JP Morgan sees new losses

August 12, 2008

JP Morgan Chase, a U.S. bank spared the worst of the credit crunch, warned it will take a $1.5 billion write-down for the current quarter. The U.S. trade deficit unexpectedly shrank in June thanks to the weak dollar. Retail gasoline prices hit a three-month low average of $3.81 a gallon, according to government data. Conway Gittens reports from New York.