News money 2008-06-24 Andanh.com

Partners join forces to create one-stop computer, Web shop Mon, 23 Jun 2008 03:52:00 EST
In today's business climate, it may seem that competition rains down from everywhere. That's why three Louisville computer- and Web-related businesses took shelter under an umbrella.

Devise strategies to deal with late-paying clients Sun, 22 Jun 2008 23:17:00 EST
Many small-business owners are contending with some painful fallout from the economic slowdown: customers and clients who are taking longer to pay.

re: Dale Douthat, Habitat ReStore Sun, 22 Jun 2008 23:17:00 EST
"Fulfilling. I started working with Habitat for Humanity of Metro Louisville in 2005 when they were interested in opening a new thrift store in Louisville. We opened Habitat ReStore in September 2005 in order to create a sustainable income stream for Habitat … by selling new and reclaimed building materials, furniture, appliances and landscaping."

Small businesses are fighting for survival Sun, 22 Jun 2008 23:17:00 EST
Small business is risky business these days. Costs are rising, profits are shrinking, and the ability of the big guys to keep prices lower is drawing away customers.

Vinyl coming back in cars Sun, 22 Jun 2008 23:18:00 EST
ilana Nicoghosian has traveled the world seeking the next hot look -- in vinyl. Nicoghosian takes what she sees at fashion shows from France to Italy and beyond and creates hot looks for car interiors.

Business People Sun, 22 Jun 2008 23:27:00 EST
Financial services, real estate, 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.

Venture Club will hear state official Clayton July 2 Sun, 22 Jun 2008 23:19:00 EST
Deborah Clayton, commissioner of the Kentucky Department of Commercialization and Innovation, will speak at the Venture Club of Louisville's luncheon from 11:30 a.m. to 2 p.m. July 2 at the Galt House.

Knowing how to perform CPR can help save a life Sun, 22 Jun 2008 23:20:00 EST
The recent death of Tim Russert, the host of NBC's "Meet The Press," in a Washington studio from an apparent heart attack again demonstrates the need for immediate aid for someone in cardiac arrest wherever it happens.

Kentucky Money Market Mon, 23 Jun 2008 10:09 EDT

Oil rises on modest Saudi increase, Nigeria Mon, 23 Jun 2008 18:48 EDT
Oil prices rose Monday on disappointment over Saudi Arabia's modest production increase and concerns that output from Nigeria will decline. Retail gas prices, meanwhile, inched lower overnight, but appear unlikely to change much as long as oil prices stay in a trading range.

Saudi Arabia said Sunday at a meeting of oil producing and consuming nations that it would turn out more crude oil this year if the market needs it. The kingdom said it would add 200,000 barrels per day in July to a 300,000 barrel per day production increase it first announced in May, raising total daily output to 9.7 million barrels.

But that pledge at the meeting held in the Saudi city of Jeddah fell far short of U.S. hopes for a larger increase. The United States and other nations argue that oil production has not kept up with increasing demand, especially from China, India and the Middle East. Saudi Arabia and other OPEC countries say there is no shortage of oil and instead blame financial speculation and the falling U.S. dollar.

"The Jeddah meeting became a non-event," said Linda Rafield, senior oil analyst at Platts, the energy research arm of McGraw-Hill Cos. "There was no surprise."

Light, sweet crude for August delivery rose $1.38 to settle at $136.74 a barrel on the New York Mercantile Exchange.

Treasury prices rise modestly ahead of Fed meeting Mon, 23 Jun 2008 17:42 EDT
Treasury prices were little changed Monday as investors positioned themselves ahead of the Federal Reserve's interest rate decision.

The Fed is scheduled to meet Tuesday and Wednesday, and then Wednesday afternoon release its rate decision. Most market participants do not expect policy makers to alter interest rates this week, but many believe the Fed could start raising rates as soon as September, as several central bank officials have recently focused their comments on the growing threat of inflation.

"There's some difference of opinion about whether they'll be more emphatic on inflation, or take some of that tough rhetoric back," said John Spinello, bond strategist at Jefferies & Co.

The benchmark 10-year note rose 5/32 to 97 25/32, and its yield fell to 4.16 percent from 4.17 percent late Friday, according to BGCantor Market Data. Yields move in the opposite direction from prices.

The 30-year long bond rose 7/32 to 94 24/32. Its yield fell to 4.70 percent from 4.73 percent.

Stocks end mostly lower as oil prices advance Mon, 23 Jun 2008 18:43 EDT
Stocks stalled Monday, ending mostly lower after rising oil prices and ongoing worries about the financial sector gave investors little reason to buy a day ahead of a Federal Reserve meeting.

Disappointment that Saudi Arabia is not boosting production by more than 200,000 barrels a day sent oil prices higher, fanning concerns about inflation. Light, sweet crude rose $1.38 to settle at $136.74 per barrel on the New York Mercantile Exchange.

