Page 15 - MIN VOS JUNE 20 2015
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BUSINESSSaturday 20 June 2015
Rally peters out, but market still ends week higher Peugeot to invest
near $632 million
Traders Fred Demarco, left, and Joseph Chirico, right, work on the floor of the New York Stock main deadlocked in their in Morocco plant
Exchange. A rally that pushed a key index to a record high petered out on Friday, yet the market attempts to hammer out
still ended with its best week in nearly two months a pact for the debt-strick- PAUL SCHEMM
en nation. Greece needs Associated Press
(AP Photo/Richard Drew) more loans from its credi- RABAT, Morocco (AP) —
tors before June 30, when Morocco and French au-
ALEX VEIGA trading. cials stocks were among its current bailout program tomaker PSA Peugeot
AP Business Writer The Standard & Poor’s 500 the biggest decliners. The expires and a 1.6 billion Citroen on Friday signed
A rally that pushed a key index lost 11.48 points, or price of oil fell, ending the euro ($1.8 billion) debt an accord to build a new
index to a record high pe- 0.5 percent, to 2,109.76. For week nearly flat. payment is due. factory aimed at produc-
tered out on Friday. the week the index was up Investors spent much of the On Friday, the European ing up to 200,000 cars an-
Despite the losses, the mar- 0.8 percent, its best gain week focused on the Fed- Central Bank agreed to nually for the African and
ket still ended with its best since the week ending April eral Reserve’s next move provide temporary support Middle East market.
week in nearly two months 24. on interest rates. for Greece’s banks ahead The factory involves an in-
after getting a boost from The Dow Jones industrial The market got some re- of an emergency summit vestment of 557 million eu-
the Federal Reserve on average fell 99.89 points, or assurance from the cen- meeting next week. That ros ($632 million) and is the
Wednesday. Policymakers 0.6 percent, to 18,015.95. tral bank on Wednesday, meeting could determine second major agreement
signaled that they were The Nasdaq composite slid when the Fed suggested whether Greece still has a between Morocco and a
in no hurry to raise interest 15.95 points, or 0.3 percent, it wanted to see more im- future in the euro. Greece’s French automaker, follow-
rates from historically low closing at 5,117. That’s just provement in the economy main stock index slumped ing Renault’s 2013 building
levels. below its record high of and signs of inflation before 11 percent for the week. a factory in Tangiers.
“Many sectors and stocks 5,132.95 set on Thursday. raising rates. The low rates Traders also had their eye Peugeot head Carlos Ta-
have had a good few An impasse in bailout nego- have helped drive the bull on China, where the main vares said the deal was
days, so some of it is (down tiations between Greece market in stocks. stock index plunged Friday, part of the larger plan to
to) people taking off some and its creditors and wor- Clarity on Greece’s ongo- raising concerns that a revive the company’s for-
of their profits,” said JJ Kina- ries about a stock bubble ing debt drama has been bubble in the market may tunes and eventually sell
han, TD Ameritrade’s chief in China weighed on the more elusive. have burst. The Shanghai a million vehicles in Africa
strategist about Friday’s market. Utilities and finan- Greece and its lenders re- Composite Index tumbled within a decade.
6.4 percent and is 13 per- “This region is important
cent lower for the week. and dear to our hearts,”
The index has more than said Peugeot head Car-
doubled in the past year. los Tavares. “We decided
A series of disappointing that PSA is ready to make
sales forecasts also hurt a committed offensive on
stocks. the African continent and
Hershey fell 3.5 percent Middle East.”
after the chocolate and He credited Morocco’s in-
candy maker cut its rev- frastructure and the edu-
enue outlook for the year cation level of its workforce
because of weak demand for the decision to build the
in China. The company factory here.
also said it plans to cut Morocco has been seek-
about 300 jobs by the end ing to improve its econom-
of the year. The stock lost ic ties with the rest of Africa
$3.22 to $89.04. as well as build up its indus-
CarMax fell 3.7 percent trial base to combat persis-
after the used car dealer- tent unemployment.
ship chain reported fiscal “The automotive sector is
first-quarter sales that fell an essential one for Moroc-
short of forecasts. The stock co,” said Minister of Indus-
shed $2.69 to $69.27. try Moulay Hafid Elalamy.
