State of the State 2025: Regulations, tariffs, costs part of trucking sector uncertainties

by George Jared (gjared@talkbusiness.net)

The United States has been mired in a “freight recession” for more than a year and Cass Freight Index numbers indicate it’s not over. The Index reported that freight shipments across North America were down 6.5% in December in a year-over-year comparison. The index reported a 3.1% decline from November and a 13.3% decline on a two-year stacked change. Freight expenditures were down 3.1% in December, and freight rates were up 3.3% in the same month, the Index reported.

Data within the Index includes all domestic freight modes and is derived from 36 million invoices and $38 billion in spending processed by Cass annually on behalf of its client base of hundreds of large shippers. The companies represent a broad sampling of industries, including consumer packaged goods, food, automotive, chemical, medical/pharma, OEM, retail, and heavy equipment, according to Cass Information Systems. 

Arkansas Trucking Association (ATA) President Shannon Newton told Talk Business & Politics she is cautiously optimistic the freight recession could end in 2025, and the metrics seem to be improving.

State of the State 2025: Regulations, tariffs, costs part of trucking sector uncertainties

Rep. Hill outlines priorities for bank regulatory changes, cryptocurrency

by Roby Brock (roby@talkbusiness.net)

U.S. Rep. French Hill, R-Little Rock, is the new chairman of the House Financial Services Committee, an influential panel that oversees the nation’s banking and securities sectors. Hill outlined his priorities for change in the 119th Congress in a recent Talk Business & Politics interview.

PixaHive Image

When he campaigned for the House committee chairmanship, Hill rolled out a package of ideas titled “Make Community Banking Great Again” to explain how he would guide the panel and push for new legislation. A former U.S. Treasury official in the George H.W. Bush administration, Arkansas’ 2nd District Congressman said he wants to see regulations better tied to bank size.

“I believe strongly in tailoring regulations. So the more large and complex your business strategy, the more regulatory surveillance and scrutiny that you ought to have. The smaller and more straightforward your business, you ought to have a lighter touch of regulation. You still comply with the regulations, but you have it in a less costly way to the institution,” he said.

Rep. Hill outlines priorities for bank regulatory changes, cryptocurrency

State of the State 2025: Two years after LEARNS, focus is on higher ed

by Steve Brawner (BRAWNERSTEVE@MAC.COM)

Gov. Sarah Sanders’ 2023 LEARNS Act changed K-12 education. Her focus now is on changing higher education. In her Jan. 14 State of the State address, Sanders introduced the Arkansas ACCESS plan to make higher education more workforce centered.

While she didn’t provide details, she would change the funding formula to emphasize non-degree credentials along with bachelor’s and associate’s degrees. ACCESS also would expand scholarships for those certificate pathways.

Sanders also would create a single application with one fee for prospective students to apply to any state-supported college or university. She would fund college credits while students are still in high school. Meanwhile, she called for terminating professors who she said waste time indoctrinating students.

State of the State 2025: Two years after LEARNS, focus is on higher ed

Gov. Sanders initiates new attempt at work requirement for able-bodied Medicaid recipients

by Roby Brock (roby@talkbusiness.net)

Gov. Sarah Sanders on Tuesday (Jan. 28) pitched the new Trump administration for a waiver to Arkansas’ Medicaid insurance program that will add a work requirement for able-bodied individuals.

The governor previously indicated she planned to make the waiver request, Arkansas’ second effort at adding a work requirement for a portion of its Medicaid population. Former Gov. Asa Hutchinson petitioned for the change, but it was blocked in a subsequent federal court ruling and later rejected by the Biden administration.

“President Trump declared it in his inaugural address: a new American golden age has begun. But our country cannot unleash unprecedented prosperity if able-bodied, childless adults sit on the sidelines. And we won’t slash our deficit if our welfare programs pay people to stay on the sidelines,” Sanders said in a letter to U.S. Department of Health and Human Services (HHS) Secretary-Designate, Robert F. Kennedy Jr.