Energy companies rose but sectors like airlines and financials logged sizable losses.

With little economic data arriving, investors focused on the price of oil and the Fed's two-day meeting, which lets out on Wednesday. Most investors expect the central bank to keep its key federal funds rate on hold, and in its economic statement, emphasize the rising threat of inflation.

Denis Amato, chief investment officer at Ancora Advisors in Cleveland, questions how the Fed will balance weakness in areas of the economy like the financial sector with concerns about the weak dollar and the rising inflation that low interest rates cause.

His craft is monumental in scope Mon, 23 Jun 2008 02:06 EDT
Monument hill: Atchison's Kentucky Monument Service is that business that everyone's driven by a thousand times, perched on the hill overlooking the West Main Street and Newtown Pike intersection.

Out of Atchison's come grave markers, headstones, subdivision signs . and monuments of every description, including Seattle Slew's at Hill 'n' Dale Farm. He also supplies the bronze plaques for people like Rosemary Clooney, Helen Thomas and other Kentucky Stars who have been honored with a permanent place in Lexington's Walk of Fame.

Russell Atchison does work for more than 20 horse farms as well as the Horse Park, and hundreds of Lexington-area families and organizations have turned to him for headstones, pet grave markers, garden and sidewalk plaques.

What was that sound? That was Atchison, breathing a deep sigh of relief after Memorial Day. His busiest season is from Easter, when the weather gets better and people's thoughts turn more often to cemeteries, through the Memorial Day weekend.

1986 - ?: Atchison bought the business in 1986 from Red Wilkerson, who started it back in 1973. According to Atchison, there used to be old rowhouses all the way to the corner before Wilkerson set up shop.

Smart investors beef up anti-inflation portfolio Mon, 23 Jun 2008 02:06 EDT
Surging costs for gasoline and food might elicit the most groans about rising prices, but inflation can also tax a portfolio. Investors who aren't mindful can find the composition of their holdings makes about as much sense as a fuel-hogging SUV.

People don't necessarily need to rush to outfit their portfolio with defenses against inflation. However, some well-considered steps might be appropriate, economists say.

"I think you're in an environment where people are wondering what to invest in at all because you're looking at the safest investments -- like a short-term investment in a money market fund or a Treasury bill -- that obviously have very low returns," said Ethan Harris, chief U.S. economist at Lehman Brothers in New York.

Harris contends that investors should, as always, take a long-term view and make sure their portfolio remains well-diversified.

For investors who believe their portfolio needs some fortifying to fight inflation, there are traditional defenses such as commodities or real estate investment trusts, said Sean Simko, head of fixed-income management at SEI Investments in Philadelphia.

Drivers spend less time on road Mon, 23 Jun 2008 02:06 EDT
With gas prices holding at record levels above $4 a gallon, Americans are driving less and abandoning gas-guzzling vehicles, according to new government data.

Americans drove 1.4 billion fewer highway miles in April compared with the same month last year, and 400 million fewer miles than they did in March, according to the Transportation Department.

Sales of midsize sport utility vehicles were down 38 percent year-over-year in May, while cars represented 57 percent of sales last month, compared with less than half of all vehicle purchases last year, the department said.

With Americans driving less and opting for more fuel-efficient vehicles, gasoline demand will likely decline in 2008 for the first time in 17 years, energy consulting firm Cambridge Energy Research Associates said last week.

The CERA report said gas prices already have reached an all-time high, even in inflation-adjusted terms, and are rapidly approaching levels that will cause Americans real economic pain.

Personnel file Mon, 23 Jun 2008 09:49 EDT
Education

Eastern Kentucky University: Burke Christensen has been named coordinator of academic integrity.

Finance

Georgetown College: Amy Carrington has been named executive director of the college's new Global Scholars Program. Ken Holden has been named executive director of the Marshall Center for Christian Ministry.

American Founders Bank: Steve Hudson has been named vice president, corporate treasury management adviser in the bank's commercial and private client group.

Business transitions Mon, 23 Jun 2008 06:59 EDT
GBBN Architects has announced plans to open a Louisville office in July at 609 West Main Street. The international health care design firm's experts are expanding their practice to Louisville from Lexington. Architect David Proffitt will oversee the day-to-day operations of GBBN Louisville. One of those joining Proffitt in Louisville will be Todd R. Dunaway, a health care design architect.

New York Furniture Showroom has opened in the Millpond Shopping Center, 3650 Boston Road. Manager: Bob Wallace. Hours: 10 a.m.-8 p.m. Monday-Friday; 10 a.m.-6 p.m. Saturday; and 1-5 p.m. Sunday. Phone: (859) 224-0132.

