News money 2008-05-19 Andanh.com

The drive for biofuels Mon, 19 May 2008 00:02:00 EST
As soaring soybean and corn prices threaten the still-nascent biofuels industry, entrepreneur William D. Bivins hopes to break ground this year on an energy plant that will utilize multiple raw sources to produce biodiesel, ethanol, electricity and natural gas.

Trade show to feature small businesses Mon, 19 May 2008 00:03:00 EST
About 100 small companies will show off their services Wednesday in what's being billed as a business-to-business bonanza at the Kentucky Exposition Center.

Show concern, but be direct on layoffs Mon, 19 May 2008 00:04:00 EST
It's something small-business owners dread: having to tell employees they're being laid off. It's inescapable in a weak economy, or as a company changes the way it does business, that some workers must be let go.

re: Dannette Flaherty, pet claims manager Mon, 19 May 2008 00:05:00 EST
My job is: "Great! I am able to use my previous accounting and business skills along with my acquired animal care knowledge."

Tech tools help small firms succeed Mon, 19 May 2008 00:06:00 EST
After Hurricane Katrina lashed the Gulf Coast in 2005, small businesses such as the Silk Road Collection antique store in New Orleans had little hope of surviving. Tourists and local customers had vanished, and it would take years for the city to rebuild.

Researchers' work fuels beauty battles Mon, 19 May 2008 00:06:00 EST
Jim Schwartz remembers feeling a little bewildered when he started his job developing beauty-care products at Procter & Gamble Co. Schwartz, fresh from earning his doctorate in chemistry, wondered about the scores of researchers working on Ivory soap:

Business People Mon, 19 May 2008 00:13:00 EST
Newspaper, 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.

Workers settle for less as economy falters Mon, 19 May 2008 00:07:00 EST
Many job seekers must accept new positions at lower salaries than they would have received just a month ago, according to findings in the Jobfox Top 25 Most Wanted U.S. Job Candidates: May 2008 rankings. Median salary ranges for some of the professions dipped $10,000 per year.

Some job-seekers maintain confidence Mon, 19 May 2008 00:08:00 EST
Recent employment data has economists and working Americans jittery, but job-seekers with salaries higher than $100,000 aren't so worried.

Family files lawsuit in metal bat injury case Mon, 19 May 2008 10:57 EDT
The family of a boy who suffered brain damage after he was struck by a line drive off an aluminum baseball bat sued the bat's maker and others on Monday, saying they should have known it was dangerous.

The family of Steven Domalewski, who was 12 when he was struck by the ball in 2006, filed the lawsuit in state Superior Court. It names Hillerich & Bradsby Co., maker of the 31-inch, 19-ounce Louisville Slugger TPX Platinum bat used when Steven was hit.

The lawsuit also names Little League Baseball and Sports Authority, which sold the bat. It claims the defendants knew, or should have known, that the bat was dangerous for children to use, according to the family's attorney, Ernest Fronzuto.

"People who have children in youth sports are excited about the lawsuit from a public policy standpoint because they hope it can make the sport safer," Fronzuto said after filing the suit Monday morning. "There are also those who are skeptical of the lawsuit and don't see the connection between Steven's injury and the aluminum bat."

Little League denies any wrongdoing, as does the bat manufacturer. Sports Authority has not responded to several telephone messages seeking comment.

Court upholds municipal bond tax exemption Mon, 19 May 2008 18:22 EDT
The $2.5 trillion municipal bond market skirted a land mine Monday when the Supreme Court ruled that states could continue to give special tax breaks on the bonds that fund hospitals, roads, schools and other services.

The justices ruled 7-2 in a case from Kentucky that states can exempt interest on their own bonds from taxation while taxing residents for interest on bonds issued by other states.

In the municipal bond market, 41 states have systems similar to Kentucky's. Seven states do not impose taxes on personal income: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Indiana has a tax exemption for interest on municipal bonds from all states.

