Whoops! Thank you to those that alerted me that there was an error in yesterday’s introduction. Yes, I meant to say EY and not Deloitte – Mondays, am I right? Today I have tripled checked and can confirm that it is KPMG that is cutting 5% of their US workforce.

The lowdown

• ✂️ KPMG cutting 5% of its US workforce in second round of layoffs this year.

• 🏎️ Alpine F1 team secures €200 million from backers including Ryan Reynolds and Rob McElhenney.

• 🏦 IMF warns central banks that persistent inflation will cause conflict between price and financial stability objectives.

Featured story

Agnelli-backed fund stocks up on Ocado

Lingotto Investment Management, backed by Italy’s industrial dynasty the Agnelli family, has revealed a 5% holding in British online supermarket Ocado.

This comes less than a week after shares in Ocado increased by 32% following a report by The Times ($) suggesting potential bid interest from US entities, including Amazon. The report contemplated an offer worth 800 pence per share – an 86% premium to Ocado's closing price at the time.

Ocado has been struggling (more than usual) due to the cost-of-living crisis in the UK, and its share price reflects this. Earlier this year, Ocado reported a full-year loss of £501 million, which was its largest in 23 years of trading ($). The bid speculation gives shareholders some hope for the future at least.

The content we're consuming today

• Musings on Markets: AI's Winners, Losers and Wannabes: An NVIDIA Valuation, with the AI Boost!

• The Economist podcast: Editor’s Picks: June 26th 2023.

• WSJ: The Ugly Shoes Now Worth Billions of Dollars ($).

Off-balance sheet items

• Belgian shot putter and team captain Jolien Boumkwo displayed some good team spirit when she ran the 100m hurdles to prevent her team from being disqualified at the European Championships. Video here.

The bottom line

Our friends at KPMG today…