Business news in brief

In this Thursday, May 29, 2014 photo, real estate broker Nancy Dowson, center right, with Keller Williams Realty, shows a house to prospective buyer Mary Tuttle, center, in Miami Shores, Fla. Freddie Mac releases weekly mortgage rates on Thursday, June 12, 2014.
In this Thursday, May 29, 2014 photo, real estate broker Nancy Dowson, center right, with Keller Williams Realty, shows a house to prospective buyer Mary Tuttle, center, in Miami Shores, Fla. Freddie Mac releases weekly mortgage rates on Thursday, June 12, 2014.

July 18 deadline for water funding

Arkansas landowners have until July 18 to apply for funding from the U.S. Agriculture Department’s Natural Resources Conservation Service to monitor edge-of-field water quality at watersheds throughout the state.

“These edge of field monitoring projects will support the great work Arkansas producers, working along with our conservation partners, are doing … to improve water quality, maintain productivity and enhance wildlife habitat,” Arkansas Conservationist Mike Sullivan said in a news release.

Nineteen watershed projects spanning dozens of counties and 111 individual watersheds were approved for monitoring. Landowners will work with monitoring partners at the USDA Agricultural Research Service, the University of Arkansas at Fayetteville, the University of Arkansas at Pine Bluff and Arkansas State University.

Interested landowners can call (870)-523-8986, ext. 122.

— Claire Boston

Hobby Lobby settles deceptive ads case

ALBANY, N.Y. -- Chain craft store Hobby Lobby has reached a settlement with New York authorities over allegations of deceptive advertising.

New York Attorney General Eric Schneiderman said Thursday that Hobby Lobby Inc. misled customers into thinking they were receiving discounted items over a two-year period, violating the state's General Business Law.

As part of the $220,000 settlement, the craft store will supply $138,600 in supplies to public schools near Hobby Lobby stores upstate and pay $85,000 in civil penalties and other costs. The company will also have to change the way it advertises over the next 60 days.

Hobby Lobby said in a statement that it disagrees with Schneiderman's claims but is pleased to be providing supplies to schools.

-- The Associated Press

Ghana faces World Cup power blackout

Ivory Coast said it will probably only supply its neighbor Ghana with half of the electricity requested to ensure that fans of the national team, known as the Black Stars, don't face blackouts during the World Cup.

Ivory Coast President Alassane Ouattara will make the final decision regarding Ghana's request for 50 megawatts, the country's Energy Minister Adama Toungara said. Ben Dotsei Malor, a spokesman for Ghana President John Dramani Mahama, didn't immediately comment when reached by phone.

Ghana asked the nation's largest aluminum smelter to cut electricity consumption and homeowners to unplug appliances during the Black Stars' matches to make sure that unplanned blackouts don't prevent citizens from watching games. Ghana will probably ration power through next year because of a shortage of natural gas and low water levels at hydroelectric plants.

Ghana, a West African nation of 24 million people, was knocked out of the 2010 World Cup in South Africa when it lost to Uruguay in the quarterfinals. Ghana plays the U.S. on Monday in Natal, Brazil. The host nation opened the tournament Thursday in Sao Paulo against Croatia.

-- Bloomberg News

U.S. 30-year mortgage rate up to 4.2%

WASHINGTON -- Average U.S. rates on fixed mortgages rose this week for a second straight week but remained near historic lows.

Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan increased to 4.2 percent from 4.14 percent last week. The average for the 15-year mortgage jumped to 3.31 percent from 3.23 percent.

Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Mortgage rates are about a quarter of a percentage point higher than they were at the same time last year.

To calculate average mortgage rates, Freddie Mac, the Federal Home Loan Mortgage Corp., surveys lenders across the country between Monday and Wednesday 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 a 30-year mortgage rose to 0.6 point from 0.5 point a week earlier. The fee for a 15-year loan held steady at 0.5 point.

-- The Associated Press

Budweiser ingredients listed on Web

NEW YORK -- Beer-maker Anheuser-Busch has listed the ingredients for two of its best-selling brands for the first time.

The company added the list of ingredients for Budweiser and Bud Light to its website Thursday, a day after a popular food blogger started an online petition to get major beer-makers to list what's in their brews.

Anheuser-Busch says Budweiser and Bud Light are brewed with the same ingredients: water, barley malt, rice, yeast and hops.

It says it will list the ingredients for all of its other brands "in the coming days." It also makes Beck's, Busch and Michelob beers.

The online campaign was started by blogger Vani Hari at FoodBabe.com. The petition received more than 44,000 online signatures.

-- The Associated Press

EU court upholds $1.4 billion Intel fine

BRUSSELS -- A European Union court on Thursday upheld $1.4 billion fine against Intel, the American microchip manufacturer, for abusing its dominant position in the market for computer central processing units.

European Union officials assessed the fine in 2009 after determining that in 2002-07, Intel awarded rebates to computer-makers if they bought exclusively or mostly Intel-made CPUs.

Intel also made payments to computer-makers if they agreed to postpone or cancel the launch of computers that contained CPUs made by a rival manufacturer, European Union officials found.

Intel had sought the annulment of the decision or, failing that, a substantial reduction of the fine. On Thursday, the European Union's General Court dismissed the action and upheld the findings and the fine.

-- The Associated Press

Business on 06/13/2014

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