News money 2008-08-02 Andanh.com

Massey mulls further expansion Fri, 01 Aug 2008 17:40 EDT
Coal mine operator Massey Energy may expand into Pennsylvania and the Illinois Basin coalfields as it continues an ambitious plan to boost output 25 percent by 2010.

Massey has obtained permits to develop leased reserves in western Kentucky and bought property needed to develop reserves it owns in Pennsylvania, Chief Executive Don Blankenship said during an earnings conference call with analysts Friday.

Currently Massey operates in West Virginia, Virginia and eastern Kentucky. Western Kentucky is part of the Illinois Basin and would be new territory for Massey.

"Both of these projects appear to have various advantages in terms of quality and proximity to market that could make them very attractive ventures," Blankenship said.

Any expansion into new regions would be atop a flurry of new mines and other projects Massey is undertaking to increase annual production from 40 million tons to 50 million. Those plans are on track, Blankenship said.

Pony Championships to remain at Horse Park Fri, 01 Aug 2008 14:44 EDT

The U.S. Equestrian Federation National Pony Championships will continue at the Kentucky Horse Park for the next three years, the USEF has announced.

The Horse Park has hosted the Pony Finals for the past three years; this year's event will take place Aug. 13 to 17.

Kentucky Horse Shows submitted the bid for retaining Pony Finals at the park, which included a written statement from Horse Park director John Nicholson confirming that construction for the 2010 Alltech FEI World Equestrian Games would not be a factor for the Pony Finals.

The horse show management company won the bid, despite an appeal from U.S. Sen. Charles Schumer to move the finals to Saugerties, N.Y.

World Games CFO resigns Fri, 01 Aug 2008 13:29 EDT

The Lexington group organizing the Alltech FEI World Equestrian Games has lost its second senior executive in about two weeks.

Marty Mathews has resigned as chief financial officer of the World Games 2010 Foundation, a position that he has held since December 2006.

On July 15, the foundation's chief executive officer, Jack Kelly, announced that he was stepping down for personal reasons related to his health.

Both men officially left the foundation on Thursday, although Kelly is continuing as an adviser.

Ky.-based health firm seeks millions from N.M. Fri, 01 Aug 2008 10:51 EDT
A Kentucky-based health care company has sued the state of New Mexico, contending its contract was terminated without fundamental fairness or due process.

Louisville, Ky.-based Res-Care had provided services to the state's developmentally disabled for more than a decade. The state abruptly canceled Res-Care's agreement in July 2006 and moved clients to other providers.

Res-Care's lawsuit was filed in U.S. District Court in Albuquerque last week. It says the state has failed to pay for $5 million in services and that it is owed $3 million in other costs.

The state Departments of Health, Human Services, and Children, Youth and Families are named as defendants in the lawsuit. A spokeswoman for the state Health Department said state officials had not been served with the complaint.

FCC: Comcast can't block Web access Sat, 02 Aug 2008 01:54 EDT

WASHINGTON . A divided Federal Communications Commission weighed in on the net-neutrality debate Friday, ruling that Comcast Corp. violated federal policy when it blocked Internet traffic for some subscribers.

In a precedent-setting move, the FCC's 3-2 vote enforced a policy that guarantees customers open access to the Internet.

The commission did not assess a fine, but ordered the cable giant by the end of the year to stop cutting off transfers of large data files among customers who use a special type of file-sharing software.

Comcast says its practices are reasonable, and that the FCC's so-called network-neutrality .principles. are part of a policy statement and are not enforceable rules.

Business Notes Sat, 02 Aug 2008 01:54 EDT

Kentucky

Attorney general to investigate local LA Weight Loss closings

The state attorney general's office is investigating .complaints about the closing of area LA Weight Loss .locations. The office has received seven calls this week about store closings in Frankfort and Lexington, said Todd Leatherman , director of the Consumer Protection Division . Leatherman said customers are concerned that pre-payments they made will not be refunded. He encouraged .others affected to visit www.ag.ky.gov and fill out a complaint form. Media reports suggest Pure Weight Loss , the company behind centers of the same name, has been closing locations since early this year. Representatives of the local operations could not be reached for comment.

Horse Park will host pony championships

Toyota's new 2-wheeler made for airports, malls Sat, 02 Aug 2008 01:54 EDT

TOKYO . Toyota has developed a Segway look-alike designed to help people scoot around at malls and airports.

The .Winglet,. shown Friday in Tokyo, is targeted to seniors, but there are no plans yet to turn it into a commercial product.

The automaker will start testing the two-wheeler this year at an airport and resort complex and next year at a shopping mall, all in Japan, to get user feedback. Overseas test plans are undecided.

The Winglet goes up to 3.7 mph, about the same speed as pedestrians, far slower than 12.5-mph Segway, which costs $5,000. The Winglet can go about 3 miles before needing to be recharged.

