New York, Sep 11 (AP/UNB) — U.S. stocks broke a four-day losing streak Monday as industrial companies and retailers rose. Technology companies recovered some of their steep losses from last week.
Transportation and other industrial companies continued their recent rally and retailers like Nike, Home Depot and Walmart all climbed. While technology companies rose overall, Apple fell after saying a new round of bigger U.S. tariffs could push it to raise prices.
CBS slipped after it announced the departure of longtime CEO Les Moonves, and Alibaba skidded after the big Chinese internet retailer said co-founder Jack Ma will step down as chairman in 2019.
The European Union's chief negotiator said the bloc might be able to reach a deal with Britain by early November. The British pound jumped.
Investors expect the U.S. to put new tariffs on Chinese imports soon. The Hang Seng index in Hong Kong fell again Monday after President Donald Trump again threatened to tax almost everything the U.S. imports from China. The index has tumbled almost 20 percent since late January as the dispute has escalated.
Randy Frederick, vice president of trading and derivatives for Charles Schwab, said investors feel China has much more to lose in the conflict than the U.S. does, as it exports much more to the U.S. than it imports from it.
"If Chinese businesses and Chinese consumers get uncomfortable with this whole battle, they get nervous and they get tentative," he said. "When people do that, they stop spending."
S&P 500 index gained 5.45 points, or 0.2 percent, to 2,877.13. The Dow Jones Industrial Average lost 59.47 points, or 0.2 percent, to 25,857.07 as health insurer UnitedHealth and aerospace company Boeing traded lower.
The Nasdaq composite edged up 21.62 points, or 0.3 percent, to 7,924.16. The Russell 2000 index of smaller-company stocks rose 4.29 points, or 0.3 percent, to 1,717.47.
The S&P 500 fell 1 percent last week, its worst drop since late June.
Nike rose 2.2 percent to $82.10. The stock slumped 3 percent Aug. 31 as investors worried about potential backlash to an advertising campaign featuring former San Francisco 49ers quarterback Colin Kaepernick. Nike's stock has now regained almost all the ground it lost since then.
Technology companies moved higher as Microsoft picked up 1.1 percent to $109.38 and Broadcom rose 3.5 percent to $240.61. The S&P 500 technology index is coming off its largest weekly loss since March.
Apple fell 1.3 percent to $218.33 after it might raise prices on some of its products, including the Apple Watch and the Mac mini, in response to the tariffs.
The Trump administration could soon announce tariffs on $200 billion in goods imported from China and has threatened more taxes after that. The administration has already imposed tariffs on $50 billion in Chinese products, which Beijing matched.
Hong Kong's Hang Seng index tumbled 1.3 percent. After peaking in late January, it's close to the entering what Wall Street calls a "bear market." The MSCI Emerging Markets stock index has already breached that mark as major indexes in Turkey and Russia have also skidded.
Frederick said the gap between rising U.S. indexes and falling emerging markets indexes is unusual and can't last for very long: either the difficulties in emerging markets will start to affect the rest of the world economy, potentially slowing U.S. growth, or emerging markets will start improving.
CBS announced Sunday that Moonves is stepping down after six more women accused him of sexual misconduct as well as retaliation if they resisted him. Moonves denied the charges in a pair of statements, although he said he had consensual relations with three of the women.
CBS fell 1.5 percent to $55.20, and it's fallen 4 percent since the allegations against Moonves surfaced in late July.
Alibaba fell 3.7 percent to $156.36. The company's next chairman will be Daniel Zhang. Zhang replaced Ma as CEO in 2013.
France's CAC 40 added 0.3 percent and the German DAX moved up 0.2 percent. Britain's FTSE 100 was unchanged as the pound climbed to $1.3029 from $1.2924.
Benchmark U.S. crude fell 0.3 percent to $67.54 a barrel in New York. Brent crude, used to price international oils, gained 0.7 percent to $77.37 a barrel in London.
Wholesale gasoline dipped 0.5 percent to $1.96 a gallon. Heating oil stayed at $2.22 a gallon. Natural gas rose 1 percent to $2.80 per 1,000 cubic feet.
