International stocks trading in New York closed lower on
Tuesday.
The BNY Mellon index of American depositary receipts fell 0.23%
to 149.72. The European index eased 0.23% to 146.94, the Asian
index edged down 0.3% to 157.26, the Latin American index fell
0.12% to 232.22 and the emerging markets index declined 0.4% to
273.92. BHP Billiton was among the companies with ADRs that traded
actively.
BHP Billiton on Tuesday outlined plans to sharply reduce costs
in the year ahead as the world's largest mining company by market
value looks to safeguard investor returns and strengthen its
balance sheet in the face of a prolonged weakness in commodity
prices. ADRs of BHP Billiton Ltd. (BHP, BHP.AU) rose 1.5% to $51.84
while BHP Billiton PLC (BBL, BLT.LN) increased 0.8% to $49.27.
European grocery chains Ahold NV (AHONY, AH.AE) and Delhaize
Group (DEG, DELB.BT) confirmed Tuesday they are in talks about a
potential merger that could create one of the largest supermarket
operators in the U.S. Despite being based in Europe, both companies
generate about 60% of their sales in the U.S., primarily along the
East Coast. Netherlands-based Ahold operates the Stop & Shop
and Giant chains, as well as online grocery store Peapod, while
Belgium-based Delhaize owns the Food Lion and Hannaford banners.
Delhaize's ADRs rose 0.8% to $23.22.
The British government has reduced its stake in Lloyds Banking
Group PLC (LYG, LLOY.LN) by an additional one percentage point to
19.93%, the latest in a series of small sales of shares in the
bailed-out lender. Lloyds was bailed out by U.K. taxpayers during
the financial crisis, with the government taking a 39% stake in the
U.K.'s biggest retail bank. The government started selling its
shares in Lloyds in late 2013. ADRs rose 1.5% to $5.50.
Norwegian oil major Statoil ASA (STO, STL.OS) on Tuesday named
company insider Hans Jacob Hegge as its new chief financial officer
and created a new business area for alternative and renewable
energy solutions that will include its offshore wind portfolio. Mr.
Hegge is currently senior vice president for Operations North in
Development and Production Norway. ADRs rose 2.4% to $21.13.
ADRs of YY Inc. (YY) fell 8.6% to $63.07 after the Chinese
Internet firm's first-quarter earnings missed expectations and YY's
second-quarter revenue outlook was merely in line. Pacific Crest
called 2015 a transition year for YY, "as it invests in adjacent
opportunities like online education and game broadcasting." The
investment bank said it still is bullish on YY's stock--albeit
while cutting its price target to $80 from $91.
Write to Tess Stynes at tess.stynes@wsj.com
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