ADRs End Lower; Vale Falls
19 February 2016 - 11:06AM
Dow Jones News
International stocks trading in New York closed lower on
Thursday. Vale SA (VALE, VALE3.BR, VALE5.BR, VALE5.FR) was among
the companies with ADRs that traded actively.
The BNY Mellon index of American depositary receipts fell 0.6%
to 115.46. The European index decreased 0.7% to 115.35, the Asian
index eased 0.4% to 122.58, the Latin American index fell 1.1% to
141.91 and the emerging markets index edged down 0.6% to
203.29.
Brazilian mining giant Vale SA (VALE, VALE3.BR, VALE5.BR,
VALE5.FR) continued increasing its production of iron ore in the
fourth quarter even as prices slumped in an oversupplied market,
churning out a record volume of the metal used to make steel. Vale,
the world's largest iron-ore mining company, produced 88.4 million
tons of the commodity in the October-to-December period, up 2.4%
from a year earlier. ADRs fell 5.9% to $2.88.
Credit Suisse Group AG (CS), in the midst of an urgent effort to
overhaul its private-banking business, must now publicly contend
with an irate oligarch. Bidzina Ivanishvili, a former prime
minister of Georgia with an estimated net worth of nearly $5
billion, is pursuing a legal claim in Geneva that his Credit Suisse
relationship manager, or private banker, mishandled his portfolio
and caused significant losses. Credit Suisse's ADRs fell 1.9% to
$13.42.
Fresenius Medical Care AG (FMS, FME.XE) said it agreed to pay
$250 million to plaintiffs in the U.S. to settle a long-running
dispute over product liability involving the German company's
dialysates GranuFlo and NaturaLyte. The world's largest provider of
dialysis products was accused of not having adequately informed the
public of the products' possible side effects. ADRs edged down six
cents to $43.03.
Gold Fields Ltd. (GFI, GFI.JO) swung to a loss for 2015 amid
$300 million in write-downs and as low gold prices weighed on the
South African mining company's revenue. ADRs fell 4.7% to
$4.04.
VimpelCom Ltd. (VIP) admitted Thursday to paying more than $114
million in bribes to an Uzbekistan official and agreed to pay more
than $795 million in civil and criminal penalties to U.S.
authorities. VimpelCom, one of the world's largest
telecommunications companies, also reached a settlement Thursday
with the Public Prosecution Service of the Netherlands, agreeing to
pay a criminal penalty of $230.2 million. ADRs declined 1.6% to
$3.73.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
February 18, 2016 18:51 ET (23:51 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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