LITTLE ROCK — QUOTE OF THE DAY
“This is something that we have been
flagging for some time, namely that the eurozone may be headed for a ‘lost decade.’”
Marie Diron,
senior economic adviser at Ernst & Young Article, 1DMay pare Apple judgment, says judge SAN JOSE, Calif. - A federal judge appears ready to reduce a $1.05 billion jury verdict Apple Inc. won over Samsung Electronics.
During a hearing Thursday in a San Jose federal courtroom, U.S. District Judge Lucy Koh told lawyers for both companies that jurors appeared to miscalculate damages and she was inclined to trim the award.
Koh didn’t specify how much of the award she might cut, saying she would rule later on a host of legal demands made by both companies.
A jury in August found 26 of Samsung’s smart phones and computer tablets were built with technology owned by Apple.
Samsung is seeking a new trial, while Apple is arguing for an increase in the damage award. Koh said she would issue several rulings in the coming weeks.
- The Associated Press
P.A.M., Simmons to pay dividends
P.A.M. Transportation Services Inc. will issue a special, one-time dividend of $1 a share to be paid on Dec. 28, the Tontitown trucking company said Thursday.
The dividend will be paid to shareholders of record at the close of business Dec. 17.
P.A.M. will pay $1 each to cover its 8.7 million shares.
Also, Simmons First National Bank declared Thursday that it will pay a regular quarterly dividend of 20 cents per share, payable on Dec. 31, the Pine Bluff bank said.
The dividend will be paid to shareholders of record on Dec. 17.
The dividend represents a 1-cent, or 5.3 percent, increase in Simmons’ dividend.
The timing of the dividend payment, which would normally occur on Jan. 2, was accelerated into 2012 as a result of likely higher tax rates on dividends in 2013.
- David Smith
U.S. mortgage rates climb above lows
WASHINGTON - Average U.S. rates on fixed mortgages ticked up this week just slightly above their record lows, keeping home-buying and refinancing attractive to consumers.
Mortgage buyer Freddie Mac, the Federal Home Loan Mortgage Corp., said Thursday that the average rate on the 30-year loan ticked up to 3.34 percent, above last week’s rate of 3.32 percent. Two weeks ago, the rate dipped to 3.31 percent, the lowest on records dating to 1971.
The average on the 15-year fixed mortgage rose to 2.67 percent from 2.64 percent last week. The rate declined to 2.63 percent two weeks ago, also a record low.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.7 point, down from 0.8 point last week. The fee for 15-year loans was unchanged at 0.6 point.
The average rate on a one-year adjustable-rate mortgage slipped to 2.55 percent from 2.56 percent. The fee for one-year adjustable-rate loans declined to 0.4 point from 0.5.
The average rate on a five-year adjustable-rate mortgage fell to 2.69 percent from 2.72 percent last week. The fee was steady at 0.6 point.
- The Associated Press
H&R Block beats quarter estimates
KANSAS CITY, Mo. - H&R Block said Thursday that its fiscal second-quarter loss narrowed, helped by cost-cutting efforts. Revenue climbed mostly because of a strong tax season in Australia.
The largest U.S. tax preparation company typically turns in a loss in the August-to-October period because it takes in most of its revenue during the U.S. tax season. H&R Block’s quarterly performance beat analysts’ estimates and its stock hit the highest level in more than two years.
The company is optimistic and gearing up for its busy season.
“The U.S. tax season is right around the corner and we believe we’re on pace to deliver significant earnings and margin expansion in fiscal 2013,” President and Chief Executive Officer Bill Cobb said in a statement on Thursday.
For the three months ended Oct. 31, H&R Block Inc. lost $105.2 million, or 39 cents per share. A year earlier it lost $141.7 million, or 47 cents per share, for the quarter.
Its loss from continuing operations was 37 cents per share. Analysts surveyed by FactSet expected a bigger loss of 41 cents per share.
Revenue rose 6 percent to $137.3 million from $129.2 million. This topped Wall Street’s forecast of $129.6 million.
Shares of H&R Block gained 89 cents, or 5.1 percent, to close at $18.26.
- The Associated Press
U.S. to extend Iran sanction waivers
WASHINGTON - The Obama administration is set to extend waivers of U.S. sanctions it has granted to major Asian petroleum consumers, including China, India and South Korea, for reducing their imports of Iranian oil, officials said Thursday.
Two officials said an announcement of the six-month extensions was expected from the State Department on Friday. The officials spoke on condition of anonymity because they were not authorized to publicly preview the step.
In addition to China, India and South Korea, the waivers will apply to Malaysia, Singapore, South Africa, Sri Lanka, Turkey and Taiwan. All nine were originally granted six-month renewable exemptions from the sanctions in June.
The exemption means that banks and other financial institutions based in those places will not be hit with penalties under U.S. law enacted as a way of pressuring Iran to come clean about its nuclear program.
A total of 20 countries and Taiwan have been granted the waivers. The others - Belgium, Britain, the Czech Republic, France, Germany, Greece, Italy, the Netherlands, Poland, Spain and Japan - will come up for review in March.
The administration says the exemptions are a sign that pressure on Iran is increasing. In June, U.S. officials said Iran’s oil exports have declined from about 2.5 million barrels a day last year to between 1.2 million and 1.8 million barrels a day.
- The Associated Press
Business, Pages 28 on 12/07/2012