Investors welcomed news “It was the most dynamic
that activist investor firm sector for export between
Jana partners has taken 2012 and 2014.”
a 7.2 percent stake in Morocco exported $4 bil-
ConAgra Foods.q lion worth of cars and
parts in 2014 and already
EBay sells stake back to Craigslist, ending legal battles in the first four months of
2015 there has been a 12
SAN JOSE, Calif. (AP) — E- payments system PayPal. in the U.S. in 2007. EBay said with the repur- percent increase from the
commerce company eBay Financial terms were not In 2010, a judge ruled that chase, all litigation be- same period last year.
has sold its 28.4 percent disclosed. Craigslist founder Craig tween eBay and Craigslist The sector provides some
stake in Craigslist back to EBay, which is based in San Newmark and CEO Jim will be dismissed. It de- 80,000 jobs, roughly 10 per-
the online classified adver- Jose, California, bought a Buckmaster violated their clined to comment further. cent of the industrial em-
tising site, stake in Craigslist in 2004. responsibilities to eBay Craigslist posted an ex- ployment.
ending years of legal wran- But the two companies with changes they imple- cerpt of eBay’s statement Elalamy said that the pres-
gling between the two have tussled in the legal mented that diluted eBay’s on its blog along with an ence of a second major
companies. arena. Craigslist has long share from 28.4 percent to excerpt of Shakespeare’s manufacturer in Morocco
The move announced Fri- accused eBay of using 24.9 percent and made it “All’s Well That Ends Well,” will boost the entire indus-
day comes as eBay pre- confidential information to harder for eBay to sell the including the line “Love all, try and make it profitable
pares to split with its online start its own classifieds site stake. trust a few.”q to make more parts within
the country so that less
needs to be imported.q
BUSINESSSaturday 20 June 2015
Rally peters out, but market still ends week higher Peugeot to invest
near $632 million
Traders Fred Demarco, left, and Joseph Chirico, right, work on the floor of the New York Stock main deadlocked in their in Morocco plant
Exchange. A rally that pushed a key index to a record high petered out on Friday, yet the market attempts to hammer out
still ended with its best week in nearly two months a pact for the debt-strick- PAUL SCHEMM
en nation. Greece needs Associated Press
(AP Photo/Richard Drew) more loans from its credi- RABAT, Morocco (AP) —
tors before June 30, when Morocco and French au-
ALEX VEIGA trading. cials stocks were among its current bailout program tomaker PSA Peugeot
AP Business Writer The Standard & Poor’s 500 the biggest decliners. The expires and a 1.6 billion Citroen on Friday signed
A rally that pushed a key index lost 11.48 points, or price of oil fell, ending the euro ($1.8 billion) debt an accord to build a new
index to a record high pe- 0.5 percent, to 2,109.76. For week nearly flat. payment is due. factory aimed at produc-
tered out on Friday. the week the index was up Investors spent much of the On Friday, the European ing up to 200,000 cars an-
Despite the losses, the mar- 0.8 percent, its best gain week focused on the Fed- Central Bank agreed to nually for the African and
ket still ended with its best since the week ending April eral Reserve’s next move provide temporary support Middle East market.
week in nearly two months 24. on interest rates. for Greece’s banks ahead The factory involves an in-
after getting a boost from The Dow Jones industrial The market got some re- of an emergency summit vestment of 557 million eu-
the Federal Reserve on average fell 99.89 points, or assurance from the cen- meeting next week. That ros ($632 million) and is the
Wednesday. Policymakers 0.6 percent, to 18,015.95. tral bank on Wednesday, meeting could determine second major agreement
signaled that they were The Nasdaq composite slid when the Fed suggested whether Greece still has a between Morocco and a
in no hurry to raise interest 15.95 points, or 0.3 percent, it wanted to see more im- future in the euro. Greece’s French automaker, follow-
rates from historically low closing at 5,117. That’s just provement in the economy main stock index slumped ing Renault’s 2013 building
levels. below its record high of and signs of inflation before 11 percent for the week. a factory in Tangiers.
