News money 2008-06-30 Andanh.com

Fees mean changes for carry-on bags Sun, 29 Jun 2008 22:25:00 EST
Admit it. That chunky carry-on bag of yours would never fit into the sample box displayed at the airport gate. Don't expect that bag to get a free ride for long.

Retailers give vinyl records another spin Sun, 29 Jun 2008 22:24:00 EST
It was a fortuitous typo for the Fred Meyer retail chain. This spring, an employee intending to order a special CD-DVD edition of R.E.M.'s latest release "Accelerate" inadvertently entered the "LP" code instead. Soon boxes of the long-playing vinyl discs showed up at several stores.

Too much skin showing? Create an office dress code Sun, 29 Jun 2008 22:21:00 EST
Here's a scenario very likely to happen at a small business this summer: The owner arrives in the morning, and is greeted not only by the company's receptionist, but her exposed navel. And maybe her nose ring too. Or his cutoffs and sandals.

re: Joe Winkie, part-time pyrotechnician Sun, 29 Jun 2008 22:17:00 EST

Hot tips slowing as customers conserve Sun, 29 Jun 2008 22:19:00 EST
At Don's Corner Pub on Cincinnati's west side, bartender Melissa Metz can count the cost of the economic hangover in the stack of bills she has at the end of a shift. Those tips make up the majority of her income, but they've been dwindling for months amid rising gasoline prices and other economic woes.

Hawaii acts to require solar water heaters Sun, 29 Jun 2008 22:22:00 EST
With a heavy reliance on imported fossil fuels, Hawaii has become the first state to require solar water heaters in new homes, pleasing environmentalists but leading opponents to note the island chain's already high home prices.

Small Business Briefs Sun, 29 Jun 2008 22:23:00 EST

On the Job Sun, 29 Jun 2008 22:20:00 EST

James River Coal to acquire reserves Mon, 30 Jun 2008 09:25 EDT
James River Coal Co. is acquiring nearly 20 million tons of central Appalachian coal reserves from Cheyenne Resources Inc.

Richmond-based James River said Monday that it will pay $40 million for the reserves and permits, including $24 million in cash and $16 million in either cash or newly issued common stock of the company.

The deal includes about 10.2 million tons of proven and probable surface reserves and 3.6 million tons of proven and probable underground reserves, plus additional surface resources.

James River's board and Vicco, Ky.-based Cheyenne Resources' board have approved the deal. It remains subject to closing conditions.

If it's engravable, Batmark can do it Mon, 30 Jun 2008 07:29 EDT

Between the jewelry displays, wedding gifts, flasks, picture frames and clocks, Batmark's new location seems to have just about anything you'd ever want engraved.

But items also come walking through the door, from heirlooms to iPods.

Founded 12 years ago by owner Bob Trisko, the original Batmark Engraving, at 126 Burt Road just off Nicholasville Road, focused on selling trophies and plaques, offering six words of free engraving on every purchase.

Over time, Trisko expanded Batmark to cover crystal, clocks, wedding gifts and jewelry. When business got heavy and the store got crowded, Trisko expanded into an empty lot next door.

Analyst: $7-per-gallon gas will force change Mon, 30 Jun 2008 02:30 EDT

NEW YORK . Growing global demand and supply constraints will push oil prices to $200 a barrel and gas prices to $7 a gallon within four years, forcing 10 million U.S. cars off the road, according to Jeff Rubin, chief economist at CIBC World Markets.

.Many of those in the exit lane will be low-income Americans from households earning less than $25,000 per year,. Rubin said in a statement. .At their current driving habits, filling up the tank will have risen from about 7 percent of their income to 20 percent, an increase that will see many start taking the bus..

The rise of gas prices to an average of about $4.07 a gallon from $1.80 in 2004 is already forcing changes in Americans' car-buying habits. Car sales have dropped to about 14 million a year from 17 million in the first half of the decade, and will fall further to about 11 million a year by 2012, Rubin said.

