Economy

New York (CNN Business) The mood in the C-Suite is darkening. CEO confidence has tumbled to the weakest level since the beginning of the Covid-19 pandemic, The Conference Board said Wednesday. For the first time during the economic expansion, CEO confidence is now in negative territory. Worse, business leaders are bracing for a potential downturn caused by the Federal Reserve's quest to tame inflation. California's $6 gas could spread nationwide, JPMorgan warns A staggering 68% of CEOs surveyed by The Conference Board expect the Fed's war on inflation will eventually trigger a recession. The survey, fielded between April 25 and May 9, measured responses from 133 CEOs of mostly public companies. Read More The good news is that just 11% of CEOs anticipate a so-called hard landing, marked by a deep recession. The rest expect a "very short, mild" recession. Importantly, business leaders are not necessarily preparing … [Read more...] about Most CEOs are bracing for a recession

New York (CNN Business) The first rule of running the Federal Reserve is: You do not criticize the Federal Reserve. An unspoken edict amongst former Fed chairs has been to not speak ill of their successors to preserve the apolitical nature of and trust in the institution. But former Fed Chair Ben Bernanke broke those rules on Monday morning when he said that the central bank had erred in its approach to addressing 40-year-high inflation. "The question is: Why did they delay that? ... Why did they delay their response? I think in retrospect, yes, it was a mistake," he said during an interview on CNBC's Squawk Box Monday. "And I think they agree it was a mistake." Bernanke led the Fed through the financial crisis of 2008 and oversaw incredible levels of monetary expansion. His successors Janet Yellen and then Jerome Powell, who now runs the central bank, continued the loose policy well into economic recovery. Powell recently announced rate hikes … [Read more...] about The Fed’s slow response to inflation was a mistake, says ex-chair Ben Bernanke

A mum has revealed that she often books herself business class flights while leaving her children in economy seats. A woman who was friends with the parent claimed she almost “fell off [her] chair” when she realised the arrangement after posting the details in an Australian Facebook group. She explained that her pal left her primary aged children in the cheaper economy section while she flew in luxury in the business class zone. Facebook users were divided in their opinions on the matter, reports travel site Escape. The woman wrote: "I just found out my friend flies business class with her (primary school) kids as unaccompanied minors in economy. "Nearly fell off my chair as it had never occurred to me not to be sitting with them, making sure they're okay through takeoffs, turbulence, general supervision etc through a long flight." She continued: "I figure we either all fly business or all economy. "But maybe I'm too helicopter? Is this a common thing I just never … [Read more...] about Mum branded ‘selfish’ for leaving kids in economy while she flies business class

This is a carousel. Use Next and Previous buttons to navigate 5 WASHINGTON (AP) — As President Joe Biden embarks for Asia on Thursday, he's facing a new risk at home for the economy and his Democratic Party: a global slowdown caused by Russia's invasion of Ukraine and the pandemic shutting down Chinese cities and factories. The world economy can't cast U.S. ballots. But it’s a hidden force in this year’s midterm elections and could influence whether Democrats retain control of the House and Senate. It's an additional challenge that highlights the steep climb for Biden, whose approval ratings have plunged as prices for everyday goods in the U.S. have soared. Several economists said they think the U.S. is insulated from the rising energy costs that threaten Europe and from China's decline in industrial output. But there are clear spillovers as high gasoline prices continue to weigh on voters' minds and bank accounts. Federal … [Read more...] about Biden’s burdens grow: Sagging global economy adds to US woes

Apple will consider using more Vietnamese suppliers, as well as their parts and services in Apple’s products, Cook said during a meeting with PM Chinh in San Francisco on May 17. He also expressed his hope that the Vietnamese government would provide more favorable policies to encourage U.S. high-tech enterprises to invest in the country. Chinh affirmed Vietnam’s commitment too creating a fair and transparent market, as well as providing the best conditions for U.S. businesses and investors to operate in Vietnam. He also recommended that Apple invests and develops its operation in Vietnam to help the country become one of its leading markets in Asia. Apple is yet to have an assembly plant in Vietnam, but 31 Vietnam-based factories are producing parts for Apple’s partners. PM Chinh also visited Intel Corporation, the world's largest semiconductor chip manufacturer by revenue with $1.5 billion in total investments in Vietnam, and internet giant Google. He suggested that Intel … [Read more...] about Apple eyes supply chain expansion in Vietnam