Gov. Sanders initiates new attempt at work requirement for able-bodied Medicaid recipients

Cargill to shutter turkey operation in Springdale (Updated)

by Kim Souza (ksouza@talkbusiness.net)

Cargill has confirmed it plans to close its turkey processing facility in Springdale. More than 1,000 employees and more than 100 farmers who raise turkeys for the company are being told Tuesday (Jan. 28) about the closure slated for Aug. 1.

“This Cargill closure in Springdale was not an easy decision to make given the impact to the people who work there and local producers,” Chuck Miller, corporate spokesman told Talk Business & Politics. “However, it is the right move to make for the future of our turkey business. Turkey remains an essential part of Cargill’s protein portfolio. We will shift much of Springdale’s production to our turkey processing plants in Missouri and Virginia and work to minimize supply disruptions to customers. We will honor contractual obligations to growers and continue to process turkey and other proteins at more than 40 primary, case-ready and value-added protein facilities in the United States and Canada.”

The company did not provide details about how it plans to honor contracts with farmers. Many farmers have significant bank loans that require multiple year contracts to pay off.

Cargill to shutter turkey operation in Springdale (Updated)

EV registrations soar more than 60% in Arkansas

by Jeff Della Rosa (JDellaRosa@nwabj.com)

Arkansas surpassed 50,000 electric vehicles registered for the first time in 2024, a state agency spokesman said. Total EV registrations jumped 61.57% to 58,387 in 2024 from 36,137 in 2023.

Scott Hardin, spokesman for the Arkansas Department of Finance and Administration, recently provided registration numbers for fully electric and hybrid electric vehicles registered in Arkansas. As of Dec. 31, the state had 9,214 fully electric and 49,173 hybrid electric vehicles registered.

“The state closed the second half of 2024 with strong EV registration totals, easily surpassing 50,000 total registered EVs (fully electric and hybrids) for the first time,” Hardin said. “We should reach 60,000 early this year.”

EV registrations soar more than 60% in Arkansas

‘90 for 90’ Graceland exhibit offers new Elvis artifacts

by George Jared (gjared@talkbusiness.net)

It was the moment Gladys and Vernon Presley had been waiting for. She was set to give birth to the couple’s first child in the early morning hours on Jan. 8, 1935. Exuberance turned to horror.

The couple’s first little boy, Jessie, was stillborn. The infant was placed in a box and taken to the kitchen. Vernon and his brother had built the ramshackle house in east Tupelo, Miss., the year before for only $180. It had no running water or electricity.

There was little time to mourn. A second child was on the way. Elvis Aaron Presley was born 35 minutes later. After the death of his brother, Elvis would remain an only child. Gladys and Vernon never had another.

That one child would become one of the greatest musicians and one of the most recognizable cultural icons of all-time.

‘90 for 90’ Graceland exhibit offers new Elvis artifacts

A-State Chancellor asked about higher ed changes under legislative consideration

by George Jared (gjared@talkbusiness.net)

During her state of the state address earlier this week, Gov. Sarah Sanders said she wanted to streamline the college application process and wanted to create a process to terminate college professors for “woke indoctrination.” Arkansas State University Chancellor Dr. Todd Shields was asked about these ideas Wednesday (Jan. 15) during the meeting of the Kiwanis Club of Jonesboro.

Shields said he thinks the first part of Sanders’ proposed “Access Arkansas” higher education reforms could be a good tool for incoming college students. It would streamline the application process for colleges and universities to one universal form.

It would allow prospective college students to compare and contrast things like education and boarding costs, cost of living in certain college towns and cities, and other factors that might impact a student’s choice, he said.

“I’m a fan of that,” said Shields.

A-State Chancellor asked about higher ed changes under legislative consideration

Arkansas State University Chancellor Dr. Todd Shields.

Landreaux, Hegeman to chair State Chamber, AIA in 2025

by Talk Business & Politics staff (staff2@talkbusiness.net)

The Arkansas State Chamber of Commerce and the Associated Industries of Arkansas Inc. (AIA) announced new board leadership for 2025. Laura Landreaux, president and CEO of Entergy Arkansas, has been elected chairman of the State Chamber board of directors, while Brad Hegeman, vice chairman and chief strategy officer at Nabholz Corporation, will continue as chairman of the AIA board of directors.

