Page 25 - ARUBA TODAY

BUSINESS Wednesday 30 august 2017
A25

Tech and industrial companies lead stocks back from losses

By MARLEY JAY ny stocks picked up 1.45
AP Markets Writer points, or 0.1 percent, to
NEW YORK (AP) — North 1,383.68. Still, most of the
Korea’s latest missile launch stocks on the New York
jolted the U.S. stock mar- Stock Exchange fell.
ket Tuesday, but major in- The dollar has weakened
dexes pulled back from in part because a lot of
those early losses and economies in other regions
mostly finished higher as are getting stronger, which
the weakening dollar gave boosts their currencies. The
technology and industrial dollar is down almost 10
companies a boost. Inves- percent in 2017, at its low-
tors bought bonds, which est point in more than a
are traditionally considered year and the euro is at two-
safe assets, after North Ko- year highs. Defense con-
rea fired a midrange bal- tractors climbed. Raytheon
listic missile that crossed advanced $3.87, or 2.2
over northern Japan and percent, to $182.11. United
fell into the Pacific Ocean. Technologies and Rockwell
It’s believed to be the first Collins rose after the Wall
time the country has sent Street Journal reported that
a missile over Japan, and it the companies are close to
seemed designed to show a deal. United Technolo-
that North Korea can back The flag of Texas flies outside the New York Stock Exchange, Tuesday, Aug. 29, 2017, in New gies, which makes jet en-
up a threat to target the York. The exchange has committed more than $1 million for Hurricane Harvey relief efforts. North gines, elevators and other
U.S. territory of Guam. Ener- Korea’s latest missile launch jolted the U.S. stock market Tuesday, but major indexes pulled back products, jumped $3.37, or
gy and insurance compa- from those early losses and mostly finished higher. 2.9 percent, to $118.70 and
nies continued to feel the (AP Photo Peter Morgan) aviation electronics maker
effects of Tropical Storm ment Strategies. But she going to continue to follow ed back into dollars. The Rockwell Collins rose $2.75,
Harvey, which is dumping said investors are unlikely to those earnings,” she said. Standard & Poor’s 500 in- or 2.1 percent, to $130.74.
record amounts of rain on sell and remain on the side- And investors’ fears eased dex rose 2.06 points, or 0.1 The dollar rose to 109.71
the Gulf Coast. The Dow lines because much of the as the day went on. As the percent, to 2,446.30. The yen from 109.09 while the
Jones industrial average fell global economy is growing dollar declined to two-and- Dow Jones industrial aver- euro rose to $1.1992 from
134 points when the market in sync. That will help com- a-half-year lows, compa- age gained 56.97 points, or $1.1979. On Wall Street,
opened. pany results. “Buying on the nies that do a lot of business 0.3 percent, 21,865.37. The insurers continued to fall
“It was a double whammy dips is going to continue as outside the U.S. climbed. A Nasdaq composite added as investors wondered if
for investors,” said Karyn long as earnings continue weaker dollar boosts their 18.87 points, or 0.3 percent, they are facing big losses.
Cavanaugh, senior market to move forward because sales and helps their prof- to 6,301.89. The Russell 2000 MetLife fell 84 cents, or 1.8
strategist at Voya Invest- investors know the market is its when they are convert- index of smaller-compa- percent, to $46.73.q

Australian government open to CBS takeover of local network

By ROD McGUIRK the likely of CBS passing the would not oppose the joint needed to be changed “That’s what I want to see
Associated Press national interest test. bid, saying it was unlikely despite the CBS offer. Aus- — more options, a viable
CANBERRA, Australia (AP) “I’m someone who sits to result in a “substantial tralian media executives Australian media industry
— Australia’s communica- back from these things and lessening of competition in support the changes, but and journalists employed.
tion’s minister said Tuesday I let the markets do their any relevant market.” the Senate has blocked That’s good for our de-
he did not have a prefer- job,” Fifield told Australian But the deal is blocked by them. Senate concerns mocracy,” he added.q
ence for who owned trou- Broadcasting Corp. “I’m federal laws passed in the largely surround the domi-
bled Australian television proprietor agnostic.” 1980s to ensure diversity of nance of New Corp. in Aus-
broadcaster Ten Network, Ten appointed administra- media ownership. The gov- tralian media.
with U.S. giant CBS Corp. tors as an alternative to fil- ernment is currently nego- “What I want to do is give
making a takeover offer ing for bankruptcy in June tiating with the Senate to our Australian domestic
while a bid by local media after its billionaire back- relax those laws and allow media organizations the
moguls remains stymied in ers, Lachlan Murdoch and Murdoch and Gordon to greatest range of options
the Senate. The CBS bid for Bruce Gordon, refused to buy the network. when it comes to dance
the network’s owner, Ten guarantee a new 250 mil- Fifield said the law still partners,” Fifield said.
Network Holdings Ltd., an- lion Australian dollar ($198
nounced on Monday, has million) bank loan when a
yet to be approved by Ten current AU$200 million loan
creditors and the Austra- is due to expire in Decem-
lia’s Foreign Investment Re- ber. Murdoch, who co-
view Board, which has to chairs News Corp. with his
be convinced such take- father Rupert, and Gordon,
overs are in the national who owns regional net-
interest. work WIN Television, want
The sale price will be re- to each buy a 50 percent
vealed in a report to credi- share in the Ten.
tors this week. The Australian Competi-
Communications Minister tion and Consumer Com-
Mitch Fifield on Tuesday mission, the competition
declined to comment on watchdog, said last week it