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Business Today for November 25, 2008

 

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La. jobs bounce back in October

Louisiana gained 5,000 jobs in October, the Louisiana Workforce Commission said this morning, after the state lost as many as 17,500 jobs in September.

The 17,500 figure was based on federal seasonal adjustment models. The actual job loss for September was estimated at 4,500, but it came in a back-to-school month that usually sees the state post significant job gains.

Hurricanes Gustav and Ike, theorized to have been the main September culprit, likely were to blame for the poor September performance, said Tim Barfield, the commission’s executive director.

“It appears that the hurricanes did have a significant effect on our employment in September and that we’ve rebounded considerably from that,” said Barfield, citing a 5.5 percent state unemployment rate as evidence Louisiana is outperforming the nation, which has a 6.5 percent jobless rate. The state has 10,000 more jobs than a year ago.

Louisiana did see an increase in unemployment of nearly 8,000 people in October to 114,000. The number of employed rose by about 400 to 1.95 million.

In Baton Rouge, jobs are up 1,300 on the year. Lafayette has seen a 2,600-job annual increase, and New Orleans employment is up 9,600 since October 2007. Other metro areas showed increases except Houma (down 900 jobs on the year) and Monroe (down 800).

Alexandria employment was unchanged for the year while Shreveport was up 2,100 jobs and Lake Charles increased by 200.

 

General Mid City pediatric units go to Bluebonnet

Baton Rouge General has moved its Pediatric Intensive Care Unit and its Inpatient Pediatric Unit to the Bluebonnet campus, although the Mid City location will continue to treat pediatric emergency patients and do outpatient surgeries on children.

Baton Rouge General believes the hospital will achieve greater benefits by having the Pediatric ICU at the same location, Bluebonnet, as the Neonatal Intensive Care Unit and Birth Center.

“There was a consensus with our pediatric intensivists and hospitalists and community pediatricians and pediatric specialists to relocate Inpatient Pediatrics and Pediatric ICU to Bluebonnet because of the complementary services for infants,” Bill Holman, president and CEO of Baton Rouge General, said in a press release. “We are constantly seeking ways to enhance quality and service and this change accomplishes both.”

The General’s Pediatric Rehabilitation program will remain at the Mid City campus, as will the General’s Burn Center and outpatient adult and pediatric burn care.

 

BR company releases ‘Say-N-Play’ video game

Advance Games LLC, a Baton Rouge-based video game developer, has released Say-N-Play, a game that uses voice-recognition technology to help children practice word pronunciation

Say-N-Play is Advance Games’ first title. The game was developed for Advance Games by Yatec LLC, a Baton Rouge-based game and media development studio that has already released two casual game titles.

The idea behind Say-N-Play is to make articulation drills fun for children ages 4 to 9, according to Advance Games’ Web site. Children practice their pronunciation while playing games, and Say-N-Play provides children with more than 10 games from which to choose.

The games have multiple levels and built-in progress reports that allow the player, parent, teacher and/or speech therapist to monitor the child’s success.

 

La. gets more storm-related jobless claims funds

The Louisiana Workforce Commission has another $2.5 million to pay Disaster Unemployment Assistance claims resulting from hurricanes Gustav and Ike.

The commission said it was approved to receive FEMA money, which it has been paying DUA benefits to 1,310 claimants, but payments had been delayed for 2,800 others pending the release of funds from the federal government.

Of the $2.5 million, $500,000 will be released for payment this week. This puts the total at around $1.3 million paid to 4,110 claimants in the Disaster Unemployment Assistance program. The remaining funds will be used to pay continuing claims.

The commission will begin processing those payments this week, and claimants should expect to see benefits by the end of the week.

 

Database set up to improve La. health care

The Louisiana Health Care Quality Forum, a state-created private not-for-profit, has created a health-care database that organizers say will lead to improvements in cost and patient care.

The Quality Measurement Analysis Portal contains claims information from 2005 for 2.3 million Louisiana residents, including Medicare and Medicaid recipients and those privately insured through Blue Cross and Blue Shield of Louisiana. All of the patient identification information has been removed.

The data warehouse, it is hoped, will be used to identify areas that can be improved, which will lead to better care for state residents, Shannon Robshaw, executive director of the Quality Forum, said in a press release.

“The Quality MAP is one of the first of its kind in the country,” Department of Health and Hospitals Secretary Alan Levine said in a press release. “This will serve as a valuable resource for health care data in the state, particularly throughout the ongoing discussion of system reform.”

 

California studio considering N.O. locations

Camelot Entertainment Group Inc., a California-based film studio company in the development stage, said today it’s considering New Orleans as a film studio site along with locations in Orange County, Calif., and San Diego.

Camelot said it’s been working to establish a Louisiana site for two years because the state has established itself as a major film center with steady increases in production days and crew availability.

The company’s over-the-counter stock hasn’t engendered confidence among investors. The CMLT stock is trading at less than a penny a share, and Camelot informed the Securities and Exchange Commission earlier this month that it would be late filing its quarterly earnings statement.

 

NATIONAL/INTERNATIONAL NEWS

  • MORTGAGE ASSETS: The Federal Reserve says it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis. The government also is working on a new loan program to help companies that issue credit cards, make student loans and finance car purchases, people familiar with the plan said Tuesday.
  • U.S. ECONOMY: The economy took a tumble in the summer that was worse than first thought as American consumers throttled back their spending by the most in 28 years. Housing prices dropped by their sharpest annual rate on record during the quarter. Consumer confidence, meanwhile, unexpectedly bounced in November.
  • WORLD ECONOMY: The OECD says the developed world could face its worst recession since the early 1980s and warned of deflation.
  • VERASUN OFFER: The nation’s second-largest ethanol producer, now under Chapter 11 bankruptcy protection, has received an unsolicited buyout offer. The announcement by VeraSun Energy Corp. comes just hours after Poet, the nation’s largest ethanol producer, said it was in buyout talks with a number of rivals.
  • BILLITON-RIO TINTO: BHP Billiton Ltd., the world’s biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices.
  • WALL STREET: Wall Street is extending its advance to a third day.

 

EARNINGS REPORTS

  • HORMEL: The food maker says its fiscal fourth-quarter profit fell 33 percent as it continued to grapple with higher costs for key commodity ingredients, but results still top Wall Street expectations.
  • D.R. HORTON: The national homebuilder says its fiscal fourth-quarter loss widened as it took more than $1 billion in impairment charges on owned inventory, land and lots sold and as it wrote off deposits.
  • ZALE CORP.: The jewelry seller lost $45.3 million in its fiscal first quarter and withdrew its profit guidance for the full year, saying it cannot reliably gauge how the all-important holiday shopping season will go.
  • WARNER MUSIC GROUP: Fourth-quarter profit climbed 20 percent, helped by lower income tax expense and increased digital revenue.

 



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