Bloomberg President Joe Biden reiterated that a US recession isn’t “inevitable” following a conversation with former Treasury Secretary Lawrence Summers, who sees a significant chance the country will find itself battling stagflation. “I was talking to Larry Summers this morning, and there’s nothing inevitable about a recession,” Biden told reporters at Rehoboth Beach, Delaware. “I think we’re going to ...

  Bloomberg Swiss watch exports to China plunged for the second month in a row as the Covid-19 lockdowns battered demand. Shipments to China slumped 65% in May, the Federation of the Swiss Watch Industry said on Tuesday. Still, strong appetite for timepieces in the US and Europe offset that decline and helped total exports rise 14% to 2 billion ...

  Bloomberg Tesla Inc is cutting its salaried workforce by about 10% over the next three months, resulting in an overall reduction of some 3.5% in total headcount as hourly staff numbers are still expected to grow, Chief Executive Officer Elon Musk said. “We grew very fast on the salaried side,” Musk said in an interview with Bloomberg News editor-in-chief ...