Page 25 - ARUBA TODAY

BUSINESS Wednesday 6 december 2017
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Dish CEO Charlie Ergen steps aside to focus on wireless

By TALI ARBEL wireless business. transmit wireless signals, Jefferies analyst Scott The telecom and entertain-
AP Technology Writer He will remain chairman. and has said it wants to Goldman said Tuesday’s ment industries are chang-
NEW YORK (AP) — Charlie The new CEO, Dish Network build a network for every- announcement may be ing rapidly as consumers
Ergen, the founder of sat- Corp. president Erik Carl- day products that have in- a sign that Dish will build spend more time watching
ellite TV company Dish, is son, will report to him. ternet connections, known that wireless network. The video on their phones and
stepping aside as CEO to Dish has substantial rights to broadly as the “internet of company could also sell or less time on traditional live
focus on the company’s spectrum, or airwaves that things.” lease its spectrum rights. TV on a big-screen set.q

S&P 500 drops to third straight loss after tech rally fades

By STAN CHOE as expectations ramped up
AP Business Writer for the tax overhaul and as
NEW YORK (AP) — Another investors shifted into com-
afternoon fizzle for stocks panies that stand to benefit
left the Standard & Poor’s most from lower rates, such
500 index with its third as financial companies. It
straight loss on Tuesday. culminated in a loss of 1.9
The market seemed like it percent for S&P 500 tech
was headed for a gain in stocks on Monday, the first
the morning, after technol- trading day after the Sen-
ogy stocks recovered from ate passed its version of the
one of their few stumbles tax overhaul. The Senate’s
this year. But the tech ral- proposal to keep the alter-
ly lost momentum as the native minimum tax for all
afternoon went on, and companies also hurt tech
losses for telecom stocks stocks.
and utilities helped cement It’s a rare stumble for the
the S&P 500’s longest losing tech industry, which had
streak in nearly four months. climbed twice as much as
The S&P 500 fell 9.87 points, the S&P 500 in the first 11
or 0.4 percent, to 2,629.57. It months of the year. And
had been up 0.3 percent in that attracted buyers.
the morning, and it marked Chip makers and internet
the second straight day companies led the market
where an early rally ended Specialist James Denaro works at his post on the floor of the New York Stock Exchange. Another on Tuesday, and technol-
up petering out. afternoon fizzle for stocks left the Standard & Poor’s 500 index with its third straight loss on Tuesday. ogy stocks in the S&P 500
(AP Photo/Richard Drew)
The Dow Jones industrial rose 0.2 percent. It was the
average lost 109.41, or 0.5 The market’s ups and dent Donald Trump for his the losers’ column recently. only sector of the 11 that
percent, to 24,180.64, and downs have come as inves- approval, and investors are Technology companies make up the index to rise,
the Nasdaq composite fell tors sift through Congress’ trying to figure out which in- already pay some of the though it had been up as
13.15, or 0.2 percent, to twin proposals to revamp dustries and companies will lowest effective tax rates of much as 1.4 percent earlier
6,762.21. the tax system. The Senate come out as winners and companies in the S&P 500, in the day.
Losers outnumbered win- and House of Representa- losers from it. so they have less to gain Micron Technology rose
ners on the New York Stock tives are trying to reconcile After leading the market from the proposal. $1.31, or 3.3 percent, to
Exchange by nearly two to their respective versions for most of this year, tech- Tech stocks in the S&P 500 $41.21 for the largest gains
one. before sending it to Presi- nology stocks moved into began to stumble last week in the S&P 500.q

US trade deficit rises to $48.7 billion

By PAUL WISEMAN from other countries than it to fill in the gap. earlier. U.S. exports are up
AP Economics Writer is selling them. So far this year, the United 5.3 percent this year; a
WASHINGTON (AP) — Re- President Donald Trump States is running a trade weaker dollar has made
cord imports lifted the U.S. views America’s massive deficit of $462.9 billion, up U.S. goods less expensive
trade deficit to $48.7 billion trade deficits as a sign 11.9 percent from a year overseas.q
in October, highest since of economic weakness.
January. He blames them on bad
The Commerce Depart- trade deals and abusive
ment said Tuesday that the practices by China and
trade gap rose 8.6 percent other trade partners. Con-
in October from $44.9 bil- ventional economists ar-
lion in September. Imports gue that trade deficits
hit a record $244.6 billion in are largely caused not by
October, and exports were flawed trade agreements
unchanged at $195.9 bil- or cheating by particular
lion. countries but by a bigger
A trade deficit means that economic force: Ameri-
the United States is buying cans spend more than they
more goods and services produce, and imports have