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US Economic Growth Accelerates Thanks to Shoppers

The US economy is motoring ahead as consumers hit the shops and oil giant Royal Dutch Shell posts a 35% drop in profits.

Economic growth in the US has picked up thanks to increased consumer spending and lower fuel prices. The world's biggest economy expanded by an annualised 2.3% in the three months to the end of June. We hear from shoppers in New York about how keen they are to splash the cash and discuss what these latest figures tell us about the health of the US economy.

One of the biggest oil companies in the world, Royal Dutch Shell, has posted a 35% drop in profits. It made $3.4bn over the past three months and said it was shedding 6,500 jobs to cut costs in the face of falling oil prices. We hear from Shell's Chief Executive, Ben Van Beurden.

It is the airline that sells itself as the β€œPride Of Africa”, these days though Kenya Airways is anything but. It has just announced record losses of more than $290m, the biggest corporate loss in Kenyan history. A spate of terrorist attacks has led to a slump in tourism. The airline is also feeling the heat from new competition from Gulf airlines. We gauge reaction to the results.

Also, sales at the world's biggest spirits company are pretty flat, according to its latest results. Diageo is the name behind such well-known brands as Smirnoff vodka, Johnnie Walker whisky and the stout, Guinness. We talk to chief executive, Ivan Menezes, about the challenges facing the drinks giant. Picture: US Shoppers Drive Growth; Picture Credit: Getty Images

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28 minutes

Last on

Thu 30 Jul 2015 17:32GMT

Broadcast

  • Thu 30 Jul 2015 17:32GMT