Obama set to visit California Wal-Mart
President Barack Obama is scheduled to visit a Wal-Mart store in Mountain View, Calif., today to talk about the importance of energy efficiency. It is believed to be the first time a sitting president has visited a Wal-Mart store, David Tovar, vice president of communications for the company, said Thursday.
"We are so proud to host the president and hear his vision for a clean-energy future," Tovar said.
The Mountain View store was built in 1995 and later outfitted with solar technology, LED lights in places such as freezer cases and sign lighting, and water-efficiency upgrades, all with the goal to supply stores wholly by renewable energy.
In February 2013, first lady Michelle Obama visited a Wal-Mart store to talk about her Let's Move campaign that aims to eliminate childhood obesity within a generation.
-- Cyd King
One Bank suit says insurer failed to pay
One Bank & Trust Co. has sued its insurance company, claiming it has not paid on a policy that covered dishonesty by employees.
The lawsuit was filed Wednesday in the U.S. District Court for the Eastern District of Arkansas.
It is insured under a financial institution bond with The Travelers Indemnity Co., One Bank said in the lawsuit. The policy had a single loss of liability of $2 million for dishonest employees, One Bank said.
During the bond period, One Bank discovered it had "a substantial monetary loss as the direct result of numerous dishonest" or fraudulent acts "committed by one or more of its employees," including Layton Stuart, the bank's former president and chief executive officer; Tom Whitehead, the bank's former chief financial officer; and Matthew Sweet, the bank's former controller. Stuart died last year.
In 2012, federal regulators required the bank to fire Stuart. An investigation found that One Bank had suffered as a result of wrongful acts by Stuart, Whitehead and Sweet, the bank said. One Bank reported these to Travelers, but Travelers has not paid on the bond, One Bank said.
-- David Smith
Arkansas Index falls 0.54 to close 329.54
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 0.54 to 329.54 Thursday.
Ten stocks advanced and seven declined.
ArcBest had the best day, gaining 1.6 percent on average volume. P.A.M. Transportation Services rose 1.5 percent in light trading.
On the downside, Murphy Oil lost 1.6 percent in average trading. Deltic Timber fell 1.1 percent in above-average volume.
Total volume of the index was 34.2 million shares.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 05/09/2014