News money 2008-07-05 Andanh.com

Many to blame for sorry case of Ellis Park Fri, 04 Jul 2008 01:18:00 EST
The death of a racehorse can move millions to tears. The death of a race track, not so many. But if the death of the filly Eight Belles moments after the Kentucky Derby moved thoroughbred racing to action on a national scale, the closing -- or near-closing -- of Ellis Park ought to signal an even bigger warning to the sport's leaders in this state.

Beef recall includes Kentucky and Indiana Thu, 03 Jul 2008 22:50:00 EST
The familiar Fourth of July hamburger will be under review this weekend, as a recall prompted by an E. coli outbreak now includes more than 20 states. Kroger is asking customers in Kentucky, Indiana and elsewhere to return ground beef dated between May 21 and July 3 for a full refund because of the illnesses that were linked to products from a Nebraska slaughterhouse.

Ford truck plant to lose shift Fri, 04 Jul 2008 00:26:00 EST
Ford Motor Co. will take the Kentucky Truck Plant from three shifts to two by late next month, resulting in layoffs of at least 300 United Auto Workers members, company spokeswoman Angie Kozleski said yesterday.

Beshear dissolves racing authority Fri, 04 Jul 2008 00:10:00 EST
Gov. Steve Beshear signed an executive order yesterday to dissolve the Kentucky Horse Racing Authority, reorganize it as the Kentucky Horse Racing Commission and remove about half the membership.

Job losses pass 430,000 for year Thu, 03 Jul 2008 22:48:00 EST
The nation lost jobs for a sixth month in a row in June, the storm of pink slips marring this year's Fourth of July holiday for more than 60,000 Americans and leaving many others worried about the future.

What's a balloon mortgage? Thu, 03 Jul 2008 22:53:00 EST
A: A balloon mortgage requires you pay off the entire balance early, usually after five or seven years of paying on a normal 30-year schedule. Some balloon mortgages reset, meaning you have the option of continuing making payments, but at a new interest rate. To take advantage of the reset, you typically have to still live in the house, have a record of paying your mortgage on time and have no other liens.

Business People Thu, 03 Jul 2008 22:18:00 EST
PROFESSIONAL SERVICES Scott Robinson has accepted the position of used-inventory manager for Whayne Supply Co. Interior designer Jeff McAfee has been promoted to associate at Rowland Design in Louisville. Craig Business Forms Inc. has named Debbie Sheehan as an account executive. Sheehan will concentrate her efforts on serving the printing and promotional needs of new and existing clients. MISCELLANEOUS Dave Baumgardner was named Western Kentucky marketing representative for McCoy & McCoy Laboratories Inc. Baumgardner has a degree in business administration and is a certified human resources professional. Mark DeMoss has been promoted to the safe drinking water coordinator for McCoy & McCoy Laboratories Inc. located in Madisonville, Ky. — 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.

Business Watch Thu, 03 Jul 2008 22:55:00 EST

2 London car sales lots close Fri, 04 Jul 2008 03:18 EDT

As auto sales continue to take a beating nationally, two longtime auto dealerships in London closed this week.

Employees were let go Monday night at Johnny Watkins Buick Pontiac and GMC as well as Johnny Watkins Chrysler. Both had been in business since the mid-1990s.

Reached at the dealership this week, Watkins declined to discuss the closing.

.I'm not interested in talking, thanks,. he said.

Bourbon enjoying good times Fri, 04 Jul 2008 03:18 EDT

LAWRENCEBURG . To Wild Turkey master distiller Jimmy Russell, the sounds of a warehouse rising in the Kentucky countryside are the sounds of prosperity.

.As long as you see work going on, and the construction, and increasing your size, you know your business is doing well,. said Russell, who started working for the bourbon maker in 1954.

Distillers are expanding their bourbon production and storage and dispatching sales teams around the world, bullish for a traditionally Southern beverage gaining popularity worldwide. Surging exports, the weak U.S. dollar and rising popularity among younger Americans are driving the boom.

.It's an exciting time to be in the bourbon business,. said Max L. Shapira, president of Heaven Hill Distilleries Inc., a family-owned liquor company based in Bardstown. .Most of the time that I've been in the business, up until about the last 10 years, everybody was trying to consign the bourbon category to that great liquor store in the sky..

Analyst: Chrysler might have to file for bankruptcy Fri, 04 Jul 2008 03:18 EDT

DETROIT . Faced with soaring gas prices, a sputtering economy and a rapid U.S. market shift away from trucks, the U.S. auto industry's weakest player, Chrysler, might have to file for bankruptcy or sell its storied Jeep and Dodge Ram brands as early as next year, JPMorgan said Thursday.

