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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (April 7, 2018)
Page 8A BUSINESS East Oregonian Saturday, April 7, 2018 Stocks dive as Trump proposes Richland vintner more China tariffs; Dow falls 572 brings wines to tasting room PENDLETON BIZ ROUNDUP By MARLEY JAY Associated Press East Oregonian While the wine industry is booming up Highway 11, some of it is starting to trickle down the vine to Pendleton. Owner Rick Sewell of Richland, Washington, plans to open a tasting room for his wine company, Scarlet Oak Barrels, sometime this year. With a production facility in Milton-Freewater, Sewell had looked into starting his first tasting room in the Walla Walla area. But he was familiar with Pendleton and the Eastern Oregon area through his time working for a distribu- tion company. He liked Pendleton and the incentives it offers through the Pendleton Development Commis- sion’s Jump Start program, which eventually led him to locate the tasting room at 29 S.W. Dorion Ave. “Everything just seemed to click,” he said. Sewell said Scarlet Oak Barrels focuses on less- er-known varieties that are gaining in popularity like Malbec, petit verdot and sangiovese. Scarlet Oak Barrels is one of 20 business licenses the city of Pendleton issued in February and March. Below are the rest of the business names, their physical or mailing address and their owner or contact person. • Tackett’s Custom Tackle, 1303 N.W. King Ave., Travis Tackett • Sam Whitlock Construck 28200 Highway 730, Umatilla, Samuel Whitlock • DSE Bikes, 418 N.W. 11th St., Dave Slatt • Mobility Matters, 2442 S.W. Nye Ave., Carol Umbarger • Afcomm doing busi- ness as Slatercom-WCD, 7905 State Street, Salem • R & B Flagging, 1510 M Ave., La Grande, Rayshaun Smith • Patriot Building & Grounds Maintenance, 32396 E. Punkin Center Road, Hermiston, Robert Cox • Taqueria Los Gallos, 242 E. Main St. No. 153, Roseanne Sanchez • Shannon’s Sweet Confections, 715 S. Main St., Shannon Kruse • Pearce Mood Construc- tion Co., 221 S. Main St., Justin Pearce • Industrial Commercial Electric Co., 29030 S.W. Town Center Loop E Suite 202, Wilsonville • Country Expressions, 418 S. Main St. • Bull’s Burgers & More, 71412 S.W. Lake Drive, Torrance Colvin • Benco Construction, 1802 S.W. Second St., Ben Arbogast • A-1 Auto Towing, 1516 S.W. Frazer Ave., Keith Montee • Sunny’s Design on a Dime, 1404 S.W. 40th St., Sunny Waggoner • Eastern Oregon Contractor, P.O. Box 714, Pineda named area sales manager for U.S. Cellular East Oregonian U.S. Cellular has named Roberto Pineda the business area sales manager for the northwest market. He will lead business sales associates to help Hermiston area customers select the best plan and devices to meet their needs. Roberto has more than 12 years of wireless sales experience at U.S. Cellular. “Roberto’s passion and leadership throughout his U.S. Cellular journey is inspiring and motivating, and I am excited to have him guide our business sales team,” said Sarah Stumpf, director of business sales for U.S. Cellular in the northwest, in an email. NEW YORK — Stocks ended the week the way they began it: tumbling as investors worry that tariffs and harsh words between the U.S. and China will touch off a trade war that derails the global economy. The latest drop came as the White House proposed tripling the amount of goods from China that will be subject to tariffs. The stock market changed direction again and again this week as investors tried to get a sense of whether the trade dispute between the world’s two largest economies will escalate. On Friday tech- nology companies, banks, industrial and health care stocks sank. The market didn’t get any help from a March jobs report that was weaker than expected. With administration offi- cials sounding conciliatory one day and hostile the next and the president quick to fire off yet another tweet, inves- tors simply don’t know what the U.S. wants to achieve in its talks with China, said Katie Nixon, chief invest- ment officer for Northern Trust Wealth Management. “The process itself seems to be quite chaotic,” she said. “We’re not quite sure what AP Photo/Richard Drew Specialists Robert Tuccillo, left, and Matthew Greiner work at their post on the floor of the New York Stock Exchange, Friday. the long-term strategy is.” The Dow Jones industrial average dropped 572.46 points, or 2.3 percent, to 23,932.76. It’s down 10 percent from its record high in late January. The S&P 500, which many index funds track, lost 58.37 points, or 2.2 percent, to 2,604.47. The Nasdaq composite slid 161.44 points, or 2.3 percent, to 6,915.11. President Donald Trump’s administration spent the past few days reassuring investors that it’s not rushing into a trade war, and China’s government has done the same. But late Thursday, Trump ordered the U.S. Trade Representative to J.R. Simplot Company CEO Whitacre retiring BOISE — Bill Whitacre, the CEO of J.R. Simplot Company, has announced his retirement. Whitacre has worked for the company since 2000, when he joined as president of Simplot’s turf and horticulture business. He was named CEO in 2009. J.R. Simplot Company is an international agribusiness firm headquartered in Boise, with operations in phosphate mining, fertilizer produc- tion, farming, ranching, cattle production and food processing. There are Simplot Growers Solutions retail stores in Umatilla and Herm- iston, a state-of-the-art dry fertilizer blending facility in Hermiston, and the company purchases potatoes from area growers. According to a news release on Whitacre’s retire- ment, he will officially leave the company on August 31. The company plans to select its next CEO from internal candidates. Under Whitacre, Simplot has seen an increase in reve- nues from $4.5 billion to $6 billion today. “Bill has been a highly successful and visionary leader who has helped the J.R. Simplot Company reach new heights and expand our global presence,” Scott Simplot, chairman of the board of directors, said in a statement. “The Company, the Board and the extended Simplot Family thank him for his leadership and commitment.” Whitacre said in a state- ment that is has been an honor to lead the company, and it is “well-positioned to continue its leadership position earned over the past 90 years.” consider tariffs on another $100 billion in Chinese imports. China said it would “counterattack with great strength” if that happens. Each nation proposed tariffs on $50 billion in imports from the other at the start of this week. Stocks plunged on Monday, but they rallied over the next few days as officials from both coun- tries said they were open to talks and that the tariffs might never go into effect. The Dow average, which contains numerous multina- tional companies including industrial powerhouses Boeing and Caterpillar, swung dramatically this week, with almost 1,300 points separating its lowest point Monday afternoon from its high late Thursday. It fell 0.7 percent for the week. Jason Pride, chief invest- ment officer for Glenmede’s private client business, said Trump’s latest order caught investors off guard. “It shows a willingness to go to the mat on this and fight it out,” he said. Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the U.S. and China, and overall, they wouldn’t affect the nation’s economy that much if they do go into effect. Nixon, of Northern Trust, said businesses also support the idea of making changes in America’s trade relationship with China. Even though investors are optimistic about the state of the global economy and company profits continue to grow, Nixon said the administration is creating the thing investors hate the most: uncertainty. The government reported that U.S. employers added 103,000 jobs in March, a weaker pace than the last few months. The Labor Department also said fewer jobs were added in January and February that it initially estimated. Cinco de Mayo Train Ride! Delicious Mexican Food Fantastic Grande Ronde Scenery! May 5, 11 a.m. Elgin, Oregon Mother’s Day Brunch May 13 Book online, eaglecaptrainrides.com or call 800.323.7330 WE HEAR YOU! LOCAL, INDEPENDENT AUDIOLOGIST Working within the community of Pendleton, our clinic provides a variety of hearing healthcare services including hearing assessments and rehabilitation, education, and counseling. 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