Chemical plants bristling at bill

The U.S. House Energy and Commerce Committee advanced legislation Wednesday that could potentially allow the federal government to go into privately owned chemical plants and mandate certain processing changes and even make product substitutions—all in the name of fighting terrorism. To say the bill has caught the attention of a number of interests in Louisiana would be an understatement, as there are nearly 100 chemical plants in the state employing somewhere in the neighborhood of 24,000 workers, according to the Louisiana Chemical Association. The Chemical Facility Anti-Terrorism Act of 2009 would identify plants that contain “substances of concern” and permit the Homeland Security Department to make changes to reduce security risks, such as telling plant operators to switch to processing a less-volatile chemical. American Chemical Council President Cal Dooley says the bill has a number of strong points for the industry, like an employee-training provision to help protect sensitive information and portion that protects chemical companies from frivolous lawsuits. Still, ACC has chosen not to endorse the legislation. “Our members are concerned that providing government with authority to direct process changes or product substitutions could result in making critical products unavailable throughout our economy, with potentially significant impact on our companies and our customers,” he says. For the full version of this story, click here.—Jeremy Alford

EBR sales tax collections down slightly

City-parish sales tax collections fell slightly in August, the fifth consecutive month that there was less revenue than in the previous year. According to figures from the finance revenue department, $12.6 million in sales taxes was collected in August, 0.79% less than the $12.7 million collected in August 2008. This does not include vehicle sales taxes, which were down 12% from August 2008, going from $1 million to $908,446. Once again, collections in the areas of the parish outside the city limits were up from 2008, going from $5.4 million in August of last year to nearly $6.1 million. Inside the city limits, sales tax collections dropped by 10.6%, from $7.3 million in 2008, to $6.5 million in August. Through the first eight months of the year, $100.6 million in sales taxes have been collected, a 1.1% drop from the $101.8 million collected through August 2008.

Full-court press for Alive during BRAC talk about bond

Officials backing the parish’s $901 million bond measure applied a full-court press to a crowd of about 65 people gathered Wednesday evening at Mockler Beverage Co. for a Baton Rouge Area Chamber talk. Primed with cheese cubes, fried catfish and a few Bud Lights, attendees heard from Mayor Kip Holden, who says Tallahassee, Fla., is considering police and firefighter layoffs to deal with a budget crunch while Baton Rouge is one of the few cities able to invest in infrastructure and build on recent business success. “We cannot lull ourselves into a false security,” he told the group. “Let’s make that sacrifice.” To achieve his vision, he pitched the projected benefit of Alive, the entertainment and education complex that could draw 600,000 people downtown and help pay off the bond, most of which would fund drainage work in Central and elsewhere, new police and prison facilities, a River Center expansion and traffic improvements. Mike Futrell, the mayor’s chief administrative officer, batted down an audience question of whether Alive might fail like Catfish Town did, leaving taxpayers stuck. He said that bygone project was “a couple lawyers” who used tax credits to build a shopping center, while the current riverfront plan is a profitable business venture. Futrell said of the bayou ecology-themed Alive: “It is not a generic Disneyland. It is all about who we are as a people.” Read the full story here.—Todd R. Brown

Publisher: Accountability law shows competition works in La. public schools

This year marks the 10th anniversary of Louisiana's accountability law in public schools. "School performance scores, district performance scores and percentage of high school graduates [in four years] are at an all-time high," Business Report Publisher Rolfe McCollister says. This shows that despite complaints from unions and forces that want to maintain the status quo, changes in accountability and school choice are working, McCollister says. "We must stay the course we are on," he says. Read the full column here. Send comments to editors@businessreport.com.

Ground broken on South Harrell's Ferry Green Light project

A groundbreaking was held today for the city-parish's 20th Green Light project, segment 1 of South Harrell's Ferry Road. The $13.2 million project will add two lanes, sidewalks and a raised median from South Sherwood Forest Boulevard to Millerville Road. Two bridges across Jones Creek will be built. The work should be completed by August 2011. For a Business Report cover story about the Green Light program, click here.

