Existing home sales dip in July but stay near record levels
July existing home sales slid 3 percent to a seasonally adjusted annual rate of 5.17 million, yet economists say the pace remains solid near record highs. Regional declines occurred in the West and South while the Northeast rose, as mortgage rates hovered around 7 percent, signaling ongoing housing market support amid a fragile economy.
MENTIONED IN THIS ARTICLE
Washington
National Association of Realtors
Joel Naroff
Naroff Economic Advisors
David Lereah
Association
Midwest
Toshiba slashes 17 000 jobs in heavy cutback
Toshiba Corp. plans to reduce its workforce by 17,000 positions about 9 percent over three years as the company reports a year loss instead of profit. CEO Tadashi Okamura emphasizes a revived, crisis-aware approach amid a global electronics downturn and talks of cooperation with Infineon Technologies on memory chips.
MENTIONED IN THIS ARTICLE
Tokyo
Toshiba Corp
Toshiba
Tadashi Okamura
Okamura
Infinean Technologies
Germany
Dollar rises as gold falls in European trading
In European trading the U S dollar gained versus major currencies while gold edged lower. The euro traded around 90.96 cents late, then 90.92 in New York, with yen at 120.14, Swiss francs 1.6698, and Canadian dollars 1.5419 per dollar. The British pound hovered near $1.44. Gold prices slipped in Hong Kong and Zurich quoted near $271.45 in Zurich.
MENTIONED IN THIS ARTICLE
New York
Europe
London
Zurich
Hong Kong
Weirton Steel to cut hundreds of jobs in restructuring
Weirton Steel Corp will eliminate hundreds of jobs as part of a 30 month restructuring and negotiations with vendors. The Independent Steelworkers Union says 372 maintenance and 74 technical and clerical positions will go along with management cuts. First half 2001 losses are cited, with a $108.9 million net loss excluding three large noncash or one time items.
MENTIONED IN THIS ARTICLE
Morgantown
W.va
Weirton Steel Corp
Pete Visnic
Weirton Steel
Ohio River
Steubenville
Greg Warren
Tive
Warren
Simon chairman resigns amid McDonald’s game scandal
Ronald Burkle, Simon Worldwide chair and Golden State Foods owner, resigns to avoid conflicts with McDonald’s ties after the $13 million Monopoly promotion scheme. Erika Paulson also steps down. Simon seeks replacements. Federal investigators say a single Simon employee rigged the game, while Simon’s stock tumbled and clients fled.
MENTIONED IN THIS ARTICLE
Chicago
Simon Worldwide Inc
McDonald's
Ronald Burkle
Simon
Simon’s
Burkle
Yucaipa Cos
Erika Paulson
Golden State Board
Paulson
McDonald’s
Jerome Jacobson
Philip Morris
Kraft Foods
Dorothy Pirovano
Public Communications Inc
Treasury bill auction mixed with higher three month rate
The Treasury sold 15 billion in three month bills at 3.350 discount, up from 3.330. Six month bills at 3.290, unchanged from last week. Three month yield was 3.426 on a 10,000 bill at 9,915.30, six month at 3.392 on 9,833.70. Federal Reserve said one year T bill yield rose to 3.45 from 3.44.
MENTIONED IN THIS ARTICLE
Treasury
Washington
Treasury Department
Federal Reserve
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Wall Street
Infineon
Mami Indo
Daiwa Institute of Research
Indo
Japan
Fujitsu
NEC Corp
Hitachi
Matsushita Electric Industrial Co
Panasonic
Asia
Myers University
T University of Phoenix
Clevelanders
Downtown
Cleveland Hts
Brecksville
Eastlake
Elyria
Parma
Rocky River
Cleveland
Phoenix, Arizona
Northeast Ohio
Adudrecksville
Cleveland Heights
Eastiske
Elyria Heights
the Chronicle
U.S
Chicago Tribune
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