Business news in brief

— QUOTE OF THE DAY

“The weather was absolutely perfect for corn in 2012.”

Scott Stiles, extension economist for the University of Arkansas’ Division of Agriculture Article, 1D

Soybean contest winners announced

Ten Arkansas soybean growers will take home cash awards for success with their 2012 crops, the Arkansas Soybean Association said.

Martin Henry of Desha County won $10,000 in the Early Season Production System division with a yield of 94.901 bushels per acre. Blake Goodman of Corning won $10,000 in the full season division with a yield of 89.586 bushels per acre and Tim Sisk of Wynne won $7,500 in the double crop division with a yield of 78.593 bushels per acre.

The awards are part of the association’s 2012 Go for the Green ($$$$) Soybean Yield Challenge, the association said last week in a news release. The soybean growers and others will be recognized at the association’s annual meeting, Jan. 29 at the Brinkley Convention Center.

Additional prizes in the early season division will be awarded to Paul Bingham of Trumann, Charles Poole, Sr.

of Eudora and Kenny Qualls of Lake City.

In the full season division, second place went to Roy Bloodworth of Crawfordsville.

In the double crop division, second place went to Charles Galloway of Gregory with a yield of 76.656 bushels per acre. Third place went to Terry Fuller of Poplar Grove with a yield of 65.54 bushels per acre. Jeff Felts of Tillar received fourth place with a yield of 64.01 bushels per acre.

The contest, funded by the Arkansas Soybean Promotion Board, is conducted by the association and University of Arkansas’ Division of Agriculture county agents and agronomists as well as participating private consultants.

More information about the contest and soybean production is available at the association’s website, arkansassoybean.com.

  • Glen Chase

Swatch to buy jeweler Harry Winston

Swiss watch giant Swatch Group is scooping up Harry Winston Diamond Corp.’s luxury goods operation in a deal valued at as much as $1 billion.

The Swiss firm will pay $750 million and assume up to $250 million in debt of the Toronto-based diamond specialist, which Marilyn Monroe crooned about in the 1953 film “Gentlemen Prefer Blondes,” Harry Winston said in a statement.

The part of Harry Winston that is not sold will be redubbed Dominion Diamond Corp. and will source polished diamonds for Swatch.

“Harry Winston brilliantly complements the prestige segment of the group,” said Nayla Hayek, chairman of Swatch Group. “Diamonds are still a girl’s best friend.”

Adding a well-known, high-end jeweler to its portfolio will help Swatch compete in the luxury market against competitors such as Cartier. A previous collaboration with Tiffany & Co. fell apart after Swatch accused the posh brand of breaching its agreement to sell watches under the Tiffany brand and split the profits.

  • Los Angeles Times

Jeep in talks to build vehicles in China

DETROIT - The head of Chrysler LLC’s Jeep brand says the company is in talks to build some of its vehicles in China for that market.

Jeep’s President and Chief Executive Officer Mike Manley told reporters during a preview of the North American International Auto Show in Detroit that any production would be “relatively incremental.” Jeep sells several models in China, including the Grand Cherokee, Wrangler and Compass.

Chrysler is owned by Italian car maker Fiat SpA. Manley said Jeep has been talking with a Fiat partner in China about production.

Manley says the Wrangler always will be built in the U.S. and the brand’s home is “always going to be” the U.S.

During the 2012 presidential campaign, Republican candidate Mitt Romney came under criticism for an ad saying Chrysler would build Jeeps in China.

  • The Associated Press

Jaguar adds 800 jobs as China sales grow

LONDON - Car company Jaguar Land Rover says it’s adding 800 jobs in Britain as it enjoys a big jump in sales in China, which is now the luxury auto brand’s largest market.

Jaguar Land Rover said in a statement late Sunday that it had sold nearly 72,000 vehicles in China last year, more than the roughly 68,000 vehicles it sold in its U.K. home market.

The company said that sales were up 30 percent globally despite the uncertain economy, with big increases also recorded in the United States, Russia and Germany.

Roughly a quarter of the 800 new jobs will be subsidized by the British government’s Regional Growth Fund.

Jaguar Land Rover is based in the U.K. but is owned by India’s Tata Motors.

  • The Associated Press

Icahn buys stake in Transocean

NEW YORK - Shares of Transocean rose 3 percent in morning trading on Monday after it was disclosed that billionaire investor Carl Icahn purchased a 1.56 percent stake in the oil-drilling company and may want to buy more.

The shares fell in later trading.

Swiss-based Transocean owned the Deepwater Horizon drilling rig that caught fire and sank in the Gulf of Mexico in 2010, triggering the nation’s worst offshore oil spill. The company recently reached a plea agreement with the Justice Department over its role in the huge oil spill.

Icahn is known for buying stakes in struggling companies and shaking them up.

In disclosing the Icahn stake, Transocean also said in a regulatory filing with the Securities and Exchange Commission that Icahn is looking to obtain regulatory approval to potentially buy additional shares worth more than $682.1 million.

If he gets approval, he could become one of Transocean’s biggest shareholders with about a 5 percent stake.

The company’s largest stockholder is currently Capital Research & Management, with a 5.12 percent stake, according to FactSet.

Transocean leased the Deepwater Horizon drilling rig to BP PLC. The rig sank after a fire killed 11 workers and triggered the spill. The April 2010 blowout of BP’s Macondo well spewed more than 200 million gallons of oil into the Gulf.

Transocean Ltd.’s stock fell 16 cents to close at $53.93.

Its shares fell as low as $39.32 in early June and rose as high as $59.03 in mid-March.

  • The Associated Press

Business, Pages 22 on 01/15/2013

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