News money 2008-07-24 Andanh.com

McCafé put on local McDonald's menus Thu, 24 Jul 2008 02:57:00 EST
McDonald's restaurants across the Louisville metro area soon will be serving mochas and lattes along with hamburgers and french fries.

June median home price off 6% Thu, 24 Jul 2008 02:57:00 EST
The median price of homes sold by members of the Greater Louisville Association of Realtors declined by nearly 6 percent in June to $141,000 when compared with a year earlier.

Labor complaint targets Audubon Thu, 24 Jul 2008 02:57:00 EST
The National Labor Relations Board has issued a complaint charging Norton Audubon Hospital with coercing nurses to vote against a union.

Toyota tops GM in worldwide sales Thu, 24 Jul 2008 02:57:00 EST
Pummeled by falling U.S. sales and high gas prices, General Motors lost the global sales lead to Toyota in the first half of this year, but the churning market made it hard to predict which will end the year on top.

Q: What's a homestead exemption? Thu, 24 Jul 2008 02:58:00 EST
A: Kentucky law allows property owners 65 or older to get a homestead exemption to lower their property tax.

Business People Wed, 23 Jul 2008 22:18:00 EST
Financial services, professional services and miscellaneous 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.

Commercial real estate activity strong in area Wed, 23 Jul 2008 22:46:00 EST
Industrial real estate activity in Louisville remains strong despite a sluggish national economy, according to a new report from the firm Commercial Kentucky Inc.

Toyota outsells GM worldwide in first half Wed, 23 Jul 2008 19:38 EDT
General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.

Toyota sold 4,817,941 vehicles globally during the first six months of the year, company spokesman Hideaki Homma said Wednesday, beating GM by 277,532 vehicles. Toyota said its global sales rose 2 percent from the same period the year before, while GM's sales fell 3 percent.

It's the second time Toyota has beaten GM in sales in the first half of the year. In 2007, Toyota outsold GM by about 50,000 vehicles, although GM eked out a win for the full year, retaining its 77-year position as the world's largest automaker by sales.

Toyota didn't release regional sales totals, but the weakened U.S. market appeared to be the biggest battleground. With its reputation for small, fuel-efficient cars and less exposure to the plummeting truck and SUV market, Toyota's U.S. sales fell 6 percent, compared with a 16 percent drop for GM. Industrywide sales fell 10 percent.

"The U.S. is definitely the sore spot," said Erich Merkle, an auto analyst with Crowe Chizek and Co., a Grand Rapids accounting and consulting company. "Toyota is not doing not well in SUVs and pickups either, but it's in a pretty good position in the small car and midsize sedan segments."

Jeff Sachs Autopark closes its doors Wed, 23 Jul 2008 04:09 EDT

Jeff Sachs Autopark in Frankfort closed Monday after more than a decade in business. A receptionist confirmed the closing, but Sachs declined to comment.

The dealer sold General Motors vehicles, having previously offered Chrysler, too, until it sold the license for that to the Bob Allen Motor Mall more than a year ago.

Dan Clark, general manager at Bob Allen, said he could not comment on Sachs' closing and whether Bob Allen had been approached about the GM license.

.I can't imagine GM's ... not going to be looking for somebody to replace him in this marketplace,. said Ron Jackson, president of the Kentucky Auto Dealers Association.

Lexmark to close another cartridge plant Wed, 23 Jul 2008 06:26 EDT

In conjunction with its second-quarter earnings announcement on Tuesday, Lexmark International said it will close another of its inkjet cartridge-manufacturing plants in Mexico.

The move, which will cost the company about $24 million before taxes, will affect about 650 jobs. The company estimates most of the jobs at the Chihuahua, Mexico, plant will be moved to a lower-cost country. The company continues to operate a plant in Juarez, Mexico, where it closed one of two plants last year. It also has a plant in Lapu-Lapu City in the Philippines.

The closure is expected to save the company about $9 million annually beginning in 2009.

