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| Dow falls 206 points as oil prices rebound Wed, 11 Jun 2008 23:42:00 EST Stocks tumbled yesterday as oil prices rebounded, fanning concerns that inflation would further pinch consumers and lead central banks to raise interest rates. |
| Ideas would aid large cities Thu, 12 Jun 2008 02:54:00 EST A new study proposes sweeping changes in how the federal government deals with issues from innovation to transportation with the aim of creating policies that favor Louisville and the nation's other metropolitan areas. |
| GE workers OK wage and job cuts Thu, 12 Jun 2008 02:57:00 EST Union workers at General Electric Co.'s Appliance Park yesterday approved wage cuts and job reductions in the wake of a company threat to outsource or sell its warehouse operation. |
| Trainer: Eight Belles tragedy handled poorly Thu, 12 Jun 2008 02:53:00 EST Trainer Tom Amoss of Louisville said Churchill Downs' handling of the immediate aftermath of Eight Belles' fatal breakdown after the Kentucky Derby was a second tragedy. Big Brown trainer to testify at hearing Podcast: Exposing matrix wagering |
| Q: Are prepayment penalties limited? Wed, 11 Jun 2008 23:46:00 EST A: The new Kentucky mortgage law limits penalties for paying off a mortgage early to 3 percent of the outstanding balance for the first year, 2 percent for the second year and 1 percent for the third year. |
| Business People Wed, 11 Jun 2008 22:34:00 EST Health care, government and professional service 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. |
| Gannett will freeze pension-plan contributions Wed, 11 Jun 2008 23:47:00 EST Gannett Co. Inc., which owns The Courier-Journal, USA Today, television stations and other newspapers, said yesterday that it would freeze its pension-plan contributions starting in August. |
| YMCA: Brucato moves on up Thu, 12 Jun 2008 02:02 EDT Jan Brucato, president and chief executive officer of the YMCA of Central Kentucky the last seven years, has resigned to accept a position with the national organization. Brucato, 51, will be the resource director for 30 midsize YMCAs across the country, including Lexington, with annual operating budgets between $14 and $18 million. She will continue to live in Lexington. Brucato, whose resignation was effective June 6, has been with the YMCA of Central Kentucky since 1994. "She's been an excellent ambassador for the Y and for the community," said James E. "Ted" Bassett III, who headed the Y's fund drive that raised money to build facilities at Beaumont Centre and north Lexington and for renovation of the High Street YMCA. During Brucato's tenure, the YMCA of Central Kentucky grew significantly. Membership increased 43 percent from 2001 to 2007, to 25,000 members, and revenue grew 60 percent. |
| Oil prices rebound on Nigeria, technical factors Fri, 13 Jun 2008 01:59 EDT Oil prices rebounded from a steep early loss to end modestly higher Thursday in another volatile session fueled by a rising dollar and concerns about supplies. Gas prices reached new record at the pump, rising to a national average of $4.06 a gallon, and are likely to keep rising. Light, sweet crude for July delivery rose 36 cents to settle at $136.74 a barrel on the New York Mercantile Exchange. Prices recovered from an earlier dip as low as $131.55 on reports that Nigeria's state owned oil company will take over oil operations in parts of the country from a Royal Dutch Shell PLC joint venture, a move traders believe could cut output. Analysts said word of a possible strike by Nigerian oil workers contributed to oil's $5 rally from the day's lows, as did psychological factors: When prices failed to drop all the way to $131, many investors took that as a sign to buy. Some analysts said gasoline futures appeared to lead the rally; rumors of refinery outages may have contributed to gas' gains. July gasoline futures rose 6.02 cents to settle at $3.526 a gallon. Given the volatile price moves of recent days, analysts saw few signs of a changing trend in Thursday's trading. Prices have gone through several sharp swings over the past week, rising more than $16 last Thursday and Friday, falling more than $7 earlier this week, and jumping back more than $5 on Wednesday. |
| Wall Street closes up but off highs as oil rises Thu, 12 Jun 2008 19:39 EDT Wall Street gave up a big early advance as the price of oil rose Thursday, with stocks closing moderately higher but also demonstrating how anxious investors are about inflation and the overall health of the economy. Bond prices fell sharply and yields shot higher in response to an upbeat retail sales report. Word late in the session that Yahoo Inc. called off talks of any deal with Microsoft Corp. gave investors one more reason to rein in the enthusiasm that drove the day's early rally. Advancing oil prices, which have frequently sent stocks tumbling in recent weeks, stifled the optimistic mood that followed the Commerce Department's report that retail sales rose 1 percent in May. The gain marked the biggest improvement in six