Business activity has slowed in major economies simultaneously. Plus: Another meme stock crashes, investors remember the original Tiger, and more

Welcome to?This Week in Finance, your weekly roundup of the top news, conversations, and voices trending among financial professionals on LinkedIn. Click 'Subscribe' to be notified of each edition. This week:

Biggest economies are slowing down

Business activity has slowed simultaneously in several of the world’s leading economies, flashing what experts say are warning signals about a downturn. Purchasing managers and other business surveys for August showed declines in the U.S., Europe, and Japan, as high inflation and supply shortages weigh on activity. The U.S. index, which measures manufacturing and services, fell to 45 from 47.7 in July — the second consecutive month in which the reading was below 50, or indicating contraction.

• A survey of economists in the U.S. private sector showed that three-quarters don’t believe the Federal Reserve can bring inflation down to its 2% target without inducing a recession.
• Here's what people are saying.
• Is the U.S. economy shrinking or expanding?: A revised measure of economic growth continues to show shrinkage in the last quarter, while a separate one points to growth — confounding economists. Gross domestic product contracted at a 0.6% annualized rate, the Commerce Department said Thursday, but income from producing those goods and services rose 1.4%. The two indicators rarely diverge as much.

Another meme stock ends in tears

Bed Bath & Beyond's journey from beleaguered retailer to meme stock has reached a familiar conclusion. Ryan Cohen, the activist investor who helped push its market value to stratospheric levels, confirmed he sold off his firm's entire stake in the company, prompting the share price to plummet. The homeware chain's stock had skyrocketed after Cohen, who acquired 10% of the company in March, disclosed his purchase of call options.

• A 20-year-old USC student scooped up $110 million in profits by selling his stake in Bed Bath & Beyond "at exactly the right time," the Financial Times reports. The mathematics and economics major bought shares at $5.50 apiece and offloaded them for over $27 each.
• Here's what people are saying.

FTX founder grows crypto kingdom

Sam Bankman-Fried, founder and CEO of cryptocurrency exchange FTX, is on a $1 billion mission to fix crypto. While the market trudges through its "crypto winter," Bankman-Fried has been on a major shopping spree, snapping up a stake in Robinhood, bailing out lending platforms, and making acquisitions. Bankman-Fried tells Fortune he wanted to "backstop customer assets" during the meltdown in order to stem chain reactions. The deal-making will likely continue: Forbes, citing leaked financials, reports a major FTX deal could be imminent. ?? Here's what people are saying.

• Nike scores as top NFT seller: Nike has made more money selling NFTs than any other brand in the world — much more. The sports giant reported a total of more than 67,000 non-fungible token transactions worth $185 million, outpacing runner-up Dolce & Gabbana by nearly $160 million.

BMO looks to immigrants for vacancies

The Bank of Montreal is turning to immigrants and refugees in its search for talent as the North American banking industry struggles with worker shortages. BMO’s Newcomer Talent Program aims to guide potential applicants through the recruitment process and then pair them with opportunities in the U.S. and Canada. Refugees can apply directly for one of the thousands of open jobs at BMO or have a recruiter match them with an opening. Canada wants to accept 76,000 refugees this year and the U.S. plans to welcome 125,000. ?? Here's what people are saying.

Going green to lure investors

Big Indonesian corporations are stepping up their sustainability efforts in a bid to attract more foreign investment, The Straits Times reports. Companies across industries, from automotive to energy, are making commitments to greener sources of income, such as investments in the electric-vehicle ecosystem and divestment from coal. Foreign investors are net buyers of Indonesian stocks, with more than 50 trillion rupiah ($3.4 billion) in investment in the first four months of 2022. The move to sustainability is also meant to appeal to Gen Z investors — currently the largest investor base in the country. ?? Here's what people are saying.

Oracle of Omaha: Oil's still got it

A U.S. power regulator gave the green light to Berkshire Hathaway, billionaire Warren Buffett's conglomerate, to purchase up to 50% of Texas-based Occidental Petroleum. Shares of the oil giant jumped nearly 10% after the Federal Energy Regulatory Commission's approval. Berkshire had recently bought billions' worth of stock in Occidental, amounting to a roughly 20% stake. Energy analysts call the interest in Occidental a "home run" because it will soon prove to be a "leader in the kind of carbon-reduction technology the federal government is supporting." ?? Here's what people are saying.

The call to privatize India's public banks

India is now well-placed to privatize its public-sector banks, S&P Global said in a report. Such a move would increase system efficiency, the agency said. Private banks in India are increasing their branch numbers and adopting digital tools to attract younger consumers, while public-sector banks are dealing with non-performing loans and meager earnings. The Reserve Bank of India recently asked the government to take a “nuanced approach” to the issue, warning that aggressive privatization of lenders may do more harm than good. ?? Here's what people are saying.

Home prices take a tumble

The real estate market is at "a significant inflection point," says CNBC, as home prices tumble for the first time in three years. The 0.77% June-to-July price drop was the largest decline since January 2011, according to mortgage software and analytics firm Black Knight. Analysts expect more price corrections after rising mortgage rates, top-dollar asking prices, and limited inventory pushed housing affordability to a 30-year low. Historically prices rise an average 0.4% from June to July as families move while school is out for the summer. ?? Here's what people are saying.

• Rough seas for mortgage lenders: Analysts predict widespread bankruptcies and job losses, the likes of which the industry hasn't seen "since the housing bubble burst about 15 years ago," writes Bloomberg.

Apple Pay is everywhere now

It’s been a long eight years since Apple launched Apple Pay, but the tech giant’s patience has paid off. Though skeptics dismissed Apple’s intention to "make the wallet obsolete," The Wall Street Journal notes 75% of iPhones currently have Apple Pay enabled, and about 90% of U.S. retailers and even some public transit systems accept contactless payments — up from 3% in 2014. ?? Here's what people are saying.

Finance pioneer Robertson dies

"He knew stocks better than anyone." The investment community is remembering pioneering hedge-fund manager Julian Robertson, who died Tuesday at 90. Robertson started Tiger Management in 1980 with $8.8 million and grew assets to north of $20 billion — generating average returns of 32% a year — before stumbling on bad bets, returning money to clients, and converting the firm to manage his own fortune. But Robertson's greatest legacy — in addition to giving more than $2 billion to charity — will be his "Tiger Cubs": dozens of star traders who trained under him before launching their own funds. ?? Here's what people are saying.

With Cate Chapman, Andrew Murfett,?Jake Perez, Ruiqi Chen, Jessy Bains, Serla Rusli, Monica Fike, and Preethi Ramamoorthy.

What's your take on the week's news and other developments impacting you or your business? Join the conversation in the comments below.