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Tyson Foods and the League of United Latin American Citizens are donating 15 tons of meat and other protein-rich food to Second Harvest Food Bank of Central Florida.

The more than 30,000 pounds of meat donated Feb. 12 will be distributed to partner agencies in six counties and are part of Tyson’s and LULAC’s three-year commitment to fight hunger.

The new donation brings Tyson’s total in-kind donations since 2000 to more than 71 million pounds.

“Donations of poultry and other high protein foods are especially valuable as they allow us to provide our member agencies with more healthy, nutritious options,” said Dave Krepcho, president and CEO of Second Harvest Food Bank of Central Florida. “Every year, our agencies are seeing an increase in need. This significant donation will help local agencies feed our many hungry neighbors.”

S 2010 study on hunger in Central Florida showed there was a 152 percent increase in people receiving food assistance since 2006. Approximately 54,000 Central Floridians are in need of food assistance each week business card.

Second Harvest Food Bank of Central Florida is a member of Feeding America, which is the largest charitable domestic hunger-relief organization in the U.S. It serves about 500 agencies that feed the hungry throughout Central Florida, providing enough food for 14 million meals annually.

The League of United Latin American Citizens has approximately 115,000 members throughout the United States and Puerto Rico. It is the largest and oldest Hispanic organization, advocating for Latino civil rights, in the United States.

Tyson Foods Inc. (NYSE: TSN), based in Springdale, Ark., is one of the world’s largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. It provides products and services to customers throughout the United States and more than 90 countries with approximately 117,000 employees at more than 400 facilities and offices worldwide.

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"Avatar" kept its stranglehold on the top spot in the domestic box office as it passed the $2 billion mark in worldwide gross, according to Box Office Mojo, a Web site that tracks box-office revenues.

The movie also continued to close in on one of the few box-office records it has not yet attained — all-time biggest domestic gross, which is still held by "Titanic."

During the weekend, the top five grossing movies, along with their studio estimates, were:

• "Avatar" from 20th Century Fox — $30 million
• "Edge of Darkness" from Warner Bros. — $17.12 million
• "When in Rome" from Disney — $12.065 million
• "The Tooth Fairy" from 20th Century Fox — $10 million
• "The Book of Eli" from Warner Bros. — $8.77 million

The weekend marked the seventh-straight weekend that "Avatar" was number one at the box office.

Of the top five, "Edge of Darkness" and "When in Rome" were in their first weekends in theaters. According to a report from Box Office Mojo, "Edge of Darkness" was shown on about 3,600 screens at 3,066 site, and "When in Rome" was shown on about 2,600 screens at 2,456 sites.

On the all-time domestic gross list, "Avatar" has pulled in $594,472,000, second to "Titanic's" $600,788,188, which "Avatar" should pass this weekend.

"Avatar" also climbed the list of all-time domestic grosses, taking inflation into account. The movie was 26th on that list last week and 21st this week. To break into the top 20, "Avatar" will need to pass Disney's "Fantasia," which has an adjusted gross of $619,504,300.

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Freeport-McMoRan Copper & Gold Inc. led Arizona stocks in 2009 riding a wave of increasing metals prices for a gain of more than 200 percent.

Three other companies posted triple digit gains in 2009, according to the Phoenix Business Journal’s analysis that runs from Dec. 31, 2008, to Dec. 18, 2009. Six of the 21 billion-dollar companies posted a decline during the year, which saw stock indexes begin to climb out of their recession low in March.

As for 2010, analysts predict all of the top five and bottom five companies will see an improved bottom line, however, equipment rental firm RSC Holdings and US Airways Group are expected to remain in the red. No estimates were available for Mesa Air Group, which has struggled with the recession as well as a contract dispute with Delta Airlines.

Over the same period, the Dow Jones Industrial Average rose nearly 18 percent from 8,776 to 10,329. The Nasdaq Composite gained 40 percent closing at 2,122 Dec. 18.