months and it offered some investors hope that the government's 57 million economic stimulus checks were indeed oiling the economy. A buyout bid for Anheuser-Busch Cos. also lifted stocks. But the turnaround in oil set off renewed worries about inflation and its effect on the economy. And a management shakeup at Lehman Brothers Holdings Inc. drew fresh attention to troubles in the financial sector. Lehman, which earlier this week said it would report a quarterly loss of $2.8 billion, on Thursday ousted its chief financial officer and chief operating officer. Lehman fell $1.05, or 4.4 percent, to $22.70. The Dow rose 57.81, or 0.48 percent, to 12,141.58 after being up as much as 185 points earlier. The advance came a day after the Dow fell more than 200 points because of surging oil prices. |
| Retail sales jump by largest amount in 6 months Thu, 12 Jun 2008 19:39 EDT The stimulus checks are working. A big increase in retail sales signaled that people are spending their rebate payments, helping to ward off a serious economic slump, at least for now. The Commerce Department reported Thursday that retail sales soared 1 percent last month, double what had been expected. It was the largest increase since November and represented strong sales at a variety of retailers including the biggest increase at department stores and other general merchandise stores in a year. The May increase, double what economists had been expecting, provided the strongest evidence yet that the economy is getting a major boost from the $50 billion in economic stimulus payments the government sent out by the end of May, slightly less than half of the $106.7 billion scheduled to be sent out this year. The Bush administration is hoping the stimulus payments will offset the gloom from a prolonged slump in housing, a severe credit crisis, soaring energy bills and rising layoff notices and keep the country out of a deep recession. Highlighting the pressures on the job market, the Labor Department reported Thursday that new applications for jobless benefits rose by 25,000 last week to 384,000, the highest level since late March. It was a much bigger increase than expected and came after news last week that the unemployment rate in May jumped by the largest amount in 22 years, up to 5.5 percent from 5 percent in April. |
| Toyota expects plug-in hybrid by 2010 Thu, 12 Jun 2008 02:03 EDT Toyota is introducing a plug-in hybrid with next-generation lithium-ion batteries in Japan, the United States and Europe by 2010. The ecological gas-electric vehicles, which can be recharged from a home electrical outlet, will target leasing customers, Toyota Motor Corp. said. Such plug-in hybrids can run longer as an electric vehicle than regular hybrids, and are cleaner. Lithium-ion batteries, now common in laptops, produce more power and are smaller than nickel-metal hydride batteries used in hybrids now. The joint venture that Toyota set up with Matsushita Electric Industrial Co., which makes Panasonic products, will begin producing lithium-ion batteries in 2009 and move into full-scale production in 2010, Toyota said. Toyota also said it's setting up a battery research department later this month to develop an innovative battery that can outperform even that lithium-ion battery. |
| Business notes Thu, 12 Jun 2008 07:11 EDT KENTUCKY PREMIER EQUESTRIAN WILL PROVIDE EQUIPMENT FOR GAMES Premier Equestrian LLC will provide equipment for the dressage and driving competitions for the 2010 Alltech FEI World Equestrian Games , the games' organizer, the World Games 2010 Foundation, announced Wednesday. A privately held Utah company, Premier Equestrian will provide items for the training, warm-up and competition areas "as well as letter boxes, towers and letters for both competitions." When the games end, Premier Equestrian will donate equipment for two arenas, plus the letter boxes, to the Kentucky Horse Park, where the games will be held. Other items will be offered for sale. "They are providing first-class equipment for our world championships, and they will also leave a lasting legacy to the Kentucky Horse Park for years beyond 2010," said Kate Jackson, the foundation's competition director. LOUISVILLE WATER RANKED BEST-TASTING Louisville's water has been chosen as the best-tasting in America by a panel put together by the American Water Works Association . Judges at the association's meeting in Atlanta included a newspaper food writer, a chemist, a television news reporter and the chairman of the association's Taste and Odor Committee. "In Louisville, we've always known that you can't top the tap," said Louisville Water Co. President Greg Heitzman . Kentucky American Water , meanwhile, has been recognized for receiving the directors award from the Partnership for Safe Water for 10 years in a row. The award goes to utilities that examine their treatment plants and create plans to improve them. Only three other water utilities have received the award for a decade. |
