News money 2008-05-13 Andanh.com

iPhone sold out online; still stocked in stores Mon, 12 May 2008 23:08:00 EST
The popular iPhone isn't in stock at Apple Inc.'s online stores in the U.S. and Great Britain, but it's still available through brick-and-mortar stores -- including those in the Louisville area.

State bond outlook lowered Tue, 13 May 2008 03:29:00 EST
Two credit-rating services have lowered their outlook on Kentucky bonds, steps that could delay some state-funded construction projects and lead to higher borrowing costs.

Assured Guaranty will insure construction bonds for downtown arena Tue, 13 May 2008 03:29:00 EST
Bermuda-based Assured Guaranty will insure construction bonds for the planned downtown arena under a preliminary deal reached yesterday with the Louisville Arena Authority.

Stocks rally as oil prices retreat Mon, 12 May 2008 22:28:00 EST
Stocks rallied yesterday as oil prices fell back and alleviated some of investors' concerns about accelerating inflation.

Economic slump hits baby boomers, survey finds Mon, 12 May 2008 22:32:00 EST
The economic downturn is hitting roughly one in 10 middle-age and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey prepared for release today by the AARP.

Q: I'm ready to buy. How much lower than the asking price should I offer? Mon, 12 May 2008 22:33:00 EST
A: There's a lot of conventional wisdom out there about offering 10 percent less than the asking price or paying $100 per square foot of finished space.

PNC branches will replace Fifth Third in 2 Kroger stores Mon, 12 May 2008 22:34:00 EST
Two PNC bank branches are to open in Kroger stores in eastern Jefferson County by early July, replacing Fifth Third Bank branches that have closed in recent weeks.

Business People Mon, 12 May 2008 21:30:00 EST
Professional services, awards and miscellaneous announcements are in today's Business People. Submit new items at courier-journal.com/businesspeople Sign up for the daily Business People newsletter at courier-journal.com/newsletters.

Microsoft executive to run Gates Foundation Mon, 12 May 2008 22:34:00 EST
The Bill & Melinda Gates Foundation said yesterday that Microsoft executive Jeff Raikes will take over in September as chief executive of the world's largest charitable foundation.

Federal cutoff leaves few at nursing home Tue, 13 May 2008 02:03 EDT
A month after the federal government cut off its relationship with the Kenton Healthcare nursing home on Waller Avenue, just a handful of residents remains there.

The federal Centers for Medicare and Medicaid Services revoked the Waller Avenue nursing home's provider agreement, which allowed it to receive Medicare and Medicaid payments, as of April 9 because of problems identified by government inspectors.

The facility's last day to receive funding was Friday.

That meant scores of patients had to be moved to other facilities over the past month, since the government would no longer pay for their care at Kenton.

The facility had 133 residents as of March 17, said Sadiqa Reynolds, inspector general for the Kentucky Cabinet for Health and Family Services. As of Monday, it had six patients whose care is paid for privately and one resident covered by Medicaid. That person was expected to move out Monday or Tuesday.

Sadler's Wells is retired Tue, 13 May 2008 02:03 EDT
Top European sire Sadler's Wells is being retired from stallion duty because of declining fertility, Coolmore Stud announced on Monday.

The 27-year-old son of Northern Dancer will stay at Coolmore in Ireland, where he has sired 18 champions since 1985.

His progeny, including 158 graded stakes winners and 295 stakes winners, have earned more than $146 million on the racetrack, according to Equiline.com.

"I think Sadler's Wells is generally acknowledged as the best sire Europe has ever seen and we felt very privileged to have been associated with him," said Coolmore manager Christy Grassick in a statement. "Despite his advancing years, he is still in remarkably good condition and I hope he enjoys a long and happy retirement."

Bred by Robert Sangster's Swettenham Stud and Partners in Kentucky, Sadler's Wells was a champion miler in France as a 3-year-old. But he made his reputation in the breeding shed.

Group says Central Kentucky home sales down 16 percent Mon, 12 May 2008 15:01 EDT
Members of the Lexington-Bluegrass Association of Realtors sold 835 properties in the first quarter of 2008, the association said, but that total was down 16 percent from the same period of 2007.

The median sales price -- half of all sales were for more and half for less -- declined 1 percent for the 2008 quarter and dropped 5 percent in March 2008, versus the same periods of 2007, the association said.

