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| No online bets for races at Churchill Downs today Sat, 26 Apr 2008 01:26:00 EST None of today's opening-day races at Churchill Downs will be available for wagering on the Louisville company's TwinSpires.com service. |
| Louisville home prices rose 4% in 2007 Fri, 25 Apr 2008 22:56:00 EST Prices for new and existing homes in Louisville last year climbed more than 4 percent, according to a 2007 real estate market report released yesterday by Jefferson County Property Valuation Administrator Tony Lindauer's office. |
| Are current oil prices a bubble? Fri, 25 Apr 2008 23:00:00 EST Oil's meteoric rise to near $120 a barrel looks like more than just another economic bubble — growing demand and tighter supplies are likely to keep prices high. Some analysts say even $200 a barrel would not be out of the question. |
| PSC OKs Kentucky River pipeline Fri, 25 Apr 2008 22:57:00 EST The Public Service Commission yesterday approved a $160 million plan by the water company serving Lexington and Fayette County to pipe in water from the Kentucky River in Owen County. |
| Some tax rebates will go out early Fri, 25 Apr 2008 22:55:00 EST President Bush said yesterday that tax rebates will start going out Monday, earlier than previously announced, and should help Americans cope with rising gasoline and food prices, as well as aid a slumping economy. |
| High jet-fuel costs ground prospects for cheap carriers Fri, 25 Apr 2008 22:54:00 EST As rising fuel prices propel air fares toward the stratosphere, most travelers would like nothing better than to see a new low-cost carrier with rock-bottom ticket prices. Better reserve that idea for sometime in the future. |
| U.S. says 9 nations fail to back copyrights Fri, 25 Apr 2008 22:55:00 EST The Bush administration is accusing China, Russia and seven other nations of failing to protect American producers of movies, computer software and other copyrighted material from widespread piracy. |
| I thought the tax rebate was going off of your 2006 tax info, but you need to file your 2007 taxes t Fri, 25 Apr 2008 22:58:00 EST A: Rebate eligibility is based on your 2007 tax information, which would be filed this year. To claim a rebate, file a federal income tax return for 2007 by Oct. 15 even if you aren't required to. If you qualify, as most do, the Internal Revenue Service will figure the amount of the rebate and send it to you. |
| Business People Fri, 25 Apr 2008 23:06:00 EST FINANCIAL SERVICES Cotton + Allen, a full-service accounting and advisory firm, has appointed Shannon Ott to assistant practice administrator and Joseph Boyd Jr. to staff accountant. Sara M. Morris, Amanda J. Pilbean and Austin T. Render have been named interns. Cecile Blau and Doug York have joined the board of directors of First Savings Bank in Clarksville, Ind. HEALTH CARE The Alzheimer's Association, Greater Kentucky & Southern Indiana Chapter, has named Teri J. Shirk as its president and chief executive. LANDSCAPE SERVICES American Engineers Inc., with offices in Louisville, Glasgow, Ky., and Marietta, Ga., has named Scott Cook as Landscape Designer/Environmental Planner. — Chris Quay Items can be e-mailed to businesspeople@courier-journal.com. Please attach color photos in jpeg format (200 dpi). Photos should be at least 2 inches by 3 inches and bear the person's name. |
| Business Watch Fri, 25 Apr 2008 22:59:00 EST |
| Microsoft-Yahoo deal at a crossroads Sat, 26 Apr 2008 02:06 EDT Microsoft Corp. is no closer to buying Yahoo Inc. than when it made its $44.6 billion bid nearly three months ago, leaving the software maker in a quandary over whether the deal is still worth pursuing.A decision is likely to emerge in the next few days, with Yahoo facing a weekend deadline to accept the offer. Although the deadline expires Saturday, Microsoft has indicated it probably won't reveal its next move until early next week.The tense mating dance is at a standstill because Yahoo's board has repeatedly said it won't sell to Microsoft for less than $45 billion, even though the bid hoisted its stock shortly after it hit a four-year low in late January. The impasse has left most analysts predicting Microsoft will either sweeten its offer or attempt to replace Yahoo's board with a slate of directors who will embrace a takeover.But the architects of Microsoft's bid -- Chief Executive Steve Ballmer and Chief Financial Officer Chris Liddell -- have been signaling that the company might abandon the bid.The public remarks of Ballmer and Liddell could be just part of a negotiating ploy aimed at pressuring Yahoo to the negotiating table. |