| What goes up won't come down very far, government predicts Thu, 12 Jun 2008 05:51 EDT Gasoline prices should peak at $4.15 a gallon this summer, the government says -- an encouraging word for motorists who might be thinking the cost of a fill-up will just keep climbing. But wait: The predicted relief is pretty modest. Prices at the pump are likely to stay around $4 a gallon much of next year, according to Wednesday's projections by the Energy Department's statistical agency. Oh, and the government tends to err on the optimistic side. Guy Caruso, head of the federal Energy Information Administration, delivered the sober news at a congressional hearing on energy prices and the future of oil. Even as he spoke, oil prices jumped again, edging for a time above $138 a barrel and putting yet more upward pressure on gasoline prices. By the end of the day the market seemed ready to set new records above $140 a barrel before settling lower. |
| Singers, stations split on royalties Thu, 12 Jun 2008 02:02 EDT Every time an oldies radio station plays her 1966 signature hit These Boots Are Made for Walking , Nancy Sinatra feels that she is getting stomped on under the federal copyright law. Although the law grants royalties for songwriters and publishers, she and other performers receive nothing when their songs are played on over-the-air radio, Sinatra told a congressional committee Wednesday. That situation could be ended by the the Performance Rights Act, which has been introduced in both the House and Senate, Sinatra testified. It is a cause that her father, the late Frank Sinatra, began championing four decades ago, she told the House Judiciary Subcommittee on Courts, the Internet and Intellectual Property. But Steve Newberry, president of Commonwealth Broadcasting Corp. -- which operates 23 stations in Kentucky -- countered her arguments in his testimony on behalf of the National Association of Broadcasters. Newberry said a study by The Nielsen Co. and Pollstar proved a "direct correlation between the number of 'spins' or plays on local radio and the sales of albums and singles." He showed a chart of new country music singer Taylor Swift that demonstrated that each increase in free radio airplay was accompanied by a corresponding spike in CD sales. |
| Oil edges lower in Asia as dollar gains Thu, 12 Jun 2008 02:23 EDT Oil prices fell in Asian trading Thursday, reversing gains from the previous session on supply concerns as traders predict the market will remain volatile. Gains in the dollar against the euro and yen appeared to be contributing to the dip in oil. Midday in Singapore, light, sweet crude for July delivery was down 99 cents $135.39 a barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract jumped $5.07 to settle at $136.38 a barrel after reaching as high as $138.30. Global oil prices have closely tracked U.S. dollar moves; last week's sharp price increases came as the dollar fell. Prices then retreated more than $7 earlier this week as the dollar gained ground against the euro and yen. Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker greenback makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is the primary reason oil prices have doubled over the past year. |
| Cell phone cancellation fees don't apply to feds Thu, 12 Jun 2008 02:03 EDT A leading cellular phone company declined to charge the government the same expensive fees it charges consumers for canceling their contracts early, acknowledging that "the government will never, never accept such penalty amounts," according to internal corporate e-mails obtained by The Associated Press. The exasperating fees are the subject of a hearing Thursday at the Federal Communications Commission. The e-mails from Nextel Communications Inc. show that the government is deciding whether to offer consumers relief from the cell phone fees that it has managed to avoid. The Associated Press last month revealed details of the industry's efforts to help consumers avoid such fees in exchange for letting companies off the hook in state courts where they are being sued for hundreds of millions of dollars by angry customers. Cell phone companies routinely charge customers $175 or more for quitting their service early. In one such lawsuit, employees at Nextel -- now part of Sprint Nextel Corp. -- debated whether to assess a $200 termination fee to federal government subscribers under a contract with the General Services Administration. It ultimately decided against charging the fees to the government, even though it charges the same fees to consumers and businesses. |
| Personnel file Mon, 09 Jun 2008 07:42 EDT Education Eastern Kentucky University: Marta Miranda, associate professor of anthropology and social work and director of women's and gender studies at EKU, has also been named director of multicultural student affairs. Finance Kentucky Bank: Kathy Newkirk has been named assistant vice president consumer and mortgage lender. Republic Bank: Angela Britton has been promoted to senior customer service representative for the bank's Andover banking center. Emily Miller has been named a banking officer at Republic's Perimeter banking center. |
