EBR retail sales up 7 percent

Retail spending rose 7 percent in March and for the quarter, as businesses and consumers continued to spend at a higher rate than a year ago, the city-parish Finance Department reported Wednesday. Total spending in East Baton Rouge Parish was $716.3 million in March compared with $669.8 million that month last year. For the quarter, spending … Continue reading →

Business briefs for May 16, 2012

A subsidiary of Crown Crafts Inc., of Gonzales, has signed a licensing agreement with Carter’s Inc., whose brands include Carter’s and OshKosh B’gosh, for a new line of toddler bedding products. Crown Crafts Infant Products Inc. is expected to launch the Carter’s line of bedding, blankets … Continue reading →

Falling gas prices boost spending

Americans are starting to see some relief from higher gasoline prices, a change that could revive the economy in the months ahead. Consumer prices were flat in April, largely because of a decline in gas prices. Lower prices at the pump may be combining with steady job growth to power more spending on … Continue reading →

Facebook raises stock price range

Associated Press photo by DANNY MOLOSHOKScreens outside the Grauman's Chinese Theatre on Hollywood Boulevard advertise for people to

Facebook on Tuesday increased the price range at which it plans to sell stock to the public, as investor enthusiasm in the offering continued to mount and boost the potential value of the world’s most popular social network above $100 billion. The Menlo Park, Calif., company said in a regulatory filing that … Continue reading →

Facebook IPO: Who’s selling

Associated Press file photoFacebook CEO Mark Zuckerberg is expected to sell 30.2 million shares in the company, worth up to $1.15 billion.

Facebook is selling 180 million of its shares in its initial public offering. Another 157 million are coming from existing stockholders, including the company’s earliest investors and CEO Mark Zuckerberg, who’s selling some of his stock to cover tax obligations. Even after the IPO, Zuckerberg will remain Facebook’s single largest shareholder. And he will control the company … Continue reading →

Panel OKs loans for apartment projects

Two north Baton Rouge apartment developments got passing grades from a loan review committee of the East Baton Rouge Redevelopment Authority, which could pave the way for $1.5 million in loans to the projects. Cypress Springs, a 144-unit senior apartment development, and Wesley Chapel, a rehabilitation of an 82-unit low-income development by the local housing authority, received … Continue reading →

Dow Jones continues slide

Trader Ronald Madarasz works on the floor of the New York Stock Exchange Tuesday, May 15, 2012. Stronger news about the U.S. economy stilled the ripples from Europe's latest political impasse Tuesday, pushing U.S. stocks between small gains and losses in early trading. (AP Photo/Richard Drew)

Europe’s latest political impasse cast a gloom over financial markets Tuesday. The euro plunged, and the Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks. The biggest action of the day came shortly before U.S. markets opened, when a Greek party leader announced the talks to … Continue reading →

Ex-BP engineer: Evidence backs innocence claim

Associated Press photo by Pat SullivanFormer BP engineer Kurt Mix leaves the federal courthouse after an April hearing in Houston. On Wednesday, a federal grand jury indicted Mix on charges he dumped emails after being ordered to preserve them during the investigation of the BP oil leak.

A former BP engineer charged with deleting text messages about how much oil was leaking from the company’s blown-out well in the Gulf of Mexico claims evidence not given to federal investigators will prove his innocence. In court documents, Kurt Mix asks U.S. District Judge Jane Triche Milazzo to review evidence … Continue reading →

Dow Jones average continues a two-week slide

In this May 11, 2012, photo, trader Edward Curran, right, works on the floor of the New York Stock Exchange. Wall Street was headed for a higher opening Tuesday May 15, 2012, with Dow Jones industrial futures rising 0.4 percent  while S&P 500 futures added 0.5 percent.  (AP Photo/Richard Drew)

Europe’s latest political impasse cast a gloom over financial markets Tuesday. The euro plunged, and the Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks. The biggest action of the day came shortly before U.S. markets opened, when a Greek party leader announced the talks to … Continue reading →

BR-area homes sales jump 21% in April

Advocate staff photo by ARTHUR D. LAUCKA house in the Garden District bears a message Tuesday that it has been sold. Home sales in the eight-parish Baton Rouge area rose 21 percent in April from a year ago to 616 homes sold.

