News money 2008-08-05 Andanh.com

Airport plan aims to reduce stress at security Mon, 04 Aug 2008 22:31:00 EST
Frequent-flying road warriors, steer to the right for speedy processing through airport security. Families with strollers or other passengers who may need extra time going through screening, veer to the left.

Six Flags quarterly profit a surprise Mon, 04 Aug 2008 22:31:00 EST
The parent company of Six Flags Kentucky Kingdom swung to a surprise second-quarter profit as the amusement-park operator benefited from a large debt-related gain as well as lower operating costs.

Rising prices offset stimulus Mon, 04 Aug 2008 22:31:00 EST
Rising prices, falling home values, stagnant wages and tight credit. It's a potent combination that has hit the American consumer hard.

Humana outlook, stock on the rise Mon, 04 Aug 2008 22:32:00 EST
An optimistic outlook despite soft second-quarter results helped Humana's stock regain some of the value that it has lost this year with a 4.9 percent rally yesterday.

Q: When I bought my house it was supposed to be "broom clean." What does that mean? Mon, 04 Aug 2008 22:32:00 EST
A: The expression is vague, but common in the real estate business.

Business People Mon, 04 Aug 2008 21:43:00 EST
Health care, non-profit and college 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.

Blue Entertainment adds to its NBA roster Mon, 04 Aug 2008 22:33:00 EST
BEST, the Blue Entertainment Sports Television division, said yesterday that it is acquiring the NBA player-representation practice of Dynasty Sports Group's Dan Fegan.

Rupp Arena attendance best in a decade Tue, 05 Aug 2008 18:50 EDT

Rupp Arena officials said Tuesday that the arena saw its best overall attendance in a decade during the 2008 fiscal year, which ran from July 1, 2007, to June 30.

During that time, 830,963 people attended events.

The arena was active 160 days with 103 different events and 115 performances, said Carl Hall, director of arena management.

Cable provider Insight releases 2nd-quarter results Tue, 05 Aug 2008 18:50 EDT

Insight Communications , Lexington's cable provider, has announced its operating results for the second quarter.

The company generated revenue of $214.8 million, up 16 percent from the same time a year ago.

The company no longer has to release its net income, as it has paid out a series of bonds it once held as part of a partnership with Comcast that has since ended.

The company said its total average monthly revenue per basic cable customer has increased from $94.17 a year ago to $103.62.

Fed holds rate steady on inflation, growth worries Tue, 05 Aug 2008 16:40 EDT
Confronted by problems at every turn - rising unemployment, shaky growth, credit troubles and creeping inflation - the Federal Reserve left an important interest rate unchanged, taking a gamble that for now the best move was no move at all. The next direction for rates probably is up but that's not likely until next year.

Fed Chairman Ben Bernanke and all but one of his central bank colleagues agreed Tuesday to leave its key rate alone at 2 percent for the second straight meeting.

In turn, the prime lending rate for millions of consumers and businesses remained at 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other lines.

"Although downside risks to growth remain, the upside risks to inflation are also of significant concern," the Fed said. Policymakers are faced with dueling problems: weak economic growth and advancing inflation. To treat one, risks aggravating the other. The Fed indicated Tuesday that each problem poses about equal risks to the economy.

It was welcome news to Wall Street, however, where stocks put in their best showing in months on relief that the Fed's assessment of the economy and inflation wasn't worse. The Dow Jones industrials closed up 331.62 points at 11,615.77, its biggest one-day point gain since April 1, when it kicked off the second quarter with a nearly 400 point rally.

The Courtyards apartments fetch $17.4 million Tue, 05 Aug 2008 13:57 EDT

GMH Capital Partners has sold The Courtyards at 845 Red Mile Road to Pittsburgh-based McKinney Properties for $17.4 million.

Designed for students at the University of Kentucky, The Courtyards has 182 furnished apartments in eight, three-story buildings.

The community also includes a clubhouse, fitness center, swimming pool, computer lab, and outdoor basketball, tennis, and volleyball courts.

GMH is based in Newtown Square, Pa.

Prices up but gross is down at Saratoga sale Tue, 05 Aug 2008 13:57 EDT

Fasig-Tipton's Saratoga select yearling sale opened Monday with 60 horses selling for a total of $18,160,000.

