Business Highlights

AP News
Posted: Nov 21, 2016 5:25 PM


US stock indexes bust records as oil prices jump

NEW YORK (AP) — Major U.S. stock indexes rose to record highs on Monday, led by big gains in energy companies as the price of crude oil moved sharply higher, which is positive news for the long-struggling energy sector.

Investors also applauded several corporate deals, and technology companies, which have been lagging the market in recent weeks, posted solid gains. Makers of basic materials and utility companies also climbed.

The price of oil jumped 4 percent ahead of a meeting of OPEC countries, who collectively produce more than a third of the world's oil.


APNewsBreak: US moves to block mining near Yellowstone

BILLINGS, Mont. (AP) — U.S. officials plan to block new mining claims outside Yellowstone National Park as the Obama administration races in its last days to keep industry out of pristine and environmentally sensitive areas.

Mining claims on 30,000 acres north of the nation's first national park would be prohibited for at least two years while a long-term ban is considered.

Details were obtained by The Associated Press in advance of Monday's formal announcement by Interior Secretary Sally Jewell.


Wal-Mart kicks off Cyber Monday on Friday

NEW YORK (AP) — Cyber Monday is starting earlier and earlier.

Wal-Mart Stores Inc. said Monday that it's kicking off its so-called Cyber Monday deals at 12:01 a.m. EST Friday for the first time ever as it aims to grab customers ahead of its competitors. Last year, the world's largest retailer pulled up the Cyber Monday deals to the Sunday evening after Thanksgiving for the first time.

Cyber Monday, which falls on the Monday after Thanksgiving, is typically the busiest day of the year for online shopping.


Canada to phase out coal-fired electricity by 2030

TORONTO (AP) — Canada announced Monday it plans phase out the use of coal-fired electricity by 2030. The move is in stark contrast to President-elect Donald Trump's vow to revive the American coal industry.

Environment Minister Kathleen McKenna said the goal is to make sure 90 percent of Canada's electricity comes from sustainable sources by that time — up from 80 percent today.

The announcement is one of a series of measures Prime Minister Justin Trudeau's Liberal government is rolling out as part of a broader climate change plan.


Sabra recalls hummus amid listeria contamination fears

WASHINGTON (AP) — Some varieties of Sabra hummus are being recalled amid concerns over possible listeria contamination.

The Food and Drug Administration says the voluntary recall announced by Sabra Dipping Co. includes hummus products with a "best before" date of Jan. 23, 2017, or earlier. The products were sent to retailers in the U.S. and Canada.

The FDA says listeria was identified at the manufacturing facility, but not in the finished product. Sabra says no illnesses have been reported.


Koch Industries to buy glass maker Guardian Industries

NEW YORK (AP) — Koch Industries says it is buying glass maker Guardian Industries, a company that the conglomerate had already been an investor of.

Koch says it will pay cash to buy the remaining 55.5 percent of Guardian shares that it doesn't already own. Koch has been an investor in Guardian since 2012.

The companies, which are privately-held, did not disclose financial terms of the deal.


Tyson Foods says CEO will step down at end of year

SPRINGDALE, Ark. (AP) — Tyson Foods said Monday that CEO Donnie Smith will step down at the end of the year and be replaced by company president Tom Hayes.

The company, which makes Tyson chicken, Jimmy Dean sausage and Ball Park hot dogs, also reported disappointing earnings results for the fourth quarter and weak outlook for the year. Its shares fell in trading Monday.

Smith, who is 56, has been CEO of Tyson since 2009 and has worked for the company for 36 years.


Experts recommend reforms to Panama's financial sector

PANAMA CITY (AP) — A panel of independent experts says Panama must improve its information sharing with foreign nations and implement internal regulations to close "gaps" in the country's financial services sector and alter its image as a paradise for tax evaders.

President Juan Carlos Varela formed the panel following the April leak of a huge trove of documents from a Panamanian law firm detailing offshore financial dealings. Many of the so-called Panama Papers documents detailed how world leaders, celebrities and businesses used tax shelters to hide money.

The panel's report was made public Monday.


Sunoco Logistics acquiring Energy Transfer

NEW YORK (AP) — Sunoco Logistics Partners L.P. is buying rival Energy Transfer Partners in a stock deal worth about $20 billion that the energy companies hope will boost their operations.

The deal comes as Energy Transfer Partners remains at the center of controversy over the Dakota Access oil pipeline that will transfer oil from North Dakota to Illinois. Construction of the $3.8 billion pipeline has been the object of protests for months by the Standing Rock Sioux, whose reservation lies near the pipeline route, and the tribe's allies, who fear a leak could contaminate their drinking water.


Fidelity Investments' Ned Johnson to retire

NEW YORK (AP) — Fidelity Investment's long-time chairman Edward "Ned" Johnson is announcing his retirement, completing the transfer of the company to his daughter Abigail Johnson.

Abigail Johnson will take over as chairwoman. She is already serving as Fidelity's CEO, and will serve in both positions.

Ned Johnson became CEO of Fidelity in the mid-1970s and led the Boston company through a period of massive growth fueled in part by the growing popularity of 401(k)s and other retirement accounts. The growth made Ned and Abigail Johnson both billionaires, and made Fidelity one of the largest asset managers in the country.


The Dow Jones industrial average gained 88.76 points, or 0.5 percent, to 18,956.69. The Standard & Poor's 500 index rose 16.28 points, or 0.7 percent, to 2,198.18. The Nasdaq composite added 47.35 points, or 0.9 percent, to 5,368.86.

Benchmark U.S. crude oil gained $1.80, or 3.9 percent, to $47.49 a barrel. Brent crude, the international standard, rose $2.04, or 4.4 percent, to $48.90 a barrel in London. In other energy trading, wholesale gasoline gained 6 cents, or 4.3 percent, to $1.40 a gallon. Heating oil rose 7 cents, or 4.6 percent, to $1.52 per gallon. Natural gas rose 11 cents, or 4 percent, to $2.95 per 1,000 cubic feet.