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News Wrap: Damages From Sandy Estimated at $20 Billion

October 30, 2012 at 12:00 AM EDT
In other news Tuesday, Hurricane Sandy ripped through the mid-Atlantic and Northeast regions of the U.S., leaving behind $20 billion in damage so far. In addition, a forecasting firm has estimated $10 to 30 billion in lost business. Also, newly released Case-Shiller numbers show housing prices increased 2 percent in August.

HARI SREENIVASAN:  Economic damage from Hurricane Sandy could go far beyond lost property.  The forecasting firm IHS Global Insight projected $10 billion to $30 billion in lost business today.  That would be more than half a percentage point of growth in the fourth quarter.  

At the same time, there’s good news on the housing front.  The Standard & Poor’s Case-Shiller index reported home prices increased 2 percent in August.

In Southern Afghanistan today, a man wearing an Afghan police uniform killed two British troops in Helmand Province.  It appeared to be another in a string of insider attacks by Afghan soldiers and police on NATO troops.  At least 53 coalition soldiers have died in the attacks this year.  NATO is preparing to withdraw most of its combat forces by the end of 2014.

Those are some of the day’s major stories.