The Sappington Farmers Market, which filed for bankruptcy Friday, will remain open despite its troubles.
“The reorganization of Sappington Farmers Market will allow the store to remain open and viable,” said Nancy Smith, the market’s manager, in a written statement. “We feel this will position us to be successful in the future.”
Smith didn’t provide an interview.
The store, on Watson Road in Marlborough, has roots going back to the early 1980s and has been at its present location since 1995, where it has gained a loyal following of bargain hunters and proponents of local farming.
The store’s mission has long been to support area farmers by featuring their products.
In her statement released Saturday, Smith said the store would continue to feature local farmers and would continue distributing their products not only through the store but through schools, restaurants and a “mobile market.”
The store’s founder, Tessa Greenspan, sold it in 2008 to a cooperative of small-scale farmers known as the Missouri Farmers Union, which formed a company called Farm to Family Naturally LLC to buy the business.
Farm to Family Naturally, which does business as Sappington Farmers Market, was the organization that filed for bankruptcy on Friday.
Members of the original cooperative who purchased the store have since left, according to employees.
MEXICO, Mo.
Stocks are rising at the open on hopes for a plan to restore long-term confidence in the euro.
French and German leaders are meeting to discuss closer political and economic cooperation between the 17 nations that use the currency. They want tighter control of budgets, to prevent the kinds of debts that might to cause Greece and others to default.
Stocks overseas rose modestly Monday, while the yields on Italian bonds dove, suggesting traders believe that Italy is less likely to default. Italy’s government agreed this weekend on a package of austerity and economic growth measures.
The Dow is up 135 points, or 1.1 percent at 12,154. The S&P 500 is up 16, or 1.3 percent at 1,261. The Nasdaq composite index is up 32, or 1.2 percent at 2,659.
Australia’s ruling party voted Sunday to overturn a long-standing ban on exporting uranium to India, despite fierce opposition from critics who argued such sales are unsafe because India has not signed the Nuclear Nonproliferation Treaty.
Prime Minister Julia Gillard urged members of her center-left Labor Party during its annual conference to allow the exports in the interest of the national economy, arguing there are safeguards in place to ensure the uranium would be used for peaceful purposes.
“We need to make sure that across our regions we have the strongest possible relationships we can, including with the world’s largest democracy, India,” Gillard said. “That’s why today we should determine to change our platform and enable us, under safeguards, to sell uranium to India.”
The party’s vote to amend an executive policy does not need parliamentary approval.
Australia holds 40 percent of the world’s known uranium reserves. It does not sell uranium on the open market and bans nuclear power generation at home.
But it sells uranium only for the purpose of power generation under strict conditions banning any military applications in bilateral trade agreements with the United States, China, Taiwan, Japan, South Korea and several European countries.
Australia’s previous conservative government started negotiations with energy-hungry India on uranium sales. But the Labor government immediately ended the talks when it came to power in 2007, ruling out exports unless New Delhi signed the Nuclear Nonproliferation Treaty.
Gillard had previously noted that the U.S. lifted a “de facto international ban” on nuclear cooperation with India in 2005 when it signed a deal with New Delhi to trade uranium and work together on civil atomic power generation.
But many Labor lawmakers slammed the policy change, arguing that selling uranium to India in the wake of this year’s nuclear disaster at the Fukushima Dai-ichi power plant in Japan, the 1979 partial meltdown of the Three Mile Island reactor in the U.S. and other nuclear accidents was irresponsible and out of touch.
Labor Sen. Doug Cameron won a standing ovation from the crowd after a fiery speech in which he called the amendment “nonsense.”
“Prime Minster, you are wrong! Ministers, you are wrong!” he shouted to thunderous applause. “This is a bad move for the Labor Party, it’s a bad move for international peace.”
Others argued that India was too important an economic power to ignore.
“India, like China, is a rising superpower and it has to be upfront and center in our foreign policy and our foreign trade,” said Labor member Richard Marles. “(This amendment) will pave the way for our two countries to fulfill our shared destiny as nations and friends.”
The motion passed by a vote of 206 to 185.
Lawmakers, responding to pleas from industry and foreign governments, have tentatively agreed to block the Obama administration from requiring that lithium batteries be treated as hazardous cargo because of the danger of fires during flight.
The deal came in talks on a long-term funding bill for the Federal Aviation Administration, Rep. Nick Rahall, D-W.Va., told The Associated Press. The bill will effectively block new battery-shipment rules by insisting the U.S. follow international standards, which are less stringent, said Rahall, top Democrat on the House Transportation and Infrastructure Committee.
Pilot unions said the international standards don’t provide enough safety and are weaker than rules the administration proposed nearly two years ago but never made final. The unions and the National Transportation Safety Board for several years have sought new rules on air shipments of the batteries to prevent fires that can cause air crashes and deaths.
