Oc­to­ber whole­sale prices surge

The Detroit News - - Business - Wire re­ports

Led by costlier gas, food, and chem­i­cals, U.S. whole­sale prices surged 0.6 per­cent in Oc­to­ber, the big­gest month-to-month rise in six years. Yet, ex­clud­ing cat­e­gories that fluc­tu­ate sharply from month to month, un­der­ly­ing in­fla­tion pres­sures re­main tame.

Stocks drop on tech, China, in­ter­net woes

U.S. stocks fell Fri­day as a com­bi­na­tion of weak eco­nomic data from China and dis­ap­point­ing earn­ings hurt tech­nol­ogy and in­ter­net com­pa­nies. Crude oil prices fell for the 10th day in a row.

Auto sales in China fell in Oc­to­ber for a fourth month and are down 13 per­cent from a year ago, the lat­est sign its econ­omy is un­der pres­sure. Con­cerns about China’s econ­omy and its trade dis­pute with the U.S. con­tributed to the global stock mar­ket skid in Oc­to­ber. Stocks that fared the worst dur­ing that time in­cluded tech and in­ter­net com­pa­nies and re­tail­ers, which all took sharp losses Fri­day.

Third Point, Camp­bell try to work out truce

Dan Loeb’s Third Point and Camp­bell Soup Co. have taken steps to cool their sim­mer­ing proxy bat­tle af­ter share­hold­ers in the soup maker urged the par­ties to reach a set­tle­ment. Camp­bell

Soup said in a let­ter to share­hold­ers it has met with Third Point sev­eral times in the past few weeks. The com­pany said it of­fered to ap­point two of Third Point’s board nom­i­nees – Sarah Hof­stet­ter and Kurt Sch­midt. The move wasn’t enough to reach an agree­ment with the ac­tivist. “Third Point re­jected this pro­posal,” the com­pany said in the let­ter.

Ear­lier Fri­day, Loeb ex­tended an olive branch of his own by re­duc­ing the num­ber of di­rec­tor can­di­dates he would put forth to five, af­ter orig­i­nally seek­ing to re­place the en­tire 12-mem­ber board.

Gold­man Sachs banker blames se­crecy cul­ture

Gold­man Sachs’ for­mer top banker in Asia says the cul­ture of se­crecy at the in­vest­ment bank led him to con­ceal wrong­do­ing from the com­pany’s com­pli­ance staff.

Now, Tim Leiss­ner is in a po­si­tion to help pros­e­cu­tors peel back the cur­tain. In his guilty plea, which was un­sealed on Fri­day, Leiss­ner said oth­ers at the bank helped him con­ceal bribes used to re­tain busi­ness in Malaysia, sug­gest­ing he has more to of­fer pros­e­cu­tors.

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