WASHINGTON (Reuters) – Contracts to buy U.S. previously owned homes were unchanged in April amid tight inventory, which could delay a recovery in the housing market. The National Association of Realtors (NAR) said on Thursday that the unchanged reading of 78.9 in its Pending Home Sales Index, based on signed contracts, last month followed a…
(Reuters) -Cineworld expects to emerge from Chapter 11 bankruptcy protection in July, the British cinema chain operator said on Thursday, adding that its proposed debt restructuring has the backing of most of its lenders. The world’s second largest movie theatre chain operator after AMC Entertainment filed for U.S. bankruptcy protection in September hoping to restructure…
BERLIN (Reuters) – The German economy was in recession in early 2023 after household spending in Europe’s economic engine finally succumbed to the pressure of high inflation. Gross domestic product fell by 0.3% in the first quarter of the year when adjusted for price and calendar effects, a second estimate from the statistics office showed…
By Asif Shahzad ISLAMABAD (Reuters) – Pakistan has cut its GDP growth estimate for fiscal year 2022-23 to 0.29%, from an earlier estimate of 2%, the national accounts committee said, with a contraction in industrial growth underscoring concern of an acute economic crisis. The country’s growth was stunted by slowdowns in the agriculture, industrial and…
(Reuters) – First Republic Bank was paying dozens of employees more than $10 million apiece annually in the heyday before its collapse, Bloomberg News reported on Thursday, citing people familiar with the matter. Earlier this month, JPMorgan Chase & Co agreed to pay $10.6 billion to the Federal Deposit Insurance Corp (FDIC), to take control…
(Reuters) – Nikola Corp said on Thursday Nasdaq gave the electric truck maker a delisting notice for not meeting its minimum bid price requirements. Shares of the company were down 5% at 73 cents. They fell about 78% last year on high battery material costs and production concerns. Nikola has been trying to raise cash…
By Aatrayee Chatterjee and Granth Vanaik (Reuters) -Dollar Tree Inc on Thursday trimmed its full-year profit forecast after missing quarterly profit estimates, hurt by slowing demand for discretionary items and elevated cost pressures, sending shares of the retailer down more than 14%. With stubborn inflation, the company is experiencing a fall in demand for higher-margin…
By Burcu Karakas and Umit Ozdal ISTANBUL/DIYARBAKIR (Reuters) -Kurds opposed to President Tayyip Erdogan fear victory for him in Turkey’s presidential election could reinforce a crackdown the state has been waging against them for years, alarmed by a surge in nationalist rhetoric ahead of Sunday’s vote. Kurds, who make up around a fifth of Turkey’s…
CAIRO (Reuters) -Tugboats managed to move a large ship that had been stranded for several hours in the Suez Canal on Thursday, and sources said shipping traffic through one of the world’s busiest waterways had returned to normal. Two canal sources said traffic was back to normal by around 11 a.m. local time (0800 GMT),…
By Bhanvi Satija and Raghav Mahobe (Reuters) -Medtronic Plc on Thursday forecast annual profit below Wall Street estimates, as a strong U.S. dollar and persistently high costs of raw goods weighed on the medical device maker’s earnings, sending its shares down more than 4% in early trading. The company warned in February that rising raw…
