Business
Britain’s annual rate of inflation stood at 7.9% in June, down from 8.7% in May, a bigger drop than had been expected. Transport costs fell in the consumer-price index, mostly because of cheaper fuel. Food inflation eased to 17.3%. Core inflation, which strips out energy and food prices, was 6.9%, down slightly from the previous month’s rate. The news was welcomed by the government. The Bank of England is still expected to raise interest rates when it next meets, but markets are now expecting a smaller rise of a quarter of a percentage point.
Goldman Sachs reported net income of $1.1bn for the April to June period, its lowest quarterly profit in three years. The bank booked charges related to its property investments and retreat from retail banking. Like some other big banks it also saw a slowdown in revenues from trading. Higher interest rates are helping to make up for that shortfall in revenue and boosting profit at other banks. At JPMorgan Chase profit surged by 67%, year on year, to $14.5bn.
Tesla reported a strong net profit of $2.7bn for the second quarter, driven by a big increase in car sales during its price-slashing campaign. Tesla said that it was still on track to deliver 1.8m vehicles this year, though production would dip a bit this quarter.
2023-07-20 08:21:30
Source from www.economist.com
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