Real estate job cuts: Redfin and Compass announce layoffs | Business

Redfin said it would cut about 8% of its employees and Compass said it would reduce its workforce by 10%. The cutbacks are the latest indication that the red hot housing market is showing signs of cooling. In a memo to employees Tuesday, Redfin CEO Glenn Kelman said the company wouldn’t lay people off unless … Read more

Global markets fall after rough week on Wall Street; yen hits two-decade-low

Hong Kong / London CNN Business – Global markets and US stock futures fell early Monday, indicating a downbeat start to the trading week after a broad sell-off on Wall Street following a surprisingly strong US inflation data. The Dow plunged 880 points, or 2.5%, on Friday. The S&P 500 (SPX) shed 2.7% and the … Read more

Fact check: Biden falsely claims US has ‘fastest-growing economy in the world’

Washington CNN – In a Wednesday appearance on the ABC late-night show “Jimmy Kimmel Live !,” President Joe Biden made a dramatic claim about the US economy – and repeated himself for emphasis. “Look, here’s where we are. We have the fastest-growing economy in the world. The world. The world, ”Biden said. Facts First: Biden’s … Read more

China’s economy is looking brighter but it’s not in the clear yet

Hong Kong CNN Business – From big gains in tech stocks to robust trade data, China has had plenty of good news on the economic front this week. The positive developments come after the world’s second largest economy was battered by widespread Covid lockdowns, a sweeping crackdown on tech companies and a real estate slump. … Read more

Opinion: Small businesses like mine are struggling to deal with rising prices for almost everything

Editor’s Note: Mike Zaffaroni is the owner of Liberty Landscape Supply, a small business in Jacksonville, Florida, with more than 100 employees across four locations. The opinions expressed in this commentary are his own. The last time the American economy experienced explosive inflation, my company, Liberty Landscape Supply, wasn’t even in business yet. In fact, … Read more

Shanghai Covid lockdown: City aims for business as usual but hurdles remain

Hong Kong CNN Business – China’s richest and most international city is trying to return to business as usual after a two-month lockdown, but some restrictions will remain in place. Shanghai authorities on Sunday pledged to allow all businesses to open up from Wednesday. The city’s deputy mayor, Wu Qing, announced the easing of restrictions … Read more

China zero-Covid: 100,000 officials attend emergency State Council meeting to revive economy

Hong Kong CNN Business – China’s cabinet held an emergency meeting with more than 100,000 participants on Wednesday, according to state media, as top leaders urged new measures to stabilize an economy battered by the country’s stringent Covid-19 restrictions. The unexpected video teleconference by the State Council was attended by officials across provincial, city and … Read more

China’s economy is going backwards

Hong Kong CNN Business – China’s gigantic services sector just contracted at the second sharpest pace on record as Covid lockdowns hit businesses hard. The Caixin purchasing managers’ index, a closely-watched indicator for assessing the state of the economy, plummeted to 36.2 in April from 42 in March, according to a survey released by IHS … Read more