Shell has revealed a surge in quarterly profits on the back of the Middle East conflict but also given an update on costly war damage to its output.
The Scottish government welcomed the US lifting tariffs on Scotch whisky exports, a move reciprocated for US bourbon and casks entering the UK. This follows an agreement after a state visit, benefiting an industry that lost £150m due to previous levies.
Volkswagen reported a 9.5% drop in Q2 operating profit and cut its annual revenue forecast by up to 3% due to a significant sales slump in China. The German carmaker is implementing a cost-cutting program, including plans to axe up to 100,000 jobs globally, facing union opposition.
Tesla's stock plunged 13.5% after its Q2 earnings missed analyst expectations, revealing lower-than-anticipated profitability and negative free cash flow due to heavy investments in Robotaxi and Optimus, impacting the broader "Magnificent Seven" tech stocks.
Online sales in Great Britain reached a five-year high in June, rising 1% month-on-month, driven by a heatwave boosting demand for air conditioners and outdoor products, and World Cup spending, according to the ONS.
Andy Burnham's proposed 20% business rate reduction for pubs, clubs, and music venues, costing £100m, aims to support high streets. While welcomed as a gesture, industry figures like pub owner Dan Smith and consultant Colm O'Leary view the £1,000 average saving as insufficient compared to other rising costs like VAT and staffing.
UK consumer confidence rose significantly in July, driven by the prospect of Andy Burnham becoming PM, England's World Cup run, and hopes for Middle East peace. Despite this, personal finance outlook remained cautious, and rising oil prices from renewed US-Iran conflict threaten inflation forecasts.
