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Plan would sell stock to fund natural gas liquefication facility

The California company planning a $9.3 billion natural gas liquefaction facility in Cameron Parish hopes to fund the project by selling stock in the venture. SCT&E LNG’s first step will be to raise $40 million from a select group of investor over the next few weeks, according to Chief Executive Officer and Chairman Greg Michaels. The… Continue reading →

Owner reports $12.2 million loss on River Parishes Hospital sale

Photo provided by River Parishes Hospital -- River Parishes Hospital in LaPlace has been aquired by Ochsner.

LifePoint Hospitals Inc. reported a $12.2 million loss on the pending sale of River Parishes Hospital, the company reported Friday. The write down includes property, equipment and goodwill. The price for the hospital was not disclosed. LifePoint included the charge in its third-quarter results. The company reported its third-quarter profit fell 15.4 percent to… Continue reading →

Rain CII makes post-Katrina return, opens $5.6M corporate headquarters in Covington

Rain CII, which was displaced to Kingwood, Texas, after Hurricane Katrina in 2005, has opened its $5.6 million corporate headquarters in Covington. Rain CII, which produces materials used in aluminum, steel and titanium dioxide, announced its plans to return to Louisiana in October 2013. A ribbon-cutting ceremony was held Thursday. Its new headquarters is in the… Continue reading →

Xavier of Louisiana receives millions in grant money to benefit biomedical students

The National Institutes of Health.

Xavier University of Louisiana received a $19.6 million grant from the National Institutes of Health to expand student participation in biomedical programs. The award is part of a $240 million NIH investment involving more than 10 institutions. Xavier and other recipients will establish a national consortium to train, mentor and encourage students from underrepresented groups to enter… Continue reading →

BP makes deepwater Gulf oil discovery

BP has struck oil at the Guadalupe prospect 180 miless off the coast of Louisiana in the deepwater U.S. Gulf of Mexico. The company said the discovery well, on Keathley Canyon Block 10, was drilled by operator Chevron on behalf of the Guadalupe co-owners. The well encountered significant oil pay in Paleogene age Wilcox Sands.… Continue reading →

HRI Properties getting up to $150 million for growth

HRI Properties LLC in New Orleans is getting up to $150 million of growth capital from affiliates of Almanac Realty Investors LLC. HRI said it will use the funds to acquire, redevelop and develop mixed-use projects, consisting of apartments and hotels within the urban core of top 25 metropolitan areas. The funds also provide HRI with… Continue reading →

Times-Picayune to lay off 100 workers; print paper in Mobile

Advocate staff photo by JOHN McCUSKER -- 3800 Howard Avenue has been the home of the Times-Picayune since 1967. The paper stopped publishing daily in 2012 after 175 years to focus on online efforts. Tuesday, October 21, 2014 the organization announced layoffs and that it is moving it's printing to an Alabama facility.

The Times-Picayune announced plans on Tuesday to lay off an additional 100 workers and abandon its longtime headquarters on Howard Avenue as part of a move to consolidate its printing operations in Alabama. The outsourcing of the print operation is expected to occur in late 2015 or early 2016, according to an announcement posted on Continue reading →

Textron lays off 200 from Slidell military plants

Textron plans to lay off about 200 workers from its two Slidell armored vehicle plants, saying it’s temporarily shutting down production. Workers were told earlier this month that they would be laid off effective Nov. 3. Company spokesman Tom Williams said Textron, an industrial conglomerate based in Providence, Rhode Island, is replanning… Continue reading →

Rouses, Associated Grocers reach settlement in legal dispute

Advocate staff file photo by BRYAN TUCK -- Thibodaux-based Rouses Supermarket, with one of its 40 stores located in Lafayette, reached an undisclosed settlement in legal dispute with grocery supplier Associated Grocers in Baton Rouge.

Thibodaux-based retail grocery chain Rouses Enterprises and Baton Rouge-based wholesale grocery supplier Associated Grocers have reached an undisclosed settlement in a legal dispute after three days of trial last week. “The Rouse family is very satisfied with this resolution,” managing partner Donny Rouse said in a statement Monday. He said terms of the settlement are confidential.… Continue reading →

Financiers help startups get off the ground

Clayton White, South Coast Angel Fund LLC

As New Orleans snags plaudits for nurturing business startups, investors who have backed many of the enterprises also are finding support in groups that make their investment choices easier and may boost their chances of earning big returns. Help for the financiers has come with the growth of investor groups that not only attract money for startups but… Continue reading →

Financial investors look to the next level

Jon Atkinson, South Coast Angel Fund LLC

Local investors say what the burgeoning New Orleans angel community needs now is a stimulating jolt, such as the acquisition of one of their client companies by a larger firm that pays them seven to 10 times the size of their original investment. “We are on the clock for a big exit as a community,” said Jon… Continue reading →

Spreading their wings

Most of the estimated $120 billion that’s injected into new and early stage businesses each year comes from friends and family of the entrepreneurs, but as much as $20 billion comes out of the pockets of individuals known as angel investors. Often, they are people who have accumulated wealth through their own enterprises and now wish to participate… Continue reading →

Business Briefs for Oct. 19, 2014

The law firm of Johnson, Johnson, Barrios & Yacoubian in New Orleans has changed its name to Johnson, Yacoubian & Paysse with the appointment of René S. Paysse Jr. as a partner. The announcement was made by Edward S. Johnson and Alan J. Yacoubian,… Continue reading →

People in Business for Oct. 19, 2014

HV Nagendra, of Roy Anderson Corp.