The goal is to improve the company's struggling inkjet division, which has dragged on the health of the company since the latter half of 2005 and continues to weigh down earnings, as evidenced in Tuesday's announcement.

Business Notes Wed, 23 Jul 2008 04:09 EDT

Kentucky

State jobless rate rises slightly for June

The latest employment figures show that Kentucky's jobless rate rose slightly to 6.3 percent in June. Office of Employment and Training chief labor market analyst Justine Detzel blamed economic factors for the increase from May's 6.2 percent unemployment. Detzel said the state's economy has been weighed down in part by soaring prices for food and fuel. Non-farm employment fell by 4,400 jobs in the state. Detzel said the vast majority of the job losses were attributed to temporary layoffs. More than 1.9 million Kentuckians were employed in June.

Todd man indicted in scam

Stock futures head to higher open Wed, 23 Jul 2008 15:03 EDT
Wall Street looked to extend its gains Wednesday as oil extended its retreat and investors turned a bit more hopeful about the economy.

Oil prices fell further after dropping more than $3 a barrel in the previous session as Hurricane Dolly looked likely to spare key oil installations in the Gulf of Mexico. Investors were also awaiting supply data released by the government during the session that could show demand is weakening.

A barrel of light sweet crude dropped $2.45 to $125.97 in premarket trading on the New York Mercantile Exchange. Crude is now down more than $20 after just weeks ago hitting a record above $147 a barrel; that surge had raised concerns that rising inflation would cripple consumer spending and in turun, the economy.

Oil's tumble distracted investors from some disappointing earnings. Late Tuesday, Washington Mutual Corp. followed Wachovia Corp. in posting second-quarter results that fell short of expectations.

Yahoo Inc. also reported that second-quarter profit slipped and missed projections. However, its results weren't as weak as many investors feared after Internet search and advertising leader Google Inc. disappointed Wall Street last week.

Rescue of mortgage giants could hit $25 billion Wed, 23 Jul 2008 00:45 EDT
A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure.

A costly rescue for Fannie and Freddie is just a worry, not a certainty at this point. Peter R. Orszag, director of the Congressional Budget Office, predicted in a letter to lawmakers Tuesday that there's a better than even chance the government will not have to step in to prop up the companies by lending them money or buying stock.

The House was expected to vote Wednesday on a housing measure that would give the Treasury Department authority to throw the companies a temporary lifeline.

It's part of a plan to let hundreds of thousands of strapped homeowners refinance through the Federal Housing Administration into more affordable, government-backed loans at fixed rates rather than losing their homes. The bill would send $3.9 billion to neighborhoods hit hardest by the housing crisis - something that has prompted the White House to threaten a veto.

Taking advantage of the momentum behind the election-year housing package at a time when economic woes top voters' concerns, Democratic leaders planned to include a separate measure to increase the statutory limit on the national debt by $800 billion, to $10.6 trillion.

Separate job hunting from current job Thu, 24 Jul 2008 02:51 EDT

Looking for a job when you're already employed can be a tricky prospect. From Erin Burt of Kiplinger.com, here are some ideas to make your job search easier:

. Don't talk about it. It's best not to let your boss know you're looking for a job somewhere else.

. Don't search while you're at work.

. Coordinate your interviews. If you schedule an interview on your lunch break or early in the morning before work, make sure that you'll make it to work on time.

Earnings Roundup Thu, 24 Jul 2008 02:51 EDT

The following companies made earnings-related announcements Wednesday.

Amazon.com Inc.

Second Prior-year quarter period

Revenue $4.1B $2.9B

Care Bears and Strawberry get new family Thu, 24 Jul 2008 02:51 EDT

Strawberry Shortcake and the Care Bears are moving to Canada.

Greeting card maker American Greetings Corp. said Wednesday it will sell the product licenses to Cookie Jar Entertainment of Toronto for $195 million.

Cookie Jar produces children's entertainment and educational materials.

American Greetings will retain greeting card licensing rights to Strawberry Shortcake and the Care Bears for 10 years.

