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BUSINESS Saturday 17 december 2016
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Chinese leaders pledge stable currency, less financial risk

JOE McDONALD Responding to concern faster on pledges to make Foreign companies com- tions could hurt Chinese ex-
AP Business Writer about possible threats from the world’s second-largest plain Chinese regulators port industries that support
BEIJING (AP) — China’s rapidly rising debt, the of- economy more productive are trying to squeeze them millions of jobs.
leaders pledged Friday to ficial Xinhua News Agency by giving market forces a out of technology and oth- The Economic Work Con-
keep its currency stable said leaders at the three- bigger role. er promising industries. ference, attended by Xi
and trim bloated heavy in- day meeting also promised There was no indication Trump, who takes office and other Communist Party
dustry as they wrapped up to reduce financial risks. of concessions to pres- in January, has vowed to leaders, is a throwback to
an annual planning meet- The reports suggested Presi- sure from Washington and press Beijing for action by China’s era of central plan-
ing amid pressure from U.S. dent Xi Jinping’s govern- Europe, which complain imposing 45 percent tar- ning but still plays a key role
President-elect Donald ment plans no significant Beijing blocks access to its iffs on Chinese goods. Few in directing development
Trump and European lead- changes despite calls by markets in violation of its economists expect him to of the state-dominated
ers over trade. reform advocates to move free-trade commitments. go that far but any sanc- economy.q

$2.6B contract awarded for Sandia National Labs management

SUSAN BRYAN and the health and safety
Associated Press of yourselves and your col-
ALBUQUERQUE, N.M. (AP) leagues. It is our phenom-
— A subsidiary of Honey- enal workforce that makes
well International has won Sandia special,” Jill Hruby
a contract worth $2.6 bil- wrote.
lion to manage the sprawl- The Energy Department
ing New Mexico-based first announced its inten-
Sandia National Laborato- tion to put the contract
ries weapons and research up for bid in 2011. A series
laboratory that specializes of extensions followed, in-
in national security, nucle- cluding one in 2014 as fed-
ar weapons and other eral officials conducted a
projects deemed vital for review of management at
the U.S., federal officials Sandia, Los Alamos and its
announced Friday. other defense laboratory in
The U.S. Energy Depart- Livermore, California.
ment’s National Nuclear A report from the Energy
Security Administration Department’s Office of
identified the winning bid- Inspector General in 2014
der as National Technol- This photo shows the Honeywell Specialty Materials plant in Metropolis, Ill. A subsidiary of Honey- found that Lockheed Mar-
ogy and Engineering Solu- well International has won a contract worth $2.6 billion to manage the sprawling New Mexico- tin used taxpayer money
tions of Sandia, a division based Sandia National Laboratories weapons and research laboratory in lobbying for its no-bid
of Honeywell. Northrup (Steve Jahnke/The Southern Illinoisan via AP) contract extension sev-
Grumman and Universities eral years ago. Lockheed
Research Association will bidders that lost out to Hon- istration. provide stability for the lab- Martin and its subsidiary,
support the Honeywell sub- eywell. Besides Lockheed Martin, oratory’s thousands of em- Sandia Corp., paid a $4.8
sidiary in managing Sandia “The Sandia bid gener- losing bidders included ployees and operations. million fine. With an annual
National Laboratories . ated unprecedented in- Boeing Co. and a team of The lab’s director told em- budget of close to $3 bil-
Bidding began earlier this terest from across industry, higher education institu- ployees Friday in an email lion, Sandia is one of the
year, marking the first time demonstrating that our tions made up the Univer- that there will be changes Albuquerque area’s larg-
in years that there was any improved acquisitions pro- sity of New Mexico, the Uni- in the leadership team but est employers with more
competition for the lucra- cess is attracting high-qual- versity of Texas and Texas that officials are commit- than 10,500 workers. Most
tive contract. Lockheed ity competition and the A&M University. ted to making the transition are based in Albuquerque,
Martin has operated San- best talent to serve NNSA’s The current contract ex- seamless. “We ask that you but Sandia also operates
dia, located in Albuquer- mission,” said Frank Klotz, pires April 30. There will be continue the remarkable sites at Livermore and test-
que, for the past two de- administrator of the Nation- a four-month transition pe- job you have done at stay- ing facilities in Nevada and
cades and was among al Nuclear Security Admin- riod that officials said will ing focused on your work Hawaii.q

Bank of England holds rates as it monitors Brexit impact

DANICA KIRKA mittee predicted inflation land in August to cut rates committee noted that the Carney, has said in the
Associated Press would rise more slowly than for the first time in more path of monetary policy past that volatility and un-
LONDON (AP) — The Bank last forecast. That suggests than seven years and ex- following the referendum certainty would govern
of England decided to the bank will be under less pand its economic stimulus on EU membership would the process of Brexit, even
keep its main interest rate pressure to raise rates any program. But at this week’s depend on the evolution of though negotiations have
at a record low of 0.25 per- time soon. meeting, the policymakers the prospects for demand, yet to begin.
cent this week as it capped Britain’s economy has held decided to refrain from go- supply, the exchange rate, Traders in currency markets
a volatile year in the wake up much better so far to a ing further. and therefore inflation. have fretted since the June
of the country’s decision to Brexit vote than many fore- The vote was unanimous This remains the case,” the 23 vote and the pound
leave the European Union. casters expected, though and the minutes reflect committee said in minutes has lost almost a fifth of its
Though the decision was the outlook remains gloomy the monetary policy com- released after the meeting. value. The lower pound is
expected, the pound for the coming months. mittee’s wait-and-see at- “Monetary policy can re- expected to stoke some in-
dropped because the Fears over the impact titude. spond, in either direction.” flation by raising the cost of
Monetary Policy Com- prompted the Bank of Eng- “Earlier in the year, the The bank’s governor, Mark imports like food.q