BUSINESS NEWS 26TH, 2016
U.S. stocks ended mixed Tuesday as investors reacted to another batch of earnings reports and await Apple's closely watched profit results after the closing bell and the Federal Reserve's decision on interest rates Wednesday. The Dow Jones industrial average, which fell 27 points Monday, slipped 13, or 0.1%. A pair of Dow components issued earnings beats and upbeat guidance including Procter & Gamble (PG), a seller of everyday consumer goods like toilet paper, laundry detergent and batteries, and Dupont (DD), which specializes in agriculture and chemicals. DuPont shares jumped almost 2.4% but P&G shares went the other way, down 2.3%.
The New York Times Co. said Tuesday it will close editing and print production functions in Paris, part of its efforts to realign its international operations.The Times plans to consolidate the functions in New York and Hong Kong. The move will result in about 70 jobs being cut or eliminated, the Times reported.“We will maintain a robust news bureau in Paris as well as a core international advertising office there,” according to a staff memo by Arthur Sulzberger Jr., theTimes’s publisher; Mark Thompson, the company’s CEO; and Times executive editorDean Baquet.It plans to continue a print edition of The International New York Times – formerly called the International Herald Tribune – that is published and distributed in Europe
BRITISH PM URGES TATA TO SELL WHOLE OF ITS BUSINESS
British Prime Minister David Cameron told the management of Tata Steel on Tuesday that any sale of its remaining British assets would have to cover the whole of its business and be given sufficient time to take place.Mr Cameron was visiting steelworks in the Welsh town of Port Talbot, the focus of his government's efforts to make sure Tata's sale of loss-making plants does not leave thousands unemployed just before a referendum on European Union membership.The Tata group announced plans to quit its entire British steel operation last month, leaving the government battling to save an industry that has been hurt by cheap Chinese imports, soaring costs and weak demand.