BONN, Germany (AP) — The U.S., several global development banks and other groups unveiled a multi-billion dollar plan Wednesday meant to address a worldwide food security crisis exacerbated by Russia's war in Ukraine. The Treasury Department announced that several global development banks are “working swiftly to bring to bear their financing, policy engagement, technical assistance” to prevent starvation prompted by the war, rising food costs and climate damage to crops. Tens of billions will be spent on supporting farmers, addressing the fertilizer supply crisis, and developing land for food production, among other issues. The Asian Development Bank will contribute funds to feeding Afghanistan and Sri Lanka and the African Development bank will use $1.5 billion to assist 20 million African farmers, according to Treasury. The European Bank for Reconstruction and Development, the Inter-American Development Bank, the International Fund for Agricultural Development and the World … [Read more...] about US, banks, unveil plan to ease food crisis from Russia’s war

London (CNN Business) The mood hanging over financial markets is anxious and gloomy, whether you're a professional investor or a casual trader. The CNN Business Fear & Greed Index is in "extreme fear" territory. According to the most recent survey from the American Association of Individual Investors , 49% of members think the stock market will drop in the next six months, versus a historical average of 31%. And the latest survey of fund managers from Bank of America revealed an "extremely bearish May." Here's one sign of how deep the dread is running, as inflation soars, the Federal Reserve raises interest rates and the war in Ukraine drags on: Fund managers are holding their highest levels of cash since the aftermath of September 11, 2001. According to Bank of America, roughly 6.1% of assets under management are being held as cash. Read More That's compared to 5.9% in the early days of the coronavirus pandemic, and 5.4% in the … [Read more...] about Scared investors haven’t hoarded this much cash since 9/11

London (CNN Business) The European Union has unveiled a €210 billion ($221 billion) plan to wean itself off Russian oil and gas. Presenting its "REPowerEU" plan on Wednesday, the European Commission said it would attempt to slash consumption of Russian gas across the bloc by 66% by the end of this year — and break its dependence completely before 2027 — by saving energy, finding alternate sources and speeding up the transition to renewables. "We are taking our ambition yet to another level to make sure that we become independent of Russian fossil fuels as quickly as possible," EU Commission President Ursula von der Leyen said in a Wednesday press briefing. Since Russia invaded Ukraine in late February, the bloc has sought to reduce its dependence on Russia's vast energy exports. It agreed to ban Russian coal starting in August, and by last month had cut Russia's share of EU natural gas imports to 26% from 40% last year. The new plan goes … [Read more...] about Europe plans to spend $221 billion to ditch Russia’s energy

Flight attendant gives examples of what not to do on an aircraft Discover the best city breaks, beach holidays, cruises and UK travel spots by signing up SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Flight attendant Cierra Mistt has a whopping three million followers on TikTok. With these fellow travel enthusiasts she shares her top insider tips when it comes to flying. Here's how to get upgraded on your next flight, according to an expert. Related articles Flight attendant explains 'how to ask' for free upgrade - 'I'd give' Suitcase packing: The 'folding' method to 'carry more' in your bag @cierra_mist began: "Here's how to get free upgrades to First Class." Describing the method as "low key", she … [Read more...] about Flight attendant shares how to get free upgrade to First Class – ‘not many people know’

Brenda Blethyn gives an update on upcoming series of Vera Sign up for the big storylines FIRST , star interviews and exclusive access SUBSCRIBE Invalid email We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Brenda Blethyn, who has played DCI Stanhope in ITV series Vera since 2011, began her career as an actress at the age of 27. The star, who was a typist for 10 years, decided she had a passion for being on stage, and so she took the risk and began attending theatre school. However, Brenda has admitted it was a bittersweet moment for her, as her marriage broke down at the same time she launched her acting career. Related articles Richard Madeley hits out he blames Brexit for UK economy Coronation Street theory: Debbie Webster reports Abi in … [Read more...] about ‘My life changed’ Vera’s Brenda Blethyn opens up on marriage breakdown