Wal-Mart offers shoppers loan option
Walmart Inc. now gives shoppers the option to pay for some purchases over time at most supercenters nationwide, the Bentonville retailer said in a news release. The service offered through financial technology company Affirm Inc. will also be made available online in coming weeks.
Affirm loans can be used for purchases ranging from $150 to $2,000. Eligible items include electronics, home and garden, automotive, furniture and sporting goods. Certain items are exempt, though, such as alcohol, tobacco, groceries, pharmacy, firearms and money services.
Walmart-owned brands Allswell and Hayneedle.com already offer the short-term loans, the company said.
Shoppers can check their eligibility for a loan online and get a decision in real time. If approved, they can choose a repayment term of three, six or 12 months, with interest displayed in dollars rather than as an interest rate.
Walmart offers a range of financial services, most of which cater to people who don't use banks or have weak credit. It also offers layaway, and has tested lease-to-own programs on appliances and electronics.
-- Serenah McKay
Everett acquires Landers Ford in Benton
Everett Automotive Group bought Landers Ford in Benton in a deal that closed Thursday.
The dealership at 19501 Interstate 30 will operate under the name Everett Ford. Eric Bertrand was named executive manager of the Ford dealership.
"We are excited to add Ford to the Everett brand right here in Saline County," Dwight Everett, owner of Everett Automotive Group, said. "Our partnership with Ford, America's best-selling brand, is a great opportunity for us to scale our brand in an existing market."
It was the second acquisition for Everett in less than a year. Everett bought Landers Chevrolet in Benton from Penske Automotive Group in March last year.
The Everett group operates six dealerships -- Everett Buick GMC in Bryant; Infiniti of Central Arkansas in Benton; Everett Chevrolet in Benton; Everett Ford in Benton; and Toyota dealerships in Paris, Texas, and Mount Pleasant, Texas.
-- David Smith
30-year U.S. mortgage rate holds steady
WASHINGTON -- U.S. long-term mortgage rates were unchanged this week, after falling modestly the past three weeks.
Mortgage buyer Freddie Mac -- the Federal Home Loan Mortgage Corp. -- says the average rate on the benchmark 30-year, fixed-rate mortgage held at 4.35 percent for the second-straight week. This represents a slight decline from an average of 4.43 percent a year ago.
The average rate this week for 15-year, fixed-rate loans declined to 3.77 percent from 3.78 percent.
Mortgage rates hew closely to changes in the interest charged on 10-year U.S. Treasury notes. Lower borrowing costs appear to have improved the number of January contract signings to buy homes, making homes more affordable.
-- The Associated Press
SpaceX readies debut of crew capsule
CAPE CANAVERAL, Fla. -- SpaceX closes in on human spaceflight with this weekend's debut of a new capsule designed for astronauts.
The six-day test flight will be real in every regard, beginning with a Florida liftoff early Saturday and a docking the next day with the International Space Station. But the Dragon capsule won't carry humans, rather a test dummy in the same white SpaceX spacesuit that astronauts will wear.
NASA doesn't expect this crucial shakedown cruise to go perfectly. But the lessons learned should improve safety when two NASA astronauts strap into a Dragon as early as July.
"Giant leaps are made by a series of consistent smaller steps. This one will be a big step!" retired astronaut Scott Kelly, NASA's former one-year space station resident, tweeted Thursday.
Boeing is also in the race to end NASA's eight-year drought of launching U.S. astronauts on U.S. rockets from U.S. soil. The space agency is turning to private taxi rides to reduce its pricey reliance on Russian rockets to get astronauts to and from the space station. NASA is providing $8 billion for SpaceX and Boeing to build and operate these new systems.
-- The Associated Press
China's factory activity hits 3-year low
BEIJING -- Chinese manufacturing activity fell to a three-year low in February amid a tariff battle with Washington and weak global demand, a survey showed Thursday.
The monthly purchasing managers' index by the government statistics bureau and an industry group fell 0.3 points to 49.2 on a 100-point scale on which numbers below 50 indicate activity contracting. That was the lowest level since February 2016.
Chinese manufacturers have been hurt by President Donald Trump's tariffs in a fight over Beijing's technology plans and cooling consumer demand at home and abroad.
Measures of output and employment declined, according to the National Bureau of Statistics and the Federation of Logistics & Purchasing.
The weakness in trade and manufacturing has increased pressure on the ruling Communist Party to resolve its fight with Washington.
Last year's economic growth declined to a three-decade low of 6.6 percent and Thursday's report adds to signs activity might be weakening further.
-- The Associated Press
Buffett takeover rumor lifts airline stock
Southwest Airlines Co. stocks abruptly jumped the most in a month amid speculation on social media that Warren Buffett's Berkshire Hathaway Inc. was considering a takeover bid. The carrier declined to comment.
The deal talk linking Berkshire and Southwest appeared on Twitter with a mention by StockTradersNET, which called the speculation "unconfirmed." Berkshire, which bought stakes in the four largest U.S. airlines in 2016, is the second-biggest shareholder in Southwest, with a 9.9 percent holding.
"There has been speculation circulating that Warren Buffett might be looking to acquire an airline for some time and that Southwest might be a good fit," the company said in a statement Thursday. "As a policy, we do not comment on speculation, but appreciate Berkshire's continued support of Southwest Airlines."
Southwest rose 4 percent to $56.04 in New York, after climbing as much as 5.8 percent for the biggest intraday gain since Jan. 24.
Berkshire didn't respond to a message left with Buffett's assistant.
-- Bloomberg News
Business on 03/01/2019
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