The provider of chemicals used in oil and gas drilling said Q1 EPS jumped 59% to $1.30, beating by 29 cents, as rising oil prices have lifted demand for hydraulic fracturing. Revenue grew 22% to $150.8 mil, above estimates of $129.5 mil. Carbo Ceramics (NYSE:CRR - News) is the largest maker of ceramic proppants, which are chemicals used to hold wells open after hydraulic fracturing. Proppant sales rose 8% to 399 mil pounds. Shares climbed 15% to 162.52.
WASHINGTON (AFP) – Businesses owned by Asian Americans have grown at more than twice the national average, offering a boost to the United States economy, official figures said Thursday.
Releasing a survey taken twice each decade, the Census Bureau said that Asian Americans owned 1.5 million businesses in 2007, a rise of 40 percent from five years earlier. The national growth rate was 18 percent.
"Asian-owned businesses continued to be one of the strongest segments of our nation's economy," Thomas Mesenbourg, the deputy director of the Census Bureau, said in a statement
The businesses generated more than $500 billion in sales in 2007 and employed some 2.8 million people, the Census Bureau said.
Of Asian-owned businesses, more than one-quarter were run by Chinese Americans. Businesses owned by Vietnamese Americans were among the fastest growing, increasing nearly 56 percent over the five-year period.
Businesses by most US minority groups have been growing strongly, with African American-owned firms soaring more than 60 percent between 2002 and 2007.
The United States is becoming increasingly diverse. The latest census found nearly 14.7 million Asian Americans, a rise of nearly half from a decade earlier. Only the US Hispanic population grew more quickly.
COMMENTARY | According to an International Monetary Fund (IMF) report, China's economy will surpass the U.S. economy in 2016.
Why is the "Age of America" quickly evaporating? Why is it that China is on course to replace the United States as the world's leading economic power?
One reason is that greedy multinational corporations have traded jobs for profits. According to Economy in Crisis, ATV manufacturer Polaris plans to ship more jobs to Mexico despite the fact that it earned record profits during the first three months of the year.
Rep. David Obey, D-Wis., has correctly described Polaris' actions as "unpatriotic." Obey correctly points out that Polaris ought to have a greater sense of loyalty to the United States. After all, the government has purchased millions of dollars worth of its products throughout the years - with taxpayer money.
The American consumer is also part of the problem. Because labor is so cheap in China, companies are able to produce products at a much lower cost. Americans, ever in search of a bargain, snap up these cheaper Chinese goods and drive up demand for them. But by buying lower-priced goods imported from China, the American consumer hurts U.S. manufacturers.
Then what happens? Plants get shut down. Americans lose their jobs. The economy contracts. Everybody loses.
Besides that, Chinese products can be dangerous to children. According to a report from CBC News, approximately 20 percent of Chinese toys and baby clothes failed safety tests. Shockingly, some toys manufactured in China are so poorly assembled that loose parts could be pulled off and possibly choke a child to death. Also, Chinese baby clothes and milk powder have been found to contain chemicals that could be dangerous to a child's health.
It seems rather obvious that Americans ought to boycott Chinese products. And not only for economic reasons, by the way, but for human rights reasons as well. It is no secret that the Chinese government oppresses its citizens. The latest case of human rights violations is a direct result of the protests which have recently erupted all over the Arab world. China has cracked down on electronic communications in an effort to prevent its citizens from revolting.
Boycotting Chinese products just might stop the Chinese economic juggernaut.
And if it doesn't? Well, welcome to the Age of China.