1 US economy inches ahead (Jana Kasperkevic in
The Guardian) The US economy grew at an annual rate of just 1.2% from April to
June, as cut backs by businesses wiped out a rise in consumer spending.
The lower-than-expected figure is the latest in a
series of disappointing economic numbers attributed to growing uncertainty
among consumers and businesses, both of whom are keeping a tighter rein on
spending. The economy has now grown at an annual rate of less than 2% for three
straight quarters.
Growth in the US economy, according to Chris
Williamson, chief economist at Markit, is “being driven largely by the
consumer”. Earlier this week, the US central bank held off on raising interest
rates for the fifth time this year. The Federal Reserve was originally expected
to raise interest rates four times this year after it did so in December for
the first time in almost a decade.
In its latest statement the Fed cited a lack of
business investment as one of the reasons for its decision to hold off on a
rate rise. Businesses are not spending money in part because earlier this year
customers were also not spending money. That trend has become evident over the
past week as US public companies have reported their second quarter earnings.
Ford reported flat sales in the US. Apple reported that
it sold over 40m iPhones, down from 48m a year ago. Companies including
Chipotle and McDonald’s have also reported lower-than-expected sales. Consumers
were spending less because they are unsure about their financial security, the
US elections and overall global events, said Steve Easterbrook, McDonald’s
chief executive officer.
2 Eurozone growth halves (BBC) Eurozone economic
growth halved in the second quarter, but the 19-nation single currency area
moved away from deflation. GDP rose by 0.3% between April and June, in line
with expectations but below 0.6% growth in the first quarter.
France, the eurozone's second-largest economy, saw
no growth after expanding by 0.7% in the first quarter. Eurozone inflation rose
to 0.2% in July from 0.1% in June as a result of higher food, alcohol and
tobacco prices. Data also revealed that the eurozone jobless rate remained at
10.1% in June.
The economic growth figures are the first to be
published since Britain voted to leave the European Union (EU). Peter Vanden
Houte, chief economist at ING Bank, said: "The good news is that the
economy still has some momentum, though there is little acceleration to be
expected as long as the Brexit story continues to inject some uncertainty into
the external environment."
3 World is still wild about Harry Potter (San
Francisco Chronicle) Nine years after JK Rowling's final novel about the boy
wizard, Harry has returned, on the stage and the page — and he's still
producing commercial alchemy.
"Harry Potter and the Cursed Child," a
two-part stage drama that picks up 19 years after the novels ended, has its
gala opening Saturday at London's Palace Theatre. It's already a hit. Although
producers won't release ticket sales figures, the show is largely sold out
through December 2017; another 250,000 tickets will go on sale Aug. 4.
It is not just the theater that is seeing a
Potter-related boom. Booksellers expect a bonanza when the script is published
Sunday. Thousands of bookstores around the world are holding midnight Potter
parties Saturday, and are reporting advance sales not seen since the 2007
publication of "Harry Potter and the Deathly Hallows," the final
novel in Rowling's seven-book series.
Rowling has long insisted there will be no new Harry
Potter novels, so excitement about the new stage story is stratospherically
high. She created the story for the drama alongside Thorne and director John
Tiffany, who helmed the Tony Award-winning musical "Once."
Last seen as a teenage wizard, Harry is now an
overworked civil servant at the Ministry of Magic, while his son Albus is a
pupil at Hogwarts School of Witchcraft and Wizardry. The producers' synopsis
says that "while Harry grapples with a past that refuses to stay where it
belongs, his youngest son Albus must struggle with the weight of a family
legacy he never wanted."
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