Business*
NEWS IN BRIEF
posted: 05/22/2013 4:35 a.m. Discuss
Arvest’s $45 million profit best in state Arvest Bank of Fayetteville, the largest bank in Arkansas, was the state’s most profitable financial institution in the first three months of the year, according to statistics from the Federal Reserve Bank of St. Louis.
New-car tags in state climb 8% in April
posted: 05/22/2013 4:33 a.m. Discuss
New-vehicle registrations in April rose almost 8 percent in Arkansas, the first increase in titles since January, according to Cross-Sell of Lexington, Ky., which provides market analysis for the automotive industry.
Union, trucker deal set for vote
posted: 05/22/2013 4:32 a.m. Discuss
FORT SMITH — ABF Freight System Inc.’s tentative contract with the Teamsters — if approved by union members — “would allow us to restore the profitability of our company and allow our employees to have the bestpaying jobs in the industry,” parent company Arkansas Best Corp. chief executive Judy McReynolds said Tuesday.
Best Buy reports $81 million loss
posted: 05/22/2013 4:32 a.m. Discuss
MINNEAPOLIS — Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.
Broader insurance for crops in farm bill fuels Senate debate
posted: 05/22/2013 4:31 a.m. Discuss
WASHINGTON — The farm bill the Senate is considering this week would cut some farm subsidies but also expand government-subsidized crop insurance, a safety net used by many farmers in case of bad weather or lost revenue.
Shareholder vote a win for Dimon
posted: 05/22/2013 4:30 a.m. Discuss
JPMorgan Chase Chief Executive Officer Jamie Dimon won shareholder support Tuesday to remain chairman, surviving a campaign to split the roles after a record trading loss at the biggest U.S. bank.
Business news in brief
posted: 05/22/2013 4:29 a.m. Discuss
QUOTE OF THE DAY “It turns out Joe Camel’s nose has been under the tent this whole time in terms of crop insurance subsidies.” Sen. John McCain, R-Ariz., referring to $33 million a year in insurance policies for tobacco farmers Article, 1D Saks hires firm to explore possible sale Saks Inc. has hired Goldman Sachs Group Inc. to explore strategic alternatives, including a sale of the company, said two people with knowledge of the matter.
Home Depot sees profit up by 18% as housing recovers
posted: 05/22/2013 4:29 a.m. Discuss
NEW YORK — The Home Depot Inc.’s first-quarter net income rose 18 percent, thanks to the ongoing housing recovery, despite a chilly and wet spring.
MARKET REPORT: Fed exec’s words cheer investors
posted: 05/22/2013 4:28 a.m. Discuss
NEW YORK — Reassuring comments from a Federal Reserve official and better earnings from two big retailers helped push the stock market higher Tuesday.
Contract details
posted: 05/22/2013 4:28 a.m. Discuss
Teamsters union groups released details of the tentative contract approved Monday by local union representatives. Members are expected to vote in June. Details include : 7 percent wage reduction, to be restored in increments over the next five years.
NEWS IN BRIEF
posted: 05/21/2013 3:25 a.m. Discuss
Century Farm effort seeking applicants Applications are still being taken for the Arkansas Century Farm program, which honors families who have owned and farmed the same land for at least 100 years.
Trucker says no to exit of chief
posted: 05/21/2013 3:25 a.m. Discuss
USA Truck’s board of directors has rejected the conditional resignation of Chairman Robert Peiser — overriding concerns by a shareholders’ advisory group about the date stockholders will be allowed to vote on the company’s shareholders’ rights or “poison pill” provision.
’13 spending outlook improves
posted: 05/21/2013 3:24 a.m. Discuss
WASHINGTON — Consumer spending is likely to pick up this year, while government spending declines at a faster rate, according to a survey of business economists released Monday.
United resumes flights of Boeing 787s
posted: 05/21/2013 3:23 a.m. Discuss
Boeing Co.’s 787 Dreamliner cleared another hurdle in restoring its image Monday as United Airlines resumed flights after the jet’s lithium-ion battery flaws forced a three-month grounding.
Yahoo reaches deal for Tumblr
posted: 05/21/2013 3:23 a.m. Discuss
SAN FRANCISCO — Yahoo! Inc. is buying online blogging forum Tumblr for $1.1 billion as Chief Executive Officer Marissa Mayer tries to rejuvenate an Internet pioneer that has fallen behind the times.
