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Jindal OKs LSU business college complex funds Gov. Bobby Jindal authorized the construction of LSU’s $60 million E.J. Ourso College of Business complex today, with an announcement that $30 million in the state’s capital outlay system would be released for the project. LSU is raising $30 million privately to match the state capital outlay funds. Of the state’s match, Jindal said $24 million would be moved to the state’s top priority level, making it available for the construction process. The state funds would be tapped late this year, with the remaining $6 million available the following fiscal year. The 156,000-square-foot complex will consist of four buildings with a quadrangle next to Patrick Taylor Hall, formerly the CEBA building. Construction will take two years. “The Business Education Complex at LSU will help transform business education,” LSU’s business dean, Eli Jones, said in a news release. “It will be a beacon of hope, entrepreneurship, economic development and cutting-edge business education and research, and the best part is it will be in the great state of Louisiana.”   Baton Rouge chamber updates incentive guide The Baton Rouge Area Chamber has added several new incentive programs to its BRAC Business Guide that were passed during the recent legislative session. The guide is an online business resource tool designed to be a one-stop-shop resource center for business owners and entrepreneurs in the Baton Rouge area. Accessible from www.bracbusinessguide.org, BRAC’s Business Guide was launched in December 2007 to support entrepreneurship and help existing businesses become more competitive. Among the new materials are Louisiana’s recently enhanced digital interactive media incentive program, along with more powerful research and development tax credits and small business innovation research incentive programs. Also at the site are details about Louisiana’s FastStart program, which is designed to help expanding businesses and new businesses meet work force needs; and the Louisiana Business and Industrial Development Company, or BIDCO, investment program, which offers an alternative financing source for small businesses. The Louisiana Contractors Accreditation Institute program, a training class designed for construction business owners, is on the business guide site as well.   H&E Equipment posts $2.3 million quarterly loss The economic doldrums continue to plague Baton Rouge-based H&E Equipment Services Inc., which saw third-quarter earnings slide to a loss of $2.3 million, or 7 cents per share, compared to a $17.6 million, or 50 cents per share, profit a year earlier. Income from operations plunged to $5.2 million, down 86 percent from the $37.2 million recorded a year earlier. Revenue fell 37 percent to $175.6 million from the $278.6 million reported last year. The earnings were helped by the heavy equipment services firm’s $15.7 million cash sale of its Yale lift truck fleet and inventory. The company also reduced its debt by $42 million during the quarter. In a prepared statement, John Engquist, H&E’s president and chief executive officer, said the economic problems that hurt demand for H&E’s products and services have not improved. While utilization rates for the company’s fleet have stabilized, they remain at a low level, and as a result, rental prices remain weak, he said. H&E’s stock slid to $9.83 per share this morning, down $1.05, on the news. Stock analysts surveyed by Thomson First Call had forecast a break-even quarter for H&E.   LBTC getting economic development award LSU’s Louisiana Business & Technology Center is being presented the 2009 Excellence in Economic Development Award for Rural Economic Development this evening by a high-level official of the U.S. Economic Development Administration. EDA Senior Adviser and Director of Strategic Initiatives Barry Johnson will present the award as part of a 6-8 p.m. anniversary celebration in the Cook Conference Center & Hotel at 3848 West Lakeshore Drive. The celebration is titled “21 Years of Igniting Innovation” and will honor the accomplishments of the LBTC and the achievements of its small business incubator tenants. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster economic growth and job creation. Winners of EDA’s Excellence Awards represent the best and brightest in economic development methods and practices., according to a press release.   Chouest expects ‘LaShip’ production in January HOUMA (AP) — The head of family-owned shipbuilding company Edison Chouest Offshore says a massive new shipyard planned for Houma will begin production early next year. Gary Chouest said the company intends to start assembling some type of vessel at the “LaShip” shipyard in January. The “LaShip” development is expected to create 1,000 jobs. One of the Gulf’s largest oilfield service firms, the company now has more than 180 vessels in its fleet with an emphasis on deep-water operations.   V-Vehicle to conduct supplier fair for auto plant V-Vehicle Co. will recruit vendors at a Dec. 1 supplier fair in Monroe, where the company plans to open a manufacturing plant a year from now and begin producing an undisclosed car in early 2011. The Monroe Chamber of Commerce and the city of Monroe are sponsoring the fair for VVC, which is based in San Diego but will build its first cars in Monroe. VVC seeks companies engaged in the machine and equipment, facility service and automotive components industries. To obtain supplier information sheets, e-mail supplierfair@v-vehicle.com and return them no later than Nov. 23. More details are available by calling the Monroe chamber at (318) 323-3461.   NATIONAL/INTERNATIONAL NEWS ECONOMY: The U.S. service sector grew for a second straight month in October, but at a slower pace than in September, as the recovery creeps along for the country’s hospitals, retailers, financial services companies and truckers. WALL STREET: Stocks extended their gains on the services sector report. GM-OPEL: Germany’s politicians fumed with anger and Opel workers cancelled cost concessions and readied walkouts after General Motors Co. abandoned the sale of its European subsidiary. TOYOTA: The Japanese automaker is pulling out of Formula One racing because it needs to cut costs and focus on its core business.   EARNINGS REPORTS GMAC FINANCIAL: The main lender for General Motors Co. and Chrysler Group LLC said it lost $767 million in the third quarter, as its struggling home mortgage unit continued to weigh on its results. NISSAN: The Japanese automaker climbed into the black last quarter and forecast a smaller yearly loss as surging sales in China helped offset sluggish demand in the West. MARSH & MCLENNAN: It returned to profitability amid improving earnings in its risk and insurance services division and a decline in expenses. MOLSON COORS: The brewer’s third-quarter profit rose 37 percent although revenue fell as consumers bought less beer but paid higher prices for it. PULTE HOMES: The homebuilder, which completed its acquisition of Centex Corp. in August, says its third-quarter loss widened, but housing markets continue to stabilize and stoke buyer demand. TOTAL: Europe’s third-largest oil company said profit fell by more than half due to a sharp fall in energy prices. ADIDAS: The German sportswear company says its net income fell 30 percent as sales dropped. TIME WARNER: The media conglomerate reported a 38 percent drop in third-quarter profit, hurt by declines at its AOL and publishing segments. COMCAST: It reported a 22 percent increase in third-quarter earnings after stepping up promotions on its bundled video, phone and Internet plans.

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