State bond rating improves for third time in three days
Fitch Ratings has upgraded Louisiana's general obligation bond rating from "A" to "A+", the third time in three days that a major service has improved the state's financial outlook. Standard & Poor's raised the state's bond rating on Tuesday from "A" to "A+" and Moody's Investors Services boosted the grade Wednesday from "A2" to "A1". "We got three turns at the plate, three chances to show the financial world that Louisiana is making wise fiscal decisions and is very much open for business, and we came away with three solid hits," Gov. Bobby Jindal says. All three services say the increase is because of Louisiana's recent strong financial performance, economic expansion and growing reserves. "To have a third major credit rating agency base its upgrade decision on Louisiana's 'recent strong financial performance and management' is great affirmation of the positive steps we have been taking and a wonderful story we intend to keep telling throughout the business world," says Commissioner of Administration Angele Davis, who coordinated conference calls and presentations with the agencies that led to the improved ratings.
Jindal to speak at Press Club on Monday
Gov. Bobby Jindal will speak to the Press Club of Baton Rouge at noon Monday at De La Ronde Hall on Third Street. The public is invited at no charge, although lunch is $12 for members and $15 for nonmembers. Only working journalists and Press Club members are allowed to ask questions.
Breaux named acting tourism secretary
Pam Breaux has been named as acting secretary of the Department of Culture, Recreation and Tourism. Breaux has been assistant secretary for cultural development since 2004. She replaces Dawn Romero Watson, who resigned Tuesday because of a new ethics law requiring disclosure of personal finances. Scott Hutcheson will replace Breaux as assistant secretary for cultural development.
Antioch Family Church sells property
Antioch Family Church has sold its building and 79,000-square-foot shopping center at Antioch and Tiger Bend roads to an Atlanta-area church for just under $1.6 million. Voices of Faith Ministries of Stone Mountain, Ga., bought the property and plans to start conducting satellite services at the church beginning Sept. 7. Voices of Faith is led by Rev. Gary Hawkins Sr., a Baton Rouge native. Angia Levels, an elder with Voices of Faith, says Hawkins had wanted to return to preach in his hometown while still maintaining his Georgia church. Plans are to have live prayer, gospel singing and worship at the Baton Rouge church on Sunday mornings, and then a live broadcast of Hawkins' sermon will be transmitted by satellite. "They'll be getting the same word as the congregation in Stone Mountain and at our other location in Conyers, Ga.," Levels says. The sale will mean no change for shopping center tenants, Levels says. "They're going to continue with us," she says. "We're looking at doing wonderful things in the Baton Rouge and the New Orleans areas."—Timothy Boone
Who is Ray Lamonica?
Ray Lamonica, the general counsel for the LSU System, has been called the most powerful person at the university, a notion to which he laughs. Lamonica, a former U.S. attorney, has established himself as an ally of System President John Lombardi. Read the Business Report cover story here.
Arkel International provides free Internet to U.S. troops
Arkel International is offering free Internet access to U.S. troops serving in Iraq this Independence Day, according to Government Computer News. The Baton Rouge-based company operates two Internet cafés that serve 15,000 soldiers a day, but company officials say they expect usage will double Friday. Arkel usually charges $5 an hour for Web access. The cafés opened last year, and Arkel plans on opening more.
Hot times in the city this month
A wide range of July events are being promoted by the Arts Council of Greater Baton Rouge as "Summer in the City". The events include favorites like the Star-Spangled Celebration at the USS Kidd and Art Melt along with first-time events, such as the Louisiana Saturday Night downtown concert series and the Paramount in the Park movie screenings. For a list of events, click here.
Last day for Top 100 nominations
Today is the last day for local, privately owned companies to submit information to qualify for Business Report's 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.
News roundup: Penn National buyout deal falls apart; employers cut jobs for sixth straight month; LSU professor honored for contributions to dairy industry
Casino won't be getting new owners: A $6.1 billion deal by two private equity firms to buy Penn National Gaming is off. The casino company, which owns Hollywood Casino Baton Rouge, terminated the sale to Fortress Investment Group and Centerbridge Partners. Fortress and Centerbridge agreed last summer to buy Penn National at $67 a share, but the casino company's stock plunged earlier this year; it's now trading at $27.65 a share. For agreeing to terminate the deal, Penn National will receive $1.475 billion in fees and investments in Fortress and Centerbridge. Fewer jobs: Employers cut payrolls by 62,000 in June, the sixth straight month of nationwide job losses, underscoring the economy's fragile state. The unemployment rate held steady at 5.5%. The latest snapshot of business conditions, released by the Labor Department, showed continued caution on the part of employers who are chafing under high energy prices and are uncertain about how long the economy will be stuck in a sluggish mode, reflecting fallout from housing, credit and financial troubles. Heavy job losses in construction, manufacturing and financial services, along with cutbacks in retailing, eclipsed job gains in education and health services, leisure and hospitality, and government. The report, however weak, was largely on target with economists' forecasts. Mooo: William Hansel, a professor at Pennington Biomedical Research Center, will be inducted into the National Dairy Shrine in Fort Atkinson, Wis., for his contributions to the industry. Hansel, who has been with LSU since 1993, has been a leader in researching the reproductive physiology of cattle, leading to the development of practices that have increased the profitability of dairies.
No Daily Report on Friday
Daily Report will not be published Friday in observance of Independence Day. Have a safe and happy Fourth of July weekend.
