Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines. Existing home sales fell 5.4% last month from May to a seasonally adjusted annual rate of 5.12 million, the National Association of Realtors said Wednesday. That’s lower…
Cost cutting helped Biogen beat second-quarter expectations soundly even as revenue slid and sales of the drugmaker’s controversial Alzheimer’s treatment collapsed. Aduhelm, a drug once expected to generate billions in annual sales, brought in only $100,000 in the quarter. That’s down from the $1.6 million in quarterly sales it recorded after hitting the market last…
By Mathieu Rosemain and Victoria Waldersee PARIS/BERLIN (Reuters) -Germany’s Volkswagen and Franco-Italian chipmaker STMicroelectronics will co-develop a new semiconductor amid a global microchip crunch that has strained the car industry’s supply chain, the companies said on Wednesday. The move illustrates how Volkswagen, Europe’s biggest carmaker, is striving to gain greater control over the supply of…
OTTAWA (Reuters) – Canada’s annual inflation rate accelerated to 8.1% in June, missing forecasts but remaining at its highest level since January 1983, mainly on rising gasoline prices, Statistics Canada data showed on Wednesday. Analyst surveyed by Reuters had expected the annual inflation rate to hit 8.4% in June, up from 7.7% in May. The…
NEW YORK (AP) — Donations from Fidelity Charitable climbed 11% to a record $4.8 billion for the first half of 2022, the nation’s largest grantmaker announced Wednesday. The growth in payouts from Fidelity’s donor-advised funds — which let donors enjoy tax deductions and investment gains on their donations before they give the money away —…
FRANKFURT, Germany (AP) — Italian Prime Minister Mario Draghi’s offer to resign has sent unsettling ripples through financial markets, bringing back bad memories of Europe’s debt crisis a decade ago and complicating the European Central Bank’s job as it raises interest rates for the first time in 11 years to combat record inflation. Draghi, a…
By Dhara Ranasinghe and Yoruk Bahceli LONDON (Reuters) – Debt-laden Italy finds itself in markets’ crosshairs again, as the prospect of a collapse in its national unity government coincides with the European Central Bank preparing to deliver its first interest rate rise in 11 years. Like other indebted euro zone countries, Italy has spent the…
NEW YORK (AP) — When long-haul trucker Deb LaBree sets out on the road to deliver pharmaceuticals, she has strategies to hold down costs. She avoids the West Coast and the Northeast, where diesel prices are highest. She organizes her delivery route to minimize “deadheading” — driving an empty truck in between deliveries. And if…
By Emma-Victoria Farr LONDON (Reuters) – Porsche may have to go public at a steep discount if it insists on going ahead as economic obstacles mount, two people involved in the landmark multi-billion-euro listing said. The prospect of a larger than customary discount would be a setback to the controlling families pushing the initial public…
(Reuters) – EasyJet founder Stelios Haji-Ioannou plans to call a truce in a dispute with the British airline’s management and support the purchase of 56 new Airbus aircraft, the Financial Times reported on Wednesday, citing a person familiar with the matter. Haji-Ioannou, the airline’s biggest shareholder, is planning to vote in favor of a multibillion-dollar…