The states impacted by the Supreme Court case have said that throwing out the system of exemptions that began some 90 years ago would have a devastating impact on state finances.

Industry groups warned of possible turmoil in the municipal bond market if the existing setup were dismantled.

Adhering to principles pays off in investing, too Mon, 19 May 2008 02:03 EDT
Moazzam Ahmed tried for years to square his investment goals with the tenets of Islam.

"There was a lot of research that I had to do on my own," he said, referring to the time he spent poring over potential investments to weed out objectionable businesses. "I probably still made mistakes."

Then, several years ago, he discovered a mutual fund company that complied with Shariah, or Islamic law, and soon rolled over his 401(k) to the funds. The funds prohibit investments in companies whose business focus on alcohol, tobacco, gambling, pornography or insurance.

Ahmed hadn't just found a family of funds that aligned with his religious principles, he'd discovered funds that produced strong returns and managed to sidestep the implosion of Enron Corp. and Worldcom Inc. as well as the more recent mortgage debacle.

While Wall Street puts much of its faith in money, there are funds guided by religious principles that can keep up with or even outperform many funds with fewer restrictions on how they invest.

Conventions Mon, 19 May 2008 07:58 EDT
Events scheduled for Lexington, including headquarters and expected attendance:

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.

Give him a Helping Hand and he'll gladly take your trash Mon, 19 May 2008 02:03 EDT
He's a truck-driving man: Mark Mabson has been a driver for the city Department of Solid Waste for 12 years. Four days a week he's on the road, starting at about 6 a.m. and finishing close to 4 p.m.

Everybody needs a helping hand: Mabson's partner in grime is the "Helping Hand" Automated Sideloader, Expert 2000 by Labrie. The refuse truck with a side arm picks up Herbies, empties them, and sets them back down at his command. It's a one-man, one mechanical-arm show. Mabson says the truck's design helps it get into tight spots -- and out of them, too.

Out and about: On Mondays he's in the Southpoint Drive area, on Tuesdays it's Andover; on Thursdays he's near Sandersville Road, and on Fridays you can find him around Hays Boulevard. The trucks don't go out on Wednesdays.

Backing up: Mabson says he always wanted to be a truck driver and work for the department. His older brother, William, has been with the Division of Solid Waste for 30 years, which takes him back to about 5 B.H. -- Before Herbie; the first Herbie the Curbies were delivered about 1982 or '83, a department official said.

Give 'em an inch, they'll take a yard: Mabson was hired as a driver, but was first put to work riding on a rear-loading yard-waste truck so that he could understand what the guys hanging on the back experience as he's driving.

IPOs planned Mon, 19 May 2008 07:58 EDT
The following is a list of initial public offerings planned for this week. Sources include Renaissance Capital, Greenwich, Conn. ( www.ipohome.com ) and SEC filings.

Liberty Lane Acquisition Corp., Hampton, N.H.: 35 million units, each consisting of one common share and one-half of a warrant, priced at $10, managed by Goldman Sachs. Proposed Nasdaq symbol LLACU. Business: A newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more operating businesses, not limited to a particular industry or geographic region.

MFResidential Investments Inc., New York: 16.7 million shares, priced at $15 each, managed by UBS Investment Bank, Deutsche Bank, and Morgan Stanley. Proposed NYSE symbol MFR. Business: A real estate investment trust intending to invest primarily in residential mortgage backed securities and residential mortgage loans.

Kentucky by the numbers Mon, 19 May 2008 07:58 EDT

154 million
The final production estimate for Kentucky burley tobacco for 2007 was 154 million pounds, up less than 1 percent from 153.3 million pounds produced in 2006. Kentucky produced 74 percent of all burley grown in the United States.

Kentucky patents Mon, 19 May 2008 07:58 EDT
The U.S. Patent Office issues patents weekly. These patents were issued Tuesday for inventors or assignees in the Lexington area:

Automatic edge guide assembly using springs and tapered surfaces.

Inventors: Edmund James III and Randal Williamson, Lexington.

