New Orleans Business News

The latest business news from New Orleans and south Louisiana

THE ASSOCIATED PRESS

The Dow Jones industrial average fell more than 400 points today as a bailout of Detroit's Big Three automakers appeared stalled on Capitol Hill.

Energy producers in the Gulf of Mexico are slowly restoring production after hurricanes Gustav and Ike.

The board of directors of CenturyTel, Inc., a Monroe telecommunications company, has declared a quarterly dividend of 70 cents per share. The dividend will be paid on Dec. 15 to shareholders of record as of Dec. 2

McMoRan Exploration of New Orleans said today that a fourth well at its Flatrock discovery in the Gulf of Mexico is expected to begin production this week. Flatrock, which is located in 10 feet of water off the coast of Vermilion Parish, is believed by analysts to be one of the largest discoveries in the shallow waters of the Gulf in recent years.

THE TIMES-PICAYUNEThe Place St. Charles office tower is located at 201 St. Charles Ave.

A Dallas development company optimistic about the future of New Orleans has acquired Place St. Charles, a 52-floor office tower in downtown New Orleans that houses Capital One, the Jones Walker law firm, and other tenants.

THE TIMES-PICAYUNEThe number of passengers flying through Louis Armstrong International Airport dipped in September.

The number of passengers flying through Louis Armstrong International Airport fell more than 25 in September compared with the previous year.

The average local price of unleaded gasoline stands at $1.946 a gallon this morning, down from $1.963 a gallon on Tuesday, according to AAA. One month ago, the average price stood at $2.924 a gallon.

Despite a year of hurricanes and insect problems, Louisiana citrus growers are having a very good crop year, according to experts with the LSU AgCenter.

Condominium prices in greater New Orleans defied national trends with a robust performance in the third quarter of the year, rising 7.7 percent even as most major markets remained in the vise-grip of the real estate downturn.

The Dow Jones industrial average climbed 150 points today as investors rushed back into the market.

The Young Leadership Council and the Urban Leage of Greater New Orleans Young Professionals said Tuesday that they supported the construction of a new teaching hospital for LSU and an adjacent veterans medical center just outside downtown New Orleans.

Despite a nationwide economic slowdown, Louisiana's state-licensed casinos won nearly $208 million from gamblers in October, an increase over the same period last year, state police reported Tuesday at a Louisiana Gaming Control Board meeting in Baton Rouge.

Leo W. Seal, Jr., the president of Hancock Bank, died last night following an extended illness. He was 84.

PHOTO COURTESY HANCOCK BANKLeo W. Seal, Jr.

The average local price of unleaded gasoline remains under $2 a gallon today. The average now stands at $1.963 a gallon, down from $1.978 a gallon on Monday, according to AAA. One month ago, the average local price stood at $2.959 a gallon.

Delgado Community College will break ground Wednesday morning on a new children's center.

Shares of mining giant Freeport-McMoRan Copper & Gold Inc. fell 5 percent today after JPMorgan Chase & Co. said the company's earnings will be slashed by a metal-price "implosion" that shows few signs of reversing.

The Receivables Exchange, a New Orleans technology start-up, launched its online marketplace for assets such as leases and invoices today.

The Dow Jones industrial average fell more than 200 points today as Wall Street digested more signs of economic weakness.

The Dow Jones industrial average fell more than 200 points today as Wall Street digested more signs of economic weakness.

Entergy Corp. will present the Tulane Energy Institute with $100,000 in funding at a reception tonight in Goldring-Woldenberg Hall II on the university's uptown campus.

John Gin will be answering your questions about investing and planning for retirement today on nola.com.

The average local price of unleaded gasoline has dropped below the psychological threshold of $2 a gallon. The average now stands at $1.978 a gallon, down from $1.997 a gallon on Sunday, according to AAA. One month ago, the local average stood at $3.002 a gallon.

Hancock Holding Co. has decided not to participate in the funding that is being made available to banks as part of the federal government's $700 billion bailout program.

For the past three decades, the north shore has accumulated new residents faster than the city of New Orleans, and the state as a whole. Builders followed, launching a construction boom that at one point accounted for a quarter of all single-family home permits in the state.