Less than expected: A new audit says former Gov. Bobby Jindal’s privatization of claims processing and loss prevention services for Louisiana’s self-insurance program saved the state money, though less than projected, The Associated Press reports. The Jindal administration privatized the Office of Risk Management work in June 2010, awarding the $75 million contract to Mandeville-based F.A. Richard and Associates Inc., or FARA. In a review released today, the Legislative Auditor’s Office says FARA—which held the privatization deal through June 2015—saved the state $9.8 million over five years, rather than the $22 million projected by the Jindal administration.
Watching closely: BP says it plans to speak with European Union and Britain leaders about the “Brexit” vote, FuelFix.com reports. In a statement, BP officials say they are closely monitoring the situation as the U.K.’s exit process is negotiated. “It is far too early to understand the detailed implications of this decision and uncertainty is never helpful for a business such as ours,” the London-based BP says in a statement. “However, we do not currently expect it to have a significant impact on BP’s business or investments in the UK and Continental Europe, nor on the location of our HQ or our staff.” The U.K.’s vote to leave the European Union last week sent financial markets in a tailspin Friday. Financial markets experienced new shockwaves today. Read the full story.
Big losses: A USA Today analysis has found that U.S. companies are losing big following the “Brexit” vote last week. U.S.-based companies in the broad Russell 3000, including online advertising company Alphabet, software maker Microsoft and global bank JPMorgan Chase, have suffered a collective loss of $1.2 trillion since Friday, according to the paper’s analysis of data from S&P Global Market Intelligence. More than $300 billion in market value has been erased just from the 30 most-valuable stocks in the Standard & Poor’s 500, the stocks most commonly found in U.S. investors’ portfolios. Read the full story.