Bond prices were little changed. The yield on the 10-year Treasury note remained at 2.94 percent.
The dollar rose to 111.21 yen from 111.06 yen. The euro rose to $1.1597 from $1.1566.
Gold was little changed at $1,199.80 an ounce. Silver rose 0.1 percent to $14.18 an ounce. Copper inched up 0.2 percent to $2.63 a pound.
Japan's benchmark Nikkei 225 climbed 0.3 percent after the country's gross domestic product surpassed expectations by growing at a 3 percent annual rate in the second quarter.
Florianopolis, Sep 11 (AP/UNB) — Japan proposed an end to a decades-old ban on commercial whaling at an international conference Monday, arguing there is no longer a scientific reason for what was supposed to be a temporary measure.
But the proposal faces stiff opposition from countries that argue that many whale populations are still vulnerable or, even more broadly, that the killing of whales is increasingly seen as unacceptable. Japan currently kills whales under a provision that allows hunting for research purposes.
"Science is clear: there are certain species of whales whose population is healthy enough to be harvested sustainably," reads the Japanese proposal, presented Monday at the biannual International Whaling Commission meetings taking place this week in Florianopolis, Brazil. "Japan proposes to establish a Committee dedicated to sustainable whaling (including commercial whaling and aboriginal subsistence whaling)."
Japan's proposal would also change how the international body operates, reflecting its frustration with an organization that it says has become "intolerant" and a "mere forum for confrontation."
It says it hopes that new rules — including allowing measures to be adopted by simple, rather than super, majority — would break longstanding deadlocks and allow the countries who prize conservation and those who push for sustainable use of whales to "coexist."
While Japan argues that whale stocks have recovered sufficiently to allow for commercial hunting, conservationists contend whaling on the high seas has proven difficult to manage.
"Time and again, species after species has been driven to near extinction," said Patrick Ramage, director of marine conservation at the International Fund for Animal Welfare.
If the ban on commercial whaling were to be lifted, it would then be up to the commission to set catch limits.
It's not clear when the vote will happen; the meeting lasts until Friday. It's also possible that the Japanese could pull back the proposal — or attempt to negotiate the inclusion of parts of it in other proposals.
Japan has hunted whales for centuries as a traditionally cheaper alternative source of protein. Its catch has fallen in recent years in part due to declining domestic demand for whale meat and challenges to its hunt.
Its quota is now 333, about a third the number it used to kill before the International Court of Justice ruled in 2014 that its program wasn't scientific in nature. It revised the program and resumed the hunt in 2016.
Some, however, contend the research program remains a cover for commercial whaling because the whale meat is sold for food.
The attempt to reintroduce commercial whaling could be even more contentious. Brazil has submitted a proposal that says such whaling "is no longer a necessary economic activity, has systematically reduced whale populations to dangerously low levels." The United States agrees that the ban is necessary for conservation.
"The Australian people have clearly made a decision that they don't believe that whaling is something that we should be undertaking in the 21st century," said Anne Ruston, Australia's assistant minister for international development and the Pacific, on the sidelines of Monday's meetings. "The argument that we put forward from Australia is that we don't want to see any whales killed, whether they're killed because (of) commercial whaling or whether it's so-called scientific whaling."
The commission declared a "pause" to commercial whaling beginning in the 1985-1986 season, but it remains in place today. The killing of whales is allowed for research purposes, as in Japan's program, and for indigenous communities who practice subsistence hunting.
Australia says that non-lethal research techniques actually reveal more information about whales than can be learned through killing them. The United States also opposes lethal research hunts, but both countries support the exception for subsistence whalers.
Japan says that it uses both lethal and non-lethal methods, but that some information can only be gleaned after killing.
Incheon, Sep 11 (AP/UNB) — Move over pot stickers, here comes another Asian dumpling.
South Korea's largest food company is making a multimillion-dollar bet on "mandu," developing its own machines to automate the normally labor-intensive production of the Korean dumpling and building factories around the world.
