Talk Business buys NW Business Journal
Talk Business & Politics has acquired the Northwest Arkansas Business Journal of Springdale for an undisclosed amount, the publication announced Thursday.
The deal is expected to close in the fourth quarter of 2016, according to a story published by the media companies.
"Talk Business & Politics sees the Northwest Arkansas Business Journal as a great business opportunity," said Roby Brock, publisher and chief executive officer of Fort Smith-based Natural State Media, the parent company of Talk Business & Politics.
"It is well-run, profitable and complements our existing portfolio of products and services," Brock said in an email. "With Northwest Arkansas being one of the fastest growing regions in the country, we believe it will continue to be one of the most relevant news voices in the state."
Brock said the acquisition was a private transaction and declined to reveal the purchase price.
He said all of the employees at the Business Journal will stay in their current positions, and the company is instead looking to grow.
"We will keep publishing it every two weeks, business as usual," he said. "We also expect to add additional complementary media products to reach the targeted audience that it connects with."
-- Jessica Seaman
30-year mortgage rate rises to 3.46%
WASHINGTON -- Long-term U.S. mortgage rates rose this week amid expectations in financial markets that an increase in interest rates by the Federal Reserve may be on the horizon. Mortgage rates remain at historically low levels, however.
Mortgage giant Freddie Mac said Thursday that the average for the benchmark 30-year fixed-rate mortgage was 3.46 percent, up from 3.43 percent last week. The average rate is down from 3.89 percent a year ago and is close to its all-time low of 3.31 percent in November 2012.
The 15-year fixed mortgage rate increased to 2.77 percent from 2.74 percent.
Long-term mortgage rates tend to track the yield on 10-year Treasury notes, which rose to 1.58 percent Wednesday from 1.56 percent a week earlier. It fell to 1.57 percent Thursday.
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 fell to 0.5 point this week from 0.6 point last week. The fee for a 15-year loan was unchanged at 0.5 point.
-- The Associated Press
Campbell pins loss on fresh-foods unit
NEW YORK -- Campbell Soup is faltering in its push to become a bigger player in the fresh-foods market.
The Camden, N.J.-based company said Thursday that sales in its recently established Campbell Fresh unit fell on declines of carrots and Bolthouse Farms juices. The unit, which is intended to drive sales growth by capitalizing on healthy eating trends, now accounts for 13 percent of its total sales.
Chief Executive Officer Denise Morrison called the unit's performance "disappointing" but said it was the result of execution problems the company is fixing. Morrison said a premature harvest had led to smaller carrots, which drove away customers. Bolthouse juice results were hurt by a manufacturing problem that prompted the recall of 3.8 million bottles.
For its fiscal fourth quarter, Campbell reported a loss of $81 million, or 26 cents per share, after reporting a profit in the same period a year earlier. Total revenue dipped slightly to $1.69 billion in the period, in line with Wall Street forecasts.
The company's shares dropped $3.81, or 6.3 percent, to close Thursday at $56.91.
-- The Associated Press
Israel tries to lure natural gas explorers
Israeli Energy Minister Yuval Steinitz is out to persuade big energy explorers put off by years of regulatory turmoil to search for natural gas off his country's shores.
Steinitz is scheduled to visit this week with executives from large and midsize energy companies to make his case that prospects for finding big reserves are good.
"According to geological and seismological surveys, it is very probable that most of the natural gas is yet to be found," Steinitz said. "We hope to see at least two or three large companies submitting bids."
A report by French consultants Beicip-Franlab estimated that Israel's waters hold about 2½ times the amount contained in known fields, Steinitz said. In the past 12 months, he said, he's met with chairmen, executives and directors of almost all of the world's major gas companies to promote exploration.
Israel is actively seeking energy investors now that the last of the regulatory, legal and political challenges that held up gas development for years was swept away in mid-May. Two major discoveries in the past decade have put Israel on course to become a gas exporter, but so far only one midsize international energy company -- Houston-based Noble Energy -- has taken an active role.
-- Bloomberg News
Self-driving tractor an Iowa showstopper
As Detroit carmakers and Silicon Valley tech giants vie to put driverless cars on U.S. roads, one of the world's largest tractor-makers is looking to do the same down on the farm.
Case IH, the agricultural-machinery unit of CNH Industrial NV, this week unveiled a sleek, aggressive-looking red-and-black machine at the annual Farm Progress Show in Boone, Iowa.
This tractor -- CNH calls it the Autonomous Concept Vehicle -- comes equipped with cameras, radar and a global positioning system, allowing a farmer to remotely monitor planting and harvesting via an app on a tablet computer, the company's brand president, Andreas Klauser, said.
Agricultural-machinery companies like Case, Deere & Co. and AGCO Corp. are keen to add the latest technology amid growing interest in the use of big data analysis, drones and satellite imaging.
-- Bloomberg News
Business on 09/02/2016