News money 2008-07-30 Andanh.com

Markets swing back Tue, 29 Jul 2008 23:00:00 EST
Wall Street shot higher yesterday, gaining back the previous session's sharp losses and then some, after a drop in oil prices and a rise in consumer confidence gave investors some hope for a letup in Americans' financial woes.

LG&E's rate hike less than expected Wed, 30 Jul 2008 04:00:00 EST
Louisville Gas and Electric Co.'s residential customers may get a slight break on proposed rate increases, compared with the utility's initial projections.

New arena financing options discussed Tue, 29 Jul 2008 23:01:00 EST
Louisville Arena Authority representatives met yesterday with officials from investment bank Goldman Sachs for the first time since the project's financing plan stalled last Thursday.

Big cities' home prices plunge Tue, 29 Jul 2008 23:01:00 EST
Home prices in the nation's largest cities tumbled by the steepest rate on record in May, according to a closely watched housing index released yesterday.

Report: Folks seeing a little economic sun Tue, 29 Jul 2008 23:02:00 EST
Americans see a slice of sunlight in the economy, as a widely watched report yesterday showed they're not as pessimistic about the future as they were a month ago.

Synthetic tracks unproved Wed, 30 Jul 2008 00:00:00 EST
A group of horse-racing industry experts cautioned yesterday against rushing to install synthetic track surfaces, saying there's not enough evidence yet to decide if they reduce injuries.

Q: What does the new housing bill do? Wed, 30 Jul 2008 03:53:00 EST
A: It will allow those who qualify to cancel their old mortgage loans and replace them with 30-year fixed-rate loans for up to 90 percent of the home's current value.

Business People Tue, 29 Jul 2008 21:33:00 EST
Health care, board officers and real estate 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.

Lexington-based bank reports order to improve Tue, 29 Jul 2008 23:04:00 EST
Lexington-based Bank of the Bluegrass and Trust Co. announced that the Federal Deposit Insurance Corp. has ordered it to improve its lending practices and collections.

Failure of trade talks hits world economy Wed, 30 Jul 2008 00:00:00 EST
After coming tantalizingly close to a historic trade deal, World Trade Organization talks collapsed yesterday in a dismaying blow to seven years of efforts to open up the global economy.

Wed, 30 Jul 2008 14:49 EDT

The annual Jockey Club Round Table Conference next month will focus on the thoroughbred safety committee and more recommendations for changes. The committee, formed in the wake of the controversies over of Big Brown's use of steroids and Eight Belles' death in the Kentucky Derby, has already recommended bans on steroids and horseshoes with .toe grabs,. as well as whip-related reforms. Speakers at the conference Aug. 17 in Saratoga Springs will include: Dr. Rick Arthur of the California Horse Racing Board; Dr. Larry Bramlage, co-owner of Rood and Riddle Equine Hospital in Lexington; Bill Casner, co-owner of WinStar Farm in Versailles; Alan Foreman of the Thoroughbred Horsemen's Associations; Jim Gagliano of The Jockey Club; David Haydon of InCompass Solutions; Jim Hickey of the American Horse Council; Matt Iuliano of The Jockey Club; and Dr. Mary Scollay of the Kentucky Horse Racing Commission.

Church gets big fan to deal with hellish heat Wed, 30 Jul 2008 08:58 EDT
A Brooklyn Catholic church that gets so hot in the summer that parishioners go elsewhere for worship is getting some deliverance from the heat in the form of a 24-foot industrial fan.

The only hitch is the unholy name of the Kentucky company that makes the machine: Big Ass Fans Co.

About 300 parishioners of the century-old Our Lady of Refuge Church in Flatbush raised $7,500 to pay for the gigantic fan. Their names will be commemorated on its 10 stainless steel blades.

Parishioners hope the fan - whatever the name of the manufacturer - will help bring down temperatures in the house of worship that sometimes reach into the 90s.

A spokesman for the Lexington, Ky.-based fan company says they have installed their machines in about 50 churches.

Alltech to develop malt whiskey, Irish coffee drinks Wed, 30 Jul 2008 03:28 EDT

LOUISVILLE . Medal winners at the Alltech FEI World Equestrian Games in 2010 can celebrate their success with a new Lexington-made malt whiskey if Alltech's latest project stays on schedule.