Poll: Few spending more on Halloween

Forty-six percent of people who responded to a Daily Report poll say they plan on spending less for Halloween this year. Forty-five percent of people who participated in the online survey say they plan to spend about the same as they have in previous years, while 5% are unsure and 4% plan to spend more. Nearly 1,000 people participated in the poll. Consumer spending on Halloween is expected to drop by 15% this year, according to a report from the National Retail Federation.

Today's question: Has the recent publicity push backing Mayor Kip Holden's $901 million bond issue changed your mind on how you will vote?

Leading economic indicators rise again in September

A private forecast of economic activity rose for the sixth straight month in September, a sign the economy will keep growing next year. The Conference Board says its index of leading economic indicators rose 1% last month after a 0.4% gain in August. Wall Street economists expected an increase of 0.8% last month, according to a survey by Thomson Reuters. Economists expect the economy grew about 3% in the third quarter after falling for a record four straight quarters. But many wonder if that pace can continue in the current quarter and next year as unemployment rises and consumers remain hesitant to spend. The number of newly laid-off workers filing claims for jobless benefits rose more than expected last week, as employers remain reluctant to hire even with the economy showing signs of recovery. The Labor Department says new jobless claims rose to a seasonally adjusted 531,000 last week, from an upwardly revised 520,000 the previous week. Wall Street economists had expected only a slight increase, according to Thomson Reuters.

Entergy’s third-quarter profit falls 3%

Power provider Entergy Corp. said falling sales and higher expenses at its utility and parent segment drove down third-quarter earnings, but healthy revenues at its nuclear segment helped strengthen results. The New Orleans-based company said its third-quarter profit fell 3%. Entergy reported a drop in quarterly earnings to $455.2 million, or $2.32 per share, compared with $470.3 million, or $2.41 per share during the same period last year. Analysts polled by Thomson Reuters estimated a profit of $2.48 per share, on average.

News roundup: Xavier's Francis named one of America's best leaders ... City Park 'Battle' shooting delayed ... Hancock prices stock offering

Top of his class: Norman Francis, president of Xavier University of Louisiana, has been named one of America's Best Leaders by U.S. News & World Report. The list was compiled by the magazine, along with the Center for Public Leadership at Harvard Kennedy School. Francis was honored for helping Xavier quickly recover from Hurricane Katrina, while maintaining the academic quality at the university. Other winners include U.S. Sen. Orrin Hatch, Federal Reserve Chairman Ben Bernanke, and John Chambers, chairman and CEO of Cisco Systems.

Rainout: Plans to film scenes for Battle: Los Angeles around City Park have been delayed because of the weather, city-parish officials say. Producers had planned to close part of East Lakeshore Drive from today through Saturday morning, but will postpone the traffic shutdowns until a later date. The big-budget science fiction/action movie is set to shoot in Baton Rouge through December.

How much? Hancock Bank says it will charge $35.50 per share for its new stock offering. The Gulfport, Miss.-based bank, which has branches across the Gulf Coast, plans to sell 4.3 million shares, meaning the offering will bring in $152.6 million in gross proceeds. Hancock has said it will use the proceeds for general corporate purposes, which might include acquisitions.

Are you the Fittest Exec in the Capital Region?

Think you are more fit than your peers? Business Report launches its second Fittest Execs competition, in which Capital Region business executives compete in four categories (men under 45, men over 45, women under 45 and women over 45). The competition is open to executives (C-level, president, vice president, owner, partner, executive director or retired executives) and mid-level managers. In addition, companies with a minimum of five participants are eligible for a team competition. Fitness appraisals will take place at Bally Total Fitness Baton Rouge through Nov. 20, with the results to be announced in the Dec. 29 issue of Business Report. The deadline to enter is Nov. 16. Click here to register or for more information.