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Speaker 1: Global business news twenty four hours a day, Bloomberg dot Com,

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Speaker 1: the Radio plus Mobile Act and on your radio. This

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Speaker 1: is a Bloomberg business flag from Bloomberg World Handquarters. I'm

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Speaker 1: Charlie Pellett. Stalks are lower. Let's head right over to

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Speaker 1: the first word, breaking news, Best four, Today's afternoon call.

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Speaker 1: And here he is Bill Maloney. Good afternoon, Charlie. That's right.

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Speaker 1: In the US, averages are lowered today, helped by weakness

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Speaker 1: in Europe. Dallas currently down fifty nine points, says to

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Speaker 1: be strop nine and NAZAC declines. The small cap six

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Speaker 1: hundred is a lower by four points, and the US

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Speaker 1: ten yield at one point five eight percent. Nine out

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Speaker 1: of tennis to be. Sectors are lower, led by losses

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Speaker 1: and telecom, utilities and healthcare only. Energy gained down, Transports

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Speaker 1: rise a point and as a biotech drop thirty two,

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Speaker 1: Utilities fall six and the VIX is higher by six percent.

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Speaker 1: Down Leaders to the downside included J and J, Verizon,

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Speaker 1: and Travelers, while Mike Goldman, Sachs and x On Mobile

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Speaker 1: to the upside to Exporting goods jumped as much as

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Speaker 1: ten percent to an all time INTR day high after

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Speaker 1: its results, while t j X fell five percent after

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Speaker 1: its earnings. Live from the first breaking news ask on

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Speaker 1: Bill Maloney. Charlie, all right, thank you very much, Bill Maloney.

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Speaker 1: In to hear live breaking news over your Bloomberg Time

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Speaker 1: squawk asqu a w K on your terminal. I'm Charlie Pellock.

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Speaker 1: That's a Bloomberg business flash you're listening to taking start

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Speaker 1: with Fox on Bloomberg Radio. The flooding in Louisiana. It

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Speaker 1: has killed nine people so far. Approximately forty thousand people

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Speaker 1: are currently homeless, and a sixty thousand plus people have

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Speaker 1: had to be rescued. Here to tell us more about

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Speaker 1: the flooding and its effect on the economy of Louisiana

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Speaker 1: and its rebuilding process is Don Pearson. He is Louisiana's

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Speaker 1: Secretary of Economic Development. Don Pearson. I wish we had

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Speaker 1: a better a reason for having you on, but I'm

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Speaker 1: wondering if you could just tell us a little bit

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Speaker 1: about what is happening in Louisiana, not only to the people,

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Speaker 1: but to the businesses in the region. Hey, Pim and Kathleen,

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Speaker 1: thank you for the opportunity to share that information today.

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Speaker 1: You've correctly characterized it Uh, we have quite uh, quite

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Speaker 1: an event to deal with here in Louisiana where some

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Speaker 1: twenty seven parishes you would call them counties, have been

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Speaker 1: impacted by just this very strange weather event, which was

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Speaker 1: a forty eight hour lingering storm that brought between fifteen

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Speaker 1: and thirty of water onto our impacted communities. Um. It's

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Speaker 1: kind of a rural section of Louisiana that lies between

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Speaker 1: Baton Rouge and New Orleans. Uh, there are some significant

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Speaker 1: population centers because their bedroom communities out there, but our

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Speaker 1: major metros are up and running. But we've certainly got

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Speaker 1: a very significant search and rescue operation set of circumstances

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Speaker 1: that are underway right now. Well, don of course, the

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Speaker 1: the loss of life, the people who have been forced

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Speaker 1: out of their homes. We've just heard a report here

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Speaker 1: on Bloombrick News that's something like seventy eight percent of

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Speaker 1: these homeowners don't have flood insurance. So the devastation is huge,

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Speaker 1: and that's that's the thing I think that hurts the most. However,

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Speaker 1: what about the economy of this area, what about the

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Speaker 1: kind of businesses that are there, and how people's livelihoods

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Speaker 1: may be affected, well, especially during this time of search

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Speaker 1: and rescue and then clean up. Several great points to

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Speaker 1: touch on there. We've been very active in reaching out

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Speaker 1: to our industry partners, and what we're finding is that

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Speaker 1: they've fared very well. The major industrial sites, the major

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Speaker 1: economic driver companies are largely not impacted by this event.

