Business briefs

Bollinger Shipyards delivers Coast Guard cutter
LOCKPORT (AP) — Bollinger Shipyards, of Lockport, has delivered its 11th fast-response cutter to the U.S. Coast Guard in Key West, Florida.
The 154-foot William Trump is named for Coast Guard Motor Machinist’s Mate First Class William Trump, who was awarded the Silver Star for valor during the assault on the beaches of Normandy in World War II.
Under the terms of its $1.1 billion Coast Guard contract, Bollinger will build an additional 13 fast-response cutters.

LSU to host
20 business entrepreneurs
BATON ROUGE (AP) — LSU’s Louisiana Business & Technology Center will host 20 entrepreneurs from Mexico and South America in February for two weeks of training and mentoring on U.S. business practices and rules.
Mexico, Chile, Colombia and Peru will send five successful entrepreneurs each.
Charles D’Agostino, the LBTC’s executive director, says funding for the program is provided by the United States Agency for International Development. The program is known as La Idea.

La.-Lafayette
beefs up workforce programs
LAFAYETTE (AP) — The University of Louisiana at Lafayette plans to funnel about $1.3 million into new faculty positions and personnel who will focus on producing more graduates in engineering, computing and nursing to meet workforce needs.
The money is part of the university’s $2 million allocation from the state’s new competitive Workforce and Innovation for a Stronger Economy Fund that enabled universities and colleges to apply for a share of $40 million to create or expand existing programs to meet workforce demands. The Legislature approved the new program and set aside the funds for state higher education institutions.
Katara Williams, Board of Regents assistant commissioner of public affairs, said universities will have access to the funds in December.

Burke named Whitney Bank Morgan City leader
MORGAN CITY (AP) — Whitney Bank has promoted South Louisiana business leader Myron Burke as market president for the Morgan City region.
The Franklin native and Morgan City resident has been a recognized advocate for community growth and opportunity for almost 40 years and a Whitney officer since 2002, a bank news release stated.
“Myron Burke is uniquely qualified to manage our commercial banking business in the Morgan City region as a leader in business and our community,” said Whitney Bank Regional President Josh Jones. “He understands what it takes to run a successful business, and he is a talented banker committed to serving other business people in the region.”
Burke, a University of Southwestern Louisiana alumnus, began his career in the financial services industry, working in areas such as accounting, audit, special assets, and commercial lending. He owned and managed a private business before returning to banking.
“As the area manager for Whitney Bank’s Morgan City region, I look forward to partnering with local clients and bankers and using my experience as a business owner and a commercial banker to help people and businesses achieve their financial goals with products and services best suited to their needs,” Burke said.
Part of Hancock Holding Company’s Gulf South financial services family, Whitney Bank locations in Louisiana and Texas offer a comprehensive array of financial products and services, including traditional and online banking; commercial and small business banking; energy banking; private banking; trust and investment services; certain insurance services; and mortgage services.
More information and online banking are available at www.whitneybank.com.

International WorkBoat Show coming to N.O.
NEW ORLEANS (AP) — Capt. Richard Phillips, whose ship was hijacked in 2009 by Somali pirates, will give the keynote speech as the 35th International WorkBoat Show opens at the New Orleans convention center next week.
It was the first hijacking of a U.S. ship in more than 200 years. The story was made into the movie, “Captain Phillips,” starring Tom Hanks.
The show’s organizers say more than 14,000 people are expected to attend, with more than 1,100 exhibitors showing their products and services Wednesday, Dec. 3, through Friday, Dec. 5.
A news release from the convention center says Frank Foti, President and CEO of Vigor Industrial, and the U.S. Department of Transportation’s maritime administrator, Paul Jaenichen Sr., will speak Dec. 4.

La. company gets $40M more on Navy contract
BATON ROUGE (AP) — A Baton Rouge company has received a $40 million extension to its contract for base support services at Naval Submarine Base Kings Bay in Georgia.
The third option for Kings Bay Support Services LLC was described Tuesday in the Pentagon’s daily news release about military contracts.
The announcement says this brings the total contract amount to $147.6 million.
It covers a wide variety of work through November 2015 in at least 20 categories, including public safety, harbor security, supply, base support vehicles, telecommunications, environmental and electrical work.
Kings Bay Support Services’ contract is with the Naval Facilities Engineering Command, Southeast, Jacksonville, Florida.

MidSouth Bancorp posts $4.3M profit
LAFAYETTE (AP) — Lafayette-based MidSouth Bancorp Inc. reports a third-quarter profit of $4.3 million, compared to $3.1 million a year ago.
Earnings amounted to 37 cents per common share, compared to 27 cents a year earlier.
Third-quarter 2014 net earnings included $700,000 from an after-tax gain on the sale of commercial property held by the bank. It also includes after-tax charges of $168,000 on the redemption of some securities, $256,000 for losses on disposal of fixed assets and $130,000 for efficiency consultant expenses.

Orders for durable goods up 0.4%
WASHINGTON (AP) — Orders to U.S. factories for long-lasting manufactured goods rose in October, but a key category that tracks business investment plans declined sharply for a second straight month.
Orders for durable goods increased 0.4 percent last month following a 0.9 percent drop in September and an even bigger 18.3 percent plunge in August, the Commerce Department reported today. The two months of declines reflected big swings in the volatile category of commercial aircraft.
The small October gain was unimpressive, with declines in a number of categories including machinery, computers and primary metals such as steel.
A key category viewed as a proxy for business investment spending fell 1.3 percent in October after a similar 1.3 percent September drop. It was the biggest setback since a 1.4 percent May decline.
Economists believe the declines will be temporary. They note that spending by businesses on new equipment grew at a solid annual rate of 10.7 percent in the third quarter, and they expect further gains in the coming months as businesses invest to expand and modernize their operations.
For October, demand for transportation products rose 3.4 percent, reflecting strength in motor vehicles and a small decline in commercial aircraft orders. Demand for primary metals fell 2.4 percent, while orders for machinery dropped 1.2 percent.
The Institute for Supply Management reported that its closely watched gauge of manufacturing activity posted a solid gain to a reading of 59 in October, up from 56.6 in September. Any reading above 50 signals expansion.
The report is a good sign that the strength in manufacturing will continue in coming months.