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Rhodia, workers in contract standoff
Some 135 workers are striking at Rhodia Inc.’s north Baton Rouge chemical plant. Members of Teamsters Local 5 voted Monday to reject a contract offer from Rhodia, a $5 billion-a-year special chemicals maker based in Paris with U.S. headquarters in New Jersey. The plant employs 225 in producing sulfuric acid for refinery and chemical plant customers and organic chemicals for food and agricultural customers. At issue are wages and benefits — including health insurance and pensions — that union members say haven’t kept up with the times. “Money and benefits, that’s pretty much what it is,” said Kevin Seguin, a process operator at the plant. “As far as I’m concerned, they take, take, take. We worked with the company during the bad times, and it’s time to give something back. … They don’t want to give anything back. It’s just time we stood up.” David Klucsik, a Rhodia spokesman, said three weeks of good-faith bargaining occurred before the strike began. The company is reviewing a new proposal it received from the union Wednesday in conjunction with five to six hours of negotiation, he said. The remaining 85 employees are operating the plant safely, he said. “It’s pretty difficult to predict accurately when a resolution might be found,” Klucsik said. “But we’re certainly open to continuing negotiations. We’ve taken the union’s proposal from yesterday and we’re giving it a serious evaluation.” Klucsik acknowledged that the sticking points are wages and health insurance, along with compensation and provisions for on-call service, but he declined to mention specific numbers indicating how far apart the sides are.
Cox increasing prices, adding to HD
Cox Communications is raising prices on its television, phone and Internet offerings effective Dec 8, while adding nine channels and increasing Internet speeds, the local cable provider said today. Cox said most video customers will see a rate increase of under 6 percent. Customers who subscribe to basic cable only will see prices rise by $2.58 per month and those who subscribe to expanded basic will pay another $3 per month. Certain premium services and digital tiers will increase $1 per service or tier, Cox said. Cox said it has seen a 78 percent increase in retransmission fees for basic and expanded basic service and a 10 percent increase in programmer fees to companies including Disney, ESPN, Fox and NBC Universal. Residential Internet customers subscribing to starter, value, preferred or premier service can expect a price increase between $2 and $3, depending on the level of service subscribed to. Internet speeds on those tiers will increase, Cox said. The price on Cox’s ultimate tier will not increase and there will be no increase for business customers. Cox will launch six new high-definition channels bringing the Baton Rouge market total to 74. The new channels are: ESPNews HD (channel 738), Investigation Discovery HD (channel 749), msnbc HD (channel 764), Tennis Channel HD (channel 784), Disney XD HD (channel 786) and BBC America HD (channel 787). Cox customers will also receive three new digital channels: CSPAN3 (channel 143), Sportsman Channel (channel 258) and The Word (channel 271). Along with the channel launches, some channels will move within tiers and into new service levels. New channel line-up cards will be sent to customer homes, and will be available at local service centers and on-line at www.cox.com.
Lamar Advertising posts $4.8 million loss
Baton Rouge-based Lamar Advertising Co. reported a third-quarter loss of $4.8 million. The net loss reported by the outdoor advertising company was on revenue of $271.8 million. It compared to net income of $1.8 million, on revenue of $312.5 million, for the same period a year earlier. The national recession has eaten into demand for the company’s billboards and transit advertising spots, the company said. Lamar said it expects fourth-quarter net revenues to be down about 7 percent, to $257 million.
IRS trying to get refunds to 1,500 Louisianans
The IRS is trying to get refund checks totaling over $1.6 million to almost 1,500 Louisianans who did not receive their refund. The average undelivered refund for Louisiana is $1,080. Refunds are due 221 taxpayers in East Baton Rouge Parish, totaling $383,374; and in Ascension, 27 taxpayers totaling $48,174; in Livingston, 35 totaling $20,318; and in West Baton Rouge, 12 taxpayers totaling $28,238. These are refund checks that were returned to the IRS by the U.S. Postal Service due to mailing address errors. “All a taxpayer has to do is update his or her address once and the IRS will then send out all checks due,” said IRS spokesperson Dee Harris. Taxpayers can update their addresses with the “Where’s My Refund?” tool on IRS.gov. The tool enables taxpayers to check the status of their refunds. A taxpayer must submit his or her social security number, filing status and amount of refund shown on their 2008 return. The tool will provide the status of their refund and in some cases provide instructions on how to resolve delivery problems. Taxpayers checking on a refund over the phone will be given instructions on how to update their addresses. Taxpayers can call (800) 829-1954.
