Page 24 - aruba-today-20170708

Saturday 8 July 2017 BUSINESS
A24

Buffett’s Berkshire to buy Texas power transmitter Oncor

NEW YORK (AP) — War- lion people and is the big- It’s the third time that that cept that the NextEra trans- Brick Co., Justin Brands Inc.,
ren Buffett’s Berkshire Ha- gest regulated utility in Tex- an acquisition attempt has action was in the public in- McLane Co., Berkshire Ha-
thaway is buying the Texas as. Its parent company, En- been made for Oncor. In terest — a requirement for thaway Automotive, Star
power transmitter Oncor ergy Future Holdings Corp., April Texas regulators re- the deal. Furniture Co., TTI Inc., Char-
for $9 billion, one of his big- entered bankruptcy in 2014 jected a proposed $18 bil- A buyout attempt last year ter Brokerage, LiquidPower
gest acquisitions. facing more than $40 billion lion sale of Oncor to Nex- backed by the Ray Hunt Specialty Products Inc. and
Last year, Berkshire com- in debt after energy prices tEra Energy Inc. That price family of Dallas also fal- Allie Beth Allman & Associ-
pleted its biggest acquisi- plunged. tag included debt, which tered. ates.
tion in its history, a $32.36 Berkshire Hathaway will ac- may also double the en- Berkshire Hathaway al- The deal, which requires
billion deal for aviation quire a reorganized Energy terprise value of the deal ready has a significant state, federal and bank-
parts maker Precision Cast- Future, ultimately leading that Buffett is attempting to presence in Texas, which ruptcy court approval, is
parts. to the buyout of Oncor, cobble together. includes headquarters for targeted to close in the
Oncor serves about 10 mil- based in Dallas. The regulators failed to ac- BNSF Railway Co., Acme fourth quarter.q

Hiring surged last month in a sign of US economic vitality

By CHRIS S. RUGABER ing more people. The un-
AP Economics Writer employment rate among
WASHINGTON (AP) — Hir- blacks fell in June to its
ing surged in June in a lowest level in 17 years, at
surprising show of U.S. eco- 7.1 percent. The gap with
nomic vitality eight years whites, whose rate was 3.8
into the recovery from the percent, persisted. The rate
Great Recession. Pay gains among Latinos dropped to
remain weak, though, a 4.8 percent, the lowest in
stark reminder of one of 11 years.
the economy’s key short- Even with June’s strong hir-
comings. ing, average hourly pay
Employers added 222,000 rose just 2.5 percent from
jobs last month, and hiring a year earlier. The last time
in the previous two months the unemployment rate
was revised much higher. was this low, wages were
Job gains have now av- rising by roughly 4 percent.
eraged nearly 180,000 a Normally, as the number
month this year, only slight- of unemployed dwindles,
ly below last year’s pace. employers raise pay to at-
Unemployment ticked up tract job seekers.
to 4.4 percent from 4.3 per- A “Now Hiring” sign welcomes a customer entering a Best Buy store in Hialeah, Fla. U.S. employ- Economists offer a number
cent, but mostly for a good ers added a robust 222,000 jobs in June, the most in four months, a reassuring sign that businesses of explanations for why
reason: More Americans may be confident enough to keep hiring despite a slow-growing economy. that dynamic hasn’t yet
started looking for work, a (AP Photo/Alan Diaz) kicked in.
sign of confidence in the One factor: The influx of job
economy. are still finding plenty of economic expansion to be economy look broadly the seekers last month — who
Last month, economists people to hire. maintained much beyond same as they did last year, had previously been on
worried that hiring would That has given economists the historical norm,” Russell though President Donald the sidelines, not counted
slow as employers strug- greater confidence the Price, senior economist for Trump has boasted that his as unemployed — might
gled to fill jobs from a economy still has room to Ameriprise Financial, said. policies are accelerating have offset some upward
dwindling supply of unem- run. The current expansion is the hiring and growth. wage pressures. Employ-
ployed workers. Friday’s “This balanced pace third-longest on record. The economy’s durabil- ers had more applicants to
data suggests companies should enable the current So far, the job market and ity appears to be benefit- choose from. q

US government agrees to help Maine wild blueberry industry

By PATRICK WHITTLE one of the most important grower and processor in “This investment to alleviate common cultivated blue-
Associated Press crops in Maine, but the in- Ellsworth. the supply issue, combined berries. The vast majority of
PORTLAND, Maine (AP) — dustry is struggling with a The USDA’s purchase is with the industry’s efforts to the crop is frozen.
The federal government is steep decline in the prices the second of its kind in as boost demand, The industry and state of-
again trying to prop up the paid to farmers. many years. will help create new oppor- ficials are collaborating to
wild blueberry industry in The industry is challenged It allotted up to $13 million tunities for wild blueberry find new markets for the
Maine, where sagging pric- by oversupply following to buy surplus blueberries growers and support a blueberries to help with the
es jeopardize one of the years of big harvests and last year. The congressional bright future for this unique oversupply.
state’s longest-standing competition from Canada, delegation said Thursday Maine crop,” the delega- The industry is looking to
agricultural industries. where the dollar is weaker. that the USDA’s purchase tion said in a statement. target food service, res-
The U.S. Department of Ag- “Maine wild blueberry will hopefully help farmers The USDA has said grow- taurant chains and food
riculture has approved up growers are a resilient by stabilizing prices. ers received 27 cents per manufacturing businesses,
to $10 million to purchase group, but global supply The delegation requested pound for the blueberries said Nancy McBrady, the
surplus Maine blueberries, and pricing pressures are the USDA purchase berries last year, down 19 cents executive director of the
the members of Maine’s seriously impacting our earlier this year. The fruit will from 2015 and 33 cents Wild Blueberry Commission
congressional delegation business today,” said Roy be distributed to charitable from 2014. Wild blueberries of Maine. q
said. Wild blueberries are Allen, a fourth-generation groups like food banks. are smaller than the more