Today's Headlines / Mon, Oct. 06, 2008
News Alert: Landrieu, Kennedy spar in cantankerous first debate
If today’s forum between incumbent Democrat U.S. Sen. Mary Landrieu and Republican state Treasurer John Kennedy was any indication, the remaining three debates could be just as cantankerous. Landrieu touted her experience during the forum and attacked Kennedy throughout the debate for changing parties and a few of his stances on the issues. Kennedy presented himself as a change agent, lashing out at Landrieu at every opportunity for her liberal voting record and ties to Democratic presidential nominee U.S. Sen. Barack Obama.
Presidential politics played a major role in the debate, which was hosted by the Baton Rouge Press Club, as the candidates took differing stances on the war in Iraq. Landrieu says if she would have known in 2003 what she knows now—such as the absence of weapons of mass destruction and other factors—she "would not have voted for the use of force" then presented by President Bush. Kennedy says he stands by the president's decision, although acknowledges some things could have been differently. "Lord knows we made some mistakes in Iraq, but the surge is working," Kennedy says.
On the recent $700 billion financial bailout approved by Congress and signed by Bush last week, both candidates voiced opposition. Kennedy says Congress should have been more active in regulating financial institutions and says members—particularly Landrieu—have become too close to Fannie Mae and Freddie Mac. "The fox cannot guard the henhouse," he says. Landrieu says she has already co-authored legislation that prohibits banks from making certain investments. She also pointed to her willingness to cross the aisle to find fiscal solutions, like her support for the 2001 Bush tax cuts. "I am not an obstructionist," Landrieu says. "I'm one of the most independent members of the Senate."
Both candidates say the campaign has grown increasingly "negative," which has put both of them on the defensive, despite the separate attacks that have come from both sides. The second debate, sponsored by the Council for A Better Louisiana and Louisiana Public Broadcasting, will be held at 7 p.m. Sunday and televised live by LPB.—Jeremy Alford
Ground broken for $138 million Geismar plant
A groundbreaking was held this morning for Dynamic Fuels $138 million biofuel plant in Geismar. The project is a collaboration between Tyson Foods and Syntroleum, which will use animal fat to make high-quality diesel and jet fuel. The plant is set to begin production in 2010, and will produce 75 million gallons of fuel per year. At its peak, the plant will provide 250 construction jobs, and once it opens, there will be 45 workers, with an annual payroll of $4 million. This is the first plant that will use fat and grease to make biofuel; Dynamic says this is better and cheaper than corn and vegetable oil, because it won't impact the human food supply. Gov. Bobby Jindal, who attended the groundbreaking, says the Geismar plant will create highly skilled jobs. "Developing alternative sources of energy is a vital part of the future of our nation’s economy, and as such, this investment here in Louisiana will serve as a catalyst for greater business expansion and job creation,” he says.
B.R. airport loses seats, but hopes to gain hub with merger
Baton Rouge and other secondary air-carrier markets across the nation are losing seats as airlines slash schedules to deal with mounting financial pressure. The Wall Street Journal estimates that Baton Rouge Metropolitan Airport will have lost 23% of its seats between Nov. 2007 and Nov. 2008. Airport spokesman Ronnie Pickard says the estimate is accurate, and that the loss of seats is due in part to Northwest Airlines' phase-out of DC-9s and a move toward smaller regional jets.
Baton Rouge will see the last of its DC-9 service—and thus first-class seating—the first week of November. Replacing the remaining DC-9s will be Canadair CRj-900 90-passenger jets, which Pickard says resemble miniature wide-body jets. As for the impact on Baton Rouge of the expected merger between Delta and Northwest airlines, Pickard says the airport will continue to serve Atlanta, hopes to maintain service to Memphis, which might or might not happen, and stands a good chance of picking up service to Detroit, Northwest's primary worldwide hub. Pickard says Baton Rouge has been trying to land Detroit service for years.—Steve Clark
BizTech Expo opens Wednesday
Business Report 26th annual BizTech Expo will be held from 10 a.m. to 3 p.m. Wednesday and Thursday at the River Center. About 200 companies will be displaying the latest products, technology and services for owners and executives at the largest business show in the state. Business Report has targeted owners, managers, entrepreneurs and professionals who want to conveniently gather information, compare prices, see new technology and ask questions of vendors—all in one location. Admission is $15. There will also be a variety of free business seminars at the expo. The topics and schedule can be seen by clicking here.
Parking information: In addition to the River Center’s east and west garages, free shuttles will run from 9 a.m. to 4 p.m., Wednesday and Thursday from the Pastime Restaurant to the front door of the River Center; there is free parking in the new parking garage next to the Belle of Baton Rouge (compliments of the Belle), across the street from the River Center.
The BizTech Expo is sponsored by Hancock Bank, Superior Office Products/XEROX, Verizon Wireless and Baton Rouge Metropolitan Airport.
The show producers require attendees to be at least 18 years old, and student field trips are not allowed. For information, call (225) 928-1700.
