News money 2008-05-04 Andanh.com

Most Churchill Downs races off-limits online Fri, 02 May 2008 23:14:00 EST
Today's Kentucky Derby and Woodford Reserve Turf Classic will be available to online bettors, but Churchill Downs and its horsemen could not reach an agreement to make the full card of races today available to most wagering Web sites.

Ford seeks 500 more buyouts in Louisville Fri, 02 May 2008 23:14:00 EST
Ford Motor Co. will offer buyouts to 500 employees at Louisville Assembly Plant in another attempt to cut labor costs as part of its turnaround plan.

Tesla brings power to electric car market Fri, 02 May 2008 23:18:00 EST
It's safe to say that Jeremy Snyder gets a charge out of the two-seat Tesla Roadster whenever he pulls one off the lot -- and not because it's equipped with an all-electric engine.

Utilities hold key to plug-in cars Fri, 02 May 2008 23:20:00 EST
Automakers are preparing to introduce plug-in electric cars in 2010, but their success will depend on players beyond their control: the electric utilities.

Area pump prices drop about 6 cents Fri, 02 May 2008 23:13:00 EST
Gas prices slipped by about a nickel per gallon in the Louisville area yesterday, according to prices posted by drivers.

Higher bid for Yahoo reported Fri, 02 May 2008 23:14:00 EST
Microsoft finally dangled a higher takeover bid in front of Yahoo yesterday, hoping to reach a friendly deal after weeks of saber rattling.

Economy shows signs of recovery Fri, 02 May 2008 23:13:00 EST
The economy showed unexpected signs of resilience yesterday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices may be easing. The unemployment rate dipped, though that may not last.

Chevron's profit: $5.17 billion gusher Fri, 02 May 2008 23:13:00 EST
Astounding profits in the oil industry are becoming as routine as the anguished looks of motorists filling up their gas tanks.

Tax Q & A Fri, 02 May 2008 23:09:00 EST
We filed our 2007 taxes electronically and had the refund direct-deposited. After receiving the refund I filed an amended return to reflect my husband's Social Security earnings so he would be eligible for the stimulus rebate. When should we expect the rebate?

Business People Fri, 02 May 2008 22:12:00 EST
COMMUNICATION John Dobken has been named senior manager of business development for Insight Business Services, a division of Insight Communications, which provides business and fiber-based technology solutions to companies in Kentucky, Indiana and Ohio. REAL ESTATE Scarlet Vogelsang and Candace Bornstein Byrne have joined Gilezan Realty. PROFESSIONAL SERVICES Emily Kirkpatrick was named vice president for the National Center for Family Literacy. She will continue to oversee fundraising, external relations and communications and has assumed additional duties related to training and organizational development. Bisig Impact Group has named Mike Fitzer director of Rich Media. — Chris Quay Items can be submitted at www.courier-journal.com/businesspeople Color photos should be in jpeg format (200 dpi). Photos should be at least 2 inches by 3 inches and bear the person's name.

Fed plans credit industry restrictions Sat, 03 May 2008 02:02 EDT
WASHINGTON -- The Federal Reserve and other regulators initiated steps Friday to end "unfair and deceptive" credit card industry practices assailing consumers who are already struggling to cope in a bad economy.

The proposed rules would be the biggest clampdown on the industry in decades, aiming at protecting people from credit card companies that arbitrarily raise interest rates or don't give borrowers adequate time to pay their bills.

The proposals also would restrict such lender practices as allocating all payments to balances with lower interest rates when a borrower has balances with different rates. The Fed board voted Friday to approve the recommendations.

The banking industry opposes the changes, and says they could lead to higher interest rates. The rules could be finalized by the end of the year.

The proposed new rules would prohibit:

Rising rice prices stoke buying Sat, 03 May 2008 02:03 EDT
Shoppers surveyed shelves loaded with rice at the Ranch 99 Asian supermarket, chatting in languages from Mandarin to Portuguese as they hunted for their favorite varieties, checked brand names and compared prices before heaving 50-pound bags into their carts.

Skyrocketing prices and media reports of a shortage are driving many immigrants and U.S. Asians, Hispanics, Indians and others to stock up on rice -- a once inexpensive staple that is reaching record-high prices across the country. In Indian corner markets and warehouse-size supermarkets specializing in Asian goods, customers who usually take home a 20-pound bag are taking two, or even reaching for the 50-pound bag.

Emphasizing that there is no rice shortage in the United States, economists and commodity traders blame the price hikes confronting U.S. consumers on everything from the weather in producing countries to the increased buying power of countries like China. Chief among those factors was the decision by India, Vietnam, China, Egypt, Cambodia and Brazil to curtail exports to protect prices at home, said Nathan Childs, an economist and rice expert with the Department of Agriculture.

Seeking to tame rising rice prices, which have more than tripled since January, Thailand proposed an OPEC-style cartel on Friday with major rice exporters Laos, Burma, Cambodia and Vietnam to give them more control over international rice prices.

Take escalating prices, add to that news of food riots abroad, and many American buyers are choosing to be safe and purchasing more, especially since rice keeps well. That sends ripples all the way up the buying chain, said Pat Daddow, owner of the California Rice Exchange, a platform where farmers sell to processors.

Dollar, job news brighten economic picture Sat, 03 May 2008 02:03 EDT
The economy showed off unexpected signs of resilience Friday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices might be easing. The unemployment rate dipped, though that may not last.

The latest barometers flashed encouraging signs that the economic slowdown may not be as pronounced as some had feared. Still, there's much caution -- about housing, credit and other problems.

