Page 24 - ARUBA TODAY

Tuesday 12 sepTember 2017 BUSINESS
A24

Canadian mining company cries foul over Greece China’s auto

By ELENA BECATOROS sales rise 4.1%
Associated Press over August
ATHENS, Greece (AP) —
Canadian mining com- BEIJING (AP) — China’s
pany Eldorado Gold on auto sales rose 4.1 percent
Monday threatened to sus- in August from the same
pend a major investment in month a year earlier, driv-
Greece in 10 days, accus- en by strong demand for
ing the government of de- SUVs, an industry group re-
laying permits and licenses. ported Monday.
One of Greece’s largest Drivers in the world’s big-
foreign investors, Eldorado gest market by number of
operates mines in northern vehicles sold purchased
Greece that have faced almost 1.9 million SUVs,
vehement opposition from sedans and minivans, ac-
parts of local communities cording to the China As-
on environmental grounds, sociation of Automobile
with protests often turning Manufacturers. Total ve-
violent. hicle sales, including trucks
“This decision is not one and buses, rose 5.3 per-
that we have taken light- cent to almost 2.2 million.
ly,” Eldorado President and SUV sales rose 17.7 percent
CEO George Burns told re- to 774,000 while sedan
porters in Athens, noting Eldorado President and CEO George Burns answers questions during a news conference in Athens, sales edged up 1.6 per-
on Monday, Sept. 11, 2017. Canadian mining company Eldorado Gold on Monday threatened to
the company has made a suspend a major investment in Greece in ten days, accusing the government of delaying permits cent to 933,000.
$3 billion-investment in the and licenses. Sales growth this year has
country. (AP Photo/Petros Giannakouris) been relatively weak in
A company announce- that the company had still work at one of its sites and tract investment. comparison with a spike in
ment said it would con- not completed all neces- lay off 600 workers follow- Interior Minister Panos demand last year as buy-
tinue maintenance and sary procedures, including ing protests by local resi- Skourletis said disagree- ers moved up purchases
environmental safeguards, completing an investment dents and a spat with the ments would be resolved to take advantage of a
but would make no further plan detailing production government. Work restart- through arbitration. temporary sales tax cut.
investment in three mines in methods. ed several months later. The company, however, Demand cooled after a
the Halkidiki area of north- He also said some pending Burns said he had sent counters it has not been portion of the tax was re-
ern Greece and two proj- permits were scheduled to three letters to Prime Minis- officially informed of what stored in January. August
ects in the northeastern be given in mid-September ter Alexis Tsipras during the the arbitration would be sales of gasoline-electric
province of Thrace. for six months, allowing the last five months, since he about. SUVs and sedans rose 95.5
It said the permit delays company to operate dur- took over the helm of Eldo- “This might be a move to percent over a year earlier
“have negatively impact- ing the arbitration process. rado, but had not received (exert) political pressure on to 56,000 while purchases
ed Eldorado’s project “The company’s choices any reply. the government at a cru- of pure-electric cars rose
schedules and costs, ulti- toward the employees are Eldorado employs some cial time,” Skourletis said. 21.6 percent to 1,200.
mately hindering the com- clearly their responsibility,” 2,400 staff and contractors He insisted Greece was — General Motors Co. said
pany’s ability to effectively Stathakis said. “We are wit- in Greece through its local friendly toward foreign in- sales of GM-brand vehicles
advance development nesses of an extraordinary subsidiary, Hellas Gold. vestments, but that the by the company and its
and operation of these as- event, of a company that The company said 90 per- Canadian project, being Chinese partners rose 12
sets.” through its CEO holds press cent of the workers faced a mining operation, was a percent in August from a
Burns said the company’s conferences and makes being suspended tem- special case. year earlier to 328,425.
decision will take effect on statements judging prime porarily from their jobs if “Such kinds of investments — Ford Motor Co. sales
Sept. 21 unless Eldorado re- ministers, ministers and po- the permits don’t come no longer exist in the rest declined 1 percent in Au-
ceives the permits. litical parties in Greece.” through in time. of Europe. They’re not al- gust from a year earlier to
“Approvals must not be Burns said the company The company took over old lowed due to the great 98,000, while year-to-date
held hostage to political was unable to legally con- mines in 2012, paying near- environmental cost they sales were off 6 percent at
posturing or other agen- tinue work without the per- ly $2 billion. Burns said it had have,” he said. “So it’s 720,000. The company said
das put forward by a vocal mits, adding he was open since invested a further $1 wrong to connect this par- sales by its Lincoln luxury
minority,” he said. “I keep to dialogue and hoped to billion in Greece, a figure ticular case with the gen- brand rose 105 percent to
hearing the permits are have the issue resolved in which would double if the eral picture in the area of 5,200.
coming, but they’re not time. company could fully devel- investments (in Greece). — Nissan Motor Co.
coming in a timely fashion.” This is not the first time Eldo- op its assets in Greece. ”The Halkidiki mines have sales rose 17.8 percent
But Environment Minister rado has suspended oper- Monday’s action comes been mired in controversy to 122,319. Year-to-date
Giorgos Stathakis said Eu- ations in Greece. as Greece struggles to for decades, with Eldora- sales were up 9 percent at
ropean and national law In January 2016, it had emerge from years of a do’s predecessors also fac- 877,638.
had to be upheld, and threatened to suspend deep financial crisis and at- ing protests.q — Toyota Motor Co.
sales rose 11.3 percent to
Insurance sector soars as Irma is less catastrophic 108,500 units. Sales for the
first eight months of the
year increased 10.7 per-
NEW YORK (AP) — Though Shares in insurance com- a tropical storm. is estimating U.S. insured cent to 841,500.
damage from Hurricane panies that had been ham- Particularly strong are com- loses to be about $20 bil- — Geely Auto Group,
Irma is extensive, property mered in the days leading panies with a strong pres- lion, with totals reaching up one of China’s biggest in-
insurers are breathing a sigh up to the storm are surg- ence in Florida, like Feder- to $50 billion. dependent brands, said
of relief with the storm no- ing Monday, the first day ated National Holding, HCI Larger insurers like Travelers, sales rose 80 percent from
where near as catastrophic of trading since the hurri- and Heritage Insurance. Allstate and Progressive are a year earlier to 96,505 se-
as many had feared. cane was downgraded to Citi analyst James Naklicki also rising.q dans and SUVs. q