News money 2008-07-31 Andanh.com

Stocks continue sharp rebound Wed, 30 Jul 2008 22:53:00 EST
Wall Street soared for a second consecutive session yesterday, rallying in the last hour of trading to overcome a sharp jump in oil prices.

Stumbo releases video-lottery plan Wed, 30 Jul 2008 22:53:00 EST
State Rep. Greg Stumbo circulated a draft of a bill yesterday that could allow video-lottery terminals at most Kentucky racetracks and use the revenues to eliminate the state's property tax on vehicles and boats.

Fed trying to unclog credit Wed, 30 Jul 2008 22:54:00 EST
Focused on greasing the nation's credit gears, 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.

Bush signs housing-rescue bill Wed, 30 Jul 2008 22:54:00 EST
President Bush signed a housing bill yesterday intended to rescue about 15 percent of the cash-strapped homeowners at risk of foreclosure in the next year or so.

Q: Is there a way of finding out if my mortgage can be refinanced under the new housing law? Thu, 31 Jul 2008 01:50:00 EST
A: Check with the bank or financial company servicing your mortgage. But it may be weeks before they make decisions concerning the new guidelines and assess individual loans.

Business People Wed, 30 Jul 2008 22:07:00 EST
Health care, software and award 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.

Arena contractor leases space from Presbyterians Wed, 30 Jul 2008 22:55:00 EST
The contractor that is managing construction of the downtown arena is leasing vacant space in the Presbyterian Church (U.S.A.) headquarters.

GM plans to cut 15% of U.S. salaried workers Wed, 30 Jul 2008 22:55:00 EST
General Motors is looking to reduce its U.S. salaried headcount by 15 percent, or about 5,000 workers, by Nov. 1 as part of a plan to cut $10 billion in annual expenses, Dow Jones Newswires reported, citing unidentified sources who were briefed on the plan.

Bush signs mortgage relief bill Thu, 31 Jul 2008 01:52 EDT

WASHINGTON . President Bush signed a closely watched housing bill Wednesday intended to rescue about 15 percent of the cash-strapped homeowners in fear of foreclosure in the next year or so.

In Lexington, affordable-housing advocates applauded the new law as a tool to help low-income homeowners and protect communities from economic decline.

.It's something that has to be done at this point,. said Susan Blankenship, planning and research manager for the Community Action Council. .It is absolutely necessary..

Chris Ford, president and CEO of Lexington's REACH Inc., called the measure .a good start. It's not a cure-all just yet, but it's a promising start..

Certified Tool and Die closing in Frankfort Thu, 31 Jul 2008 02:56 EDT

About 100 workers in Frankfort are losing their jobs as auto parts manufacturer Certified Tool and Die closes its headquarters.

A victim of the turbulence in the auto industry, Certified Tool and Die has been laying off employees since the end of June and has laid off 85 percent to 90 percent of its workers.

Operations will close by Aug. 15.

The company was unable to recover from the strike between the United Auto Workers and supplier American Axle, said Corporate Human Resources & Safety Manager Jackie Weeks in an e-mail.

Horsemen ask for dismissal of Churchill's lawsuit Thu, 31 Jul 2008 02:56 EDT

Kentucky horsemen and their national representatives have filed motions to dismiss Churchill Downs Inc.'s lawsuit over their blockage of advance-deposit wagering.

The Kentucky Horsemen's Benevolent and Protective Association, one of the defendants, also has filed a counterclaim for $5 million in damages and unpaid purse money. The Kentucky HBPA has requested oral arguments.

The group represents trainers and owners who race at Kentucky's thoroughbred tracks. Other defendants, including the Kentucky Thoroughbred Association and the multi-state Thoroughbred Horsemen's Group, filed similar motions to dismiss.

In May, Churchill Downs cut purses at its Louisville track by 20 percent, saying the blocked signals would hurt betting handle.

Lotsa lobster left with fewer Maine visitors Thu, 31 Jul 2008 01:52 EDT

Planning a vacation to Maine? You'll eat well ... and cheaply.

But only because not enough people are joining you.

The retail price of lobster has fallen beneath $6 a pound, costing no more than sliced turkey.

Supply is steady, but demand isn't because fewer families are taking summer vacations there.

Business Notes Thu, 31 Jul 2008 01:52 EDT

Kentucky

Conference focus: horse safety

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 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 .

Dividend reinvestment plans are cost-effective Thu, 31 Jul 2008 01:52 EDT

Here a few advantages from the Motley Fool to using a dividend reinvestment plan, which gives shareholders the option of reinvesting their dividends in company stock rather than taking a cash payout.

. They provide a cost-effective way to put your dividend dollars to good use. Almost all of these programs allow dividends to be reinvested for no fee.

. Participating forces you to buy stock on a regular basis. As a result, with very little effort, you'll adopt a long-term horizon for your investments.

