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BUSINESSTuesday 15 September 2015

With Fed rate decision looming, stocks head lower Google: Krafcik
to lead push for
MATTHEW CRAFT ions are split. Some ana- points, or 0.4 percent, to the Shanghai Composite, self-driving cars
AP Business Writer lysts suggest China’s slower 16,370.96, and the Nasdaq took another hard fall on
NEW YORK (AP) — More economy and turbulence composite fell 16.58 points, Monday, dropping 2.7 per- The Associated Press
signs of slowing economic in financial markets might or 0.3 percent, to 4,805.76. cent Google has hired auto in-
growth in China weighed prompt the Fed to post- Apple reported strong de- Elsewhere, Hong Kong’s dustry veteran and former
on companies that pro- pone its first rate increase mand for its latest iPhones, Hang Seng added 0.3 per- Hyundai U.S. CEO John
duce raw materials on since 2006. But the Fed’s driving its stock up. The tech cent. Japan’s Nikkei 225 Krafcik to run its self-driving
Monday, pulling the stock deputy chairman, Stanley giant said that initial sales of lost 1.6 percent, and South car program.
market to a slight loss. Fischer, recently said he the iPhone 6s and iPhone Korea’s Kospi lost 0.5 per- Krafcik, 53, is credited with
cent. turning around Hyundai’s
Trader Fred DeMarco, left, works on the floor of the New York Stock Exchange. More signs of slow- Back in the U.S., Raptor U.S. operations, leading the
ing economic growth in China weighed on companies that produce raw materials on Monday, Pharmaceuticals lost more company to huge sales in-
pulling the stock market to a slight loss. than a third of its market creases after the Great Re-
value after the drug de- cession. Early in his career
(AP Photo/Richard Drew) veloper said it may scrap as a mechanical engineer
development of a liver dis- he worked at a joint ven-
Trading was light as inves- saw a “pretty strong case” 6s Plus are on track to beat ease treatment because it ture between Toyota and
tors looked ahead to a for raising rates. the tally from last year, failed to pass a key test. The General Motors where he
much-anticipated Federal Major U.S. indexes opened when it sold a record 10 mil- company’s stock plunged became a proponent of
Reserve meeting later this higher, then quickly lion large-screen iPhones $4.51, or 37 percent, to lean manufacturing.
week. changed course. They sank during the first weekend. $7.52. For Google, Krafcik’s hir-
Brad McMillan, chief in- slowly through the rest of Apple climbed $1.10, or 1 Prices for U.S. government ing shows the tech giant is
vestment officer for the the morning and remained percent, to $115.31. bonds barely moved. The serious about turning au-
Commonwealth Financial lower through the remain- In Europe, Germany’s DAX yield on the 10-year Trea- tonomous cars into a sus-
Network, said the market der of the day. Miners and closed with a gain of 0.1 sury note was little changed tainablebusiness. Google
was likely to drift until the other materials companies percent while France’s at 2.18 percent. has promised to have a
Fed wraps up its meeting had some of the biggest CAC-40 lost 0.7 percent. In commodities markets, self-driving car in the pub-
on Thursday. “Everybody is losses. Metals companies The FTSE 100 index of lead- industrial metals finished lic’s hands by 2020. Krafcik
waiting to see what hap- Alcoa and Nucor dropped ing British shares slipped 0.5 lower while precious metals takes over as the autono-
pens when and if the Fed 3 percent, while Freeport- percent. ended mixed. Gold gained mous car CEO later this
raises rates.” McMoRan lost 2 percent. Two economic reports out $4.40 to settle at $1,107.70 month.
Until recently, many in the The Standard & Poor’s 500 Sunday rekindled concerns an ounce, and silver sank Traditional automakers
markets thought that the index lost 8.02 points, or over China’s economic 14 cents to $14.36 an such as Mercedes, Gen-
Fed would raise its bench- 0.4 percent, to close at slowdown. Factory output ounce. Copper dropped 5 eral Motors and Toyota are
mark interest rate at the 1,953.03. and investment grew at a cents to $2.41 a pound. working to gradually auto-
end of its two-day meeting The Dow Jones industrial slower pace than forecast. The price of oil fell on weak- mate functions in the car
on Thursday. Now, opin- average gave up 62.13 China’s main stock index, ness in the gasoline market until vehicles become fully
brought on by high fuel capable of driving them-
supplies and the end of the selves, possibly by 2025.
summer driving season. U.S. Google stunned the auto
crude fell 63 cents to close industry in 2010 by an-
at $44 a barrel in New York. nouncing that it was stray-
Brent Crude, a benchmark ing beyond its primary, In-
for international oils used ternet search and adver-
by many U.S. refineries, fell tising business to develop
$1.77 to close at $46.37 a self-driving vehicles. The
barrel in London. company said in a state-
In other futures trading in ment Monday that it’s
New York: made more progress on its
— Wholesale gasoline fell autonomous car technol-
6.6 cents to close at $1.304 ogy than it ever thought
a gallon. was possible.
— Heating oil fell 4.6 cents “We still have a lot to learn
to close at $1.504 a gallon. about how people per-
— Natural gas rose 6.5 ceive our vehicles and how
cents to close at $2.758 per they’ll want to fit this tech-
1,000 cubic feet.q nology in to their lives,” the
statement said.
Nintendo names new president after Iwata death There are legal and ethi-
cal issues to work through
TOKYO (AP) — Nintendo star game designer and do’s organizational struc- Iwata, president from 2002, before driverless cars go
on Monday named a long- senior managing director ture that will be effective was a highly visible spokes- mainstream. Google’s cars
serving executive as presi- Shigeru Miyamoto. Ninten- from Wednesday. man for Nintendo, and also require extremely de-
dent following the death in do said the title was meant Kimishima was a managing many in the game industry tailed mapping, which has
July of Satoru Iwata. to convey his role in provid- director of the company in mourned the 55-year-old’s only been done in limited
Nintendo said that a board ing advice and guidance. charge of corporate analy- death, which followed a areas.
meeting decided to ap- Another senior executive, sis, general affairs and hu- long illness. Convincing drivers that
point Tatsumi Kimishima, 65, Genyo Takeda, was given man resources divisions. Earlier this year, Nintendo driverless technology is
as president to strengthen the title “Technology Fel- He has been at Nintendo did an about-face and an- safe is another hurdle
management of the video low.” since 2000 when he was nounced it would go into that the company must
game maker. The company said the new appointed director of its games for mobile devices, overcome.q
A new title of “Creative Fel- titles were part of a “large- Pokemon characters busi- a move it had scoffed for
low” was announced for scale revision” of Ninten- ness. years.q