Shaw Group gets contract for plant in Turkey
The Shaw Group Inc. has been awarded a contract by Petkim Petrochemical Holding AS to provide engineering and procurement services and additional study work for an ethylene plant expansion in Aliaga, Turkey. Shaw built the original 300 kTA plant in 1986 and performed basic engineering for the previous capacity revamp to 520 kTA in 1999. The new expansion will increase ethylene production capacity by about 10 percent. The undisclosed value of the contract will be included in the Energy & Chemicals segment’s backlog of unfilled orders in the first quarter of fiscal year 2010.
Hornbeck Offshore’s quarterly profit drops
Covington-based Hornbeck Offshore Services Inc. said third-quarter net income fell to $13.8 million, or 51 cents per diluted share, compared to $33.3 million, or $1.23 per diluted share for the year-ago quarter. Revenue decreased 17 percent to $90.1 million compared to $109.1 million for the third quarter of 2008. Net income for the first nine months of 2009 decreased 49 percent to $41.1 million, or $1.52 per diluted share, compared to $81.2 million, or $3.00 per diluted share for the first nine months of 2008. Revenue for the first nine months of 2009 decreased 4 percent to $297.6 million, compared to $311.1 million for the same period in 2008.
NATIONAL / INTERNATIONAL NEWS
RETAIL SALES: Consumers, enticed by cooler weather, early holiday discounts and an improving economy, spent a little more in October. JOBLESS CLAIMS: The number of newly laid-off workers filing claims for unemployment benefits fell to the lowest level in 10 months. PRODUCTIVITY: Productivity surged in the third quarter at the fastest pace in six years while labor costs continued to drop sharply, a combination that will bolster companies’ profits but continue to saddle workers with stagnant incomes. WALL STREET: Stocks climbed on news about jobs and consumer spending, two of the economy’s biggest trouble spots. FORECLOSURE RENTALS: The government-controlled mortgage giant Fannie Mae plans to take title to foreclosed property and rent it back to former owners under a new policy announced Wednesday. IMS ACQUISITION: Health-care data company IMS Health Inc. said it is being bought by investment funds TPG Capital and CPP Investment Board for $4 billion.
EARNINGS REPORTS
CVS CAREMARK: Third-quarter profit jumped 39 percent, but shares plunged after the company said its struggling Caremark pharmacy benefits management unit lost $2 billion in business over the last few months.
TOYOTA: A surprise profit last quarter and trimming of its projected red ink for the year underlines the gradual recovery under way for Japan’s giant automakers. UNILEVER: The Dutch maker of Dove soaps and Ben & Jerry’s ice cream saw net profit fall 36 percent for the third quarter, mostly because earnings in the same period a year ago benefited from the sale of operations. CIGNA: The managed-care company said its third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a business segment that hurt the insurer last year. MGM MIRAGE: It lost $750.4 million in its third quarter largely because the value of its latest casino project has fallen as gamblers spend less during the recession. SARA LEE: The food maker says cost-cutting, increased market share and a decline in commodity costs drove its fiscal first-quarter profit up 23 percent. WENDY’S/ARBY’S: Fewer customers gulped down Arby’s roast beef sandwiches in the third quarter, as more fast-food diners stayed home because of the recession. DYNEGY: The power company posted a second straight big quarterly loss as it continues to write down the value of plants that it is selling as part of a deal to bolster finances. TIME-WARNER CABLE: The nation’s second-biggest cable TV operator said profit fell 11 percent in the third quarter, weighed down by heftier interest expenses. THOMSON REUTERS: Its third-quarter profit tumbled 60 percent from a year ago, as revenue in its legal and market information divisions fell. DIRECTV: Third-quarter net income was about flat from a year ago, as higher costs ate into a 10 percent increase in revenue.
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