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    CNN Money: Top business headlines for Nov. 12

    6:45 AM, Nov 12, 2013   |    comments
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    NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Tuesday, November 12.

    Former One Bank VP Matthew Sweet indicted for fraud
    Matthew Daniel Sweet, 41, of Timbo (Stone County) was indicted on 30 counts of bank fraud and 30 counts of money laundering. His trial is scheduled for Dec. 9, before U.S. District Judge Leon Holmes. The indictment against the former vice president and controller of Little Rock's One Bank & Trust alleges he stole nearly $76,000. Arkansas Business first reported on Sweet on Aug. 5, naming him as "former employee B" in the July 12 forfeiture action against assets seized from Layton "Scooter" Stuart, former chairman, president and CEO of the bank. That action outlined the same alleged crimes that were detailed in the indictment, unsealed on Friday.

    Arkansas Best 3Q profit, revenue beat expectations
    Arkansas Best Corp. of Fort Smith on Monday reported third-quarter net income of $14 million, up 115 percent from the $6.5 million it reported in the same quarter last year. The trucking company, which last month reached a five-year labor agreement with the Teamsters union, beat analysts estimates for earnings per share and quarterly revenue. The company reported earnings per share of 52 cents, up from 24 cents last year and above analysts' expectations of 36 cents per share.

    Google Glass may save firms $1 billion
    Google Glass may seem like a novelty right now but the wearable gadget could soon be saving some companies millions of dollars per year. Research firm Gartner (IT) forecasts that Google Glass and other "smartglasses" will help make employees more efficient, ultimately adding more than $1 billion per year to company profits from 2017. Smartglasses will be particularly useful for workers who need to use both hands to complete a complex task, such as conducting surgery or fixing a car, said Gartner's principal research director Tuong Nguyen.

    Toys R Us, Target join the rush to open on Thanksgiving
    At this rate, shoppers hoping to get in on "Black Friday" deals will have to eat their turkey for lunch, as Target and Toys R Us announced plans to open Thanksgiving evening. In its earliest opening ever, Target said it will welcome bargain hunters at 8 p.m. on Thursday, Nov. 28, joining a veritable stampede of retailers, including Macy's, J.C. Penney and Staples. Target said most stores will stay open until 11 p.m. Friday and will stay open for at least 14 hours on Christmas Eve and 15 hours the day after Christmas. As for the employees running the holiday shift, Target said it "works closely with its team members to understand scheduling preferences" and pays such workers time and a half.

     

     

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