News money 2008-06-28 Andanh.com

Gas prices up to $4.30 in Louisville Sat, 28 Jun 2008 02:31:00 EST
Louisville-area motorists absorbed the latest shock at the pump, with many stations posting prices around $4.30 a gallon. Analysts say that trend is likely to continue through July Fourth. Gas: Find the area's lowest prices Commuting: Tips to save you cash Traffic: Check the roads

Bearish signs batter stocks Fri, 27 Jun 2008 22:50:00 EST
Wall Street ended a depressing week with another big loss yesterday as the Dow Jones industrial average fell more than 100 points amid escalating worries about high oil prices and fallout from the credit crisis. The major stock indexes were all down more than 3 percent for the week.

Downs' handling of dispute criticized Sat, 28 Jun 2008 01:00:00 EST
Dr. Hiram Polk, a horse owner and member of The Jockey Club's Thoroughbred Safety Committee, sharply criticized Churchill Downs Inc.'s management yesterday morning during a Louisville radio show.

Gates bids Microsoft teary farewell Fri, 27 Jun 2008 22:49:00 EST
On his final full day at Microsoft, Bill Gates went on stage to reminisce with his longtime friend Steve Ballmer, and neither man could hold back tears as Ballmer handed Gates a large scrapbook as a farewell present.

Business People Fri, 27 Jun 2008 21:55:00 EST
FINANCIAL SERVICES The Better Business Bureau of Louisville, Southern Indiana and Western Kentucky has announced that John McCafferty, president/creative director of McCafferty and Co. Advertising, is the new chairman of the organization's board of directors. PROFESSIONAL SERVICES Mark F. Sommer, a member in the Louisville office of Greenebaum Doll & McDonald PLLC, has been elected a fellow of the American College of Tax Counsel, a Washington-based nonprofit professional association of tax lawyers. AUTOMOTIVE INDUSTRY Toyota Motor Corp. has announced the following North American appointments and promotions: Tetsuo Agata was appointed president and chief operating officer of Toyota Motor Engineering & Manufacturing North America Inc. and was promoted to senior managing director of Toyota Motor. Shigeki Terashi was appointed executive vice president of Toyota Motor Engineering and president of Toyota Technical Center and was promoted to managing officer of Toyota Motor. AWARDS Amy B. Berge has received the Five Star Service Award from the Advertising Federation of Louisville for her service on the association's board of directors and executive committee. She has served as vice president of government relations for the past three years. — Stephanie Zeller Items can be submitted at courier-journal.com/businesspeople Color photos should be in jpeg format (200 dpi). Photos should be at least 2 inches by 3 inches and bear the person's name.

How can I find out how much I can borrow? Fri, 27 Jun 2008 22:49:00 EST
A: The preapproval process will give you a good idea how much you can borrow and afford. Preapproval is not a loan commitment, the National Association of Realtors notes, but it provides a reasoned analysis of what you can afford.

Business Watch Fri, 27 Jun 2008 22:49:00 EST

Stores' economic woes don't slow development Sat, 28 Jun 2008 02:31 EDT

RICHMOND . Plans for the 120-acre Richmond Centre are on track, despite the financial difficulty some of the shopping center's stores have faced in recent months.

Eleven stores have signed on as tenants in the main portion of the development at Interstate 75 and Barnes Mill Road, including Meijer, Cine.mark, Belk and Home Depot, according to Charlotte, N.C.-based Crosland LLC, which is developing Richmond Centre in partnership with Greenville, S.C.-based Carolina Holdings Inc.

Restaurants such as Olive Garden and Logan's Roadhouse have committed to outlying locations within the development.

Representatives for two of the tenants, Dawahare's and Goody's, said the companies will proceed with plans to open in the center, though both department store chains have closed stores recently in the state as they reorganize under bankruptcy.

Equestrian Crossing probably won't be ready for 2010 Games Sat, 28 Jun 2008 02:31 EDT

Development plans are still being made for an 850,000-square-foot mixed-use retail center, The Shoppes at Equestrian Crossing, in Scott County, said C.J. May, president of Lexington-based May Commercial Group, which is developing the center with CBL . Associates Properties Inc.

The preliminary development plan is expected to be completed in the next couple of months, he said. The planned site for The Shoppes at Equestrian Crossing, between Wal-Mart and the Toyota plant, is already zoned for retail development.