Landreaux brings extensive experience to her role as chairman of the State Chamber board. As president and CEO of Entergy Arkansas, she leads efforts to deliver reliable and sustainable energy to approximately 730,000 customers across 63 counties.

Hegeman has served as AIA chairman since early 2024. As vice chairman and chief strategy officer at Nabholz Construction, he has played a pivotal role in driving the company’s strategic initiatives and growth since 1996.

Landreaux, Hegeman to chair State Chamber, AIA in 2025

President Biden blocks U.S. Steel sale to Nippon

by George Jared (gjared@talkbusiness.net)

Citing national security concerns, President Joe Biden has blocked the sale of U.S. Steel to Japanese-based Nippon Steel Corporation. The $15 billion deal, more than a year in the making, was halted by the president on Friday (Jan. 3).

“We need major U.S. companies representing the major share of US steelmaking capacity to keep leading the fight on behalf of America’s national interests,” Biden said in a released statement.

Both U.S. Steel and Nippon immediately threatened legal action. In a jointly released statement, the two steel manufacturers said there is no threat to national security and this was a politically motivated move.

President Biden blocks U.S. Steel sale to Nippon

Arkansas awarded $17 million grant to support maternal health initiatives

by Talk Business & Politics staff (staff2@talkbusiness.net)

Arkansas has been awarded a $17 million grant, the Transforming Maternal Health (TMaH) Model, from the U.S. Department of Health and Human Services’ (HHS) Center for Medicare and Medicaid Services (CMS), the Department of Human Services announced Monday (Jan. 6).

Applying for the TMaH grant was among the recommendations made by the Strategic Committee for Maternal Health established by Gov. Sarah Sanders’ executive order last year. The funds will support efforts to improve the health of pregnant women, new mothers, and babies, the Arkansas Department of Human Services (DHS) said.

The grant will provide the funding over 10 years to several state Medicaid agencies, including Arkansas, with a goal of reducing disparities in access and treatment.

Arkansas awarded $17 million grant to support maternal health initiatives

Arkansas Agriculture Hall of Fame to add 6

by Talk Business & Politics staff (staff2@talkbusiness.net)

Six inductees will be added to the Arkansas Agriculture Hall of Fame, reflective of industry-changing work in aquaculture, forestry, rice, poultry and cattle as well as the University of Arkansas Division of Agriculture.

The six inductees that make up Class XXXVII are:

• Aubrey Blackmon of Houston, a founding member of Perry County Cattlemen’s Association in 1970 and recipient of the Arkansas Cattlemen’s Association lifetime service achievement award in 2012;

• Carl Brothers of Stuttgart, who spent 53 years with Riceland Foods, retiring as senior vice president and chief operating officer and whose leadership was instrumental in passage of the 1985 farm bill, also known as the Food Security Act of 1985;

• Chuck Culver of Fayetteville, retired University of Arkansas Division of Agriculture executive who helped secure more than He helped secure more than $600 million in public and private funding for agriculture research and extension projects;

• Mike Freeze of Little Rock, co-owner and operator of Keo Fish Farms — America’s largest producer of hybrid striped bass fry and fingerlings — who helped Arkansas become one of the top three states in aquaculture production;

• The late Jack Reaper of Albion, who was a prisoner of war in a German concentration camp before starting with a 24-acre farm in White County and growing it into a model farm that included poultry, cattle and row crops; and

• Frank Wilson of Rison, who began planting pine trees with his dad more than 70 years ago and started Wilson Brothers Lumber Company in 1972, followed by several logging companies and other timber industry enterprises offering more than 100 jobs in rural Cleveland County.

