Page 24 - ATD 05September,2015
P. 24
A24
BUSINESSSaturday 5 September 2015
Wall Street dips; jobs report clouds rate outlook Canada dismisses
Chevron appeal in
STEVE ROTHWELL The report showed that the the stock market, support- Management Research at Ecuador eco-case
Business Writer U.S. unemployment rate ing a bull run that has last- UBS.
NEW YORK (AP) — It’s an fell to a seven-year low in ed for more than six years. Trading volume was lighter C. NORONHA
old adage that investors August, but also that em- On Friday, the S&P 500 than usual ahead of the Associated Press
hate uncertainty. Unfortu- ployers added fewer jobs ended the week down 3.4 Labor Day holiday. U.S. TORONTO (AP) — The Su-
nately for them, they got than forecast. percent, its second-worst markets will be closed on preme Court of Canada
more of it on Friday. “It’s interesting and disap- weekly drop of the year. Monday in observance on Friday dismissed an at-
The stock market has been pointing that today’s data The index is down nearly of the holiday. However, tempt by oil giant Chevron
volatile for weeks on con- didn’t provide us with that 10 percent from its peak of the Chinese stock market, to block Ecuadorian villag-
which has been closed for ers from using an Ontario
Trader Luke Scanlon works on the floor of the New York Stock Exchange. It’s an old adage that a two-day holiday, will re- court to collect billions in
open. damages over rainforest
investors hate uncertainty. Unfortunately for them, they got more of it on Friday, dragging U.S. in- Among individual stocks, pollution.
Netflix continued its slide The 7-0 ruling allows the
dexes down to close the week. (AP Photo/Richard Drew) on Friday. The company’s case to proceed.
stock has slumped for six The lead attorney for the
cern that China’s econo- ‘Ah-ha!’ clarity that every- 2,130.82 reached May 21. straight days and closed plaintiffs, Pablo Fajardo,
my is slowing more rapidly one is seeking,” said Mi- Much of the damage this the week down 16 per- said the ruling “isn’t just any
than previously thought. chael Arone, Chief Invest- week was done on Tues- cent on speculation that triumph. We’ve won in a
But investors have also had ment Strategist at State day, after gloomy manu- competition from rivals in- country that is among the
to contend with uncertain- Street Global Advisors. facturing data out of Chi- cluding Amazon and Hulu most credible in the world
ty about the outlook for in- The Dow Jones industrial na rekindled fears about is intensifying. Variety also for its judicial transparen-
terest rates. average fell 272.38 points, the health of the world’s reported Monday that Ap- cy.”
Investors had been hop- or 1.7 percent, to 16,102.38. second-largest economy. ple is exploring a move into Lawyers have fought for
ing that the government’s The Standard & Poor’s 500 But despite the big drop in original programming. years in several countries
August jobs report would index gave up 29.91 points, stocks, some strategists say Bond prices edged up af- over who’s responsible for
give them more clarity on or 1.5 percent, to 1,921.22. that much of the evidence ter the jobs report, pushing pollution in the Ecuadorian
interest rates, before a key The Nasdaq composite suggests the U.S. economy the yield on the bench- rain forest. They have ar-
Federal Reserve meeting slipped 49.58 points, or 1.1 is maintaining its recovery. mark 10-year Treasury note gued that the case should
later this month. However, percent, to 4,683.92. A report this week showed down to 2.13 percent from be heard in Canada be-
a mixed report left them Fed policymakers have robust growth in the ser- 2.16 percent on Thursday. cause U.S.-based Chevron
guessing as to whether kept their benchmark inter- vice industry. In Europe, the FTSE 100 in- has a Canadian subsidiary.
policymakers will feel con- est rate close to zero since “As China is sneezing, there dex of leading British shares In February 2011, a judge
fident enough about the late 2008 to help revive the is very little to suggest that was down 2.4 percent, in Ecuador issued an $18
strength of the U.S. econ- economy after the Great the U.S. is catching a cold,” Germany’s DAX fell 2.7 per- billion judgment against
omy to raise interest rates Recession. Those low rates said Jeremy Zirin, chief U.S. cent. The CAC-40 in France Chevron in a lawsuit
from historic lows. have also been good for equity strategist for Wealth was 2.8 percent lower. brought on behalf of
The euro edged up to 30,000 residents. The judg-
$1.1151. The dollar fell 1 ment was for environmen-
percent against the Japa- tal damage caused by
nese currency, to 118.99 Texaco during its opera-
yen. tion of an oil consortium in
In metals trading, the price the rainforest from 1972 to
of gold fell $3.10 to settle 1990. Chevron later bought
at $1,121.50 an ounce, sil- Texaco.
ver fell 16 cents to $14.54 Ecuador’s highest court
an ounce and copper de- later upheld the verdict
clined seven cents to $2.32 but reduced the judgment
a pound. to about $9.5 billion.
The price of oil fell along Chevron argues that a
with stocks but pared 1998 agreement Texaco
its losses after a closely signed with Ecuador after
watched count of active a $40 million cleanup ab-
drilling rigs in the U.S. fell. solves it of liability. It claims
Crude declined 70 cents Ecuador’s state-run oil
to close at $46.05 a barrel company is responsible for
in New York.q much of the pollution in the
oil patch that Texaco quit
Home decorating retailer At Home files for IPO more than two decades
ago.
NEW YORK (AP) — At Home year. At Home has 94 stores cost, or when it will hap- ported a loss of $436,000 The key issue at hand re-
Group, a chain of stores around the country. Stores pen. It said it expects to in the year ending Jan. 31, garding Friday’s ruling was
that sells furniture, rugs and opened at least a year av- raise as much as $100 mil- 2015, narrower than its loss whether there was a real
other home goods, said eraged more than $6 mil- lion, but that number will of $22.3 million the previous and substantial connec-
Friday that it plans to be- lion in sales annually, the likely change. It plans to year. In the latest year, its tion between the villagers
come a publicly-traded company said. Its average use the money raised to revenue rose 23 percent and their dispute and the
company. store is 120,000 square feet. pay off debt. At Home ex- to $497.7 million. Based province of Ontario.
The company, found- The retailer did not say how pects to list its stock on the in Plano, Texas, At Home The high court decided
ed in 1979, was formerly many shares it expects to New York Stock Exchange Group Inc. also sells Christ- there was no need to
called Garden Ridge until sell in an initial public offer- under the ticker symbol mas decorations, wall art, prove that connection,
it changed its name last ing, or how much they will “HOME.” The company re- frames and plants.q as long as a foreign court
assumed valid jurisdiction
over a case.q