Louisville plans reunion party in Tampa, Fla. Thu, 24 Jul 2008 02:51 EDT

TAMPA . Talk about slugging a town when it's down.

Armed with Kentucky Derby tickets and top-shelf bourbon, Louisville officials will be in Tampa on Thursday trying to woo back former Kentuckians. Their pitch: .Move to Possibility City. . and away from a Florida town recently dubbed by Forbes as the worst major U.S. metro area for young professionals for a second straight year.

Louisville Mayor Jerry Abramson plans to throw a .Louisville Reunion. party, an event that is in its sixth year and has visited San Francisco, Chicago, Dallas and Atlanta. This is its first Florida visit.

The invitations go to people with ties to Kentucky, and Abramson said the Tampa-St. Petersburg area is home to one of the largest alumni groups of the University of Louisville.

Toyota's global sales outpace GM's Thu, 24 Jul 2008 02:51 EDT

DETROIT . General Motors Corp. lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.

Toyota sold 4,817,941 vehicles globally during the first six months of the year, beating GM by 277,532 vehicles. Toyota said its global sales rose 2 percent from the same period the year before, while GM's sales fell 3 percent.

It's the second time Toyota has beaten GM in sales in the first half of the year. In 2007, Toyota outsold GM by about 50,000 vehicles, although GM eked out a win for the full year, retaining its 77-year position as the world's largest automaker by sales.

Toyota didn't release regional sales totals, but the weakened U.S. market appeared to be the biggest battleground. With its reputation for small, fuel-efficient cars and less exposure to the plummeting market for trucks and SUVs, Toyota's U.S. sales fell 6 percent, compared with a 16 percent drop for GM. Industrywide sales fell 10 percent.

Sometimes it doesn't pay to cut corners Wed, 23 Jul 2008 04:09 EDT

Here are a couple of items you shouldn't cut back on in a quest to save, says Liz Pulliam Weston of MSN Money:

Faster Internet . Cable and DSL connections can be had in some areas for a mere $10 more than dial-up. That's more than worth the time you will save with the faster connection.

Comfortable mattress. Good ones can be bought for under $1,000, and sales and promotions can save 30 percent to 50 percent. Remember, you're going to be sleeping on it every night.

Car maintenance. If you ignore maintenance, it will only come back to bite you. Bring your car in for tune-ups at the recommended mileage.

Fannie, Freddie rescue could cost $25 billion Wed, 23 Jul 2008 04:09 EDT

WASHINGTON . A federal rescue of troubled mortgage giants Fannie Mae and Freddie Mac could cost taxpayers as much as $25 billion, Congress's top budget analyst said Tuesday.

But Peter R. Orszag, director of the Congressional Budget Office, predicted in a letter to lawmakers that there's a better than even chance the government will not have to step in to prop up the companies by lending them money or buying stock.

Congress is expected to vote this week on a housing measure that would give the Treasury Department authority to throw Fannie and Freddie a temporary lifeline.

Treasury Secretary Henry M. Paulson, who has been pressing for the power, says it's intended as a backup plan to help calm investors and stabilize financial markets.

Big Oil profits steered to investors Tue, 22 Jul 2008 03:14 EDT

HOUSTON . As giant oil companies like ExxonMobil and ConocoPhillips get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going?

The companies say they're trying to find new oil that might help bring down gas prices, but the money they spend on exploration is nothing compared with what they spend on stock buybacks and dividends.

It's good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers already making drastic cutbacks to offset the high cost of fuel.

The five biggest international oil companies plowed about 55 percent of the cash they made from their businesses into stock buybacks and dividends last year, up from 30 percent in 2000 and just 1 percent in 1993, according to Rice University's James A. Baker III Institute for Public Policy.

Yahoo settles with Icahn to avert showdown Tue, 22 Jul 2008 03:14 EDT

SAN FRANCISCO . Yahoo Inc. averted a showdown with rabble-rousing investor Carl Icahn on Monday by giving him three seats on its board of directors in a truce that still leaves the door open for a possible sale to Microsoft Corp.

