News money 2008-06-15 Andanh.com

Ind. trackside casinos are odds-on favorites Sun, 15 Jun 2008 03:13:00 EST
Surrounded by the serenade of 1,900 slot machines, Duane Mathews watched his friends slap the buttons on the penny machines at Indiana Live -- the state's brand new horse-track casino. • Curlin wins Stephen Foster at Churchill • Desormeaux says he did all he could to win Belmont • More racing stories

Louisville added to Google Street View images Sat, 14 Jun 2008 22:18:00 EST
If you live in Louisville or nearby parts of Southern Indiana, there's a good chance that a picture of your front porch -- and possibly much more -- is now available for the world to see at Google.com.

Economic turmoil testing Paulson Sat, 14 Jun 2008 22:15:00 EST
Henry Paulson, a veteran of more than three decades of Wall Street booms and busts, knew the good times couldn't last forever when he left his perch as head of Goldman Sachs two years ago to become President Bush's third Treasury secretary. He just didn't know yet what form the downturn would take.

Cheesecake Factory tries Asian branch Sat, 14 Jun 2008 22:14:00 EST
Mohan Ismail seared thinly sliced beef tenderloin as he dodged flames shooting from the side of a red-hot wok ring. The Singapore-raised chef was working on a recipe that reminded him of the flavors his mother once created. Ismail mixed the meat with red onions, fish sauce and lemon grass. Seconds later, he placed the almost scorched, crispy meat on a bed of watercress.

Viral ads too hot for TV but sizzle on YouTube Sat, 14 Jun 2008 22:01:00 EST
Anheuser-Busch is generating lots of buzz with an advertisement equal parts bawdy and hilarious. But you won't see it on television, and it barely mentions the beer it's advertising.

EU pushes open-source standard Sat, 14 Jun 2008 22:02:00 EST
The European Union's top antitrust official has called on member governments to use open-source software, an apparent jab at Microsoft's proprietary technology.

Animal plights Sat, 14 Jun 2008 22:08:00 EST
Diana Bardsley wiped away tears as she recalled taking food off her plate to feed her beloved spaniel, Hunter, and two Siamese cats. Her greatest fear is that she could be forced to surrender the animals as she struggles to stretch her food stamps and Social Security income to meet the escalating cost of living.

Weddings can bring financial craziness Sat, 14 Jun 2008 22:12:00 EST
Ah, 'tis the high season for weddings. And inevitably, with this season come the financial foibles that can stress or even end relationships with friends or family.

Car-care measures can help at pump Sat, 14 Jun 2008 22:12:00 EST
With the price of gasoline soaring, how can I lower the amount I have to pay at the pump during the summer driving season?

Chiquita upbeat about progress Sat, 14 Jun 2008 22:11:00 EST
Fernando Aguirre, chief executive of Chiquita Brands International, told shareholders last month at their annual meeting that the Cincinnati company is making progress on profitability and sustained growth.

Kentucky foreclosures jump 46.1% Sat, 14 Jun 2008 02:02 EDT
Kentucky homebuyers saw a 46.1 percent jump in foreclosures from April to May, but the state remained a low 38th in the latest rankings by RealtyTrac.

A California firm that tracks foreclosures nationwide, RealtyTrac said Kentucky had 745 new filings in May, or one for every 2,534 households in the state. Compared with May 2007, the increase was just 2.2 percent.

Nationwide, foreclosures rose 7.4 percent from April to May, when there was one new filing for every 483 households, RealtyTrac said. Compared with May 2007, the increase was 48.3 percent.

"May was the third straight month where we've seen a month-to-month increase in foreclosure activity and the 29th straight month we've seen a year-over-year increase," RealtyTrac chief executive James J. Saccacio said.

A foreclosure begins when a homebuyer falls behind in mortgage payments and the lender goes to court, seeking to have the property sold at auction to pay off the loan that's in default.

Burger price bumped to 84 cents Sat, 14 Jun 2008 05:21 EDT
Sharyn Clements wants you to know she tried. In fact, she held out longer than anyone else. But Lexington staple Burger Shake just couldn't stay competitive at 79 cents a burger.

Known for its loyal fan base and affordable prices, Burger Shake, at 219 East New Circle Road, had to make the jump from 79 cents to 84 cents this week.

Clements, vice president of the local favorite, cited an additional fuel charge from suppliers and rising food costs for the shift.

"Why did we have to raise prices? Go to the grocery store, you'll know why," Clements said.

Burger Shake fanatics don't seem to mind the extra nickel -- some said they didn't even notice.

May price surge pumps inflation Sat, 14 Jun 2008 02:02 EDT
Soaring energy prices punished ordinary Americans in May, triggering the highest run-up in inflation in six months and exceeding the expectations of economic forecasters, the government reported Friday.

