S&P also affirmed Nokia’s ‘‘B'’ short-term corporate credit rating, with a stable outlook, and cut the issue rating on Nokia’s senior unsecured debt to ‘‘B+’’ from ‘‘BB-.’’
Dell slips on reports buyout offer won’t be raised
NEW YORK (AP) — Shares of Dell slid Friday on reports that founder Michael Dell and Silver Lake Partners don’t plan to raise their $24.4 billion buyout offer for the company
Bloomberg, the Wall Street Journal, and other media organizations reported that there won’t be an increase in the bid, as Michael Dell and Silver Lake believe the offer they made in February represents fair value for the company. The shares fell as investors became more concerned the offer won’t go through.
Activist investor Carl Icahn, the company’s second biggest shareholder, wants Dell to remain publicly traded and says the company should buy back $16 billion in stock to give shareholders a bigger return on their investment. Shareholders will vote on the buyout offer at the company’s annual meeting on July 18.
Illnesses prompt wide Whole Foods cheese recall
NEW YORK (AP) — Whole Foods Market Inc. is recalling Crave Brothers Les Freres cheese in response to an outbreak of a bacterial infection that has sickened people in several states and killed at least one.
Whole Foods says the cheese may be contaminated with Listeria monocytogenes. It was sold in 30 states and the District of Columbia under names including Les Freres and Crave Brothers Les Freres. The company is posting signs in its stores to inform customers about the recall.
Public health officials in Illinois say one resident became sick after eating contaminated cheese in May. Minnesota officials say one elderly person in the state died and another was hospitalized after illnesses linked to the cheese.
Fitch downgrades Egypt’s credit ratings
NEW YORK (AP) — Fitch Ratings is downgrading Egypt’s credit after the country’s military overthrew the civilian government, saying the political situation could get worse and further damage the national economy.
The firm says Egypt’s political situation could become even more unstable, hurting its economy and its creditworthiness and making it harder for the country to make reforms that are needed to secure International Monetary Fund assistance.
On Wednesday the Egyptian military ousted President Mohammed Morsi and suspended the Islamist-drafted constitution.
China says private banks possible
BEIJING (AP) — China on Friday promised sweeping changes to its state-run banking system — including allowing the creation of private lenders — to support its credit-starved entrepreneurs and curb what regulators worry are growing financial risks.
Analysts including the World Bank say an overhaul of a Chinese banking system that lends little to the private sector is urgently needed to keep economic growth strong. Communist leaders who took power last year have promised to support entrepreneurs who generate new jobs and wealth in China but have yet to make significant changes.
Friday’s statement outlined an array of areas where Beijing is promising action but gave no details or timetable.
By The Associated Press=
The Dow Jones industrial average rose 147.29 points to 15,135.84. The Standard & Poor’s 500 rose 16.48 points to 1,631.89. The Nasdaq composite climbed 35.71 to 3,479.38.
Benchmark crude for August delivery rose $1.98, or 2 percent, to finish at $103.22 per barrel on the New York Mercantile Exchange. Brent crude, which is used to set prices for crude oils used by many U.S. refineries, rose $2.18, or 2.1 percent, to end at $107.72 per barrel on the ICE Futures exchange in London.
Wholesale gasoline rose 6 cents to finish at $2.90 per gallon. Natural gas fell 7 cents to end at $3.62 per 1,000 cubic feet. Heating oil added 4 cents to finish at $2.99 a gallon.