Saturday, March 20, 2010
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Louisiana was ranked 25th in Site Selection magazine's list of states with the best business climates. The analysis looked at a number of factors, including opinions from corporate real estate executives and the number of new plants that have recently broken ground. For the eighth time in nine years, North Carolina topped the list, while corporate real estate executives say Texas is the most business-friendly state. Read the full report here.
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A federal appeals court in New Orleans questioned the receiver in the Stanford Financial Group case today. Senior Judge Will Garwood asked Ralph Janvey why he—and not the Securities and Exchange Commission—brought the suit, according to a Reuters report. "What gives you statutory authority to sue people the SEC did not?" Garwood asked Janvey. "It seems to me that the plaintiff or defendant ought to be the ones." Janvey has attempted to sue those who he acknowledges are innocent investors for both their initial investment in the fraudulent Certificates of Deposit, but also any interest they received. A federal judge in Dallas ruled this summer that Janvey could recover only the interest—not the principal—on investments that prosecutors say fed a multibillion-dollar Ponzi scheme at the heart of Stanford. Janvey has said the clients named in his lawsuit unfairly cashed out and were paid with money stolen from other Stanford clients. Phil Preis, a Baton Rouge-based attorney representing Stanford investors in a class-action suit, says the SEC was "100% in support" of the arguments he made. “The proceeding went as well as it possibly could have and that we’re optimistic that the district court ruling will be upheld," Preis says.
Baton Rouge had the eighth-smallest number of small-business bankruptcy filings in the third quarter, according to a report by Equifax. It was the only Louisiana city to end up on the list with the fewest Chapter 7, Chapter 11 and Chapter 13 filings. Charleston, W.V., had the fewest small-business bankruptcies, while Los Angeles had the most. Overall, commercial bankruptcies among small businesses increased by 44% from the third quarter of 2008 to the third quarter of this year, reports Equifax.
Power-provider Entergy Corp. has issued 2010 earnings guidance in the range of $6.15 to $6.95 per share. The New Orleans-based company says it expects that guidance to include 25 cents in costs associated with its planned spinoff of wholesale nuclear power units into a new company, Enexus Energy Corp. Analysts surveyed by Thomson Reuters, on average, have forecast 2010 profit of $6.77 per share. The company's board also has approved an additional $750 million program for the repurchase of its common shares. Entergy filed an initial $500 million share repurchase program during the third quarter of 2008.
“I have to have eye candy,” says Gene Todaro, proprietor of Marcello’s Wine Bar Café. Todaro is a self-described collector, but not a major one, he says. “I find that art is good as an escape. It is provocative. I like thought-provoking visuals.” That’s why Todaro isn’t afraid to spend a little on art like those he is pictured with at Ann Connelly Fine Art on Perkins Road for himself and for the walls of his wine bar. But Todaro believes art is more than just good for adorning the walls, he also thinks the act of creating it is an important way to provide an outlet for troubled youth. “I think it improves the community,” he says. “It is a good avenue for youth to express themselves in a positive way. I think art is overlooked to get their point and their feelings across in a positive way.” For the full Q&A with Todaro, click here. Here is a sample.
What is the greatest personal or professional obstacle you've overcome?
It’s a work in progress but my ego and impatience have been my biggest obstacles.
Today: A presentation on Mayor Kip Holden's $901 million bond issue will be held at 6:30 p.m. at Enoteca Marcello's Wine Bar and Bistro. Mike Futrell, Holden's chief administrative officer, will be on hand.
Tuesday: The Baton Rouge Area Chamber will hold its annual economic forum at the Shaw Center for the Arts. Registration begins at 7:30 a.m. There will be presentations on the regional, statewide and national economic forecasts for 2010 and beyond, and Ezra Greenberg, practice expert with the McKinsey Global Institute, will be on hand. Admission is $30 for BRAC members and $50 for nonmembers. For tickets, go to brac.org.
Tuesday: The Louisiana Technology Council and InfiniEDGE Software will be sponsoring an Ascension Tech Social at 5:30 p.m. in the InfiniEDGE Software office in Prairieville. To register for the event, go to infiniedge.com.
Wednesday: The third annual "Growing Your Business in the New Ascension" for small to mid-size business owners and business leaders will take place from 8 a.m. to 1 p.m. at Elegant Affairs in Gonzales. Marilyn Moats-Kennedy, the event's featured speaker, will address the issue of "Managing Change: Understanding the Demographics of the Evolving Workplace." Other speakers include Adam Knapp, CEO of the Baton Rouge Area Chamber, and Kerry Sauley, an instructor with LSU Continuing Education and Rucks Department of Management. Online registration is $15 or $20 at the door. For more information, go to eatel.com/newascension.
Wednesday: The Louisiana Business & Technology Center will mark its 21st anniversary from 6 to 8 p.m. at LSU's Lod Cook Conference Center. John Fernandez, assistant secretary of the U.S. Department of Commerce, will be present to give the LBTC the 2009 U.S. Department of Commerce Excellence in Economic Development Award.
Thursday: The city of Walker will hold a meet-and-greet business event on "Connecting in the New Economy" at 6 p.m. in Revival Temple on Walker South Road. Featured speakers include Robbie Vitrano, founder and CEO of the Trumpet Group, and Jared Loftus, founder and CEO of Tiger District.
Friday: Greg Lawson, regional manager of digital sales for the New York Times, will discuss digital advertising best practices at the American Adverting Federation-Baton Rouge chapter's luncheon at 11:30 a.m. at Juban’s. Admission is $25. RSVP by Wednesday at affbr.org.
Friday: George Pietrogallo, public affairs manager for ExxonMobil's Baton Rouge refinery, will be the guest speaker at the Baton Rouge Black Chamber of Commerce's monthly luncheon. The event will be held at 11:30 a.m. at Drusilla Seafood. Admission is $15 for chamber members and $20 for nonmembers. To register, click here.
Saturday: The Women's Business Center will hold its first conference at the Catholic Life Center. Registration will begin at 9 a.m. For more information, go to wcgbr.com, or call (225) 302-8018, Ext. 5.
To see the full schedule of upcoming events, click here.
Homecoming tilt on tap: ESPNU will televise the Louisiana Tech-LSU football game Nov. 14. Kickoff for the game, which is the Tigers' homecoming contest, is set for 6 p.m. This will be third LSU game to air on ESPNU this season, following the home opener against Vanderbilt and the game with the University of Louisiana at Lafayette. Saturday's LSU-Alabama game will air on CBS at 2:30 p.m.
Purchases 'exceed expectations': Officials with Cox say the number of people who purchased the Tulane-LSU football game on pay-per-view "exceeded expectations." Ann Ruble, a Cox spokeswoman, wouldn't give an exact number of people who bought the game through TigerVision, but says there were 20% more purchases than expected. "There were a lot of last-minute impulse purchases," Ruble says. She credited the activity on a number of factors, including the number of fans who were at home for Halloween and that the game matched teams in two of Cox Louisiana's markets: Baton Rouge and New Orleans.
Do you think the state Civil Service Commission should approve a change to the "pay-for-performance" system of providing employees who meet or exceed expectations a 4% pay raise?
