US faces stagflation due to labor shortage, government spending: FedEx founder Fred Smith

The US economy is in the middle of an unusual “stagflation” period and lacks enough workers to meet spiking demand because of the Biden administration’s policies, FedEx founder and chairman Fred Smith said. Smith delivered his grim view of the economy after stocks tanked on FedEx CEO Raj Subramaniam’s warning of a looming “worldwide recession.” … Read more

CNBC’s Joe Kernen challenges Buttigieg on inflation

CNBC anchor Joe Kernen took Transportation Secretary Pete Buttigieg to task on Friday for the Biden administration holding a celebration on the same day that a worse-than-expected August inflation report caused stocks to tank. President Biden held a party on the White House’s South Lawn on Tuesday to celebrate passage of the Inflation Reduction Act. … Read more

Tech workers getting leg-lengthening surgery that costs up to $150K: report

Self-conscious tech workers are reportedly taking extreme measures to add a few inches to their height by forking over six-figure payments for painful leg-lengthening operations. Kevin Debiparshad, the head of the Nevada-based LimbplastX Institute, said workers from the tech sector comprise a significant chunk of his patients for the cosmetic surgical procedure. The operation reportedly … Read more

FedEx shares slump over 20% as global recession fears mount

FedEx’s shares tracked their worst day on Friday after the delivery heavyweight pulled its forecast, feeding into fears of a global demand slowdown while piling more pressure on its new chief executive for a quick turnaround. The preliminary results sent the stock tumbling 24% to about $155.95, with the company poised to shed about $12.5 billion … Read more

Dow plunges as FedEx warning spooks investors

Wall Street’s main indexes hit near-two-month lows on Friday, after a profit warning from global delivery bellwether FedEx spooked investors already worried about aggressive rate hikes from the Federal Reserve tipping the economy into a recession. In midday trading, the Dow Jones Industrial Average was down 329.09 points, or 1.1%, at 30,632.73, the S&P 500 was down … Read more

Ex-Amazon staffers say ‘frugal’ company made them split bagels

Ex-Amazon employees are commiserating about their experiences at the “frugal” tech giant – with one describing how workers were forced to split bagels at office gatherings due to budget limitations. On an internal email thread among more than two dozen former Amazon employees who have since left to work at Google, titled “worked_at_amazon,” one posted … Read more

Goldman Sachs consumer banking unit facing Fed scrutiny: report

Goldman Sachs’ consumer banking unit is being reviewed by the Federal Reserve, Bloomberg Law reported on Friday, citing people familiar with the matter. Goldman’s management has been subjected to questions and follow-ups from the central bank’s officials for several weeks, the report said, adding that the process was still ongoing. Goldman Sachs and the Fed declined to comment. … Read more