Patent No. 7,370,860 assigned to Lexmark International, Inc., Lexington.

Electronic switching system.

Kentucky Money Market Mon, 19 May 2008 09:40 EDT

Personnel file Mon, 19 May 2008 08:34 EDT
Architecture

Ricci Greene Associates: Jim Gibson has been named an associate in the justice design and planning firm's Lexington office.

Finance

National City Bank: Kurt Meibeyer has been named senior vice president of commercial lending.

Wealth Management of Kentucky: Brad Lacy has joined the Lexington-based firm as an investment representative.

Workers consider reducing 401(k) Mon, 19 May 2008 02:03 EDT
Jamie P. Menges sees many of his clients getting squeezed in this economy, and some are considering hard choices -- like cutting back on their 401(k) contributions.

One couple, trying to balance upcoming education costs with rising gas and food prices, recently discussed that idea, hoping they could take home a bit more in each paycheck. The Dublin, Ohio, investment adviser crunched some numbers and suggested it made more sense to reduce their Roth IRA contributions, which helped save the tax deductions associated with the 401(k).

Retirement plan administrators say they are not seeing a large-scale move by employees to reduce their contributions to 401(k) plans. But investment advisers say more people may consider cutting back on retirement savings if the economic doldrums continue.

"I think it's a conflict that they're constantly in battle with," said Menges, an adviser with Investment Partners LPD. "But right now, the broader question is, which one are they going to sacrifice in favor of the other?"

Eric Levy, a partner at Mercer LLC, which manages plans for about 1.5 million people, examined contribution statistics from July through March 31, and found no evidence of widespread cutbacks. But he said investors are nervous.

Business transitions Mon, 19 May 2008 07:58 EDT
Ohio-based A.O. Smith Electrical Products Co. will be moving its lamination stamping operations to its Mount Sterling plant. Laminations are precision steel components used in electric motors. The transfer includes press lines, progressive die presses and scroll press lines. The move could add between 50 and 75 jobs at the Mount Sterling plant within the next year. The plant currently employs about 160 people and fabricates electric motor laminations for A.O. Smith motor assembly plants in the United States and Mexico.

Buildersbrain.com is a new Web company in Lexington with offices at 2040 Regency Road. Buildersbrain.com provides a free service to homeowners by connecting them with contractors and service professionals in the home-improvement, remodeling and home-maintenance industry. Contractor members are rated by homeowners based on the exclusive Buildersbrain.com contractor rating system. These ratings are viewable by homeowner members. Owners: Em and Denise Emmert. Phone: (859) 373-0775. For more information, visit www. buildersbrain.com.

Certified Divorce Analyst Douglas I. Donald has expanded his accounting and investment services practice to assist divorcing couples with the financial ramifications of legal settlements. Donald holds certification from the Institute for Divorce Financial Analysts, a national organization based in Southfield, Mo. For more information, contact Donald . fax to (859) 231-3326; or e-mail hlbusiness@herald-leader.com .

Meetings Mon, 19 May 2008 02:03 EDT
The Central Kentucky Inventors Council will hold its Entrepreneurs Roundtable at 6:30 p.m. Tuesday at Bob Evans Restaurant, 2566 Richmond Road. Information: www. ckic.org or (859) 201-1311.

The Bluegrass Kiwanis Club meets at 11:30 a.m. Thursdays at Ryan's Steak House, 701 Red Mile Road. Information: Paul Bimschleger, (859) 272-1467. The Lexington Kiwanis Club meets at the same place and time. Information: Mel Boyd, (859) 277-2058.

The Lexington Lions Club meets at 11:30 a.m. Wednesdays at the Fayette County Extension Building, 1140 Red Mile Place. Information: Sue Alexander, (859) 266-6969.

Energy Pros Free Home Seminar will be 6:30-8:30 p.m. Wednesday at Bluegrass Community and Technical College, 470 Cooper Drive in the Academic Technical Building lobby. Information: Ben Perry, (859) 523-4773.

