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Gov. Steve Beshear to promote Kentucky in trip to Europe
FRANKFORT, KY. — Gov. Steve Beshear is leaving on a nearly two-week trip to Europe on Wednesday to promote economic development in Kentucky and bolster relations with overseas companies that operate businesses across the state. According to the governor’s office, Beshear has meetings scheduled in Germany and France and will follow up on several business leads generated through an economic development office that Kentucky established in Hamburg, Germany, in 2011. “Already foreign direct investment plays a vital role in our economy, with billions of dollars in value for the commonwealth, but it’s my hope to continue to grow that amount and capitalize on the global market,” Beshear said in a press release. Louisville Courier-Journal
Submitted 2 years 3 days ago

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Port plan brings rare moment of unity for Obama, GOP
President Obama’s latest jobs initiative — a pledge to accelerate expansion plans for five ports along the Eastern seaboard — is getting rave reviews from an unexpected corner: a handful of Republicans usually sharply critical of the president but who have also fought hard in recent years for federal dollars to help ready their ports for the flood of shipping and commerce expected by the Panama Canal’s expansion. At times, Republicans representing some of the East Coast ports in question have faced resistance from within their own party for requesting federal help. But GOP lawmakers such as South Carolina Sens. Lindsey Graham and Jim DeMint support the accelerated government approval schedule for the port projects, which they say will be a boon for their state’s struggling economy. Mr. DeMint, one of the chamber’s most conservative members, backs the president’s plan despite working in the past to kill attempts to earmark money for the Port of Charleston. The Washington Times
Submitted 2 years 3 days ago

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NC sets state record for film production spending
RALEIGH, N.C. -- North Carolina has set a record for in-state film production spending this year with five months left to go. The North Carolina Film Office reported Wednesday that 35 films in 30 counties have accounted for $300 million in spending this year. The previous record of a little more than $220 million was set last year. A news release from Gov. Beverly Perdue's office estimates the films have created more than 15,000 jobs and 3,300 crew positions. Raleigh News & Observer
Submitted 2 years 3 days ago

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More lawsuits filed over Duke merger
Two federal lawsuits have been filed on behalf of investors who claim Duke Energy officials misled them by changing chief executives after its merger with Progress Energy. The suits were filed Tuesday in U.S. District Court, one by investor Maurine Nieman in the Western District in Charlotte and another by shareholder James Craig in the Eastern District. Both seek class-action status and name as defendants CEO Jim Rogers, chief financial officer Lynn Good, controller Steven Young and Duke directors apart from former Progress board members. Charlotte Observer
Submitted 2 years 3 days ago

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Southern Co. reports higher profits
ATLANTA – Southern Co. reported a higher profit for its second quarter Wednesday, benefiting from an insurance recovery gain, but suffering lower revenue from a mild spring. Southern Co. reports higher profits. The Atlanta-based electric utility holding company reported profits of $623 million, or 71 cents a share, up from $604 million, or 71 cents a share during the same period a year ago. Total revenues for the quarter declined 7.5 percent to $4.18 billion from $4.52 billion a year ago. The company said its earnings were negatively affected by near-normal weather, compared with an unusually warm second quarter in 2011. Augusta Chronicle
Submitted 2 years 3 days ago

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No GOP VP, S.C. Gov. Nikki Haley says
AIKEN -- The 2012 Republican presidential ticket won’t read Romney-Haley, according to South Carolina Gov. Nikki Haley. Haley, in Aiken Wednesday to speak at the July meeting of the Aiken Republican Club and to honor retiring state Sen. Greg Ryberg, said while she is working hard to get former Massachussetts Gov. Mitt Romney elected she will not be quitting her job as governor. “I love my job and I love the state of South Carolina,” she said. “You took a chance on me and I’m not going to accept a cabinet position and I’m not going to be a running mate.” Augusta Chronicle
Submitted 2 years 3 days ago

