In honor: Gov. John Bel Edwards has signed a proclamation declaring the week of April 30 through May 6 as small business week in Louisiana. The proclamation notes that more than 97% of all small businesses in Louisiana have state-based employers and provide jobs to more than 53%, or 900,000, of Louisianans. This week also is National Small Business Week, an annual celebration of entrepreneurship in the United States. “The state of Louisiana supports and joins in this national effort to encourage America’s small businesses to grow, create jobs and ensure that Louisiana communities remain vibrant,” the proclamations says.
Done deal: Royal Dutch Shell and Saudi Aramco have completed their acquisition of the assets and businesses of Motiva Enterprise. According to an agreement, Shell will now own refineries in Norco and Convent in Louisiana, 11 distribution terminals, and Shell-branded markets in Alabama, Mississippi, Tennessee, Louisiana, a portion of the Florida panhandle, and the northeast United States. Saudi Aramco will assume full ownership of the Motiva Enterprises LLC name and legal entity, including the refinery at Port Arthur, Texas, and 24 distribution terminals. In addition, Motiva has the right to exclusively sell Shell-branded gasoline and diesel in Georgia. Read more.
Under review: In a 30-minute interview with Bloomberg News, President Donald Trump says he’s actively considering breaking up giant Wall Street banks, giving a push to efforts to revive a Great Depression-era law separating consumer and investment banking. In a 30-minute interview with Bloomberg News, Trump says he is currently examining the former Glass-Steagall law that required the separation of consumer and investment banking. Trump called for a “21st century” version of the 1933 law during his presidential campaign, and the 2016 Republican party platform also backed restoring the legal barrier. The law was repealed in 1999 under a financial deregulation signed by then-President Bill Clinton. A handful of lawmakers blame the repeal for contributing to the 2008 financial crisis, an argument that Wall Street flatly rejects. Read more.