| Before you invest, learn about stocks Thu, 12 Jun 2008 07:11 EDT If you don't know much about stocks, there are ways to educate yourself. Consider these tips to teach yourself how to invest in stocks: Read a book. There are hundreds of investing books out there. The challenge is to find one that is worth your time and money. One such book is The Intelligent Investor by Ben Graham, the founder of modern security analysis and, incidentally, famed investor Warren Buffett's former teacher. First published in 1949, the book is widely regarded as a primer on value investing, an investment philosophy based on buying stocks for their value and not necessarily for their growth prospects. Pick a few companies. One of the best ways to learn what investing in a company is all about is to follow the stock. Pick two or three companies that you know and like, and begin checking their stock price daily. Follow company news, and read quarterly earnings announcements. If the stock price goes up or down more than 5 percent, find out what was behind the move. Keep up with business news. You'll see how economic indicators such as jobs reports affect stock prices, as well as how important the Federal Reserve's monetary policy is to the market. BEFORE YOU INVEST, LEARN ABOUT STOCKS |
| Federal task force to examine oil trading Wed, 11 Jun 2008 02:03 EDT The nation's top regulator of oil trading on Tuesday announced the creation of a special federal task force to study the role of speculators and the investment practices of large institutions that critics believe are running up oil prices. The announcement came as a special advisory committee went before the Commodity Futures Trading Commission to discuss ways to make the oil markets more transparent. Increasing reporting requirements and other transparency measures would reduce concerns that oil traders are manipulating the trading of contracts for future delivery of oil, called futures, in ways that drive up oil prices. The CFTC announced in late May that it was investigating whether there has been price manipulation during this year's steep run-up in global oil prices. With the average price of gasoline nationwide now above $4 a gallon, Congress is studying a number of measures to quash what many believe is speculative behavior that is pushing up oil prices. The CFTC, which regulates the futures markets, has said it doesn't believe that speculation causes today's high oil prices but has promised that the task force will take a deep look. |
| Toyota will add 2 hybrid plants Wed, 11 Jun 2008 02:03 EDT Toyota will start making the Camry hybrid in Australia and Thailand as the automaker expands beyond Japan, China and Kentucky to step up production of "green" cars, the company said Tuesday. Toyota Motor Corp. said in a statement it plans annual production of 10,000 Camry hybrids at the Altona plant in southeastern Australia. Toyota also will start making the Camry hybrid at its Gateway plant in Thailand next year, targeting annual production of 9,000 vehicles, it said in a release. The announcements are part of Toyota's efforts to boost hybrid production and pick the best production places around the world. Toyota produces the Camry hybrid at its Georgetown, Ky., plant in the United States. The only other nation where Toyota manufactures its hybrids besides Japan is China. |
| GOP saves Big Oil from profits tax Wed, 11 Jun 2008 02:03 EDT Saved by Senate Republicans, big oil companies dodged an attempt Tuesday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to the record gasoline prices that have the nation fuming. GOP senators shoved aside the Democratic proposal, arguing that punishing Big Oil won't do a thing to lower the $4-a-gallon-price of gasoline that is sending economic waves across the country. High prices at the pump are threatening everything from summer vacations to Meals on Wheels deliveries. The Democratic energy package would have imposed a 25 percent tax on any "unreasonable" profits of the five largest U.S. oil companies, which together made $36 billion during the first three months of the year. It also would have given the government more power to address oil market speculation, opened the way for antitrust actions against countries belonging to the OPEC oil cartel, and made energy price gouging a federal crime. "Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D. He said they want Congress to do something about oil company profits and the "orgy of speculation" on oil markets. But Republican leaders said the Democrats' plan would do harm rather than good -- and they kept the legislation from being brought up for debate and amendments. On world markets, oil prices retreated a bit Tuesday but remained above $131 a barrel. Gasoline prices edged even higher to a nationwide record average of $4.04 a gallon. |