Arkansas Agriculture Hall of Fame to add 6

Polish F-35 jets expected to soon arrive in Fort Smith

by Michael Tilley (mtilley@talkbusiness.net)

The first two F-35 fighter jets built for Poland will soon roll off the Lockheed production line in Fort Worth, Texas, and Col. Nicholas Ihde is ready to fly one of the fifth-generation jets to Fort Smith and “bring to fruition” the U.S. Air Force foreign pilot training center.

Ihde, commander of the 85th Fighter Group at Ebbing Air National Guard Base in Fort Smith, told Talk Business & Politics on Thursday that the jets expected to arrive in September could arrive in Fort Smith as early as Dec. 20. He said the noisy arrival of the first two jets should put to rest any concerns about the reality of the high-profile training center.

“There’s been some naysayers around that think this is never going to come to fruition because it was so far out in the future. What I would tell you is we are right around the corner. In the next week or two I’m going down to Fort Worth to fly the first Poland jet here to Ebbing,” said Ihde, who officially took command of the 85th in early July.

Polish F-35 jets expected to soon arrive in Fort Smith

F-35 jet built for Poland (photo from Lockheed)

2023 consumer expenditures outpace income growth in Arkansas

by Talk Business & Politics staff (staff2@talkbusiness.net)

Arkansas’ real personal consumption expenditures (PCE) rose 5.3% in 2023, outpacing real personal income growth of 1.5% in 2023, according to recent data from the U.S. Bureau of Economic Analysis (BEA).

Arkansas’ real personal income was $169.738 billion in 2023, up 1.5% compared with 2023, and below the U.S. growth of 2.1%. Following are 2023 real personal income figures and percent changes among Arkansas’ metro areas.
• Northwest Arkansas: $48.089 billion, up 2.9%
• Little Rock-North Little Rock-Conway: $42.409 billion, up 2.7%
• Fort Smith: $11.48 billion, up 0.9%
• Texarkana: $6.811 billion, up 1%
• Jonesboro: $6.507 billion, up 2%
• Hot Springs: $5.078 billion, up 2.2%
• Pine Bluff: $3.662 billion, down 2.4%

2023 consumer expenditures outpace income growth in Arkansas

Warren Stephens to be nominated as U.S. Ambassador to United Kingdom

KUAR | By Roby Brock / Talk Business & Politics

President-elect Donald Trump announced Monday (Dec. 2) that he will nominate Warren Stephens, chair, president and CEO of Little Rock-based Stephens Inc., as the U.S. Ambassador to the United Kingdom.

Stephens Inc. is a privately held, independent financial services firm headquartered in Little Rock. Stephens has 28 offices worldwide and employs more than 1,200 people. It has offices in London, England and Frankfurt, Germany, two of the largest financial centers in Europe.

In a statement on his Truth Social account, Trump said:

“I am pleased to announce that Warren A. Stephens, one of the most successful businessmen in the Country, has been nominated to serve as the United States Ambassador to the Court of St. James’s, a role in which he will act as our Representative to the United Kingdom. Over the last 38 years, while serving as the President, Chairman, and CEO of his company, Stephens Inc., Warren has built a wonderful financial services firm, while selflessly giving back to his community as a philanthropist.

Warren Stephens to be nominated as U.S. Ambassador to United Kingdom

Talk Business & Politics

Tyson Foods to shutter two more plants, cut 229 jobs

by Kim Souza (ksouza@talkbusiness.net)

Two small Tyson Foods’ plants in Philadelphia are slated to close over the next two months. The Original Philly cook beef plant and the Original Philly raw plant acquired by Tyson Foods in 2017 will close by Jan. 31.

The news came from a federal Worker Adjustment and Retraining Notification (WARN notice) filed with the Commonwealth of Pennsylvania this past week.

The plants employ 229 workers who prepare Philly steak products for Tyson’s prepared food business. Tyson has not yet said if the production will be shifted to another facility. Tyson Foods said it is working with state and local officials to provide additional resources to those who are impacted by the plant closures.

“After careful consideration, we have made the difficult decision to close our two Prepared Foods facilities in Philadelphia to increase the efficiency of our operations. We understand the decision’s impact on our team members and the local community,” Tyson Foods said in an email to Talk Business & Politics.