Gasoline demand is also falling sharply in the face of record prices. Demand dropped 2.1 percent over the past four weeks on average compared to the same period a year ago, the Energy Department said earlier this week. Demand is headed for the first year-over-year decline in 17 years, and will continue falling as long as gas prices remain high, Rubin said.

Investors warned against raiding own retirement fund Mon, 30 Jun 2008 02:30 EDT

NEW YORK . Investors' anxiety about the economy and rising prices for gas, food and most other things has some thinking about tapping retirement savings to ease their current financial troubles.

The Transamerica Center for Retirement Studies reports that the number of workers with loans outstanding on retirement accounts such as 401(k) plans rose to 18 percent in 2007, from 11 percent a year earlier. Anecdotal reports from financial advisers also have shown increases.

Some financial experts and lawmakers are concerned that investors grappling with spiraling credit card debt and mortgage payments are eyeing their retirement holdings as a potential financial lifeline without appreciating the gravity of tapping into something that should be all but inviolable.

Sen. Herb Kohl, D-Wis., chairman of the Senate Special Committee on Aging, has sent letters to nine overseers of 401(k) and retirement plans seeking details on how they disclose fees and risks associated with rolling over or tapping into retirement accounts. The letters highlight concerns that investors looking to paying down debt are making decisions without understanding tax consequences and potential loss of income.

Ford to push work useof its new F-150 pickup Mon, 30 Jun 2008 02:30 EDT

DETROIT . How do you bring a new full-size pickup to market with $4-a-gallon gas?

That's the challenge leaders at Ford Motor Co. face in launching the company's best-selling product . the iconic F-150 . as the market moves faster than ever away from large trucks toward affordable, fuel-efficient cars.

The automaker already has made some big decisions designed to bring Ford trucks back to their Built-Ford-Tough roots. Instead of kicking off the launch of the all-new 2009 F-150 with luxurious four-door models, Ford instead will launch the truck with the 2-door models that always have been more popular among contractors, farmers and fleet customers.

What's more, Ford also plans to focus most of its future marketing efforts on customers who buy a truck for work instead of pleasure or everyday driving . a big shift from the past when Ford was focused on selling Harley-Davidson and King Ranch SuperCrew trucks, which come with four regular doors, as luxurious substitutes for cars.

Kentucky Money Market Mon, 30 Jun 2008 09:13 EDT

Kentucky datebook Mon, 30 Jun 2008 09:17 EDT

Meetings

The Central Kentucky Inventors Council will meet at 6:30 p.m. Tuesday 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 next Professional Women's Forum meeting will be a networking event from 5:30-7:30 p.m. July 9 at the Signature Club on Lansdowne Drive. Reservations to prowomensforum@aol.com.

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.

Kentucky by the numbers Mon, 30 Jun 2008 09:16 EDT

10: Through May, Kentucky has added 10 new manufacturing firms in 2008 with a total capital investment of $49,313,025 and 825 new jobs.

Business transitions Mon, 30 Jun 2008 02:30 EDT

William P. Emrick has opened a law office at 1092 Duval Street, Suite 220. Emrick is re-entering the practice of law after serving as executive director/commissioner of the Kentucky Office of Workers' Claims from 2004-2008. His practice will focus on administrative, personal injury and insurance law. He will also handle select family law matters and will be available as a legal and legislative counselor on issues involving the Kentucky Workers Compensation Act. Phone: (859) 309-9842. Web site: www.emricklaw.com.

Max Muscle, a franchise specializing in sports nutrition, weight loss and fitness has opened a store at 3090 Helmsdale Place. The store is operated by Michelle and Dennis Frank. Web site: www.maxmuscle.com.

Republic Bank . Trust Co. has opened its 42nd full-service banking center at 8513 U.S. Highway 42 in Florence. The bank will be open six days a week and will employ a full complement of banking officers, including Josie Dewald, banking center manager.

