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BUSINESSSaturday 12 September
Wall Street manages slight gains to end week STREET BRIEFS
MATTHEW CRAFT lower at the opening of “I understand why folks are 6 percent over the past Yahoo marketing
AP Business Writer trading on Friday, as falling nervous. I think eventually month. It has been a stag- head Savitt leaving
NEW YORK (AP) — Major oil prices pulled oil and gas things will settle down.” gered fall, with sharp drops
stock indexes shook off an companies down. The Standard & Poor’s one week followed by slight for TV studio job
early stumble to finish with The economic news wasn’t 500 gained 8.76 points, or gains the next.
slight gains on Friday as encouraging, either. A 0.5 percent, to close at Wall Street is divided over NEW YORK (AP) — Ya-
whether the Fed will raise hoo’s chief marketing of-
Trader Sal Suarino, left, works on the floor of the New York Stock Exchange. Major stock indexes its benchmark lending rate ficer and head of media
shook off an early stumble to finish with slight gains on Friday as traders turned their attention to next week for the first time in is leaving the company to
a key meeting of the Federal Reserve next week. nine years. The Fed slashed join movie and TV studio
its key rate to near zero dur- STX Entertainment. STX said
(AP Photo/Richard Drew) ing the financial crisis, sup- Friday that Kathy Savitt will
porting the stock market’s become the president of
traders turned their atten- reading on consumer con- 1,961.05.The Dow Jones in- seven-year run. Uncertainty its digital business in Octo-
tion to a key meeting of the fidence this month sank to dustrial average rose 102.69 over the Fed’s timing has ber. Savitt started at Yahoo
Federal Reserve next week. its lowest level since Sep- points, or 0.6 percent, to kept investors on edge. in September 2012. Before
It was a quiet end to anoth- tember of last year. 16,433.09, while the Nas- Major markets in Europe that, she worked for Ama-
er turbulent week. Thanks “It seems people are fo- daq composite rose 26.09, ended with losses on Friday. zon.com Inc. and founded
largely to a big jump on cused on the market’s vol- or 0.5 percent, to 4,822.34. Germany’s DAX dropped the online commerce ser-
Tuesday, the market fin- atility and the potential im- News about China’s slow- 0.9 percent, while France’s vice Lockerz. Three years
ished with a 2 percent gain pact of a slowing China,” ing economy, a looming CAC-40 sank 1 percent. into the tenure of CEO
for the week, recouping a said Phil Orlando, chief eq- rate increase from the Fed Britain’s FTSE 100 slipped 0.6 Marissa Mayer, Yahoo is
portion of the steep losses uity strategist at Federated and a host of other con- percent. still trying to turn its busi-
from the week before. Investors in New York, the cerns have combined to In Asia, China’s Shanghai ness around and reverse
The major indexes headed money-management firm. knock the market down Composite Index added a slide in its revenue. The
0.1 percent, while Hong company wants to spin
Kong’s Hang Seng shed 0.3 off its most prized asset, a
percent. Japan’s Nikkei 225 stake in Alibaba Group,
fell 0.2 percent. but it’s not clear if Yahoo
Before traders return to their will be able to make that
desks on Monday, a large move without paying a
batch of Chinese econom- hefty tax bill. Film producer
ic news will come out over Robert Simonds and TPG
the weekend. Joshua Ma- Capital executive Bill Mc-
hony, market analyst at IG Glashan founded STX in
in London, said that could 2014.q
lead to a turbulent start to
trading next week. TeliaSonera and
“The weekend release of Telenor: merger of
Chinese retail sales, indus-
trial production and fixed Danish units off
asset investment numbers
means that Monday is likely STOCKHOLM (AP) — Tele-
to start with a bang,” Ma- com operators TeliaSonera
hony said.q and Telenor have aban-
doned a proposed merger
APEC pledges to avoid competitive devaluations of their Danish operations
due to concerns by Euro-
MANILA, Philippines (AP) ister Shi Yaobin, whose ward pressure” and ac- They said the continued pean Union regulators that
— Finance ministers from country’s currency de- knowledged volatilities in growth of the region re- it would stifle competition.
Asian and Pacific nations valuation in August rattled the capital and stock mar- quires efficient, innovative The Swedish and Norwe-
said Friday they are com- global financial markets, kets following the Aug. 11 and competitive financial gian companies said Fri-
mitted to strengthening said “China agrees that we devaluation, markets and promised to day in a joint release they
economic growth and will not to adopt the prac- which was “totally because work to develop a more in- were unable to agree with
stability in the region and tice of competitive depre- of technical reasons and clusive market across APEC the EU’s executive Com-
will refrain from competi- ciation.” factors.” as well as facilitate intra- mission “on acceptable
tive currency devaluations A devaluation can help He said the problems were regional trade and invest- conditions” to create “a
amid financial volatility. boost a country’s exports only a “temporary phe- ment and greater regional robust mobile operator” in
The finance ministers from by making them cheaper nomenon and they can integration. Denmark based on a deal
the 21-member Asia Pacific to buy with other curren- only last ... one to two Recognizing that the re- agreed on in December.
Economic Cooperation fo- cies and more competitive. months.” gion faces frequent costly EU Competition Commis-
rum made the statement “We reaffirm our previous In their statement, the fi- natural disasters, the fi- sioner Margrethe Vestager
at the end of their two-day commitments on mon- nance ministers said they nance ministers agreed said in a separate state-
meeting in central Cebu etary and exchange rate have crafted a voluntary to enhance their financial ment that discussions with
City ahead of a leaders’ policies. We will refrain from and non-binding plan they resilience “through the de- the parties on the merger
summit in November. competitive devaluation will submit to the lead- velopment of innovative “were not able to fully ad-
They said they would refrain and resist all forms of pro- ers aimed at creating “an disaster risk financing and dress the Commission’s
from competitive devalua- tectionism,” the ministers’ APEC community that is insurance mechanisms competition concerns”.
tions and resist all forms of statement said. more prosperous, financial- and other risk transfer in- She added: “What the
protectionism. Shi said the Chinese econ- ly integrated, transparent, struments” in the capital parties offered was not
Chinese Vice Finance Min- omy is facing “some down- resilient and connected.” markets.q sufficient to avoid harm to
competition in Danish mo-
bile markets.” q
