Business Report names Forty Under 40 honorees

Since 1994, Business Report has showcased men and women under the age of 40 who are influencing decisions in the Capital Region, capturing the entrepreneurial spirit, and balancing bottom-line results with involvement in community and charitable activities. As always, this year's class of honorees is an eclectic group. They are architects and artists, accountants and attorneys, doctors and dentists, principals and presidents, reporters and photographers. Meet this year's rising business stars here. Send comments to editors@businessreport.com.

Zoning committee could vote on Spanish Town houses today

The Metro Council Zoning Committee again will consider if property owner Richard Preis should be forced to fix up several dilapidated rental properties he owns in historic Spanish Town at its meeting today. A discussion about the properties was halted last month, when Mayor Pro Temp Mike Walker ended the meeting because he said time had run out. At issue is Preis’ appeal of an obscure city ordinance that allows the Historic Preservation Commission to cite a property owner with “demolition by neglect” for letting properties fall into disrepair. Preis has appealed that citation directly to the Metro Council, bypassing the HPC. Plans are to demolish the properties to make room for an apartment complex, a move strongly opposed by Spanish Town residents.

Louisiana exports decline

Louisiana’s total exports declined 29% to $29.3 billion in value over the first three quarters of 2009 while total U.S. exports dropped by 23.8%, according to a report issued by the World Trade Center of New Orleans. This follows up to 2008’s record-breaking year, with exports from Louisiana reaching nearly $42 billion. However, the decrease was the mark of a global recession and low agricultural and oil prices. All top exports declined from January to September. Agricultural products fell 22.9%, as did processed foods by 24.3%. Petroleum and coal products declined 47% and chemicals declined 28.3%. Louisiana's principal export markets for the first nine months of 2009 were China, Japan and Mexico. The state’s shipments to China increased 69.8%, reaching $3.1 billion as exports to almost all other major markets declined. "Although the effects of the worldwide recession are still impacting Louisiana’s exports to most markets, we’re hopeful that the recovery that is underway in China, India, Europe and other countries will translate into increased state exports worldwide,” says Larry Collins, director of international services with Louisiana Economic Development.—Emma James

Hilton Garden Inn sold for $10.6 million

The Hilton Garden Inn across from the Metro Airport has been sold for $10.6 million. Interstate Hotels & Resorts announced it had completed the sale of the 131-room hotel to a fund managed by Fairwood Capital. IHR, the largest independent hotel management company in the U.S., will continue to manage the hotel, which is located in the Howell Place development. IHR, which has been squeezed by the recession, has been selling off properties lately to pay down maturing debt. The company bought the Hilton Garden Inn in June 2006 for $14.4 million.

Shaw selected to provide technology for Chinese plant

The Shaw Group has been selected to provide proprietary technology and do design work for a Chinese petrochemical plant. The value of the contract with Yulin Energy and Chemical Co. to sell purification and recovery technology to its ethylene and propylene plant in Shaanxi Province was not disclosed. Ethylene and has a variety of uses, including being used in the manufacture of plastic bags, packing material and textiles.

Melancon files Chinese drywall bill

U.S. Rep. Charlie Melancon has filed a bill to block insurance companies from canceling homeowner insurance policies for people who discover their homes contain allegedly defective Chinese drywall. Melancon, D-Napoleonville, also wants to stop insurers from changing rates based on problems stemming from Chinese drywall. About 1,900 homeowners, 318 in Louisiana, have filed Chinese drywall complaints with the Consumer Product Safety Commission. Homeowners claim imported Chinese drywall emits sulfur, methane and other chemical compounds that have ruined homes and appliances, and harm residents' health.

U.S. home construction plunges 10.6% in October

Construction of new homes plunged last month as builders waited to see whether lawmakers would extend a tax credit for first-time homebuyers. The Commerce Department says construction of new homes and apartments fell 10.6% in October to a seasonally adjusted annual rate of 529,000, from an upwardly revised 592,000 in September. Economists polled by Thomson Reuters expected a pace of 600,000. But builders could ramp up in the coming months, since Congress earlier this month gave first-time buyers until April 30 to qualify for the credit of up to $8,000. Applications for building permits, a gauge of future activity, fell 4% to an annual rate of 552,000 units, below the 580,000 that economists had expected.

Poll: Improve nutritional education to reduce La. obesity

Forty percent of people who responded to a Daily Report poll say the key to reducing obesity in Louisiana is to improve nutritional education. Seventeen percent of respondents say the key is to offer tax breaks for joining a gym, while 5% say obesity should be reduced by putting taxes on fatty and sugary foods. Twenty-nine percent of respondents say all three of these steps should be taken. Nearly 1,350 people participated in the survey.

Today's question: Should the Securities Insurance Protection Corporation cover some of the losses from Stanford Financial Group investors?

News roundup: Consumer prices up 0.3% ... Survey: 23% of employers say morale is low ... Lane closures continuing for I-10 widening

Inflation expected to remain subdued: Consumer prices edged up slightly faster than expected in October, driven higher by another increase in energy prices and the biggest jump in new car prices in 28 years. Still, prices are lower than they were a year ago and inflation is expected to remain subdued as the economy struggles to emerge from a deep recession. The Labor Department says consumer prices rose 0.3% in October, a bit more than the 0.2% economists had expected. Core inflation, which excludes energy and food, rose 0.2%, compared to analysts' expectation for a 0.1% rise in core prices.

Recession takes its toll: A survey found that 23% of hiring managers say employee morale at their company is low. The CareerBuilder survey also polled workers; 40% say they have had difficulty staying motivated at work in the past year. Hiring managers are taking steps to improve morale, which has been hurt by the recession, such as offering employee recognition programs and providing flexible work opportunities.

Look out: Interstate 10 westbound from Siegen Lane to the I-10/I-12 split will be reduced to one lane beginning at 9 p.m. Thursday. Lanes are being closed so crews can work on the embankments that are part of the I-10 widening project. A section of Bluebonnet Boulevard near the I-10 overpass will also be narrowed to one lane while work crews remove concrete. The work will take place from 9 p.m. to 5 a.m.