BUSINESS
Saturday, February 1, 2020
East Oregonian
A7
Businesses voice support for cap and trade in West Coast states
By CLAIRE
WITHYCOMBE
Oregon Capital Bureau
EOMG Photo/Sierra Dawn McClain
Protesters stand on the steps of the Oregon Capitol in June 2019 protesting a previous version of the cap-and-trade bill.
Some businesses are urging the Oregon Legislature to pass an updated version this year.
for allowances that includes
Quebec and California.
Under a cap-and-trade
program, allowances to pol-
luters decline over time to
meet emissions reduction
targets. Businesses can buy
or sell allowances on the
market if they plan to emit
more or less than they are
allotted.
“From agriculture, sea-
food and forestry to tech-
nology and advanced manu-
facturing, our region is built
on a diverse set of indus-
tries,” the group of busi-
BEO celebrates
75th anniversary
Staff photo by Jade McDowell, File
Bank of Eastern Oregon opened a new branch in Hermis-
ton, at 1475 N. First St., in November 2019. It is one of 20
branches in Eastern Oregon.
Morrow County housed
the public health depart-
ment offices in the build-
ing’s second floor until a
handful of years ago. Kim
Cutsforth of the Howard
and Beth Bryant Founda-
tion championed a renova-
tion project of the building
to create an event center.
For more informa-
tion, contact Cutsforth at
altakim541@gmail.com,
541-980-3465 or the Hep-
pner Chamber of Com-
merce at 541-676-5536
heppnerchamber@centu-
rytel.net.
Columbia Works
launches summer
intern program
To download a copy of
the letter from business
supporting cap-and-
trade policies on the
West Coast, log on to
www.eastoregonian.com
diverse set of opportunities
that range from farming
and food processing to edu-
cation, business, informa-
tion technology, workforce
development and more.
The program is part of
the Oregon Works network
that has seen success in
different regions across the
state. Columbia Works was
established to link regional
employers with high school
and college students who
are looking to gain expe-
rience in their prospective
career field.
“We believe Columbia
Works is a great resource to
get students the real-world
experience and exposure
to our industry and to see
the potential career path
they can have,” said Kirk
Jacobson, Beef Northwest
human resources manager
and Columbia Works steer-
ing committee member.
Columbia Works is
promoting 58 internship
opportunities from nine
employers in its inaugu-
ral year. Applications are
due by Wednesday, April
1. For more information, a
list of positions available
and the application pro-
cess, visit www.colunbia-
works.org. For questions,
call 541-481-7678.
The most valuable and respected
source of local news, advertising and
information for our communities.
www.eomediagroup.com
NEW YORK — Stocks
fell sharply on Wall Street
Friday as fears spread
through the markets that a
virus outbreak emanating
from China will dent global
growth.
The Dow Jones Indus-
trial Average skidded more
than 600 points and the
S&P 500 index erased its
gains for January.
Technology companies,
which do a lot of business
with China, led the losses.
Airlines fell after Delta and
American suspended flights
to and from the country.
Just two weeks ago,
the S&P 500 had closed at
an all-time high, having
climbed around 13% since
early October. A prelimi-
nary trade deal signed by
the U.S. and China earlier in
the month eased a big source
of uncertainty in the mar-
kets. Volatility was running
at 12-month lows and even
a dust up between the U.S.
and Iran didn’t rock markets.
Then came the virus out-
break in China.
Markets around the globe
have sold off on concerns
L
about the potential economic
impact of the outbreak. Hong
Kong’s Hang Seng fell 5.9%
this week and South Korea’s
Kospi dropped 5.7%. Mar-
kets in Europe declined as
well. The U.S. stock market,
which had calmly been set-
ting record after record, suf-
fered its worst January since
2016 and its first monthly
loss since August.
China’s stock markets
reopen Monday after being
closed since Jan. 23 for the
Lunar New Year. A lot of
pent-up selling has likely
built up in the meantime.
Some funds that try to
mimic the movements of
Chinese indexes are still
trading in the United States
and
elsewhere.
These
exchange-traded funds, or
ETFs, are moving on inves-
tors’ expectations for where
Chinese stocks would be if
markets in mainland China
were still open. The Xtrack-
ers Harvest CSI 300 China
A-Shares ETF tracks an
index of large stocks that
trade in Shanghai and Shen-
zhen, for example. It’s down
roughly 9% since Jan. 23.
The virus has infected
almost 10,000 people in
just two months, mostly
in China. The World
Health Organization has
declared the outbreak a
global emergency, a desig-
nation that signals that the
virus is now a significant
risk to other countries and
requires a global response.
The death toll stood at 213,
including 43 new fatalities,
all in China.
“It seems like the equity
market is now coming
around to the realization that
maybe this is something that
may linger for some time,”
said Sameer Samana, senior
global market strategist at
Wells Fargo Investment
Institute.
American Airlines fell
3.2% and Delta Air Lines
slipped 2.4%. Apple, which
relies on Chinese consum-
ers for sales and factories for
supplies, fell 3.9%. Nvidia
slid 3.8% and other chip-
makers slipped.
Amazon was a rare bright
spot in the market Friday.
The online retailer surged
7.4% after blowing past
Wall Street’s fourth-quar-
ter profit forecasts. The
company said Prime mem-
bership exploded 50%
since it last disclosed that
figure in 2018.
