harvard Crimson, Penn, Apollo Global Management, Venture, UPenn, Faculty, New York University, NYU Student Bar Association, NYU, Winston, Stanford University, Cornell, ” Cornell University, Cornell Daily Sun, Emory University, Emory Winship Cancer Institute Locations: United States, Israel, Gaza, New York City, Khan Younis, Yehuda, Aqsa, Gaza City, Rafah, Tel Aviv, Hod HaSharon, Kiryat Shmona, AFP, Al, Ahli, Anadolu, Sderot, Gan, Kfar, North Sinai, Egypt, Samar, Samar Abu Elouf, Beit Kama, Haifa, Cyprus, Nablus, West, Lebanon, Kfar Saba, Israeli, Be'eri, Rehovot, Mount Herzl, Jerusalem, Kibbutz Be'eri, Modiin Maccabim, Kfar Aza, Ashkelon, Mount Herzel, Yassin, Palestinian, Beitar Ilit, Ramat Gan, Itai, Beit Hanun, Rishon Lezion, Harvard’s, UPenn, Palestine

As the death toll rises in the Israel-Hamas war, they have become seats of anguish. On many campuses, these students agree on one thing: Their colleges, which are increasingly staking out positions of neutrality, have not done enough to support them. College officials, already under pressure to allow conservative opinions on campus, have been trying to preserve free speech and open debate. Some students were angry that a statement from the university president did not go far enough to acknowledge Palestinian deaths. “It shouldn’t be hard to support Palestinian rights and dignity ... while still condemning what Hamas did to Israeli civilians,” Spitalnick said.

Persons: ”, Alex Morey, ” Morey, —, Stanford, Richard Saller, Jenny Martinez, Martinez, we’re, Nadia Ali, Ashkenazie, Zareena Grewal, Grewal, “, ” Eytan, they’ve, Israel, Hussam Ayloush, Ayloush, Israel “, “ Harvard’s, Lawrence Summers, ” Summers, Claudine Gay, ” Harvard Hillel, Amy Spitalnick, ” Spitalnick, Chris Megerian, Collin Binkley Organizations: Jewish, College, Foundation, Rights, Stanford University, ”, Columbia University, Israel, Palestinian, Hamas, Yale University, “, Yale, Islamic, Harvard University, Palestine Solidarity Committee, Media, Harvard, Twitter, university’s Hillel, Jewish Council, Public Affairs, Hillel, Tufts University, Associated Press, Carnegie Corporation of New, AP Locations: Israel, Gaza, California, Manhattan, ” Eytan Israel, Palestine, U.S, Washington, Carnegie Corporation of New York

☆ Larry Summers slams Biden economic agenda as ‘increasingly dangerous’
▼ + stars: | 2023-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Larry Summers, the former Obama and Clinton official, slammed parts of President Joe Biden’s economic agenda as “increasingly dangerous” this week, saying it could end up causing higher prices for Americans. Specifically, Summers took issue with the administration’s trade stance, efforts to prop up US manufacturing and its antitrust crackdown. “It is wrong to suppose that manufacturing-based economic nationalism is a route to higher incomes or better standards of living for the middle class,” Summers said. Manufacturing on the riseBiden has made reviving American manufacturing a central part of his economic agenda. The White House has hailed a surge in private investment in American manufacturing under Biden’s watch.

Persons: Larry Summers, Obama, Joe Biden’s, “, ” Summers, Summers, Biden, ” Biden, Morgan Stanley, ”, General Merrick Garland Organizations: New York CNN, Clinton, Peterson Institute for International Economics, Harvard, Harvard University, Treasury, ”, Justice Department Locations: America, Philadelphia, ”

New York CNN —The banking meltdown over the past week has left us with more questions than answers. Here are five questions that experts answered Wednesday night. Former Treasury Secretary Larry Summers told CNN that despite scary headlines, now is not the time for consumers to panic. Some context: Those regulations passed in the wake of the Great Recession laid out stricter rules for the banking industry. Of course, others note that the risk of letting the 16th-largest US bank collapse, and potentially letting its tech industry customers also fail, could have far-reaching and potentially devastating consequences.

☆ Premarket stocks: From Wile E. Coyote to edibles: Recession forecasts are getting weird
▼ + stars: | 2023-03-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

And for the US economy, it could likely mean a “Wile E. Coyote moment,” Summers said — if we run off the cliff, gravity will eventually win out. AntibioticsWhen describing the state of the economy, Summers doesn’t just rely on Looney Tunes. “Will working people be better off if we just walk away from our jobs and inflation remains 5% or 6%?” Powell replied. Before the Bell: Is it necessary to increase the unemployment rate to successfully fight inflation? In a related action, the government shut down Signature Bank, a regional bank that was teetering on the brink of collapse in recent days.

☆ Premarket stocks: What to watch as Fed Chair Powell testifies before Congress
▼ + stars: | 2023-03-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —Federal Reserve Chair Jerome Powell is on the hot seat this week as he testifies before Congress. Powell will have some good news to report — when he last testified before Congress in June, the inflation rate was at 40-year-highs, nearing 9%. Investors will also be on edge — hawkish language or even an aggressive tone from Powell could lead to market volatility. Some Fed officials agree. Economists, business leaders, investors and even Fed officials aren’t really sure about what’s happening.