Kentucky datebook Mon, 23 Jun 2008 09:51 EDT
Meetings

The Central Kentucky Inventors Council will meet at 6:30 p.m. July 1 at the Bluegrass Area Development Center, 699 Perimeter Drive. Speakers: Kim Sayre and R.J. Robinson with the University of Kentucky Center for Manufacturing. Free. Information: (859) 201-1311 or www.ckic.org .

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 11:30 a.m. Tuesday at Ryan's Steakhouse, 701 Red Mile Road. 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.

Kentucky by the numbers: 2,460,000 Mon, 23 Jun 2008 08:01 EDT

Kentucky ranked 11th in the country in January 2007 in the number of livestock with 2,460,000 head, according to a report from the Kentucky Department of Agriculture. This count was up 3 percent from the January 2006 estimate of 2.38 million head. Included in the livestock count was 1,207,000 head of beef cows, 93,000 milk cows, 310,000 hogs and pigs and 6,598,000 chickens. The rank for surrounding counties for 2007 included Tennessee at 14th, Ohio at 27th and Indiana at 33rd.

Conventions Mon, 23 Jun 2008 06:59 EDT
Events scheduled for Lexington, including headquarters and expected attendance:

National Association of Housing and Redevelopment, HCV Occupancy, and HCV Eligibility Income and Rent Calculation Seminar: Through Tuesday, 30.

Pierce-Arrow Society: Through Sunday, Griffin Gate Marriott Resort, 450.

University of Kentucky College of Engineering, Engineering Development Forum: Through Tuesday, Radisson Plaza Hotel, 250.

Kentucky Rural Letter Carriers Association: Wednesday through June 30, Hyatt Regency Lexington, 150.

Business awards Mon, 23 Jun 2008 06:59 EDT
Pamela Lyons Brinegar, executive director emeritus for the Council on Licensure, Enforcement and Regulation, has been named an associate of the Board for Certification of Genealogists. Brinegar may now use the service mark of certified genealogist.

Jay N. Cowden, Barbara Tilghman and Timothy Yessin with Fifth Third Private Bank have received the accredited wealth management adviser designation through the College for Financial Planning. Fifth Third Private Bank is a division of Fifth Third Bank offering banking, investment and insurance products and services.

Lexington's Re/Max Creative Realty has been named by Quality Service Certification and Leading Research Corp. as one of the top 20 real estate companies in North America that, according to consumers, deliver the best service quality and customer satisfaction. The QE Award is based on feedback from 250,000 consumer surveys of more than 500 participating companies and their 30,000 real estate agents.

Sensible tips for quickly doing away with debt Mon, 23 Jun 2008 02:06 EDT
Forget the rising price of gas or food. None of these can hold a candle to debt that compounds monthly. If you're in debt, the best thing to do is to pay it off as quickly as possible.

From the Motley Fool, consider these four tips to pay off your debt:

Pay more than the minimum. First, break the habit of paying only the minimum required each month. Paying the minimum -- usually 2 percent to 3 percent of the outstanding balance -- only prolongs the agony. The longer you take to repay the charges, the more interest they make, and the less cash you have in your pocket.

Cash out your savings account. You could cash out your savings and investments and use the proceeds toward debt repayment. Yes, no one wants to do that. But sometimes it's foolish not to do so. Even when debt interest is at 12 percent, your investments would have to pay more than 18 percent before federal and state taxes to equal that outflow of dollars. Your savings account isn't earning anywhere near that rate.

Borrow against your life insurance. Do you have life insurance with a cash value? If so, borrow against the policy. Yes, you're borrowing your own money. But the interest rate is typically well below commercial rates, and you can take your time repaying the loan.

GM to raise prices on 2009 models, cut production Mon, 23 Jun 2008 21:03 EDT
General Motors Corp. told dealers Monday it plans to raise prices on 2009 models by an average of 3.5 percent despite a tough market that is forcing the automaker to cut production and discount its 2008 models.

Mark LaNeve, GM's vice president of North American sales, said in conference calls to dealers that the increases will allow GM to recover only part of the rising cost of steel and other commodities and the cost of safety and other features on the new models. The increases will amount to about $1,000 per vehicle.

GM already had increased the prices of its 2008 model year vehicles twice because of rising commodity costs, spokesman John McDonald said. The move comes a little more than a week after Chrysler LLC announced a 2 percent increase in the price of its remaining 2008 vehicles.

GM also said Monday it will further cut SUV and truck production, and it will run a sale June 24-30 to help clear out high inventories of 2008 pickups, sport utility vehicles and larger cars. The sale includes zero percent financing for up to 72 months.

"We're really just trying to spark the market at the end of the quarter," LaNeve said.

Huntsman sues Apollo for backing out of deal Mon, 23 Jun 2008 17:07 EDT
Huntsman Corp. is suing Apollo Management and its two partners for fraud after the private equity group backed out of a deal to buy the chemicals company for $6.5 billion.