Click here to see how Arizona’s billion-dollar companies performed for the fourth quarter of 2009. Click here to see performance since December of 2007, when the recession took hold, which significantly changes the fortunes for Freeport and some of the other top companies.

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Consumer spending in the U.S. probably rose in November for the sixth time in seven months as households took advantage of holiday discounting.

Purchases increased 0.7 percent for a second consecutive month, according to the median estimate of 72 economists surveyed by Bloomberg News. The report may also show incomes grew by the most in six months. Confidence and new-home sales probably also climbed, other reports may show.

Retailers such as Best Buy Co. are cutting prices on some items to help Americans overcome the worst employment slump in the post-World War II era and mounting foreclosures. Growing sales indicate consumers will contribute to, rather than hold back, the economic expansion in coming months.

“The U.S. consumer is mounting a comeback.,” said Chris Low, chief economist at FTN Financial in New York. “Despite a 10 percent unemployment rate, credit restrictions and political uncertainty, spending is growing again.”

The Commerce Department’s report is due at 8:30 a.m. in Washington. Estimates in the Bloomberg survey ranged from gains of 0.4 percent to 0.9 percent.

The report may also show incomes rose 0.5 percent last month, the biggest gain since May, according to the survey median. Estimates ranged from increases of 0.2 percent to 0.8 percent.

Auto dealers are among retailers seeing demand improve long after the government’s so called cash-for-clunkers plan expired. Cars and light trucks sold at a 10.9 million unit annual pace last month, up from a 10.5 million pace in October. Sales slumped in September, the month after the trade-in incentive ended.

More Discounting

Best Buy, the largest U.S. electronics retailer, is promoting notebook computers and $299 flat-screen televisions to lure consumers. As a result, the Richfield, Minnesota-based company will see its gross margin decline by as much as 1 percentage point in the fourth quarter, Chief Executive Officer Brian Dunn said on a Dec. 15 conference call with analysts.

The labor market remains a hurdle. The jobless rate is projected to exceed 10 percent through the first half of next year. Payrolls fell by 11,000 last month, bringing total job losses to 7.2 million since the recession began in December 2007, the most of any contraction since the Great Depression.

Consumer Confidence

Stock-market gains are boosting optimism among Americans. The Reuters/University of Michigan final reading on consumer sentiment for December, due about 10 a.m., is projected to climb to 73.8, its highest level since January 2008.

The Standard & Poor’s 500 Index yesterday closed at the highest level in almost 15 months after existing home sales in November topped forecasts. The National Association of Realtors said sales of previously owned houses rose 7.4 percent from the prior month to an annual pace of 6.54 million, the highest level in almost three years.

Another report from the Commerce Department today, due at 10 a.m., is forecast to show purchases of new homes rose 1.9 percent to a 438,000 annual pace last month, the highest level since August 2008, according to the survey median.

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DETROIT–General Motors Co. chairman Ed Whitacre Jr. urged the troubled automaker’s employees to forget their old bureaucratic culture, telling them Friday not to fear being fired for taking risks.

Whitacre, who also announced key management changes, wants to speed up the automaker’s shift to an entrepreneurial culture where decisions are made quickly.

"We want you to step up. We don’t want any bureaucracy,” Whitacre told employees, strolling back and forth across a stage at the company’s headquarters.

"We’re not going to make it if you won’t take a risk," he told the audience of 800.

In a 45-minute presentation that was broadcast to employees on internal television networks and over the Internet, Whitacre also unveiled a mission statement to design, build and sell the world’s best vehicles.

Whitacre, who peppered his address with self-deprecating humour, named vice-chairman Bob Lutz, who has long advocated for a more risk-taking culture, as his adviser for product development.

Whitacre also said he is recombining sales and marketing, placing them under Susan Docherty no faxing payday loans.

She became head of sales when former CEO Fritz Henderson separated the roles of sales and marketing. Henderson left the company earlier this week.

