Page 25 - ARUBA TODAY

BUSINESS Friday 8 december 2017
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GE cuts 12K power jobs as demand, renewables, skew market

By M. CHAPMAN jobs at GE Power, will take by 1,600 positions. Oth- grid are taking place every- the next nine years will be
AP Business Writer place largely outside of the er German facilities that where. Power companies solar photovoltaic installers.
NEWARK, N.J. (AP) — Gen- U.S. Many will be in Europe, may be impacted are in are moving away from coal Wind turbine service tech-
eral Electric Co. will cut where other energy com- Mannheim, Stuttgart and due to environmental regu- nicians came in at No. 2.
12,000 jobs in its power di- panies have already an- Kassel, the company said. lations that are in place Most power generation in
vision as alternative energy nounced reductions. Last month, citing “disrup- or anticipated, and for the U.S. is still derived from
supplants demand for coal GE plans to cut 1,400 of tion of unprecedented economic reasons as well. fossil fuels, but the balance
and other fossil fuels, and its 4,200 positions in Swit- scope and speed,” in pow- The cost of cleaner burn- is shifting. The Trump admin-
energy demand declines zerland over the next two er distribution markets, Sie- ing natural gas, solar and istration has promised to
overall. years. While no facilities are mens announced plans to other alternative energies bolster nuclear and coal-
The company said Thursday expected to close in Swit- cut about 6,900 jobs world- continues to fall. That has fired power plants, even
that the cuts to both office zerland, the company said wide, half of them in Ger- had an enormous impact though those facilities are
and production jobs, will the GE Power Conversion many. on workers in the power being retired at a steady
help “right-size” GE Power unit in Berlin and GE Grid While President Donald generation industry. Data pace. A number of former
in a traditional power mar- Solutions in Moenchengla- Trump has pledged to re- released by the Bureau of federal energy regulators
kets that is being upended dbach, Germany, would vive the country’s belea- Labor Statistics in October have come out against the
globally. The cuts, repre- be closed. GE plans to guered coal industry, simi- suggests that the top-grow- administration’s plans, call-
senting 18 percent of all trim its German workforce lar disruptions to the power ing job classification over ing it a step backward.q
S&P 500 snaps losing streak as industrial, tech stocks rise

indexes perked higher on 36.47, or 0.5 percent, to
Thursday following a nearly 6,812.84 and the Russell
weeklong lull, and the Stan- 2000 index of small-cap
dard & Poor’s 500 rose for stocks jumped 11.59, or 0.8
the first time in five days. percent, to 1,520.47.
Industrial and technology The gains were a return
companies helped lead to form for a stock market
the way, as broad swaths that earlier had been driv-
of the market climbed. ing higher on expectations
Nearly two stocks rose for that Washington will push
every one that fell on the through an overhaul of
New York Stock Exchange, the tax system. The Senate
and the price of crude oil passed its proposal over
clawed back some of its the weekend, and its plan
sharp loss from Wednes- would create slightly dif-
day. ferent winners and losers
The S&P 500 rose 7.71 among corporate taxpay-
points, or 0.3 percent, to ers than the House of Rep-
2,636.98 and snapped its resentatives’ version. This
longest losing streak since week, investors have been
March. Losses through that trying to shift to the areas
span were modest, though, of the market they see ulti-
with the index down only mately benefiting the most,
Trader James Riley works on the floor of the New York Stock Exchange. U.S. stock indexes perked 0.7 percent. which led to some ups and
higher on Thursday following a nearly weeklong lull, and the Standard & Poor’s 500 rose for the first The Dow Jones industrials downs. Stocks may contin-
time in five days.
(AP Photo/Richard Drew) average rose 70.57, or 0.3 ue to drift until investors get
percent, to 24,211.48, the more clarity on what the
By STAN CHOE AP Business Writer NEW YORK (AP) — U.S. stock Nasdaq composite gained final tax proposal will be.q

Dollar General tops Street 3Q forecasts

GOODLETTSVILLE, Tenn. 4.3 percent over last year’s Dollar General has been convenience and brands.
(AP) — After a slow start quarter. primarily focused on shop- Neil Saunders, an analyst
to the year, Dollar General While much of the retail pers seeking the absolute with Global DataRetail,
bounced back in the third sector has been closing lowest prices, but is now said he is encouraged by
quarter thanks to stronger stores and laying off work- trying to attract middle- the results of the store’s
sales that pushed revenue ers for years, Goodlettsville, income shoppers seeking strategy.q
and earnings ahead of Tennessee-based Dollar
projections. General has been open-
An 11 percent increase in ing locations and hiring
net sales helped the dis- throughout the U.S. Early
count retailer to a profit of this year, the company
$252.5 million in the quar- announced it planned to
ter, topping Wall Street create 10,000 jobs in 2017
expectations and the with the opening of 1,000
$235.3 million it posted in stores and two distribution
the same quarter last year. centers. The company has
Same-store sales — or sales about 121,000 employees
in stores open at least a and 14,000 locations in the
year, a key indicator of a U.S.
retailer’s health — were up