Shut in: Stock trading will be closed in the United States for a second day Tuesday as Hurricane Sandy bears down on the East Coast. Bond trading will also be closed. The last time the New York Stock Exchange was closed for weather was in 1985 because of Hurricane Gloria, and it will be the first time since 1888 that the exchange will have been closed for two consecutive days because of weather. The cause then was a blizzard that left drifts as high as 40 feet in the streets of New York City. The New York Stock Exchange and Nasdaq say they intend to reopen on Wednesday and would keep investors updated.
Local leader: Karl Landreneau, NAI/Latter & Blum director of commercial sales and leasing for the Baton Rouge and Lafayette markets, will serve as president-elect of the Certified Commercial Investment Member Institute in 2013 and take office as president in January 2014. CCIM is one of the largest commercial real estate networks in the world, with approximately 15,000 members across North America and in more than 30 countries worldwide who collectively close thousands of transactions annually, representing more than $200 billion in value.
Down the road: Cuts in most city departments and a proposed fee on the bills of electricity customers are among the proposals in New Orleans Mayor Mitch Landrieu’s latest city budget. Landrieu says the proposed fee on power bills will amount to about $2 to $3 per month for most households. It would be used to fund street light repairs after emergency grant funds run out. Landrieu outlined budget plans today at a news conference before the $491 million document is presented to the City Council. The Times-Picayune has more on Landrieu’s presentation today, in which he also ripped into Gov. Bobby Jindal for state cuts, here.