Lutz, 77, who had been in charge of marketing, will help Whitacre learn about the business, he said.

In another key move, the chairman, who joined GM in June, promoted engineering chief Mark Reuss to run North American operations. Reuss recently was named head of engineering, and before that ran the company’s Holden operations in Australia.

GM board member Stephen Girsky, a former auto analyst with Morgan Stanley, will also be an adviser to Whitacre.

During his speech, Whitacre set a tone of humility and encouraged employees to give him ideas.

"I’m on the 39th floor of the RenCen. You’re all welcome," he said.

"You’re a terrific bunch of employees. You have our support. Let’s go hit it and make this thing big."

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Crude oil prices rose over $77 a barrel Wednesday, supported by lower-than-expected builds in U.S. oil inventories last week, a weak U.S. dollar and gains on Wall Street.

Crude stocks rose 1.0 million barrels, the Energy Information Administration said, less than the 1.2 million barrel increase forecast.

U.S. crude for January rose $1.94 to settle at $77.96 a barrel.

"The EIA report prompted some modest price support as the 1 million barrel crude stock build was slightly smaller than expectations and well below yesterday’s API guidance," said Jim Ritterbusch, president, Ritterbusch & Associates in Galena, Illinois.

On Tuesday, the American Petroleum Institute released a report showing a 3.3 million-barrel rise in stocks.

Prices were also buoyed when the U.S. dollar fell to a 15-month low after U.S. data on jobless claims, personal consumption and new home sales fed economic optimism.

Consumer spending rose more than expected in the world’s largest economy, while new jobless benefits claims dropped. New U.S. home sales in October rose to their highest level in a year.

Wall Street stocks rose after the data, boosting crude, which has more than doubled from below $33 in December, though far below its record of more than $147 hit in July 2008.

Soft fundamentals

Analysts noted that the EIA data showed demand for crude oil is still weak.

"Fundamentals remain soft … there’s no reason to open the champagne here. Refinery runs are nothing to write home about, under 14 million barrels a day," said Antoine Halff, first vice president, deputy head of research, Newedge Group, New York.

Refinery utilization rates, while up 0.9% from the prior week, were still 5.9% below year-ago levels, according to the EIA data.

Gasoline inventories rose 1 million barrels to 210.1 million barrels, above analyst expectations for a 300,000 barrel rise.

Distillate stockpiles, which includes heating oil and diesel, dropped 500,000 barrels to 166.9 million barrels.

"The (distillate) draw was slightly larger than consensus expectations, but puts only a small dent in the major surplus," said Timothy Evans, energy analyst at Citi Futures Perspective in New York.

U.S. crude was expected to average $75.40 a barrel in 2010, a Reuters poll showed on Wednesday, but analysts said ample supplies would keep short-term price growth in check. 

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Solon Gershman Inc. represented parties in these transactions:

— Metro Realty St. Peters LLC in the lease of 3,566 square feet of retail space at 4750 Mexico Road, St. Peters, to The Eye Center, represented by CB Richard Ellis.

— J&J Sales in the lease of 3,264 square feet of retail space at 532 St easy payday loan. Louis Avenue, St. Louis, from Harold Rue.

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The banking business has the blahs in St. Louis. Profits are down, fewer borrowers are making their loan payments, and capital levels are slipping.

Banks with money to lend say they can’t find enough borrowers who fit their new, higher credit standards. Troubled banks are cutting back on loans.

That’s the upshot from third-quarter results for St. Louis banks as reported by the Federal Reserve Bank of St. Louis. Of 78 locally headquartered banks, 19 are running a loss for the year.

The good news is that few seem in danger of failing soon. Only two tiny local banks — WestBridge and Champion — fail to meet the federal standard as "well capitalized." Gateway Bank was also on that worry list until banking regulators took control of the north St. Louis bank and sold it early this month to Central Bank of Kansas City.