Nationwide, the median price was down 7.7 percent in March, according to the National Association of Realtors.

In Fayette County, the average number of days needed to sell a house in the first quarter was up 9 percent from a year earlier.

The Lexington-Bluegrass Association of Realtors has more than 2,300 members in Anderson, Bourbon, Boyle, Clark, Fayette, Franklin, Garrard, Harrison, Jessamine, Madison, Mercer, Montgomery, Scott and Woodford Counties.

Delta magazine features Bluegrass Mon, 12 May 2008 02:03 EDT
"Lexington's Bluegrass Region" is the featured destination in the June issue of Delta Air Lines ' Sky magazine.

Caleb Miles , president and CEO of the Convention and Visitors Bureau in Pinehurst, N.C., says it's a terrific honor that probably will spur local tourism, but any gains might be hard to measure.

Miles knows, because Pinehurst . known as the Home of American Golf because of its 45 golf courses . was Sky's featured destination in April 2007.

Since Lexington is more of a convention city than Pinehurst, it might land a large meeting as a result of the Sky article, Miles said last week.

Otherwise, it's going to be tough to track individual tourists and find out why they came to Lexington and if it was because of Sky.

Stocks up as oil price drop eases inflation fears Mon, 12 May 2008 18:48 EDT
Wall Street rallied Monday as oil prices fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points.

Oil's retreat helped soothe some of Wall Street's worries about inflation's impact on consumer spending. Crude briefly reached a new trading high of $126.40, but investors seemed shy, for the time being at least, to add to oil's huge gain of nearly $10 last week. Light, sweet crude oil fell $1.73 to settle at $124.23 per barrel on the New York Mercantile Exchange.

"This market does seem to be reacting positively to any sort of easing we see in the energy patch," said Craig Peckham, market strategist at Jefferies & Co.

Investors also got some encouraging news about the credit crisis from London-based HSBC Holdings PLC, which said its first-quarter profits were up from a year ago although the global banking company took a $3.2 billion write-down on subprime mortgage assets in the United States. The company did echo other assessments that the U.S. was likely to fall into recession this year.

JPMorgan Chase & Co. CEO Jamie Dimon said at a conference Monday he estimates the credit market crisis is 75 percent over, but that the recession is just beginning.

Toyota says new US auto plant delayed Mon, 12 May 2008 13:55 EDT
A senior Toyota executive said Monday that plans for a new auto assembly plant in Mississippi are being delayed by worries about slumping American auto sales and a broader U.S. economic slowdown.

The vehicle assembly plant being built in Blue Springs, near Tupelo, Miss., was initially to be up and running by late 2009 or early 2010, said Toyota Motor Corp. Executive Vice President Mitsuo Kinoshita.

That has now been pushed back to mid-2010 after Toyota reviewed the plans and considered the signs of a slowdown in the U.S. market following the subprime mortgage crisis, Kinoshita told a small group of reporters at a Tokyo hotel.

"We made adjustments within a certain range of time," he said. "The change wasn't that critical."

Toyota, the world's second-biggest automaker in annual vehicle sales after General Motors Corp., had been on a roll with its offerings of small cars and gas-electric hybrids amid soaring oil prices.

IBM program offers aid globally Mon, 12 May 2008 02:03 EDT
Debbie MacConnel has been a world traveler, volunteer worker and farm girl, and she thinks those experiences will come in handy this year when she goes on a Peace Corps-like mission to the Philippines.

MacConnel, an IBM manager who works out of her home in Winchester, is one of 100 IBM employees worldwide and one of just 26 in the United States selected to serve in IBM's new Corporate Services Corps.

The 100 IBM employees will be divided into teams that will travel to Romania, Turkey, Ghana, Tanzania, Vietnam and the Philippines for monthlong missions assisting with economic development and information technology projects.

"It's interesting because this comes at a time of my life when I'm really thinking what I want to give back to the community," said MacConnel, who will head to Davao City, Philippines, in September for her Corporate Services Corps stint. She also sees the trip as a learning opportunity, she said.

More than 5,000 IBM workers applied to participate in the program initially. IBM intends to enable 600 of its employees to participate in the program over the next three years.

Fees for '.org' Web sites to increase 10% Mon, 12 May 2008 02:02 EDT
Wholesale fees for Internet addresses ending in ".org" will increase 10 percent Nov. 9. Public Interest Registry, which operates the ".org" domain names, disclosed the planned fee increase in a May 1 letter to the Internet's key oversight agency, the Internet Corporation for Assigned Names and Numbers.

