May 18, 2020 / 5:05 AM / 8 days ago

PRESS DIGEST- New York Times business news - May 18

May 18 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

- SoftBank Group Corp on Monday said that Jack Ma, the co-founder of Chinese e-commerce giant Alibaba, has resigned from its board, an announcement that came as the Japanese company said it was preparing to double the money it has spent on repurchasing its own shares. nyti.ms/2WGV6g8

- U.S. Federal Reserve Chairman Jerome Powell said the U.S. would have a slow recovery from what he called the "biggest shock that the economy's had in living memory," suggesting that a full rebound from virus-induced lockdowns could take until the end of 2021. nyti.ms/3dU6Scz

- Japan fell into a recession for the first time since 2015, as its already weakened economy was dragged down by the impact of COVID-19 on businesses at home and abroad. nyti.ms/2ThyEb7 (Compiled by Bengaluru newsroom)

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