Rick Hummell, CEO of WestBridge, said a group of investors has agreed to recapitalize the bank, lifting it out of the worry zone. The deal still needs approval from shareholders and regulators, he said.

Officials of Champion Bank could not be reached for comment.

Other local banks are having significant problems. First Bank, the eighth-largest bank in the region, lost $274 million in the first nine months of this year. The bank’s capital level is slightly above the "well capitalized" level, but its holding company, First Banks, has fallen to the "adequately capitalized" level.

First Banks, owned by Jim Dierberg, was one of the few St. Louis banks with major operations outside the region. It lost heavily on California real estate development loans and on lending around Chicago.

Although a large majority of banks are profitable, the losses at a few are throwing the entire industry average into the red. The 78 banks lost a combined $239 million in the first nine months of this year. Without First Bank, whose losses are concentrated in California, St. Louis-based banks would have made a slight combined profit.

St. Louis bank performance numbers have been heading south for more than a year. The average bank made an annualized 3 cent profit on each $100 of loans and securities in the September quarter, down from 36 cents a year ago. In normal times, most banks earn more than $1 on each $100 in assets.

As of September, 2.7 percent of loans were far behind in payments at St. Louis banks, compared with just 1.7 percent a year earlier. The leverage capital ratio, a measure of capital adequacy, shrank to 9.6 from 10.3 percent. A 5 percent ratio is needed for "well capitalized" status.

That analysis excludes several large banks headquartered in other parts of the country but with major St. Louis market share, such as U.S. Bank and Bank of America. Such banks don’t break out St. Louis lending numbers.

Troubles are moving down banking’s food chain. Early this year, the crisis was concentrated in the nation’s larger financial institutions, suffering from big losses on mortgage-backed securities, derivatives trading, consumer lending and other management flubs payday loans.

Then smaller banks began feeling the heat, as housing developers went bust. Now the recession is hitting commercial real estate owners — bread-and-butter borrowers for many St. Louis banks. Office buildings and shopping centers are losing tenants, and the rent they pay. The situation is worst among suburban strip shopping centers that lack an anchor tenant, said Ron Barnes, chairman of Midwest BankCentre in Lemay, which is profitable.

Local banks have 37 percent of their assets invested in loans secured by commercial property, compared with a national average of about 17 percent.

Many such loans were written in mid-decade when credit standards were lower. As the loans mature, borrowers find they can’t meet banks’ new, higher standards.

"2010 is going to be another tough year in banking as they work through the remainder of their commercial real estate problem," said Julie Stackhouse, chief bank regulator at the Federal Reserve in St. Louis.

The 78 local banks had $1.22 billion in bad loans in September, but half of them were at First Bank. The figure is up $1.05 billion in the June quarter and $723 million in September 2008.

If things aren’t getting better, at least things are not getting a whole lot worse, said Stackhouse. "We’re waiting for some stabilization."

There’s debate about when that might come. "If nothing else really happens dramatically, then I think we’re over the hump," said Robert Witterschein, president of Southwest Bank. At this point, bankers have identified their likely problems and are coping with them, he said.

But that assumes commercial real estate prices will not fall dramatically from here. Others are worried about that assumption.

"This thing is not close to the end," said Leon Holschbach, CEO at Midland States Bank, a profitable operation based in Effingham, Ill., with branches in Chesterfield and the Metro East.

Overall lending remains stagnant. Local banks had $29.4 billion in loans on their books in September, practically unchanged from June, and down from $30.2 billion in September of last year.

But that figure disguises much churning among lenders. Banks facing problems are trying to shrink their balance sheets by selling off assets. Such banks generally can’t lend freely and turn away good customers.

"We had a couple of really good businesses call us and say their lenders told them to take their business elsewhere," said Dennis Melton, district director of the small-business administration. "Some banks are pushing out the future to survive today."

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The country's third-largest supermarket chain said sales and profit both grew in its latest three-month period.

