QUOTE OF THE DAY
“Import growth will increase as the economy expands.Any widening in the trade deficit is going to be largely transitional.The trade deficit is likely to remain relatively contained this year.”
Scott Brown, Raymond James & Associates Inc. chief economist Article, 1D
Additives not listed so chicken recalled
George’s Inc. of Springdale is recalling about 29,000 pounds of raw chicken-breast strips packed for institutional food service use because of a labeling issue, the U.S. Department of Agriculture’s Food Safety and Inspection Service announced Friday.
Incorrect labeling and an undeclared allergen in the products led to the recall. George’s formulated the products with soy protein, which the USDA describes as a “known allergen” and monosodium glutamate (MSG), but the product was released with a label that did not warn of soy or MSG content.
A recall was issued for 40-pound bulk cartons of “George’s Boneless Skinless Breast Pieces With Rib Meat,” bearing the case code 4790. Items under the recall were produced and packaged between Dec. 21 and 23 of last year and sold to distributors in Tennessee and Iowa.
“There have been no reported consumer issues associated with this event,” the company said in a news release.
George’s said the product was not “packaged as consumer retail items.”
George’s, according to the USDA release, discovered the issue after receiving a customer complaint of incorrectly labeled product. After noticing the product “appeared to be seasoned” and not a boneless, skinless breast, the customer called George’s.
Customers with questions should contact Ali Perry at (479) 927-7256.
Average U.S. fixed-mortgage rates drop
WASHINGTON - Average U.S. rates on fixed mortgages fell this week after three weeks of increases, edging closer to historically low levels.
Mortgage buyer Freddie Mac said the average rate for the 30-year loan declined to 4.28 percent from 4.37 percent last week. The average for the 15-year mortgage fell to 3.32 percent from 3.39 percent.
Mortgage rates tend to follow the yield on the 10-year Treasury note. The 10-year note traded at 2.71 percent Wednesday, up from 2.67 percent a week earlier.
Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.
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 was unchanged at 0.7 point. The fee for a 15-year loan declined to 0.6 point from 0.7 point last week.
Man outed as bitcoin creator denies it
LOS ANGELES - Dorian Prentice Satoshi Nakamoto said Thursday that he is not the creator of bitcoin, adding further mystery to the story of how the world’s most popular digital currency came to be.
The denial came after Newsweek published a 4,500-word cover story claiming Nakamoto is the person who wrote the computer code underpinnings of bitcoin.
In an interview with The Associated Press, Nakamoto, 64, denied he had anything to do with it and said he had never heard of bitcoin until his son told him he had been contacted by a Newsweek reporter three weeks ago.
Nakamoto acknowledged that many of the details in Newsweek’s report are correct, including that he once worked for a defense contractor, and that his given name at birth was Satoshi. But he disputed the magazine’s assertion that he is “the face behind bitcoin.”
“I got nothing to do with it,” he said, repeatedly.
Newsweek stands by its story, which kicked off the relaunch of its print edition after 15 months and reorganization under new ownership.
Since bitcoin’s birth in 2009, the currency’s creator has remained a mystery. The person - or people - behind the digital currency’s inception have been known only as “Satoshi Nakamoto,” which many observers believed to be a pseudonym.
- The Associated Press
Zale holder sues to block sale to Signet
A Zale Corp. shareholder has sued to block Signet Jewelers Ltd.’s $1.4 billion purchase of the company, arguing the deal undervalues the smaller retail jewelry chain.
The deal is marred by a “flawed process and conflicts of interest,” shareholder Mary Smart said in the proposed group lawsuit made public Friday in Delaware Chancery Court in Wilmington.
Directors of Irving, Texas-based Zale “engaged in a process that was designed to benefit Signet and secure material personal benefits for themselves,” Smart said in the filing, adding that Theo Killion, Zale’s chief executive officer, will retain his position and “lavish compensation” as part of the deal.
Signet, the largest jewelry chain in the U.S., announced Feb. 19 that it would pay $21 per share in cash in the transaction that would also include about $500 million in Zale’s debt.
The purchase marks the biggest yet for Hamilton, Bermuda-based Signet, operator of the Kay and Jared brands.
L.L. Bean to ‘accelerate growth plans’
PORTLAND, Maine - Coming off record profits and four years of revenue growth, L.L. Bean is ready to make the biggest single-year capital investment in the retailer’s 102-year history, the company’s chief executive officer said Friday.
Chris McCormick, president and chief executive officer, told workers that the Maine-based retailer has been conservative for the past few years and is now ready to “accelerate our growth plans and grab market share.” That plan includes pumping an additional $100 million into its website, retail expansion and business systems, he said.
“The past few years have focused on prudent management of the business, conservative growth plans and getting our organization ready to compete in a changing marketplace. The investments we’ve made position us well as we take this next step,” he told the company’s 5,100 full- and part-time workers.
L.L. Bean finished its fiscal year that ended last month with sales of $1.56 billion, a gain of 3 percent over the previous year, the privately held company said. It said it had record-breaking profits, but it didn’t share those figures.
- The Associated Press
Business, Pages 30 on 03/08/2014