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BUSINESS Saturday 16 december 2017
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US industrial production rose 0.2 percent in November

By JOSH BOAK cent. Production of ma- energy prices that have workers. The Fed’s measure factory activity declined
AP Economics Writer chinery and primary metals climbed to levels that are of capacity utilization at to 58.2 last month from 58.7
WASHINGTON (AP) — U.S. contributed to gains in the encouraging more pro- factories has risen to 76.4 in October. This suggests
industrial production rose factory sector, while the duction. Manufacturers percent from 75.1 percent that manufacturing activ-
0.2 percent in November overall growth for industrial are also showing signs of a year ago. Manufacturers ity will continue to increase,
due to a rebound in ex- output largely came from strength after having over- have also added 189,000 just not as briskly as before.
tracting oil and natural gas restarting oil and natural come a slowdown from jobs over the past year, ac- Any reading above 50 is
after a stoppage due to gas drilling. two years ago when falling cording the employment evidence of growth. Sepa-
Hurricane Nate. Production at utilities fell 1.9 energy prices hurt orders report released last week. rately, The Commerce De-
The Federal Reserve said percent. and a strengthening dol- Still, the speed of the man- partment noted that orders
Friday that mining activ- During the past 12 months, lar made U.S. exports less ufacturing expansion may for durable goods tumbled
ity climbed 2 percent last total industrial production competitive. Factories are be slowing somewhat. The 1.2 percent in October af-
month, while manufactur- has increased 3.4 percent. using now more of their Institute for Supply Man- ter gains in the prior two
ing activity rose 0.2 per- The growth reflects in part capacity and hiring more agement said its index of months.q

Tech companies lead US stocks higher as tax plan advances

By ALEX VEIGA higher early on as investors
AP Business Writer watched developments
Wall Street capped the in Washington with the Re-
week with broad gains, publican-led tax overhaul
propelling the major stock bill. GOP leaders moved to
indexes to a new set of placate Florida Sen. Marco
milestones Friday. Rubio, who had said Thurs-
Investors welcomed signs day that he would vote
that Congressional Repub- against the bill unless the
licans were solidifying sup- child tax credit was beefed
port for a major overhaul of up.
the nation’s tax laws ahead By Friday afternoon, Con-
of an expected vote next gressional Republicans had
week. finalized the bill, expanding
Technology stocks led the the child tax credit, and
gains, which more than winning Rubio’s support.
wiped out the market’s The move provided a ma-
losses from the day before. jor boost for the GOP law-
Health care companies makers in the Senate who
and banks also posted solid are trying to hold together
gains. Energy stocks were a razor-thin majority to pass
the only laggard. the bill in a vote next week.
Small-company stocks, Technology stocks, which
which stand to benefit are leading the market this
most from lower corporate Sir Martin Sorrell, CEO of WPP, visits the New York Stock Exchange. Wall Street capped the week year, notched solid gains.
tax rates, rose more than with broad gains, propelling the major stock indexes to a new set of milestones Friday. Intel rose $1.30, or 3 per-
the rest of the market. (AP Photo/Mark Lennihan) cent, to $44.56.
“The tax bill seems to be The Standard & Poor’s 500 The Nasdaq added 80.06 1,530.42. “We had seen some rota-
the driver right now,” said index rose 23.80 points, or points, or 1.2 percent, to The Dow, S&P 500 and Nas- tion out of it the last few
Erik Davidson, chief invest- 0.9 percent, to 2,675.81. The 6,936.58. The Russell 2000 daq closed at record highs weeks,” said Jim Davis, re-
ment officer at Wells Fargo Dow Jones industrial aver- index of smaller-compa- and finished the week with gional investment strategist
Private Bank. “The market age gained 143.08 points, ny stocks picked up 23.47 gains. at U.S. Bank Wealth Man-
just thinks it will get done.” or 0.6 percent, to 24,651.74. points, or 1.6 percent, to The indexes were headed agement. q

In about-face, Ryanair recognizes unions to avert strikes

LONDON (AP) — Budget process, then we are pre- Britain and Spain. The air- ening action against any- pilots’ union, IMPACT, said
carrier Ryanair said Friday pared to do so,” he said. liner, which insisted earlier one who strikes. it had received Ryanair’s
it is reversing its longstand- Earlier this week, pilots in this week it would not deal The Fit-Cisl union threat- letter and was consider-
ing refusal to recognize pi- Ireland voted for a day of with the unions, said its new ened legal action in re- ing its contents. Germany’s
lots’ unions in a bid to avert industrial action Dec. 20 offer was conditional on sponse, saying Ryanair’s Cockpit union welcomed
strikes in several European and a union representing unions in the six countries letter violated the Italian Ryanair’s move but said it
countries over the busy pilots in Germany threat- setting up special commit- constitution, while the gov- is up to the airline “to un-
Christmas season. ened walkouts at “any tees to deal with issues re- ernment asked the com- derscore the seriousness of
Chief Executive Michael time starting immediately” lated to the airline. pany for clarification of its its proposal” and called on
O’Leary said the airline in disputes over pay and Ryanair pilots in Italy sus- intentions. Economic De- the company to agree to
wants to ease customers’ conditions. Italian and Por- pended a strike planned velopment Minister Carlo talks as early as next week.
concerns “that they may tuguese pilot unions also for Friday afternoon after Calenda said on private TV Cockpit’s chairman, Ilja
be disrupted by pilot indus- threatened strikes in the the company’s announce- La7 that Ryanair’s move to Schulz, said that “as soon
trial action next week.” coming days. ment. recognize unions was not a as we have received dates
“If the best way to achieve Ryanair said its offer ap- The airline had come under concession: “It’s the mini- to start the negotiation pro-
this is to talk to our pilots plied to pilots’ bodies in intense criticism in Italy for a mum, and not enough.” cess, planned strike mea-
through a recognized union those countries, as well as letter to employees threat- A spokesman for the Irish sures will be called off.”q