"It will be the next kimchi," predicted Cho Gun Ae, a senior researcher at CJ CheilJedang Corp. who has spent more than 20 years researching dumpling recipes and production.
The nearly 4-year-old effort is an example of how technology is transforming the food industry, in this case making over the image of frozen dumplings as a cheap and unhealthy product made by small companies. Automation made the quality, the look and the size of each bite-size dumpling consistent and significantly improved productivity, Cho said.
CJ recently opened a factory in New Jersey, its third in the U.S., and has expanded production lines in China and snapped up local companies in Vietnam and Russia so it can churn out more of its Bibigo-brand frozen dumplings.
Few workers could be seen on a recent visit to a CJ factory in South Korea. One picked out defective onions and cabbages from a conveyor belt where machines washed the vegetables with water and chopped them into cubes in seconds. At another conveyor belt, two workers picked out defective chives, while another checked the machines to make sure they were running smoothly.
A series of machines cut the dough into identically sized circles, dropped a dollop of filling inside and closed the dumpling into a crescent shape, onto which another machine put a frill-shaped pattern. Lines of dumplings streamed out on conveyor belts, like a production line of miniature cars. The facility in Incheon, outside of Seoul, produces 100 tons of dumplings a day.
One challenge was designing the machines that make the pattern on the dumplings. Instead of using machines made in Japan for its popular "gyoza" dumplings, CJ developed a new machine for mandu.
Last year, U.S. sales of CJ's Bibigo dumplings surged 70 percent to 175 billion won ($156 million).
Tess Sarosdy of San Antonio, Texas, who reviews ready-made foods on her blog "I Am Tired of Cooking," praised the mandu for being easy to heat and serve.
"American consumers are more familiar with pot stickers and not the Bibigo-style of dumpling," she said in an email interview. "My daughter loves them."
Moon Jung-hoon, a food business professor at Seoul National University, is upbeat about CJ's dumpling business.
"Its targets are Chinese, Chinese people outside China and others around the world who are familiar with Chinese dim sum," he said.
Globally, the company aims to triple its dumpling sales to 1 trillion won ($929 million) by 2020, mostly to Koreans, Americans, Chinese and Russians.
It would be an unusual feat at a time when mainstay South Korean exports, such as autos and ships, are struggling to grow and companies are reluctant to expand investment.
Dhaka, Sep 10 (UNB) - Islami Bank Bangladesh Limited (IBBL) inaugurated its agent banking outlet on Monday at Shah Kabir Majar Road, Dakkhinkhan in Dhaka.
Md. Mahbub ul Alam, Managing Director and CEO of IBBL inaugurated the outlet as chief guest. Presided over by Md. Shafiqur Rahman, Senior Executive Vice President and Head of Dhaka Central Zone, Freedom Fighter SM Tofazzal Hossain, Chairman, Dakkhinkhan Union Parisad and Md. Mahboob Alam, Executive Vice President and Head of Agent Banking Division addressed the programme as special guests.
The programme was attended among others by Dr. Md Shah Jahan, Senior Vice President, social organizers Rabiul Islam Rabi and Khadiza Akter and the Bank’s agent Md. Abdur Rahman.
Dhaka, Sep 10 (UNB)- Bangladesh Financial Intelligence Unit (BFIU) on Saturday held a training program for selected bankers from all scheduled banks working in Meherpur districts at Pouro Community Center in Meherpur.
The training was on “Money Laundering and Combating Financing of Terrorism” led by Islami Bank Bangladesh Limited (IBBL).
The programme was presided over by Abu Reza Md. Yeahia, Deputy Managing Director and CAMLCO of Islami Bank Bangladesh Limited, where Md. Rokanuzzaman, Deputy General Manager of BFIU was chief guest.
Mizanur Rahman, Senior Vice President and Head of Jashore Zone, Md Rafiqul Islam, Senior Vice President and DCAMLCO and Md Jaminur Rahman, First Assistant Vice President of Islami Bank addressed the program among others.