| Crude estimate: Oil stays costly Sat, 26 Apr 2008 02:06 EDT Oil's meteoric rise to near $120 a barrel looks like more than just another economic bubble -- growing demand and tighter supplies are likely to keep prices high. Some analysts say even $200 a barrel would not be out of the question.The latest price surge -- pushing crude to record heights in recent weeks, and to nearly double its level a year ago -- has some key components of a classic bubble, when market prices climb far above their intrinsic value. The burst comes when investors realize the assets are overvalued.Oil came close to $120 a barrel Friday on news that a ship under contract to the U.S. Defense Department fired warning shots at two Iranian boats in the Persian Gulf. The markets were also weighing the effects of a pipeline attack in Nigeria and a looming refinery strike in Scotland.Retail gas prices, which at times rise in tandem with crude oil, are near $3.60 a gallon.The Organization of Petroleum Exporting Countries -- which supplies about 40 percent of the world's crude -- insists it's supplying more than enough oil. |
| Massey Energy set for big expansion Sat, 26 Apr 2008 02:06 EDT Massey Energy Co. expects to open a new coal mine at a rate of one every 17 days this year as it continues an ambitious plan to increase production 25 percent by 2010, a company official said Friday.Massey is positioning itself to take advantage of soaring demand and prices for Appalachian coal. The expansion is centered on underground coal mines, giving Massey alternatives if a court decision that would make it more difficult and time consuming to get federal permits for surface mines is upheld."We have all the permits," Chief Executive Don Blankenship told Wall Street analysts during a conference call Friday. "We have a line of equipment that's set up that takes us beyond these currently announced expansion plans."Labor is another matter.Massey needs 300 to 400 additional miners and Blankenship said that will be a challenge. The market for coal miners is already tight in Appalachia and expansion plans by Massey and others are making it tighter. Massey, for instance, recently started giving miners multiyear contracts to reduce poaching by rivals. That has helped cut voluntary turnover to 14.8 percent in the first quarter from 21.4 percent last year, Blankenship said. |
| Cut down on those ATM fees Sat, 26 Apr 2008 07:14 EDT ATM fees, which have been rising for the past four years, cost consumers more than $4 billion last year.But you can avoid paying those extra fees. Kiplinger magazine's Joan Goldwasser explains how: Look on the back of your ATM card for a logo indicating the network your bank is in. If you use an in-network ATM, you may still pay to use that machine, but avoid an out-of-network fee. Look for a bank or credit union that participates in a network that doesn't levy surcharges and does not charge you if you withdraw cash from another bank's ATM. Among such surcharge-free networks are Allpoint, Co-op Financial, CU HERE Premium network and STAR. Open an account at an Internet bank, such as Bank of Internet, First Internet Bank of Indiana or Everbank, that will reimburse you for fees up to a specified dollar amount, usually $6 or $7 a month. Or sign up with Metropolitan National Bank or Schwab Bank, both of which reimburse all ATM fees worldwide. Reluctant to switch? See if your bank offers an account with free ATM transactions if you maintain a minimum balance. |
| Business notes Sat, 26 Apr 2008 07:14 EDT KENTUCKYNEW LEADER FOR STATE'S GLOBAL BUSINESS GROUPLouisville businessman J. Edwin Webb has been named president and chief executive officer of the Kentucky World Trade Center. Webb was selected by the Kentucky World Trade Center's executive committee, headed by the center's chairwoman, former Kentucky Gov. Martha Layne Collins. Marking its 20th anniversary this year, the center is a non-profit membership organization that helps Kentucky do business worldwide with counseling, market research and training programs.NATIONALBLACK & DECKER TO CUT 700 JOBS |
