Business and finance news

Here are some recent business and finance news stories:

Global Economy

• The International Monetary Fund (IMF) has cut its global economic growth forecast for 2023, citing rising inflation and interest rates. (Source: Reuters)
• The World Bank has warned that the global economy is facing a "perfect storm" of challenges, including high inflation, supply chain disruptions, and climate change. (Source: Bloomberg)

Stock Market

• The S&P 500 index fell 1.2% on Friday, its biggest one-day drop since June, as investors worried about rising interest rates and inflation. (Source: CNBC)
• The Dow Jones Industrial Average fell 1.1% on Friday, its biggest one-day drop since May. (Source: The Wall Street Journal)

Tech Industry

• Amazon has announced plans to lay off around 10,000 employees, or about 3% of its workforce, as part of a cost-cutting effort. (Source: The New York Times)
• Microsoft has announced plans to lay off around 5,000 employees, or about 5% of its workforce, as part of a restructuring effort. (Source: Bloomberg)

Cryptocurrency

• The price of Bitcoin fell 10% on Friday, its biggest one-day drop since May, as investors worried about rising interest rates and inflation. (Source: CoinDesk)
• The price of Ethereum fell 12% on Friday, its biggest one-day drop since June, as investors worried about rising interest rates and inflation. (Source: CoinDesk)

Earnings

• Apple reported quarterly earnings that beat expectations, but the company's revenue growth slowed down due to supply chain disruptions and inflation. (Source: The Wall Street Journal)
• Alphabet, the parent company of Google, reported quarterly earnings that beat expectations, but the company's revenue growth slowed down due to declining advertising revenue. (Source: CNBC)

Inflation

• The US inflation rate rose 0.1% in July, according to the Bureau of Labor Statistics, as prices for food, housing, and healthcare continued to rise. (Source: The New York Times)
• The European Central Bank has raised interest rates for the first time in three years to combat rising inflation, which is expected to reach 2.2% this year. (Source: Bloomberg)

Regulatory

• The US Securities and Exchange Commission (SEC) has charged three former executives of a cryptocurrency company with fraud and insider trading. (Source: The Wall Street Journal)
• The European Union has proposed new rules to regulate the use of artificial intelligence in finance, including stricter requirements for data protection and transparency. (Source: Bloomberg)