More support encouraged for downtown library progress

Once again, Progress Is… urges backers of a proposed landmark downtown Baton Rouge library to attend the parish library board's meeting at 4 p.m. today at the Main Library. "Although a committee was appointed to work with the library director to move the decision process forward on the downtown library," the group says, "there are rumblings that the anti-downtown board members would like the director to do away with the committee so they can continue delaying progress." The advocacy group asked its Facebook fans for a show of support at the meeting to push for a visionary re-imagining of the River Center branch by renovating, replacing or relocating the facility. Last month the group helped motivate dozens of supporters to attend a board meeting and voice their views on the practical and symbolic importance of a world-class library that serves the central business district and nearby Beauregard Town and Spanish Town residential neighborhoods. There is no formal budget set aside for concept plans commissioned from Trahan Architects to redesign the downtown library. Trahan estimates the costs will range from $6 million for a rehab to $24 million for a replacement. —Todd R. Brown

Knapp makes trip to Dubai

Adam Knapp, president and CEO of the Baton Rouge Area Chamber, is back from a six-day trip to Dubai aimed at building relationships between the emirate and U.S. businesses. Knapp was one of 35 people who made the trip last week, organized by the American Chamber of Commerce Executives, along with officials from chambers from cities such as Los Angeles, Denver, Seattle and Mobile, Ala. While the primary purpose of the trip was to introduce Dubai and the United Arab Emirates back to the U.S. market, Knapp had time to pitch Baton Rouge to local business leaders. “There are huge opportunities for U.S. commerce,” says Knapp. One of the groups he met with was the Emirates Investments Group, which has a number of investments in the Middle East and South Asia. Sheikh Tariq Bin Faisal Al Qassimi, who heads EIG, said in a press release sent out by the United Arab Emirates that Baton Rouge and Louisiana are good platforms for Middle Eastern investment, because of the expanding local economic climate and federal incentives. While Dubai has taken a hit from the worldwide recession, the emirate is in place to serve as an economic center and gateway to the Middle East. Dubai has set up foreign trade zones, which have no taxes and allow for 100% foreign ownership. That’s caused more than 3,000 companies to set up shop in the massive, man-made port. Contrary to popular belief, Knapp says oil revenues only account for 2% of Dubai’s GDP. “Manufacturing and tourism are larger drivers,” Knapp says. He hopes to arrange for Dubai officials to come to Baton Rouge in the next two or three months for a reciprocal visit. —Timothy Boone

Hebert declares independence; Jackson urges support for rail study

As the regular session draws closer, an avalanche of political happenings can be expected and, in many ways, has already started. For example, state Sen. Troy Hebert of Jeanerette, a self-described “champion of the little man,” has turned in his Democratic credentials and is now independent of all parties. Known for his quick wit, Hebert said in a press release Wednesday that he now has the letter “L” behind his name, for Louisiana. "My change to independent or no party does not mean I have changed my beliefs,” he says. “As a senator with friends on both sides, I just want to have the freedom to support either one when they have the best idea or solution." Among the fastest growing political affiliations in the state is independent, numbering somewhere around 650,000 voters. That’s probably a fact not lost on state Rep. Michael Jackson, an independent from Baton Rouge and chairman of a work group exploring passenger rail from Red Stick to New Orleans. Jackson says the Capital Region Legislative Delegation is putting its weight behind a $200,000 line item for the “UNO Value Capture Funding Study,” which would reportedly help with identifying monetary sources and addressing some feasibility issues. “The Capital Region Legislative Delegation will reach out to our colleagues in the Orleans and Jefferson delegations to ensure this funding gets introduced and makes it through the process so that we can capitalize on the study completed by Burke Kleinpeter and achieve the major goal of this group: figuring out how to fund passenger rail,” Jackson wrote in an e-mail. —Jeremy Alford

Britton & Koontz revises earnings down

The parent company of Britton & Koontz has revised its fourth-quarter earnings, saying the Mississippi-based bank posted a fourth-quarter loss of $58,371. The bank had earlier reported a fourth-quarter profit of $569,000. The bank made the revision because two commercial loans in Mississippi that had been secured by commercial real estate were found to be more impaired than originally thought. In one case, there was theft and heavy damage done to a property just before Britton & Koontz foreclosed on it. The other case involves the bank suing over alleged borrower fraud. The revisions also affected the bank’s annual figures: Britton & Koontz’s earnings for the year are now $1.6 million, instead of the $2.3 million reported in January. Britton & Koontz is the second Mississippi bank this week to revise its earnings to show a fourth-quarter loss; BancorpSouth says it lost $2.1 million during the end of 2009, after a $27.6 million increase in provisions for credit losses.

Poll: Voters should have option for school board term limit

An overwhelming number of people who participated in a Daily Report poll say voters should have a chance to determine if there should be a term limit for local school board members. Ninety-four percent of people who took the survey favor a local option term-limit vote, while 5% oppose the measure. More than 950 people participated in the poll. State Rep. Steve Carter has introduced a bill that would set a Nov. 2 local option vote to limit school board members to three terms.

Today’s question: Education Secretary Arne Duncan proposes that college teams graduating fewer than 40% of their student-athletes should be banned from postseason play. Is this a good idea?

10/12 CEO forum set for next week

Top CEOs will discuss how they are meeting the current economic challenges—and prospering—at the Louisiana CEO Forum, hosted by 10/12 magazine. The Southeast Forum is set for March 24 at the Crowne Plaza in Kenner. The line-up includes Jay Lapeyre, president of Laitram in Harahan; Marty Mayer, CEO of Stirling Properties in Covington; Alden McDonald Jr., president and CEO of Liberty Bank and Trust Company in New Orleans; Dennis Stine, CEO of Stine Lumber in Lake Charles; and Scott Wester, CEO of Our Lady of the Lake Regional Medical Center in Baton Rouge. Doors will open at 7 a.m. and the program will end by 9 a.m. Following the panel discussion, audience members will have the opportunity to ask questions. Tickets are $20 and include a continental breakfast. Seating is limited and available on a first-come basis. To purchase tickets online, click here. For more information, call Valerie Huntley at (225) 928-1700. The event is sponsored by Jones Walker Law Firm, Business First Bank, and Gulf South Business Systems.

U.S. economy shows no inflation, little hiring

The picture of an economy growing modestly without producing inflation yet struggling to create jobs emerged from government reports today. The number of newly laid-off workers requesting jobless benefits fell slightly last week for the third straight time. But initial claims remain above levels that would signal net job gains. New claims for unemployment aid fell 5,000 to a seasonally adjusted 457,000, the Labor Department said. That nearly matched analysts' estimates of 455,000, according to Thomson Reuters. The four-week average of jobless claims, which smoothes out volatility, dropped to 471,250. Still, the average has risen by 30,000 since the start of this year. That's raised the concern among economists that persistent unemployment could weaken the recovery. In a separate report, the department said consumer prices were flat in February. A rise in food prices was offset by a drop in gasoline prices and other energy costs. Excluding the volatile food and energy categories, the core Consumer Price Index edged up just 0.1% last month, matching economists' estimates. The report adds to evidence that the weak economy has all but erased inflation. In another report, a private research group said its gauge of future economic activity rose just 0.1% in February, suggesting slow growth this summer. The gain in the Conference Board's index of leading economic indicators was the smallest in 11 months.