QUOTE OF THE DAY
“Continued modest growth right now is most likely.”
Josh Feinman, DB Advisors global chief economist, commenting on the Federal Reserve’s Beige Book report.
Article, 1D
Carnival to boost safety by $300 million
Carnival Corp., the cruise operator beset by mishaps at sea this year, said Wednesday that it will enhance emergency procedures across its 24-ship fleet in a program that will cost more than $300 million.
Carnival will increase emergency-generator power across all its ships in the next few months and make investments in the newest, technically advanced fire-prevention, -detection and -suppression systems, according to a statement from the Miami-based company. The cruise operator will expand the availability of hotel services in the “rare instance of a shipboard event” that involves the loss of main power.
This month the Carnival Triumph broke loose from a dock in Mobile, Ala., under heavy winds, and two people were tossed into the water when a guard shack blew over.
The ship was under repair after a fire and engine failure in February left 3,100 passengers adrift off the Mexican coast without working toilets and electricity. The Triumph debacle was the first of at least three incidents this year involving separate ships, including the Dream and Legend vessels.
Carnival shares rose 0.3 percent to $33.41 at 9:31 am in New York.
Regions Bank apologizes for Web failure
BIRMINGHAM, Ala. - Alabama-based Regions Bank is apologizing to customers for letting its website registration lapse, a problem that’s still affecting online banking for customers.
The bank posted a video on its Facebook page with an explanation of the problem, which developed Monday.
But some customers were still complaining Wednesday that they couldn’t get into their accounts.
The video said Regions failed to renew the domain name registration for its website, Regions.com, which resulted in the pages going blank. Chris Cox is head of ebusiness for the bank. Cox called the mistake a simple - but - big one.
Cox said the company updated the registration and is asking Internet providers to update their computers so customers can see the page again.
Regions has 1,700 offices in 16 states in the South, Midwest and Texas. In June, Regions said it had 97 branch banks in Arkansas.
- The Associated Press
Ammonia plant to rise near New Orleans
NEW ORLEANS - An Australian fertilizer and explosives company plans to build an $850 million ammonia production plant on the Mississippi River 20 miles from New Orleans.
Incitec Pivot Ltd. of Southbank, Australia, posted an announcement Wednesday on its website.
Incitec says the plant will be able to produce about 881,800 tons of ammonia a year, and the company already has customers for all of it. It’s to be built on a brownfield site at the Cornerstone Chemicals Co. complex in Waggaman.
Brownfields are land where expansion, redevelopment or reuse may be complicated by pollution or contamination.
Incitec says its subsidiary Dyno Nobel Louisiana Ammonia LLC has a contract with KBR Inc. to engineer and build the plant.
Production is planned in the third quarter of 2016.
- The Associated Press
Big Easy airport will add a terminal
KENNER, La. - New Orleans Mayor Mitch Landrieu said Wedensday that the city plans to build a new terminal at Louis Armstrong New Orleans International Airport in suburban Kenner.
The terminal would be on the north side of the existing terminal structure.
Landrieu said officials hope to have the $650 million building open by May 5, 2018 - when the city celebrates the 300th anniversary of its founding.
Landrieu outlined the plans at a news conference after a meeting of the board that oversees the airport.
The city said the project could eventually include a power plant and improved airport access that would bring the cost to $826 million.
The money for the terminal is to come from the airport’s self-generated funds plus federal and state aviation grants.
The airport is owned by the city though it is in neighboring Jefferson Parish. It is governed by a board that includes representatives from parishes surrounding New Orleans.
New Orleans was founded as a French colony in 1718.
- The Associated Press
Fairway grocer’s first-day shares climb
NEW YORK - Shares of Fairway climbed on their first day of trading after the New York grocery-store chain priced its initial public offering above expectations.
The company’s shares were up $4.66, or 36 percent, at $17.66, in midmorning trading. Fairway had priced the stock at $13 per share, above the forecast for it of $10 to $12.
Fairway is well-known among New York shoppers for offering relatively low prices and cramming its shelves with a wide assortment of groceries.
It says there’s room for more than 300 additional U.S.
locations. That would put it on par with organic grocer Whole Foods, which has 346 stores in North America and the United Kingdom.
For now, Fairway plans to open two new stores in 2014 and three to four stores a year after that.
Fairway is trading under the ticker “FWM” on the Nasdaq. The company expects net proceeds of about $158.8 million from the IPO.
- The Associated Press
German plant to end Opel output by ’15
FRANKFURT, Germany - General Motors’ loss-making Opel division has confirmed it plans to end production at a plant in Germany by the end of 2014.
Adam Opel AG said Wednesday in a statement that the Bochum plant would wind down production as part of its plan to reduce costs and turn the division around. The plant’s 3,200 workers make the Zafira compact.
The plant’s closure has been expected since workers there rejected a compromise restructuring that would have extended some production.
GM has vowed to turn around Opel and last week said it would invest an additional $5.2 billion in the unit.
Business, Pages 26 on 04/18/2013