Today's Headlines / Wed, July 02, 2008
Alarm Center Security purchases Airline-Siegen site
An alarm company has purchased a .6-acre tract at Airline Highway and Siegen Lane for $400,000 and plans to build a central monitoring facility on the property. Alarm Center Security plans to start building the office on the site of a former Exxon gas station within the next six months, says Benjamin Stalter of Maestri-Murrell Real Estate, who represented the buyer. The new office should be open in a year and will replace Alarm Center Security's Coursey Boulevard location. The property will provide a lot of exposure for Alarm Center Security, since it's at one of the heaviest traffic areas in the city. Ben Johnson of NAI/Latter & Blum represented the seller. Although a gas station used to be on the property, Stalter says studies have shown the site is clean and no environmental cleanup will be needed.—Timothy Boone
Local homebuilder seeks legislative seat
Billy Ward, a former president of the Capitol Region Builders Association, says he is running for the House District 18 seat to replace U.S. Rep. Don Cazayoux. Ward, a Democrat who founded Champion Builders of Brusly, says home-ownership issues will be one of the issues on which he’ll focus. “The mortgage and housing crisis in America is very real. We, in Louisiana, are not totally immune, so I want to ensure that our citizens are protected from subprime mortgage fraud and foreclosure scams," he says. The special election to replace Cazayoux will be held Oct. 4. Major Thibaut, a businessman and Pointe Coupee Parish School Board member, also has said he will run for the seat.
Phares joins inspector general's staff
Former East Baton Rouge Parish Sheriff Greg Phares has been hired as an investigator for the Inspector General's office. Inspector General Stephen Street says Phares was hired because of his more than 30 years in law enforcement. "The governor got elected on an agenda to beef up the Inspector General's office and we're taking it in that direction," Street says. "We're going to be an effective tool in rooting out corruption in government." Additionally, two other experienced investigators have joined the staff: Tom Boulton, who worked as investigator for District Attorney Doug Moreau and with the Legislative Auditor's office, and Virginia Brandt, who worked for the Attorney General's office, investigating Medicaid and white-collar fraud.—Timothy Boone
Medicare cuts have doctors fuming
Louisiana doctors aren't happy about a 10.6% reduction in Medicare reimbursements that took effect Tuesday, after legislation that would have stopped the cuts stalled in the U.S. Senate last week. The Louisiana State Medical Society, which represents physicians, says the elderly and other vulnerable groups that depend on Medicare for health care are at risk after the defeat of H.R. 6331, which would have blocked the cuts. Sen. Mary Landrieu voted for the measure; Sen. David Vitter voted against it. Dr. Russell Klein, LSMS president, says the cuts, if implemented, "may force many physicians to make the difficult choice to limit the number of Medicare patients in their practices." Doctors argue Medicare reimbursements—already low enough in some specialties that it's contributing to physician shortages—should be increased to keep up with the rising cost of delivering health care. Supporters of H.R. 6331 will reintroduce the measure after the July 4 recess. Klein says Louisianans should contact Vitter's office and ask him to support the legislation. "Almost every family in Louisiana has a loved one depending on Medicare for their essential health care needs," Klein says. "We must send a clear message to the Senate: Stop the Medicare cuts."—Steve Clark
New bank open in Prairieville
After more than a year of work, South Louisiana Business Bank has officially opened its location on La. Highway 42 in Prairieville. The bank received approval to open from the state Office of Financial Institutions on Tuesday after raising $12.6 million in capital. CEO Ron Wilson says South Louisiana Business Bank was formed because investors wanted a local institution to serve the business community. "They didn't want decisions about loan approval being made in Baton Rouge or parts beyond," says Wilson, who has more than 35 years of experience with banks in Arizona, Washington and California. South Louisiana Business Bank will offer several services to bring in customers, such as the Southern Diamond Savings, which pay at a CD rate but offer total liquidity, including the ability to transfer funds to checking accounts up to six times a month, and remote capture services, which allow customers to deposit checks and credit card sales instantly from their business without having to make a drop off at the bank.—Timothy Boone
Editor: Are high gas prices smart growth's best friend?
A temporary commute is getting on Business Report Executive Editor JR Ball's nerves. "Now that I’m living the nightmare, it’s painfully obvious the biggest problem with sprawl is this: It will drive you nuts," Ball says. The question is, will rising gas and energy prices put a halt to sprawl? "I know I’m anxious to get back to a world where live, work and play happens within a 10-mile radius. It looks like others are being forced to want that as well," Ball says. Read his column here. Send comments to editors@businessreport.com.
Jindal knocked out of MSNBC’s ‘Veepstakes’ contest
Gov. Bobby Jindal has been voted out of the MSNBC Republican "Veepstakes", an online popularity contest to determine who would make the best running mate for presumptive presidential nominee Sen. John McCain. Jindal was defeated in the semifinals by former Secretary of State Colin Powell. Powell will face former Massachusetts Gov. Mitt Romney in the final. Click here for a link to the sweepstakes.
News roundup: Limbaugh to make more than $400 million over next eight years; factory orders post modest gain; Home Furniture makes trade publication's list of top 100 retailers
Excellence in broadcasting: Talk radio titan Rush Limbaugh is scheduled to earn more than $400 million as part of a new syndication deal with Clear Channel and Premiere Radio, according to The New York Times. The deal, which will last through 2016, also includes a nine-figure signing bonus. Smallest increase in three months: Orders to U.S. factories turned in the weakest performance in three months in May, reflecting slumping demand for autos, heavy machinery and steel. The Commerce Department reported Wednesday that factory orders rose by 0.6% in May, less than half the gains turned in during April and March. It was the poorest showing since factory orders had fallen by 0.4% in February. The May performance was in line with expectations. Economists are watching to see how big an impact the overall economic slowdown will have on manufacturing, which has been hurt by troubles in the auto industry and housing-related industries. Lafayette firm considering second B.R. store:Home Furniture, a Lafayette-based company, was the only Louisiana-owned business to make Furniture Today's list of the top 100 furniture stores in the U.S. The list is based on sales, reports The (Lafayette) Advertiser. Home Furniture had nearly $60 million in sales at its seven stores last year. The company has a store on Airline Highway, and Home Furniture President Randy Paul told the newspaper a second Baton Rouge store is under consideration.
Deadline Thursday for Top 100 information
Business Report is asking local, privately owned companies to submit information to qualify for our annual Top 100 Private Companies list to be published July 15. We rank companies by gross revenue. Based on past numbers, companies with less than $12 million in revenue are unlikely to make the Top 100 list. For more information, e-mail jbayhi@businessreport.com. The deadline to submit information is 5 p.m. Thursday.