Consumer prices rose 0.6 percent, as measured by the Labor Department's consumer-price index. Since last May, prices have risen by 4.2 percent, slightly above the 4.1 percent rise in prices for 2007.

Those annual numbers reflect the rise in all prices across the economy, and don't necessarily capture the pain that many Americans are feeling at the cash register. Food prices have risen 5 percent since May 2007 -- more for some staples such as eggs, up 18.2 percent; white bread, up 15.6 percent; and fresh whole milk, up 10.5 percent.

In addition, the overall inflation number is being dragged down by falling prices for homes and rentals.

Friday's inflation report underscores the dilemma that the Federal Reserve now faces. To spark economic activity by lowering short-term interest rates, it has aggressively slashed its benchmark lending rate to 2 percent from 5.25 percent since last August. But that risks inflaming inflation.

Business notes Sat, 14 Jun 2008 05:26 EDT
KENTUCKY

CANCER FACILITY TO ADD 12 JOBS

The Commonwealth Cancer Center of Danville will build a treatment facility that will add a dozen jobs to the community. The $4 million building will be on just more than 8 acres that the center recently purchased in the Boyle County Industrial Foundation's Enterprise Center business park, at Lebanon Road and the U.S. 127 Bypass. The facility will be adjacent to Heritage Hospice Inc. Commonwealth Cancer Center provides medical services to patients in facilities in Corbin, Danville, Frankfort, Harrodsburg, London, Russell Springs and Somerset, and has about 90 employees. The expansion will add about 12 employees, including one or two physicians, according to an announcement through the Danville/Boyle County Economic Development Partnership.

HOUSING GRANTS TO AID MINORITIES

The Federal Home Loan Bank of Cincinnati announced $380,000 in housing grants this week to help minorities and those with special needs become homeowners in Kentucky. The grants were made under the bank's American Dream Homeownership Challenge. The money goes to lenders who partner with non-profit groups to help special groups with housing needs. The bank awarded $200,000 to First Federal Savings & Loan Association and the Housing Development Alliance Inc. to assist four physically disabled families become homeowners in Perry County. It also gave $100,000 to First State Financial and REACH Inc. to help nine minority homebuyers in Fayette County. The third grant, totaling $80,000, went to Home Federal Savings & Loan Association and Appalachian Foothills Housing Agency Inc. to assist four homebuyers with special needs in Greenup County. The Federal Home Loan Bank is owned by its 726 members in Kentucky, Ohio and Tennessee.

Inflation jumps by biggest amount in 6 months Sat, 14 Jun 2008 02:07 EDT
Soaring energy costs pushed inflation up in May at the fastest pace in six months. Food costs kept rising, too, and all signs are pointing to more bad news on gasoline, oil and food in the months ahead.

Costs for clothing and prescription drugs did drop last month, but consumer prices rose by 0.6 percent in all, the biggest one-month increase since November, the Labor Department reported Friday.

Food prices, which had taken the biggest one-month leap in 18 years in April, rose by a more moderate 0.3 percent in May, but that still left food costs rising at a 6.3 percent rate so far year, well above last year's increase. People are paying 10.2 percent more for milk than a year ago.

Consumers are getting hammered by a relentless surge in energy costs, pushing gasoline above $4 per gallon. The rising food prices partly reflect higher costs for transporting products to grocery stores.

Core inflation, which excludes energy and food, edged up 0.2 percent in May, an increase that was in line with expectations and helped to ease worries in financial markets that the Federal Reserve was inching closer to starting to raise interest rates to combat inflation pressures.

Donations can be made thoughtfully Sat, 14 Jun 2008 05:25 EDT
If you've decided to make a donation to a charity but aren't sure which one yet, there are a number of factors you'll want to consider. One of the main factors is how a charity spends your money.

Consider these tips from Carlos Lowenberg Jr., president of Lowenberg Wealth Management in Austin, Texas, to help you choose the right charity:

.. Look for a charity that limits overhead costs. You can request the organization's IRS Form 990 or use the Internet to determine how it uses donations.

.. Do not forget that the charity you support may provide you with tax benefits that allow you to deduct your donations. Always request a receipt after giving a donation.

.. To reduce solicitations, concentrate your donations to one specific cause. You may request that charities not rent, sell or trade your personal information by calling or writing them a letter.

Racing rules on the block Fri, 13 Jun 2008 02:04 EDT
The Thoroughbred racing industry has failed to implement uniform drug use and testing rules as was pledged in 1980 and it might be time for the federal government to step in, said a Kentucky congressman.

Congress tried to pass minimum drug standards 28 years ago, but racing staved off federal action by promising to clean up its own act.