The per-name fee is what PIR collect annually from registrars, the companies that sell domain names on their behalf. Such charges are generally incorporated in the prices companies, groups and individuals pay to register names, and they apply to new registrations, transfers and renewals.

The increase brings the annual fee to $6.75. Last year, PIR imposed a 2.5 percent fee increase to $6.15. PIR did not cite a reason in its letter.

With nearly 7 million names registered, ".org" is the world's sixth most popular domain name suffix. Although the suffix was originally intended for organizations such as non-profits, the designator is now open to anyone who wants to use it.

Personnel file Mon, 12 May 2008 09:02 EDT
Education

Eastern Kentucky University: Knox County educator Sandra Stevens has been named director of the university's Corbin campus.

Engineering

ErMC2: Stream restoration specialists Josh Howard and Nick Baker have joined the Lexington-based environmental risk-management consulting firm as senior environmental scientist and environmental scientist, respectively.

Finance

Business awards Mon, 12 May 2008 07:36 EDT
The American Council of Engineering Cos. of Kentucky has awarded this year's highest award for engineering excellence -- the Grand Conceptor Award -- to PB Americas of Lexington for their project I-64 Riverside Expressway "Restore 64" project. The ACEC also awarded Grand Awards to the following Lexington companies: GRW Aerial Surveys; Fuller, Mossbarger, Scott . and FFEB JV.

The Commonwealth of Kentucky has been ranked fifth among all governments nationwide by the Dave Thomas Foundation for Adoption for the Best Adoption-Friendly Workplaces. The Best Adoption-Friendly Workplaces in America list includes the top 100 organizations that provide exceptional support to employees who adopt. Rankings are based on the amount of financial assistance given and the paid leave provided. In addition to ranking the top 100, the foundation also recognized other businesses and organizations by category. Visit www.AdoptionFriendlyWorkplaces.org to view all the lists.

Hospice of the Bluegrass has been recognized as the 2008 Top Business for Women by Women Leading Kentucky and The Lane Report. Each year the two groups recognize a Kentucky organization or business that employs policies and practices that help them recruit, retain and advance women.

Ellen Arvin Kennedy, a member of the law firm Fowler Measle & Bell, has been named the 2008 Outstanding Young Lawyer by the Fayette County Bar Association. This award is given to the attorney who best demonstrates promise in learning the practical application of law to human problems and admirably fulfills the duties owed by an attorney to the court, clients and the community.

WEB HELP TO MERGE STUDENT LOANS Tue, 13 May 2008 02:03 EDT
Looking to consolidate your student loans? Several college and university financial aid offices offer information about student loan consolidation. But you might find quicker answers on the Web.

Here are a few Web sites that provide useful general and specific information on the subject:

American Education Services: www.aessuccess.org/manage/consolidate/faq.shtml

Uses question and answer format to provide information about student loan consolidation.

Credit.com: www.credit.com/products/loans/Student-Loan-Consolidation-Tips.jsp

Toyota delays new plant Tue, 13 May 2008 02:03 EDT
A senior Toyota executive said Monday that plans for a new auto assembly plant in Mississippi are being delayed by worries about slumping American auto sales and a broader U.S. economic slowdown.

The vehicle assembly plant being built in Blue Springs, near Tupelo, Miss., was initially to be up and running by late 2009 or early 2010, said Toyota Motor Corp. Executive Vice President Mitsuo Kinoshita.

That has now been pushed back to mid-2010 after Toyota reviewed the plans and considered the signs of a slowdown in the U.S. market following the subprime mortgage crisis, Kinoshita told a small group of reporters at a Tokyo hotel.

"We made adjustments within a certain range of time," he said. "The change wasn't that critical."

Toyota, the world's second-biggest automaker in annual vehicle sales after General Motors Corp., had been on a roll with its offerings of small cars and gas-electric hybrids amid soaring oil prices.

Big payoff -- before the race Mon, 12 May 2008 02:03 EDT
More than $500,000 worth of Alltech FEI World Equestrian Games T-shirts, caps, pins and coffee cups have been sold through retailers and the Internet in the past year or so.

As Jack Kelly tells audiences around the state, that's "twice as much" as the tally for the entire 2006 games in Aachen, Germany.