Tyson Foods to shutter two more plants, cut 229 jobs

Butterball closing Jonesboro plant, 180 workers affected

by George Jared (gjared@talkbusiness.net)

Butterball will shutter its Jonesboro turkey processing facility next year impacting about 180 workers. The tentative plan is to close the plant by Feb. 3, 2025, according to a release from the company.

A reason for the closure was not released. Production at the Jonesboro plant, which produced cooked, ready-to-eat deli breasts, will be moved to other Butterball facilities.

Workers at the plant were informed during a meeting Wednesday (Dec. 4). Those who stay will be paid in compliance with the Worker Adjustment and Retraining Notifications Act. It wasn’t immediately known if some of the displaced workers will be moved to other facilities within the company’s system.

Butterball closing Jonesboro plant, 180 workers affected

Traditional Thanksgiving meal cost down 5% from 2023

by Kim Souza (ksouza@talkbusiness.net)

Families celebrating Thanksgiving with a traditional turkey dinner could pay about 5% less than a year ago, with the cost averaging $58.50 for a group of 10. The 2024 estimated cost is below the $61.17 in 2023, according to the American Farm Bureau Federation (AFBF).

A Thanksgiving meal is still 19% more expensive than in 2019 as food inflation has remained sticky since the pandemic. Turkey prices are cheaper this year with supply outpacing demand. The average price for a 16-pound turkey is $25.67, about 6% cheaper than a year ago. Several retailers discounted turkey prices since the survey was completed the first week of November.

“The turkey is traditionally the main attraction on the Thanksgiving table and is typically the most expensive part of the meal,” said AFBF Economist Bernt Nelson. “The American turkey flock is the smallest it’s been since 1985 because of avian influenza, but overall demand has also fallen, resulting in lower prices at the grocery store for families planning a holiday meal.”

Traditional Thanksgiving meal cost down 5% from 2023

The Supply Side: Natural State Beef seeks to place Arkansas beef in more stores

by Kim Souza (ksouza@talkbusiness.net)

Harrison-based Natural State Beef is the brainchild of Mike Fountain who said in 2020 when he could not find ground beef at the grocery store amid the COVID-19 pandemic, he began to think about the need for local beef supplies in his home state.

“It was very frustrating to see the local cattle supply backing up because commercial slaughter plants and feed lots were barely running because of worker shortages,” said the third-generation farmer and rancher.

Fountain said he has been in the cattle business his entire life, but when he was young his grandad also raised hogs. He said after feeding the pigs, he would sell them for profit. But over the years, family hog farms have died off, except for a few commercial farms for large companies. He said the Arkansas dairy industry also dried up, and he just could not sit back and watch the cow-calf industry also fold because of the lack of commercial markets.

The Supply Side: Natural State Beef seeks to place Arkansas beef in more stores

U.S. Highway 67 designated as Interstate 57

by George Jared (gjared@talkbusiness.net)

A stretch of Interstate 57, formerly U.S. Highway 67 from North Little Rock to Walnut Ridge has been designated as an interstate. The 120 mile swath is part of a highway that connects Canada to Mexico and goes through large cities such as Chicago, St. Louis, Dallas and Little Rock.

“Designating the sections of U.S. Highway 67 that already meet Interstate standards as Interstate 57 highlights this route and the cities and counties along this route for economic growth and job creation,” said Arkansas Highway Commission Chairman Alec Farmer. “This designation’s true value is connecting this north-south interstate route from Interstates 30 and 40 in central Arkansas via an existing Interstate 57 Mississippi River Bridge with many of the nation’s other primary east-west routes such as Interstates 70, 80 and 90 – better connecting Arkansas with the rest of the country.”

Arkansas has about 16,400 miles of paved roads but only about 800 miles are designated as interstate. The more interstate miles a state has improves its economic viability, Farmer said. State officials have been pushing for I-57 to become an interstate for more than six decades.

U.S. Highway 67 designated as Interstate 57

Arkansas Highway Commission Chairman Alec Farmer.