But rivals GM and Ford are likely to get through the rough patch and turn a profit in 2010.

JPMorgan auto analyst Himanshu Patel dismissed the possibility of an imminent bankruptcy at GM, saying in a conference call with investors and media that such fears .are completely overblown..

The day before, GM shares slid to a 54-year low after Merrill Lynch auto analyst John Murphy wrote in a note to investors that a GM bankruptcy .is not impossible if the market continues to deteriorate and significant incremental capital is not raised..

Stocks end mixed following jobs, services data Thu, 03 Jul 2008 19:55 EDT
Wall Street capped a shortened trading week with a mixed finish Thursday after some uneven economic data: news of a contraction in the nation's services sector and a tame reading on employment. But stocks still had their third dismal week in a row, with the major indexes again posting losses as worries about rising oil prices and the fallout from the credit crisis dogged the market.

Investors hoping for some guidance from two key economic reports got very little. The Institute for Supply Management said its index of service sector activity fell to 48.2 from 51.7 in May; the reading touched off more misgivings about the well-being of the economy.

The look at the service sector followed a largely as-expected report from the Labor Department, which said the nation's unemployment rate held steady at 5.5 percent last month. The government also reported that 62,000 jobs were lost in June, but that number was close to economists' forecasts.

The jobs report did appear to assuage some worries that the snapshot of the labor market would be more grim. Employment numbers are critical because consumers who are out of work or are nervous about losing their job are likely to cut their spending. They've already become cautious because of higher food and energy prices.

Christopher Molumphy, chief investment officer at Franklin Templeton fixed income group, said the employment figures don't point to a labor market in distress. "We are not seeing data that would be consistent with recessionary conditions," he said.

Milk jug gets makeover Thu, 03 Jul 2008 06:37 EDT

They might not be crying, but milk drinkers say they are spilling more as they get used a new milk jug.

A simple change to the design of the gallon milk jug, adopted by Wal-Mart and Costco, seems to be causing quite a negative buzz among shoppers at Sam's Club on New Circle Road. The jugs are cheaper to ship and better for the environment, the milk is fresher when it arrives in stores, and it costs consumers less.

Why the fuss? Just ask shoppers.

The jugs have no real spout, and their unorthodox shape makes consumers feel like novices at the simple task of pouring a glass of milk.

Business Notes Fri, 04 Jul 2008 03:18 EDT

national

Job losses in June make it six months in row

The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future. Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and forsaken building sites. With more job cuts expected in coming months, there's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous setback to the shaky economy. These worries are rekindling recession fears. In June alone, employers got rid of 62,000 jobs, bringing total losses so far this year close to a staggering half-million . 438,000, according to the Labor Department's report released Thursday. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.

Price of oil passes $145 a barrel

Choosing a new credit card Fri, 04 Jul 2008 03:18 EDT

Low interest rates may offer a good time to apply for a new, or even first, credit card. Several considerations, such as interest rate and fees, should come into play, however, before a consumer signs on to a new credit card.

Several good Web sites provide useful information related to credit card selection and use. Here are a few:

Bankrate.com: www.bankrate.com/yho/news/college/cfguide/credit-problem1.asp

Contains 13 tips for credit card selection and use.

Dawahare's to close 22 remaining stores Fri, 04 Jul 2008 07:00 EDT

Dawahare's of Lexington is closing its remaining 22 clothing stores and going out of business because it has been unable to raise the cash it needs to continue operating.

The 101-year-old family-owned company said in a filing Thursday in U.S. Bankruptcy Court in Lexington that it expects to run out of money by October.

The company said it has been unable to get loans .from shareholders and third parties to support its effort to complete the restructuring. proposed in its late May bankruptcy reorganization filing.

Dawahare's said it expects the liquidation of its 22 Dawahare's and Cat Bird Seat stores statewide to begin July 14 and to end by Sept. 30.

Report: Microsoft seeks help for another Yahoo bid Thu, 03 Jul 2008 01:28 EDT
Unable to strike a deal on its own, Microsoft Corp. reportedly is hoping to snap up Yahoo's online search operations with the help of News Corp. and Time Warner Inc.

The latest twist in Microsoft's convoluted courtship caused Yahoo's shares to rise more than 3 percent in Wednesday's sinking stock market, even though the chances of a deal getting done still seemed remote.

If nothing else, the enthusiastic reaction to the unconfirmed report in The Wall Street Journal served as another reminder that investors want Yahoo to pursue a different path than the one mapped out by Chief Executive Jerry Yang.

And that could be bad news for Yang, who started Yahoo as an Internet directory 14 years ago. Unless he can sway shareholder sentiment before Yahoo's annual meeting Aug. 1, Yang could lose his job in a boardroom coup being attempted by investor Carl Icahn.

