'Talk Business'

Last updated Friday, November 21, 2008 6:56 PM CST in Business

By Roby Brock

However, the company's position has softened recently. Last week, Verizon Wireless spokesperson Robin Nichol was quoted in media reports as saying, "With FCC and DOJ approvals, we continue to work to complete the transaction as soon as is practical." The Federal Communications Commission and Department of Justice both approved the buyout in the last few weeks with regulatory conditions on divestiture of markets and an extension of roaming agreements.

In the internal message shared this week, Alltel COO Jeff Fox said the merger would not close in this calendar year. He noted Verizon is still putting together its financing on the deal but offered no further details.

The condition of the capital and credit markets has made it difficult to obtain financing for the buyout, according to many market analysts and experts in mergers and acquisitions.

Arkansas Highways Could Benefit From Stimulus Plan

Arkansas could receive up to $177.5 million for highway projects under competing economic stimulus packages being considered by Congress, the director of the Arkansas Highway and Transportation Department said Wednesday.

Congress is debating whether to allocate money to states for highway and infrastructure projects as a way to boost the ailing U.S. economy. State Highway Director Dan Flowers said the packages being considered range from $12.2 billion to $17.4 billion. Flowers said if the federal stimulus package is approved, the highway department would have to have projects ready so bids can be awarded and projects under way within 30 days. He said the department has 99 projects valued at about $690 million ready, if the federal money does flow to Arkansas.

State Unemployment Rate Increases To 5.4 Percent

Arkansas' seasonally adjusted unemployment rate rose five-tenths of a percentage point to 5.4 percent in October. One year ago, Arkansas' jobless rate stood at 5.5 percent. At 6.5 percent, the U.S. jobless rate grew four-tenths of a percentage point.

The largest decrease occurred in leisure and hospitality, which saw a decline of 2,300 workers, while jobs in construction and manufacturing both fell by 1,300. The government sector added 2,700 jobs, mainly due to school personnel additions. Educational and health services experienced advances of 1,000 workers with private schools also adding staff.

UAMS Tops $3 Million Goal With Gifts

The University of Arkansas for Medical Sciences has received $1.5 million from the Tyson, Walker and Hunt families to complete the proposed Northwest Arkansas campus of the state medical school. The Walton Family Foundation, a private charity founded by Wal-Mart founders Sam and Helen Walton, gave $300,000 toward the same project. The project also received a $500,000 gift from the Springdale-based Care Foundation in September.

The gifts brought the fundraising drive to its $3 million goal. Project supporters set the goal after Gov. Mike Beebe announced a strong showing of private, local support was needed for him to get behind the project. Beebe has never publicly announced a threshold figure for that private support, however. UAMS has requested $3.5 million from the Legislature to open the satellite campus, which would be located on the site of the former Washington Regional Medical Center building in Fayetteville.

Company Delays Batesville Plant Conversion

Emerson Climate Technologies will delay plans to convert the former White-Rodgers plant in Batesville into a production facility. Emerson had announced in August that it would convert the closing facility into a components manufacturing plant eventually employing around 390 workers. It cited current economic conditions and the global marketplace for the delay.

AEDC To Open Office In China

The Arkansas Economic Development Commission will open a one-person office in China in an effort to further trade in the growing Asian economy. The China office, which will be in Beijing, will consist of a consultant who represents Arkansas' economic development interests under a $100,000 a year contract, according to AEDC director Maria Haley.

"We are now working through the contract and I'm probably going to China to meet with the people there and open the office officially sometime the first week in December," she said. Arkansas' Japanese office operations are also being reorganized.

Bank Of The Ozarks Applies For Treasury Program

Bank of the Ozarks announced that it applied for participation in the U.S. Department of Treasury's Capital Purchase Program. The Little Rock-based bank holding company said that it may still determine to not participate in the program. The TCPP was established as part of the $700 billion federal rescue package passed by Congress in October.

Bank of the Ozarks CEO George Gleason said his bank is on solid financial footing, but he added, "We believe participation in the program may allow us to expand lending, increase investments and take advantage of other opportunities which could be beneficial to our customers and shareholders and contribute to general economic growth."

BancorpSouth Corp., which has substantial banking operations across Arkansas, said it would not participate in the Treasury's program.

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.

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