Home BancShares today tells earnings
Home BancShares is expected to release its earnings for last year and for the fourth quarter today before the stock markets open.
Executives with the Conway-based bank will hold a conference call to discuss the results at 1 p.m. The call can be accessed by dialing (877) 508-9586 and asking for the Home BancShares call.
Home BancShares, which owns Centennial Bank offices in Arkansas, Florida, Alabama and New York, is the third-largest bank in Arkansas, with about $9.8 billion in assets.
-- David Smith
JPMorgan settles mortgage bias suit
NEW YORK -- JPMorgan Chase on Wednesday agreed to pay $55 million to settle federal charges that independent brokers working for the bank discriminated against members of minority groups who were seeking home mortgages during the housing crisis.
A federal suit filed in Manhattan on Wednesday accused JPMorgan Chase & Co. of charging black and Hispanic borrowers higher interest rates and fees for mortgages from 2006 to at least 2009. The lawsuit alleges that discrimination cost at least 53,000 minority-group borrowers tens of millions in higher interest payments and fees, in violation of the Fair Housing Act.
The New York bank denied wrongdoing but says it's agreed to settle the claims.
"We've agreed to settle these legacy allegations that relate to pricing set by independent brokers," said JPMorgan spokesman Elizabeth Seymour, adding that the brokers were using a model similar to "a model all the banks had in 2006 to 2009."
While JPMorgan said those involved were independent brokers working under contract for the bank, federal prosecutors said that Chase maintained ultimate control and was "directly and extensively involved" in setting up the deals.
"Chase could have, but failed, to better monitor its wholesale brokers to discourage discrimination against borrowers based on race or national origin," the lawsuit said.
-- The Associated Press
American Airlines rolls out no-frills fare
American Airlines Group Inc. followed United Continental Holdings Inc. in announcing no-frills tickets that limit carry-on bags to those that fit under a seat, bolstering efforts to compete with fast-growing fare discounters.
The new basic-economy tickets will go on sale Feb. 10 in select domestic markets, and the first flights will begin soon after, the Fort Worth-based airline said in a statement Wednesday. American didn't identify the initial 10 markets or provide specifics of the discount compared with other coach cabin fares.
American, United and Delta Air Lines Inc. are rolling out lower fares with few amenities to compete with low-cost carriers such as Spirit Airlines Inc. that appeal to customers who select flights primarily on the basis of ticket prices. With basic economy, American can appeal to budget travelers without more broadly discounting seats, said Jack Atkins, an analyst at Stephens Inc.
"It's a positive for the earnings, for the stock, and its important to do in order to prevent dilution of the cabin, given the growth" of deep discounters, he said. "They are going to use this more as a defensive tool than an offensive tool."
-- Bloomberg News
CEO Ghosn sees U.S. car industry growth
DAVOS, Switzerland -- Carlos Ghosn, chairman and CEO of the Renault-Nissan alliance, said Wednesday that carmakers will likely increase capacity in the U.S. in the years to come.
Speaking to The Associated Press at the World Economic Forum, Ghosn said President-elect Donald Trump's policy was clear: "It's America first and jobs in the United States."
Ghosn said he hoped this would be expanded upon in the coming days with clear policies and that carmakers will "act in consequence."
If the U.S. car market, as the world's second-largest, continues to grow, then Ghosn expects "more and more capacity."
Ahead of his inauguration as president this Friday, Trump has demanded the auto industry build more cars in the U.S. Ford, Hyundai, General Motors and Fiat Chrysler have all recently announced large investments in their U.S. operations and the creation of jobs.
Ghosn said, "You can expect more to happen in the future."
-- The Associated Press
Condo tower rising in NYC is 25% sold
A condo tower rising in what's billed as Manhattan's newest neighborhood reported that more than a quarter of its 285 units have sold since marketing began in September, a sign that local buyers are willing to commit to the borough's far west side.
Signed contracts at Fifteen Hudson Yards range from about $2 million for a one-bedroom apartment to about $10 million for a three-bedroom unit, said Sherry Tobak, senior vice president of sales at Related Cos., which is developing the $25 billion Hudson Yards commercial and residential project with Oxford Properties Group. One buyer acquired two individual three-bedroom units for a combined $16 million, she said.
With 75 signed deals, reached between September and Dec. 31, the building recorded the largest number of sales at an under-construction development in 2016, said Ryan Schleis, vice president of research and analytics for Corcoran Sunshine Marketing Group, the brokerage working with Related to handle sales at the property. Deals have totaled more than $300 million, Tobak said.
Manhattan's luxury apartment market is seeing sparks of life after sputtering for much of last year as a construction surge created an abundance of choices for the well-heeled.
-- Bloomberg News
Target lowers 4Q profit, sales outlook
NEW YORK -- Target cut its fourth-quarter profit and sales outlook after the discounter wrestled with sluggish Christmas shopping traffic in its stores and weak sales in key areas such as electronics and food that offset a surging online business.
The disappointing Christmas season is a setback for Target, which like many other retailers is trying to reinvent itself to be more nimble in a changing landscape.
Target stepped up its value messages, ramped up its Christmas marketing and showcased more exclusive merchandise such as a new homegrown children's clothing brand called Cat & Jack. Apparently, it wasn't enough to draw shoppers to its stores.
A string of retailers including Kohl's and Macy's recently lowered their outlooks after weak Christmas sales despite their aggressive marketing and merchandising efforts as they contend with shoppers increasingly making purchases with mobile devices.
-- The Associated Press
Business on 01/19/2017