It does not appear that the project can be completed before the 2010 World Equestrian Games, as originally planned. The slowdown in the economy is affecting the expansion of retailers, he said.

.That's one thing we don't control ... because the tenants that are involved have their own expansion criteria,. he said. .We try to follow their pace as best we can..

Aldridge returns as GM at WTVQ Sat, 28 Jun 2008 02:21 EDT

Chris Aldridge is back.

The 49-year-old Lexington resident has been named general manager of WTVQ-TV by the ABC affiliate's new owner, Morris Network, a division of Multimedia Inc.

Aldridge served as vice president and general manager of WTVQ from 1992 to 1999, when the Lexington station was owned first by Park Communications and later by Media General Broadcasting Group. Morris acquired WTVQ from Media General in May.

After leaving WTVQ in 1999, Aldridge worked for WSAZ-TV in Charleston-Huntington, W.Va., before moving back to Lexington in 2001 to manage a privately owned radio company.

Wall Street extends losses in volatile week Sat, 28 Jun 2008 04:32 EDT
Wall Street ended a depressing week with another big loss on Friday, with the Dow Jones industrials falling more than 100 points amid ever-escalating worries about high oil prices and fallout from the credit crisis. The major indexes are all down more than 3 percent for the week.

The Dow has fallen nearly 460 points in the last two sessions and reached its lowest point since September 2006.

Investors again contended Friday with a seemingly relentless stream of troubling news about the financial sector. Moody's Investors Service said it is reviewing investment bank Morgan Stanley for a possible downgrade. There were also more reports that Merrill Lynch & Co. might have to write off nearly $6 billion of risky mortgage-backed debt.

In addition to anxiety about the financials, the market watched oil's march higher - the price of crude rose to a new record of $142.99 a barrel on the New York Mercantile Exchange. Wall Street remains concerned that higher commodity prices will slam consumers with not only elevated costs for energy and food, but also for other goods if cash-strapped companies decide to pass along the rising costs.

"People are trading with a lot of emotion," said Alexander Paris, an economist and market analyst for Chicago-based Barrington Research. "I think the market is trying to make a bottom, but the question is will it hold there or just crash through. It feels just like the top of the technology bubble in 2000, you know there's something wrong but it is hard to time it."

Brewers vie for taste of victory Sat, 28 Jun 2008 02:21 EDT

For most of Friday afternoon, it felt like an SAT test instead of a beer tasting.

The judges swirled, sniffed and sipped the microbrews in tiny plastic cups, but then they scribbled down notes and kept to themselves.

Perhaps the seven judges felt the weight of responsibility as they sat around a large table in the dimly lit pub at Alltech's Lexington Brewery Co.

After all, the amateur brewer whose beer they selected as the top one would see his or her recipe brewed by the Lexington Brewing Co. and then entered in competition this October at the Great American Beer Festival in Denver.

Economy grows slightly, remains fragile Fri, 27 Jun 2008 02:18 EDT

WASHINGTON . The fragile economy improved slightly at the beginning of the year, and it could grow a bit stronger in the current quarter as extra cash from tax rebates spurs people to buy more. Still, it's not out of danger yet.

The economy grew at a 1 percent annualized rate in the first quarter, helped in large part by stronger sales of U.S. products overseas, the Commerce Department reported Thursday.

That was a tad stronger than the government's previous estimate of 0.9 percent growth. And the new reading was better than the anemic 0.6 percent growth rate for the final three months of last year.

Nonetheless, the two quarters together marked the slowest growth in five years. The economy has been bruised by housing, credit and financial problems. That led consumers during the first quarter to boost their spending at the weakest pace since the 2001 recession.

Auto supplier Delphi to sell exhaust business Fri, 27 Jun 2008 10:19 EDT
Auto parts supplier Delphi Corp. says it's seeking buyers for its vehicle exhaust equipment business as it reorganizes under Chapter 11 bankruptcy protection.

Troy, Michigan-based Delphi said Friday it would still provide full engine management systems.

The global exhaust business includes catalytic converters and exhaust manifolds. It serves more than 10 customers and includes sites in Poland, Australia, India and South Africa, as well as joint ventures in China and Mexico. Technical centers are in Auburn Hills and Flint, as well as Luxembourg.