The Kentucky Horse Council will present Equine Abuse Investigation: A Hands-On Seminar, designed for animal control officers, sheriffs and local and state officials who might be involved in equine abuse cases in Kentucky. The class will be Thursday and Friday at the Jessamine County Extension Office and the Kentucky Equine Humane Center in Nicholasville. The class will be taught by instructors from Day's End Farm Horse Rescue in Maryland and specialists in Kentucky's police and legal system and Kentucky equine veterinarians. Cost: $50. Information/registration: (859) 367-0509 or visit www.kentuckyhorse.org .

Microsoft says revived talks with Yahoo not takeover bid Mon, 19 May 2008 02:03 EDT
Microsoft Corp. is once again trying to team up with Yahoo Inc. to challenge Internet search and advertising leader Google Inc., although at this point the renewed talks haven't escalated to another attempt to take over Yahoo.

The Redmond, Wash.-based software maker disclosed the revived discussions Sunday without providing any specifics about the nature of the deal being explored except to say it involved bolstering the companies' position in the online search and advertising markets.

"There of course can be no assurance that any transaction will result from these discussions," the statement said.

In a statement late Sunday, Yahoo said its board is exploring several "value-maximizing" alternatives and remains "open to pursuing any transaction" in "the best interest of our stockholders."

Microsoft emphasized that it hasn't resurrected a $47.5 billion takeover bid that its chief executive, Steve Ballmer, withdrew May 3 after Yahoo CEO Jerry Yang -- acting on behalf of Yahoo's board -- demanded an additional $5.5 billion.

Pump prices rise to new high as oil extends gains Mon, 19 May 2008 19:17 EDT
More gas and oil records fell Monday as retail fuel prices struck new highs and crude settled above $127 for the first time, tightening the squeeze on drivers planning holiday road trips next weekend.

Light, sweet crude for June delivery jumped 76 cents to settle at a record $127.05 a barrel on the New York Mercantile Exchange. Prices rallied at one point to within a nickel of Friday's record trading high near $128 a barrel.

Meanwhile, Americans are now paying an average of $3.79 for a gallon of regular gas, according to a survey by AAA and the Oil Price Information Service. Diesel, used to transport a wide range of goods, now costs $4.52 a gallon. Those prices, both records, are likely to keep rising, following crude's upward track.

"We're looking at $4 a gallon (for regular nationwide) once we get past Memorial Day and into June, given the oil prices we're seeing today," said Geoff Sundstrom, fuel price analyst at AAA.

In Pittsburgh, some drivers said they had been forced to adjust their spending habits because of higher prices at the pump, which are up about 17 percent from a peak at this time last year.

Stocks finish mixed following tech pullback Mon, 19 May 2008 17:47 EDT
Wall Street ended mixed Monday after weakness in the technology sector punctured some of the market's enthusiasm over a report that suggested the economy could still be growing.

But comments from memory chip maker SanDisk Corp. about soft sales helped pull stocks off their highs and sent tech shares lower. The Dow Jones industrial average, which had been up more than 100 points, finished well off its highs.

The Conference Board's leading economic indicators report showed a 0.1 percent rise for April, following a similar uptick in March. The index, aimed at predicting economic activity in the next three to six months, bolstered investors' belief that the overall U.S. economy, while weak, is positioned for recovery.

After five months of declines in the leading indicators, some investors were concerned that March's increase was an anomaly - so April's advance was met with relief, said Hugh Johnson, chief investment officer of Johnson Illington Advisors.

But technology shares tugged at the market after SanDisk issued cautious comments at a JPMorgan technology conference Monday, said Neil Massa, senior trader at MFC Global Investment Management in Boston. SanDisk fell $2.42, or 7.5 percent, to $30.02. SanDisk's remarks came on a day of light trading and dented but didn't sink an upbeat mood on Wall Street.

Index: Weak economy may dodge a recession Mon, 19 May 2008 19:17 EDT
Gas prices are high, food's more expensive and the job market's cold, but the U.S. may still avoid a recession.