Tarter Gate, the nation's largest manufacturer of farm gates and animal management equipment, has a new name and a new logo and has renamed its product lines. The Dunnville-based company will now be know simply as Tarter. Its product lines: American Farmland, Equestrian World, Billy Goat Gruff and Terrain Tough, will now be referred to as Tarter Farm and Ranch Equipment, Tarter Equestrian Equipment, Tarter Goat and Small Animal Equipment and Tarter ATV Equipment, respectively. Its Elite Kennels line will become part of the goat and small animal equipment. The 63-year-old company is a family-owned business with manufacturing facilities in Kentucky and Utah. Tarter products are sold in more than 6,200 farm and ranch stores nationwide.

Conventions Mon, 30 Jun 2008 02:29 EDT

Events scheduled for Lexington, including headquarters and expected attendance:

Kentucky Rural Letter Carriers Association: Through Tuesday, Hyatt Regency Lexington, 150.

Division of Geographic Information, 2008 Annual GIS Conference: July 7-9, Marriott Griffin Gate, 400.

Kentucky County Judge-Executive Association: July 8-12, Hyatt Regency Lexington, 400.

Personnel file Mon, 30 Jun 2008 02:29 EDT

Architecture

Ricci Greene Associates: Stacey Wiseman has joined the justice design and planning firm's Lexington office as a designer.

Education

Campbellsville University: Joe Walters, a member and associate member of the Campbellsville University Board of Trustees for nine years, has joined the university's office of development as senior campaign officer.

Oil prices pass $143 a barrel; US gas hits high Mon, 30 Jun 2008 08:40 EDT
Oil prices surged past $143 a barrel for the first time ever Monday, and the price for a gallon of gas hit an all-time high in the United States.

Supply concerns and a fragile global economy continue to drive the price of oil to new highs, as well as continued tensions in the Middle East.

"The main factors behind the rise today are the U.S. dollar remains fragile and geopolitical tensions, particularly surrounding Iran," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. "That's unsettling for the oil market."

The European Central Bank may raise interest rates at its next meeting on Thursday, a move that would help strengthen the euro against the dollar, Moore said.

Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York Mercantile Exchange, by midday in Europe. Those prices fell to $142.17, but a barrel was still up $1.96 in early trading.

Iraqi notice on oil does not include contracts Mon, 30 Jun 2008 08:55 EDT
The Iraqi government opened six oil fields to international bidding Monday as the nation attempts to boost daily production by 60 percent.

The potential participation of big Western companies like BP, Chevron, Exxon Mobil, Shell and Total SA in Iraq's oil industry has been criticized in recent weeks following published reports that several were close to signing no-bid contracts with the Iraqi government.

Those contracts were expected to be announced Monday, but Iraqi Oil Minister Hussain al-Shahristani instead named 35 companies that would be qualified to bid on service contracts for the oil fields of Rumeila, Zubair, Qurna West, Maysan, Kirkuk and Bay Hassan.

"These fields were chosen because their production can be raised in a short time and at a low cost," said al-Shahristani.

All of the fields are currently producing oil, and al-Shahristani said the new contracts would raise Iraq's production by 1.5 million barrels per day. Iraq currently produces 2.5 million barrels per day and hopes to raise that to 4.5 million by 2013.

US stocks head for lower open as oil tops $143 Mon, 30 Jun 2008 08:55 EDT
Stocks headed for a narrowly mixed open Monday as oil prices set a new trading record and investors awaited a regional manufacturing reading for hints about where the market might be headed after last week's steep sell-off.

Light, sweet crude traded above $143 per barrel for the first time early Monday before pulling back and changing hands up $2.08 at $142.29 in premarket electronic trading on the New York Mercantile Exchange.

Rising prices have weighed on stock markets worldwide because of worries that inflation will force consumers and businesses to pare spending and hurt economic activity. In the U.S., consumer spending accounts for more than two-thirds of economic activity so a sharp pullback would prove particularly damaging to the economy.

Inflation concerns helped send the Dow Jones industrial average down more than 4 percent last week. Investors are nervous about how prolonged the selling might be. The Dow and the other major indexes are close to the 20 percent pullback from the highs seen in October needed to officially put stocks in bear market territory.