Kelly, CEO of the foundation organizing the Lexington games, says the Aachen total hasn't been officially disclosed, but insiders say it was $150,000 to $200,000.

There are "two reasons" for the low European sales, Kelly says. "One is that we have done quite well for early on and the other one is that it was not a priority, or didn't seem to be a priority," for the 2006 games.

Unlike European soccer and cycling fans, European equestrian fans do not generally buy souvenirs and memorabilia at their big events.

Conventions Mon, 12 May 2008 07:36 EDT
Events scheduled for Lexington, including headquarters and expected attendance:

Kentucky Association of School Administrators, 2008 Professional Development Program: May 12-13, Holiday Inn North, 35.

Southern States Energy Board, 2008 Committee Meeting: May 27-30, 70 people.

Council of State Governments, 2008 Spring National Committee and Task Force Meeting: May 27 to June 1, Griffin Gate Marriott Resort, 500.

Kentucky datebook Mon, 12 May 2008 09:03 EDT
Classes

The Kentucky Electrical Contractors Association will present the following six-hour Kentucky- and Ohio-approved electrical continuing education classes at the IEC Training Center, 950 Contract Street: Business and Employment Law, Business Practices and Compliance With OSHA, a Practical Approach (for contractors), 8 a.m.-3 p.m. Friday; 2008 NEC Code Update (for master electricians and electricians), 8 a.m.-3 p.m. Saturday. For information, call (859) 266-4968 or visit www.keca-iec.org .

Meetings

The Bluegrass Society for Human Resource Management will hold its next chapter meeting at 11:15 a.m. Tuesday at Fasig-Tipton's dining room, 2400 Newtown Pike. Speaker: KCTCS founding president Michael B. McCall. Program has been approved for one hour of strategic credit toward PHR, SPHR and GPHR recertification through the Human Resource Certification Institute. Register by Friday at www.bgshrm.org .

The Central Kentucky Inventors Council will hold its Entrepreneurs Roundtable at 6:30 p.m. May 20 at Bob Evans Restaurant, 2566 Richmond Road. Information: www. ckic.org or (859) 201-1311.

Kentucky by the numbers: 185 Mon, 12 May 2008 07:36 EDT
Kentucky had 185 commercial banks in 2007, down from 336 in 1984, according to the Reports of Condition and Income for All Insured U.S. Commercial Banks, released by the Federal Financial Institutions Examination Council.

Kentucky Money Market Mon, 12 May 2008 08:58 EDT

Chinese bourses suspend quake zone firms Tue, 13 May 2008 00:37 EDT
Chinese shares fell Tuesday and the country's two stock exchanges suspended trading in 66 companies based in the region hit by a major earthquake in an effort to minimize potential disruptions to financial markets.

The benchmark Shanghai Composite Index was down 2.6 percent at 3,533.55 by midday, after dropping as much as 3.3 percent in early trade. The Shenzhen Composite Index, of China's second, smaller bourse, fell 1.3 percent by midday to 1,097.26.

The Shanghai Stock Exchange suspended trading in 45 companies, most of them based in central China's Sichuan province, where authorities said Monday's 7.9 magnitude quake had killed nearly 10,000 people.

The full extent of damage from the disaster, especially in remote mountainous areas, was still unclear. But at least two chemical plants were reported among the many structures that had collapsed.

A statement posted on the Shanghai Stock Exchange's Web site listed 45 companies based in Sichuan and adjacent Chongqing municipality, one of China's biggest industrial centers, whose shares would be suspended from trading Tuesday because the bourse was unable to contact them.

Australia's St. George Bank agrees to Westpac bid Tue, 13 May 2008 00:32 EDT
St. George Bank on Tuesday agreed to an 18.6 billion Australian dollar ($17.5 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and be one of the country's largest corporate deals.

The two lenders said in a joint statement Tuesday that Westpac was offering 1.31 of its own shares for each St. George Bank share.

The deal requires approval from competition regulators and the federal government. Australia's antitrust regulator, the Australian Competition and Consumer Commission, said Tuesday it had begun a review of the takeover bid but gave no timeline for its decision.

The deal would create Australia's largest financial services firm in terms of market capitalization, valued at more than 66 billion Australian dollars ($62 billion) based on Friday's closing prices.

It would also be biggest takeover in Australian banking history.

Old gas pumps can't handle ever-rising prices Tue, 13 May 2008 01:38 EDT
Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can't register more than $3.99 on their spinning mechanical dials.