"I think they've basically proven that they're not very good at that," Rep. Ed Whitfield, R-Hopkinsville, said on Thursday.

Whitfield said lawmakers have received a growing number of calls from the public that prompted his House subcommittee to schedule a hearing on racing, breeding and medication for Thursday.

"There are significant safety issues. There are breeders who say our sport's in danger; there are trainers who say it's an unlevel playing field because there are trainers and veterinarians who are violating the rules and not getting caught," he said.

Wall Street ends turbulent week with sharp gains Sat, 14 Jun 2008 01:22 EDT
Wall Street ended a turbulent week with a sharp gain Friday after government readings on inflation and a drop in oil prices eased worries about the effect of rising prices on consumers. The advance lifted the Dow Jones industrial average more than 165 points, and the three major indexes turned in a mixed performance for the week.

Short-term Treasury prices rose after being pounded earlier this week on fears that the Federal Reserve would be forced to raise interest rates to combat inflation.

The readings arriving Friday and gains in the dollar supported a notion that the Fed will be able to walk a middle line as it seeks to balance the well-being of the economy with pressures from rising prices. Recent drops in the dollar had contributed to higher oil prices because a weaker greenback makes each barrel more expensive.

"The news today tells us that it's not getting worse," said Linda Duessel, equity market strategist at Federated Investors. She said that while investors aren't necessarily seeing improvement in areas like inflation, they appear relieved that prices aren't running out of control and forcing the Fed to hike rates and risk sending the economy into a steep downturn.

"I think market watchers are hoping and expecting that we don't need another rate cut," she said.

Retail sales show biggest jump in 6 months Fri, 13 Jun 2008 02:04 EDT
Retail sales jumped by the largest amount in six months in May as 57 million economic stimulus payments helped offset the headwinds buffeting consumers.

The Commerce Department reported Thursday that retail sales soared 1 percent last month, the biggest increase since November. A variety of retailers enjoyed a good month, including the biggest increase at department stores and other general merchandise stores in a year.

The May increase was double what economists had been expecting and indicated that the economy is getting a boost from the $50 billion in economic stimulus payments the government sent out in May, just under half of the total stimulus aimed at consumers.

The Bush administration is hoping the stimulus payments will help offset the gloom from a prolonged slump in housing, a severe credit crisis, soaring energy bills and rising layoff notices and help the country avert 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.

Gifts for Dad that won't break the bank Fri, 13 Jun 2008 07:26 EDT
With Father's Day this Sunday, there's no need to panic about spending a lot of money on Dad. From Bankrate.com's Laura Shanahan, consider these five ideas for gifts that won't break the bank:

.. Tell Dad to take a hike with you. Strap on those backpacks and take in the wonders of nature, whether it's the wilds of the woods or the greenery of your city park. Cap the day by hoisting a glass or a mug, your treat, please, at a cafe or coffee shop.

.. Be charitable. Does Dad love his four-footed friends? Consider a contribution in his name to a humane organization or to any other charity of his choosing.

.. Here's an "extra, extra" nice gift: A subscription to his hometown newspaper or to a publication dedicated to one of the passions in his life. To find some of the more obscure periodicals he may not even be familiar with, check out titles at your nearest book superstore or do some research online.

.. Spend a dollar, and give him the dream. Yep, we're talking a lottery ticket, or two. And remember, if he wins, it's all his.

Standing water stalls shipments Sat, 14 Jun 2008 02:02 EDT
Flooding in the Midwest has swelled rivers and submerged roads and rails, halting or delaying shipments of food, fuel and other goods. Also, manufacturers have been forced to suspend production of everything from oatmeal to pork products.

At the earliest, barge, road and rail traffic will get back to normal next week. But companies are focused on getting through the weekend, when at least one river is expected to crest at almost 32 feet, and the transportation snags could drag on.

Union Pacific Corp., the nation's biggest freight railroad, currently has six mainline tracks out of service that carry freight through Iowa. Burlington Northern Santa Fe Corp. is experiencing delays along its key routes along the Mississippi River . from Iowa to Memphis.

Several railroad bridges are under water. Both Burlington Northern and Union Pacific expect the shutdowns to last about a week, but warned further delays are possible.

The situation is slightly better for trucks, which can more easily redirect cargo shipments to alternate routes.

Service station gives up on gasoline Fri, 13 Jun 2008 02:04 EDT
A store owner in Western Kentucky said he will quit selling gasoline because the old-style meters on his pumps won't register prices above $4 per gallon.

"With the most recent spike in gas prices, we are unable to sell the product without performing modifications to our pumps," Monty McCuiston, owner of Max's 641 Citgo in Murray, told customers in a letter this week. "The cost to do this modification and maintain our equipment is just too overwhelming."

