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BUSINESS Saturday 25 November 2017
A25

Japan’s Mitsubishi Materials reports faked quality data

By E. KURTENBACH quality data by some of its The company’s share price turers such as Nissan Mo- manufacturers and other
AP Business Writer subsidiaries. plunged 11 percent, end- tor Co., Subaru Corp. and customers to conduct their
TOKYO (AP) — Mitsubishi Executives of the company ing the day down more Kobe Steel. own investigations to en-
Materials Corp., a maker of bowed before reporters than 8 percent Friday. The repeated disclosures sure safety had not been
components used to make as they reported on the Similar troubles with faked of such practices by some compromised.
autos, aircraft and electric- problem, which was an- or unauthorized inspections of Japan’s most respected Mitsubishi Materials said the
ity generation equipment, nounced Thursday during a have tarnished the image companies have prompt- problems affected scores
apologized Friday for faked public holiday. of other major manufac- ed automakers, aircraft of customers.q

More stock records as technology and energy companies rise

By MARLEY JAY stake in SandRidge Energy.
AP Markets Writer A week ago SandRidge
NEW YORK (AP) — U.S. agreed to buy oil and gas
stocks set more records in company Bonanza Creek
quiet post-holiday trading Energy, and Icahn said
Friday as technology com- he’s opposed to the $736
panies again did much of million deal. Another major
the heavy lifting. Energy SandRidge investor, Fir Tree
companies rose with the Partners, is also against the
price of oil. deal. SandRidge jumped
Macy’s and some of its re- $1.40, or 8 percent, to
tail counterparts rose af- $18.90 while Bonanza tum-
ter the department store’s bled $3.76, or 11.7 percent,
CEO said Black Friday sales to $28.38.
were going well. Online In other energy trading,
titan Amazon made an wholesale gasoline added
even bigger gain. Oil pric- 2 cents to $1.79 a gallon.
es and energy companies Heating oil rose 2 cents to
rose after Bloomberg re- $1.95 a gallon. Natural gas
ported that a group of key sank 16 cents, or 5.2 per-
oil producers plans to ex- cent, to $2.81.
tend production cuts until The dollar rose to 111.55
the end of 2018. yen from 111.17 yen. The
The Standard & Poor’s 500 Trader Vincent Napolitano works on the floor of the New York Stock Exchange. U.S. stocks set euro climbed to $1.9125
index rose 5.34 points, or 0.2 more records in quiet post-holiday trading Friday as technology companies again did much of from $1.1822.
percent, to 2,602.42. The the heavy lifting. Bond prices fell. The yield
Dow Jones industrial aver- start with relatively few Wal-Mart and Urban Out- has gained this year. Ama- on the 10-year Treasury
age added 31.81 points, or discounts and strong sales fitters and Gap have also zon and Facebook closed note rose to 2.34 percent
0.1 percent, to 23,557.99. of some especially profit- reported strong quarterly all-time highs Friday and from 2.32 percent late
The Nasdaq composite able products like winter results recently. On Friday, the other three set record Wednesday.
gained 21.80 points, or 0.3 clothing. Macy’s gained Gap added 47 cents, or highs earlier this month. U.S. Gold fell $4.90 to $1,287.30
percent, to 6,889.16. The 44 cents, or 2.1 percent, to 1.6 percent, to $29.64 and benchmark crude rose 93 an ounce. Silver lost 12
Russell 2000 index of smaller $21.07 and other depart- electronics retailer Best Buy cents, or 1.6 percent, to cents to $16.99 an ounce.
companies climbed 2.40 ment stores climbed as gained 51 cents to $57. Am- $58.95 a barrel in New York. Copper rose 3 cents to
points, or 0.2 percent, to well. azon’s stock rose $29.84, or Brent crude, used to price $3.17 a pound.
1,519.16. Experts are mostly predict- 2.6 percent, to $1,186. international oils, added 31 France’s CAC 40 rose 0.2
The Dow finished slightly ing strong sales over the Amazon, along with tech cents to $63.86 a barrel in percent and the DAX in
below its record high from holiday shopping period giants Apple, Facebook, London. Germany gained 0.4 per-
Tuesday but the other ma- because of increased con- Microsoft and Google’s Hess gained 95 cents, or cent. Britain’s FTSE 100
jor indexes closed at all- sumer confidence and a parent company Alphabet, 2.2 percent, to $44.40 and slipped 0.1 percent. Ja-
time highs. Trading ended very low unemployment have played a huge role Marathon Oil added 25 pan’s benchmark Nikkei
early after the Thanksgiving rate. The National Retail in the market’s gains this cents, or 1.7 percent, to 225 index rose 0.1 percent
holiday on Thursday. Federation trade group year. Those five companies $15.13. while the Hang Seng in
Macy’s CEO Jeffrey Gen- expects sales to grow at combined are responsible Billionaire investor Carl Hong Kong rebounded 0.5
nette told CNBC holiday least as fast as they did for more than one-fourth Icahn disclosed that he’s percent and South Korea’s
shopping is off to a good last year.Big retailers like of the value the S&P 500 acquired a 13.5 percent Kospi added 0.3 percent.q

China cuts import tariffs on some consumer goods

By JOE McDONALD mestic consumption and fected by the latest cuts on consumer spending in- infant formula.
AP Business Writer reduce reliance on trade was relatively small and it stead of trade and invest- The latest changes are
BEIJING (AP) — China an- and investment. was unclear how China’s ment. Foreign products meant to “enrich domes-
nounced tariff cuts Friday Beijing faces pressure from trade balance might be af- often are seen as higher tic consumption choices,”
on consumer goods includ- the United States, Europe fected. quality, safer or cheaper, said a Finance Ministry
ing avocados, mineral wa- and other trading part- Chinese leaders are in the which has fueled a spend- statement. They take effect
ter and baby carriages in a ners for better access to midst of a marathon effort ing boom by Chinese tour- Dec. 1 and will reduce im-
new effort to spur econom- its growing market. But the to nurture self-sustaining ists on basic goods includ- port duties on some prod-
ic growth driven by do- range of 187 products af- economic growth based ing shoes, cosmetics and ucts by up to two-thirds.q