The pumps, throwbacks to a bygone era on the American road, are difficult and expensive to upgrade, and replacing them is often out of the question for station owners who are still just scraping by.

Many of the same pumps can only count up to $99.99 for the total sale, preventing owners of some SUVs, vans, trucks and tractor-trailers to fill their tanks all the way.

As many as 8,500 of the nation's 170,000 service stations have old-style meters that need to be fixed - about 17,000 individual pumps, said Bob Renkes, executive vice president of the Petroleum Equipment Institute of Tulsa, Okla.

At Chip Colville's Chevron station in this eastern Washington town, where men in the family have pumped gas since 1919, three stubby, gray pumps were installed when gas was less than $1 a gallon. They top out at $3.999, only 30 cents above the price of regular gas at Colville's station.

High gasoline prices spawning songs, signs, symbolic acts Tue, 13 May 2008 00:08 EDT
Americans facing rising gasoline and diesel prices are cycling about, saddling up, singing out and, sometimes, resorting to violent symbolism.

Dozens of Alabama students are bicycling up to 10 miles each way to their rural high school. An Indiana man was arrested for belting out a protest song, "Price Gouge'n," from the roof of a convenience store. A sign-maker in Kentucky is riding his horse on business errands. And a Tennessee sheriff is investigating a more disturbing protest: a slain deer hanging from a gasoline station sign.

Those actions are being done in the name of protest, but three western Pennsylvania school officials who plan to walk 216 miles to raise awareness of the factors driving up gas prices don't want to call it a protest march.

"We're not standing up protesting gas prices," said Aaron Steinly, assistant principal of United Junior Senior High School near Johnstown. "We just want to raise awareness, show people what they can do and get people involved."

The school's principal, Lewis Kindja, said he and the other two administrators plan to raise money and perhaps meet with lawmakers on the nine-day walk to Washington, D.C., that begins June 5. The money raised will pay for classroom projects across the state about alternative fuels and environmental issues.

Oil prices drop below $124 a barrel Tue, 13 May 2008 04:32 EDT
Oil prices dropped below $124 a barrel on profit-taking Tuesday in Asia after hitting another trading record in the previous session.

Monday's mark of $126.40 a barrel was the sixth trading record in six trading sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward.

Some attributed the drop-off in prices partly to expectations that Monday's earthquake in China would result in a temporary drop in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line.

China's two stock exchanges suspended trading Tuesday in 66 companies based in the region to minimize disruptions to financial markets from the disaster.

Victor Shum, an energy analyst with Purvin & Gertz in Singapore, though, discounted the quake as a factor in the fall in crude futures.

Loose change Mon, 12 May 2008 08:48 EDT

Feds waive waiting period for Patriot-Magnum coal deal Tue, 13 May 2008 19:57 EDT
Patriot Coal's $709 million buyout of rival mine operator Magnum Coal has gotten an early green light from federal regulators.

Patriot announced Tuesday the Federal Trade Commission has granted the company early termination of a waiting period for the proposed deal. The acquisition, which still needs approval from Patriot shareholders, could close this summer.

Separately, Patriot says Magnum CEO Paul Vining has signed a three-year contract to become president and chief operating officer of the merged company. Besides $600,000 in annual pay, Vining gets a long-term incentive package worth $3.9 million when the deal closes, among other things.

With the addition of Charleston-based Magnum, Patriot stands to gain 12 West Virginia mines and more than 600 million tons of low-sulfur reserves in the southern part of the state.

St. Louis-based Patriot operates mines in West Virginia and Kentucky.

Kroger expands drug discount program Tue, 13 May 2008 12:10 EDT
Following in the steps of the world's largest retailer, Kroger announced Tuesday that it is expanding its generic drug discount program by offering 90-day prescriptions for for $10.

The company also is adding several women's medicines to its generic discount program. The medicines, which include hormone replacements and drugs used to treat osteoporosis and breast cancer, will cost $9 for a 30-day supply or $24 for a 90-day supply.

Wal-Mart Stores Inc. made a similar announcement last week.

Kroger began offering more than 300 generic prescription medicines for $4 for a 30-day supply in Lexington area stores in February.

Wal-Mart profit rises 6.9 pct but outlook cautious Tue, 13 May 2008 17:43 EDT
Wal-Mart Stores Inc. on Tuesday said first-quarter profits rose 6.9 percent, but issued a cautious outlook for the current quarter and warned that the economy will be a "critical factor" in 2008.

