News money 2008-07-25 Andanh.com

Kosair Children's Hospital opens expanded imaging suite Fri, 25 Jul 2008 03:41:00 EST
Kosair Children's Hospital yesterday unveiled a vastly expanded imaging area that will "make diagnostic testing less scary for children and reduce the wait time for families," said Doug Eighmey, president of the downtown Louisville hospital.

Jalapenos taken off shelves at Kroger Fri, 25 Jul 2008 03:41:00 EST
Kroger Co., the nation's largest traditional grocery chain, has removed jalapeno peppers from all its stores as a precaution while the federal government continues to investigate a recent salmonella outbreak.

Stocks drop on weak reports Thu, 24 Jul 2008 22:00:00 EST
Wall Street abruptly ended an earnings-driven rally and closed sharply lower yesterday as a steeper-than-expected decline in existing-home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent.

Task force to look at horse racing Thu, 24 Jul 2008 21:59:00 EST
Gov. Steve Beshear yesterday appointed a task force to look at funding and integrity issues in Kentucky horse racing.

Q: How do I know if the price of a home is fair? Fri, 25 Jul 2008 03:35:00 EST
A: Sales of comparable properties, also known as comps, are one of the best ways to gauge the market value of a home.

Business People Thu, 24 Jul 2008 21:53:00 EST
Health care, 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.

Shareholders approve Clear Channel buyout Thu, 24 Jul 2008 22:04:00 EST
As expected, shareholders of Clear Channel Communications approved the buyout of the radio-station and billboard company yesterday in San Antonio.

Microsoft defends search investments Thu, 24 Jul 2008 22:04:00 EST
Microsoft Chief Executive Steve Ballmer defended the software maker's decision to invest heavily in its unprofitable online business, but shed little light yesterday on specific steps it will take to challenge Google in the wake of the failed bid to buy Yahoo.

$8.67 billion loss is Ford's worst ever Fri, 25 Jul 2008 02:24 EDT

DETROIT . Ford Motor Co. posted its worst quarterly loss ever Thursday in a roiling global auto market that also saw profits fall at Daimler AG, Hyundai Motor Co. and AutoNation Inc. Renault SA reported a profit increase in the first half of the year but still plans to cut jobs and production.

The rising cost of oil and raw materials and the economic slowdown in North America and Western Europe were generally to blame for the automakers' woes. Domestically, auto sales dropped 10 percent in the first half of the year. Sales in Europe dropped 8 percent in June and threaten to continue their slide.

Here are snapshots of the results:

. AutoNation: The largest U.S. auto retailer said its second-quarter profits tumbled 33 percent to $51.8 million as sales dried up. The company announced plans to cut 1,300 jobs and sell underperforming dealerships to reduce costs by $100 million per year.

Bleeding cash, Ford looks to Europe Fri, 25 Jul 2008 02:24 EDT

DEARBORN, Mich. . Bleeding cash and with its very survival uncertain, Ford Motor Co., an icon of American automaking, will try to import some of its success from across the Atlantic.

Ford reported its worst-ever quarterly loss Thursday and announced plans to bring over six small, fuel-efficient cars it makes in Europe and start selling them in North America, where Ford is losing billions on its truck-heavy lineup. Ford will retool plants to make the smaller cars.

The company burned through nearly $11 billion of its cash stockpile in the past year and reported a second-quarter loss of $8.7 billion.

The automaker said that the Louisville Assembly Plant, which makes the Ford Explorer midsize SUV, will be getting a flexible body shop and begin making smaller, fuel-efficient cars to sell in the United States by 2011.

Kuhlman Electric to be sold Fri, 25 Jul 2008 00:14 EDT

Electrical engineering giant ABB Ltd. has announced this month it will acquire Versailles-based transformer maker Kuhlman Electric Corp. from private-equity firm The Carlyle Group.

Financial details were not disclosed. ABB said the deal will be closed in a few months, pending approval from regulatory authorities.

Kuhlman Electric had revenues of about $250 million last year and employs some 800 people.

Panel looks to future of horse racing Fri, 25 Jul 2008 02:24 EDT

Gov. Steve Beshear created a task force Thursday to study the future of horse racing, charging its members with making recommendations to give Kentucky horse racing a .more sound financial future..

A news release announcing the Governor's Task Force on the Future of Horse Racing does not mention casino gambling, but many of its members have advocated for casinos at race tracks.