To be called Lyons Reserve after the company's founder, Pearse Lyons, the new whiskey will be made at a distillery being added to Alltech's Lexington Brewing Co. at 401 Cross Street.

Production is expected to begin in about six weeks and yield the first whiskey in time for the Games at the Kentucky Horse Park in 2010, Lyons said Monday after a speech to the Kentucky Chamber's Economic Summit and Annual Meeting at Louisville's downtown Marriott.

Bourbon, Kentucky's most famous distillery product, requires years of aging. But malt whiskey . .a cousin of beer,. Lyons said . can be aged quickly in small containers and be ready in two years.

Home prices fall at steepest rate ever Wed, 30 Jul 2008 09:21 EDT

NEW YORK . Home prices tumbled by the steepest rate ever during May, according to a closely watched index released Tuesday.

The Standard . Poor's/Case-Shiller 20-city index dropped by 15.8 percent in May compared with a year ago, a record decline since its inception in 2000. The 10-city housing index plunged 16.9 percent, the biggest decline in its 21-year history.

No city in the 20-city index saw price gains in May, the second straight month that has happened. The monthly indices have not recorded an overall home price increase since August 2006.

Home values have fallen 18.4 percent since the 20-city index's peak in July 2006.

Business Notes Wed, 30 Jul 2008 12:17 EDT

Kentucky

Keeneland yearling sale to have record-high catalog

Keeneland 's annual September yearling sale has catalogued a record 5,555 horses, topping last year's by two, the auction house said Tuesday. The sale, from Sept. 8 through Sept. 23, with no sales Sept. 12, includes yearlings by top sires such as Smart Strike , Tiznow , A.P. Indy and Distorted Humor , as well as young sires such as Afleet Alex and Smarty Jones . Last year's sale grossed more than $385 million, the second-highest total, with a record 3,799 yearlings sold. Recent September sale graduates include Horse of the Year Curlin and 2007 Belmont winner Rags to Riches .

Jobless claims rise in 108 counties

Protesters picket Hyatt renovations over wages Wed, 30 Jul 2008 03:28 EDT

A group arguing for better wages is picketing the downtown Hyatt Regency Lexington as it undergoes renovations.

Holding up signs that read .Honk for fair wages,. the picketers argue that International Hospitality Services Inc., the contractor renovating the hotel, is not abiding by Lexington's area standards. That's a series of locally monitored conditions for construction workers, including wage rates, overtime stipulations, fair grievance procedures and medical benefits.

The group of about 20 protesters was organized by the Indiana/Kentucky Regional Council of Carpenters and Millwrights.

The picketers are union workers, retired construction workers and volunteers.

Keeneland sales catalog hits record Tue, 29 Jul 2008 18:49 EDT

Keeneland 's annual September yearling sale has catalogued a record 5,555 horses, topping last year's catalog by two, the auction house announced Tuesday.

The sale, from Sept. 8 through Sept. 23, with no sales on Sept. 12, includes yearlings by top sires such as Smart Strike , Tiznow , A.P. Indy , Distorted Humor , as well as young sires such as Afleet Alex and Smarty Jones .

Last year's sale grossed more than $385 million, the second-highest total, with a record 3,799 yearlings sold.

Recent September sale graduates include Horse of the Year Curlin and 2007 Belmont winner Rags to Riches .

Toyota lowers target Tue, 29 Jul 2008 03:04 EDT

TOKYO . Toyota lowered its global vehicle sales plan for this year to 9.5 million vehicles, down from 9.85 million, as the sluggish North American market slows the automaker's momentum.

Even with the lower number announced Monday, Toyota Motor Corp. plans to sell more vehicles worldwide than it did last year.

But the pace of that growth has slowed considerably. Under the new target it would inch up 1 percent, in contrast to a 6 percent climb in 2007, when it sold 9.37 million vehicles.

.The main reason for the change came from the faltering U.S. economy, and how rising oil prices and material costs are dampening the market there overall,. said Toyota spokeswoman Kayo Doi.

Former Google engineers trot out new search engine Tue, 29 Jul 2008 03:04 EDT

SAN FRANCISCO . Anna Patterson's last Internet search engine was so impressive that industry leader Google Inc. bought the technology in 2004 to upgrade its own system.