Delphi says it will retain global investment bank Lincoln International to explore sale opportunities pending bankruptcy court approval.

Delphi filed for bankruptcy in 2005.

Oil near $143 on view dollar will keep falling Fri, 27 Jun 2008 16:59 EDT
Oil futures climbed to a new record near $143 a barrel Friday as the dollar weakened against the euro, confirming expectations that the falling greenback, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal.

Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.

Light, sweet crude for August delivery rose as high as $142.99 a barrel on the New York Mercantile Exchange before pulling back sharply in a spate of late-day profit-taking to settle up 57 cents at a record $140.21. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.

The latest record came as the dollar fell against the euro in afternoon trading, having traded roughly unchanged for much of the day.

"The dollar was slightly stronger, and when it gave up its gains, that gave oil the green light," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

Oil reaches $142 on view dollar will keep falling Fri, 27 Jun 2008 18:33 EDT
Oil futures climbed briefly to a new record above $142 a barrel Friday on expectations that the weakening dollar, a major factor in crude's stratospheric rise, will extend its decline and add to oil's appeal.

Retail gas prices inched lower overnight, but are likely to resume their own trek into record territory now that oil futures have broken out of the trading range where they had been for nearly 3 weeks.

Light, sweet crude for August delivery rose as high as $142.26 a barrel in premarket electronic trading on the New York Mercantile Exchange before pulling back to trade up $1.46 at $141.10. On Thursday, the contract shot past $140 and rose more than $5 to a new settlement record.

Oil rose Thursday in part on comments by OPEC officials; the organization's president predicted prices will rise further, and a top Libyan oil official suggested his nation may cut production.

Meanwhile, traders were coming around to the belief that the dollar, whose long decline has contributed greatly to oil's dramatic advance this year, will continue to weaken. The market now expects that the Federal Reserve is unlikely to raise interest rates until much later than many analysts have forecast; since higher rates tend to strengthen the dollar, traders are anticipating that it will continue to fall and, consequently, that investors will turn to commodities including oil as a hedge against inflation.

Floods expected to cause ripple, not ruin, in economy Fri, 27 Jun 2008 02:18 EDT

CHAMPAIGN, Ill. . Floodwaters receding into the Mississippi River and its tributaries will suck billions of dollars out of the Midwest's economy, though probably not as much as the 1993 flooding that devastated the region.

The impact on U.S. economic growth is expected to be small, but it is difficult to make accurate estimates because water still stands over farm fields and roads and in many homes. Forecasts call for more rain across the region through at least Saturday.

Federal and state agriculture officials say the real damage won't be known until after the fall harvest. A report due Monday from the Department of Agriculture should give the country its first glimpse of the damage to the corn and soybean crops.

The Farm Bureau has pegged Iowa's agricultural losses alone at roughly $3 billion, while Indiana agricultural officials estimate the state's losses at $800 million. Experts say it's too soon to even estimate the losses in Illinois and Missouri, which are also big corn- and soybean-growing states.

Lower your summer cooling costs Sat, 28 Jun 2008 02:31 EDT

This summer, the average household's electricity usage will jump. Many people can thank their air conditioners for this. In an attempt to keep their houses cool, they blast the air conditioning, which causes a run-up in their electricity usage. But there are smarter ways to keep cool. From the Alliance for Climate Protection, a non-profit group whose objective is to halt global warming, here are some tips for how to keep your house cool:

Don't turn on the air conditioning . If you can get away with not using the air conditioner this summer, you will keep your electricity costs way down. There are other good alternatives: Close the shades or use an awning to keep the direct sun out.

One room at a time. If you must use an air conditioner, choose one room for it. Rather than cooling your entire house, it will cool the room you spend the most time in or the one that gets the hottest.

Don't underestimate the power of trees. If you can, plant trees in places where your house gets the most direct sunlight. Trees in the right place can save up to 25 percent of a typical household's energy used for cooling by providing shade. Tree-shaded neighborhoods are cooler than treeless ones on summer days.

Net name rules relaxed Fri, 27 Jun 2008 02:18 EDT

NEW YORK . The Internet's key oversight company relaxed rules Thursday to permit the introduction of hundreds, perhaps thousands, of new Internet domain names to join ..com,. making the first sweeping changes in the network's 25-year-old addressing system.

