Finance & Business World

Brown Shoe Co. Inc. reported a second-quarter profit of $5.3 million, compared with a loss of $4.2 million in the prior-year period.

Net sales for the 13 weeks ended July 31 were $585.8 million, up nearly 15 percent from $511.6 million a year earlier.

Chairman and Chief Executive Ron Fromm said the company expects strong back-to-school sales, saying that one in 10 American families shop at Famous Footwear during this time.

"We plan to drive increased market share gains with a powerful assortment of brands and traffic-generating TV, print and digital-marketing campaigns," he said in Wednesday's earnings release easy to get unsecured personal loans. "Our portfolio of wholesale brands is equally poised for growth, as evidenced by our strong backlog for fall and holiday shipments."

St. Louis-based Brown Shoe Co. Inc. (NYSE: BWS) owns and markets shoes under the Naturalizer, LifeStride, Connie, Buster Brown and other brands; and operates the Famous Footwear and Naturalizer retail stores. Brown Shoe reported sales of $2.2 billion in 2009.

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As BP Plc’s costs to clean up the oil spill in the Gulf of Mexico rise to more than $3 billion, the company is asking partner Anadarko Petroleum Corp. to help foot the bill.

The London oil giant has so far billed The Woodlands-based Anadarko (NYSE: APC), which holds a 25 percent stake in the Macando well, for $272 million, according to the Associated Press. It also reportedly is charging Mitsui, which holds a 10 percent interest in the well, for $111 million.

In mid-June, Anadarko Chairman and Chief Executive Jim Hackett declared that the April 20 explosion on the Deepwater Horizon and subsequent oil spill was a preventable tragedy and “the direct result of BP’s reckless decisions and actions.”

IHe went on to say that Anadarko should not have to pay for BP’s failure to drill the well in a “good and workmanlike manner.”

Anadarko, according to AP, is evaluating the bill from BP and assessing its contractual remedies payday loan.

Anadarko, along with all the spill-related companies, has seen its stock plummet in the wake of the disaster. Shares closed on July 2 at $38.07, down sharply from $73.79 on April 20, the day of the explosion.

For its part, BP said on July 5 that the cost of the spill response to date now totals about $3.12 billion. A new ‘super skimmer’ is being tested in the Gulf but efforts have been hampered from rain and wind resulting largely from Hurricane Alex. To date, clean-up operations have recovered in total about approximately 673,497 barrels, or 23.5 million gallons, of oily liquid.

The Houston Business Journal is providing continuous coverage of the Gulf oil spill.

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Swarovski will open in July a licensed boutique store at Hartsfield-Jackson Atlanta International Airport through a partnership with Areas USA.

The 567-square-foot space will sell Swarovski’s line of fashion jewelry, watches, home accessories and décor objects.

Swarovski already has eight licensed boutiques in the United States with locations at Foxwoods Resort Casino, John F. Kennedy Airport, Dover Downs Hotel & Casino, the Palazzo Resort Hotel & Casino, the Venetian Las Vegas Resort Hotel Casino and the Eldorado Hotel Casino among others. It is aiming to have between 20 to 25 licensed boutiques opened by the end of 2010.

Swarovski also runs more than 230 retail stores throughout the country.

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The Coosa Valley Water Supply District received a $1.5 million grant to connect several St. Clair County water systems.

The U.S. Economic Development Administration gave the grant to the district to connect Pell City, Odenville and Springville to a regional water system, said a news release.

The project will create 83 jobs and $5.7 million in private investment and build a water intake structure at the Coosa River and other improvements to support additional development and business expansion in the region.

“The Obama Administration is committed to helping communities stay competitive,” U.S. Commerce Secretary Gary Locke said in a statement. “This EDA grant will help make the vital infrastructure improvements these towns need to establish a regional water system that will support the business community and attract new jobs to the region.”

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Tesla Motors Inc. said Tuesday it expects its stock will sell in the $14 to $16 a share price range.

The Palo Alto-based electric car company said that it expects to raise up to $230 million between the 10 million shares it will sell in its initial public offering, the 3.3 million shares that Toyota Motor Corp. has agreed to buy and 1.1 million in additional shares its underwriters have the option to buy payday advance.

The company's market cap at the high end of the price range would be about $1.5 billion.

It has applied for the ticker symbol "TSLA" to trade on the Nasdaq exchange.

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Chrysler Group is recalling about 285,000 model year 2008 and 2009 Dodge Caravan and Chrysler Town & Country cars in the U.S. because of possible fire hazards.

The National Highway Safety Administration said some of the vehicles, manufactured between February and September 2007, may have been built with "an improperly routed wire harness" that could short circuit and ultimately cause a fire.

"The company is not aware of any accidents or injuries related to this issue," said a company spokesman in a statement. Chrysler said it was conducting a voluntary safety recall for the vehicles "to inspect the sliding-door wire-track assembly for damage and repair or replace as necessary."

