This Morning's Headlines / Wed, Jan. 30, 2008
News Alert: Fed cuts a key interest rate for the second time in 8 days
WASHINGTON (AP) -- The Federal Reserve on Wednesday cut a key interest rate for the second time in just over a week, reducing the federal funds rate by a half point. It signaled that further rate cuts were possible.
The Fed action pushed the funds rate to 3 percent. It followed a three-fourths of a percentage point cut on Jan. 22, a day after financial markets around the world had plummeted on fears that the U.S. economy was heading into a recession. That decrease had been the biggest one-day move in more than two decades.
The half-point cut Wednesday followed news that the economy had slowed significantly in the final three months of last year with the gross domestic product expanding at a barely discernible pace of 0.6 percent, less than half what had been expected. The report came amid increased concern from several quarters about a possible recession.
News Alert: Holden touts accomplishments, looks for re-election
In his State of the City address today, Mayor-President Kip Holden said Baton
Rouge has made progress on a number of fronts during his three years in office, and closed by looking forward to what he hopes will be his re-election. Some of the items he touted include:
-- the city's hosting of the Red Stick International Animation Festival;
-- Coca-Cola's plans to open a new production and distribution facility by the end of the year;
-- new airline service to Denver with Frontier Airlines;
-- a partnership between East Baton Rouge Parish, the Pennington Biomedical Research Center and the National Science Council of Taiwan for medical research and development;
-- ongoing progress on the Green Light traffic program and the Baton Rouge Loop plan, which he said is six months ahead of schedule;
-- phase two of the security canopy program, which will add 80 cameras to the existing 58;
-- the new emergency notification system for citizens, Connect CTY;
-- pay raises for police and firefighters totaling nearly $4.5 million;
-- revival of the Baton Rouge Blues Festival;
-- BREC's plans to create bicycle and walking trails;
-- improvement of the city's bond rating.
"Ladies and gentlemen, that's progress," Holden said.
Two candidates qualify for Sixth District race
Two more candidates signed up for the Sixth District Congressional seat. Michael Cloonan, a Republican from Slaughter, and Randall T. Haynes, a Winnfield resident who qualified to run in the "other" category. Qualifying for the seat, which is being vacated by retiring U.S. Rep. Richard Baker, ends at 5 p.m. Thursday. Six candidates already signed up to run: Republicans Laurinda L. Calongne, former State Rep. Woody Jenkins and Paul Sawyer, and Democrats Joe Delatte and State Reps. Don Cazayoux and Michael Jackson. The party primaries will be held March 8 and the general election is set for May 3. Because he has no party, Haynes automatically goes on the ballot for the May 3 election.
Cazayoux and Sawyer have picked up early endorsements. The Louisiana AFL-CIO announced it was backing Cazayoux, while outgoing LSU Chancellor Sean O'Keefe says he's supporting Sawyer. O'Keefe has been on a bit of an endorsement streak—earlier this week he announced he was backing U.S. Sen. John McCain's presidential campaign.
Crowne Plaza, Holiday Inn prototype could come to Constitution
A 143-room Holiday Inn is scheduled to open on Constitution Avenue in December, the same time that the neighboring Holiday Inn Select could switch over to a Crowne Plaza. Negotiations are under way to rebrand the Holiday Inn Select, says Ed Baker, an executive vice president with Executive Hotel Management, which owns the property near the Interstate 10/College Drive intersection. InterContinental Hotels Group, the Great Britain-based company that owns the Holiday Inn chain, is phasing out the Holiday Inn Select brand, which targets business travelers. "We feel like in this marketplace, a mid-luxury hotel is needed," Baker says. "That will allow us to take care of the mid-market and the Holiday Inn customers." The Holiday Inn Select—which opened as a Sheraton and later rebranded as a Radisson—was recently renovated, so Baker says it won't take a lot of work to turn the hotel into a Crowne Plaza, other than installing plasma televisions in all the rooms and fixing up the bathrooms. The Holiday Inn scheduled to be built adjacent to the current property will be one of the first of a new hotel prototype. Baker says by combining the new construction with the renovation, Executive Hotel will save some money. --Timothy Boone
Pinnacle bets on B.R.
After months of political wrangling, millions in advertising and hundreds of television commercials, voters will decide Feb. 9 on Pinnacle Entertainment's proposal for a third Baton Rouge casino. The Riviere casino resort would radically transform a rural area outside of the city limits and could lead to the closure of one or both of the downtown gambling boats. Supporters say Riviere would be the kind of upscale resort that would draw in gamblers from other areas, expanding the local casino market. Read the Business Report cover story about Pinnacle's plans and the concerns over the development here.