HV Nagendra has been named director of health care at Roy Anderson Corp.’s New Orleans office. Nagendra was senior associate and project manager with Blitch Knevel Architects.  … Continue reading →

Business Honors for Oct. 19, 2014

Neena Kelfstrom, The Runnels School

Gina E. Eubanks, associate vice chancellor and program leader for nutrition and food sciences at the LSU Agricultural Center and vice chancellor for extension at the Southern University AgCenter, received the Leadership Award at the Booker T. Washington Economic Summit at Tuskegee University in Alabama. She was cited for her work that highlights and… Continue reading →

Business Meetings for Oct. 19, 2014

LOUISIANA NOTARY ASSOCIATION-BAYOU REGION WHEN: Tuesday, 7 p.m. WHERE: Lin’s Chinese Buffet, 404 N. Canal Blvd., Thibodaux EVENT: Shop talk RESERVATIONS: Clorissa Caillouet,… Continue reading →

Entergy’s Vermont Yankee shutdown to cost $1.24 billion

Entergy Corp.’s soon-to-close Vermont Yankee nuclear plant could cost up to $1.24 billion for a decommissioning of its reactor, and plant officials said they currently have about half that much in a fund dedicated to paying for that work. The figure was contained in a “site assessment study”… Continue reading →

Federal offshore oil lease sale set for March

Oil and gas leases for 40 million acres off the coasts of Louisiana, Mississippi and Alabama will be offered by the federal government in a March sale at the Superdome in New Orleans, the Bureau of Ocean Energy Management said Friday. The sale will include 7,611 blocks, covering about 40.5 million acres,… Continue reading →

Entergy expecting lower third-quarter profits

The cost to shut down the Vermont Yankee nuclear power plant will mean a lower third-quarter profit for Entergy Corp. The New Orleans-based utility announced Friday it expects third quarter as-reported earnings of approximately $1.26 per share, compared with $1.34 per share a year ago. Higher-than-expected decommissioning costs for Vermont Yankee will chop approximately 37… Continue reading →

New Orleans riverboat revenue slips, Harrah’s inches upward

New Orleans-area riverboat casinos’ revenue slipped 2.8 percent to $19.7 million in September, while Harrah’s New Orleans Casino’s revenue inched upward by less than 1 percent to $24 million. Overall, Louisiana’s 14 riverboats, Harrah’s land-based casino and slots at four racetracks brought in $182.8 million in September, up 0.3 percent over the year-ago figures. New Orleans’… Continue reading →

Pool Corp. reports record profit

Covington-based Pool Corp. reported third-quarter earnings climbed to a record $34.8 million, or 78 cents per share, compared to $32.3 million, or 68 cents per share, a year earlier. The swimming pool and products wholesaler boosted sales by 6 percent to a record $615.5 million. Those results were driven by pool replacements and remodeling, which fueled… Continue reading →

La. forecast to gain 66,700 jobs through 2016; N.O. 17,300 jobs

Advocate staff photo by TRAVIS SPRADLING --  Loren Scott is shown in this October 2010 Advocate file photo.

Work on $103 billion in industrial development and expansion is the primary factor in Louisiana’s expected job growth of 66,700 over the next two years, with New Orleans projected to add 17,300 jobs, 3.1 percent over the two-year period. “Louisiana is in the midst of an industrial boom unlike any other in our history, with over $100… Continue reading →

Pelican Portfolio dips with oil prices, small caps

The Pelican State Portfolio, a group of Louisiana stocks tracked by The Advocate, lagged behind the stock market during the third quarter, which was tough for energy companies and small cap stocks. The 25 stocks in the Pelican State Portfolio fell 9.2 percent in the third quarter. In contrast, the Dow Jones industrial average, an index of… Continue reading →

Business Briefs for Oct. 12, 2014

A dd’s Discounts store has opened in the Westside South Shopping Center in Gretna. The Dublin, California, company, a division of Ross Stores Inc., features moderately-priced name-brand apparel, accessories, footwear and home fashions. The store gives dd’s Discounts about 150 locations in… Continue reading →

People in Business for Oct. 12, 2014

Brad Babin, Campus Federal Credit Union

Brad Babin has been named vice president of information systems at Campus Federal Credit Union. He was information technology manager/application support team at CRIF lending solutions in Baton Rouge. Miley… Continue reading →

Business Honors for Oct. 12, 2014

C. Kevin Hayes, of Adams and Reese

The Baton Rouge chapter of the Association of Fundraising Professionals has chosen the Baton Rouge High School Foundation as the Outstanding Philanthropic Organization of the Year for 2014. The fundraising professionals organization noted that the foundation launched a “Raise Our Standards High Campaign” to raise funds for technology, equipment, science, arts and… Continue reading →

Business Meetings for Oct. 12, 2014

BNI LOUISIANA WHEN: Friday, 11:30 a.m.-1 p.m. WHERE: Portobello Catering, 400 E. William David Parkway, Metairie SPEAKER: Tim Paulin, BNI Louisiana executive director, will help participants learn to deliver presentations that will help them make more money in their referral… Continue reading →

Harvey Gulf starts operations in Mexico

Harvey Gulf International Marine LLC has started up Harvey Gulf International Marine de Mexico S.A.P.I. de C.V. The initial area of operation will primarily be in Ciudad del Carmen, Mexico. However, the company will be able to operate in any other port facility locations along the Mexican coast to support operations. Recently approved changes in Mexican… Continue reading →

Plaquemines Parish getting $1.2 billion methanol plant

Castleton Commodities International LLC is investing $1.2 billion in a new methanol manufacturing plant along the Mississippi River in the Braithwaite area of Plaquemines Parish. The project will create 50 new direct jobs with an average annual salary of about $72,000, plus benefits. In addition, Louisiana’s economic development department estimates the project will result in 291… Continue reading →