“We’re very concerned that unless this issue is addressed we’ll continue to see accidents and we’ll continue to see fatalities,” said Mark Rogers, who heads the Air Line Pilots Association’s committee on hazardous cargo.
The U.S. shouldn’t “adopt an existing international standard on lithium batteries that’s generally recognized as inadequate,” Robert Travis, president of Independent Pilots Association, which represents UPS pilots, said in a statement.
The FAA bill “is an opportunity for the U.S. to lead by setting a higher standard on the carriage of lithium batteries,” Travis said.
A fire broke out five years ago in cargo containing lithium batteries and other goods on a United Parcel Service plane, forcing an emergency landing in Philadelphia. No one was killed, but one of the pilots said he was able to escape with seconds to spare. The cause of the fire wasn’t conclusively determined, but batteries were suspected.
Last year, another UPS plane with a fire raging on board, and carrying thousands of lithium batteries, crashed near Dubai in the United Arab Emirates, killing both pilots. The accident is still under investigation, but preliminary reports indicate investigators have focused much of their attention on the batteries.
The use of rechargeable lithium-ion and non-rechargeable lithium-metal batteries has soared since the late 1990s. Millions of products from laptops to cellphones to watches contain the batteries. And, in an age of increasing globalization of trade, those products are often shipped by air to and from the United States and other countries.
But the batteries can catch fire if they are damaged, exposed to high temperatures or packaged incorrectly. Lithium-ion battery fires can reach 1,100 degrees, close to the melting point of aluminum, a key material in airplane construction. Lithium-metal battery fires are far hotter, capable of reaching 4,000 degrees.
The administration proposed regulations that would have threated lithium batteries and goods containing the batteries as hazardous materials requiring special labeling and training of workers who package and handle them.
But they were opposed by a broad swath of powerful industries, including battery-makers, electronics manufacturers and retailers, cargo airlines, and at least a half dozen foreign governments who said they would disrupt international trade. The opponents said the regulations would cost them hundreds of millions of dollars in added packaging, paperwork and employee training. The rechargeable battery industry alone says the rules would cost more than $1 billion in the first year.
Opponents of the proposed rules turned for help to Congress, where House Republicans passed an FAA funding bill that requires the U.S. to follow standards set by the International Civil Aviation Organization, a UN agency, effectively blocking the rules. The Senate did not include the measure in its version of the funding bill, but under the tentative deal reached Friday, the House-Senate compromise bill would include it.
Kara Ross, a spokeswoman for United Parcel Service, said the cargo carrier wasn’t aware of the agreement reached by lawmakers but supports the House provision.
A spokesman for PRBA-The Rechargeable Battery Association declined to comment.
Besides Rahall, the other lawmakers involved in negotiations were Rep. John Mica, chairman of the House committee, Sen. Jay Rockefeller, D-W.Va., and Kay Bailey Hutchison, senior Republican member of the Senate committee.
FORT WORTH, TEXAS
On the eve of “Cyber Monday,” online retailers reported an even stronger start to the holiday shopping season than brick-and-mortar stores.
Research firm comScore reported on Sunday that e-commerce spending jumped 26 percent on Black Friday, the day after Thanksgiving, compared with the same day a year ago. ComScore reported $816 million in online sales for the day, up from $648 million.
The 26 percent growth rate for online sales compares with a 7 percent retail sales increase reported for Black Friday by ShopperTrak, which gathers data from individual stores and shopping malls. At $11.4 billion, the brick-and-mortar sales total still dwarfs the online total.
Gian Fulgoni, comScore chairman, said in a statement that e-commerce enjoyed a banner day, despite some analysts’ predictions that early store openings on Black Friday could hurt online sales.
“With brick-and-mortar retail also reporting strong gains on Black Friday, it’s clear that the heavy promotional activity had a positive impact on both channels,” Fulgoni said.
Thanksgiving is also a big day for online sales, and comScore reported an 18 percent increase this year compared with a year ago, with $479 million in sales.
Online sales also have been strong throughout November pay day loans. Online sales through Saturday rose 15 percent compared with the same period a year ago, according to comScore, which is based on Reston, Va. Through the first 25 days of the month, online sales have totaled $12.74 billion.
ComScore said 50 million Americans visited online retail sites on Black Friday, up 35 percent from a year ago. Each of the top five retail sites reported double-digit gains in visitors, in percentage terms, led by top retail site Amazon. Walmart ranked second, followed by Best Buy, Target and Apple.
Next up is Cyber Monday, when many online retailers run promotions for the first business day of the week following Thanksgiving. Cyber Monday sales topped $1 billion last year, making it the heaviest day of online spending ever. ComScore’s Fulgoni expects another record will be set this year.
ComScore reported online sales for Black Friday two days after another researcher, IBM Corp.’s Coremetrics unit, reported a smaller online spending gain for Black Friday. Coremetrics reported a 20 percent increase, compared with comScore’s 26 percent.