Huntsman seeks a jury trial for damages exceeding $3 billion, plus additional punitive damages, in a suit filed in Texas. While Huntsman is based in Salt Lake City, it has administrative headquarters in Texas.

Last Wednesday, Apollo's Hexion unit said it no longer believes it can buy Huntsman, citing the company's financial deterioration. Huntsman alleges Apollo falsely represented its commitment to the deal in order to get the company to terminate a previous buyout agreement with Dutch manufacturer Basell AF.

Huntsman plans to contest the allegations made about its financial performance.

To win Huntsman, Apollo bid $27.25 a share - $2 higher than Basell - and then raised it to $28.

GM to further cut pickup, SUV production Mon, 23 Jun 2008 15:33 EDT
General Motors Corp. says it will further cut production of trucks and sport utility vehicles from the summer through the end of the year.

Spokesman Chris Lee said Monday that GM will cut shifts, reduce assembly line speeds and temporarily idle seven factories because of declining consumer demand for the truck-based vehicles.

The biggest cut will take place at the company's Janesville, Wis., factory that makes large SUVs. It will be idled the weeks of July 14 and 21, plus it will be shut down another 10 weeks through the end of the year.

Lee said Monday the other affected plants are in Oshawa, Ontario; Silao, Mexico; Arlington, Texas; Moraine, Ohio; Fort Wayne, Ind.; and Shreveport, La.

Get 'em by the gallon Mon, 23 Jun 2008 02:06 EDT
More and more businesses are asking, "Would you like gas with that?"

Car dealers, home remodelers, marina operators, bed and breakfast owners, newspaper publishers, credit card issuers, grocers and others are offering free or low-priced gas to attract customers as the economy softens and gas prices reach the $4-a-gallon mark.

Gas is like food or money: Everybody needs it -- and that's why it's becoming a universal magnet for consumers.

.. "The economy and gas prices are the No. 1 issues for most people," said J.D. Hamilton, owner of the Lee's Ford Resort Marina at Nancy on Lake Cumberland.

.. "Gas is on everybody's mind right now and people are trying to find ways to get a deal on gas," said Mike Turner, audience acquisition manager for the Lexington Herald-Leader.

Ky. is gorgeous: We heard it first on CNN Mon, 23 Jun 2008 02:06 EDT
Mike Nalepa , editor of the first edition of Fodor's Essential USA travel guide, was on CNN 's Your Money on Sunday to discuss less expensive road trips as substitutes for traditional vacations this year.

"You recommend Kentucky bluegrass country," the program's host, Ali Velshi , said to Nalepa.

"Kentucky is an overlooked -- it's flyover country for most people, but it is gorgeous," Nalepa replied. "You drive through Kentucky, there are rolling hills.

"If you are a horse racing buff, you have several sites out there, including Keeneland race track, Churchill Downs , the (International) Museum of the Horse (at the Kentucky Horse Park), which is linked with the Smithsonian Institution .

"If you're a bourbon fan, there is Woodford Ridge Distillery," Nalepa added. "And Kentucky is actually getting some buzz as a wine-growing region, believe it or not."

Loose Change Mon, 23 Jun 2008 07:22 EDT

Area home sales, prices sag Tue, 24 Jun 2008 04:19:00 EST
Members of the Greater Louisville Association of Realtors sold 21 percent fewer homes last month than a year ago at a median price of $135,500, or 1.8 percent lower.

Arena financing nearly done Tue, 24 Jun 2008 04:09:00 EST
The Louisville Arena Authority expects to have the money to pay for a downtown arena by the middle of next month, completing a financing deal more than a year in the making.

Jeffersontown's Ferd Grisanti closes after business declines Tue, 24 Jun 2008 04:17:00 EST
Ferd Grisanti Restaurant, a fixture on Taylorsville Road in Jeffersontown for 35 years, has closed, its owner confirmed yesterday.

'09 GM prices rise Tue, 24 Jun 2008 04:18:00 EST
General Motors told dealers yesterday that it plans to raise prices on 2009 models an average of 3.5 percent, despite a tough market that is forcing it to cut production and discount 2008 models.

UPS cuts forecast Mon, 23 Jun 2008 22:04:00 EST
UPS cut its second-quarter earnings guidance yesterday, blaming an "anemic" U.S. economy and "unprecedented increase" in fuel costs for lower-than-expected U.S. package volume and decreased use of its premium air products.

Q: What are the parts of a mortgage payment? Mon, 23 Jun 2008 22:04:00 EST
A: The monthly payment includes at least the interest and principal. The payment will also likely include payments to an escrow account that the lender maintains for property taxes, homeowners insurance and, if applicable, condominium association fees and private mortgage insurance.

Papa John's plans 100 new outlets in Malaysia Mon, 23 Jun 2008 22:05:00 EST
Papa John's International plans to open 100 franchise restaurants in Malaysia over the next decade.

Chinese Dir