☆ Larry Summers: US economy could hit an ‘air pocket’ in the coming months
▼ + stars: | 2023-03-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

“The process of bringing down inflation will bring on a recession at some stage, as it almost always has in the past,” Summers said. “The economy could hit an air pocket in a few months,” he said. Former Treasury Secretary Larry Summers tells CNN's Poppy Harlow in a March 6, 2023, interview that the economy could face a "Wile E. Coyote" moment in the coming months. CNNFor the past year, the Fed has enacted a series of interest rate hikes aimed at chilling demand and cooling down historically high inflation. In February, the Fed’s policymaking committee approved a quarter-point interest rate hike — its smallest increase in several months.

☆ Larry Summers: Russia should rebuild Ukraine's economy
▼ + stars: | 2023-02-26 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

Trade with Russia’s neighbors “has ramped up considerably in the last year, which suggests that they’re serving as a way station for goods to get into Russia,” Summers said. The way to win the economic aspect of this, Summers said, is to support Ukraine’s economy, which has left bombed cities and millions destitute. Russian assets should be the ultimate source to pay the bill to rebuild Ukraine, Summers said. In addition to Ukraine, Russian assets should be used to support “the developing world that have paid and suffered enormously from higher food and energy prices because of Russian aggression,” Summers asserted. It could set a “healthy precedent” for countries engaged in cross-border aggression like Russia to lose state assets, Summers added.

☆ Larry Summers says he's encouraged the Fed can pull off a soft landing, but not to get hopes up
▼ + stars: | 2023-02-05 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —After a shocking jobs report, Larry Summers, treasury secretary under Bill Clinton, said he is more encouraged the Fed can pull off a soft landing, but cautioned it is a “big mistake” to think the economy is “out of the woods” on Fareed Zakaria GPS Sunday. Friday’s job’s report saw an astonishing 517,000 jobs added in January and unemployment tick down to 3.4%, the lowest since 1969. Economists had predicted 185,000 jobs, expecting a slower jobs market after almost a year of aggressive rate hikes from the Federal Reserve. It brings up the question: Can the United States pull off a soft landing, bringing down inflation without triggering a recession? “That some in the Republican Party may bow to the demands of the extremists does not mean that the President of the United States should do that.”

☆ U.S. job market little affected by pandemic, say researchers
▼ + stars: | 2022-11-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Almost all of the hit the U.S. labor market took in 2020, when COVID-19 struck, was tied to temporary layoffs which were swiftly rescinded, said the paper presented on Saturday. Adjusted for these temporary shifts, “the labor market remained surprisingly tight throughout the crisis, despite the dramatic job losses” and by the spring of this year had recovered and returned to extremely tight conditions. The U.S. unemployment rate rode a virtual rollercoaster in 2020. As part of that effort Fed officials recognize their actions could push the economy into recession and will very likely drive up the unemployment rate. Collins was optimistic there is a pathway to price stability that entails only a modest unemployment rate increase.

☆ U.S. job market little affected by pandemic, says researchers
▼ + stars: | 2022-11-19 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

☆ Former Treasury Secretary Larry Summers urges Fed to keep hiking rates
▼ + stars: | 2022-11-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN Business —Former US Treasury Secretary Larry Summers said on Tuesday that the growing chorus of economists and politicians urging the Federal Reserve to pause its aggressive rate hikes in order to fight inflation are misguided. Those critics say that the Fed could throw the economy into recession, but Summers argued there’s a much greater risk to the economy that the Fed is not doing enough to bring down prices. On oil windfall taxes: On Tuesday, Summers also pushed back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. The profits are a windfall of war,” Biden said from the Roosevelt Room, alongside Treasury Secretary Janet Yellen and Energy Secretary Jennifer Granholm. “I think it would discourage investment in oil which ultimately mean higher oil prices.”

☆ Biden’s oil windfall tax would backfire, warns Larry Summers
▼ + stars: | 2022-11-01 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —Economist Larry Summers is pushing back after President Joe Biden floated the possibility of punishing the oil industry for high prices by imposing a windfall profit tax. “I’m not sure [I] understand the argument for a windfall profits tax on energy companies,” Summers said on Twitter Tuesday morning. Oil companies lost billions of dollars — and many went bankrupt — in 2020 when oil prices briefly crashed below zero for the first time ever during the Covid recession. Not surprisingly, the oil industry itself fired back at talk of a windfall profit tax. Raising taxes on the oil industry would discourage investment in new production, the API warned — “the exact opposite of what is needed.”

☆ Former Treasury Secretary Larry Summers says chance of recession next year is substantial
▼ + stars: | 2022-10-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN Business —Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. But this recession will likely be relatively short and mild. There is currently a 98.1% chance of a global recession next year, according to a probability model run by Ned Davis Research. “I think the Fed has to do what is necessary to contain inflation,” said Summers, who has been critical of the Fed in the past. But there are “no silver bullets or miracle cures,” said Summers — especially not in the three weeks ahead of US midterm elections.

☆ Markets hate Liz Truss’ plan for the UK. Just look at these charts
▼ + stars: | 2022-09-23 | by ( Julia Horowitz | ) edition.cnn.com time to read: +3 min

London CNN Business —When the UK government, led by new Prime Minister Liz Truss, unveiled its plan to rescue the British economy on Friday, the reaction from investors was instantaneous: They hated it. UK stocks, as measured by the FTSE 100 (UKX) in London, hit their lowest level since March. The Bank of England on Thursday pushed its key rate to its highest level since 2008. “It makes me very sorry to say, but I think the UK is behaving a bit like an emerging market turning itself into a submerging market,” Summers said. “We think the market may be underpricing the chances of parity.”

Search resuls for: "” Summers"

23 mentions found