FT News Briefing Goldman seeks capital relief, Intel delays launch of next generation chips, US jobs recovery stalls
Jul 24, 2020
Goldman Sachs is advocating for reduced capital requirements, citing strong trading performance. Meanwhile, Intel faces setbacks as it pushes back the launch of next-gen chips. The U.S. job recovery appears to be stalling amid heated stimulus discussions. Additionally, the oil industry is recalibrating its exploration strategies due to fluctuating prices, emphasizing efficiency and shifting priorities in light of climate concerns. This pivot raises questions about the future balance between growth and sustainability in energy.
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Goldman's Counter-Cyclical Argument
- Goldman Sachs argues its trading business is counter-cyclical, citing strong Q2 performance during the pandemic.
- The firm claims its trading revenue surged despite the recession, prompting its appeal to the Federal Reserve for lower capital requirements.
Stalling US Jobs Recovery
- The US jobs recovery is stalling, with new jobless claims unexpectedly rising.
- This rise coincides with surging COVID-19 cases and renewed economic shutdowns in some states.
Intel's Chip Delay
- Intel delayed its next-generation chip launch by six months, impacting its competition with TSMC.
- Despite higher-than-expected earnings due to increased laptop demand, Intel's shares dropped after the announcement.