News in Brief
US GDP growth in second quarter revised down
AFP – Economic growth in the United States was weaker than first estimated for the April to June period, the Commerce Department said Wednesday, noting downward revisions in business investment.
GDP growth in the world’s biggest economy came in at 2.1 percent for the second quarter, down from the initial estimate of 2.4 percent released in July.
Switzerland drafts tighter rules to combat money laundering
REUTERS – Switzerland on Wednesday said it had drafted new rules to tighten perceived cracks in its money laundering regulations, holding lawyers and consultants accountable for reporting risks and stepping up oversight of legal entities, such as trusts.
The new rules, drafted by the Swiss government, will be presented to parliament in 2024 following consultation. Switzerland, whose banks make it the world’s biggest manager of offshore wealth, has long sought to fight its old image as a place for criminals to stash ill-gotten gains.
European EV sales up over 60%
CNBC – European new car registrations jumped 15.2% in July, the 12th consecutive month of growth as the auto industry recovers from pandemic-related supply chain issues, data from the European Automobile Manufacturers Association (ACEA) showed on Wednesday.
Electric vehicle sales jumped 60.6%, continuing a rise buoyed by subsidies in a number of European Union countries. Full EVs accounted for 13.6% of all new car sales, up from under 10% in July 2022.