Tag: USA

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Germany’s Pfandbriefbank withdraws guidance as it winds down US business

Representative Image GDANSK: Deutsche Pfandbriefbank, one of Germany’s top property financiers, said on Wednesday it was withdrawing its full-year guidance amid extraordinary expenses from discontinuing its business in the United States. In the longer term, “the freed-up capital shall be used to accelerate the bank’s transformation,” the lender said in a statement. PBB said in May that it would not take on new business in the United States as it considered the country too volatile under President Donald Trump. Analysts at AlphaValue said this announcement was not a complete surprise. “Our forecasts are under review with a downgrading tendency at…

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US homebuilder Lennar’s posts $8.38 billion revenue in second quarter

BENGALURU: Lennar’s second-quarter revenue beat Wall Street estimates on Monday, as its incentives for home buyers lifted sales. Shares of the U.S. homebuilder rose 2.3% after the bell. Lennar has used mortgage rate buydowns, price cuts and cost adjustments to maintain its sales pace during the quarter, offsetting the impact of rising mortgage rates and economic uncertainty. “As mortgage interest rates remained higher and consumer confidence continued to weaken, we drove volume with starts while incentivizing sales to enable affordability and help consumers to purchase homes,” said co-CEO Stuart Miller. Lennar posted second quarter revenue of $8.38 billion, above analysts’…