An Egyptian demonstrator was killed early Saturday outside the country’s Cabinet building, where protesters have camped overnight to prevent the entrance of the country’s newly-appointed prime minister, witnesses and a medical official said.
The death came as a wave of protests against military rule was given extra impetus by the Egyptian military’s decision on Friday to appoint a prime minister who served under deposed President Hosni Mubarak.
Hundreds gathered outside the Cabinet to prevent Prime Minister Kamal el-Ganzouri from entering to take up his new post, and clashed with security forces who tried to disperse them.
An Associated Press cameraman saw three police troop carriers and an armored vehicle being chased off by rock-throwing protesters. The security forces fired tear gas in return before leaving the site.
The medical official confirmed that one protester was killed. He spoke on condition of anonymity because he was not authorized to speak to the media. Video clips posted on social networking sites showed protesters rushing to rescue a heavily bleeding man. Witnesses say the protester was killed when a police vehicle ran over him.
Officials say more than 40 people have been killed across the country since Nov. 19, when a small sit-in by protesters injured during the Jan. 25-Feb. 11 uprising was violently broken up by security forces.
Thousands of protesters have filled Tahrir Square, a few blocks from the Cabinet building, throughout the eight days.
(This version CORRECTS Corrects to indicate a police vehicle; adds details and background.)
OTTAWA
The European Commission, the EU executive, believes that the joint issuing of eurobonds by the 17 euro nations would be the most effective way to tackle the financial crisis, according to a draft paper seen Monday.
The study by the European Commission, the EU’s executive branch, will be presented Wednesday and could intensify a rift with Germany, which rejects eurobonds as a viable option at the moment because it would expose its taxpayers to weaker countries’ bad debt. Germany already funds the bulk of the existing bailouts.
The draft, published by the Financial Times and confirmed by the Commission, said replacing national bonds with one jointly-backed bond would have to be matched by tight financial and budgetary coordination. It also says discipline woul be needed to make it impossible for profligate nations to live on the back of budget-concious member states.
Since Greece pushed the eurozone into its ever-worsening financial mess last year, many member states have seen their cost of government borrowing rise to record levels. Germany’s borrowing rates, meanwhile, have dropped sharply as investors buy up its bonds as a safe haven. That has created a huge imbalance in debt markets within a zone ruled by one currency.
Germany has long been reluctant to bail out member states like Greece, Ireland and Portugal, insisting it was up to their governments to live by sound economic principles and win investor confidence.
The situation worsened dramatically over the past weeks, when Italy was put under such intense market pressure that Prime Minister Silvio Berlusconi had to resign to make way for a government of experts led by former EU commissioner Mario Monti.
As the EU’s third-largest economy with debt approaching euro1.9 trillion ($2.5 trillion) and 120 percent of its gross domestic product, Italy is seen as too big to bail out. Faced with a breakup in their currency union, the euro nations have been scrambling for new solutions.
The eurozone currently has a bailout fund, the so-called EFSF, but it still lacks the firepower and nimbleness to support Italy’s finances if it were to be frozen out of bond markets.
The European Central Bank for now is limiting bond market pressures by buying up the government bonds of weak countries like Italy guaranteed cash advance. That has helped keep Italy’s key borrowing rates below the crucial 7 percent threshold that has eventually caused Ireland and Portugal to need bailouts.
But the ECB says its bond purchases are limited and temporary. To materially lower eurozone borrowing rates to sustainable levels, the ECB would have to embark on a massive program of bond purchases.
Germany _ and the ECB, which is heavily influenced by Berlin’s policies _ opposes such a massive bond program, saying it is up to governments to get their finances straightened out.
As a result, the EU study is pushing for eurobonds _ or Stability Bonds, as it calls them _ instead of national bonds as the best way to avoid financial disaster.
“In this way, the severe liquidity constraints currently experienced by some member states could be overcome and the recurrence of such constraints would be avoided in the future,” the draft of the study said.
EU Commission officials were due to pore over the study on Monday but no fundamental changes were expected.
The draft said that eurobonds would “provide the global financial system with a second safe-haven market of a size and liquidity comparable with the U.S. Treasury market.”
The political difficulty, however, would be to impose the same fiscal rigor across the 17 euro nations and fundamentally change the balance of power between the European Union and the national capitals.
The draft says that such fundamental changes would “almost certainly require” changes in the treaty underpinning the EU. In the past, any treaty change has proven to be a tough political task.
On Monday, the issue will almost certainly come up when Greece’s new Prime Minister Lucas Papadimos meets with top EU officials to discuss Greece’s financial difficulties.
Italy’s Premier Mario Monti will visit EU headquarters on Tuesday to discuss similar issues. On Thursday, Monti is to join German Chancellor Angela Merkel and French President Nicholas Sarkozy in Strasbourg for what he calls a permanent club of the eurozone’s three largest economies to confront the debt crisis.
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