Wal-Mart signs deal with Texas wind farm
Wal-Mart Stores Inc. has agreed to a 12-year power purchase agreement in Texas with Akuo Energy USA.
Under terms of the agreement Wal-Mart will purchase 80 percent of the output of the wind farm near Del Rio, Texas. Energy generated by the farm will be used to power 350 Wal-Mart stores, Sam's Clubs and distribution centers in Texas, according to an Akuo Energy news release.
Wal-Mart has committed to working toward "100 percent renewable energy" and has stated a goal of producing or procuring 7 billion kilowatt hours of renewable energy worldwide by Dec. 31, 2020. Wal-Mart's first wind power agreement was signed in Mexico in 2006. At the end of 2013 the retailer had more than 335 renewable energy projects in operation or under development worldwide.
Akuo Energy USA is a subsidiary of France's Akuo Energy SAS.
-- Chris Bahn
Judge allows lawsuit filed by Rogers firm
U.S. District Judge Timothy L. Brooks has denied a motion to dismiss a lawsuit that was filed on behalf of a Chinese manufacturer being sued by Redman & Associates.
Sales Chief Enterprises is being sued for a variety of actions that Redman alleges led to the cancellation of a $70 million contract with Wal-Mart Stores Inc. Arguing the Rogers company failed to allege "plausible facts," Sales Chief was seeking the dismissal of four of five counts, including breach of contract, tortious interference and misappropriation of trade secrets.
"If anything, the Amended Complaint is perhaps too detailed to be considered 'a short and plain statement' of the claims at issue," Brooks wrote. "In any event the Court further finds that, to the extent factual disputes exist between the parties as to the nature and validity of any of the claims, such disputes are more properly addressed at the summary judgment phase of the proceeding after some discovery has taken place."
Mark Henry, attorney for Redman, said in a statement that the dismissal will allow the case "to continue forward without any further delay."
-- Chris Bahn
State index settles at 403.09 after apex
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 1.62 to 403.09 on Wednesday.
The index reached an all-time high for the second straight day, topping out at 403.67.
"U.S. stocks surged higher on Wednesday, reversing an early morning sell-off after some dovish commentary from the Federal Reserve," said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock.
Windstream rose 4.4 percent to lead the index in heavy trading, and Murphy Oil rose 4.3 percent on average volume.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 03/19/2015