WA
L
L A
A
MORROW COUNTY
— The Port of Morrow, in
partnership with regional
industries, has launched
the new Columbia Works
Summer
Internship
Program.
An industry-led, sum-
mer work experience pro-
gram, Columbia Works
features paid internships,
free professional develop-
ment training and applica-
tion assistance. Prospective
interns can choose from a
ONLINE
L
HEPPNER — A his-
toric building in Heppner
recently underwent a mas-
sive restoration project.
The public is invited to
an open house at the Gil-
liam and Bisbee Building.
The free event is Friday,
Feb. 7 from 5-7:30 p.m.
at 106 E. May St., Hep-
pner. Refreshments will be
served and a special presen-
tation is planned at 6 p.m.
Built in 1919, the Gilliam
and Bisbee Hardware Co.
was constructed to replace a
structure lost to fire in 1918.
The building was added to
the National Register of
Historic Places in 1990.
By ALEX VEIGA
Associated Press
A
Gilliam and
Bisbee celebrates
project completion
emissions more cheaply.
“This drives innovation
and attracts investments
that support the commer-
cialization of low-carbon
technologies,
innovative
practices to sequester car-
bon, and new jobs,” they
wrote.
Vince Digneo, a sus-
tainability strategist at the
software company Adobe,
one of the companies that
signed the letter, said in a
written statement that a pol-
icy “must be well designed.”
“We see cap-and-in-
Stocks sink on fears virus outbreak
will dent global economy
BRIEFLY
HEPPNER — This year
marks the 75th anniversary
of the founding of Bank of
Eastern Oregon.
The bank will be cele-
brating with open houses
throughout the year at each
of its 20 branches, starting
in February. The Arlington
and Condon branches will
go first with celebrations
held Feb. 10-14.
The bank was first
founded in 1945 in Gilliam
County by a group of farm-
ers and ranchers who saw a
need for a bank in Eastern
Oregon.
“Our current mission
hasn’t changed from what
our founders established
in 1945,” CEO Jeff Bailey
said in a written statement.
“We still serve the needs of
our rural communities, our
local markets, by providing
them financial services. In
some areas we’re not only
the only the only bank in
town, we’re the only bank
in the county. And we take
pride in that.”
For more information,
and to see a historical video
about the bank, visit www.
beobank.com.
nesses wrote. “Carbon mar-
kets will expand economic
opportunity in our region
and spur innovation while
protecting these sectors
from climate impacts.”
The companies wrote
that cap-and-invest initia-
tives have “proven to be
highly effective in reduc-
ing (greenhouse gas) emis-
sions, while fostering eco-
nomic growth and spurring
innovation.”
They wrote that market
mechanisms help ensure
that companies can reduce
F
EB
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DESIGN CHRISLEE.COM
ter say they support West
Coast states implementing a
cap on emissions and creat-
ing a system of allowances
that are, simply put, permits
to emit a certain amount of
greenhouse gases.
California’s
cap-and-
trade system has been up
and running since 2013.
Neither Oregon nor Wash-
ington has one, but each is
considering legislation to
implement cap-and-trade
programs. Each state could
link to the Western Cli-
mate Initiative, a market
W
SALEM — As Oregon
lawmakers prepare to meet
for the monthlong session
that starts next week, Dem-
ocrats’ effort to limit green-
house gas emissions is get-
ting a public nudge from
business.
Twenty-one companies
and two health care climate
alliances in Washington
and California, authored a
letter Jan. 29 to “leadership
and legislators of the Pacific
Coast,” urging them adopt
cap-and-trade
programs,
which they argue can pro-
mote economic growth.
Among
signatories:
Nike, the Beaverton-based
sportswear behemoth and
one of the state’s largest
companies. Nike supported
similar legislation last year.
Several other major com-
panies, including Micro-
soft, Unilever and Uber,
also signed the letter, which
was organized by Ceres,
a Boston-based nonprofit
that aims to make busi-
nesses more environmen-
tally sound.
Despite continued sup-
port from one of Ore-
gon’s highest-profile busi-
nesses, the proposal faces
the unpredictable nature
of Oregon environmental
politics.
Republicans in the Sen-
ate protested a similar pro-
posal last year by leaving
the state. Senate Republican
Leader Herman Baertsch-
iger, Jr., Grants Pass, won’t
rule out boycotting the Leg-
islature again to avoid vot-
ing on the proposal.
The companies that
signed Wednesday’s let-
vest as a way to reduce
emissions, to enable new,
low-carbon technologies to
be developed and deployed,
and to generate funds that
will grow jobs and econo-
mies,” said Digneo. “Pro-
posals like this help bring
affordable
renewable
energy not only to Adobe’s
facilities in these regions,
but also to the communities
where our employees work
and live, helping ensure that
both businesses and people
thrive in the long run.”
Wednesday’s
let-
ter, though, is merely one
chord in what has proven
to be a sonata of opinions
on the proposal from pri-
vate business, some fearing
increased costs due to a pro-
gram that penalizes emis-
sions. Republicans say they
are concerned that those
costs could get passed on
to consumers, particularly
in rural areas of the state
where per capita income is
typically lower.
Last year, a group of busi-
nesses calling itself Oregon
Business for Climate sup-
ported the proposal. That
coalition included symbol-
ically Oregon brands like
Deschutes Brewery. But
several businesses, includ-
ing Deschutes, pulled out
of the group after the bill
became controversial in
the wake of Republicans’
boycott.