Baton Rouge-area homes sales rose 21 percent in April, with Realtors in the eight-parish region selling 616 homes compared with 510 that month a year ago. Dollar volume rose 16 percent to $116.1 million, compared with $100.4 million in April 2011. The figures were compiled by the Greater Baton Rouge Association of Realtors. Sales were … Continue reading →

Financing set for High Grove

The Domain Companies has secured financing for its $28 million retail and residential development at The Grove, Richard Carmouche’s mixed-use project east of the Mall of Louisiana. The High Grove will take 14 months to build, with the first building completed in May 2013 and the second building two months later, said Lauren Crowell, spokeswoman … Continue reading →

Facebook in your mutual fund? It may be soon

Ask people what they think about Facebook, and you’re likely to hear everything from “It’s a terrific way to connect with friends and family,” to “It’s a colossal drain on time and productivity.” Soon, you could start getting a third response: It’s a big investment opportunity. Facebook stock is expected to begin … Continue reading →

Metal Shark Boats expanding with Coast Guard contract

Metal Shark Boats plans to more than double its workforce to about 180 positions after securing an order for 500 U.S. Coast Guard patrol boats under a $192 million contract, company officials announced Monday. The announcement marks the latest growth spurt for a Jeanerette boat builder that has seen business rise … Continue reading →

Ochsner-Baton Rouge adding cancer center

Ochsner Medical Center-Baton Rouge plans to open a $15 million cancer treatment center at its O’Neal Lane campus in the second half of 2013, Chief Executive Officer Mitch Wasden said Monday. Ochsner’s center will compete with two existing facilities, Mary Bird Perkins Cancer Center on Essen Lane and Baton Rouge General Medical Center’s Pennington Cancer Center. Continue reading →

Groupon reports smaller loss, higher revenue

Associated Press file photoEmployees at Groupon Inc. are silhouetted in 2011 with the company logo in the lobby of the online coupon company's Chicago offices. Groupon on Monday reported a smaller loss and its stock shot up.

Online deals company Groupon Inc. posted a smaller net loss and sharply higher revenue in the first quarter, helped by increased demand from a growing customer base. Its revenue surpassed Wall Street’s expectations and Groupon’s stock shot up 17 percent in after-hours trading. It was a welcome reprieve for the newly public … Continue reading →

Indirection, flux pose challenges for Yahoo leaders

Assoc iated Press file photoScott Thompson, CEO of Yahoo since January, has left the company and is being replaced by Ross Levinsohn as interim CEO and Fred Amoroso as chairman of its board.

Yahoo cast aside CEO Scott Thompson because his official biography included a college degree that he never received. The troubled Internet company’s next challenge will be convincing its restless shareholders and demoralized employees that the turnaround work started during Thompson’s tumultuous four-month stint as CEO won’t be wasted. “Yahoo has been … Continue reading →

Deadlock in Greece continues; stocks drop

Associated Press photo by JOHN KOLESIDISEvangelos Venizelos, leader of Socialist Party PASOK, arrives at the Presidential Palace for a meeting of political leaders in Athens on Monday. Greece's struggle to cobble together a coalition government weighed on U.S. stock markets Monday.

A political stalemate in Greece rattled financial markets worldwide on Monday, driving U.S. stocks lower. The euro sank to a three-month low against the dollar and borrowing costs for Spain and Italy jumped as bond traders anticipated that financial stress could spread far beyond Greece. Investors dumped risky assets and plowed into … Continue reading →

JPMorgan Chase chief faces stockholders

Associated Press file photoJPMorgan Chase, with its headquarters in New York, is under intense scrutiny after disclosing a $2 billion trading loss. Chairman and Chief Executive Officer Jamie Dimon faces shareholders in the company's annual meeting Tuesday in Tampa, Fla.

JPMorgan Chase CEO Jamie Dimon owned up to stock analysts and went on television to accept blame for a $2 billion trading mistake. Next he faces shareholders, who are considerably less wealthy since the blunder was disclosed. While Dimon may be greeted by colorful protesters and tough questions at the JPMorgan annual … Continue reading →

Stocks drop on Greek woes

In this May 11, 2012, photo, trader Jason Harper, right, works on the floor of the New York Stock Exchange.  Wall Street ended last week with a decline after JPMorgan said it lost $2 billion on poorly-thought-out trades.   (AP Photo/Richard Drew)

NEW YORK (AP) — A political stalemate in Greece rattled financial markets worldwide on Monday, driving U.S. stocks lower. The euro sank to a three-month low against the dollar and borrowing costs for Spain and Italy jumped as bond traders anticipated that financial stress could spread far beyond Greece. Investors dumped risky assets and plowed into the … Continue reading →

Citizens lawsuit costs escalate

Over the past eight years, Louisiana Citizens Property Insurance Corp. has spent or budgeted nearly $1.6 million to fight a class-action lawsuit over tardy claims adjustments following the hurricanes of 2005. More than $600,000 of the total came this year as the state-backed insurer scrambled to prevent plaintiffs from seizing more than $100 million from Citizens. Continue reading →

Graduates adjust to tough job market

Advocate staff photo by ARTHUR D. LAUCK  Recent graduate Keagan Gopaul speaks with Geocent recruiter Christina Wright at a job fair held earlier this month at the Marriott hotel.