Earnings roundup Sat, 02 Aug 2008 01:54 EDT

The following companies made earnings-related announcements on Friday.

General Motors Corp.

Second Prior-yr. quarter period

Revenue $38.2B $46.7B

Avoid nasty surprises at retirement Sat, 02 Aug 2008 01:54 EDT

From Consumer Reports Money Advisor, here are some potential retirement surprises:

. Underestimating a budget. With more time to spend, people end up spending more. Solve this problem by estimating a living expenses budget and trying to live on that for a year or two before you retire.

. Leaving out the benefits. Being employed comes with benefits. Aside from the obvious ones like medical .insurance, there are also things like the employee gym and subsidized cafeteria.

. Divesting can take time. Companies can be incompetent or uncooperative when you tell them you want to cash out your 401(k). So get all your paperwork in order.

Lawmakers award gas line license to TransCanada Sat, 02 Aug 2008 01:01 EDT
Alaska lawmakers approved a state license Friday for TransCanada Corp. to pursue construction of a natural gas pipeline, ending a decades-long battle to open up 4.5 billion cubic feet of North Slope natural gas daily for use in North American markets.

The bill awaits the signature of Gov. Sarah Palin, who has backed the Canadian proposal from the start.

"It will be our Alaska gas flowing to provide aid to those in the Lower 48, who are turning to Alaska, waiting and wanting Alaska to help," Palin said after the Legislature's support.

The license does not guarantee construction, but it means TransCanada must move forward on costly federal permitting applications for the 1,700-mile pipeline. The project is estimated to cost $26 billion to $30 billion.

The license comes with up to $500 million in state seed money. It also sets up a race with a competing pipeline venture established by oil giants BP PLC and ConocoPhillips.

Settlement will reduce carcinogens in potato chips Sat, 02 Aug 2008 01:30 EDT
Snack lovers, rejoice: Munching on potato chips just got a little healthier.

Four food manufacturers agreed to reduce levels of a cancer-causing chemical in their potato chips and french fries under a settlement announced Friday by the state attorney general's office.

California sued H.J. Heinz Co., Frito-Lay, Kettle Foods Inc., and Lance Inc. in 2005, alleging they violated a state requirement that companies post warning labels on products with carcinogens.

The companies avoided trial by agreeing to pay a combined $3 million in fines and reduce the levels of acrylamide in their products over three years, officials said.

"Other companies should follow this lead," Attorney General Jerry Brown said, calling the settlement "a victory for public health."

Disney theme park ticket prices to rise Fri, 01 Aug 2008 23:16 EDT
As if rising gas and food prices weren't enough, a ticket to the Magic Kingdom will soon cost a few bucks more.

The Walt Disney Co. said Friday it is raising one-day ticket prices at its domestic parks starting Sunday.

Tickets for those aged 10 and older to Walt Disney World in Orlando, Fla., will rise from $71 to $75, while tickets for children aged 3 to 9 will go from $60 to $63.

At Disneyland in Anaheim, Calif., one-day prices will rise from $66 to $69 for those aged 10 and older, and from $56 to $59 for children aged 3 to 9.

The price increase applies in varying degrees for longer stays, while the park hopper option, an add-on that allows ticket-holders to move among any of Disney's parks, will cost $50, up from $45.

Company asks pharmacists, hospitals to return drug Sat, 02 Aug 2008 01:01 EDT
A New Jersey company is asking pharmacists and hospitals to return all prescription drug products made at one of its facilities because it did not pass health authorities' standards.

A Food and Drug Administration inspection at the Little Falls, N.J., facility of Actavis Totowa LLC "revealed operations which did not meet the FDA's or Actavis' standards for good manufacturing practices," according to a company statement issued Friday.

The recall, only on the pharmacy and retail level, includes about 65 different prescription drugs, such as pain killers, antidepressants, diet medication and drugs for blood pressure and hypertension.

Only pharmacies and hospitals should return the prescription drugs. Patients who may have the drug should continue to take them in accordance with their prescriptions, the Morristown, N.J. company said in a release. The company said that suddenly stopping needed medication before obtaining replacement drugs may place patients at risk.

For more information on the recall, consumers can visit http://www.actavis.us/en/media+center/newsroom/articles/RecallFAQ.htm.

Unemployment rate rises to 5.7% Sat, 02 Aug 2008 01:54 EDT

WASHINGTON . Stores, factories and other businesses large and small showed workers the door last month, sending unemployment to its highest rate in four years and adding to the evidence that an economic recovery remains far off.

Employers clamped down on hiring and cut 51,000 jobs in July, the Labor Department said Friday. The economy has shed jobs each month this year . 463,000 in all.

The unemployment rate rose to 5.7 percent, up from 5.5 percent in June.

The jobs report contributed to another day of grim news for the economy.

Chinese Dir