Home sales up more than expected
Reinforcing recent upward trends in the housing market, new home sales in the U.S. rose 11 percent to 384,000 compared to May, moving ahead of expectations. In the report for May issued last month, adjusted sales were 346,000, revised upwardly today by 2,000 sales. The supply of homes also fell to 8.8 months at the current rate.
Verizon to cut 8,000 fixed line jobs
Telecom company Verizon Communications today said profit fell in the second quarter and announced it would cut 8,000 jobs in its fixed line business. Overall, the company earned $3.16 billion, or 52 cents per share, down from 66 cents per share a year ago. Excluding items, the firm matched analysts’ expectations of 63 cents per share. Revenue was up 11 percent to $26.36 billion, nearly equal to expectations of $26.85 billion.
Oil demand to rise in 2010
Demand for oil around the world is expected to increase by 900,000 barrels per day to 84.9 million bpd in 2010, the first increase in two years, according to a poll to oil analysts made by Reuters.
Honeywell cuts outlook
Honeywell International Inc, the airplane electronics firm, cut its full-year profit forecast on Monday, citing a tough recession. It expect earnings of $2.85 per share for the year, at the low end of its previous expectations. Analysts had expected a profit of $2.83 per share, according to Reuters. Second quarter income was $450 million, matching estimates while revenue was $7.57 billion, slightly below forecasts.
U.S. DOE deploys $54 M for energy efficiency and clean energy programs
The U.S. Department of Energy awarded the states of Nevada, Rhode Island, Vermont and Wisconsin with more than $54 million in funds from the economic stimulus package to develop energy efficiency and renewable energy projects. The agency is aiming to boost the economy by creating jobs and increasing energy independence, according to a statement from the DOE on Monday.
Ener1, Think may get deal to electrify 22,000 cars in Japan
U.S. based batteries maker Ener1 Inc. and electric car maker Think said Japan Postal Service is testing their jointly developed electric drivetrain to convert its gasoline-powered delivery trucks to electric vehicles. The companies are looking for the potential deal to electrify Japan Postal Service fleet of 22,000 delivery vehicles.