LITTLE ROCK, Ark. (KTHV) -- CNN's Maribel Aber has your top business and financial news on this Tuesday, February 26.
Spending cuts showdown may drag on
Chances are slim that Congress will avert the automatic spending cuts before they take effect on Friday. It's more likely lawmakers will reach a deal to replace the cuts after they begin. But there's no telling when. Funding for numerous federal agencies and programs will be slashed, half from defense and half from nondefense spending.
Arkansas home sales mixed in late 2012
Home sales in Arkansas faced a mixed picture in the last two months of 2012, according to the Arkansas Realtors Association. Sales rose by more than 6 percent in November compared with November 2011 and fell by a bit more than 6 percent in December compared with the year-earlier level, the association said Monday. The average price of homes sold in November rose by less than 1 percent compared with the previous year, from $150,781 in November 2011 to $150,975 in November 2012.
Dillard's reports 4Q profit increase, 10th straight quarter of sales gains
Dillard's Inc. of Little Rock on Monday kept its winning streak alive, reporting its 10th consecutive same-store sales increase and fourth-quarter net income of $161.4 million, up 14 percent from the same quarter last year. The department store chain said earnings per share reached $3.36, up 21 percent from $2.77 during the same time last year. The company noted that the fiscal fourth quarter of 2012 contained an extra week compared to the same quarter last year.
Airlines get early jump on fare hikes in 2013
All major carriers have matched Delta's hike of $4 to $10 on flights booked within seven days of travel. U.S. fares are expected to rise 4.6% this year. When a trade group for corporate travel managers recently predicted airfares would rise in 2013, the group probably didn't expect the hikes to be launched so quickly. Domestic airfares are expected to jump 4.6% in 2013, while international rates will probably rise 8.3%, according to a survey of travel managers by the GBTA Foundation, an arm of the Global Business Travel Assn.