Any signals about the economy are welcome for nervous traders. The Chicago Purchasing Managers' report on Midwestern manufacturing, which is due shortly after the opening bell, could give investors a sense of how inflation and other economic worries might be affecting economic activity.

China combines 2 steel makers as demand surges Mon, 30 Jun 2008 08:55 EDT
Two Chinese steel companies combined Monday to form the world's fifth-largest producer, the latest in a series of government-orchestrated deals aimed at creating globally competitive suppliers amid booming demand.

The new state-owned company was formed through a combination of Tangshan Iron & Steel Group and Handan Iron & Steel Group. It is called Hebei Iron and Steel Group Co. and replaces Baosteel Group Co. as China's biggest steel company.

China is the world's biggest steel producer and consumer but many of its mills are dirty and inefficient. The government is trying to promote efficiency through consolidation and hopes bigger producers can strike better deals with foreign iron ore suppliers at a time of record prices.

"The new group is officially set up today," said Wang Yanjun, a Tangsteel spokesman. He said it would be based in the northern city of Shijiazhuang in Hebei province, which encircles Beijing.

Tangsteel's steel output last year was 22.75 million tons, while that of Hansteel was 9 million, according to the Chinese financial press. Their combined total would rank fifth worldwide after South Korea's Posco, which produced 32.8 million tons. Baosteel's 2007 output was 28.6 million tons.

AP Interview: Ex-Intel head pushes electric cars Mon, 30 Jun 2008 08:55 EDT
Former Intel Corp. Chairman Andy Grove has a knack for sensing when circumstances should force changes at a company or an industry - and how to respond.

He even has coined a term for it: the "strategic inflection point." Now the retired chairman of the world's largest computer chip maker thinks the term applies to energy and transportation, where record-high gasoline and oil prices have spurred interest in alternative energy sources and next-generation vehicles.

During the past year and a half, Grove has created his own crash course in electric power, plug-in hybrid vehicles and finding ways of shifting the nation's fleet of vehicles from gasoline. His goal: To draw more attention to electric vehicles.

"The most important thing I would like to do is light that almost half-assumed truth up in neon lights: Electricity in transportation has to be done. It is urgent. It is important that everything else is secondary," Grove said in a recent interview with The Associated Press.

"The drumbeat of the electrical transportation is accelerating like nothing I've ever seen in my life," he said.

Cashing in on the barrel Mon, 30 Jun 2008 07:32 EDT

If $4-or-more-a-gallon gas is what we face this summer, then it's time to find a way to handle it. Here's one way to ease the pain: Invest in something that benefits from high gasoline prices.

What are the best plays on expensive oil?

.I don't think that's a real hard question,. said James Paulsen, chief investment strategist at Wells Capital Management, which is a unit of Wells Fargo. .Oil stocks will do well or you can play commodities and basic materials because commodities are going up and the dollar's becoming weak..

True. Oil is the commodity that's sky high. And all the mega oil companies are up strongly. If you've owned any of the major integrated oil companies for a while, it's probably not all that distressing to watch gasoline prices go up.

That was Trent Lott groovin' to Exile Mon, 30 Jun 2008 02:29 EDT

There was a national political celebrity in the crowd when Exile held its reunion concert at the Kentucky Theatre on June 19.

Trent Lott , the 66-year-old Mississippi native who was both Senate majority leader and Senate minority leader during a 35-year congressional career, is a longtime Exile fan.

.The whole family came,. said his son, Chet Lott , who lives in Bourbon County. Exile leader . J.P. Pennington is a close friend of mine. We actually co-write music together..

Both Lotts are musical. Trent Lott belonged to a barbershop quartet called The Singing Senators and Chet Lott sings, writes music and has produced two CDs with Pennington. One brought in more than $125,000 for Hurricane Katrina relief in the Lott family's hometown of Pascagoula, Miss.

Chinese Dir