“Many sectors and stocks 5,132.95 set on Thursday. raising rates. The low rates Traders also had their eye Peugeot head Carlos Ta-
have had a good few An impasse in bailout nego- have helped drive the bull on China, where the main vares said the deal was
days, so some of it is (down tiations between Greece market in stocks. stock index plunged Friday, part of the larger plan to
to) people taking off some and its creditors and wor- Clarity on Greece’s ongo- raising concerns that a revive the company’s for-
of their profits,” said JJ Kina- ries about a stock bubble ing debt drama has been bubble in the market may tunes and eventually sell
han, TD Ameritrade’s chief in China weighed on the more elusive. have burst. The Shanghai a million vehicles in Africa
strategist about Friday’s market. Utilities and finan- Greece and its lenders re- Composite Index tumbled within a decade.
6.4 percent and is 13 per- “This region is important
cent lower for the week. and dear to our hearts,”
The index has more than said Peugeot head Car-
doubled in the past year. los Tavares. “We decided
A series of disappointing that PSA is ready to make
sales forecasts also hurt a committed offensive on
stocks. the African continent and
Hershey fell 3.5 percent Middle East.”
after the chocolate and He credited Morocco’s in-
candy maker cut its rev- frastructure and the edu-
enue outlook for the year cation level of its workforce
because of weak demand for the decision to build the
in China. The company factory here.
also said it plans to cut Morocco has been seek-
about 300 jobs by the end ing to improve its econom-
of the year. The stock lost ic ties with the rest of Africa
$3.22 to $89.04. as well as build up its indus-
CarMax fell 3.7 percent trial base to combat persis-
after the used car dealer- tent unemployment.
ship chain reported fiscal “The automotive sector is
first-quarter sales that fell an essential one for Moroc-
short of forecasts. The stock co,” said Minister of Indus-
shed $2.69 to $69.27. try Moulay Hafid Elalamy.
Investors welcomed news “It was the most dynamic
that activist investor firm sector for export between
Jana partners has taken 2012 and 2014.”
a 7.2 percent stake in Morocco exported $4 bil-
ConAgra Foods.q lion worth of cars and
parts in 2014 and already
EBay sells stake back to Craigslist, ending legal battles in the first four months of
2015 there has been a 12
SAN JOSE, Calif. (AP) — E- payments system PayPal. in the U.S. in 2007. EBay said with the repur- percent increase from the
commerce company eBay Financial terms were not In 2010, a judge ruled that chase, all litigation be- same period last year.
has sold its 28.4 percent disclosed. Craigslist founder Craig tween eBay and Craigslist The sector provides some
stake in Craigslist back to EBay, which is based in San Newmark and CEO Jim will be dismissed. It de- 80,000 jobs, roughly 10 per-
the online classified adver- Jose, California, bought a Buckmaster violated their clined to comment further. cent of the industrial em-
tising site, stake in Craigslist in 2004. responsibilities to eBay Craigslist posted an ex- ployment.
ending years of legal wran- But the two companies with changes they imple- cerpt of eBay’s statement Elalamy said that the pres-
gling between the two have tussled in the legal mented that diluted eBay’s on its blog along with an ence of a second major
companies. arena. Craigslist has long share from 28.4 percent to excerpt of Shakespeare’s manufacturer in Morocco
The move announced Fri- accused eBay of using 24.9 percent and made it “All’s Well That Ends Well,” will boost the entire indus-
day comes as eBay pre- confidential information to harder for eBay to sell the including the line “Love all, try and make it profitable
pares to split with its online start its own classifieds site stake. trust a few.”q to make more parts within
the country so that less
needs to be imported.q