Louisiana may have avoided the worst of the housing bubble and financial crisis, and the recession is technically over, but recent graduates are still having to lower their standards, broaden their searches and delay their dreams when it comes to finding a job. “I would definitely say that in a general sense, the job prospects for students … Continue reading →

Business Briefs for May 13, 2012

A free workshop titled “Cyber Security is Good Business” is being held 8:30 a.m.-12:30 p.m. May 23 in the Louisiana State Archives Building at 8549 United Plaza Blvd. The workshop is for small businesses and organizations and not a technical presentation for information technology and systems … Continue reading →

Business Meetings for May 13, 2012

AMERICAN SOCIETY OF SAFETY ENGINEERS GBR CHAPTER --WHEN: Tuesday, 7 a.m. --WHERE: Frank’s Restaurant, 17425 Airline Highway, Prairieville --EVENT: Awards and officer installation --SPEAKER: Lance Roux, Safety Pro Resources LLC, on “Training vs. Orientation” Continue reading →

People in Business for May 13, 2012

Charles Timpa, First Federal Bank in Lake Charles, chairman of the Louisiana Bankers Association for 2012-13

Charles Timpa, president and chief executive officer of First Federal Bank in Lake Charles, was installed as the 2012-2013 chairman of the Louisiana Bankers Association. Other officers are chairman-elect Drake Mills, president and CEO of Community Trust Bank in Choudrant, and treasurer Paul Durand, president and CEO of St. Martin Bank and … Continue reading →

Business Honors for May 13, 2012

Advocate photo by PAM BORDELON  Visiting at the VIP reception prior to the Public Affairs Research Council's annual luncheon, Jim Brandt

James C. “Jim” Brandt, former president of the Public Affairs Research Council, was awarded the Frederick P. Gruenberg Award by the Governmental Research Association for his contributions to and longtime service in governmental research. The Acadian Home Builders Association and KATC-TV3 in Lafayette received the Communitas Award for Philanthropy from the … Continue reading →

Business briefs for May 12, 2012

Stone Energy Corp., of Lafayette, has signed a $67 million deal to buy portions of three Anadarko Petroleum Corp.’s leases in the Gulf of Mexico, southeast of New Orleans. In exchange for the cash, Stone will receive Anadarko’s 25 percent working interest in the … Continue reading →

Facebook’s IPO roadshow gets mixed reactions

Facebook’s IPO roadshow rolled through Silicon Valley on Friday, part of a weeklong pitch session to institutional investors eager to buy the social network’s stock when it goes on sale. With the company’s initial public offering of stock widely expected Friday, Facebook officials — led by Chief Operating … Continue reading →

Bad bet fans regulatory flames

Associated Press photo by MARK LENNIHANA JPMorgan Chase building is shown Friday in New York. The largest bank in the United States said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.

J.P. Morgan Chase & Co.’s stunning after-hours announcement Thursday of a $2 billion loss on a complex bet sent shock waves through the nation’s capital Friday, as lawmakers blamed financial regulators for continuing to allow the same risky activity that nearly sunk the global financial system four years ago. J.P. Morgan had been … Continue reading →

Market dip muted, despite bank slump

Associated Press photo by RICHARD DREWSpecialist Peter Giacchi, center, calls out prices as he works at the post that handles JPMorgan on the floor of the New York Stock Exchange Friday. Financial stocks fell Friday on a $2 billion trading loss reported by JPMorgan, while the broader market was mostly flat.

JPMorgan’s surprise $2 billion trading loss prompted a sell-off in financial stocks Friday, with smaller declines across the broader market as investors decided this was more of a problem for investment banks than for other industries. Most of the 10 industries in the Standard & Poor’s 500 index were flat or posted modest declines; financial stocks fell … Continue reading →

Fuel cost drop lowers U.S. wholesale prices

Associated Press photo by MATT ROURKEVegetables are displayed at a vendors stand at the Italian Market Thursday  in Philadelphia. Outside of a drop in gas and energy prices, inflation was tame last month.

A big decline in gas and energy costs drove a measure of U.S. wholesale prices lower in April. Outside that drop, prices barely rose. The Labor Department said Friday that the producer price index dropped 0.2 percent last month from the previous month. It was the first decline since December and the biggest … Continue reading →

Stock market inches higher despite bank slump

Specialist Peter Giacchi, center, calls out prices as he works at the post that handles JP Morgan on the floor of the New York Stock Exchange, Friday, May 11, 2012. Financial stocks are leading the market lower in early trading after JPMorgan disclosed a huge trading loss.(AP Photo/Richard Drew)

JPMorgan’s surprise $2 billion trading loss prompted a sell-off in financial stocks Friday, but the broader market rose as investors decided this was a problem for investment banks and not other industries. The Dow Jones industrial average rose 42 points in midday trading after bouncing back from a 76-point decline. The Standard & Poor’s 500 index rose … Continue reading →

