LR port gets $6.2M to upgrade harbor
The Little Rock Port Authority will receive almost $6.2 million to make improvements, the authority said Thursday.
The funds, from the U.S. Department of Transportation, will be used to improve the existing slackwater harbor area, including a new dock with direct dock-to-rail capability, and to add new rail storage. Little Rock was one of 40 applicants out of 585 that received funding.
The slackwater harbor at the port is a 4,500-foot-long, 15-foot-deep inland channel from the Arkansas River. The harbor has a 190-foot dock and a turning basin so that the barges can easily return to the river.
More details about funding from the Transportation Investment Generating Economic Recovery Discretionary Grant program will be an announcement Monday.
-- David Smith
Wal-Mart's Walmex to sell clothier chain
Wal-Mart Stores Inc.'s Mexico division has agreed to sell its Suburbia clothing chain to El Puerto de Liverpool for about $̶8̶5̶2̶ ̶b̶i̶l̶l̶i̶o̶n̶ $852 million*.
The Suburbia sale -- which is still subject to regulatory approval -- is part of Wal-Mart's strategy to streamline operations and sell businesses that are not central to its operations.
Wal-Mart's Mexico and Central America business -- known as Walmex -- previously said in January it was interested in selling Suburbia, which has 119 stores across the country. The company did not provide a timeframe for a potential sale.
Suburbia contributed about 3 percent to Walmex's sales in 2015, according to a news release.
-- Robbie Neiswanger
Dillard's climbs 7.76% as index gains 2.58
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 2.58 to 340.31 Thursday.
The Arkansas Index moved higher as six stocks declined and 12 stocks advanced.
"U.S. stocks reversed yesterday's retreat and moved to new highs after a rally in oil and better than expected earnings from retailers," said John Blackwell, managing director of equity trading at Stephens Inc.
Shares of Dillard's Inc. rose 7.76 percent to lead the index. Murphy Oil rose 4.2 percent.
Shares of Murphy USA fell 1.7 percent.
Total volume for the index was 17.6 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/12/2016
*CORRECTION: Wal-Mart Stores Inc.’s Mexico division has agreed to sell its Suburbia clothing chain to El Puerto de Liverpool for about $852 million. The price was incorrect in a business brief.