She believes her latest invention is even more valuable . only this time it's not for sale.

Patterson instead intends to upstage Google, which she quit in 2006 to develop a more comprehensive and efficient way to scour the Internet.

The end result is Cuil, pronounced .cool.. Backed by $33 million in venture capital, the search engine began processing requests for the first time Monday.

Best Buy to offer musical instrument centers Tue, 29 Jul 2008 03:04 EDT

Hoping to cater to everyone from the garage guitarist to a recording musician, Best Buy Co. Inc. is announcing a massive new initiative that sets aside store space for an array of musical instruments and gear in dozens of sites nationwide.

The nation's largest consumer electronics retailer will announce Tuesday that it plans to open as many as 85 of the music centers inside its stores by the end of the year and could add even more locations in the future, executives said.

The chain has two locations in Lexington, but it has not been disclosed whether they will be among the selected sites.

Each site will use 2,500 square feet of retail space and include roughly 1,000 different products with well-known brand names, including Fender, Gibson, Drum Workshop and Roland.

Give your Web site some exposure Wed, 30 Jul 2008 09:21 EDT

For the entrepreneurs out there, here are a few ways to market your Web site:

. Leverage your marketing materials: Stamp your URL on all communication materials, including e-mail signatures.

. Write an article or a column: Attach your URL to the bottom of a column for a trade publication.

. Get listed in online directories: Google, Yahoo and DMOZ.org, the open source directory, all list Web sites by category.

Earnings Roundup Wed, 30 Jul 2008 09:21 EDT

The following companies made earnings-related announcements Tuesday.

Patriot Coal

Second Prior-yr. quarter period

Revenue $339.7M $256.2M

FDIC warns Lexington bank of unsafe practices Tue, 29 Jul 2008 10:44 EDT

Federal regulators have ordered a Lexington bank to shore up its lending practices and implement better collection procedures after its past-due loans nearly quadrupled over the past year.

The .cease-and-desist. order issued to Bank of the Bluegrass & Trust Co. was finalized July 18 and is the fourth order issued to a Kentucky bank during the past two years.

Bank of the Bluegrass voluntarily made the order public Monday, even though the Federal Deposit Insurance Corporation, which monitors banking practices, has not yet released it.

The order charges that the bank failed to collect proper loan documentation, failed to establish and reinforce loan repayment schedules, and that the board of directors failed to provide adequate supervision and oversight at the bank, which has two locations in Lexington.

Here are three ways to cut college costs Tue, 29 Jul 2008 03:04 EDT

Here are three ways to cut college costs beyond just scholarships and loans, courtesy of Christina Couch of Bankrate.com:

. Take college-level classes in high school: High school seniors can receive college credit in high school by taking advanced placement, international baccalaureate or dual enrollment courses.

. Use your tax credits: The federal government offers two kinds of tax credits for education . the Hope tax credit and the lifetime learning tax credit. For more information, visit www.irs.gov/taxtopics/tc605.html.

. Get tuition money from service: A host of organizations, including Americorps, the Peace Corps and Teach for America, offer service awards to students who sign up. These awards don't affect federal financial aid eligibility.

Earnings roundup The following companies made earnings-related announcements on Monday. Tue, 29 Jul 2008 03:04 EDT

Tyson Foods Inc.

Prior-

Third year quarter period

Revenue $6.8B $6.6B

Stocks surge higher, led by financial sector Wed, 30 Jul 2008 16:35 EDT
Wall Street soared for the second straight day Wednesday, rallying in the last hour of trading after a rebound in financial stocks and optimism about private sector jobs helped investors brush off a sharp jump in oil prices. The Dow Jones industrials rose more than 180 points, bringing its two-day gain to more than 450.

Bank and brokerage stocks, many trading at multi-year lows, turned higher and led the late advance. There was some relief in the market after the Federal Reserve said it would extend and expand its emergency borrowing program for investment banks. The central bank's move reassured the market that the banks won't suffer from liquidity problems.

Investors have been worried that some of Wall Street's biggest names will be marking down more assets, and needing more capital, after Merrill Lynch & Co. unexpectedly announced a $5.7 billion write-down late Monday.

"There's a growing sense that what we saw out of Merrill Lynch is the beginning of the end for the financial cleanup," said Craig Peckham, market strategist at Jefferies & Co. He added that the ADP number was also a good sign for the economy.

