Business

LOS ANGELES (AP) — Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and a slight pullback in prices. Existing home sales jumped 14.5% last month from January to a seasonally adjusted annual rate of 4.58 million, the National Association of Realtors said Tuesday. That’s the strongest sales pace since September and it's higher than the 4.2 million economists were expecting, according to FactSet.

NEW YORK (AP) — The Ringling Bros. and Barnum & Bailey circus has been reimagined and reborn without animals as a high-octane family event with highwire tricks, soaring trapeze artists and bicycles leaping on trampolines. Feld Entertainment, which owns the “Greatest Show on Earth,” revealed to The Associated Press what audiences can expect during the show's upcoming 2023 North American tour kicking off this fall.

WASHINGTON (AP) — Treasury Secretary Janet Yellen is trying project calm after regional bank failures, saying the U.S. banking system is “sound” but additional rescue arrangements “could be warranted” if any new failures at smaller institutions pose a risk to financial stability.

DETROIT (AP) — The last gas-powered muscle car from Dodge isn't leaving the road without some squeals, thunder and crazy-fast speed. The 2023 Challenger SRT Demon 170 will deliver 1,025 horsepower from its 6.2-liter supercharged V-8, and the automaker says it will be the quickest production car made.

NEW YORK (AP) — Stocks rose on Wall Street Monday after regulators pushed together two huge banks over the weekend and made other moves to build confidence in the struggling industry.

The parent of Silicon Valley Bank filed for Chapter 11 bankruptcy a week after the tech-focused bank failed and was seized by the U.S. government. The filing from SVB Financial Group on Friday is not a surprise, with much of the company now under the control of U.S. banking regulators. During the 2008 financial crisis, the parent companies of failed banks Washington Mutual and IndyMac — filed for bankruptcy protection in the days after their banking operations failed.

Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve's efforts to cool the economy and tamp down inflation. Applications for jobless claims in the U.S. for the week ending March 11 fell by 20,000 to 192,000 from 212,000 the previous week, the Labor Department said Thursday.

FRANKFURT, Germany (AP) — The European Central Bank carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global banking system.

GENEVA (AP) — Battered shares of Credit Suisse lost more than one-quarter of their value Wednesday, hitting a record low after its biggest shareholder — the Saudi National Bank — told news outlets that it would not inject more money into the Swiss bank beset by problems long before the failure of two U.S. lenders. The turmoil prompted an automatic pause in trading of Credit Suisse's shares on the Swiss market and sent shares of other European banks plunging by as much as double digits. That fanned new fears about the health of financial institutions following the collapse of Silicon Valley Bank and Signature Bank in the United States in recent days.

DETROIT (AP) — Honda is recalling a half-million vehicles in the U.S. and Canada because the front seat belts may not latch properly. The recall covers some of the automaker's top-selling models including the 2017 through 2020 CR-V, the 2018 and 2019 Accord, the 2018 through 2020 Odyssey and the 2019 Insight. Also included is the Acura RDX from the 2019 and 2020 model years.

Novo Nordisk will start slashing some U.S. insulin prices up to 75% next year, following a path set earlier this month by rival Eli Lilly. The Danish drugmaker said Tuesday that pre-filled pens and vials of long- and short-acting insulins will see list price reductions. They include Levemir, Novolin, NovoLog and NovoLog Mix70/30. Novo also will drop the list price of unbranded products like Insulin Aspart to match the lower price of the branded insulins.

A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying that company didn't disclose the risks that future interest rate increases would have on its business. The lawsuit against SVB Financial Group, CEO Greg Becker and CFO Daniel Beck was filed in the U.S. district court for the Northern district of California. It is looking for unspecified damages to be awarded to those who invested in SVB between June 16, 2021 and March 10, 2023.

Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs. The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.

NEW YORK (AP) — President Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures. “Your deposits will be there when you need them," Biden said.

Pfizer is spending about $43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue. The pharmaceutical giant said Monday it will pay $229 in cash for each share of Seagen Inc. Pfizer then plans to let the biotech drug developer “continue innovating,” except with more resources than it would have alone, Pfizer Chairman and CEO Albert Bourla told analysts.

NEW YORK (AP) — The U.S rushed to seize the assets of Silicon Valley Bank on Friday after a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation's 16th largest, failed after depositors — mostly technology workers and venture capital-backed companies — began withdrawing their money as anxiety about the bank's situation spread this week.

WASHINGTON (AP) — America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation. The unemployment rate rose to 3.6% from a 53-year low of 3.4%, as more Americans began searching for work and not all of them found jobs.

The number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve's interest rate hikes. Applications for jobless claims in the U.S. for the week ending March 4 rose by 21,000 to 211,000 from 190,000 the previous week, the Labor Department said Thursday. It’s the first time in eight weeks that claims came in above 200,000.

DETROIT (AP) — General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. The Detroit automaker wouldn't say how many workers it is targeting, but confirmed that the move is aimed at accelerating attrition to meet a previously announced goal of $2 billion in cost cuts by the end of next year. GM has about 58,000 salaried workers in the U.S.

WASHINGTON (AP) — U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve. Job openings fell from 11.2 million in December but remained high by historical standards, the Labor Department reported Wednesday. Employers also hired more workers in January. But layoffs rose.

DETROIT (AP) — U.S. auto safety regulators have opened an investigation into Tesla's Model Y SUV after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration says the probe covers an estimated 120,000 vehicles from the 2023 model year.

OMAHA, Neb. (AP) — Federal investigators are opening a wide-ranging investigation into one of the nation’s biggest railroads following a fiery derailment on the Ohio-Pennsylvania border last month and several other accidents involving Norfolk Southern, including the death of a train conductor Tuesday. The National Transportation Safety Board said on Tuesday it will begin a broad look at the company's safety culture — the first such investigation within the rail industry since 2014.

WASHINGTON (AP) — The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday.

WASHINGTON (AP) — U.S. health officials are alerting consumers about two more recalls of eyedrops due to contamination risks that could lead to vision problems and serious injury. The announcements follow a recall last month of eyedrops made in India that were linked to an outbreak of drug-resistant infections. One person died and at least five others had permanent vision loss.

The Biden administration sued on Tuesday to block JetBlue Airways from buying Spirit Airlines, saying the deal would reduce competition and drive up airfares for consumers. The Justice Department said the tie-up would especially hurt cost-conscious travelers who depend on Spirit, a budget carrier, to find cheaper options than they can find on JetBlue and other airlines.

« Prev | 1 15 | 16 | 17 | 18 | 19 | 20 | 21 39 | Next »
Currently viewing stories posted within the past 7 years.
For all older stories, please use our advanced search.