News in brief

Reports: Wal-Mart seeks Flipkart stake

Wal-Mart Stores Inc. is in discussions to invest in India's largest e-commerce company, according to news outlets.

The Economic Times of India, citing persons directly aware of the development, reported the Bentonville-based retailer will meet with Flipkart Ltd. to discuss a strategic partnership. Wal-Mart is willing to invest between $750 million and $1 billion in the company to gain part of India's online retail market, according to Reuters.

The discussions are another step in Wal-Mart's efforts to strengthen its e-commerce business, which accounted for about $14 billion of the company's $482.1 billion in sales during fiscal 2016.

The retailer sold its online business in China to JD.com in exchange for a 5 percent stake in the company earlier this year. Wal-Mart also finalized its $3.3 billion acquisition of Jet.com earlier this month with plans to operate the online retailer and Walmart.com as separate entities.

-- Robbie Neiswanger

58.5 tons of rice given to food bank

The Arkansas rice industry will donate 117,000 pounds of rice to the Arkansas Food Bank today -- enough for more than 1 million servings to feed hungry families in the state.

The donations by Cormier Rice Mill in DeWitt, Windmill Rice Co. in Jonesboro, Riceland Foods and Producers Rice Mill, both in Stuttgart, Riviana Foods in Carlisle, Southwind Rice Mill in Pine Bluff, and Specialty Rice Inc., in Brinkley will be made at 11:30 a.m. at the Arkansas Food Bank, 3801 W. 65th St. in Little Rock. That event will follow Gov. Asa Hutchinson's formal proclamation, at 10:30 a.m. at the state Capitol, declaring September as Arkansas Rice Month. Hutchinson issued the Rice Month proclamation Sept. 1.

The Arkansas Food Bank works with 600 hunger-relief programs across the state, including pantries, schools and disaster relief organizations.

-- Stephen Steed

State index up 3.06; Murphy Oil surges

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 3.06 to 338.12 Wednesday.

Murphy Oil Corp. shares jumped 11.3 percent in more than twice the average trading volume.

USA Truck Inc. shares rose 2.2 percent.

Murphy USA Inc. shares fell 1.15 percent in light trading.

Communications Sales & Leasing Inc. shares declined 1.15 percent.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 09/29/2016

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