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BUSINESS Tuesday 17 OcTOber 2017
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Lufthansa offers to take over bankrupt Alitalia

By COLLEEN BARRY A successful bid would add staff it would retain, but it term economic prospects.” Italian government has ex-
AP Business Writer Italian assets to those Luf- appears that the offer cov- Monday was the last day tended 600 million euros in
MILAN (AP) — German car- thansa is already picking ers only Alitalia’s aviation for bidders to submit bind- bridge loans, plus another
rier Lufthansa on Monday up from Air Berlin, which business and not ground ing offers for the carrier, 300 million euros last week
said it had prepared an went bust this summer. and handling sides. which fell into bankrupt- to keep the airline operat-
offer to buy the global, Eu- Lufthansa did not provide Lufthansa said in a state- cy last May after its main ing through next summer —
ropean and domestic busi- detailed information, in- ment that it wanted to es- stakeholder, Etihad airlines, the time expected to get
ness of Italy’s bankrupt car- cluding how much the bid tablish a “NewAlitalia,” that said it would not extend the airline back on its feet
rier Alitalia. is worth and how much it said “could develop long- additional financing. The under a new owner.q

US stock indexes post slight gains, extending winning streak

By ALEX VEIGA at $335 million, or $2.40 a
AP Business Writer share, including debt and
U.S. stocks posted modest other items. The stock add-
gains Monday, extending ed 37 cents to $2.36.
a record-setting run into a KBR climbed 3.6 percent
sixth straight week. after the engineering and
Financial and technology construction company
companies notched some said it will buy Australian
of the biggest gains. Energy defense technology com-
stocks also rose as crude oil pany Sigma Bravo. Shares
prices closed higher. Health in KBR added 64 cents to
care companies declined $18.29.
the most. Bond prices fell. Nordstrom slid 5.3 percent
The three major stock in- after the department store
dexes closed at new highs, chain said it is temporar-
despite a day of mostly ily shelving its bid to go pri-
listless trading as investors vate. The stock shed $2.25
looked ahead to a slew of to $40.40.
company earnings reports Sears Holdings slumped
over the next few weeks. 11.5 percent on news that
“Today is a sort of wait-and- Bruce Berkowitz, who runs a
see market as investors are firm that is the retailer’s big-
really looking for the direc- gest shareholder, is leav-
tion of earnings and wheth- Blackberry Limited Chairman & CEO John Chen, right, is applauded by New York Stock Exchange ing Sears’ board of direc-
er companies continue to President Tom Farley after Chen rang a ceremonial bell when his company’s stock began trading tors. Sears shed 78 cents to
report strong results,” said on the floor of the New York Stock Exchange, Monday, Oct. 16, 2017. $5.99.
Kate Warne, investment (AP Photo/Richard Drew) Oil prices rose amid ris-
strategist at Edward Jones. Trading was subdued for are scheduled to report somewhat higher as inves- ing tensions in the Middle
“That will be a catalyst for most of the day Monday. quarterly results. tors continue to expect East as Iraqi federal forces
stocks to move higher.” Stocks edged up early on Among the companies good earnings ahead,” moved into the disputed
The Standard & Poor’s 500 and wavered somewhat due to report earnings this Warne said. city of Kirkuk and seized oil
index added 4.47 points, by afternoon but ultimately week are Goldman Sachs, Health care stocks de- fields, prompting a with-
or 0.2 percent, to 2,557.64. held on to their slight gains UnitedHealth Group, Amer- clined the most. Allergan drawal by Kurdish forces.
Last week marked the in- as traders awaited for more ican Express and General fell $7.11, or 3.5 percent, to Benchmark U.S. crude oil
dex’s fifth-straight weekly quarterly results from com- Electric. $198.41, while Bristol-Myers picked up 42 cents, or 0.8
gain. panies to pour in. In the meantime, investors Squibb slid $1.64, or 2.5 per- percent, to $51.87 a barrel
The Dow Jones industrial A few companies, mostly bid up shares in banks and cent, to $63.65. on the New York Mercan-
average rose 85.24 points, big banks, kicked off the technology companies. Traders bid up shares of tile Exchange.
or 0.4 percent, to 22,956.96. third-quarter earnings sea- The sectors are the big- companies announcing Brent crude, used to price
The Nasdaq composite son last week. gest gainers in the S&P 500 deals. international oils, climbed
gained 18.20 points, or 0.3 Monday was a relatively so far this year. JPMorgan Ruby Tuesday jumped 18.6 65 cents, or 1.1 percent, to
percent, to 6,624. light day for earnings, but Chase gained $1.98, or 2.1 percent after the struggling $57.82 a barrel in London.
The Russell 2000 index of the pace was slated to percent, to $97.84. Micron restaurant chain said it has That helped boost energy
smaller-company stocks pick up on Tuesday and Technology rose $1.09 or agreed to be acquired companies.
inched up 0.02 points to into next week, when the 2.7 percent, to $41.49. by NRD Capital in a deal Apache rose 90 cents, or
1,502.68. bulk of S&P 500 companies “Tech and financials are valued by the companies 2.2 percent, to $42.50. q

Daimler plans new structure for Mercedes, truck business

By DAVID McHUGH would become legally in- said there were no plans to 2019 shareholder meeting. proved, Mercedes-Benz
AP Business Writer dependent entities under divest the divisions and that Nonetheless, the compa- Cars and Vans and Daimler
FRANKFURT, Germany (AP) Daimler’s overall roof. the new structure still need- ny’s initial discussion of the Trucks & Buses would then
— German automaker The company said Monday ed approval from top man- plan in July led to specula- be like the company’s fi-
Daimler says it is moving that the changes would agement and the board tion that the changes could nancial services division,
toward implementing a give the divisions the en- of directors before it could be a prelude to a separate which already has a legally
new structure in which its trepreneurial flexibility to take effect. The earliest fi- stock market listing for parts independent structure. All
Mercedes-Benz car division react to a rapidly chang- nal approval could come of the company. three would keep their of-
and truck and bus business ing business environment. It would be at the company’s If the changes are ap- fices in Germany. q