The recall marks the second one for Chrysler this month. Last week, the automaker recalled about 25,000 Dodge Caliber and Jeep Compass cars in the U.S. because of a problem that causes the gas pedals to stick. An additional 10,000 cars were being recalled in other countries.

Earlier this year, the automaker recalled more than 300,000 model year 2005-2006 Dodge Caravan, Grand Caravan and Chrysler Town & Country vehicles over front crash sensors that could cause air bag malfunctions during a crash. That recall pertained to vehicles in 29 states and the District of Columbia.

Chrysler will notify owners of vehicles affected by the recall. Dealers will inspect and, if needed, fix the vehicles for free. Owners who think their car may be involved can call Chrysler at 1-800-853-1403 or NHTSA at 1-888-327-4236. 

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Toyota brought us the Venza last year, now Honda has the Crosstour. At first blush the two seem like rivals in the spirit of Camry and Accord, the popular sedans that form the basis for the new pair. Both further blur lines already crisscrossed by sedans, coupes, sport utilities etc.

But Venza is more of a wagon than a sport utility, kind of the opposite of most crossovers. Crosstour comes across as more of an oddity, a high-riding midsize hatchback rather than a wagon or SUV.

And that iteration of one of the market's best midsize sedans left me a little disappointed. First, the swoopy hatchback design cuts into rear vision, especially with the big spoiler crossing the rear window. And it didn't draw the compliments like the Venza — shades of Pontiak Aztek. Second, although cargo room may be more versatile than the sedan's trunk, the design limits a major gain.

Beyond those complaints, the Crosstour is another shining example of Honda finesse. The powertrain combines a five-speed automatic transmission with a 3.5-liter, 271-horsepower V-6 engine for a smooth, responsive ride. Gas mileage tops out at 27 miles per gallon on the highway with front-drive models. That's a leap over traditional crossovers such as Honda Pilot, but lags Venza, which gets up to 29, but only when outfitted with its 4-cylincer plant.

Crosstour EX starts at $30,450 and includes more than just the basics, including a power moonroof, remote entry, rear wiper, dual climate control, power seats, cruise control, CD changer, MP3 jack, and compass.

Side airbags and curtains, stability and traction control, fog lamps, antilock brakes with assist feature, and tire-pressure monitor make a nice safety package along with perfect fives in government crash tests.

Leather seats and navigation (which includes needed help in the form of a backup camera) are among extras. It costs at least $34,800 to get into an all-wheel Crosstour, but that also includes an upgrade to the EX-L trim payday advance lender.

That long list of features along with Honda's knack for fit and finish provide for an upscale interior. Front buckets are ultra comfy and rear seats are thick and supportive, but do not recline. Legroom is super front and back. As with Venza, there is no third-row seating option.

Despite its size limitations, the cargo bay offers some thoughtful touches. Rear seats easily flip down, not only from flip-switches in the back seat, but also at the touch of a handle in the cargo bay itself. There also are tie downs and three storage bins under the carpeted floor. The floor also can be flipped over with the plastic side up in case you need to haul a bunch of muddy gear.

Both Honda and Toyota have a full range of choices that make sense for family hauling - from the utilitarian compact Fit and Element to SUVs CR-V and Pilot in Honda's case. Both carmakers are skilled at hitting buyer sweetspots amid a growing and evolving field of competitors. Crosstour is likely to appeal to buyers wanting something a little meatier than the Accord sedan, without going for the full-fledged SUV.

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Consumer prices fell in April for the first time in 13 months, giving the Federal Reserve more room to keep interest rates at historic lows to aid the economy. That’s good news for borrowers, but not for savers.

Record-low rates help borrowers who qualify for loans and want to take on more debt. The prime lending rate, used to set rates on some credit cards and consumer loans, is at its lowest point in decades.

But low rates hurt savers. They’re especially hard for people on fixed incomes who earn scant returns on their savings.

The 0.1 percent decrease in overall prices last month was pulled down by gas prices, which are expected to drop further this summer.

Core inflation, which excludes volatile food and energy prices, was flat in April, according to the Labor Department report Wednesday. Over the past 12 months, core inflation has risen just 0.9 percent — the smallest increase in 44 years.

The recession in 2007 and 2008 has kept inflation so low that some economists worry about the possibility of deflation — a destabilizing period of falling prices and wages.

"With the unemployment rate so close to 10 percent, it is entirely understandable that the Fed wants to stick with its commitment to leave rates at near-zero," said Paul Ashworth, senior U.S. economist at Capital Economics.

Ashworth said he thought the Fed wouldn’t start raising rates until late next year — and potentially not until 2012.

Economists had expected overall prices and core prices to edge up 0.1 percent in April. The drop in overall prices was the first decline since a similar dip in March 2009.

