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Attorney general subpoenas gas retailers Saturday, Sep 20, 2008 By Roby Brock Arkansas Attorney General Dustin McDaniel has issued more than 30 subpoenas to gasoline retailers over prices raised during Hurricane Ike's trek through Arkansas. The companies have 20 days to respond to the subpoenas. "In the event I find sufficient evidence of illegal price gouging, I will be making demand upon those entities to make restitution and pay penalties for the violations," said McDaniel. "If they refuse, they will be sued." Arkansas law prohibits businesses from raising prices for motor fuel, food and certain other products by more than 10 percent within 30 days of a declaration of emergency. Violators can be fined up to $10,000 for each transaction in which a customer is overcharged. Fuel prices in Arkansas rose dramatically over a three-day period during the storm's mainland trek. Dillard's reports damage from hurricane storm Dillard's reported that Hurricane Ike had a significant impact on its properties and operations, including a permanent store closing in Texas. The storm disrupted operations at the company's Texas Gulf-area stores and knocked out power to stores in Ohio, Kentucky and Indiana. Dillard's estimated the extent of the damage to property and inventory which will not be covered by insurance to be approximately $8 million to $10 million. Over half of the damage occurred at a mall store in Texas City, Texas, and the company does not plan to re-open that location. PSC warns of higher winter gas prices The Arkansas Public Service Commission issued an advisory that warned consumers of higher natural gas bills for the 2008-2009 winter heating season. Rising commodity prices are the primary factor impacting predicted increases. Based upon anticipated prices, a residential customer with a winter heating gas bill of approximately $130 per month could expect to pay $146, an estimated 12 percent increase, according to the PSC. Pickens pitches plan to receptive Wal-Mart CEO Texas oil and gas tycoon T. Boone Pickens says he has convinced Wal-Mart CEO Lee Scott to study the possibility of switching the retail giant's fleet of nearly 8,500 delivery trucks from using diesel fuel to natural gas. Pickens met with Scott and other Wal-Mart employees last weekend. Pickens said Scott was "impressed by the Pickens Plan," which promotes alternative domestic energy sources over foreign oil. "When I got to the part of the plan about changing over-the-road truck fleets from running on diesel fuel to running on natural gas, Lee looked over at the guy who runs the Wal-Mart fleet and asked how many trucks they have," Pickens writes on his blog. "About 8,500 tractors, he was told. Lee told him to pick one distribution center-a typical one-and study what would be involved in replacing diesel tractors with natural gas. He wanted a report back to him in a month," Pickens added. For nearly three years, Wal-Mart has made aggressive attempts to improve its sustainability and environmental record. "To have America's largest retailer looking into shifting their trucking fleet to run on natural gas is a major step towards our country's energy independence," Pickens said in an e-mail to supporters. Whirlpool lays off 700 in Fort Smith Whirlpool Corp. announced this week that it would lay off approximately 700 employees at its Fort Smith facility. The layoffs are expected to begin in November 2008, and there is currently no timetable for when employees may be called back to the facility. The company also recently announced a voluntary layoff of 120 employees at its Evansville, Ind., manufacturing facility. Tyson foods acquires three Brazilian firms Tyson signed purchase agreements with three poultry companies in southern Brazil. Tyson will acquire Macedo Agroindustrial and Avicola Itaiopolis, and will initially have 70 percent ownership of a third company, Frangobras. Tyson expects to pick up more than 1,200 employees through the acquisitions and said it anticipated growth in direct and indirect jobs. All three transactions are expected to close in the next 60 days. In February, Tyson made an attempt to buy Brazil's largest poultry processor, Pena Branca, for roughly $74.4 million, but the deal fell through. Brazilian meatpacker Marfrig ultimately paid $53 million for Pena Branca. China lifts ban on poultry imports China agreed to lift a ban on poultry imports from six U.S. states at the conclusion of a meeting with American officials to address commercial disputes. China said it would allow chicken imports from Pennsylvania, Connecticut, Rhode Island, West Virginia, Nebraska and New York and agreed to work to address bans on poultry from Virginia and Arkansas. The Chinese government also agreed to immediately allow seven U.S. poultry processing plants to resume exports to China. Sam's Club gets new headquarters building Wal-Mart has purchased a year-old commercial building in Bentonville about three miles southeast of its home office to become the new headquarters of Sam's Club, the company's warehouse club division. The Bentonville-based retailer paid $29.9 million for the 375,000 sq. ft., four-story structure on 10 acres. Wal-Mart-Coughlin settlement released Details of an Aug. 21 settlement between Wal-Mart Stores and former executive Tom Coughlin were released Wednesday in Benton County Circuit Court. Terms include a previously reported $6.75 million payment to Coughlin, in a form "that is the best tax advantage for Mr. Coughlin," according to court documents. Wal-Mart agreed to pay all outstanding medical bills as of Aug. 21, and the Coughlin family will take responsibility for future medical expenses. Coughlin avoided a jail sentence due to his medical condition when he was convicted of tax evasion and defrauding the retail giant last year. The parties agreed not to make disparaging remarks about each other. Also, $250,000 will set aside in a trust account pending the outcome of two civil suits filed against Coughlin, who agreed to assist the company in any future litigation. ------- 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. |