"Economic or financial conditions could take an unexpected stumble at any time," warned Stephen Stanley, chief economist at RBS Greenwich Capital.

Employers eliminated 20,000 jobs in April -- not nearly as many as the 81,000 in March, and the fewest monthly losses so far this year, the Labor Department reported. The unemployment rate dropped to 5 percent, from 5.1 percent.

Stresses were still evident. It was the fourth straight month that employers cut jobs -- bringing total losses to 260,000.

Business notes Sat, 03 May 2008 08:11 EDT
NATIONAL

MICROSOFT RAISES TAKEOVER OFFER

Microsoft Corp. reportedly dangled a higher takeover bid in front of Yahoo Inc. Friday, hoping to reach a friendly deal after weeks of saber rattling. The Redmond, Wash.-based software maker raised its offer "by several dollars" per share, according to a New York Times report that cited unnamed sources. Representatives from Microsoft and Yahoo declined to comment on the negotiations, which were confirmed by a person familiar with the talks. Yahoo began pressing for a higher offer shortly after Microsoft made its unsolicited bid in February, which was originally valued at $44.6 billion, or $31 per share. That offer, half in cash and half in stock, is currently valued at $42.3 billion, or $29.40 per share, because Microsoft shares have declined.

TOYOTA RECALLS HIGHLANDERS FOR BELT RETROFIT

Toyota Motor Corp. plans to recall about 90,000 Highlander sport utility vehicles in the United States. The Japanese automaker wants to fix a problem that could prevent the seat belt in a third-row seat from securing a rear-facing child seat. Toyota spokesman Bill Kwong said Friday the company had issued a stop sale of the 2008 Highlander SUV and hybrid version with third-row seats to retrofit changes to the seat belt. There have been no complaints or injuries tied to the seat belts. The vehicles under the recall were built between May 2007 and March 2008. Kwong says owners will be notified of the recall in June, and dealers will install a newly designed seat belt component.

Microsoft abandons Yahoo bid, rebuffing higher sale price Sun, 04 May 2008 00:15 EDT
Microsoft Corp. has withdrawn its $42.3 billion bid to buy Yahoo Inc., scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader Google Inc.

The decision to walk away from the deal came Saturday after last-ditch efforts to negotiate a mutually acceptable sale price proved unsuccessful.

Microsoft was willing to pay $47.5 billion, or $33 per share, up from the bid's current value of $29.40 per share, according to a letter from Microsoft Chief Executive Steve Ballmer to Yahoo Chief Executive Jerry Yang.

But Yahoo demanded at least $53 billion, or $37 per share, according to Ballmer. That would have been nearly double Yahoo's stock price of $19.18 at the time Microsoft first made its bid a little over three months ago.

"Clearly a deal is not to be," Ballmer wrote.

Buffett and Munger reassure shareholders about succession Sun, 04 May 2008 00:05 EDT
Warren Buffett tried to reassure his shareholders Saturday that Berkshire Hathaway will be fine once he is gone, but the 77-year-old billionaire offered few new details of the company's succession plan.

Berkshire vice chairman Charlie Munger may have done more to reassure the roughly 31,000 shareholders at the company's annual meeting.

"Well, we still have a rising young man here named Warren Buffett," Munger said, to which Buffett joked that everyone seems young to the 84-year-old Munger.

Munger continued: "I think we want to encourage this rising young man to reach his full potential."

Several shareholders still asked about the succession plan and Berkshire's future.

Economy shows resilience; jobless rate falls as dollar rises Sat, 03 May 2008 13:45 EDT
The economy showed off unexpected signs of resilience Friday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices may be easing. The unemployment rate dipped, though that may not last.

The latest barometers flashed encouraging signs that the economic slowdown may not be as pronounced as some had feared. Still, there's much caution - about housing, credit and other problems.

"Economic or financial conditions could take an unexpected stumble at any time," warned Stephen Stanley, chief economist at RBS Greenwich Capital.

Employers eliminated 20,000 jobs in April - not nearly as many as the 81,000 in March, and the fewest monthly losses so far this year, the Labor Department reported. The unemployment rate dropped to 5 percent, from 5.1 percent.

Stresses were still evident. It was the fourth straight month that employers cut jobs - bringing total losses to 260,000.

Researchers key in battle for beauty business Sat, 03 May 2008 01:52 EDT
Jim Schwartz remembers feeling a little bewildered when he started his job developing beauty care products at Procter . make sure it feels, smells, looks right and has added personal benefits without ill effects; and determine whether it can be made affordably on a huge scale.

"That deceptively simple product sitting on store shelves has years and years and thousands of person-hours that went into making it work well," Schwartz said.

Buffett again rebuffs advocates who want Klamath dams out Sat, 03 May 2008 15:54 EDT
American Indian tribes and salmon fisherman were rebuffed a second time Saturday in their bid to win support from billionaire Warren Buffett for a proposal to remove four hydroelectric dams from the Klamath River.

Buffett again told the group that his company, Berkshire Hathaway Inc., won't decide the fate of the dams owned by its PacifiCorp utility.

He said Berkshire will defer to regulators in California and Oregon, where the Klamath runs, and to federal officials. Buffett also said he promised regulators when Berkshire bought PacifiCorp in 2006 that he wouldn't interfere with the utility's operating decisions.

The dam opponents, making their second trip to Berkshire's annual meeting, have promised to keep pressure on Buffett and his Omaha-based company.

"We feel like we've been listened to everywhere except PacifiCorp," said Leaf Hillman, a member of the Karuk Tribe.

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