Earlier, Automatic Data Processing said private sector employment rose by 9,000 this month. After seeing jobs disappear by the thousands in recent months, the stock market is eager for any insights into the Labor Department's take on the job market on Friday.

Court overturns convictions of NYSE specialists Wed, 30 Jul 2008 14:00 EDT
A federal appeals court dealt what was likely to be the final blow to the ill-fated prosecution of 15 New York Stock Exchange specialists Wednesday by overturning the securities fraud convictions of two of the floor supervisors.

The 2nd U.S. Circuit Court of Appeals threw out the convictions of Michael Hayward and Michael Stern, who were convicted in July 2006 and sentenced to six months in prison.

Hayward, 57, and Stern, 55, who had worked for Van der Moolen Specialists USA LLC, were the only specialists still facing prison time after convictions at trial. They had been accused of stealing $1 million apiece by skimming small amounts of money from stocks they oversaw.

The ruling all but ended a prosecution in which the government accused the powerful floor supervisors of using their inside positions to earn an estimated $20 million illegally for themselves and their firms.

Specialists play the crucial role of matching buyers and sellers in individual stocks, though their numbers have declined as computers have taken a larger role in the trading of securities.

Dunkin' Donuts to offer healthier menu items Wed, 30 Jul 2008 10:13 EDT
Looking to entice those hungry for a healthier option, Dunkin' Donuts will begin offering a new slate of better-for-you offerings in August.

The menu, which will debut in stores Aug. 6, will feature two new flatbread sandwiches made with egg whites. Customers will be able to choose either a turkey sausage egg-white sandwich or a vegetable one. Both will be under 300 calories with 9 grams of fat or less, the company said.

"We just felt it was important to provide some choice in our menu," said Will Kussell, president and chief brand officer.

The new menu will be called DDSmart and will include all current and new items that either have 25 percent few calories, sugar, fat or sodium than comparable products or contain ingredients that are "nutritionally beneficial," the company said.

Current products that will join the new sandwiches on the menu include a multigrain bagel and a reduced-fat blueberry muffin.

Fed takes steps to break through credit clogs Wed, 30 Jul 2008 13:30 EDT
Focused on getting the nation's credit gears smoothly working again, the Federal Reserve is letting Wall Street firms draw emergency loans into next year and giving financial companies more options to help them overcome credit problems.

The Fed's announcement on Wednesday marks its latest effort to get credit - the economy's oxygen - flowing more freely. A global credit crisis that erupted last August has hobbled the U.S. economy, already reeling from a housing meltdown.

As financial companies have racked up multibillion dollar losses on soured mortgage investments and credit problems spread to other areas, firms have hoarded cash and clamped down on lending. That has crimped spending by people and businesses, which in turn has weighed on the national economy - a vicious cycle the Fed wants desperately to break.

To that end, the Fed announced that investment houses can now tap the central bank for a quick source of cash through Jan 30. Originally the program, started on March 17, was supposed to last until mid-September.

Another program, where investment firms can temporarily swap more risky investments for super-safe Treasury securities also will continue through Jan. 30, the Fed said. And, it also will let commercial banks, in a separate program, bid on cash loans that last longer - for 84 days, besides the 28-day loans now available.

Retiring in stages: Boomers get more options Wed, 30 Jul 2008 09:13 EDT
Not ready to retire just yet? Consider asking your boss if you can work part-time or telecommute.

A study released Wednesday by Hewitt Associates found 61 percent of U.S. companies have or will develop programs that let workers retire in stages. The programs are intended to hold onto the experience of baby boomers, and ease the difficulty of replacing their skills. The study included 140 mid-size and large-size companies.

"With the rising tide of boomer retirees, employers will be losing key talent at a time when attracting and retaining skilled workers will be more important than ever," said Allen Steinberg, a principal at Hewitt Associates, a human resources consulting firm.

Retaining worker experience and skills was cited as the most important reason for offering such programs by 72 percent of companies.

Companies also said offering phased-retirement eases the difficulty of replacing talent, and helps with the transfer of key skills from experienced to inexperienced workers.

Cool Operation
During the hot summer months, some local ice makers run on overdrive.

Chinese Dir