Page 13 - MIN TTC 5 DEC 2015
P. 13
BUSINESS A25
Saturday 5 December 2015
Chicken of Sea, Bumble Bee merger canned as US objects
MARCY GORDON a year ago between Thai- brand is StarKist Co., based without this deal,” Assistant companies had mutually
AP Business Writer land’s largest seafood in Pittsburgh, a subsidiary Attorney General Bill Baer agreed to terminate the
WASHINGTON (AP) — company and Bumble Bee of Dongwon Industries of said in a printed statement. deal. “During the last year,
Chicken of the Sea and Foods of the U.S., was off. Seoul, South Korea. Bumble He said the two compa- Bumble Bee has conduct-
Bumble Bee have called If Thai Union Group, own- Bee, which is owned by the nies knew or should have ed business as usual and
off their proposed merger er of Chicken of the Sea, British investment firm Lion known that competition now has a renewed focus
after the Obama adminis- had bought Bumble Bee, Capital LLP, is based in San already is lacking in the to execute its vision for the
tration told the companies it would have combined Diego. Tri-Union Seafoods, canned tuna market, and company well into the fu-
it would hurt competition in the second- and third-larg- the Thai Union subsidiary more consolidation would ture,” Lischewski said.
the U.S. canned tuna mar- est sellers of tinned tuna in operating as Chicken of make the situation worse. Representatives of Tri-Union
ket. The Justice Depart- the U.S. in a market long the Sea International, also Bumble Bee CEO Chris Seafoods didn’t immedi-
ment announced Friday dominated by three ma- is based in San Diego. Lischewski confirmed in ately return telephone calls
that the deal, announced jor brands. The third major “Consumers are better off a statement that the two seeking comment.q
China announces measure to limit stock market swings
JOE McDONALD vestor rights and promote A Chinese investor naps while monitoring stock prices at a brokerage house in Beijing, Friday,
AP Business Writer orderly and healthy mar-
BEIJING (AP) — Chinese ket development,” said a Dec. 4, 2015. Asian stocks sank Friday, extending a sell-off in world markets after Europe’s
regulators announced a statement on the websites
mechanism Friday to tem- of the stock exchanges in central bank unveiled plans to stimulate the continent’s ailing economy that fell short of investor
porarily suspend stock Shanghai and the south-
trading in the event of ern city of Shenzhen. Such expectations. (AP Photo/Mark Schiefelbein)
wide price swings in the “circuit breakers” are rela-
latest attempt to enforce tively common in Asian Index soared more than up prices if needed. The The Shanghai index fell 30
stability in volatile markets. stock markets. In Thailand, 150 percent starting late bubble burst after an un- percent in a few weeks but
Trading will be halted for 15 trading is suspended for 30 last year after state media related change in banking rebounded following Bei-
minutes if a broad market minutes if the main market said shares were inexpen- rules in early June made jing’s intervention. It has ris-
index, the CSI 300, rises or index falls 10 percent from sive. That led investors to investors think Beijing’s sup- en 20 percent from its low
falls by 5 percent, the Chi- the previous day’s close. believe Beijing would prop port might be weakening. in early August.q
na Securities Regulatory The Chinese measure
Commission announced. also calls for trading to be
The measure takes effect suspended until the fol-
Jan. 1. Authorities are try- lowing day if, even after
ing to restore confidence temporary halts, the total
in Chinese stocks after a daily change in the CSI
plunge in prices in June 300 exceeds 7 percent.
prompted a panicked, The CSI 300 is made up of
multibillion-dollar govern- the 300 largest-capitaliza-
ment intervention. Bei- tion stocks on China’s ex-
jing is gradually unwind- changes in Shanghai and
ing emergency controls the southern city of Shen-
that included a freeze zhen. It has risen or fallen
on new stock offerings to by at least 5 percent on six
stop the market plunge. trading days this year, most
The mechanism for tem- recently on Aug. 24, when
porary trading suspensions it fell 7.8 percent. Before
is intended to “safeguard the June slump, the bench-
market order, protect in- mark Shanghai Composite
OPEC keeps oil production at its current high level
GEORGE JAHN ceiling of 30 million barrels, line once it sheds nuclear- but only after his country production goes mostly
Associated Press is likely to push the price of related sanctions in a few makes a “full return to the for domestic consumption,
VIENNA (AP) — OPEC na- oil down further. months. Senior oil official market.” that move could also add
tions decided Friday to The ministers of the Or- Amir Hossein Zamaninia Iraq is also resurgent. The some to the total amount
keep producing oil at their ganization of the Petro- said last week Iran hopes country has seen the fast- of OPEC barrels on sale.
current high levels, effec- leum Exporting Countries to bring an extra 500,000 est rise in crude produc- A final statement on the
tively acknowledging their appeared to have little barrels on the market by tion in the world this year. meeting was unusual in not
inability to push up crude choice. Major producing early next year. He said he It was pumping more than mentioning any decision
prices. nations in the cartel were hopes the extra output will 4 million barrels a day last on production ceilings. But
An attempt to nudge the opposed to reducing out- be accommodated within month and was respon- conference president Em-
cost of oil higher would put. Instead, OPEC is poised OPEC’s formal ceiling of 30 sible for last month’s big- manuel Ibe Kachikwu told
have involved lowering to produce more oil. million barrels a day. gest monthly rise in output reporters that there was
output. Instead, the orga- Iran, which once pumped Arriving for Friday’s meet- among all OPEC countries. agreement to maintain
nization’s endorsement of around 4 million barrels a ing, Iranian oil minister Bijan And the ministers agreed to “current actual produc-
present output, which is day and is now down to Namdar Zanganeh said readmit past member Indo- tion,” which is well above
more than 1.5 million bar- about half that, is prepar- Iran is ready to discuss a nesia, to expand their ranks the formal ceiling set at 30
rels a day above the formal ing to come back fully on ceiling for its production — to 13. While that country’s million barrels a day.q
