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BUSINESS A25
                                                                                                                                                             Wednesday 13 January 2016

US job openings rose in November; hiring, quits rise 

JOSH BOAK                      ed 5.4 million. That figure     nancial turmoil in China,                                         global economy. Advertise-       find better-paying work,
                               has slipped after peaking       lower oil prices and a Euro-                                      ments for health care jobs       rose 6.3 percent over the
AP Economics Writer            at a record 5.7 million in      pean economy tenuously                                            have surged 34 percent           past year to 2.83 million.
                               July, but stands 11 percent     emerging from its recent                                          over the past 12 months to       Rising quits can also help
WASHINGTON (AP) — U.S.         higher than a year ago.         struggles.                                                        more than a million. Post-       broadly lift wages.
                               “The labor market will con-     Only manufacturers have                                           ings for hotel and restau-       That’s because most peo-
employers  advertised          tinue to improve,               pulled back on job open-                                          rant jobs have climbed 22        ple quit their jobs when
                               but that we will see some       ings over the past 12                                             percent to 698,000.              they have another one
slightly more jobs in Novem-   moderation in job growth,”      months, a reflection of the                                       Overall hiring picked up 3.4     lined up, usually at higher
                               said Daniel Silver, an econ-    stronger dollar and weak                                          percent to 5.2 million from      pay. More quitting also
ber as overall hiring edged    omist at JPMorgan Chase.        international growth hurt-                                        a year ago.                      forces companies to pro-
                               The annual increase shows       ing sales abroad.                                                 The number of people quit-       vide raises for their existing
up and more Americans          that employers remain           The picture looks healthier                                       ting their jobs, a sign of con-  workers to keep them from
                               confident despite the fi-       for jobs insulated from the                                       fidence that people can          jumping ship.q
quit their jobs in signs of a

healthier environment for

workers.

The Labor Department said

Tuesday that the number

of job postings rose 1.5 per-

cent to a seasonally adjust-

Pfizer, Allergan CEOs: Tie-up aims for growth, not cost cuts 

The Allergan logo appears above a trading post on the floor of the New York Stock Exchange.                                      eliminating thousands of         quisitions.
Pfizer and Allergan are joining in a $160 billion stock deal that will create the world’s largest drug-                          jobs to boost profit quickly,    In the last few years, the
maker. Speaking at an industry health care conference, Tuesday, Jan. 12, 2016, Pfizer CEO Ian                                    though usually just tempo-       former Actavis PLC has
Read and Allergan CEO Brett Saunders both said that Pfizer’s purchase of Allergan is aimed at                                    rarily.                          bought Watson Pharma-
helping the combined company grow faster.                                                                                                                         ceuticals, Forest Laborato-
                                                                                                                                   Over the last 15 years,        ries and Warner Chilcott,
                                                                                                        (AP Photo/Richard Drew)  along with many smaller          all multibillion-dollar deals.
                                                                                                                                 acquisitions, Pfizer has gob-    Buying Warner Chilcott al-
LINDA A. JOHNSON               jobs and other costs as the     would sharply decrease                                            bled up Top 20 drugmakers        lowed Actavis to do its own
AP Business Writer             companies previously have       Pfizer’s income tax bill                                          Warner-Lambert, Pharma-          tax inversion, moving its
TRENTON, N.J. (AP) — The       done.                           compared to current U.S.                                          cia and Wyeth, paying $68        headquarters from Parsip-
heads of drugmakers Pfizer     The deal announced last         tax rates, though the drug-                                       billion for Wyeth alone in       pany, New Jersey, to War-
and Allergan said Tuesday      November would move             maker’s operations would                                          2009.                            ner Chilcott’s Dublin home.
that the record $160 billion   Pfizer’s official headquar-     still be run from New York.                                       Speaking at the 34th Annu-       Actavis then bought Aller-
combination they’re plan-      ters for tax purposes from      Pfizer has a history of mak-                                      al J.P. Morgan Healthcare        gan Inc. last March, later
ning is meant to produce       New York to Allergan’s          ing such huge acquisitions                                        Conference in San Francis-       changing its name to the
more medicines and boost       base in Ireland. The strat-     of other drugmakers, then                                         co Tuesday, Pfizer CEO Ian       better-known Allergan.
revenue, not to just slash     egy, called a tax inversion,    closing some facilities and                                       Read and Allergan CEO            Read said Pfizer and Aller-
                                                                                                                                 Brett Saunders both said         gan have little overlap in
                                                                                                                                 that Pfizer’s purchase of Al-    their operations and both
                                                                                                                                 lergan is aimed at helping       have removed consider-
                                                                                                                                 the combined company             able excess costs.
                                                                                                                                 expand faster.                   That means their integra-
                                                                                                                                 “This isn’t about cost-cut-      tion, already in the early
                                                                                                                                 ting.                            steps, will focus on factors
                                                                                                                                 This is about leadership and     such as where best to in-
                                                                                                                                 growth,” said Saunders,          vest research dollars and
                                                                                                                                 adding the companies             how to create value for
                                                                                                                                 have “lots of new drugs”         shareholders, he said.
                                                                                                                                 they plan to launch in the       “This is going to be a pow-
                                                                                                                                 next few years.                  erhouse company with a
                                                                                                                                 His company, which mostly        strong dividend,” Saunders
                                                                                                                                 made generics until recent       predicted, “and the best
                                                                                                                                 years, likewise has grown        pipeline in the industry.” q
                                                                                                                                 quickly from a surge of ac-

Airbus tops Boeing in jet orders, but both face China risk

ANGELA CHARLTON                But concerns about China’s      “We should not mix up                                             ing. That could help in-         pete in the market for large
Associated Press               plunging financial markets      problems we can see on                                            crease air travel, but only if   passenger jetliners, the
PARIS (AP) — Airbus over-      and slowing growth are          the financial markets and                                         the economy does not suf-        C919. Bregier downplayed
came technical toilet trou-    rippling throughout Asia,       the real economy,” he told                                        fer a sharp drop.                the potential Chinese chal-
bles and engine delays to      where a growing middle          reporters in Paris, in present-                                   Chicago-based Boeing             lenger.
win hundreds more plane        class has driven demand         ing Airbus’ annual orders                                         reached a deal last year to      Airbus executives remain
orders in 2015 than rival      for new airplanes in recent     and forecast for the year.                                        build an assembly plant in       upbeat about the overall
Boeing, but a bigger prob-     years.                          Bregier predicted that new                                        China, as the U.S. company       aviation industry despite
lem may cloud this year for    Airbus CEO Fabrice Bregier      U.S. visa policies would                                          tries to match Airbus’s pres-    signs that aircraft demand
both companies: China’s        largely shrugged off the        boost Chinese air travel,                                         ence in the world’s second-      is slowing. Industry associa-
economic slowdown.             recent market turmoil on        and that Asian middle class                                       largest economy.                 tion IATA recently lowered
Airbus SA and Boeing Co.       Tuesday, insisting that his     demand would continue to                                          China, too, is trying to get     its long-term air traffic fore-
are battling to win market     Toulouse, France-based          grow.                                                             in on the industry. Chinese      cast and warned that low
share in China, forecast to    company is sticking to          As its economy slows, Chi-                                        state-owned Commercial           oil prices have hurt pros-
become the world’s big-        plans for a new facility in     na is trying to shift its focus                                   Aircraft Corp. has unveiled      pects in key emerging mar-
gest air travel market in a    Tianjin next month and to       away from manufacturing                                           the first plane produced by      kets such as Russia and Bra-
little more than a decade.     its overall strategy in China.  toward consumer spend-                                            a Chinese initiative to com-     zil. q
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