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…
LONDON (AP) — Unilever, the consumer goods giant that owns brands ranging from Ben & Jerry’s ice cream to Dove skin care, raised prices by more than 11% between April and June as inflation surged around the world. That shored up revenue in the first half of the year, with the London company on Tuesday…
DHAKA, Bangladesh (AP) — Business leaders and officials from eight developing nations meeting in Bangladesh on Tuesday said more cooperation was needed among them to overcome dwindling foreign currency reserves, a growing energy crisis and supply chain disruptions. Representatives from Egypt, Iran, Malaysia, Nigeria, Pakistan, Turkey and Bangladesh under the banner of D-8, or developing…
(Reuters) – Canada’s Shopify is laying off 10% of its workforce, or about 1000 employees, the Wall Street Journal reported on Tuesday, citing an internal memo. Shares of the company fell 6.6% in trading before the bell. Shopify did not immediately respond to a Reuters request for comment. (Reporting by Chavi Mehta in Bengaluru; Editing…
McDonald’s revenue fell short of expectations in the second quarter as coronavirus restrictions shuttered stores in China and higher prices took a toll on U.S. demand. The Chicago burger giant said its revenue fell 3% to $5.72 billion in the April-June period. That was short of Wall Street’s forecast of $5.8 billion, according to analysts…
