Trump seeks boost in critical minerals
WASHINGTON -- President Donald Trump on Wednesday ordered the government to boost production of critical minerals used for manufacturing everything from smartphones to wind turbines and cars, raising the prospect of more mining.
The order directs federal agencies to find ways to increase exploration, mining and processing of critical minerals and streamline permits for private mining companies.
The order follows a report Tuesday that says the United States is reliant on China, Russia and other nations for the overwhelming majority of minerals such as platinum, manganese and rare-earth elements. A majority of all but two of 23 minerals identified as critical are produced by other nations, the report said.
Most of the minerals identified as critical are produced in China, including virtually all of the rare-earth elements integral to high-end electronics. The U.S. has reserves of rare-earth elements in California and other Western states, but has been "undercut" by low production costs in China, the federal report said.
Despite the presence of significant domestic deposits of most critical minerals, U.S. mining companies are limited by a lack of comprehensive data concerning mineral supplies and geology, permitting delays and "the potential for protracted litigation regarding permits that are issued," the White House said.
-- The Associated Press
Oil prices climb as U.S. stockpiles fall
Crude-oil prices jumped to the highest level in more than two weeks after a U.S. government report showed oil stockpiles in the world's largest economy fell by the most in four months.
Futures advanced 0.9 percent in New York. American crude inventories tumbled by 6.5 million barrels last week, more than double the average estimate in a Bloomberg survey. Exports surged by the most on record as domestic explorers sent cargoes to foreign shores where they fetched higher prices.
Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher.
Oil is on track for a yearly rise after a decision by the Organization of the Petroleum Exporting Countries and its allies to extend supply cutbacks through the end of 2018.
-- Bloomberg News
U.S. tightens soybean standard for China
U.S. officials will impose stricter quality controls on exports of soybeans headed to China in response to a request from the government in Beijing, a move that may curb some American shipments.
Shipments with impurity levels below a new standard of 1 percent, half the current level, will receive priority for shipment, while soybeans above it may be held back for more cleaning, U.S. Department of Agriculture spokesman William Wepsala said Wednesday. The new standard may go into effect Jan. 1, he said.
China's government made the request to the U.S. in early December, Wepsala said. A spokesman at China's General Administration of Quality Supervision, Inspection and Quarantine declined to comment.
China is by far the biggest destination for U.S. soybean exports, with sales of $14.2 billion of the oilseed in 2016, more than one-third of the value of the nation's crop.
-- Bloomberg News
BlackBerry forecast lifts stock by 12%
BlackBerry's stock surged Wednesday after reporting record software revenue and saying sales for the full year would come in at the high end of its forecast.
The Waterloo, Ontario-based company reported that sales from enterprise software and services rose 11.5 percent to $97 million in the quarter ended Nov. 30, boosted by some 3,000 orders from customers including NATO, the Department of Justice, the Dutch government and Deutsche Bank.
"We really do have a lot of people that want to do business with us," Chief Executive Officer John Chen said.
After years of firing hardware engineers, BlackBerry's employee base now looks like a software company, with about 1,200 salespeople in the field trying to get new customers to sign up. BlackBerry said Wednesday that the company expects to come in at the top end of its forecast for full-year 2018 revenue of $920 million to $950 million.
BlackBerry's stock rose nearly 12 percent to close at $12.17.
-- Bloomberg News
SpaceX shows off its new Falcon rocket
CAPE CANAVERAL, Fla. -- SpaceX unveiled its new Falcon Heavy rocket on Wednesday, a month before its first launch.
Photos posted by SpaceX Chief Executive Officer Elon Musk show the new rocket inside its Florida hangar. Missing is the cargo for the January test flight. Musk has said the Falcon Heavy will launch his own cherry-red Tesla Roadster into space.
First, SpaceX will test-fire the rocket's 27 engines at the pad; the company is aiming to do that by the end of the month. The launch is planned for a few weeks after the test.
Falcon Heavy is essentially the company's Falcon 9 times three. It features three Falcon 9 first-stage boosters joined together with a second stage on the middle one. It also has three times more engines.
The Falcon 9 is now used to hoist satellites and supplies to the International Space Station. The Heavy is intended for super-big satellites, as well as cargo destined for points far beyond, like Mars.
-- The Associated Press
Denver high-rise workers win settlement
DENVER -- More than 150 workers who helped install drywall in a new luxury high-rise in Denver will be able to share in a settlement of more than $800,000 in a class-action lawsuit over unpaid wages.
Lawyers for nine workers who filed the case announced the deal Wednesday across the street from the 25-story SkyHouse Denver. Workers who installed drywall and others who cleaned up from the work there between September 2015 and July 2016 will be eligible to get about $200 for every week that they worked on the project.
The amount is being paid by The Circle Group, a national drywall subcontractor based in Georgia, and a labor broker that actually hired the workers. The Circle Group denied the allegations in the lawsuit, including that workers weren't paid overtime and sometimes weren't paid regular pay for the long hours they worked.
-- The Associated Press
Business on 12/21/2017