QUOTE OF THE DAY
“There is always going to be a surprise out there. Ukraine is an example. You have to be flexible.” Stephen Odell, CEO of Ford Europe, on European auto sales Article, this page
Construction contracts down in January
Construction contracts in Arkansas dropped more than 50 percent in January, according to McGraw Hill Construction of New York.
Contracts for future construction in Arkansas totaled $176.5 million in January, down from $380.5 million in contracts let in January 2013.
Contracts in the state for nonbuilding construction, which includes highway, bridge and dam construction, totaled $19.5 million in January, down from $213.8 million in January 2013. Contracts for residential construction totaled $99.3 million in January, up from $98.4 million in January last year.
Construction contracts in January in Northwest Arkansas rose 47 percent to $64 million in January, up from $43.4 million in January 2013. The biggest portion of the contracts were for $43.2 million in residential construction.
Construction contracts in Central Arkansas in January totaled $51.8 million, down 29 percent from $72.9 million in January 2013. Contracts were almost evenly divided for residential construction at $26.1 million, and nonresidential construction at $25.8 million.
Mexico raids iron-ore yards at seaport
MEXICO CITY - Mexican police, soldiers and government inspectors raided 11 iron-ore yards at one of the country’s largest seaports, after accusations that drug cartels had been exporting ore to China.
Authorities seized more than 100,000 tons of ore as well as 124 bulldozers, excavators and trucks as a result of the raid on at the Pacific Coast seaport of Lazaro Cardenas.
The federal security commissioner for western Michoacan state said late Monday that the ore is being tested to determine which mines it came from and whether they were legally registered.
In November, the government took control of the port to cut off illicit income for the Knights Templar drug cartel.
Federal officials say the Michoacan-based cartel had been mining, stealing or extorting iron ore for several years.
Comcast to continue low-cost access
LOS ANGELES - Comcast said it will continue to offer low-cost broadband Internet connections to low-income families beyond the three-year commitment it made when it bought NBC Universal.
The extension beyond June comes as Comcast seeks approval for its $45 billion purchase of Time Warner Cable, which will extend its lead as the nation’s top pay TV and Internet access provider.
Regulators are expected to spend about a year reviewing the deal.
Philadelphia-based Comcast Corp. plans to list the program’s extension as one of the deal’s benefits.
It also pledged $1 million in grants to nonprofit organizations to help pay for computer literacy sessions, buy computers and set up wireless Internet hot spots.
Comcast’s Internet Essentials has connected 300,000 low-income homes with Internet access for $10 a month.
- The Associated Press
Mall of America gets expansion money
BLOOMINGTON, Minn. - The Mall of America has secured financing for a $300 million expansion.
The mall, with more than 400 stores, plans to break ground this month on a project that includes a luxury hotel, office tower and additional retail and food space. Mall spokesman Dan Jasper said the addition could be finished by August of next year.
The Shakopee Mdewakanton Sioux Community earlier announced that they were in talks with the mall about the 330-room hotel included in the project. The tribe or mall representatives aren’t commenting on whether the Shakopee are a financial partner.
Minnesota Public Radio News said it’s the second big hotel project anchored at the mall. The first was a $137 million Radisson that opened last March.
- The Associated Press
Puerto Rico OKs $3.5 billion bond sale
SAN JUAN, Puerto Rico - Puerto Rico’s governor has signed a bill that authorizes the sale of up to $3.5 billion in bonds amid recent downgrades to the U.S. territory’s credit rating.
The announcement Tuesday by Gov. Alejandro Garcia Padilla comes as the U.S. territory prepares to re-enter the bond market this month to help pay off $70 billion in public debt.
The bill also allows U.S. investors to sue the island’s government if needed in Puerto Rico and New York courts. An earlier version of the bill would have allowed investors to sue Puerto Rico in any U.S. court.
The governor said the measure is needed to strengthen Puerto Rico’s economy as the island enters its eighth year in recession. The money will in part be used to repay and refinance old debt.
- The Associated Press
Thai fisheries accused of migrant abuse
BANGKOK - An environmental and human-rights group charged Tuesday that Thailand is not adequately addressing abuse of Burmese migrant workers in the Thai fishing industry.
The British-based Environmental Justice Foundation said in its report that the Thai government has failed to act strongly against human trafficking and that violence is routine in the industry.
“Endemic corruption, poor enforcement, inadequate victim support, unacceptable working conditions and deficient migration policy,” have not been tackled by Thai authorities, the group said.
Thai Labor Ministry Deputy Permanent Secretary Boontharik Samiti said the government is making a serious effort to protect workers in the fishing industry.
“Right now, we are aiming to reduce and eradicate human trafficking. For fisheries, all agencies have collectively come together in an effort to prevent this problem in a sustainable and long-term fashion,” he said.
The foundation suggested the United States consider imposing economic sanctions on Thailand, the world’s third-biggest seafood exporter after China and Norway.
Thailand’s fishing industry is staffed predominantly by migrants from much poorer neighboring countries.
- The Associated Press
Business, Pages 26 on 03/05/2014