| Corn prices on the rise Wed, 11 Jun 2008 02:03 EDT Depending on whom you ask, recent spikes in corn prices are either a blessing or a curse. For corn farmers in Central Kentucky, where weather has been generally stable, this year's crop could be unusually profitable. The record corn price of more than $6.70 a bushel is just what local farmers need after last year's smaller-than-average crop yielded weak profit margins. "We've sold more corn in the last 48 hours than in the last two months," said Jim Barton of Barton Brothers Farms in Fayette County. Despite initial rain delays, Kentucky corn production is moving back on schedule. And it's a good thing for Barton; while he's making an unusually high profit off the global rise in corn prices, he said he spent $1,250 at the pump last time he filled his diesel-run transport trucks. Corn farmers in other states wish all they had to worry about was mounting fuel costs. North and south of Kentucky, extreme wet weather and historic floods have frustrated farmers and destroyed crops. |
| Field Day set at Spindletop Farm Wed, 11 Jun 2008 02:03 EDT The University of Kentucky College of Agriculture's annual Field Day will be Thursday at Spindletop Farm. The theme for this year is Agriculture in a New Bioeconomy. The free event starts at 2 p.m. with registration and exhibits. At 3 p.m., there will be a series of workshops and field clinics on topics ranging from organic production methods to horse pasture evaluation. After the field tours, there will be an equine tour with lectures on horse health and responsible farming practices. |
| Protect yourself from medical ID theft Wed, 11 Jun 2008 07:15 EDT Medical ID theft occurs when a thief uses someone's personal information, such as health insurance information, without the individual's consent to obtain medical services or goods, or to make false claims for medical services or goods. If you think you're a victim of medical identity theft: Contact your health provider and your insurer. Most insurers have antifraud hotlines staffed by experts who can talk you through what to do. Typically, they will request a new insurance card for you and have a watch put on your old one. File a police report. You may need this for health care providers and insurance companies. Correct erroneous and false information in your file. Sending copies of a police report to insurers, providers, and credit bureaus may be a step in cleaning up the problem, though there is no guarantee that it will cure all the problems. |
| Big Brown's stud value not likely to plummet Wed, 11 Jun 2008 08:43 EDT Walking out of the barn on Saturday before the Belmont, Big Brown was looking like a six-figure stud to a lot of people; walking back after his shocking loss, the picture was a little fuzzier. With a Triple Crown under his belt, the talk was that he might command a stud fee of $100,000, at least for the first four or five years, when his first crop of foals races as 3-year-olds. Without it, he still might . Smarty Jones, who won the Kentucky Derby and Preakness only to come in second in the Belmont, does. Thoroughbred consultant Lincoln Collins said he doesn't think Big Brown is worth any less now than he was before the Preakness, when Three Chimneys Farm bought a minority share of the then-undefeated colt. The total value of the son of Boundary has been rumored to be around $50 million.. |
| Goody's closing some Ky. stores Tue, 10 Jun 2008 02:05 EDT Goody's Family Clothing stores in Lexington, Nicholasville and Paducah will be closed under a bankruptcy reorganization petition filed Monday by the Knoxville-based retailer. Goody's said it plans to close 103 of its 355 stores in 20 states as well as an Arkansas distribution center to cut its costs and eliminate underperforming outlets. The company announced 69 of the stores to be closed. The company employs 12,000, but a spokeswoman said it was not immediately known how many jobs would be lost overall or in Kentucky, where Goody's has 28 stores. The Goody's Chapter 11 filing comes on the heels of the May 30 bankruptcy reorganization filing by Lexington-based Dawahare's, which is closing nine of 31 stores. Privately owned Goody's is a moderately priced retailer operating primarily in the Southeast. |
| Saudi Arabia calls for oil summit Tue, 10 Jun 2008 02:05 EDT Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday. The kingdom will also work with OPEC to "guarantee the availability of oil supplies now and in the future," the minister said after the weekly cabinet meeting, held in the seaport city of Jiddah. Madani said that the kingdom has informed "all oil companies it deals with as well as countries that consume oil that (the kingdom) is ready to provide them with any additional oil they need." The Saudi announcement comes just three days after the biggest single-day price leap ever, when oil surged more than $11 to surpass $139 per barrel. Retail gas prices rose further above $4 Monday in the United States, the world's largest oil consumer, following the unprecedented price rally. |