The compromise spares Yahoo from more bickering with Icahn, an acerbic billionaire who had spent the past two months spearheading a rebellion to replace the Internet company's entire board in retaliation for its rejection of Microsoft's $47.5 billion takeover bid in May.

The duel had been scheduled to culminate in a shareholder vote at Yahoo's Aug. 1 annual meeting.

It now appears there will be fewer fireworks at that gathering, although some Yahoo shareholders are still expected to vent about the board's inability to get a deal done with Microsoft after six months of wrangling.

Louisville lawmaker to offer slots bill Tue, 22 Jul 2008 03:14 EDT

Following the failure earlier this year of Democratic Gov. Steve Beshear's push for casinos, Rep. Tom Burch is writing legislation for the 2009 General Assembly that would allow 18,000 slot machines in Kentucky.

Burch, D-Louisville, issued a statement Monday saying that roughly 6,000 of those slots would be spread around at the eight horse racing tracks, while the others would be available to counties whose citizens vote to approve them.

.The time has come to either pass a bill regarding gambling or stop wasting taxpayers' dollars debating the issue,. Burch said in the statement. .This bill would allow each and every county to have slot machines, but only if each county so desires to have them..

The number of slot machines at racetracks would be determined by the number of 2008 race days, according to the outline of Burch's bill. Turfway Park, with 110 race days this year, would be eligible for the most machines at 1,400. In Lexington, Keene.land could get 545 machines, while The Red Mile could be allotted 740 machines.

Tired of stock swings? Try investing in money Tue, 22 Jul 2008 03:14 EDT

Tired of the ups and downs, mostly downs, of the stock market? Cash is the safest option, the one used by some of the wealthiest investors, but certainly not the only one.

.We are about preservation of capital first and growth second,. said Jim McCarthy of Legacy Capital.

McCarthy said many of the firm's clients . with more than $1 million in assets and an average portfolio of $2.5 million . have moved to safe Treasury bills and high-quality bonds over the past year.

.We've been moving into cash and not riding it out,. he said. .For us, it's wealth preservation..

WTO powers cite some progress in marathon meeting Thu, 24 Jul 2008 00:48 EDT
A marathon meeting of the world's top commercial powers ended early in the morning in Geneva with negotiators citing some progress in talks on a new global trade pact.

The 12-hour meeting ended Thursday at around 3:30 a.m. local time. Negotiators from the United States, European Union, Japan, China, Brazil, India and Australia took part.

At issue were cuts in manufacturing and agricultural tariffs, as well as reductions in farm subsidies. These have been the main stumbling points to the World Trade Organization's seven-year trade round.

The negotiators said the meeting provided progress on some issues but no progress on others. They gave few details.

Negotiators will take another stab at pushing the talks forward later Thursday.

House OKs rescue for homeowners, Freddie, Fannie Thu, 24 Jul 2008 02:27 EDT
Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac.

The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

Hours before the vote, President Bush dropped his opposition to the measure, which now is on track to pass the Senate and become law within days.

The White House swallowed its distaste for $3.9 billion in grants for devastated neighborhoods. In return, the administration got both the power to throw Fannie Mae and Freddie Mac a lifeline and the legislation Republicans long have advocated to rein in the government-sponsored mortgage companies.

Treasury Secretary Henry M. Paulson and lawmakers in both parties negotiated the final deal. It accomplishes several Democratic priorities, including aid for homeowners, a permanent affordable housing fund financed by the two mortgage companies and the money for hard-hit neighborhoods. The grants are for buying and fixing up foreclosed properties.

Insurance tests raise questions about some pickups Thu, 24 Jul 2008 01:23 EDT
The latest crash tests by the insurance industry raise safety questions about small pickups, which are drawing more interest because they get better mileage than larger trucks.

The Insurance Institute for Highway Safety reported Thursday that several small pickups from the 2008 model year offered dismal protection in side crashes. Versions of the Chevrolet Colorado and its twin vehicle, the GMC Canyon, without optional side air bags earned the institute's lowest rating of poor in the side test.

