NEWS IN BRIEF

Tuesday, July 9, 2013

India expansion said delayed for Wal-Mart

Widespread Internet reports circulated among media on Monday said that Wal-Mart Stores Inc.’s expansion into India has been delayed and that its first retail outlet in the country would not open until 2016 at the earliest.

Indian officials in September allowed for foreign supermarket chains to gain majority ownership of their Indian operations. Bharti Enterprises is Wal-Mart’s local partner in its existing wholesale business. Back then, Wal-Mart said it would have its Indian retail store up and running within two years.

It’s now believed that Wal-Mart needs a year to 18 months after winning government approval for each store and that the retailer probably won’t apply for its first retail store license before March 2015.

It was was also reported Monday that Bharti Enterprises is having second thoughts about its joint venture with Wal-Mart.

Oil sags as traders wait for new report

NEW YORK - The price of oil fell slightly Monday as traders waited for potentially market moving news at midweek.

Benchmark crude for August delivery slipped 8 cents to $103.14 on the New York Mercantile Exchange.

In Arkansas, the average price of a gallon of gasoline on Monday was $3.27, down from $3.30 a week ago, according to auto club AAA. The national average on Monday was $3.47. That’s 9 cents more expensive than at this time last year.

Oil prices were pushed higher last week by worries that turmoil in Egypt could disrupt shipments through the Suez Canal.

Later this week, the Energy Department releases its weekly report on supplies of crude oil and petroleum products and the Organization of Petroleum Exporting Countries issues its monthly update on the oil market.

Arkansas Index rises 1.58 points to 286.15

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, increased 1.58 to 286.15 Monday.

Dillard’s Inc. shares rose 2.6 percent to finish at $86.21. Wal-Mart Stores Inc. shares increased 2 percent to close at $76.71.

USA Truck Inc. shares fell 3.2 percent to finish at $6.29.

“The major averages extended recent gains to a third session as investors appear to be anticipating an encouraging second quarter earnings season,” said Bob Williams, senior vice president and managing director of Delta Trust Investments Inc. in Little Rock.

The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business, Pages 23 on 07/09/2013