USDA delays taking
grain firm's license
The U.S. Department of Agriculture delayed the revocation of the operating license for Agribusiness Properties LLC at Brinkley, agency spokesman Kent Politsch said Monday.
The USDA on Aug. 14 suspended the company's operations for 30 days, a period that ended Sunday, after agents found the grain elevators empty. The grain was collateral for bank loans used as operating capital, according to the agency, which said that Agribusiness Properties needed to straighten out its finances.
Agribusiness Properties is the storage operation affiliated with Brinkley-based Turner Grain Merchandising, which has been sued at least three times for failure to pay farmers and others for grain.
In a related matter, a hearing is set for 9 a.m. Sept. 26 before U.S. Bankruptcy Judge Audrey Evans in Little Rock in which Monroe County farmer Keith Wilkison seeks 50 percent of harvest proceeds from 410 acres he has farmed in a partnership with Dale Bartlett.
Bartlett, who is a partner in Turner Grain, has filed for personal protection under Chapter 12 of the U.S. Bankruptcy Code.
-- Jack Weatherly
Citigroup's analysts
rate Wal-mart so-so
Analysts at Citigroup Inc. announced Monday that they are now covering Bentonville-based Wal-Mart Stores Inc. because they like the retailer's "global scale and reach."
However, the financial giant started Wal-Mart shares with a "neutral" rating because of concern over the health of the retailer's U.S. business and the near-term costs of expanding its international and Internet operations.
"Wal-Mart's core customer [$35,000 to $50,000 average income] will continue to struggle due to limited earnings/wage inflation," said Citigroup chief financial adviser Oliver Chen.
The weak economic outlook may create headwinds for Wal-Mart even though management is working to restore positive same-store sales for those open a year or more, Chen said.
-- Cyd King
Arkansas Index falls
1.93; Bear State up
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 1.93 to 349.00 on Monday.
"The Nasdaq suffered its biggest drop in over six weeks as investors prepared for the likelihood that the Federal Reserve Bank will further reduce its monthly bond purchases and begin allowing interest rates to rise," said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.
Bear State Financial gained 4.1 percent on above-average volume, Williams said.
ArcBest fell almost 4 percent.
The index was developed by Bloomberg News and The Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 09/16/2014