Fed announces quarter point cut

The Federal Reserve cut a key interest rate by a quarter-point, a smaller move than the aggressive easing it undertook earlier this year. The Fed action, announced Wednesday after a two-day regular meeting, pushed the federal funds rate down to 2 percent, its lowest level since late 2004. It marked the seventh consecutive rate cut by the central bank since it began easing credit conditions last September to combat the growing threat of a recession brought on by a deep housing slump and credit crisis.

Taylor resigns as head of United Way

Capital Area United Way CEO Howard Taylor announced his resignation this morning after just 15 months on the job. In a news release, CAUW said Taylor resigned because of "family issues" but would remain on hand to help with the transition for a new CEO. Taylor moved to Baton Rouge from Easton, Conn., in January 2007 after more than 25 years as a manager and executive for IT and communications companies. Phyllis Mouton, chair of the CAUW board, says a search committee will be named this week to pick Taylor's replacement. "We understand and support Howard's need to focus on family matters," Mouton says. "We will work diligently with the staff to ensure the organization continues to meet the needs of this community in the future. We have a talented staff, strong board and dedicated volunteers who will all work together to meet the challenges ahead."

Amedisys earnings up 24%, starts division for elderly injuries

Amedisys saw its first-quarter earnings jump 24% and easily exceed analysts' forecasts. For the January-March period, the Baton Rouge-based home health company earned $16.5 million, or 62 cents per share, on revenue of $213.1 million, compared with year-ago earnings in the first quarter of $13.3 million, or 51 cents per share, on revenue of $153.6 million, the company reported today. Analysts surveyed by Thomson Financial had forecast per-share earnings of 58 cents on revenue of $198.8 million. The company said it expected annual earnings for 2008 to range from $2.70 to $2.80 and revenue to range from $1.05 billion to $1.1 billion. The company also announced it was starting a clinical division to reduce falls and injuries in the elderly. Nearly all of the first 616 people treated by the "Balance for Life" program demonstrated a reduction in fall risk.

Report: 1% of Louisiana mortgages 'severely delinquent'

The number of Louisiana residents with severely delinquent mortgage accounts dropped from 2007, according to Experian, the credit reporting company. The percentage fell from 1.1% in February 2007 to 1% in February 2008. Nationwide, the percentage of accounts more than 90 days past due increased from 1.3% in 2007 to 1.5% this year. California had the highest percentage of severely delinquent mortgage accounts, at 12.4%, while Florida was second at 8%.

Small business health insurance seminar set

A free seminar to discuss health insurance options for small businesses will be held Thursday afternoon at the Associated Grocers office on Anselmo Lane. The event is part of "Cover the Uninsured Week" and will feature panel discussions on health insurance basics, consumer-directed healthcare and health savings accounts. To register, click here.

Two bidders for Krotz Springs refinery

Tesoro, an independent refiner, and Leucadia National Corp., a holding company, have put in bids for Valero Energy's Krotz Springs refinery, according to Reuters. Valero, the country's largest oil refiner, is looking to sell its Krotz Springs and Memphis, Tenn., units in a package deal. The company is seeking between $2.8 billion and $4.2 billion for the refineries, Reuters says. Tesoro operates seven refineries across the West, while Leucadia concentrates on natural resources.

Lafayette-based oil company in $1.8 billion deal

Stone Energy Corp., announced plans to acquire Bois d'Arc Energy for $1.8 billion. The merger between Lafayette-based Stone and Bois d'Arc of Houston will create one of the largest oil and natural gas producers in the Gulf of Mexico, producing more than 300 million cubic feet per day of natural gas. The deal is expected to close in the third quarter.

Indian pharmaceutical company to buy Shreveport facility

Dr. Reddy's Laboratories says it has an agreement to buy BASF's pharmaceutical manufacturing business and plant in Shreveport. Details of the deal were not announced. The BASF plant makes generic prescription and over-the-counter drugs and had $43 million in sales during 2007. Officials with Dr. Reddy's, based in Hyderabad, India, say the deal helps the company expand its supply chain and allows them to produce more generic drugs. BASF sold the facility in order to concentrate on core businesses, such as active pharmaceutical ingredients.

Poll: Most plan to pay bills with rebate checks

Most Daily Report readers say they plan on using their tax rebate checks to pay bills. Forty-three percent of the people who responded to an online survey say the stimulus checks will be used on expenses. Twenty-four percent say they will save the money for a rainy day. Eleven percent say they will use the money for a vacation; the same number say they will spend the money on something else. Nine percent say the stimulus check will be spent on a big-ticket item and 2% of readers plan to give the money to charity. Nearly 1,200 people participated in the survey. The first batch of stimulus checks was deposited in people's accounts Monday.

Today's question: Sens. John McCain and Hillary Clinton have called for federal gas taxes to be suspended for the peak summer driving months. What do you think about plans for a summer-long gas tax holiday?

News roundup: Drop in Mother's Day spending projected; hotels offering gas rebates; Barrett gets top volunteer honor from heart association

Moms getting fewer gifts: Mother's Day spending is expected to drop slightly, the National Retail Federation reports. A survey by the trade group shows that shoppers plan to spend an average of $138.63 on gifts for their mother, compared with $139.14 on presents in 2007. One apparent trend is that mothers will be getting one large gift, instead of several smaller presents. Using free fuel to attract tourists: Hotels and tourism bureaus across the country are offering gas and airfare rebates in an attempt to bring in tourists, CNNMoney reports. The visitor's bureau in Costa Mesa, Calif., has been offering $25 rebates for travelers who stay in certain hotels; last year more than 1,300 people took the money. More discounts and rebates are expected as the weather gets warmer and gas prices go up. Gold heart for a good heart: Coletta Barrett, an executive with Our Lady of the Lake Regional Medical Center, has received a Gold Heart Award from the American Heart Association, the group's highest volunteer honor. Barrett and four others were presented with the awards earlier this week during a banquet in Washington, D.C. Barrett, who has been involved with the heart association since 1980, served on the board of directors for a decade and is a past board chairwoman.