The International Monetary Fund is out with a new warning that “the world could soon be on the brink of a global recession”—the result of the economies in the U.S., China, and Europe slowing “more sharply than anticipated” as “war in Ukraine, inflation and a resurgent pandemic inflicted pain on every continent” - NYTimes and WSJ and Bloomberg

Speaking of inflation, recent earnings reports from Walmart, Unilever, Coke, and McDonald’s all confirm that while consumers “willingness to pay higher prices has ‘largely held up better than expected,’” buying behaviors have started to change in reaction to price increases throughout the economy - NYTimes and WSJ and Bloomberg

As for the recession part, here’s why that label is a bit more complicated than usual this time around - NYTimes

Drug giant Teva has reached a tentative $4.25 billion settlement agreement with “some 2,500 local governments, states and tribes over the company’s role in the deadly, ongoing opioid epidemic.” The deal follows “a series of blistering trials” and one-off settlements around the country in the past 12 months - NYTimes

General Motors posted a big hit to its profits over the three months ending in June, as “inflation as well as a global computer chip shortage” hit the company hard “even as revenue rose by more than 4 percent, to $35.8 billion from $34.2 billion a year ago” - NYTimes and WSJ

Microsoft and Google also disappointed in Q2, with both companies failing to meet analysts’ expectations. Still, Google’s ad business remained generally strong and helped lift Alphabet shares in after-hours trading - NYTimes and WSJ and Bloomberg and MarketWatch

Credit Suisse CEO Thomas Gottstein will soon be heading for the door, though the “timing of his departure couldn’t be determined.” Gottstein took control of the Swiss lender at the start of the pandemic and has “presided over a series of costly mishaps, including the implosions of clients Greensill Capital and Archegos Capital Management in early 2021” - WSJ and Bloomberg

Shopify is the latest tech company to hit its workforce with layoffs, announcing this week that it was laying off  10% of its employees. Those thousand jobs “will affect teams across recruiting, support and sales, as well as ‘duplicate roles’” - NYTimes and WSJ

3M has been busy this week, announcing that it will spin off its healthcare business as a public company and that the subsidiary responsible for the military earplugs at the center of litigation by veterans who blame them for damaging their hearing is seeking bankruptcy protection - WSJ and Bloomberg and Law360 and StarTribune

Pete Wells (and that video of chef Atsushi Kono at work) just bringing it for this review of the yakitori master’s new Bowery location - NYTimes

Stay safe,
MDR