Business Digest: Home sales up slightly
Sales of previously occupied homes rose modestly from April to May, the third monthly increase this year. The National Association of Realtors said Tuesday that home sales rose 2.4 percent last month to a seasonally adjusted annual rate of 4.77 million, from a downwardly revised pace of 4.66 million in April. About one out of every three homes sold was a foreclosure or distressed sale. That helped drag down the median price to $173,000 — 16.8 percent below a year ago.
MySpace cuts more jobs
The social-networking site MySpace said Tuesday that it would cut 300 international positions and close at least four offices outside the U.S. as it looks to cut costs and narrow its territory coverage. The move comes a week after the company said it would cut nearly 30 percent of its U.S. work force to try to become more efficient.
Harvard will cut 275 posts
Harvard University, the richest and oldest U.S. institution of higher education, will cut about 275 staff positions as the value of its endowment falls. The job eliminations at most of Harvard’s schools and its central administration will be made starting this week, Marilyn Hausammann, vice president for human resources at the university in Cambridge, Mass., said in a letter to employees. Also, about 40 workers will be offered positions with reduced hours, she said.
— From wire reports