The Internet Corp. for Assigned Names and Numbers unanimously approved the new guidelines on the final day of weeklong meetings in Paris. The company also voted unanimously to open public comment on a separate proposal to permit addresses entirely in non-English languages for the first time.

New names probably won't start appearing until at least next year, and the company won't be deciding on specific ones quite yet. The organization still must work out many of the details, including fees for obtaining new names, expected to exceed $100,000 apiece to help the company cover up to $20 million in costs.

The new guidelines would make it easier for companies and groups to propose new suffixes in English.

Business Notes Fri, 27 Jun 2008 06:52 EDT

Kentucky

Kentucky American names governmental affairs director

John-Mark Hack has been named director of governmental affairs for Kentucky American Water, the company announced Thursday. He will advise the company and serve as a liaison with government and regulatory officials. Hack, 41, has held several highly visible jobs, including executive director of the Governor's Office of Agriculture Policy during the Patton administration and, more recently, spokesman for an anti-casino group. He is a Louisville native who lives in Versailles.

Owensboro plant eliminates 2nd shift

Avoid pitfalls when picking pet insurance Fri, 27 Jun 2008 02:18 EDT

NEW YORK . If you've decided you need pet insurance for your pet, you'll want to know what to look for when buying a policy. Just like any form of insurance, there are pitfalls of which you should be aware.

From PetsBest.com, a pet insurance company, here are some things to consider:

Ask your veterinarian. Chances are the vet has heard all the news, whether it be good or bad, about insurance plans from other policyholders. See which one gets the best reviews. And be sure the firm is licensed in your state.

Cover all your bases . Make sure your pet is covered for illnesses, accidents, and other routine forms of care. Also, ensure that the costliest forms of treatment and preventive screens are included. Choose a plan that covers serious illnesses such as cancer, and offers surgical coverage such as removal of swallowed objects and treatment of hernias.

Fed holds key interest rate at 2% Thu, 26 Jun 2008 07:40 EDT

WASHINGTON .With inflation moving higher on its worry list, the Federal Reserve held interest rates steady Wednesday, ending nearly a year of cuts to bolster the economy, and it hinted that the next direction for rates could be up.

Fed Chairman Ben Bernanke and all but one of his central bank colleagues agreed that the best course was to leave a key rate alone at 2 percent, as the country slogs through the crosscurrents of plodding economic growth and zooming energy and food prices that threaten to spread inflation.

That meant the prime lending rate for millions of consumers and businesses stayed at 5 percent. The prime rate applies to certain credit cards, home-equity lines of credit and other loans.

The decision brought to a close a powerful series of rate reductions that started in September and extended through late April. It was the central bank's most aggressive intervention in two decades to shore up an economy bruised by the trio of housing, credit and financial crises.

Report sees reliance on oil, coal Thu, 26 Jun 2008 07:39 EDT

WASHINGTON . Despite persistently high oil prices, global energy demand will grow by 50 percent over the next two decades with continued heavy reliance on environmentally troublesome fossil fuels, especially coal and oil, the government predicted Wednesday.

The projections by the Energy Department's statistical agency said that without mandatory actions to address global warming, the amount of heat-trapping carbon dioxide flowing into the atmosphere each year from energy use will be 51 percent greater in 2030 than it was three years ago.

.Fossil fuels ... are expected to continue supplying much of the energy used worldwide,. the Energy Information Administration report predicts, in spite of the growth of renewable energy sources, especially wind and biofuels.

.Global energy demand grows despite the sustained high world oil prices that are projected to persist over the long term,. said the report. Oil could cost as little as $113 a barrel or as much as $186 a barrel in 2030, the analysis concluded.

Architect's new spin on building Thu, 26 Jun 2008 09:12 EDT

NEW YORK . An Italian architect said he is poised to start construction on a skyscraper in Dubai that will be .the world's first building in motion,. an 80-story tower with revolving floors that give it an ever-shifting shape.

The spinning floors, hung like rings around an immobile cement core, would offer residents a constantly changing view of the Persian Gulf and the city's futuristic skyline.

A few penthouse villas would spin on command using a voice-activated computer. The motion of the rest of the building would be choreographed in patterns that could be altered over time.