Several pickups were judged marginal, the second-lowest in the four-scale ratings, in the side tests: the Dodge Dakota and Mitsubishi Raider without optional side air bags; the Ford Ranger; Mazda B-Series; and the Nissan Frontier without side air bags. The Ranger and B-Series, which share the same underpinnings, do not offer side air bags.

"More people may be looking at small pickups because of rising gas prices," said Adrian Lund, the institute's president. "Unfortunately, they won't find many that afford state-of-the-art crash protection."

The 2008 Toyota Tacoma was the only small pickup tested to merit the top score in side crashes. The Tacoma was tested with optional side air bags because the equipment will be standard on 2009 Tacoma pickups being shipped to dealers this month, the institute said.

Canon reports 13 percent drop in profit Thu, 24 Jul 2008 04:57 EDT
Canon Inc. said Thursday its second-quarter profit fell 13 percent from a year ago as a stronger yen chipped away at the value of booming overseas sales of color copiers.

The Japanese camera maker recorded a 107.84 billion yen ($1 billion) profit for April-June, down from 123.93 billion yen the same period the previous year. Quarterly sales totaled 1.106 trillion yen ($10.26 billion), down 1.9 percent from 1.127 trillion yen.

The sharp rise of the yen against the dollar was the biggest culprit, Canon said. Calculated in local currencies, sales of digital cameras, office equipment for copying and faxing, and other products jumped on year, it said.

The dollar averaged 104.69 against the yen in the first half of the year, reflecting a 13 percent jump in the value of Japan's currency. That eroded the value of overseas earnings of Japanese exporters such as Canon.

The impact from currency fluctuations erased 118.9 billion yen ($1.1 billion) from Canon's first half sales, the company said. For the first six months of the year, Canon's net profit dipped 15.9 percent to 214.49 billion yen ($2 billion).

Japanese shares rise on Wall Street gains, oil Thu, 24 Jul 2008 05:27 EDT
Japanese shares rose for the third straight session Thursday, lifted by further gains on Wall Street and a continuing slide in oil prices.

The benchmark Nikkei 225 index increased 290.38 points, or 2.18 percent, to close at 13,603.31.

"The index was supported by external factors such as a rise in the U.S. market and falling oil prices," said Yutaka Miura, senior strategist at Shinko Securities Co. Ltd.

Investors continued to buy banking stocks amid easing worries over the health of the U.S. financial sector, Miura said, while export-linked stocks ended higher, helped by a softening yen.

A weak yen makes Japanese goods price competitive abroad and boosts the value of repatriated profits by local exporters.

Fair will feature working at home Thu, 24 Jul 2008 02:51 EDT

Need a new job or extra income to pay for things like gasoline?

You might find just what you need at the Home Based Business Fair to be held Saturday in Lexington.

A dozen companies that offer opportunities for making money from home will be represented at the fair, which runs from 8 a.m. to 6 p.m. at the SpringHill Suites at 863 South Broadway.

.This is great for a lot of people that want to stay at home with their kids, a lot of stay-at-home moms,. said Bonita Smith, event coordinator.

Recognizing Lincoln
Robert Brock, artistic director for Kentucky Repertory Theatre in Horse Cave, spoke to members of the Glasgow-Barren County Chamber of Commerce during the organization’s third quarterly breakfast on July 11.

Barren County Health Care Center honored
The Kentucky Association of Health Care Facilities recently recognized four member facilities, including Barren County Health Care, for delivering outstanding customer service as determined by customer satisfaction surveys.

Corporate Olympics planned
An organizational meeting for Barren River Lake State Resort Park’s first Corporate Olympics will begin at 1 p.m. on Friday, Aug. 8, at the park’s Louie B. Nunn Lodge.

State jobless rate increases
The latest employment figures show Kentucky’s jobless rate rose slightly to 6.3 percent in June.

Family Video expects store to open in coming months
Family Video, the largest privately owned movie and game renter in the United States, is moving to Glasgow.

Chinese Dir