News in Brief
Euro-area core inflation quickens again in setback for ECB
BLOOMBERG – Euro-area core inflation re-accelerated in June, a setback for the European Central Bank that may reinforce its determination to raise interest rates next month.
The measure of underlying consumer-price gains, which excludes items like fuel and food, came in at 5.4% -- just below the median estimate in a Bloomberg survey of economists – as the cost of services picked up markedly.
Tesla set to report record quarterly vehicle deliveries
Reuters – Tesla is set to report record vehicle deliveries, after the top electric vehicle maker increased discounts and other incentives to boost sales in the face of economic uncertainty and rising competition.
Tesla is expected as early as this weekend to report global deliveries of 445,000 vehicles in April to June, according to the average estimates of nine analysts by Refinitiv. That would be an increase of 5% from 422,875 the preceding quarter.
Pakistan clinches $3b IMF bailout
Reuters – Pakistan secured a badly-needed $3 billion short-term financial package from the International Monetary Fund on Friday, giving the South Asian economy respite as it teeters on the brink of default.
In a long-awaited decision for Pakistan, the IMF said it had reached a staff-level deal with the 220 million nation, which will now be subject to approval by its board in July.
The new nine-month standby arrangement came hours before a current IMF agreement expires, offering relief to Pakistan, which is battling an acute balance of payments crisis.