.I gave them a broad charge of looking at the health and the future of horse racing in Kentucky,. Beshear said in an interview. .If they choose to look at expanded gaming, they can..

In an executive order, Beshear told the task force to study the economic soundness of the industry, the effectiveness and quality of drug testing, the proper role of the Kentucky Horse Racing Commission and the adequacy of state laws and regulations.

Energy business boot camp seeking applications Thu, 24 Jul 2008 23:49 EDT

The Kentucky Highlands Energy Business Boot Camp is accepting applications though Aug. 25 for the second round of its entrepreneurial training and mentoring program.

The boot camp focuses on helping energy-related researchers, inventors and entrepreneurs create business models.

To learn more and to apply for the program visit, the KHIC website at www.khic.org.

Louisville, Ky., Ford plants to shift production Thu, 24 Jul 2008 18:00 EDT
Ford Motor Co. is going down the road ahead with Kentucky.

The automaker announced on Thursday that the Louisville Assembly Plant, which makes the Ford Explorer midsize SUV, will be getting a flexible body shop and begin making smaller, fuel-efficient cars to sell in the United States by 2011.

The new vehicles will be similar to the European Focus.

Ford, successful at selling cars in Europe, is banking on new European models to boost sales and revenue as it deals with a market shift from trucks to cars brought on by high gasoline prices.

The struggling automaker is also moving production of the Lincoln Navigator and Ford Expedition from Michigan to the Kentucky Truck Plant in early 2009. The Kentucky Truck Plant currently makes Ford Super Duty pickups.

Grocer removes jalapenos Thu, 24 Jul 2008 14:04 EDT
The nation's largest traditional grocery chain has removed all jalapeno peppers from its stores as a precaution.

Kroger Co. spokeswoman Meghan Glynn says the Cincinnati-based company decided to halt jalapeno sales after the U.S. Food and Drug Administration reported Monday that a Texas distributor was recalling jalapenos because they had the potential to be contaminated with salmonella. She says Kroger removed jalapenos the next day, even though none of its supply was from the distributor.

The government is warning against eating fresh jalapenos or products made from them while it continues to investigate a national salmonella outbreak initially linked to tomatoes.

Kroger operates almost 2,500 supermarkets and multi-department stores in 31 states.

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.

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.

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.

Housing prices fall sharply as jobless claims increase Fri, 25 Jul 2008 02:24 EDT

Two cornerstones of the economy, jobs and housing, sank to new depths Thursday, with unemployment claims bolting higher and home prices recording one of their steepest drops.

The bleak reports underscored the self-reinforcing cycle hampering the economy: As home prices sink, foreclosures rise, banks feel pressure to shy away from lending and employers cut jobs.

The Labor Department said the number of newly laid-off people filing for unemployment benefits rose to 406,000 last week. The last time jobless claims were higher was after the Gulf Coast hurricanes in 2005.

The housing news wasn't any better: As sales of previously owned homes fell in June coupled with a glut of unsold and foreclosed homes on the market, the value of Americans' biggest asset continued to sag.

Help yourself qualify for a mortgage Fri, 25 Jul 2008 02:24 EDT

From www.peoplejam.com, an online self-help community, here are three tips to improve your chances of getting a mortgage:

. Check your credit reports for accuracy.

. Boost your FICO score by paying down debt. Most mortgage lenders use the FICO score to determine whether a borrower is likely to default.

. Put money aside for a down payment to show you are serious about becoming a homeowner.

Business Notes Fri, 25 Jul 2008 06:34 EDT

Kentucky

Entrepreneurial boot camp seeks applications

The Kentucky Highlands Energy Business Boot Camp is accepting applications though Aug. 25 for the second round of its entrepreneurial training and mentoring program. The boot camp focuses on helping energy-related researchers, inventors and entrepreneurs create business models. To learn more or apply, visit the KHIC Web site at www.khic.org.

Kuhlman Electric to be sold

Earnings roundup Fri, 25 Jul 2008 02:24 EDT

The following companies made earnings-related announcements Thursday.

National City Corp.

Second Prior-year quarter period

Net income .$1.76B $347M

Japanese Internet mogul found guilty in appeal Fri, 25 Jul 2008 00:55 EDT
A Japanese appeals court upheld the conviction of flamboyant former Internet mogul Takafumi Horie on Friday in an ongoing case that has come to symbolize this nation's effort to deal with white collar crime at emerging dot-coms.

