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Beebe says grocery tax relief 'non-negotiable' Sunday, Dec 31, 2006 By Roby Brock In a television interview this week, Gov.-elect Mike Beebe re-emphasized his promise to reduce the sales tax on groceries. Beebe says that education needs will be a "driving force" in determining how much of a reduction he will propose. He also does not see room for compromise on providing income tax relief, a position suggested by Speaker-elect Benny Petrus. "In my opinion, the reduction and ultimate elimination of the grocery tax is non-negotiable." Beebe also cast doubt that a workable highway program would be presented in this upcoming legislative session. Beebe said he may not even mention the subject in his state-of-the-state address on Jan. 10. The governor-elect suggested that there is a lack of consensus as to how to meet the state's burgeoning highway needs and he says that the federal government needs to make a stronger commitment to helping states build and repair roads. Arkansas home sales continue to slide The November report from the Arkansas Realtors Association (ARA) indicates that the yearlong trend of declining home sales continues. Overall, units sold fell 6.5 percent in November among the markets reported by the ARA. The total dollar amount of those home sales declined by 4.1 percent in a year-over-year comparison. Average home prices rose statewide, a trend that has been consistent throughout the year. The average price of a residence in Arkansas climbed to $150,183 in November compared to $146,325 a year ago. Nationally, home sales increased 0.6 percent, but average prices fell modestly by 3.1 percent during the month. NLR plant sold to German operator Deluxe Media Services, the U.S. subsidiary of Rank Video, has sold its North Little Rock DVD manufacturing and distribution operation to ODS Optical Disc Service Inc., a German CD and DVD maker. The sale could preserve close to 500 local jobs. In late September, Deluxe had announced it would close its Arkansas operation due to a decline in volume. British-based Rank is selling its noncasino and bingo assets, which includes the North Little Rock plant. ODS says it aims to retain the complete management of the DVD manufacturing and distribution operation in North Little Rock. Champion to add 100 new jobs With its acquisition of Tomco complete, auto parts manufacturer Champion Parts of Hope says it will add 100 jobs at its local plant. Hiring could begin in January. Champion CEO Jerry Bragiel said the expansion is possible because of the recent completion of a Community Development Block Grant (CDBG) loan. The $536,000 loan will be used to buy equipment for its Hope facility, according to company officials. Champion Parts re-manufactures fuel system components, air conditioning compressors, front wheel drive assemblies, and other underhood electrical and mechanical products for the passenger car and light truck, agricultural, heavy-duty truck and marine parts aftermarket. Yellville music plant to close The St. Louis Music plant in Yellville will shut down by May leaving 57 workers without jobs. Loud Technologies, which owns the facility, says the work will be moved overseas. The plant produces musical equipment, such as guitar amplifiers and speaker cabinets. St. Louis Music opened in Yellville in 1994 and was acquired by Loud Technologies in 2005. According to local economic officials, staff reductions will occur in three phases over the next five months with a total shutdown taking place by May. A distribution center at Flippin for the music equipment made at the Yellville plant may also may be affected by the closure. Tyson execs get raises Despite losing $196 million in fiscal 2006, Tyson Foods' top executives will see bigger salaries in 2007, but will forgo 2006 bonuses that totaled more than $5 million last year, according to the company's proxy filed Tuesday with the SEC. The raises in base pay for the top five executives ranged from 2.7 percent to 20 percent. Pilgrim's Pride offer hits first deadline Pilgrim's Pride Corp. announced the expiration of its initial cash offer to acquire all of the outstanding shares of Gold Kist common stock for $21 per share. The combined companies will make Pilgrim's Pride the largest poultry producer in the U.S., larger than Springdale-based Tyson Foods. A subsequent offering period for Gold Kist stock will expire at 5 p.m. Friday, unless extended. Pilgrim's Pride has numerous facilities in Arkansas, including plants in Batesville, Clinton, DeQueen, Nashville, Hope and El Dorado. Indian Wal-Mart partner to lay out billions Bharti Enterprises, the India-based partner of Wal-Mart, plans to invest "several billion dollars" by 2010 to set up 200 hypermarkets and hundreds of small stores across the country. The disclosure gives insight into the financial arrangement announced last month when Bharti announced it would form a joint venture and franchise agreement with the world's largest retailer. At the time, Bharti officials described the deal as a "partnership of equals." The move gives Wal-Mart entry into one of the world's largest growing consumer markets and would allow the Bentonville-based company to comply with restrictive Indian laws governing foreign retailers. Huckabee allocates $2 million for UAMS Gov. Mike Huckabee released $2 million in General Improvement Fund money to the University of Arkansas for Medical Sciences to help fund medical research projects, including a proposed cancer research center named in honor of the late Lt. Gov. Win Rockefeller. Huckabee said $1 million of the funds would be seed money for the Winthrop Paul Rockefeller Cancer Research Institute, named in honor of the late lieutenant governor who died in July. The other $1 million will establish an endowed chair to further research in diabetes and obesity. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
