Wal-Mart Stores Inc., the world’s largest retailer, introduced the first new companywide slogan in 19 years, promoting the benefits of low prices as it seeks to boost slowing sales.
The motto, “Save Money. Live Better,” appeared in television advertisements starting Wednesday and was to follow in print, on store receipts and on shopping bags, spokeswoman Melissa O’Brien said in an interview. It replaces “Always Low Prices.”
Wal-Mart wants to highlight its appeal as a low-price retailer after earlier attempts to woo shoppers with advertising taglines such as “Look Beyond the Basics” in 2006 failed to lure shoppers. Sales at stores open at least a year rose 2.1 percent last year, the least since the company began reporting the data in 1980.
“Now, you’re not only emphasizing low prices; you’re also emphasizing a good value and improvements in your lifestyle,” said Steven Baumgarten, an analyst at PNC Wealth Management in Philadelphia. “At the end of the day, it’s going to come down to what consumers see in the store when they go in there.”
DENVER
FCC commissioner backs Qwest request
Robert McDowell, a commissioner with the Federal Communications Commission, said Wednesday that he supports Qwest’s bid to ease pricing restrictions on some services it sells to competitors.
“In a perfect world, the commission (Wednesday) would have taken another step forward to deregulate segments of the telecommunications industry where sufficient competition has grown to obviate the need for further government involvement,” McDowell said in a statement.
Qwest pulled its petition late Tuesday, but had plans to re-file late Wednesday or today.
WASHINGTON
Sen. Salazar talks car mileage with dealers
Sen. Ken Salazar told an organization of automobile dealers Wednesday that he wants a higher fuel-mileage standard for cars and trucks.
Speaking at the National Association of Automobile Dealers conference, the Colorado Democrat reiterated support for a bill that would require the nation’s vehicles to average 35 miles per gallon by 2020 rather than the current 27.5 mpg for cars and 22.5 mpg for light trucks.
BOULDER
Solar-power lobby organization forms
Several U.S. solar electricity manufacturers and systems integrators have joined forces to form the Solar Alliance, a Boulder-based organization that will lobby for effective solar policies and programs throughout the United States.
The Alliance appointed Claudine Schneider, a former five-term U.S. congresswoman from Rhode Island, as the group’s first president.
NEW YORK
Dollar falls to record low against euro
The dollar fell to a record low against the euro as investors increased bets the Federal Reserve will reduce its target interest rate, narrowing the yield advantage of the U.S. over Europe.
The currency declined for a sixth day, the longest losing streak since April. The dollar fell to $1.3908 per euro at 2:59 p.m. in New York, after earlier declining to an all-time low of $1.3914.
NEW YORK
Oil futures prices at highest level ever
Oil futures prices rose sharply Wednesday, briefly climbing above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity.
The report from the Energy Department’s Energy Information Administration suggested oil supplies are tightening as demand remains strong. Light, sweet crude for October delivery rose $1.68 to settle at a record $79.91 on the New York Mercantile Exchange after rising as high as $80.18.
DENVER
DCP Midstream to sell 30-year bonds
DCP Midstream LLC, a natural-gas processor owned by Spectra Energy Corp. and ConocoPhillips, plans to sell $450 million of 30-year bonds, according to a person familiar with the offering.
Proceeds will be used to repay the bridge loan that helped finance the Denver-based company’s acquisition of Momentum Energy Group Inc., the source said.
CHICAGO
Wheat prices shoot to record highs
Wheat prices surged to record highs Wednesday on expectations that rising global demand for U.S. wheat will deplete stockpiles to the lowest level in three decades – a situation likely to drive up costs in the grocery aisle.
Wheat prices on the Chicago Board of Trade topped $9 a bushel for the first time ever Wednesday. The December contract, the largest futures contract, rose as high as $9.07 a bushel before falling back to close at $8.605 a bushel.
WASHINGTON
Senate bill favors older airline pilots
Commercial airline pilots would be able to keep flying until age 65 under a provision in the transportation appropriations bill approved overwhelmingly Wednesday by the Senate.
The Federal Aviation Administration already is considering a rule that would have the same effect, but the Senate legislation, if enacted, would take effect immediately.
DETROIT
GM ads to highlight its Saturn models
General Motors Corp. plans new advertising to spur a $3 billion, four-year rebuilding of its Saturn brand as GM works to repeat its early success.
Marketing will highlight five models introduced in the last year. Also, Saturn will begin online sales.