Cottonport Bank plans BR branch

A longtime Avoyelles Parish-based bank plans to open a branch in Baton Rouge, its most ambitious expansion with hopes to better serve a growing base of banking customers in the capital region. The Cottonport Bank broke ground on Corporate Boulevard on Monday to build its 12th branch, its third in the Baton Rouge metro region. Cottonport … Continue reading →

Edgen Group has profit

Edgen Group Inc., a Baton Rouge-based energy services firm, reported first-quarter earnings of $4 million, compared with a loss of $6 million a year earlier. Edgen’s initial public offering of stock was May 2. The company reported its results on a pro forma basis, as if the company were publicly traded. Edgen’s sales increased … Continue reading →

Cellphone ‘digital wallets’ pushed

Photo provided by LG MobilePariticipants in the wireless industry show in New Orleans check out LG mobile phones. One of the hot topics was the digital wallet, the idea of paying for goods and services through smartphones.

Cash, coins and credit cards are so Twentieth Century. At least, that’s the opinion of the electronics manufacturers, phone companies, banks and credit card issuers that expect cellphones to be the main way consumers pay for purchases in the not-so-distant future. The trouble is, that vision of tomorrow is somewhat blurry, … Continue reading →

Bank admits huge trading loss

JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in a trading portfolio designed to hedge against risks the company takes with its own money. The company’s stock plunged 6 percent in late electronic trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered … Continue reading →

Petroplex says St. James oil terminal has financing

A group of firms led by Baton Rouge-based Petroplex International LLC said it has raised enough capital to move forward with previously announced plans to build a $600 million, 10 million-barrel oil storage terminal in St. James Parish. “The substantial increase in crude oil production from domestic shale formations and Canadian oil sands is rapidly changing … Continue reading →

Dow ends streak of losses, barely

Associated Press photo by WARREN RUDAJob seekers attend a hiring expo on Wednesday at the Kingston Armory in Wilkes-Barre, Pa., to help military personnel moving into civilian life. Jobless benefits claims dipped by 1,000 last week, signaling a better job market, which helped lift stocks.

The Dow Jones industrial average broke a six-day losing streak Thursday, notching a small gain after the government released better unemployment numbers. The Dow rose 19.98 points to close at 12,855.04, after rising almost 100 points earlier in the day. The Standard & Poor’s 500 index rose 3.41 points to close at 1,357.99. Before Thursday, the … Continue reading →

Agency may limit mortgage fees

The government’s consumer finance watchdog is weighing an overhaul of the fees consumers pay to obtain mortgages. Regulators might ban origination fees that vary with the size of the loan, known as “origination points.” They also might limit the use of “discount points” that are supposed to result in lower interest rates, … Continue reading →

National union members in BR for rally

National members of the United Steelworkers Union are in Baton Rouge for a Friday rally and series of meetings with its local members from the ExxonMobil chemical plant and refinery where there’s dissension among the union’s ranks and a dispute with the company. A disagreement over a safety program erupted late last month during contract negotiations between … Continue reading →

Dow breaks 6-day losing streak, barely

Neil Catana, right, works with fellow traders on the floor of the New York Stock Exchange Thursday, May 3, 2012. Markets were on edge Friday ahead of crucial U.S. jobs figures and weekend elections in France and Greece that could have a big bearing on how Europe's debt crisis plays out over the coming months.  (AP Photo/Richard Drew)

The Dow Jones industrial average broke a six-day losing streak Thursday, notching a small gain after the government released better unemployment numbers. The Dow rose 19.98 points to close at 12,855.04, after rising almost 100 points earlier in the day. The Standard & Poor’s 500 index rose 3.41 points to close at 1,357.99. Before Thursday, the … Continue reading →

Official defends drilling policy

The director of the federal Bureau of Ocean Energy Management said Wednesday that the Obama administration’s five-year plan for offshore drilling should be finished by the end of June and that it leans heavily on expanding oil production from the central Gulf of Mexico. In speaking before the Republican-controlled House Natural Resources Committee, … Continue reading →

BR area does well in industry pay survey

Baton Rouge metro area manufacturers paid workers an average of $68,522 per year in 2010, good for the No. 20 ranking in a new Brookings Institution report on trends in manufacturing in the United States’ 100 largest cities. The San Jose-Sunnyvale-Santa Clara, Calif., area ranked first, with average pay of $144,899 a year. U.S. manufacturing remains … Continue reading →

N.O. freight company acquired

Chicago-based Livingston International has acquired New Orleans-based M.G. Maher & Co., as well as the business of its affiliate MCLX Inc., Livingston’s President and CEO Peter Luit said Tuesday. The acquisition strengthens Livingston’s international freight forwarding business globally and its customs brokerage business in the U.S., the company said. It also establishes Livingston in New … Continue reading →