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US new home sales jump to near eight-year high

US new home sales jump to near eight-year high

NEW YORK: Sales of new US single-family houses jumped in August to a near eight-year high, according to Commerce Department data released on Thursday (Sep 24). New home sales ran at an annual pace of 552,000 in August, up 5.7 per cent from the July rate of 522,000, which was revised upward by 15,000 from the […]

September 24, 2015 | By | Reply More
GE agrees export financing from UK, may create 1,000 jobs

GE agrees export financing from UK, may create 1,000 jobs

REUTERS: General Electric Co said on Thursday it reached an agreement with Britain’s export credit agency for up to US$12 billion in financing, possibly creating as many as 1,000 jobs in the country. The deal is the latest sign of U.S. exporters’ unhappiness at the winding down of the U.S. Export-Import Bank, which lent money […]

September 24, 2015 | By | Reply More
Porsche's Mueller called in to steer VW through crisis

Porsche's Mueller called in to steer VW through crisis

BERLIN: Porsche boss Matthias Mueller once joked that he was too old to run Volkswagen but the 62-year-old now looks certain to be given the task of steering the German car maker through the worst business crisis in its history. Mueller, VW’s former head product strategist, is backed by a majority on VW’s 20-member supervisory […]

September 24, 2015 | By | Reply More
Caterpillar to cut thousands of jobs, close plants

Caterpillar to cut thousands of jobs, close plants

NEW YORK: US manufacturing giant Caterpillar announced a major cost-cutting programme on Thursday (Sep 24) that could shutter more than 20 facilities and eliminate more than 10,000 jobs. Caterpillar, which manufactures heavy industrial equipment, said it will cut 4,000-5,000 jobs by the end of 2016 and could eliminate more than 10,000 positions through 2018, about nine percent […]

September 24, 2015 | By | Reply More
US durable manufactured goods orders fall 2%

US durable manufactured goods orders fall 2%

WASHINGTON: New orders for US durable manufactured goods dipped in August because of a decline in transportation orders, according to government data released on Thursday (Sep 24). Durable goods orders fell 2.0 per cent to a seasonally-adjusted US$236.3 billion, said data from the Commerce Department, a decline in line with analyst expectations. The decline in August snapped two […]

September 24, 2015 | By | Reply More
Wall Street falls sharply as Caterpillar weighs

Wall Street falls sharply as Caterpillar weighs

REUTERS: U.S. stocks fell about 1.5 percent in late morning trading on Thursday as Caterpillar’s sales forecast cut dragged down industrials and exacerbated concerns of slowing global economic growth. Caterpillar fell as much as 7.9 percent to its lowest level since 2010 after the world’s biggest mining and construction equipment maker slashed its 2015 revenue […]

September 24, 2015 | By | Reply More
Caterpillar slashes revenue forecast, may cut up to 10,000 jobs

Caterpillar slashes revenue forecast, may cut up to 10,000 jobs

REUTERS: Caterpillar Inc slashed its revenue forecast for 2015 by US$1 billion and said it could cut up to 10,000 jobs through 2018, amid a downturn in the mining and energy industries. Shares of the world’s biggest construction and mining equipment maker, which has also been hit by a slowdown in industrial activity in China, […]

September 24, 2015 | By | Reply More
Doughty but not superhuman

Doughty but not superhuman

IN THE 1950s Caoyang New Village, then on the outskirts of Shanghai, became one of China’s first model settlements for heroic socialist workers. Thousands moved into its plain, lookalike homes to man its state-owned textile mills. Today, rising from the once-modest streets is a gaudy building intended for a new kind of model citizen: consumers. […]

September 24, 2015 | By | Reply More
Greys’ elegy

Greys’ elegy

THE population of the developed world is ageing. Everyone knows that it is happening but no one is sure what it will mean. A new paper from Morgan Stanley, part-written by Charles Goodhart, a former member of the Bank of England’s rate-setting committee, suggests there may be dramatic economic impacts. In particular, the paper suggests […]

September 24, 2015 | By | Reply More
Green wash

Green wash

WHEN it comes to corporate citizenship, Method’s ambitions are sky-high. The maker of environmentally-friendly cleaning products, which opened its first factory, in Chicago, in April, wants to be “the most sustainable and the most socially beneficial company in the world,” says Adam Lowry, one of its founders. Method would like to set a new standard […]

September 24, 2015 | By | Reply More