What to look for when you consider an online bank Thu, 26 Jun 2008 09:05 EDT

If you're looking for a better interest rate for your savings, an online bank could be the ticket. Many online banks offer higher rates than their brick-and-mortar .counterparts.

From Consumer Reports Money Advisor, here are some tips on the best ways to evaluate an online bank:

Get the best interest rate. You can check the most recent rates at Bankrate.com. But don't stop there: Verify those rates with the banks themselves. Also, compare online rates with the rates of banks in your area.

Know the fees. Many online banks come with a host of restrictions that trigger fees. For example, many online .accounts limit the number of transactions each month. They also charge extra for printed statements and in some cases for calling a customer representative instead of .banking online.

Kroger first-quarter profit beats analysts' forecasts Wed, 25 Jun 2008 02:09 EDT

CINCINNATI . Kroger Co. said Tuesday that food, gas and drug discounts helped draw budget-strapped consumers for one-stop shopping, and the nation's largest traditional grocer reported profits rose 15 percent in its first quarter.

The results beat Wall Street expectations and helped send Kroger stock up 7 percent in trading Tuesday afternoon.

Kroger earned $386 million, or 58 cents per share, for the quarter ended May 24 compared with a profit of $336.6 million, or 47 cents per share, a year ago. Sales climbed 12 percent to $23.11 billion, from $20.73 billion a year ago.

Analysts polled by Thomson Financial expected a profit of 55 cents a share on revenue of $22.32 billion.

Consumer gloom hits worst level since 1992 Wed, 25 Jun 2008 02:09 EDT

NEW YORK . U.S. consumers are the gloomiest they've been since the tail end of the last prolonged recession. Inflation, sinking home values and soaring gas prices have pushed confidence to the lowest level since 1992.

Consumers' view of the economic future has never been lower, raising worries that already weak consumer spending could deteriorate further.

.From a consumer perspective, this is the most troubling economy since the 1980s,. said Mark Vitner, an economist at Wachovia Corp.

The Conference Board's consumer confidence index, released Tuesday, fell to 50.4 this month, the lowest reading since February 1992 and half what it was a year ago. The index dropped more steeply than expected from 58.1 in May. The consensus estimate of economists surveyed by Thomson/IFR was for a more modest decline to 56.5 for June.

Toyota might cut U.S. sales goal Wed, 25 Jun 2008 02:09 EDT

TOKYO . Toyota might scale back its target of selling more vehicles in the United States this year than it did in 2007, as damage from an economic slowdown and soaring oil prices becomes more fully known.

Surpassing the 2.62 million vehicles the company sold last year in the United States, its biggest market, would be difficult, Executive Vice President Tokuichi Uranishi told a shareholders meeting Tuesday, said Toyota spokesman Paul Nolasco.

The world's No. 2 automaker announced in December that it was hoping to sell 2.64 million vehicles in the United States in 2008 and predicted a 5 percent jump in global sales to 9.85 million vehicles because of strong sales in emerging markets such as China and Russia.

Toyota Motor Corp. will review its sales targets in July, as it does every year.

Mississippi plant to build SUVs as planned Wed, 25 Jun 2008 02:09 EDT

JACKSON, Miss. . A consultant for Toyota Motor Corp. said Monday the automaker won't retool its plans to build Highlander sport utility vehicles at a plant under construction in north Mississippi, despite the trend of people seeking more fuel-efficient cars.

Dennis Cuneo said the Highlander is a car-based SUV and that .its sales are doing well..

.The auto industry is a cyclical industry,. Cuneo said. .Toyota believes in the long run this is going to be a good place to manufacture and build vehicles..

Toyota spokesman Victor Vanov confirmed that the automaker's focus at the Mississippi plant would be the Highlander.

Develop a plan to deal with fees Wed, 25 Jun 2008 08:10 EDT

It happens all the time. You open your bank statement or credit card bill, and there's a new fee assessed to your account that you hadn't counted on. Banks and credit card companies make billions a year from such fees.

To beat the fees, you'll need a strategy. From Kiplinger Magazine, here are tactics to consider:

Don't get complacent. Part of the reason that so many customers end up paying fees is they don't contest them. If fees show up on your account statement and you don't agree, place a call to the bank representative. If you are a good customer, banks often will give you a break.

Call on weekends. Few managers work on the weekends, and it might improve your chances of getting the fee excused.