Metro Inc., which operates the former Dominion and A&P stores in Ontario, as well as Metro stores in Quebec, said profit rose 16.4 per cent to $84.4 million while sales grew 2.3 per cent to $2.5 billion.

Both profit and sales beat analysts' forecasts.

The quarter, which is also Metro's year-end, was the fourth in which the company posted record net earnings, president and chief executive officer Eric La Fleche noted in a statement.

“I congratulate all our employees and retailers for their great work,” La Fleche said. “Despite the challenging economic environment, we are confident that we will continue to grow in the coming year.”

For the quarter, Metro said same-store sales grew 2 per cent. The key retail performance measure excludes the impact of new stores.

Sales for the year, which ended Sept. 26, rose 4.4 per cent to $11.2 billion, the company said. Profit grew 21.3 per cent to $354.4 million.

Both the quarter and the year were negatively affected by the non-renewal of a convenience store supply chain contract, the company said bad credit cash loans.

However, the company's profits benefited from its stake in Quebec-based convenience store operator, Alimentation Couche-Tarde. Metro said its share of the profits more than doubled to $11.7 million in the quarter and to $37.4 million for the year.

The grocery retailer also announced the creation of dunnhumby Canada, an exclusive joint venture with dunnhumby, an international consulting and marketing service organization known for converting customer data into business strategies.

The joint venture's mission is to better satisfy customers' needs and improve customer loyalty, Metro said.

Metro's results come a day after the country's leading supermarket operator, Loblaw Cos. Ltd., reported higher profit on flat sales, citing lower inflation as a factor.

Metro's share price closed up 4.5 per cent at $31.60 on the Toronto Stock Exchange on Tuesday a day ahead of the news.

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U.S. wine and spirits maker Constellation Brands Inc does not think drinkers will be bellying up to the bar in full force this holiday season, despite some signs of economic recovery.

“I would not be over-optimistic about the consumer this holiday season,” said Rob Sands, chief executive of the maker of Robert Mondavi wine, Svedka vodka and Black Velvet Canadian Whisky.

“I don’t think it’s going to be awful, awful, awful — but I don’t think it will be great,” Sands said in an interview ahead of the company’s investor meeting on Wednesday.

Sands said Constellation, which also has a joint venture with Mexico’s Grupo Modelo to import beers like Corona, will likely not see sales at bars, restaurants and convenience stores turn around until employment improves.

“When we’ve seen unemployment peak and start turning around, you’ll start seeing the on-premise and convenience sector start coming back,” Sands said, noting that people often buy beer at gas stations after work. By contrast, the grocery store business has been less hurt by the economy, he said.

NO UPDATE ON MERGER

Constellation, the world’s biggest maker of branded wine, said earlier this month it was in talks to sell or merge part of its Australian and U.K. wine operations.

At the time, the company said the talks included a potential combination of part of the Australian and British wine operations with Australian Vintage Ltd.

Sands did not offer any new details on the discussions, saying they were ongoing online cash advances. But he did say his plan was to improve margins and reduce investment in those regions, since a recovery is unlikely to come immediately.

“Finding a way to create synergies, improve margins and reduce investment is a prudent course of action, so that’s what this is all about,” Sands said.

As Constellation aims to sell assets, it is not looking for new ones, though Sands did not rule out acquisitions entirely.

“It’s not outside the realm of possibility, but it would be somewhat inconsistent right now with the other things we’re trying to accomplish,” Sands said, noting that he was more focused on improving organic sales growth, return on capital and free cash flow.

Constellation, which recently sold off some less-expensive brands, has closed facilities, cut jobs and consolidated distribution. It has also cut more than $1 billion in debt since March 2008.

Jay Wright, chief commercial officer of Constellation’s U.S. wine business, said it should complete the consolidation of its U.S. wine and spirits distributor network by the spring of 2010, giving it exclusive relationships with distributors in 30 states.

“By consolidating, we were able to … achieve a whole bunch of benefits to our business to help us with profitable organic sales growth,” Wright said. 

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