. Most DRIPS carry an option called optional cash purchase. These allow investors to purchase additional shares for a nominal fee. Some you can invest in with as little as $10.

Alaska gas pipeline bill nears state Senate vote Thu, 31 Jul 2008 03:08 EDT
The Alaska state Senate is down to the final days of a second special session to decide whether to grant a state license for a natural gas pipeline project designed to unlock 4.5 billion cubic feet of North Slope reserves daily.

After languishing in committee for a week, it appears that a bill backing the project could be ready for a floor vote as early as Thursday.

The Senate Energy Committee passed the bill 7-5 late Wednesday. The full Senate has until 11:59 p.m. Saturday to vote.

The House on July 23 backed Gov. Sarah Palin's recommendation to award the license to TransCanada Corp., which is proposing a 1,715-mile pipeline from the North Slope to Alberta.

Since then, Sen. Charlie Huggins' Energy Committee resumed hearings with members of Palin's administration, TransCanada and even former Govs. Wally Hickel and Tony Knowles, both of whom urged senators to reject the bill.

FDA finds salmonella strain at second Mexican farm Thu, 31 Jul 2008 01:13 EDT
The salmonella strain linked to a nationwide outbreak has been found in irrigation water and in a sample from a batch of serrano peppers at a Mexican farm, federal health officials said Wednesday.

Dr. David Acheson, the Food and Drug Administration's food safety chief, called the finding a key breakthrough in the case, as did another health official.

"We have a smoking gun, it appears," said Dr. Lonnie King, who directs the center for foodborne illnesses at the Centers for Disease Control and Prevention.

Acheson said the farm is in Nuevo Leon, Mexico. Previously, the FDA had traced a contaminated jalapeno pepper to a farm in the Mexican state of Tamaulipas. Both farms shipped through a packing facility in Nuevo Leon, raising the possibility that contamination could have occurred there.

The FDA advised consumers to avoid raw serrano peppers from Mexico, in addition to raw jalapeno peppers from Mexico, and any foods that contain them.

Oil steady in Asia as Iran nuclear deadline nears Thu, 31 Jul 2008 04:38 EDT
Oil prices were steady Thursday in Asia after crude jumped more than $4 overnight as Iran vowed to continue its nuclear program and a U.S. agency reported America's gasoline stocks unexpectedly fell last week.

Only days remain until a deadline expires for Tehran to show it will stop expanding its uranium enrichment program, at least temporarily, or face the threat of new U.N. sanctions.

But there were no signs Wednesday that Tehran was willing to bend as Iranian officials, including supreme leader Ayatollah Ali Khamenei, pledged to continue the country's nuclear program.

"We are not giving up our nuclear activities, including enrichment," said Ali Ashgar Soltanieh, Iran's top representative to the International Atomic Energy Agency.

Also Wednesday, more than 100 nonaligned nations backed Iran's right to peaceful uses of nuclear power.

Layoffs possible for 22K California state workers Thu, 31 Jul 2008 06:18 EDT
The California Department of Motor Vehicles, infamous for its long lines, recently cut in half the wait to get a driver's license. The agency accomplished the feat largely by hiring part-time employees.

Residents may have to get reacquainted to long lines thanks to the state's fiscal crisis. Gov. Arnold Schwarzenegger is threatening to sign an executive order laying off temporary, part-time and contract state workers.

About 22,000 such workers face layoffs. That could mean fewer DMV workers, fewer food safety inspections and cutbacks in the programs that stock fish in the state's rivers and lakes, as well as other consequences.

The governor also was expected to order that many of the 200,000 regular state employees under his control be paid the federal minimum wage of $6.55 an hour until a state budget is passed.

Schwarzenegger issued the threat last week after he grew frustrated with lawmakers' inability to reach a budget deal for the fiscal year that started July 1. He was expected to sign the executive order Thursday, the first day of the August pay period.

States help graying farmers find successors Thu, 31 Jul 2008 03:18 EDT
Mike Cullipher used to juggle his farm chores and a full-time job, working 275 acres on nights and weekends. Now he's trying to make a go of it as a full-time farmer, and he's wondering about his father's plans for the property.

But when he asks 73-year-old Louis Cullipher, who is still active on the Virginia Beach farm, how he will divide the business among his three children, "He just puts his hands up and says 'we'll talk another day,'" the younger Cullipher says.

"It's not a pleasant thing for anyone to talk about, when you sit down and face your own mortality," Mike Cullipher said.

Farm transition - the shift to the next generation of farmers and ranchers - has become a huge issue with the graying of the American farmer, whose average age is in the mid-50s.

Many farmers, like Louis Cullipher, love what they do and don't want to give it up. Some can't afford to retire. Still others have sons or daughters who aren't sure if they are interested in committing to a career that is full of rewards but also uncertainty.

Chinese Dir