Oil the wild card in predicting stock rebound Sat, 28 Jun 2008 04:27 EDT
Investors who remember the stock market's steep and prolonged decline earlier this decade may be wondering if the recovery from Wall Street's current morass will also take several years to accomplish.

The dot-com bust, terrorist attacks, recession and corporate wrongdoing combined to send stocks plunging in 2002. Today's market has some similar problems, in particular the troubled economy and a devastated industry - this time, it's the financial sector. But there's one variable that may be impossible to resolve: oil prices that have more than doubled in a year and show no signs of abating.

"The economic gloom is far greater today then it was in 2002 because we have concern about worldwide inflation and what oil is going to do to the economy," said Alfred E. Goldman, chief market strategist at Wachovia Securities. "The problem for investors is when all of this is going to end, and the bottom line is nobody knows. Nostradamus wouldn't have known, neither would Albert Einstein."

Crude oil has risen nearly 44 percent in the past five months, and OPEC's president said this week he believes oil could rise to between $150 and $170 a barrel this summer; it closed at a record high past $142 a barrel on Friday. That's still lower then the $200 peak recently forecast by economists at investment bank Goldman Sachs.

The uncertainty about where energy prices are going makes it harder for economists to make forecasts. Many believe the high price of energy will eventually reverse after oil goes so high that demand shrivels and supplies increase - but calculating a timeline is difficult.

Regional bank announces $10 billion fund Sat, 28 Jun 2008 04:17 EDT
A new regional development bank for South America announced an initial capital fund of $10 billion, with the possibility of climbing as high as $20 billion, after a meeting of the seven member states on Friday.

Member nations are in the final phase of forming the Bank of the South, Argentina's Economy Ministry said, and will meet again sometime in July.

Venezuela launched the bank in December along with Ecuador, Bolivia, Argentina, Brazil, Paraguay and Uruguay to finance regional development and counter U.S.-led and private sector lenders. Supporters say it will set fewer conditions on loans than the World Bank or the International Monetary Fund.

Unlike those institutions - where most loans are approved by 24-person boards that represent all 185 member nations - each Bank of the South member will have one vote in its decisions, Brazilian Finance Minister Guido Mantega said after the bank's announcement in October.

Interest rates will compare favorably to those international lending institutions, Mantega said, though loans will initially be available only to members of the Union of South American Nations, which includes the same seven states plus Chile, Colombia, Peru, Suriname and Guyana.

Credit scores hit by card limits Sat, 28 Jun 2008 07:02 EDT
Just as Americans grow more reliant on credit cards to help pay monthly bills, they're being hit with a one-two punch: Card companies are reducing borrowing limits for tens of thousands of consumers, which then can lead to lower credit scores.

Those facing this predicament might not even know it until they apply for a loan or another credit card, and then get denied because their credit score has dropped.

This is an unintended consequence of the financial world's widespread ratcheting down of risk. Banks and other card lenders are trying to better protect themselves from more massive losses like those they've seen from subprime mortgages.

As a result, they are looking for ways to reduce their exposure to cardholders more likely to default. That's why they are lowering credit limits, which means they are reducing the maximum amount of credit extended to an individual, along with boosting card interest rates and allowing fewer balance transfers.

"This is what they have to do at this time," said John Hall, a spokesman for the American Bankers Association, a Washington-based trade group.

Who are those oil speculators, anyway? Maybe you Fri, 27 Jun 2008 22:12 EDT
All those speculators getting the blame for driving up the price of oil these days - just who are they? For part of the answer, look in the mirror.

The retirement savings of workers across the country, entrusted to pension fund managers, are being plowed into one of the few investments that has delivered phenomenal returns in recent years.

For decades, futures contracts were mostly traded by commodity producers and the people who used the actual products, such as crude oil, corn and soybeans. Agreeing to a price today for a commodity to be delivered in, say, two months is a way to smooth out price fluctuations for those supplies.

But large investors faced with the threat of inflation have increasingly used them as protection against the falling dollar. That includes pension funds, along with investment banks, mutual funds and private hedge funds.

Research firm Ennis Knupp and Associates says $139 billion had been funneled into energy commodites, primarily crude oil, by the end of March - and it estimates more than half of that is from retirement money.

Chinese Dir