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Speaker 1: What's a little different here, and you're familiar with the

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Speaker 1: Katrina or maybe a sandy where you get these high

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Speaker 1: wind events that knock over trees and power lines and

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Speaker 1: transmission lines and it gets very difficult, timely and complicated

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Speaker 1: to restore power. With the flood situation, the water rises

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Speaker 1: and blows up transformers and apparatus, and we come back

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Speaker 1: up much more quickly. So they're really to our major

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Speaker 1: industrial users and UH manufacturers are challenges more along the

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Speaker 1: lines of workforce and UH. As you touched on these

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Speaker 1: UH many thousands of people UH more than eight thousand

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Speaker 1: and shelters right now, more than thirty four thousand customers

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Speaker 1: that have no power at their residents are are largely

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Speaker 1: what's being impacted here and UH are big part of

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Speaker 1: our challenge going forward. Don I understand that the vegetable

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Speaker 1: crops says well as dairy production, they're being affected by

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Speaker 1: these by the flooding, You're absolutely correct. We're in the

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Speaker 1: early stages of evaluating the UH impacts of flooding on

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Speaker 1: the agricultural products and UH and certainly dairy is. Along

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Speaker 1: those lines, we have hosted Administrator Fuget from the Federal

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Speaker 1: um UH FEMA organization. His goal has always been to

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Speaker 1: see us UH correctly and effectively and efficiently organized community,

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Speaker 1: state and federal resources and situations like this. They've done

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Speaker 1: a beautiful job of helping us achieve that. I think

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Speaker 1: one of his organizational goals is a federal response within

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Speaker 1: seventy two hours, and certainly we've seen clear evidence of

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Speaker 1: that here. We've had the National Guard mobilized with more

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Speaker 1: than thirty six hundred guardsmen that are joining forces with

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Speaker 1: our wildlife and fisheries are our police from various localities

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Speaker 1: coming into the impacted areas and joining with our state

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Speaker 1: police force to UH to make as much organization possible

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Speaker 1: on the ground to affect this important search and rescue

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Speaker 1: opportunities will move from there into recovery with with FEMA

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Speaker 1: and the SBA B and strong partners for us so

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Speaker 1: don UH. Louisiana's recently plan a corn crop appears to

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Speaker 1: be the biggest agricultural has a casualty from recent flooding.

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Speaker 1: Is is this the kind of thing that farmers get

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Speaker 1: hit by things all the time. Do you just say, oh,

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Speaker 1: well this was a bad storm, bad luck, move on,

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Speaker 1: or is there anything you change in the region from

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Speaker 1: from this tragedy. Well, it is a good point you make,

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Speaker 1: and I would want to clear understanding. Some of these

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Speaker 1: people that have been uh lost everything because they took

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Speaker 1: three or four foot of water in their house have

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Speaker 1: been living in that house for thirty or forty years

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Speaker 1: and it's never been threatened before. So uh, certainly you

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Speaker 1: always want to get as much elevation as you can.

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Speaker 1: We're in a state without a lot of topography, were

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Speaker 1: for essentially flat, so when our drainage systems are smaller,

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Speaker 1: rivers and tributaries back up, there's nowhere for the water

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Speaker 1: to go, and it's stacks and when you get up

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Speaker 1: to thirty inches of rain, very difficult circumstance. So we

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Speaker 1: certainly will try to learn from the event. But certainly, uh,

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Speaker 1: those that have been impacted, it's not like they built

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Speaker 1: glued too close to the shoreline or or anything of

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Speaker 1: that major. Well, Tom here's I'm so glad you point

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Speaker 1: that out. Thank you so very much for joining US

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Speaker 1: Secretary at Louisiana Economic Development, joining us from Baton Rouge.

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Speaker 1: I'm Kathine Haze Lama, Pim Fox, and this is Bloomberg.

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