BUSINESS NEWS MAY 5TH, 2016
U.S. stocks struggled to get back on the winning track Thursday, giving up early gains and ending mixed as oil prices spiked following production outages in Canada due to wildfires. The Dow was up early, turned negative by mid-afternoon and finally closed up a scant 0.05%, or 9 points. The broader S&P 500 was fractionally negative and the Nasdaq composite fell 0.2%. The Dow Jones industrial average barely broke a two-session losing streak that put the blue-ship index at its lowest level in almost four weeks. The U.S. stock market, which had been in full-blown rally mode since the lows in mid-February, has suddenly lost momentum as investors worry about slowing global growth and the efficacy of central bank policies around the world.
RAGING FIRE FORCES AIRLIFT OF 25,000 EVACUEES IN CANADA
he raging wildfire engulfing the Canadian city of Fort McMurray showed no signs of subsiding Thursday, forcing officials to relocate thousands of evacuees farther south for a second time and prepare to airlift 25,000 more from camps north of the embattled area.The latest evacuees to face relocation are the tens of thousands who initially fled north to seek refuge at oil sands work camps. As the fire, whipped by 25 mph winds, continued to grow, officials scrambled to organize a massive airlift for them to safer terrain more than a hundred miles south of Fort McMurray. "Regardless of the fiscal situation, when wildfires occur in our province, we take the necessary steps to protect Albertans, communities, and forests," it said in a statement.
ITC SHUTS CIGARETTE PLANTS FROM MAY 4
India's biggest cigarette maker ITC Ltd shut its plants from May 4 to comply with a new stipulated pictorial warnings rule issued by the federal government, the company said in a statement. India's top court told tobacco companies on Wednesday they must adhere to a new federal rule requiring much larger health warnings on cigarette packs, in a major setback for the $11 billion industry. The court also transferred all petitions by cigarette manufacturers pending in various courts to the Karat High Court for further hearing. The companies had objected to the new federal rules.
U.S. SLAPS PRELIMINARY DUTIES ON INDIAN STEEL PIPES
A jury ordered Johnson & Johnson (JNJ) to pay $55 million to a woman who claims talc in the company’s baby powder caused her ovarian cancer. On Monday, a jury in St. Louis, awarded Gloria Ristesund $5 million in damages and $50 million in punitive damages, Reuters reported. The verdict comes months after a jury ordered the company to pay $72 million to the family of an Alabama woman who died from ovarian cancer allegedly caused by using the company’s Baby Powder and other products which contained talc.