| Investors look to earnings for hints about consumer spending Sat, 26 Apr 2008 17:21 EDT Wall Street has so far had a mostly subdued reaction to corporate earnings released in the past few weeks, but that could be about to change.Just about halfway through the first-quarter reporting season, most of the blue chips that make up the Standard & Poor's 500 index have not pulled any surprises. In fact, stripping out the gloom coming from financial companies like Merrill Lynch & Co. or Citigroup Inc., profits are up 11 percent year-over-year.With this generally good performance, the market hasn't had the kind of turbulence that some feared before the start of earnings season, and the S&P 500 index has risen about 4 percent in the past two weeks.But the coming week might change the market's dynamics, as a string of consumer-oriented companies including electronics stores and food companies are scheduled to release their results. Wall Street is worried about slowing consumer spending, and these companies might give investors their best indication yet about how much Americans are willing to spend these days."We've pieced together a decent earnings season so far, and everybody handicapped the financials out of the market," said Chris Johnson, president of Johnson Research Group. "Now the companies that represent the activities of the consumer are going to fall in the crosshairs, and that can tell us more about where this economy is heading." |
| Dealers see SUV glut as drivers trade in gas guzzlers Sat, 26 Apr 2008 15:31 EDT For used car dealer Ivan Hoyos, accepting a sport utility vehicle as a trade-in is no longer good business. The only SUV he's offering at his Florida Auto Sales and Finance is his mother's red 2004 Mitsubishi Endeavor.With only 21,000 miles on it, he's advertising the six-cylinder vehicle with the online network Craigslist for $13,991 - about $200 less than Kelley Blue Book's suggested retail value. Hoyos' mom purchased a Mazda 5, a smaller crossover vehicle with plenty of interior room but better gas economy - up to 28 miles per gallon as opposed to about 20 for the Mitsubishi."Nobody is buying used SUVs," said Hoyos, 35, who stopped accepting them six months ago. "The truth is more and more dealers are staying away from used SUVs and large trucks ... It doesn't pay. You can't have a unit sitting on the lot forever."As gas prices pass $3.50 a gallon nationally and the economy teeters on recession, independent used car dealers like Hoyos and massive chains like AutoNation Inc. are having trouble selling used SUVs as buyers prefer smaller, more fuel-efficient vehicles likes hybrids and crossovers (CUVs). Crossovers such as the Ford Edge, Honda CR-V, and Toyota RAV4 have more interior room and more rugged styling that the average car, but with a lighter chassis and generally better gas economy than an SUV.Used SUV sales in March were down 14 percent nationally compared to last year, according to data compiled by CNW Marketing Research. That follows drops in used SUV sales of more than 8 percent for the first two months of the year, compared to the same months in 2007. |
| Business is personal for satellite radio, drug entrepreneur Sat, 26 Apr 2008 03:16 EDT Martine Rothblatt founded Sirius Satellite Radio from a desire to link people together. She founded United Therapeutics from a desperation to save her daughter's life.With no background in medicine, pharmacology or biology, she was determined to find treatments for the disease that literally took the breath away from her young daughter Jenesis. Her success at biotech came on the heels of recognition as one of the inventors of satellite radio.And she accomplished much of this during a time of personal transformation, undergoing a sex change in the early '90s.These days, while still running United Therapeutics, Rothblatt devotes much of her spare time and energy to perhaps the ultimate challenge: defeating death itself. She has established a foundation dedicated to preparing humanity for the upheaval that will come when immortality becomes a reality.She is unfazed when people scoff at the notion. |
| Natural-gas vehicles hot in Utah, where the fuel is cheap Sat, 26 Apr 2008 09:46 EDT Troy Anderson was at the gas pump and couldn't have been happier, filling up at a rate of $5 per tank. Anderson was paying 63.8 cents per gallon equivalent for compressed natural gas, making Utah a hot market for vehicles that run on the fuel.It's the country's cheapest rate for compressed gas, according to the Natural Gas Vehicle Coalition, and far less than the $3.56 national average price for a gallon of gasoline."I'm totally celebrating," crowed Anderson, a 44-year-old social worker, who picked up a used Honda Civic GX two months ago. "This is the greatest thing. I can't believe more people aren't talking about it. This is practically free."Personal ownership of natural gas-fueled vehicles in Utah soared from practically nothing a few years ago to an estimated 5,000 vehicles today, overwhelming a growing refueling network, where compressors sometimes can't maintain enough pressure to fill tanks completely for every customer."Nobody expected this kind of growth. We got caught by the demand," said Gordon Larsen, a supervisor at Utah utility Questar Gas. |
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