Kohl’s on Thursday slashed its sales and profit expectations for the year, a result of its stepped up price cutting to shed unwanted merchandise. The department store chain also cut back on orders ahead of the critical holiday period, spooking investors and sending shares down almost 8%. The news from Kohl’s capped a heavy week…
LOS ANGELES (AP) — The housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month. Sharply higher mortgage rates, surging inflation and prices that remain near all-time highs are making homes less affordable. Sales fell 20.2% from July last year, reaching the…
By Leah Douglas WASHINGTON (Reuters) – A major expansion in tax credits for companies that capture and store carbon emissions under U.S. President Joe Biden’s new climate law could be a boon to the ethanol industry as it seeks to meet its mid-century climate goals. The Inflation Reduction Act (IRA) Biden signed on Tuesday significantly…
(Reuters) – San Francisco Federal Reserve Bank President Mary Daly on Thursday said that either a half- or 75-basis-point interest-rate hike in September would be a “reasonable” way to get short-term borrowing costs to a little over 3% by year end and a little higher than that in 2023. Once rates are at that “restrictive”…
WASHINGTON (AP) — Slightly fewer Americans filed for unemployment benefits last week as the labor market continues to stand out as one of the strongest segments of the U.S. economy. Applications for jobless aid for the week ending August 13 fell by 2,000 to 250,000, the Labor Department reported Thursday. Last week’s number, which raised…
ANKARA, Turkey (AP) — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country’s president. In a statement following a monetary policy committee meeting, the bank said…
WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits fell moderately last week, suggesting some loss momentum in the labor market against the backdrop of higher interest rates . Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 250,000 for the week ended Aug. 13, the Labor Department…
By Alun John HONG KONG (Reuters) – The dollar touched a three-week high on Thursday after minutes from the Federal Reserve’s July meeting pointed to U.S. interest rates staying higher for longer to bring down inflation. The stronger greenback caused the pound briefly to dip below $1.2 in early European trading, its lowest in three…
PARIS (AP) — A violent thunderstorm hit the French island of Corsica on Thursday morning, leaving three people dead and a dozen others injured, local authorities said. A 13-year-old girl died after a tree fell in a campsite in the coastal town of Sagone, the Corsica prefecture said in a statement. A 72-year-old woman was…
BERLIN (AP) — Germany will temporarily lower taxes on natural gas to ease the pressures on people struggling with soaring energy costs fueled by Russia’s war on Ukraine, German Chancellor Olaf Scholz said Thursday. The announcement at a hastily convened news conference in Berlin comes a day after Scholz met with hostile protests during a…
