Page 24 - ARUBA TODAY

Thursday 6 July 2017 BUSINESS
A24

EU, Japan have ‘agreement in principle’ on free trade deal

By RAF CASERT Prime Minister Shinzo Abe coming just before a sum- partner in global trade, es- have agreed on almost ev-
Associated Press will meet Thursday and will mit of world leaders in pecially after Trump pulled erything of importance to
BRUSSELS (AP) — The Eu- be able to shake hands on Hamburg, Germany. U.S. the plug on a trade deal either side.” The 28-nation
ropean Union and Japan the landmark deal, which President Donald Trump with Pacific nations. For the EU exports some 86 billion
have agreed “in principle” took four years of nego- is expected to express his EU, it shows that it remains euros in goods and services
on a free trade deal that tiations. EU Trade Commis- discontent with free trade a champion of free trade to Japan every year yet
will affect an overwhelming sioner Cecilia Malmstrom and his desire to renegoti- even if free trade negotia- still faces high tariffs and
majority of commerce be- said in a Tweet that “We’ve ate some deals. Both the EU tions with the United States other obstacles in reach-
tween the two economic reached political agree- and Japan have stressed are in a rut. A senior EU of- ing the lucrative market.
giants and will be officially ment” and “now recom- that their pact is intended ficial, who spoke only on The EU official said that the
endorsed at a summit of mend to leaders to confirm as a rejection of the kind of condition of anonymity EU food agriculture sec-
their leaders Thursday. this” at their short summit. protectionism Trump advo- ahead of Thursday’s sum- tor was expected to be
EU Council President Don- The timing of the an- cates. For Abe, it shows Ja- mit, said that the deal with “the big winner” out of the
ald Tusk and Japanese nouncement is important, pan remains an important the Japanese “means we negotiations.q

Stocks held back by slumps for energy, auto parts companies

By MARLEY JAY The Standard & Poor’s 500
AP Markets Writer index added 4.55 points,
NEW YORK (AP) — U.S. or 0.2 percent, to 2,432.54.
stock indexes were mixed The Dow Jones industrial
Wednesday as energy average slid 1.10 points to
companies skidded along 21,478.17. Nasdaq com-
with oil prices, but tech- posite rose 40.80 points, or
nology stocks rose and re- 0.7 percent, to 6,150.86.
versed a portion of their re- The Russell 2000 index of
cent losses. smaller-company stocks
After O’Reilly Automo- sank 6.54 points, or 0.5 per-
tive reported weak sales cent, to 1,420.15.
growth in the second quar- Benchmark U.S. crude
ter, the three biggest losers dropped $1.94, or 4.1 per-
on the Standard & Poor’s cent, to $45.13 a barrel in
500 index were all auto New York. Brent crude, used
parts companies. Car mak- to price international oils,
ers slumped, too. sank $1.82, or 3.7 percent,
An eight-day rally in U.S. to $47.79 a barrel in Lon-
crude oil prices ended with don. U.S. crude reached
a thud and energy com- an annual low in late June,
panies took sharp losses. and then jumped 11 per-
Retailers and small, domes- Trader Andrew Silverman, right, works on the floor of the New York Stock Exchange. U.S. stock cent over the next eight
tically-focused companies indexes were mixed Wednesday as energy companies skidded along with oil prices, but trading days.
also struggled. technology stocks rose and reversed a portion of their recent losses. Hess fell $2.06, or 4.5 per-
Technology companies (AP Photo/Richard Drew) cent, to $43.36 and Exxon
bucked the trend and fin- to decide when it will start “The Fed seems to be a “You’re going to see a lot Mobil shed $1.25, or 1.5 per-
ished higher. Those com- letting its $4.5 trillion bond little bit divided over what of pieces as early as next cent, to $80.85.
panies have hit a wall in portfolio shrink. Some Fed it’s going to do,” said Doug week because that’s when O’Reilly Automotive said
the last month. Banks and officials want to announce Burtnick, deputy head of you’re going to start see- sales were sluggish at its
industrial and health care the start of that process North American equities for ing a lot of earnings re- older locations over the
companies also rose on an- within a few months, ac- Aberdeen Asset Manage- ports from banks,” Burtnick last three months because
other quiet day of trading cording to minutes from the ment. He said that division added, and Wall Street will of weak demand and the
after the Independence central bank’s June meet- makes investors put more get a clearer view of how effects of a mild winter. Its
Day holiday. ing, while others want to emphasis on economic re- much money banks are stock lost $41.64, or 18.9
The Federal Reserve is trying wait longer. ports and other data. lending. percent, to $178.77.

North Dakota companies research rare earth elements supply

BISMARCK, N.D. (AP) — depend on rare earth ele- coatings. on to come up with envi- The council recently fund-
North Dakota coal compa- ments — and could, in turn, “That turns it into a national ronmentally benign ways ed $280,000 for the next
nies are looking into solving depend on lignite coal. security issue,” said Ben- to recover and purify rare phase of a project at the
the nation’s supply prob- “They’re used in pretty son. “That’s one of reasons earth elements,” said Ben- research center in Grand
lem of rare earth elements. much all of our modern there’s a lot of funding for son. Forks.
Rare earth elements make electronics,” said Steve this.” Now, the Lignite Re- Mike Holmes is the vice “The challenge that we
up a $7 trillion market and Benson, associate vice search Council is funding president of research and have is we don’t produce
support $500 to $600 billion president for research at research to find the value in development for the Lig- any in the U.S,” Benson said.
in other industries globally, the Energy and Environ- lignite coal after 60-million- nite Energy Council. He The U.S. imports the ele-
The Bismarck Tribune re- mental Research Center in year-old volcanic eruptions said the concentration of ments mostly from China,
ported. Grand Forks. and associated ash led to elements leads people to which controls 85 to 90 per-
Magnets, hard drives, al- The elements are also a concentration of ele- think that coal is a precious cent of the world’s supply.
loys, batteries, lasers, wind needed to make night vi- ments in North Dakota. resource rather than a dirty That supply is expected to
turbines and solar panels sion goggles and hard “There’s a lot of work going source of energy. run out in 15 years.q