USA Truck's new CFO to start Nov. 1
USA Truck named James D. Reed as chief financial officer, effective Nov. 1, the Van Buren-based company announced in a release Thursday.
Michael Borrows, the previous CFO and executive vice president, resigned in May. Reed is moving to Arkansas from Tacoma, Wash., where he worked as C̶F̶O̶ CFO of the trucking division* of Interstate Distributor Co., a trucking company, and as president of the logistics subsidiary.
USA Truck President and CEO Randy Rogers said in the release that he anticipates Reed's "unique blend of experience in trucking, logistics, finance and business development to be of great assistance in accelerating our execution of the various initiatives underway that will enhance USA Truck's operations and financial results."
USA Truck will report third-quarter earnings on Nov. 4. It posted a $1.3 million loss for the second quarter, and it's shares closed at $8.35 on Nasdaq on Thursday.
-- Emma N. Hurt
Wal-Marts to deploy 'holiday helpers'
Wal-Mart Stores Inc. says it will deploy "holiday helpers" at its stores to make the checkout process easier for customers throughout the holiday season.
The retailer, which announced its holiday plans this week, will place employees wearing yellow vests at checkout stations in each store to guide customers to registers with the shortest lines beginning Nov. 4. The helpers will be available to go to the aisles and pick up items a customer forgot as well.
Wal-Mart also said it has expanded its assortment of items available through its same-day pickup service for the holidays and will allocate more staff to help customers who are collecting online orders at the stores. Wal-Mart said it receives up to five times as many same-day pickup orders during the holidays compared with a normal week.
The customer service efforts continue Wal-Mart's stated emphasis on making its stores cleaner, faster and friendlier. Wal-Mart believes the work is paying off after reporting positive same-store sales growth for eight consecutive quarters and traffic increases for seven consecutive quarters in U.S. stores.
-- Robbie Neiswanger
30-year mortgage rate slides to 3.47
WASHINGTON -- Long-term U.S. mortgage rates declined this week, moving closer to historically low levels.
Mortgage giant Freddie Mac said Thursday that the average 30-year fixed-rate mortgage eased to 3.47 percent from 3.52 percent last week. The benchmark rate is down from 3.76 percent a year ago and close to its all-time low of 3.31 percent in November 2012.
The 15-year fixed-rate mortgage, popular with homeowners who are refinancing, ticked down to 2.78 percent from 2.79 percent.
To calculate average mortgage rates, Freddie Mac, the Federal Home Loan Mortgage Corp., surveys lenders across the country at the beginning of 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 last week. The fee for a 15-year loan was unchanged at 0.5 point.
-- The Associated Press
Qualcomm to acquire chipmaker NXP
Qualcomm Inc., the largest maker of mobile-phone chips, will acquire NXP Semiconductors in a transaction valued at $47 billion.
San Diego-based Qualcomm agreed to pay $110 a share in cash for NXP, the biggest supplier of chips used in the automotive industry, or 11 percent more than Wednesday's close, the companies said in a statement Thursday. The deal will be funded with cash on hand as well as new debt.
Chief Executive Officer Steve Mollenkopf is betting the deal, the largest in the chip industry's history, will accelerate his company's entry into the burgeoning market for electronics in cars. Eindhoven, Netherlands-based NXP is strong in that sector after its acquisition last year of Freescale Semiconductor Ltd.
"It's no secret that we've been looking around," Mollenkopf said in an interview. "If you look at our growth strategy, it's to grow into adjacent markets at the time that they are being disrupted by the technology of mobile."
The equity value of the transaction is $38.5 billion. Including debt, the enterprise value goes up to $47 billion, according to Chief Financial Officer George Davis.
NXP shares rose 42 cents to close Thursday at $99.08. Qualcomm gained 2.8 percent to $70.09.
-- Bloomberg News
Path clears for Canada-EU trade pact
BRUSSELS -- The European Union and Canada are on the cusp of sealing a landmark free trade deal after the Belgian government on Thursday overcame an impasse with its regional authorities, which had been seeking more protections from multinationals.
Belgian Prime Minister Charles Michel said he had finally reached a deal with holdout Wallonia, a region of 3.6 million people that had used its power to block the deal between over 500 million EU citizens and 35 million Canadians for several weeks.
The EU needed unanimity among all its 28 members and Belgium needed the backing of all its regions.
"This is good news," said Michel, adding that the new text of the deal provides guarantees for farmers and on a corporate dispute settlement system that "will allow us to sign the deal."
The agreement will go through regional legislatures by tonight and has to be vetted again by the other 27 EU states.
"This is a positive development, but there is still work to do," said Alex Lawrence, a spokesman for the Canadian international trade ministry, of Belgium's agreement. "Canada remains ready to sign this important agreement when Europe is ready."
Politicians in Wallonia argued that the proposed accord would have undermined labor, environment and consumer standards.
"I am sorry for all the other Europeans we made wait and for our Canadian partners. But if we took a bit of time, what we achieved here is important, not only for Wallonia but for all Europeans," Wallonia President Paul Magnette said.
-- The Associated Press
Business on 10/28/2016
*CORRECTION: James D. Reed worked as CFO of the trucking division of Interstate Distributor Co. This tory incorrectly described Reed’s previous job.