Arkansas Business

Walmart Stores, Inc. has laid off 450 workers at its headquarters as the world's largest retailer attempts to become more nimble to compete with the likes of Amazon.com.

There are more than 18,000 people who work at the headquarters Bentonville, Arkansas. The cuts were across all areas, from finance to global e-commerce. The company says that the employees were spoken to individually early on Friday.

The announcement follows months of rumors about headquarters cuts and arrived a month and a half after Walmart trimmed its annual earnings outlook as profits fell.

The US Department of Labor is pushing forward a proposed rule to standardize fiduciary responsibility among those who give retirement and financial advice and Arkansas’s congressional delegation is providing resistance.

Gwen Mortiz with Arkansas Business reports in this week’s edition that advisors aren’t always required by law to act in a client’s best interest.

As officials try to turn Little Rock’s Main Street into a vibrant Creative Corridor other central Arkansas towns are sorting through their own urban plans. Both Hot Springs and Pine Bluff have recently sought solutions to clear debris from collapsed structures with cash strapped owners. 

Mark Friedman has been reporting on the issue with Arkansas Business.

  A groundbreaking ceremony has been held for the expansion of Aerojet Rocketdyne's plant in Camden in south Arkansas.

The California-based company was joined by Gov. Asa Hutchinson and state and local officials for Thursday's ceremony.

The project includes new buildings and renovations on the 1,200-acre site and 85 new jobs. The cost of the project was not released, however it is supported with incentives that include funding, tax exemptions, real estate tax grants and reimbursement for training.

The plant produces solid rocket motors used in the defense industry.

A state judge has ruled a northwest Arkansas city can vote next week on a proposal to ban discrimination based on sexual orientation or gender identity.

Washington County Circuit Judge Doug Martin on Thursday denied a motion to block next week's special election on the Fayetteville anti-discrimination ordinance.

Opponents of the ordinance had sought a temporary restraining order and had argued, among other things, that the ordinance violated a state law aimed at preventing local anti-discrimination protections for lesbian, gay, bisexual and transgender people.

Arkansas severance tax collections tumbled nearly 59% in the first month of state’s fiscal year 2016 as Fayetteville Shale drillers were unable to sustain production levels due to continued weak natural gas prices, spending cuts and fewer operating rigs.

According to monthly tax data compiled by the Revenue Division of the Arkansas Department of Finance & Administration, state tax revenue for natural gas production in July (the first month of fiscal 2016) came in at $3.48 million, compared to $8.4 million a year ago.

The long rain-induced nightmare for port, barge and other operators on the Arkansas River may soon be over, but the impact of heavy rains earlier this year pushed river tonnage down more than 25% in July.

Tonnage shipped on the McClellan-Kerr Arkansas River Navigation System between January and July totaled 5.135 million in July, down 23% compared to the same period in 2014, according to a monthly report from the U.S. Army Corps of Engineers.

The CEO of the state’s first superproject, Big River Steel CEO John Correnti, was found dead on an out-of-state business trip Tuesday morning, Talk Business & Politics has confirmed.

Correnti, 68, was the driving force for the $1.3 billion steel mill superproject, which is being built near Osceola (Mississippi Co.). As a former CEO of rival Nucor Steel, Correnti was a big fan of Arkansas where he once headed Nucor’s operations in the 1990’s.

Private developers and the city of Little Rock have been investing in recent years to revive a stretch of Main Street but not all projects in the so-called Creative Corridor are taking off. George Waldon, with Arkansas Business, reports that two mixed-use commercial and residential properties being developed by Scott Reed – K Lofts and Main Street Lofts – are behind schedule and owe contractors more than a million dollars.

The Walton Family Foundation is developing what it is calling an “independent” school in Bentonville for the Northwest Arkansas region, the foundation announced in a press release Thursday.

The release said the school “will also offer a challenging curriculum, small classes, a diverse student body and distinctive architecture.”

The architecture plan to transform Main Street Little Rock into the Creative Corridor has been recognized again.

The University of Arkansas Community Design Center and Marlon Blackwell Architect’s plan, “The Creative Corridor: A Main Street Revitalization for Little Rock,” won Honorable Mention in Urban Design (Concept) of the International Awards 2015 sponsored by Architecture Podium.

JBS USA Pork has agreed to a $1.45 billion deal with Cargill to acquire the company’s U.S.-based pork business, which includes part of the agriculture and food giant’s pork operations in Arkansas.

Presidential aspirant Hillary Clinton, civil rights leader Daisy Bates, and the first woman elected to the U.S. Senate, Hattie Caraway, are among 11 inductees in the first class of the Arkansas Women’s Hall of Fame. One organization, the Central High School desegregation-era Women’s Emergency Committee to Open Our Schools, also received the honor.

Southwest Steel Processing announced Monday it plans to invest $18 million in its Newport plant, adding a second forging line and creating 100 new jobs over the next two years. The state will contribute an additional $11 million to the project. Scott Hardin, from the Arkansas Economic Development Commission, says the company chose to expand in Arkansas due to the capability of the existing workforce and community.

Acxiom Corp. announced that it is getting out of the IT services business as the Little Rock technology company continues to streamline its operations to focus on its core marketing and data services business.

At the same time, Acxiom fourth quarter earnings improved year-over-year although it reported net losses of eight cents per share from continuing operations on revenue of $257 million. That compares with losses of 33 cents year share on sales of $269 million in the fourth quarter of fiscal 2014.

Walmart saw its first quarter revenues slide 0.1% but profits fell further as the strong dollar and changes in consumer spending impacted the retail giant’s bottom line.

A smattering of protestors lined the plaza of the Little Rock Regional Chamber of Commerce Wednesday at noon to denounce its support of the state takeover of Little Rock schools. Charles Zook said his family embodies what he characterizes as a suspect network of influence in the state’s 5-4 decision in late January to dissolve the locally elected school board.

Shares in Windstream Holdings Inc. were moving lower in trading Thursday after the Little Rock telecom reported that first quarter earnings fell nearly 67% following the recent spin off its real estate assets more than a week ago.