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Monday, November 9, 2009
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BUSINESS TODAY
Business Today for October 27, 2008
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CenturyTel makes $11 billion acquisition
Monroe telecommunications company CenturyTel Inc. reported lower third-quarter earnings Monday and unveiled plans to buy Embarq Corp., of Overland Park, Kan., in a stock deal valued at $11.6 billion that includes $5.8 billion in debt. For the three months ending in September, CenturyTel posted income of $82.8 million, or 82 cents per share, on $650 million in revenue. That compared with earnings in the year-ago period of $108.1 million, or 97 cents per share, on revenue of $708.3 million. Meanwhile, CenturyTel said the deal with Embarq, pending approval from shareholders and regulators, will give the combined company operations in 33 states, with 8 million lines and 2 million broadband customers and nearly $9 billion in annual revenue. Embarq provides local and long-distance home phone service, high-speed Internet, wireless and satellite TV through Dish Network. It has operations in 18 states. According to a press release, the merged company will keep its headquarters in Monroe, as well as operations in Overland Park. CenturyTel Chief Executive Officer Glen Post will keep that position, while Embarq chief executive Tom Gerke will become executive vice chairman of the board. The companies said they will determine a new name prior to the close of the sale, which is expected in the second quarter of 2009. Shares of CenturyTel were down $3.50 to $26 in mid-morning trading Monday on the New York Stock Exchange. Embarq’s stock, also traded on NYSE, were up $1.39 to $31.13.
Shaw to support ethylene project in Brazil
The Shaw Group Inc. will provide technology and engineering services for Petrobras, the Brazilian oil company, for an ethylene plant and a refining unit at the Rio de Janeiro Petrochemical Complex. Petrobras, formally known as Petroleo Brasileiro SA, is adding the 1,000-kiloton ethylene plant and a fluidized catalytic cracking unit at the complex that is expected to increase Brazil’s heavy oil refining capacity and meet growing demand for petrochemical products from Brazil, Shaw said. Prior to Petrobras awarding the project, Shaw worked on the preliminary design with Cenpes, the Research and Development Center of Petrobras. Shaw didn’t release the value of its contract.
La. sowing oil seeds with Kazakhstan
A Louisiana contingent is reaching halfway across the globe to exploit business opportunities for oil exploration in Kazakhstan, the former Soviet state that gained independence in 1991 and that harbors estimates of as many as 100 billion barrels of oil reserves. The South Louisiana Economic Council will entertain a delegation of ambassadors and businessmen from Kazakhstan in Baton Rouge on Wednesday, when University of Louisiana system President Randy Moffett and representatives of oil field companies in the state will enter into talks with the Kazakhstanis. Delegations from Kazakhstan have visited Louisiana twice before in an effort to cement business ties that will help both parties develop petroleum resources in a nation that’s four times the size of Texas. According to the South Louisiana Economic Council, oil and gas services will reach nearly $7 billion in Kazakhstan this year and grow at an annual rate of 15 percent to 30 percent. SLEC, which represents the Bayou parishes of Assumption, Lafourche, St. Mary and Terrebonne, developed the dialogue with Kazakhstan along with U.S. Rep. Charlie Melancon, D-La. The Baton Rouge meeting Wednesday is by invitation only.
Louisiana rises to top of ethics rankings
Louisiana continues to mine good will and potential economic capital from its rise in ethics rankings, with a national group ranking the state fifth-best in the U.S. for its good government, transparency and accountability laws. If changes in state ethics laws this year were included, Louisiana would rank No. 1 in the overall ranking and in conflict of interest laws, according to the Chicago-based Better Government Association, which released its rankings today. However, the BGA-Alper Integrity Index said no U.S. state has truly satisfactory ethics and accountability scores where government is concerned. BGA’s Jay Stewart said Louisiana ranked 44th in conflict of interest laws before sweeping changes in legislation this year. Its index uses the latest ranking of such laws by the Center for Public Integrity, which date back to 2006. Were the 2008 changes included, BGA said Louisiana’s conflict of interest laws would rise from 44th to first and its overall ranking would move from fifth to first, displacing New Jersey. The BGA-Alper index ranks Louisiana third in open record laws, second in whistleblower laws, 20th in campaign finance laws and fourth in open meeting laws. Louisiana’s economic development secretary, Stephen Moret, said the BGA ranking would boost its business expansion and recruitment efforts considerably. After New Jersey, the top states were Rhode Island, Hawaii and Washington. The bottom five were Montana, Tennessee, Alabama, Vermont and South Dakota.
Banks consolidating under First Trust
First Trust Corp., a bank holding company with operations in Baton Rouge, said today it will merge its affiliate banks under the charter of First Bank and Trust. Peoples Bank of Louisiana and First Bank and Trust of Mississippi will be merged into First Bank and Trust, which has eight south Louisiana branches, including one on Wax Road. Peoples Bank with headquarters in Amite, has five branches in Amite, Greensburg, Hammond, Kentwood and Prairieville. First Bank and Trust of Mississippi has headquarters in Winona, Miss., and four branches in Madison, Winona, Biloxi and Ocean Springs. Four more branches are under construction in Louisiana — two in Lafayette, a new larger branch in Covington and one in Springfield. Once complete, First Bank and Trust with have 20 branches in Louisiana and Mississippi, pending regulatory approval. Joseph C. Canizaro, chairman of First Bank and Trust, said the reorganized bank will have bigger reserves with a “financial position (that) will reinforce our customers’ confidence.” The bank said the move could be complete by the end of the year.
Tidewater reports higher earnings
NEW ORLEANS (AP) — Tidewater Inc., which provides supply ships to offshore drilling rigs, reported higher net earnings for the quarter that ended Sept. 30: $95.4 million, or $1.85 per share, compared to $86.5 million, or $1.56 per share, for the same quarter last year. Revenue for the quarter was $346.8 million, compared to $319.0 million for the same quarter in 2007. Net earnings were $84.8 million, or $1.64 per share, on revenue of $340.1 million.
10,000 Starbucks workers in N.O.
NEW ORLEANS (AP) — Thousands of Starbucks Corp. employees are in New Orleans for the coffee company’s North America Leadership Conference. The company says 10,000 employees are participating in dozens of rebuilding and beautification projects across the city this week, including in neighborhoods like Broadmoor and Gentilly, still recovering from Hurricane Katrina. In July, Starbucks, long known for its prolific growth, said it intended to close 600 stores, including 13 in Louisiana, amid a softening national economy and a jitteriness about spending among consumers.
Gramercy plant expedites turnaround
Rain CII Carbon reduced the turnaround time for a maintenance shutdown at its plant in Gramercy by 25 percent, according to Satyam Computer Services Ltd., a global consulting and information technology services firm. The plant came back on line in 17.4 days, compared to the approximately 23.2 days it had planned. The allowed production of an additional 3,650 tons of calcined petroleum coke, primarily used for anode manufacture by aluminum producers. The expedited turnaround was accomplished by applying a management solution recently implemented at a Rain Commodities Ltd. cement plant in India. Satyam said it helped Rain CII Carbon employ a solution based on the “Theory of Constraints,” which was developed by Israeli physicist.
NATIONAL/INTERNATIONAL NEWS
EARNINGS REPORTS
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