Roemer on the campaign trail for McCain
Former Gov. Buddy Roemer has been taking time away from his job as head of the Business First Bank to hit the campaign trail for U.S. Sen. John McCain. Roemer has traveled to New Hampshire, Iowa, Michigan, South Carolina and Florida, volunteering for the Arizona Republican. "I've never volunteered in a presidential campaign, so John has given me a lot more than I've given him," Roemer says. Roemer signed up for the McCain campaign last summer, when the senator was still in the middle of the Republican pack. Now McCain is the front-runner, coming off a string of victories that includes Tuesday's important Florida primary. Roemer credits McCain's rise to several factors, including his straightforward economic message of controlling government spending, reducing the deficit and lowering interest rates and his support of the troop surge in Iraq. McCain’s surge comes even though he has been outspent by former Massachusetts Gov. Mitt Romney. "In Florida, Mitt Romney ran 44,000 TV ads and John McCain ran 4,000," Roemer says. McCain's conservative policies, coupled with his efforts to reach out to voters in the middle will make him a tough candidate in the presidential election, Roemer says. "Hillary Clinton and John McCain will be an awesome race," he says. --Timothy Boone
Bondholders sue to block possible Belle of Baton Rouge sale
A group of bondholders have sued Tropicana Entertainment for $960 million, accusing its owner of "gross mismanagement" that caused the firm to lose its New Jersey gaming license, The Associated Press reports. The suit, which was filed Monday in Delaware, seeks to stop Columbia Sussex Corp. from possibly selling five casinos, including the Belle of Baton Rouge, in an attempt to pay off its debt. New Jersey gaming regulators took away Columbia Sussex's license to operate the Tropicana Casino in November, saying the company was incapable of running the type of "first-class facility" required under state law.
Lamar looks at generating solar power from billboards
Lamar Advertising has mounted solar panels on four of its largest billboards near Pensacola, Fla., as part of an experiment to funnel energy into the power grid, Florida Trend reports. The company has partnered with Gulf Power Co. for the project, which is the first time that Lamar has tried putting solar power into the system instead of using it to charge batteries. Read the story here.
Improve public schools? Yes We Can!
A new grassroots organization has been formed to improve East Baton Rouge Parish public schools and encourage more volunteers to become involved in reform efforts. Yes We Can!, based on a program that was launched in Mobile, Ala., seeks to build connections between the community and the school system and to develop a strategic plan for local public schools. For more information, contact jan@adfbr.org.
Felder named chair of statewide small business leadership group
Pat Felder of Baton Rouge has been named as head of the National Federation of Independent Business' Louisiana Leadership Council. The council directs small business input and counsel into the NFIBs legislative agenda. The NFIB is the nation's largest small business organization. Felder co-owns Felder's Collision Parts with her husband, Wayne. She replaces outgoing chair Bob Breaux of Total Computer Systems in Baton Rouge. Gary Anderson of Baton Rouge-based Go Kahuna has joined the leadership council.
LSU out of running for nation's top high school QB
Terrelle Pryor, a quarterback from Jeannette, Pa., considered to be the nation's top high school football player, says he's not going to LSU. Pryor told The Pittsburgh Post-Gazette that he has dropped the Tigers from the list of schools he's considering signing with. It now looks like Pryor is headed to Michigan or Ohio State. National Signing Day is Feb. 6.
Poll: Don't put Glasper back on BREC
Daily Report readers are overwhelmingly opposed to giving Darrell Glasper another term on the BREC Commission. Eighty-two percent of the people who responded to an online survey say Glasper shouldn’t be reappointed to the parks and recreation board. Twelve percent say they don't know if Glasper should get another term, and 6% say he should be reappointed. Nearly 1,400 people participated in the survey. The Metro Council is scheduled to vote on Glasper at its Feb. 13 meeting.
Today's question: Has the writer's strike affected your television viewing habits?
News roundup: Hotel theft widespread; Area charities participating in online campaign: IEM lands port security contracts
Those towels and glasses do add up: A recent survey showed that 22% of adults admitted to taking items from hotels, everything from robes and towels to glassware, USA Today reports. More than 2,500 people participated in survey by the online travel site TripAdvisor. The American Hotel & Lodging Association says more than $100 million worth of goods was taken from hotels and motels in 2000, although that figure includes employee theft. Helping hand: Scores of local charities are participating in an online campaign sponsored by Parade magazine that will award $500,000 to organizations in the U.S. and abroad. The magazine will give eight $50,000 donations to the charities that get the most votes in America's Giving Challenge, and $1,000 to the 100 charities that receive the most donations. Some of the local organizations that are participating in the challenge include the Baton Rouge Area Foundation, Mary Bird Perkins Cancer Center and the Baton Rouge Blues Foundation. The deadline to vote or donate is Jan. 31. To cast a vote, click here. B.R. business to develop plans for four ports: IEM has been awarded four contracts worth more than $500,000 to provide planning services and risk management for four U.S. ports. The company will help develop a strategic risk management plan for the Port of Lake Charles and provide risk management planning for ports in Louisville, Ky., Pittsburgh and St. Louis.
