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Murphy Oil and Suriname ink deal Sunday, Jun 10, 2007 By Roby Brock El Dorado-based Murphy Oil and the nation of Suriname will work together to develop exploration of possible oil fields off the shore of the tiny South American nation. Suriname's state-run oil company, Staatsolie, and Murphy Oil will drill two exploratory wells and conduct seismic tests over a six-year period in a 3,400 square mile range off the country's eastern shore. Initially, the program is expected to require a $40 million investment from Murphy Oil. Staatsolie would earn 20 percent of the revenues if production ensues, while Murphy Oil will have an 80 percent stake in the venture. Tyson Foods unveils new marketing campaign Protein giant Tyson Foods revealed a new $70 million marketing campaign this week. The motto for the new effort is "Thank You" and will include a series of TV and radio ads aimed at thanking moms for making dinner. Tyson's previous "Powered by Tyson" marketing campaign will not be part of the company's future consumer products marketing, but will continue to be used in other aspects of Tyson's business. South Korea suspends beef from two Tyson plants South Korean trade officials halted beef imports from two plants owned by Tyson Foods and two plants owned by Cargill. Beef was received that violated a recently approved trade pact between the U.S. and South Korea. Independent brokers inadvertently shipped the beef to South Korea, which has asked Tyson Foods and Cargill to develop new safety guidelines for future deliveries before it will lift the suspension. Dillard's sales slip in May Dillard's Inc. posted a 2 percent decline in May same-store sales, while overall sales only slipped 1 percent during the month. Sales for the four weeks ended June 2 were $527.9 million. Dillard's reported that sales in its central and western regions were in line with the company's average sales performance for the period. Sales in the eastern region were below trend. Shoe sales were strong, while cosmetics declined more than normal. Wal-Mart same-store sales rise Wal-Mart reported a 1.3 percent increase in May same-store sales. The retail giant had forecast a May same-store sales gain of 1 percent to 2 percent. Net sales for the four weeks ended June 1 rose 7.7 percent to $28.26 billion for the world's largest retailer. Wal-Mart Store sales rose 5.5 percent. Sam's Club posted an 8.1 percent gain. International sales climbed 14.2 percent. Wal-Mart said it expects comparable store sales for the June five-week reporting period to be between zero and 2 percent. Sam's Club settles lawsuit Sam's Club settled a lawsuit with upscale accessory maker Fendi for allegedly selling counterfeit bags. Under the agreement, Sam's Club has agreed to pay Fendi a confidential settlement amount and Fendi will dismiss its lawsuit against Sam's Club. In addition, Sam's Club will offer to its customers the opportunity to return any bags, wallets, and scarves they purchased at Sam's Club with a Fendi label for full refunds. Baldor sells Power Services business Fort Smith-based Baldor Electric announced that it has completed the sale of the Reliance Electric Co. Power Services business to an unnamed privately held company. Terms of the sale were also not disclosed. Sale of the Power Services business, which represented less than 4 percent of Baldor's annual revenues, will not have a material impact on the company's balance sheet or results of operations. Fort Smith firm to build river barges Fort Smith will be home to a new barge manufacturer. Fort Smith Shipyard LLC has secured 10 acres of land along the Arkansas River to manufacture barges and tugboats. Thirty to 50 jobs will be initially created, with hopes of employing 200 down the road. Huntsville is 2 for 2 LaBarge Inc. landed two major contracts this week that will keep 190 workers employed at its Huntsville facility. LaBarge was awarded a $2.4 million dollar contract from BAE Systems to continue to produce the Ethernet Switch Unit for its A3 Bradley Combat Systems vehicles. It has also been awarded a $2.9 million contract from General Dynamics to continue producing high-level electronic assemblies for the Aegis Weapon System. No new hires are expected. Pine Bluff steel plant could cut jobs A Pine Bluff steel pipe plant could be forced to cut jobs if U.S. regulators don't impose duties on Chinese government-subsidized imports that are being placed on the market in large quantities at low prices, the company president said Thursday. Allied Tube & Conduit, which operates four U.S. plants, including one in Pine Bluff, is one of six welded standard steel pipe manufacturers that filed petitions with the U.S. Department of Commerce and the U.S. International Trade Commission seeking to have duties imposed on the Chinese imports. "Absent an end to dumping and a reduction in imports from China, we will be forced to make reductions at our plants despite very strong demand for our products," Allied President Rick Filetti said. Arkansas housing sales down, prices up The latest report from the Arkansas Realtors Association (ARA) shows more declining sales around the state, while home prices continue to appreciate. The April 2007 housing report shows that statewide home sales fell 7.7 percent during the month. Statewide home prices appreciated in April by 3.1 percent with the average price of a home in Arkansas rising to $152,069. Teamwork Arkansas turns 20 Entergy Arkansas' Teamwork Arkansas program turned 20 years old this week. Teamwork Arkansas is the economic development arm of Entergy, which has assisted in the recruiting and expansion of business in Arkansas for two decades. It was also instrumental in forming the Metro Little Rock Alliance, an 11-county regional economic development effort in central Arkansas. Teamwork Arkansas has assisted in bringing over $9.73 billion worth of business development to the state creating 102,780 jobs, according to the organization. ------- 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. |