Energy prices fell 1.4 percent, the biggest one-month decline since March 2009. Gasoline prices dropped 2.4 percent. Analysts said they expect further declines in coming months as crude oil prices are down nearly 20 percent since April.

Food costs rose 0.2 percent, the same increase posted in March. Economists had expected a bigger increase because of a winter freeze on Florida vegetable and citrus crops.

Clothing costs dropped by 0.7 percent in April. The cost of new vehicles was unchanged. Airline tickets rose by 2.2 percent, one of the few areas to show price pressures last month.

Joel Naroff, president of Naroff Economic Advisors, said stable prices had allowed consumers to spend more freely despite slow growth in income and high unemployment. He said most businesses were "dealing with a sluggish economy and that means they have very little pricing power."

Inflation at such low levels raises concerns of deflation. But most economists believe that threat remains remote. The overall economy has begun growing again, and hiring is starting to pick up.

The U.S. has not had to battle deflation since the 1930s.

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Three former football players who made their marks at Triangle universities headline the 2010 class of North Carolina Sports Hall of Fame inductees.

The hall will add a total of seven new members this year, including Jim Donnan, Mike Quick and Don McCauley.

Donnan is a former North Carolina State University quarterback who went on to have a standout coaching career at the University of Georgia. Fellow Wolfpacker Quick starred as a receiver at NCSU before playing for the Philadelphia Eagles in the NFL.

McCauley played for the University of North Carolina at Chapel Hill Tar Heels. He was an All-America running back there before going on to become a pro bowler with the Baltimore Colts.

The class will be enshrined at an induction ceremony held in the North Raleigh Hilton on May 13. The hall, which was established in 1963, has 266 members. The museum is located on the third floor of the North Carolina Museum of History in Raleigh.

The other inductees this year are:

• Karen Shelton, whose UNC-CH field hockey teams have won seven national titles;

•Paul Simson, one of the state’s most accomplished amateur golfers with two British Amateur Senior Open championships among his victories;

• Carla Overbeck, a three-time All America soccer star at UNC-CH who now coaches at Duke University;

• Herb Appenzeller, a Wake Forest Football player in the 1940s and longtime athletic director at Guilford College.

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With the economy stabilizing, things appear to be getting back to normal.

That’s bad news.

I’m talking about the results of the latest Retirement Confidence Survey, a comprehensive, long-running study about Americans’ attitudes toward retirement and preparedness for it.

The study, now on its 20th year, has been conducted from the beginning by the research firm Mathew Greenwald and Associates for the nonprofit Employee Benefit Research Institute, allowing for meaningful year-to-year comparisons.

This year’s survey, based on telephone interviews conducted in January, found that the record-low confidence levels during the past two years appear to have bottomed out.

"Americans’ attitudes toward retirement have clearly tracked the economy the last couple of years, and that seems to be the case for 2010," said Jack VanDerhei, EBRI’s research director and co-author of the study.

For example, the percentage of American workers who say they’re very confident they’ll have enough money for a comfortable retirement has stabilized at 16 percent, up from the 20-year low of 13 percent in 2009. (The numbers are statistically equivalent, however, given the survey’s margin of error of 3 percentage points.) And 29 percent are very confident they’ll have enough for at least basic expenses in retirement, up from 25 percent in 2009.

Altogether, 54 percent of American workers are at least somewhat confident of having a comfortable retirement, same as in 2009, and 75 percent are at least somewhat confident they’ll be able to cover at least their basic expenses, compared to 74 percent in 2009.

The stabilizing numbers are hardly reason to celebrate, however. The way I see it, they merely reflect again the false confidence that had characterized survey findings consistently before the economic downturn.

"It would be encouraging to find that Americans have bolstered their retirement confidence by improving their preparations for retirement, but that may not be the case," said the study, titled "Confidence Stabilizing, But Preparations Continue to Erode." In fact, as the study reports, "the retirement preparations reported by some workers are eroding, leaving them less prepared for retirement."

For example, fewer American workers say they and/or their spouse have saved for retirement at some point (69 percent, down from 75 percent in 2009). Fewer say that they and/or their spouse are currently saving for retirement (60 percent, down from 65 percent in 2009).

A "distressing" number of Americans have little or no savings, VanDerhei said, with 27 percent (up from 20 percent in 2009) saying they have less than $1,000. More than half of American workers (54 percent) say the total value of their household savings and investments, excluding their primary home and any defined benefit plan, is less than $25,000. (In a concession to reality, 24 percent said they had postponed their planned retirement date in the past year, mostly for money-related reasons).

American workers also are "clueless" about savings goals, the study found. Fewer than half (46 percent) say they and/or their spouse have tried to calculate how much money they’ll need for a comfortable retirement.

And yet doing so (for help, see website www.choosetosave.org) can yield enormous benefits. Rather than being discouraged by the results and giving up savings, Americans who do a retirement-needs calculation tend to be more confident and better prepared for retirement — and more likely to take action to improve their situation, the studies have found.

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