Page 24 - atoday
P. 24
A24
BUSINESSTuesday 10 November 2015
DuPont names Breen as chairman and CEO STREET BRIEFS
NEW YORK (AP) — Du- investor Nelson Peltz. The Wilmington, Delaware- at Motorola and General ABN Amro profits
Pont’s board of directors Peltz’s Trian Fund wanted based science and chemi- Instrument Corp. In a con- rise as bank nears
named Edward D. Breen more influence at the con- cals company recently re- ference call in October, a re-privatization
as chairman and CEO af- glomerate, but in June ported a sharp decrease following the third-quarter
ter a month of holding shareholders rejected his in third-quarter profit, results earnings release, he THE HAGUE, Netherlands
those positions in an interim campaign for seats on the weighed down by weak said the company is con- (AP) — Nationalized Dutch
capacity. board. The fight eventu- agricultural sales and a sidering cost controls. bank ABN AMro, which is
Breen was named as an in- ally resulted in the spinoff strong dollar. Shares of E.I. du Pont de preparing for re-privati-
terim leader last month af- of DuPont’s performance Breen has been on the Nemours and Co. rose 20 zation, says its underlying
ter the sudden retirement chemicals unit this sum- company’s board since cents to $66.31 in morning net profit rose 13 percent
of Ellen Kullman, 59, after mer into a separate busi- February and has held trading Monday. Its shares in the third quarter from
she had fought off a bruis- ness named The Chemours several executive posi- are down almost 1 percent the same period a year
ing challenge from activist Co. tions elsewhere, including over the past year.q ago to 509 million euros
($547 million). Operating
US stocks end lower on global growth worries income rose 5 percent to
2.1 billion euros ($2.25 bil-
KEN SWEET wrote in a note to investors. in October from a year $1,311.15 after the compa- lion). The bank made its so-
AP Business Writer The possibility of higher in- earlier, damping hopes for ny’s outlook for the fourth called “intention to float”
NEW YORK (AP) — The terest rates continued to a Chinese economic re- quarter, a typically strong announcement on Oct.
stock market stumbled push investors to reposi- bound this quarter. Exports period for travel compa- 27, saying the first tranche
Monday as investors wor- tion their portfolios. Even in shrank 6.9 percent in a sign nies, came up short of ana- of the initial public offering
ried that the global econ- a declining stock market, of weak global demand. lysts’ expectations. would likely be in the last
omy could be slowing investors also sold govern- Germany’s DAX index fell Drugmaker Mallinckrodt quarter of 2015. Financial
just as last week’s block- details of the offering have
buster U.S. jobs report ap- Trader Brandon Barb works on the floor of the New York Stock Exchange. The stock market not yet been set. The chair-
peared to open the way to man of the bank’s man-
the first rate hike from the stumbled Monday as investors worried that the global economy could be slowing just as last aging board, Gerrit Zalm,
Federal Reserve in nearly a said Monday “our perfor-
decade. It was the first no- week’s blockbuster U.S. jobs report appeared to open the way to the first rate hike from the mance, the outlook for the
table decline for the mar- Dutch economy and the
ket in six weeks. Federal Reserve in nearly a decade. (AP Photo/Richard Drew) fact that preparations for
The Dow Jones industrial the bank’s intended IPO
average lost 179.85 points, ment bonds. The yield on 1.6 percent, France’s CAC- fell $11.88, or 17 percent, are on track give us confi-
or 1 percent, to 17,730.48, the 10-year Treasury note 40 index lost 1.5 percent to $58.01 after the short- dence in the future.”q
slipping back into nega- rose to 2.34 percent. That’s and the U.K.’s FTSE 100 lost selling firm Citron Research
tive territory for the year. up from 2.33 percent Fri- 1 percent. In Asia, stocks warned that the company Ericsson, Cisco in
The Standard & Poor’s 500 day and significantly high- actually rose in a bet that might have issues similar to new enterprise to
index lost 20.62 points, or er than the 2.23 percent Asian governments would Valeant Pharmaceuticals. create networks
1 percent, to 2,078.58. The level on Thursday. Yields on be more proactive in help- Citron became well-known
Nasdaq composite fell other Treasuries, including ing their ailing economies earlier this year when it HELSINKI (AP) — The world’s
51.82 points, or 1 percent, the two-year and three- than their European coun- published a report on Vale- biggest networks provider,
to 5,095.30. year notes, also rose. terparts. ant, whose stock has fallen Ericsson, has announced a
Investors continue to deal Securities that bet on which “We’ve known about Chi- by two thirds since the sum- strategic partnership with
with the fallout of Octo- way the Fed will move in- na’s issues for a while now, mer. another industry leader,
ber’s unexpectedly strong terest rates show roughly but this will likely lead to the Benchmark U.S. crude fell Cisco, to create “net-
jobs report, which greatly a 70 percent chance the government doing more 42 cents, or 0.9 percent, to works of the future.” Swe-
increased expectations central bank will raise rates. stimulus,” said Quincy Kros- $43.87 a barrel on the New den-based Ericsson says
that the U.S. Federal Re- Global stocks were also re- by, market strategist with York Mercantile Exchange. the business and technol-
serve is likely to raise short- acting to news out of Chi- Prudential Financial. Brent crude, used to price ogy partnership including
term interest rates, which na, where customs data Among individual compa- international oils, declined networking, cloud and mo-
have been close to zero showed the country’s im- nies, travel site Priceline fell 23 cents to $47.19 a barrel bility services, is expected
since the 2008 financial cri- ports plunged 18.8 percent $138.75, or 9.6 percent, to in London.q to generate more than $1
sis. billion in business for each
The Labor Department company by 2018 and
said U.S. employers creat- synergy savings of 1 bil-
ed 271,000 jobs last month, lion kronor ($115 million) in
more than the even most 2018. It gave no details of
bullish of forecasts. The a financial transaction. Er-
unemployment rate also icsson CEO Hans Vestberg
dropped to 5 percent, the on Monday described the
lowest in seven years. The pact as “a key step for-
surprising sign of strength ward” in transforming and
could encourage the Fed strengthening the com-
to finally start to return in- pany. Ericsson and Cisco,
terest rates to normal lev- which have some 56,000
els. patents and have spent
“This all shows how Friday’s $11 billion in research and
employment report pos- development, have more
sibly changed the game,” than 76,000 employees in
John Briggs, head of fixed more than 180 countries.q
income strategy at RBS,