Last week for 'Forty Under 40' nominations
Business Report is presenting its annual "Forty Under 40" awards to the young men and women who are making the Capital Region a better place to live, work and play. You can nominate someone or submit your own application. Nominations/applications will be accepted through Friday. All nominations must be made online here.
Business plan presenters named for venture capital forum
The six emerging companies that will get to present their business plans at the Louisiana Purchase Venture Capital Forum have been named. The winning businesses are:
—iCanMentor Payment Services, which handles payment processing for the independent tutoring, training, and coaching service business
—Body Evolution Technologies, which was created to commercialize computer-morphing software developed at Pennington Biomedical Center.
—Ultix Technologies, which provides software solutions.
—Innovative Resuscitation Technologies, which is finding ways to use tiny droplets of fat to increase the blood pressure in animals that suffer severe blood loss.
—The New Orleans Exchange, which allows companies to trade financial collateral electronically in order to provide business-to-business financing.
—Rawskills, which is setting up an online database for amateur athletes in order to help with college recruiting.
The forum will be held Oct. 21-22 at LSU's Lod and Carol Cook Conference Center. For more information, visit la-purchase.com.
Shaw awarded $400 million contract for Vegas power plant
The Shaw Group's fossil/nuclear division has been awarded a $400 million contract to build a power plant north of Las Vegas. The company will build the natural gas fired plant for NV Energy, a wholly owned subsidiary of Sierra Pacific Resources. The 500-megawatt plant is scheduled for completion in 2011, and the project will employ 600 workers at its peak.
Tropical depression forms in Bay of Campeche
The 13th tropical depression of the Atlantic hurricane season formed this morning in the Bay of Campeche. At 10 a.m., the storm was located 140 miles east of Veracruz, Mexico. Maximum sustained winds were 35 mph. The National Hurricane Center forecasts some strengthening during the next 24 hours, and the system is expected to become a tropical storm before making landfall along the Mexico coast late tonight or early Tuesday.
Executive spotlight: Russell J. 'Joey' Coco Jr.
Russell J. "Joey" Coco Jr. is a partner with Engensus Engineering and Consulting, a firm with experience in addressing issues related to hurricanes and other hazards. Coco says he wants the company, which was formed after Hurricane Katrina struck south Louisiana, to make a difference in Baton Rouge and the state. Coco is following in the footsteps of his uncle, Warren, who started Go-Devil Manufacturers of Louisiana. "He grew an internationally recognized industry right here in Baton Rouge and did it by attending the school of 'hard knocks,'" Coco says. "I never miss the opportunity to learn from him.” To read the full Q&A with Coco, click here. Here is one of the highlights:
Question: If you could change one thing about Baton Rouge, what would it be?
It is a tough question to answer because I would change a lot. As a civil engineer, I would strive to change our transportation infrastructure. I know that I spend at least an hour commuting just eight miles to and from work each day, and I’m sure there are many others. To me, the societal costs of this are very high—from quality of life to lost productive time to lost time looking for new opportunities.
Poll: Majority not yet playing Santa
Seventy-nine percent of the people who responded to a Business Report poll say they haven't started Christmas shopping yet. Twenty-one percent say they have gotten a jump on holiday gift buying. Nearly 1,400 people participated in the survey.
Today's question: Will the ongoing national economic downturn impact your support of Mayor Kip Holden’s $989 million capital improvements project?
News roundup: Wall Street follows global sell-off … Auto loan delinquencies on the rise … Cheney in Louisiana for Congressional fundraisers
Big bailout not having much impact yet: Financial markets around the world had a rocky start this morning after European governments took steps to limit the damage from the growing global financial crisis. U.S. stocks appeared headed for a steep drop at the opening, and the credit markets remained under strain. Investors are realizing the Bush administration's $700 billion rescue plan won't work quickly enough to unfreeze the credit markets, and that many banks are still having difficulties gaining access to cash. Dow Jones industrial average futures fell 173, or 1.7%, to 10,191. Standard & Poor's 500 index futures fell 25.80, or 2.33%, to 1,082.50, while Nasdaq 100 futures fell 31.25, or 2.12%, to 1,446.25. … Trouble making car payments: The number of vehicle loans that are past due has gone up in the past year, reports Experian Automotive. During the second quarter, 2.48% of auto loans were 30 days past due, compared with 2.28% for the same period in 2007. The percentage of loans that were 60 days past due went up to .75%, compared with .67% in 2007. Experian says the number of people who bought vehicles with prime credit (a score of 680 or above) dropped from 61% in the second quarter of 2006, to 57% this year. … Help from the VP: Vice President Dick Cheney will be in Louisiana today raising money for two Republican congressional candidates. Cheney appeared at a fundraiser this morning in Kenner for U.S. Rep. Steve Scalise of Jefferson. He'll then travel to Baton Rouge, for a fundraiser for state Sen. Bill Cassidy, who is running for the 6th Congressional District seat held by U.S. Rep. Don Cazayoux. The Cassidy fundraiser is being held this afternoon at the Highland Road estate of Paula and Jacques de la Bretonne.
