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Business

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Summary

This article provides a summary of current business news, including Britain’s annual rate of inflation dropping to 7.9% in June, Goldman Sachs reporting its lowest quarterly profit in three years, Tesla's strong second quarter net profit, the Federal Trade Commission investigating Open AI, Sony agreeing to continue to make “Call of Duty” available on Sony’s PlayStation, China’s GDP growing by just 0.8% in the second quarter, a warning from the International Energy Agency of a cold winter, Eli Lilly presenting the full findings of a phase-three clinical study of its new drug to treat Alzheimer’s, Netflix seeing an increase in its subscriber base, Hollywood actors and writers going on strike, and Pret a Manger turning an annual profit for the first time since 2018.

Q&As

What was the rate of inflation in Britain in June?
The rate of inflation in Britain in June was 7.9%.

What was the net income for Goldman Sachs reported for the April to June period?
The net income for Goldman Sachs reported for the April to June period was $1.1bn.

What is the FTC investigating Open AI for?
The FTC is investigating Open AI for potentially violating consumer-protection laws and for its policy on data privacy and how it trains the large language models behind its generative AI.

What did Sony sign a deal with Microsoft for?
Sony signed a deal with Microsoft to make "Call of Duty" available on Sony's PlayStation once Microsoft takes over Activision Blizzard.

What warning was issued by the International Energy Agency?
The International Energy Agency warned that "a cold winter, together with a full halt of Russian piped gas supplies to the European Union" could cause natural-gas prices to rise again.

AI Comments

👍 This article provides a comprehensive overview of the business news of the week, offering interesting insights into the current economic climate.

👎 This article is too long and hard to read; it would have benefited from more succinct writing.

AI Discussion

Me: It talks about the world economy and how inflation, consumer prices, and interest rates have been affected by the pandemic. It also looks at the financial performance of companies like Goldman Sachs, Tesla, Open AI, and Evergrande.

Friend: Wow, that's a lot to take in. What implications does it have?

Me: Well, it shows that the economy is still heavily impacted by the pandemic and is struggling to recover. Inflation is still high and there are still issues with consumer prices. This could lead to a rise in interest rates, which would make borrowing more expensive. It also shows that companies that are heavily invested in the tech sector are doing better than those in more traditional industries. This could be an opportunity for investors to capitalize on. Finally, it looks like Hollywood is facing a major disruption as actors and writers go on strike for a bigger cut of streaming profits. This could have a huge impact on the movie industry.

Action items

Research the impact of artificial intelligence on the film and television industry.
Analyze the data set of Pret a Manger transactions to understand the impact of COVID-19 on footfall.
Investigate the potential implications of the International Energy Agency's warning about a cold winter and Russian gas supplies.

Technical terms

Inflation: A measure of the average price level of goods and services in an economy over a period of time.
Consumer-price index: A measure of the average change in prices over time in a basket of goods and services purchased by consumers.
Core inflation: A measure of inflation that excludes volatile items such as energy and food prices.
Interest rates: The cost of borrowing money, typically expressed as a percentage of the amount borrowed.
Net income: The total amount of money a company earns after subtracting all expenses, taxes, and other costs.
Revenue: The total amount of money a company earns from its business activities.
Trading: The buying and selling of financial instruments such as stocks, bonds, and derivatives.
Artificial intelligence: A branch of computer science that deals with the simulation of intelligent behavior in computers.
Generative AI: Artificial intelligence that can generate new data from existing data.
Data privacy: The practice of protecting personal data from unauthorized access or use.
Default: The failure to make a payment on a loan or other financial obligation.
Investment: The use of money to purchase assets or acquire resources with the expectation of generating income or profit.
GDP: Gross Domestic Product, the total value of goods and services produced in an economy over a period of time.
Alzheimer's: A progressive neurological disorder that affects memory, thinking, and behavior.
Food and Drug Administration: A federal agency responsible for protecting public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical devices.
Netflix: A streaming service that provides on-demand video content.
Disney+: A streaming service owned by The Walt Disney Company.
Union: An organization of workers that seeks to protect and advance the interests of its members.
Pret a Manger: A chain of sandwich shops.