Drug compounder agrees to injunction
U.S. District Judge Kristine Baker on Thursday entered a consent decree for a permanent injunction against Cantrell Drug Co. sought by the U.S. Department of Justice and unopposed by the Little Rock compounding pharmacy.
The injunction bars Cantrell from manufacturing or distributing its products until it complies with "specific remedial measures" and until the U.S. Food and Drug Administration notifies Cantrell in writing that the company appears to be in compliance, the Justice Department said in a news release.
"The Food, Drug and Cosmetic Act is designed to protect the public health," said Cody Hiland, U.S. attorney for the Eastern District of Arkansas. "This enforcement action demonstrated our commitment to ensuring that when deficiencies are identified, they are properly addressed."
The FDA sued the pharmaceutical company in federal court last month, seeking to keep it from manufacturing and distributing injectable drugs primarily used in hospitals. The Justice Department accused Cantrell Drug of distributing what the FDA calls adulterated drugs across state lines.
The company previously said it would suspend production until it complied with the remedial measures.
-- Noel Oman
Bank of Ozarks adding to Ozark campus
Bank of the Ozarks announced plans Thursday to build new offices in downtown Ozark, sinking its roots deeper into the town.
The expansion is scheduled to create 133 jobs in Ozark over the next five years, a news release said. Construction will begin this summer and be ready by the end of 2019.
An additional 36,761 square feet of office space and parking will be added to the bank's campus, where employees work out of three buildings and a backup data facility.
Gov. Asa Hutchinson joined members of the Arkansas Economic Development Commission along with George Gleason, chief executive officer of Bank of the Ozarks, on Thursday for the announcement in Ozark.
"This culture of excellence was born in Ozark, it continues to thrive here and it goes with us as we grow," Gleason said in a prepared statement.
-- Nathan Owens
Cargill's $150,000 backs antibiotics lab
Cargill Inc. gave $150,000 to the University of Arkansas System's Division of Agriculture on Thursday for a new research facility, where researchers will test antibiotic alternatives on chickens for the food industry.
Scientists at the new lab, called the Cargill Poultry Research Center, will study the effects of probiotics, prebiotics and other compounds in chickens used for meat and eggs.
In a prepared statement, Brian Wooming, a Cargill turkey veterinarian based in Springdale, said the laboratory will help "work toward reducing the use of antibiotics in animal agriculture."
The 4,200-square-foot lab will be just north of the University of Arkansas, Fayetteville campus and support the work of six to 12 researchers. According to a news release, the space will have 48 pens for birds. Officials broke ground Thursday.
The UA System's Agriculture Division agreed to match Cargill's funds for construction of the facility, now totaling $300,000. The division's matching funds were part of a $1.3 million gift from Tyson Foods.
-- Nathan Owens
Report: Agency to fine Wells Fargo $1B
Federal regulators are poised to impose a $1 billion penalty on Wells Fargo for a variety of alleged misdeeds, including forcing customers to buy auto insurance policies that they didn't need, according to people briefed on the regulatory action.
The expected penalty, levied by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, is likely to be announced today.
It would mark the toughest action that the Trump administration has taken against a major bank. And it is the latest blow to Wells Fargo, which for years was regarded as one of the country's best-run banks but lately has been reeling from a string of self-inflicted crises.
-- The New York Times
30-year mortgage rate hits 4-year high
Mortgage rates broke out of their rut this week, with the 30-year fixed-rate average reaching its highest level in four years.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average climbed to 4.47 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.42 percent a week ago and 3.97 percent a year ago.
The jump of 5 basis points -- a basis point is 0.01 percentage point -- was the largest weekly increase of the year, putting the 30-year fixed rate at a level it hadn't been at since January 2014.
The 15-year fixed-rate average jumped to 3.94 percent with an average 0.4 point. It was 3.87 percent a week ago and 3.23 percent a year ago. The five-year adjustable-rate average rose to 3.67 percent with an average 0.3 point. It was 3.61 percent a week ago and 3.10 percent a year ago.
-- The Washington Post
Parent bankrupt, Carson's stores to shut
CHICAGO -- Carson's will shut down its department stores by late summer after more than 160 years in operation.
After parent company Bon-Ton Stores failed to find a bidder willing to keep the business going, a bankruptcy judge on Wednesday approved the sale of the company's assets, including Carson's and other retail chains, to a joint venture of two liquidation firms and a group of company bondholders.
The flagship of Carson Pirie Scott was once among a full lineup of showy department stores -- including Marshall Field's, Sears, Montgomery Ward, Henry C. Lytton & Co. and Wieboldt Stores -- that called Chicago's State Street home. None of those names can be found there today.
Carson's will close 22 Chicago-area stores in addition to four that were already set for closure. Liquidation sales must be completed by Aug. 31, court documents show. The retailer employed nearly 23,000 people nationwide as of Feb. 2.
-- Chicago Tribune
Business on 04/20/2018