BUSINESS NEWS MARCH 17TH, 2016
DOW COMES UP POSITIVE FOR THE YEAR
The DOW erased a 2,000 point deficit in 2016, with oil coming up 54% from year lows. This spike is due largely to a rebound in oil prices. With barrels finally coming to over $40, the U.S. economy is showing signs of growth, despite international slowdown. However, despite the positives, just a few weeks ago, the market was in a panic sell-off stage. Peter Kenny, an independent market strategist, said that those who panicked in the last couple of weeks paid the price with this latest market rally.
'BACK TO THE FUTURE’ BECOMES A REALITY
In a 2016 New York City event, Nike made possible some small part of the hit film trilogy ‘Back to the Future’ possible: the auto-lacing sneaker. One of the expected questions: How does the sneaker lace itself? According to Nike senior innovator Tiffany Beers, there is a sensor in the heel. When the user places their foot into the shoe, the sensor activates and the system will tighten itself. The sneaker, dubbed Nike HyperAdapt, has been in the making since 2013, and is expected to be available in three colors this holiday season.
TRANSCANADA TO BUY COLUMBIA PIPELINE GROUP FOR $10.2 BILLION
TransCanada Corp (TRP.TO), the company behind the controversial Keystone XL oil pipeline, said on Thursday it will buy Columbia Pipeline Group (CPGX.N) for $10.2 billion, creating one of North America's largest regulated natural gas transmission businesses. The deal, valued at $13 billion including debt, comes months after U.S. President Barack Obama blocked the cross-border Keystone XL crude pipeline. His decision was a victory for environmentalists and a blow to TransCanada after a seven-year battle for approval. TransCanada will offer $25.50 per share in cash for each Columbia Pipeline share, an 8.5 percent premium to the stock's Thursday close. Columbia Pipeline shares were at $24.75 in extended trading, while TransCanada's U.S.-listed shares were down nearly 4 percent at $36.50.
Swiss watchmakers are braced for another difficult year as economic woes in major markets curb consumers' appetite for pricey timepieces, industry executives said on Thursday. Sales in Hong Kong, the biggest market for Swiss watches, have been depressed as China's economic slowdown and Beijing's anti-corruption campaign have hurt spending by mainland Chinese, which shows no signs of rebounding. Zenith, the upmarket watch brand owned by LVMH (LVMH.PA), sells almost two out of three watches to Chinese customers.