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Columbus, Ga.-based Aflac improves in second quarter
Columbus-based insurer Aflac reported on Tuesday a 77 percent gain in net income in the second quarter, though investment troubles in Europe continue to weigh on the company's results. Aflac said its revenue grew 16 percent to $5.9 billion, reflecting a beneficial yen-to-dollar exchange rate and strong sales of life insurance in Japan, Aflac's largest market. Investments in Europe have hurt the company, however, with net after-tax realized investment losses of $272 million. That was an improvement over the second quarter a year ago when Aflac reported $453 million of such losses. Atlanta Journal Constitution
Submitted 2 years 3 days ago

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Arkansas Casino Proposal Facing Long, Tough Odds
A proposal to expand casino gambling in Arkansas looks like a long-shot to make the ballot and it will have to beat the odds to gain passage from Arkansas voters. In the latest Talk Business-Hendrix College Poll, 66% of Arkansans say they would not vote for the proposed casino amendment being pushed by professional poker player Nancy Todd. Only 28% said they were in favor of the casino measure, with just 6% undecided. Talkbusiness.net
Submitted 2 years 3 days ago

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Ball Corp. Expansion to Add 30 Jobs, Production Line in Springdale, Ark.
Springdale's Ball Corp. plant will get an $8.5 million expansion that is expected to add 25 to 30 jobs in the next year. The 286,000-SF plant at 1200 S. Crutcher St. currently employs about 140 workers who make metal food cans and ends. A high-speed production line will be installed in the 63-year-old plant to make aerosol cans that will be used for paint, health and beauty items. "Our geographic and customer footprint is dynamic from year to year, and can result in changes as we better align our supply with customer and market demand," said Scott McCarty, director of corporate relations for the Colorado-based company. "Springdale is an excellent plant with a talented work force and we are confident this investment will return value to Ball's customers and shareholders." Ball has 61 plants worldwide. Arkansas Business
Submitted 2 years 3 days ago

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Regions Financial 2Q profit soars to $284 million, as bank beats estimates
BIRMINGHAM, Ala. (AP) -- Regions Financial Corp. gave out more mortgage loans to its customers and commercial loans to businesses in the April to June period, which helped the bank post more than four times the profit it reported last year. The regional bank said Tuesday it earned $284 million, or 20 cents per share, beating analysts' average expectation of 14 cents a share, according to data provider FactSet. In the 2011 quarter, Regions reported net income of $55 million, or 4 cents per share. The increase on a per-share basis was tempered by a nearly 13 percent jump in the number of outstanding shares, which diluted results. One of the key developments in the quarter was that Regions Financial repaid the U.S. Treasury the $3.5 billion bailout money it received during the financial crisis, becoming one of the last large regional banks to repay the government. Memphis Commercial Appeal
Submitted 2 years 3 days ago

 

 

 

Features & Opinion

 Top Ten Places in the South for Relocating California Companies

In growth, companies find themselves in the dilemma of identifying capital to increase capacity and managing opportunity cost where capital may be deferred. This dilemma is amplified as capacity constraints drive a company to complete the site selection process for an expanding or new facility. 
 

 Randle Report - Business News in the South

 FEATURE  
By Dr. Glen Fenter
Desperation sometimes masks itself in acceptance. Such was the case for Takelia Carter of Marion, Ark. For Carter, the mother of six school-age children in a low paying job, desperation was normative existence. This was her life in Crittenden County, Ark., deep in the Delta where unfortunately one in four families lives well below the poverty level.
 

 Business News in the South - Randle Report

FEATURE     
By Mike Randle
There are numerous factors driving the new industrial revolution in the South. And it is a revolution, as this manufacturing surge that began in 2007 continues to break records year after year in the total number of large, capital intensive projects. One factor, of course, is that reshoring of facilities back to the U.S. continues to grow each year.
 
 Nashville Mayour Karl Dean

We try to change up the categories in our annual Ten Top 10s section, but we always include the "Ten People Who Made a Difference" category. This year though, we are honoring 12 and you will learn why by reading about this group of folks who have made a difference in the South. Here is our annual list that includes executives, economic developers and politicians who have made a difference in the South's economy.


 


 

 

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