Recognizing Yahoo's vulnerability, Microsoft is trying to recruit News Corp., Time Warner's AOL or other media partners to put together a joint bid that would slice Yahoo into pieces, according to the Journal. The story cited undisclosed people familiar with the discussions.

Childproof your outdoor spaces Thu, 03 Jul 2008 04:11 EDT

If you are concerned about your child's safety outside, there are some steps you can take to calm your worries and perhaps prevent a costly trip to the emergency room.

From Consumerreports.org, consider these four tips for childproofing the outdoors:

Stay vigilant about lawn and garden equipment. Keep them well maintained. If your child is old enough to help with chores, be sure to provide adequate supervision.

Safeguard porch or deck railings. Make sure that the space between balusters on a porch or deck measure less than 3 inches. Anything wider than that may be an open invitation for an accident of some form. If the spaces are wider than 3 inches, consider installing a mesh or plastic railing guard.

Smooth sailing for yacht builders despite economy Sat, 05 Jul 2008 00:30 EDT
Fuel prices are soaring and credit markets tightening, but the super-rich are still lining up to pay tens of millions of dollars for mega yachts.

The well-heeled buyers of the floating mansions are increasingly coming from emerging economies - in the Middle East, Russia and South America. The source of their wealth runs the gamut - technology, venture capitalism, new industries. And, yes, oil.

"There are a lot of people with new wealth looking for relaxation and enjoyment," said John Dane III, president of privately owned Trinity Yachts, the largest U.S. builder.

These days, the biggest problem at Trinity's shipbuilding yards is having enough workers to handle the 24 custom contracts the company currently is working for the luxury vessels.

"Nobody is buying these yachts because they need them," said William S. Smith III, Trinity's vice president. "They're buying them because they want them."

Gas prices hit another high for holiday weekend Fri, 04 Jul 2008 21:05 EDT
Fireworks aren't the only thing skyrocketing on this Fourth of July. The price of gas has hit another all-time high.

The AAA fuel-gauge report puts the national average price of a gallon of regular at a fraction over $4.10.

The price of premium as of today is $4.51.

A month ago, regular was going for $3.98 a gallon and a year ago you could gas up for $2.95 a gallon.

Chrysler looks at auto alliance with Chinese Fri, 04 Jul 2008 05:55 EDT
Chrysler LLC, looking for foreign partnerships to help drive its business as U.S. sales slump, announced a deal with China's Great Wall Motor Co. on Friday to study sharing technology, components and distribution.

Chrysler, the smallest of the three major U.S. automakers, is trying to expand sales in the fast-growing Chinese market and has a deal with China's Chery Automobile Co. to produce a low-cost model for sale under its Dodge brand.

Under the new agreement, Chrysler and Great Wall will look at ways to use each other's distribution networks and component and technology capabilities, Chrysler said in a statement released in the United States.

The agreement "represents part of Chrysler's ongoing efforts to explore opportunities to expand the company's involvement in the development of China's auto industry, as well as growing Chrysler's global business through the right partnerships," Chrysler spokeswoman Shawn Morgan said in the statement.

Morgan said the companies were not releasing any more details.

G-8 meets as economy storm clouds thicken Fri, 04 Jul 2008 13:30 EDT
Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week.

The outlook has darkened dramatically since last year's summit in Germany, when the leaders declared the global economy was in "good condition" and oil cost $70 a barrel - which seemed high at the time.

Since then, the U.S. subprime mortgage crisis has erupted, roiling markets and battering major financial firms. Oil has doubled to above $140 and food prices have jumped, hurting the poor in particular and raising the threat of political instability.

"Things have changed for the worse across the board," said Robert Hormats, vice chairman at Goldman Sachs (International) Corp. in New York.

Hormats argues that the economic problems now are more serious and widespread than during the Asian financial crisis of 1997-98, where the pain was largely limited to emerging markets.

62,000 jobs lost, off nearly half-million for year Fri, 04 Jul 2008 11:20 EDT
The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future.

Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and forsaken building sites.

With more job cuts expected in coming months, there's growing concern that many people will pull back on their spending later this year when the bracing effect of the tax rebates fades, dealing a dangerous setback to the shaky economy. These worries are rekindling recession fears.

"The deteriorating jobs climate will dampen many a barbecue this weekend. It's hard to celebrate when you are out of a job," said Richard Yamarone, economist at Argus Research.

In June alone, employers got rid of 62,000 jobs, bringing total losses so far this year close to a staggering half-million - 438,000, according to the Labor Department's report released Thursday. The economy needs to generate more than 100,000 new jobs a month for employment to remain stable.

Chinese Dir