The Tokyo High Court rejected Horie's appeal of a lower court conviction of securities laws violations. He was found guilty in March last year of masterminding a network of decoy investment funds to manipulate earnings at his Net services startup Livedoor Co.

Horie, 35, who has repeatedly said he is innocent, will take his case to the Japanese Supreme Court, his lawyer Yasuyuki Takai said after the ruling.

"We definitely cannot accept this decision," he said on nationally televised NHK news. "It is incomprehensible."

Also upheld Friday was the Tokyo District Court decision that sentenced Horie to 2-1/2 years in prison. In Japan, it is still quite rare for an executive to get a prison sentence for white collar crimes. Horie is out on bail.

Samsung's second-quarter net profit surges Fri, 25 Jul 2008 05:34 EDT
South Korea's Samsung Electronics said Friday that second-quarter net profit grew 51 percent compared with the same quarter last year led by its liquid crystal display and mobile phone businesses.

"We posted very strong results," Chu Woo-sik, executive vice president of investor relations, told analysts on a conference call.

Samsung earned 2.14 trillion won ($2.12 billion) in the three months ended June 30, the company said. Sales during the quarter rose 24 percent on year to a record 18.14 trillion won ($18 billion).

The result, however, failed to meet expectations, sending Samsung's stock price tumbling.

Analysts surveyed by Thomson Financial forecast that Samsung would post net profit of 2.4 trillion won ($2.4 billion) on sales of 18.5 trillion won ($18.2 billion).

N.M. researchers hope to cultivate `calming herb' Fri, 25 Jul 2008 05:24 EDT
The plant has been described by local residents as magical, its qualities almost mythical.

The native herb yerba mansa, translated from Spanish as the "calming herb," has been used medicinally for centuries throughout the Southwest by American Indians and Hispanics to treat ailments ranging from toothaches to sinus infections.

Though the herb is relatively unknown outside the region, experts in the medicinal herb industry say yerba mansa could become as popular as goldenseal and echinacea.

But before the ancient medicinal herb can get its day in the sun, researchers must find a way to protect the ecologically threatened plant from depletion by habitat loss and urban development.

Charles Martin, a researcher at New Mexico State University's Sustainable Agriculture Science Center, has found a solution. He has made yerba mansa a viable agricultural crop for New Mexico's small farmers.

Japan stocks drop on overnight US losses Fri, 25 Jul 2008 05:38 EDT
Japanese stocks fell sharply Friday as Wall Street's overnight plunge renewed lingering concerns about the U.S. economy.

The benchmark Nikkei 225 index lost 268.55 points, or 1.97 percent, dashing its three-day gaining streak and ending the week at 13,334.76.

The biggest cause for Friday's plunge was Wall Street's hefty losses Thursday, said Mitsushige Akino, fund manager at Ichiyoshi Investment Management.

"That quickly fueled investors' lingering worries over the health of the U.S. economy," Akino said. He also said that Friday's selling was aimed at locking in profits after three days of gains.

The Dow Jones industrial average fell 252.08, or 2.17 percent, Thursday, to 11,380.30. The sell-off was triggered by a steeper-than-expected decline in existing home sales that wiped away some of the market's optimism about upbeat earnings reports.

Oil rises above $126 after recent lows Fri, 25 Jul 2008 02:50 EDT
Oil extended a rebound Friday, rising above $126 a barrel after several declines over the past two weeks, although the market remains weighed down by the belief that falling fuel demand does not justify the recent high prices.

Light, sweet crude for September delivery rose 67 cents to $126.16 a barrel in electronic on the New York Mercantile Exchange by early afternoon in Singapore. The contract rose $1.05 to settle at $125.49 a barrel on Thursday.

Oil prices fell sharply the day before, tumbling $3.98 to settle at $124.44 a barrel, its lowest finish since June 4. Crude has fallen in six of the past eight sessions, and now sits nearly 15 percent below its peak above $147 a barrel earlier this month.

"The reality is that the fall of $20 per barrel has been fast and furious and really the fundamentals of the market that drove pricing to above $145 really have not changed," said Victor Shum, an energy analyst with consulting firm Purvin & Gertz in Singapore. "Some market participants simply view this as a 'buy' opportunity."

Investors' short covering - buying back rising securities which they had sold on speculation prices would fall - was another factor behind the rebound, Shum said.

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