Business briefs for Oct. 24
Published 12:36 pm Wednesday, October 23, 2024
Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb. Existing home sales fell 1% last month from August to a seasonally adjusted annual rate of 3.84 million, the National Association of Realtors said Wednesday. Sales fell 3.5% compared with September last year. The latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet. Home prices increased on an annual basis for the 15th consecutive month. The national median sales price rose 3% from a year earlier to $404,500.
McDonald’s says consumers should feel confident ordering from its restaurants despite a deadly E. coli outbreak linked to its Quarter Pounder hamburgers. The outbreak has sickened at least 49 people in 10 states. One person has died. McDonald’s said it was informed of a potential food safety issue by the U.S. government late last week and has been working closely with investigators. On Tuesday, it removed Quarter Pounders from menus in one-fifth of its U.S. restaurants. A preliminary investigation suggests raw onions served on Quarter Pounders are a likely source of contamination.
A federal regulator has ordered Apple and Goldman Sachs to pay a combined $89 million for deceiving consumers and mishandled Apple Card customers’ transaction. The Consumer Finance Protection Bureau says Apple failed to send tens of thousands of Apple Card disputes to Goldman. And when such customer disputes were reported, the investment bank did not follow federal requirements for investigating. The agency says many consumers faced long waits to get their money back from disputed charges and, in some cases, saw damages to their credit reports. Beyond penalties and relief to those impacted, the agency is barring Goldman from launching another new credit card unless it can prove the product will comply with the law.
Coca-Cola Co. said Wednesday its third-quarter revenue fell as sales volumes flattened or declined around the world. But the company still beat Wall Street’s forecasts and said it expects full-year organic revenue to rise 10%, which is at the high end of its previous guidance. The Atlanta beverage giant said its revenue fell 1% to $11.9 billion. That still beat Wall Street’s forecast of $11.6 billion, according to analysts polled by FactSet. The company said it raised prices 10% in the July-September period, partly due to hyperinflation in markets like Argentina.