The world's largest retailer beat Wall Street's expectations and cited improved inventory management and better customer service. How well those changes, part of a strategy begun two years ago, will continue to offset a sustained downturn in the economy is far from clear.

"There are still uncertainties during the rest of the year," President and CEO Lee Scott said in a recorded call for investors. "The economy is playing a critical factor in 2008."

Wal-Mart shares fell more than 2 percent, or $1.22, to $56.80 in afternoon trading.

Wal-Mart earned $3.02 billion, or 76 cents per share, in the three months ended April 30, up from $2.83 billion, or 68 cents per share, a year earlier.

Bernanke: Financial turmoil in markets easing Tue, 13 May 2008 18:20 EDT
Turmoil in financial markets has eased somewhat, but the situation is still "far from normal," Federal Reserve Chairman Ben Bernanke said Tuesday.

The central bank has taken a number of unconventional steps - especially since March, when the credit crisis intensified - to help squeezed banks and big investment firms overcome problems and try to get credit flowing more freely again.

Those efforts appear to be paying off and "have contributed to some improvement in financing markets," the Fed chief said in prepared remarks delivered via satellite to a financial markets conference sponsored by the Federal Reserve Bank of Atlanta in Sea Island, Ga.

Bernanke noted some improvements in the markets for certain mortgage-backed securities, such as those backed by Fannie Mae and Freddie Mac, as well as some fixed-rate mortgages and corporate debt.

Moreover, the Fed's extraordinary decision in March to let investment firms go to the Fed for emergency loans "seems to have bolstered confidence," Bernanke said.

Stocks mixed after retail sales report, spiking oil Tue, 13 May 2008 17:44 EDT
Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse.

The Commerce Department's latest report showed that retail sales fell by 0.2 percent in April, as expected. The data did show better-than-expected sales if automobiles are excluded, but indicated Americans are reluctant to make big-ticket purchases - especially as soaring fuel prices cut into demand.

"The numbers are coming out weak, but the economy's not falling apart," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. "On balance, they were negative, but you'd expect them to be."

Oil prices, meanwhile, spiked to a trading record of $126.98 a barrel on the New York Mercantile Exchange after Iranian news services reported Iran is considering a cut to output. They later settled up $1.57 at $125.80.

Tuesday's wavering trading in the stock market reflected its ongoing uncertainty about the economy. Brian Gendreau, investment strategist for ING Investment Management, believes investors won't get a clear picture until more data is released in June and July.

Web helpt to merge student loans Tue, 13 May 2008 07:33 EDT
Looking to consolidate your student loans? Several college and university financial aid offices offer information about student loan consolidation. But you might find quicker answers on the Web.

Here are a few Web sites that provide useful general and specific information on the subject:

American Education Services: www.aessuccess.org/manage/consolidate/faq.shtml

Uses question and answer format to provide information about student loan consolidation.

Credit.com: www.credit.com/products/loans/Student-Loan-Consolidation-Tips.jsp

Business notes Tue, 13 May 2008 07:31 EDT
KENTUCKY

BLUEGRASS HOME SALES DIP

Members of the Lexington-Bluegrass Association of Realtors sold 835 properties in the first quarter of 2008, the association said, but that total was down 16 percent from the same period of 2007. The median sales price -- half of all sales were for more and half for less -- declined 1 percent for the 2008 quarter and dropped 5 percent in March 2008, versus the same periods of 2007, the association said. Nationwide, the median price was down 7.7 percent in March, according to the National Association of Realtors. In Fayette County, the average number of days needed to sell a house in the first quarter was up 9 percent from a year earlier. The Lexington-Bluegrass Association of Realtors has more than 2,300 members in Anderson, Bourbon, Boyle, Clark, Fayette, Franklin, Garrard, Harrison, Jessamine, Madison, Mercer, Montgomery, Scott and Woodford Counties.

MEETING TO DISCUSS CHURCHILL'S PURSE CUTS

Kentucky horse trainers and owners will meet at 6 p.m. Tuesday to discuss Churchill Downs' plans to cut purses by 20 percent. The decrease stems from a dispute over how to divide revenue from Internet wagering. According to the notice from the Kentucky Horsemen's Benevolent and Protective Association, the meeting at the Executive Inn East in Louisville will be to talk about the efforts of a negotiating organization, the Thoroughbred Horsemen's Group, and possible legal action. Churchill Downs said last week it would begin cutting purses on Wednesday.

