Economy

LONDON — UK Finance Minister Rachel Reeves said on Friday that the newly elected Labour government aims to be the most growth-oriented and business-friendly administration the country has ever seen. In an interview with CNBC, Reeves stressed that improving the living standards of ordinary Britons and increasing investment in public services depend on wealth creation. “This will be the most pro-growth, pro-business Treasury this country has ever seen,” Reeves, the Chancellor of the Exchequer, told CNBC’s Steve Sedgwick in a remote interview. “I will work with businesses to ensure we are doing everything we can to generate wealth and attract…

The 2024 Summer Olympics in Paris are just around the corner and, as always, basketball will be one of the sports that will generate great excitement among fans and bettors. After failing to win a medal at last year's FIBA ​​World Cup, the U.S. team is aiming for a strong comeback. The United States has won four consecutive Olympic gold medals and seven of the last eight, dating back to 1992. This year's Olympic roster features a total of 13 NBA titles and eight NBA MVP awards, with key players such as LeBron James, Steph Curry and Kevin Durant, among…

Stellantis, the multinational automaker behind brands including Jeep, Dodge and Chrysler, announced a 48% drop in net profit for the first half of 2024, mainly due to declining sales and production issues in the U.S. market. The company reported net income of €5.6 billion ($6.07 billion) in the first six months, down significantly from the same period in 2023. Adjusted operating income fell to €8.5 billion, down €5.7 billion, largely attributed to challenges in North America. Following the announcement, Stellantis shares in Milan fell 8.5%. CEO Carlos Tavares acknowledged the underperformance, citing a challenging industry landscape and internal operational challenges.…

DETROIT — Ford Motor Company fell significantly short of Wall Street expectations for second-quarter earnings, despite beating revenue forecasts, as long-running warranty issues plague the automaker. Here's how the company performed against analyst estimates reviewed by LSEG: Earnings per share: 47 cents adjusted vs. 68 cents adjusted expected Automotive revenue: $44.81 billion vs. $44.02 billion forecast Ford shares are up about 15% this year as prices in the auto sector have remained more resilient than expected. However, as the industry-wide shift to electric vehicles proceeds more slowly than expected, the automaker has adjusted its production plans, focusing less on fully…

PHILADELPHIA — Tyrese Maxey was patient. Despite the uncertainty, he waited, and now the Philadelphia 76ers have rewarded him handsomely. A year ago, the 76ers asked Maxey to delay signing a contract extension, promising that it would be worth it. At the time, Maxey was not yet an All-Star and had not scored 50 points in a game. The delay allowed the team to effectively manage the salary cap, entering free agency with about $65 million to spend. This strategic move paid off when the 76ers acquired Paul George from the Los Angeles Clippers on a four-year, $212 million deal.…

Google parent company Alphabet reported its second-quarter results after the market closed on Tuesday, meeting analysts’ expectations for revenue and profit but falling short on YouTube advertising revenue. Following the announcement, Alphabet shares rose about 1% in after-hours trading. Here's how the company performed against analyst estimates reviewed by LSEG: Earnings: $1.89 per share vs. $1.84 per share expectedRevenue: $84.74 billion vs. $84.19 billion expectedAdditional key figures tracked by Wall Street: YouTube Ad Revenue: $8.66 Billion vs. $8.93 Billion, According to StreetAccountGoogle Cloud Revenue: $10.35 Billion vs. $10.20 Billion, According to StreetAccountTraffic Acquisition Cost (TAC): $13.39 billion vs. $13.54 billion…

In the fall of 2017, free kicks began to be considered a real offensive tool. After his purchase from Benfica, it quickly became clear that Manchester City goalkeeper Ederson possessed a left leg more akin to a catapult than a human limb, capable of launching the ball 80 metres over the opposition defence to create a goal-scoring opportunity. Teams were baffled by this tactic, as they had never seen it before. City's entire attacking trio positioned themselves 20 metres beyond the opposition's goal line, confident that they could not be offside from a goal kick. @SamLee (@SamLee)"This set-up of City's…

Caeleb Dressel's extraordinary performance, winning seven gold medals, may paint the image of a champion without problems, but the reality of his swimming journey tells a different story. Despite his unparalleled success, Dressel has had to contend with the intense pressures of the sport. Widely regarded as one of the world’s best swimmers, Dressel holds the world record in the men’s 100-meter butterfly, a title he took from Michael Phelps in 2019 and then bettered at the Tokyo Olympics, where he won five gold medals. But even those accomplishments have failed to shield him from disappointment. Dressel was consumed by…

Scottie Scheffler’s rise to the pinnacle of golf has been nothing short of meteoric. Once considered a talented but unremarkable player, the American has become a global sensation in 2024. This newfound fame, however, presents a unique challenge for a man who previously held his privacy in high regard. Scheffler’s journey began with a dominant win at the Masters in 2022, cementing his place as a world-class golfer. However, his celebrity status remained relatively understated. Fast forward to 2024, and a series of events catapulted him into the spotlight. A series of major victories, including a second Masters victory, cemented…

Jalen Brunson defied convention this summer. While most players chase the biggest paycheck, Brunson prioritized winning in New York. The Knicks, eager to retain their rising star, offered a significant contract extension. But the really historic part? Brunson left a whopping $113 million on the table by opting into this deal a year early. The unprecedented move speaks volumes about Brunson’s dedication. He’s not just playing in New York, he’s invested in the team’s championship aspirations. That commitment goes beyond finances: He prioritizes building chemistry with teammates like Josh Hart and playing under Coach Thibodeau. Brunson’s decision is a gamble,…