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Goldman Sachs reports 62% drop in Q2 profits on low merger activity
Goldman Sachs reported a steep drop in second-quarter profits Wednesday as it continued to struggle with an anemic merger and acquisition market and weakness in trading. Shares of Goldman dipped 0.1 percent to $336.95 in pre-market trading. jmb/st
EU digital chief urges TikTok to quickly adopt new rules
The European commissioner overseeing the digital market on Wednesday urged Chinese video-sharing platform TikTok to accelerate its adoption of new EU standards. On Monday, TikTok conducted a "stress test" on its systems at it European headquarters in Dublin, to find out if it could adapt to comply with the EU Digital Services Act.
Steep drop puts S.Africa inflation back within target range
South African inflation dropped to the lowest level in 20 months in June, slipping back within the central bank's target range, official data showed Wednesday. "The rate in June is the lowest reading in 20 months," it said.
US economist renounces EU job after Macron doubts
A US economist has decided not to take up a job advising the European Commission, after French president Emmanuel Macron expressed doubts about hiring an American for the role. Macron said that the EU executive hiring an American had raised "many questions" -- noting that neither the United States nor China would hire a foreigner to such a job.
Tata to build £4 bn electric car battery factory in UK
Indian conglomerate Tata Group announced plans Wednesday to build a £4 billion ($5.2 billion) electric car battery factory in Britain to supply its Jaguar Land Rover brands, bolstering the country's efforts to phase out fossil fuel vehicles.
UK annual inflation drops under eight percent
Britain's annual inflation rate slowed more than expected in June as it dropped below eight percent, official data showed Wednesday, easing the country's cost-of-living crisis. The move has sparked mortgage turmoil as commercial lenders lift their own rates on home loans, worsening the cost-of-living crisis.
Hoping to attract tourists, Iran looks to neighbours
Iran, largely shunned by western tourists, is making a push to attract visitors from wealthy Gulf Arab states and other nearby countries to boost its sanctions-hit economy. - Renewed push - Iran has also sought to attract more visitors from neighbouring Armenia and Azerbaijan, despite recent tensions between Baku and Tehran.
Most markets track Wall St rally but China weighs on optimism
Asian markets mostly rose Wednesday following a Wall Street rally as investors grow increasingly optimistic that the Federal Reserve will soon end its interest rate hiking cycle and the US economy will avoid a feared recession.
Private firms scour booming Nevada desert for water profits
Beneath a bone-dry Nevada lakebed, close to the dusty desert where the Burning Man festival is held each year, an ambitious water project is reshaping this pocket of the US West. Every year or two, we get a call from somebody saying 'I want to do a water importation project,'" said water lawyer David Rigdon.
AFP
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