3 Ky. lawyers face trial, accused of defrauding clients Tue, 13 May 2008 22:08 EDT
Two part owners of last year's Preakness winner went on trial Tuesday on charges they defrauded clients out of millions in a case being watched closely by the thoroughbred industry because the men could lose their share of the horse.

Shirley Cunningham Jr., 52, and William Gallion, 56, are accused of keeping money that prosecutors say should have gone to plaintiffs in a $200 million settlement from the maker of the diet drug fen-phen.

While the horse's ownership isn't a direct issue in the criminal case, it's the reason it has gotten attention. The two attorneys have a 20-percent ownership share of Curlin, a prized colt who was named 2007's Horse of the Year after showing, winning and placing in last year's Triple Crown events.

A judge has ordered that Cunningham and Gallion's $3.5 million ownership share and winnings go into a trust for eventual payment to the more than 400 plaintiffs who won a $43 million settlement in a civil lawsuit against the attorneys.

"That money will go a long way to righting a terrible wrong," said plaintiff W.L. Carter of Lawrenceburg. "He's a great horse, a beautiful horse, and I wish him all the luck in the world."

Wal-Mart and TJX report solid 1st-quarter profit gains Tue, 13 May 2008 17:43 EDT
Solid first-quarter profits from discounters Wal-Mart and TJX show that more Americans are hunting for bargains as they struggle to cover their monthly credit card payments, put food on the table and gas in the family car.

Wal-Mart Stores Inc., the world's largest retailer, posted a 6.9 percent increase in first-quarter profits, helped by improved customer service, better inventory control and strong international sales.

The results beat Wall Street's projections by a penny, but the company issued a cautious outlook for the current quarter and warned that the economy would be a "critical factor" in 2008.

TJX Cos., which operates stores under the T.J. Maxx, Marshalls, HomeGoods names, said its first-quarter profits rose almost 20 percent, meeting analysts' projections. But lower investment income and costs from European expansion left TJX's profit margin slightly below the company's expectations.

Wal-Mart shares fell $1.37, or about 2.4 percent, to $56.65. TJX shares slipped $1.49, or about 4.6 percent, to $30.65.

Median home prices drop in many cities Tue, 13 May 2008 20:30 EDT
Median home prices fell in two-thirds of the cities surveyed during the first three months of this year while sales declined in 46 states compared to a year ago, according to the latest report highlighting the depth of the nation's housing woes.

The National Association of Realtors said Tuesday that median prices for existing single-family homes dropped in 100 of 149 metropolitan areas in the January-March period, while 48 metropolitan areas saw price increases and one reported no change.

The 67 percent of cities reporting price declines was the largest percentage of cities reporting price drops in the history of the survey, which goes back to 1979. In the fourth quarter, prices had fallen in 36 percent of the cities surveyed.

Nationally, the median home price - the point where half the homes sold for more and half for less - fell to $196,300 in the first quarter, down by 7.7 percent from the same period a year ago.

The biggest percentage price decline by metro area was a 29.2 percent drop in the Sacramento, Calif., metro area.

Airbus announces new delays to A380 Tue, 13 May 2008 08:27 EDT
Airbus on Tuesday announced new delays on deliveries of the superjumbo A380, already almost two years late, saying the company is behind schedule switching to automated production.

The European aircraft maker said in a statement that it will deliver 12 planes in 2008 instead of 13, and 21 planes in 2009 instead of 25. Executives will talk to customers about deliveries for 2010 - originally foreseen at 45 - in the coming weeks.

Airbus CEO Tom Enders said the switch from individual production of the planes to serial production is about two to three months delayed. He declined to say when Airbus will meet its goal of delivering four A380s per month, a pace the planemaker had hoped to meet in 2010.

"This is unfortunately not the first delay and as CEO of Airbus I have to say I regret this very much," Enders said in a conference call.

But he said the additional delays should not be compared with the problems that have so far plagued the superjumbo program.

Motorsports affiliation is essential to corporate identity
It takes exactly one minute and 41 seconds for engineers at the Firestone Motorsports facility to balance, stagger, and letter a racing tire, which is probably a good thing since the company has produced 5,100 tires for the month of May and 32,000 total for the racing season.

Chinese Dir