That was the message Monday from a private business group whose index of leading economic indicators defied expectations and inched higher in April.

The New York-based Conference Board said its forecast of future economic activity rose 0.1 percent in April, matching a 0.1 percent increase in March. Economists had expected a 0.1 decrease in April.

The index is designed to forecast economic activity in the next three to six months based on 10 economic components, including stock prices, building permits and initial claims for unemployment benefits.

"These data certainly reflect a weak economy but not one in recession," said Ken Goldstein, labor economist at The Conference Board. The small increases in March and April, which followed five months of decline, could be a signal the economy may not weaken further, he said.

Survey shows gas prices up 17 cents in 2 weeks Mon, 19 May 2008 07:17 EDT
A national survey says the average price for regular gasoline rose about 17 cents in the last two weeks.

The average price of self-serve regular gasoline on Friday was $3.79 a gallon. Mid-grade was at $3.91, and premium was $4.02. That's according to the Lundberg Survey of 7,000 stations nationwide released Sunday.

For the first time, the survey found average prices for regular gas surged above $4 a gallon in two metropolitan areas: Chicago and on Long Island in New York.

Of the cities surveyed, the cheapest price was in Tucson, Ariz., where a gallon of regular cost $3.48 on average.

The highest average price was in Chicago, at $4.07.

Campbell profit up on Godiva sale, adjusted earns fall Mon, 19 May 2008 16:48 EDT
Declining soup sales and higher prices for ingredients contributed to a difficult quarter for the Campbell Soup Co., even though a gain on the sale of its Godiva Chocolatier brand sweetened its bottom line.

Its shares fell more than 6 percent Monday.

The Camden-based food company earned $532 million, or $1.40 per share, in the three months ended April 27. That was up from $217 million, or 55 cents a share, a year ago.

But the latest results include the $850 million sale of Godiva to Yildiz Holding AS. After taxes, Campbell had a $467 million gain on the sale.

Excluding one-time items - including receipts from the March 18 Godiva sale, which was partially offset by the cost of previously announced restructuring - Campbell said its earnings were $165 million, or 43 cents per share, down 7.8 percent from an adjusted $179 million, or 45 cents per share, a year ago.

Gassed up on sorghum? Mon, 19 May 2008 02:03 EDT
It's a fall tradition in Hawesville, West Liberty and other Kentucky towns to celebrate the sweet sorghum harvest with a festival of food, music and local crafts.

Researchers say the whole state might soon have an economic reason to celebrate the corn lookalike as a source of ethanol, a gasoline additive that can reduce the nation's demand for oil.

"It has a lot of promise in Kentucky," says Mike Montross, an agricultural engineer at the University of Kentucky. "I think it should be good for the state."

Alltech, the Nicholasville-based biotechnology company, is considering sweet sorghum as a source of the ethanol it plans to produce at a $70 million biorefinery to be built starting next month in Washington County, said spokesman Billy Frey.

"It's definitely one of those (plants) being considered," Frey said. "We are still researching to see which one is best. We aren't ruling anything out right now."

Meeting has bourbon, but no Ryder Cup tickets Mon, 19 May 2008 10:10 EDT
The president of the Kentucky Distillers' Association was between Vice Mayor Jim Gray and developer Dudley Webb on the agenda for Tuesday's Bluegrass Hospitality Association meeting.

When his turn to speak came, Eric Gregory began by placing seven small bottles of bourbon on the lectern to represent the distilleries on the Kentucky Bourbon Trail.

"If I knew I was going to be between Jim Gray and Dudley Webb," Gregory quipped, "I would have brought bigger bottles."

Gray said he had to talk fast so the other speakers would get all the time they were due.

"I've learned in this political business that everybody wants their air time," he said.

Loose change Mon, 19 May 2008 08:41 EDT
"Well, if any customers should come in, be sure to wake him up ... "

Chinese Dir