On Thursday, the national average price for gas rose to $4.06 per gallon.

McCuiston said the cost of installing new computers in his 12 pumps was just too great. As it is, he said, he wasn't making very much profit, despite the rising prices.

"We are only making around 3 cents per gallon on the gasoline," he said. "These high prices are hurting everyone."

The necktie, knot what it used to be, still hangs on Sun, 15 Jun 2008 00:07 EDT
They were the best of ties. They were the worst of ties.

Skinny little beatnik ties and mod doublewide ties. Suave and sophisticated Frank Sinatra ties and greedy Gordon Gekko power ties. Bar Mitzvah boy clip-on ties and Jerry Garcia trippin' ties.

And, of course, all those closet doors decked with millions of gifted ties.

But now, with another Father's Day upon us, comes word that the necktie - that elongated swatch of silk or polyester or rayon whose donning has long marked a male rite of passage while serving no discernible utility - may be fading into the fashion sunset.

The recent decision by the Men's Dress Furnishings Association - the trade group for America's neckwear makers - to shut down has some folks tied up in knots. A calendar crammed with casual Fridays (and Mondays and Thursdays ...) has exacted its last, grim toll, some said.

Saudi oil chief to address reports of oil increase Sat, 14 Jun 2008 19:12 EDT
Saudi Arabia's oil minister on Sunday will address reports that the world's largest oil-producing country is set to raise production by about 500,000 barrels per day, his adviser said.

The increase would bring Saudi Arabia's oil production to 10 million barrels a day, the country's highest ever, according to reports by The New York Times and the Middle East Economic Survey, an industry publication.

Adviser Ibrahim al-Muhanna told The Associated Press on Saturday that he could not confirm the reports, but added: "Minister Ali al-Naimi will clarify this tomorrow."

Saudi Arabia has called for a meeting of oil producing and consuming countries on June 22 in the port city of Jiddah to discuss ways of dealing with soaring energy prices.

The New York Times report on Saturday, citing unnamed analysts and oil traders briefed by Saudi officials, said the production increase was to be announced following the meeting.

Nike lets sponsored swimming change brands Sat, 14 Jun 2008 21:53 EDT
Nike is allowing seven of the Olympic hopefuls it sponsors to don Speedo International's new full-body swimsuit instead of the Nike product for the U.S. Olympic Trials in Omaha later this month.

Nike spokesman Derek Kent said the exception is a limited one to allow top swimmers to experiment with other products, satisfy their curiosity and compete without distractions. Since the February launch of Speedo's sleek LZR Racer, swimmers wearing the suit have broken 38 world records, but not without some fuss.

Non-Speedo-sponsored athletes clamored to wear it. Italian swim coach Alberto Castagnetti accused Speedo of technological doping.

Tyr Sport Inc., a Huntington Beach, Calif., swimwear maker, sued Speedo in May, alleging that Speedo conspired with the U.S. swimming federation to stifle competition and lure top athletes away from other sponsors.

British-owned Speedo says the lawsuit is baseless.

The Weather Channel moves closer to deal with NBC Sat, 14 Jun 2008 13:12 EDT
An investor group led by NBC Universal moved closer to buying The Weather Channel Friday after Time Warner Inc. dropped out of the bidding.

NBC Universal, a unit of General Electric Co., said late Friday that it had entered exclusive negotiations to buy The Weather Channel from its owner, Landmark Communications Inc.

NBC is working on the bid together with the private equity investment firms The Blackstone Group and Bain Capital.

The bidding process for The Weather Channel had drawn earlier interest from other media companies including CBS Corp., but Time Warner and NBC were the only ones that made it to the final round.

The Weather Channel would have a clear fit with NBC since the company already operates a digital weather news and information service called NBC Weather Plus together with its local TV affiliates.

Argentina cracks down on farm blockade Sat, 14 Jun 2008 21:58 EDT
Argentine police in riot gear broke up a farmers' highway blockade Saturday, briefly arresting 19 demonstrators including a prominent leader of a three-month protest against an increase in grain export taxes.

The arrests near the city of Gualeguaychu and Argentina's river border with Uruguay were broadcast on national television and threatened to inflame a tense standoff between farmers and President Cristina Fernandez's center-left government.

Strike leader Alfredo de Angeli and the other demonstrators were later freed following noisy protests in the capital demanding their release, including one protest outside the government house. Riot police brought in water tanks and monitored the demonstration, but there were no clashes in Buenos Aires.

"The government is not going to pacify us like this - on the contrary. The protest will continue," de Angeli told Cronica TV after his release.

Cabinet chief Alberto Fernandez accused striking farmers of "generating a climate of growing public unrest." He said 19 people were arrested.

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