Germany’s Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
New York Times reports that Goldman Sachs’ efforts to hedge its bets in commodity trades, along with fixed income and currency trades, resulted in a disappointing drop in reported income in Q2.
On Tuesday Goldman reported $1.05 billion in profit in the second quarter, or $1.85 share.
Analysts were expecting $2.27 a share.
The firm substantially reduced its risk in the three months ended June 30, an overly conservative approach that cost millions in the short term, said a person with knowledge of the matter who was not authorized to speak on the record. Goldman, in part, hedged its trading activities, a move that ate into profit. It also robbed the company of the upside in certain commodities like oil, the person said.
Image of Goldman Sachs building is by Quantumquark.