| iPhone will get new rate plan Tue, 10 Jun 2008 02:05 EDT The iPhone will soon be $200 cheaper and come with satellite navigation and faster Internet access, but it will be pricier to own because monthly service charges are rising. Apple Inc. revealed Monday that it has scrapped its premium pricing plan for the iPhone and unveiled an upgraded model that works over faster wireless networks, addressing key criticisms about the device. The iPhone's lowest price -- for an 8-gigabyte version with the major new features -- will fall to $199 when new models go on sale July 11, the Cupertino-based company revealed Monday. A 16-gigabyte model is to sell for $299. The company plans to make up the difference in revenue with sales volume and with subsidies that wireless carriers will now pay for the right to carry the gadget. In changing the pricing arrangements, Apple is pulling out of some of its revenue-sharing arrangements with wireless carriers, a move that frees the carriers to charge higher prices for the service. |
| Ceradyne to make oil industry bearings Tue, 10 Jun 2008 02:05 EDT As it waits for Defense Department decisions on two major programs, Ceradyne Inc. is beefing up the non-defense side of its business. On Friday, the California company announced that it had bought the patents and other intellectual property to produce a new ceramic bearing at one of its two Lexington plants. The bearing will be used in the oil industry. "This is going to be a very large opportunity for us," Ceradyne CEO Joel Moskowitz said. "It's a brand new venture for us." Jeff Waldal, a Ceradyne vice president who oversees the Lexington plants, said he expects five to 10 new employees will be added "pretty quickly," but "it's going to be a lot bigger than that long term. It could be very significant." Ceradyne currently has 280 to 300 Lexington employees, down from a high of about 400 earlier this year. |
| Deener quits as anchor for WKYT-27 sports Tue, 10 Jun 2008 07:15 EDT The WKYT-27 sports team is undergoing a makeover as anchor Drew Deener is leaving later this month, becoming the fourth anchor since April to depart the CBS affiliate. Deener, who is leaving to be closer to his family in Louisville, will be replaced by a sports anchor from Nashville. Deener has worked for WKYT off and on for more than a decade and has been in his current role since 2006. "I wish I could give you a game plan," he said of his plans, "but, really, I just want to get closer to Louisville. "I had a child five months ago, and I quickly realized the value of grandparents." |
| Yahoo seeks Google's aid after Microsoft talks die Fri, 13 Jun 2008 00:19 EDT Yahoo Inc. became Microsoft Corp.'s takeover prey largely because Google Inc. established such a commanding lead in the Internet's lucrative search advertising market. But after eluding Microsoft's grasp, Yahoo is now turning to Google to help squelch a rebellion among its shareholders who believe it should have accepted Microsoft's $47.5 billion buyout offer while it was still available last month. Yahoo announced its decision to let Google handle some of its advertising sales late Thursday, just a few hours after revealing it unsuccessfully tried to persuade Microsoft to renew its previous offer of $33 per share. The snub caused Yahoo to conclude that there is no hope for any kind of deal with Microsoft. Although Yahoo believes Google could help boost its annual revenue by $800 million, the advertising partnership wasn't enough to ease the disappointment of investors who had been holding out hope for a Microsoft deal. Yahoo shares plunged $2.63, or 10.1 percent, to finish Thursday at $23.52 and shed another seven cents after the market closed. |
| United, US Air to charge $15 for 1st checked bag Fri, 13 Jun 2008 01:54 EDT Baggage fees are fast becoming an unavoidable part of U.S. flying - three of the largest carriers now charge $15 for a first checked bag. No. 2 United Airlines and No. 7 US Airways announced their new fees on Thursday, three weeks after No. 1 American Airlines set the precedent for the charge. Most U.S. carriers already have instituted a $25 charge for checking a second bag - part of a potpourri of new fees that reflect a struggling airline industry passing along record fuel prices to passengers in the form of higher fares, fuel surcharges and service charges. As of July 1, Southwest Airlines will be the only U.S. carrier that permits two checked bags for free, according to air travel expert Tom Parsons, who expects still more service fees to come. "The major airlines are truly a la carte now - you don't get anything free any more," said Parsons, chief executive of the travel Web site Bestfares.com. "You get a tin can in the air, and anything else you pay as you go." He expects the legacy carriers to follow the lead of discount carrier Spirit Airlines, which now charges extra for seat reservations - $5 for middle seats, $10 for window and aisle seats and $15 for exit-row seats. Other airlines also have begun charging for window or aisle seats. |
