By Trevor Hunnicutt WASHINGTON (Reuters) – The U.S. economy is plagued by inflation and suffering from fallout from Russia’s war in Ukraine – but it’s not in recession. That’s the message from White House officials. Treasury Secretary Janet Yellen, economic adviser Brian Deese and Commerce Secretary Gina Raimondo have spoken out in recent days ahead…
(Reuters) -Credit Suisse Group AG is set to announce the departure of Chief Executive Officer Thomas Gottstein, the Wall Street Journal reported on Tuesday, citing people familiar with the bank. The timing of Gottstein’s exit could not be determined but an announcement could come as soon as Wednesday, when the bank reports its quarterly results,…
By Jonathan Stempel (Reuters) – A U.S. regulator has ordered a Hyundai Motor Co affiliate to pay $19.2 million for repeatedly giving credit-reporting agencies inaccurate information about its customers, including that they were delinquent on loans and leases. Hyundai Capital America, which serves about 1.7 million drivers of Hyundai, Kia and Genesis vehicles, agreed on…
WASHINGTON (AP) — The U.S. economy is caught in an awkward, painful place. A confusing one, too. Growth appears to be sputtering, home sales are tumbling and economists warn of a potential recession ahead. But consumers are still spending, businesses keep posting profits and the economy keeps adding hundreds of thousands of jobs each month….
By Ari Rabinovitch and Jonathan Saul HAIFA, Israel (Reuters) – The city of Haifa is set to become an increasingly significant east Mediterranean shipping hub, with Chinese and Indian firms buying into its ports as Israel normalizes ties with its Gulf Arab neighbours under a U.S. diplomatic push. Earlier this month, as U.S. President Joe…
WASHINGTON (AP) — The U.S. economy has contracted for two straight quarters, intensifying fears that the nation is on the cusp of a recession — if not already in one — barely two years after the pandemic recession officially ended. Six months of contraction is a long-held informal definition of a recession. Yet nothing is…
(Reuters) – French tyre maker Michelin on Tuesday posted half-year sales up 18.7%, in line with analysts’ consensus estimate, but the suspension of its operations in Russia hit net profit. The first Western tyre maker to enter Russia in 2004, Michelin decided to hand over its activities there to a new entity under local management…
Choco Taco, a favored poolside cuisine for generations, will soon be no more after owner and ice cream maker Klondike decided to discontinue the summer treat. “Over the past 2 years, we have experienced an unprecedented spike in demand across our portfolio and have had to make very tough decisions to ensure availability of our…
WASHINGTON (AP) — U.S. consumer confidence slid again in July higher prices for food, gas and just about everything else continued to weigh on Americans. The Conference Board said Tuesday that its consumer confidence index fell to 95.7 in July from 98.4 in June, largely due to consumer anxiety over the current economic conditions, particularly…
WASHINGTON (Reuters) – Sales of new U.S. single-family homes dropped to their lowest level in just over two years in June, the latest sign that rising mortgage rates, combined with higher prices, were dampening demand for housing. New home sales tumbled 8.1% to a seasonally adjusted annual rate of 590,000 units last month, the lowest…