| Lehman Brothers removes finance, operating chiefs Thu, 12 Jun 2008 19:49 EDT The hope at Lehman Brothers is that a management shakeup Thursday will contain the damage of a stunning quarterly loss - yet some on Wall Street fear this is one more step toward a more dramatic outcome for the embattled investment bank. The ouster of Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory was an attempt to quell investor anger that Lehman's leadership has failed them. But, with a four-day stock plunge that wiped $4.5 billion from the investment bank's market value, it was unclear if the upheaval will be enough to satisfy critics. "These people deserve to be fired," said Dick Bove, an analyst with Ladenburg, Thalmann & Co. "Their mistakes cost their shareholders billions of dollars in wealth." Lehman shares fell 4.4 percent Thursday to $22.70 and are down 30 percent this week. The decline is a blow to investors who bought into a stock offering at $28 earlier this week - including BlackRock Inc. and former AIG chief Hank Greenberg. Richard Fuld, who took the company public in 1994, has kept a low profile in recent days by refusing interviews and commenting only through a statement about the dismissals. There is growing speculation that Fuld - the Street's longest serving CEO - might scramble to find a major outside investor or negotiate a sale to avoid his own demise by Lehman's board. Names from private-equity firm Blackstone Group Inc. to global bank HSBC Holdings PLC have been bandied about as possible suitors should Fuld want to arrange a buyer, though none are commenting on the possibility. Most analysts are confident that Lehman can survive on its own without a suitor, given the underlying strength of its business. |
| High fuel prices, sluggish economy ease trucker shortage Thu, 12 Jun 2008 12:25 EDT Bob Lingyak's job is a lot easier these days. As head of recruiting at trucking company Gypsum Express, for years Lingyak had to take what he could get when it came to long-haul drivers amid a shortage of workers qualified to handle the big rigs and willing to spend weeks on the road. But as the cost of diesel fuel soars and the economy slows, hundreds of small to mid-sized trucking outfits are folding - leaving legions of trained drivers looking for work. "It's turned around quite a bit," Lingyak said. "It used to be the drivers who could pick and choose. Now we can pick and choose." Trucking companies have long lamented what they say has been a chronic shortage of long-haul - or over-the-road - drivers. A 2005 analysis by Global Insight estimated that by 2014 the industry will fall about 111,000 drivers short of the 1.7 million expected to be needed to keep the nation's long-haul freight moving. |
| Corn jumps to record for 6th day on Midwest floods Thu, 12 Jun 2008 17:26 EDT Corn prices climbed further into record territory Thursday after more rain doused the Midwest, leaving flooded corn crops deeper underwater and threatening livestock owners who depend on the grain to feed their herds. Other commodities traded mixed, with crude oil ending slightly higher and gold, silver and copper all declining. Heavy showers pelted parts of the Corn Belt on Wednesday, dumping a half inch to 2.5 inches of water over already-flooded parts of Iowa, Nebraska and Minnesota. "It was even more devastating. It drowns out more corn and doesn't help the corn that didn't drown out," said Jason Ward, analyst with Northstar Commodity in Minneapolis. Six weeks of rain have flooded untold acres of corn and soybean fields in the U.S. heartland, forcing farmers to abandon their crops and sending international food prices skyward. More bad weather is expected for Illinois, Indiana and Ohio on Thursday, forecasters say, meaning prices may could climb higher. |
| Car in the shop? Borrow a bike from the mechanic for a while Mon, 09 Jun 2008 10:08 EDT Two wheels can be as good as four when your car is in the shop and you need to get to school or work. So last Monday, Lowell's Bluegrass Automotive began giving its customers another option besides loaner cars and shuttle services. They can now borrow a bicycle at the Mechanic Street garage. "Customers who work downtown or at Lexmark or UK are close enough to be in bicycle range," noted Brian Nigoff , the manager and son of the owner, Lowell Nigoff . The idea didn't come from a customer, he said. It came from a technician at Lowell's, where employee suggestions are encouraged. |
| Loose change Mon, 09 Jun 2008 10:06 EDT |
| BUSINESS BRIEFS Reed named JA program managerRibbon cuttings announcedStinson travels to training sessionRobinson named customer manager |
| BUILDING PERMITS: May 1-28, 2008 Joe Rutledge, permits for roof over existing patio at 925 Steeplechase. |
| Rising gas prices force station to shut off pumps Chip McAllister said keeping the pumps open and paying employees to pump the gas isn't worth it anymore as gas prices rise and his profits fall. |
| Glasgow store to remain open Paul White, chief executive officer of Goody’s clothing store chain, announced Monday that the business will be filing for Chapter 11 bankruptcy, resulting in the closing of 69 of its 355 stores. Goody’s Glasgow branch will remain open, while stores in Lexington and Paducah will close. |
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