The sale continues Tuesday night. The gross was down 8.6 percent from the opening session last year.

Monday's average price of $302,667 was up 16 percent, while the median price of $235,000 was up 13 percent.

The buy-back rate, of horses going through the auction ring but not selling, also rose, from 22 percent last year to 29 percent on Monday night.

Mcmuffins scoring a grand slam Tue, 05 Aug 2008 02:02 EDT

After watching more customers stream into drive-throughs for a quick morning meal, family dining restaurants like Denny's and IHOP are telling their fast-food competitors to back off breakfast.

In an attempt to lure diners back to the table . or at least to the curb . the chains are introducing more portable products, offering to-go and curbside pickup programs, and remodeling their locations.

The moves come as breakfast has taken on far more importance to fast-food chains that traditionally put little effort into the morning meal. Some are even thinking about serving breakfast all day at some point . a switch that would directly challenge the 24/7 breakfast menus that drive a large part of sales at family dining restaurants.

.We're being attacked,. Denny's Corp. Chief Executive Nelson Marchioli said in an interview. .We can't let that happen. We have to take back what was ours to begin with..

Consumer spending falls as prices jump Tue, 05 Aug 2008 02:02 EDT

WASHINGTON . Consumer spending, after adjusting for inflation, fell in June as shoppers were hit with the second-biggest increase in prices in nearly three decades.

The Commerce Department reported Monday that consumer spending dipped by 0.2 percent in June, after removing the effects of higher prices, the poorest showing since a similar drop in February.

The higher prices reflected a big surge in gasoline costs and helped to drive an inflation gauge tied to consumer spending up by 0.8 percent in June, a monthly increase that has been exceeded only once since 1981. This price gauge jumped by 1 percent in September 2005 after Hurricane Katrina shut down oil production along the Gulf Coast.

The big rise in inflation ate up a part of the billions of dollars in stimulus payments delivered during the month. Personal incomes rose by 0.1 percent in June following a 1.8 percent increase in May.

Fed's likely action: none Tue, 05 Aug 2008 02:02 EDT

WASHINGTON . When Federal Reserve Chairman Ben Bernanke meets with colleagues Tuesday, the group is widely expected to leave a key interest rate alone. Driving their decision are dueling problems: weak economic growth and advancing inflation.

.It is caught between a rock and a hard place. The (Fed) will stand pat,. predicted Sung Won Sohn, an economics professor at California State University Channel Islands.

If Sohn and other economists prove correct, the Fed's rate will stay at 2 percent. And, in turn, the prime lending rate for millions of consumers and businesses would stay at 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other lines.

With inflation worries growing, the Fed in June halted a nearly yearlong string of rate reductions, one of its most aggressive campaigns to shore up the wobbly economy. Additional rate reductions would aggravate inflation, and some don't think additional cuts would provide much relief to the economy's biggest problems: the collapsed housing market and credit troubles.

Airport director expected back Aug. 19 Mon, 04 Aug 2008 17:12 EDT

Blue Grass Airport executive director Michael Gobb is expected to return to his job Aug. 19, according to information the Herald-Leader obtained through an open records request.

Gobb asked for a leave from his job under the Family Medical Leave Act because of a .serious health condition. he has, according to a form he filled out July 19.

He could not be reached for comment Monday.

Airport board chairman Bernie Lovely approved Gobb's leave the day before Gobb submitted his written request.

Business Notes Tue, 05 Aug 2008 08:00 EDT

Kentucky

Blue Grass Airport director to return from medical leave

Blue Grass Airport executive director Michael Gobb is expected to return to his job Aug. 19, according to information the Herald-Leader obtained through an open records request. Gobb asked for a leave from his job under the Family Medical Leave Act because of a .serious health condition,. ,according to a form he filled out July 19. He could not be reached for comment Monday. Airport board chairman Bernie Lovely approved Gobb's leave the day before Gobb submitted his written request. Gobb has been executive director since 1998 and, effective July 1, received a raise of more than $10,000, to $219,450 annually, according to the documents.

Spaghetti sauce mix recalled

Tips for finding free-lance work Tue, 05 Aug 2008 02:02 EDT

Here are a few tips for finding freelance work:

. Leverage your contacts. Get the word out to everyone you know. There are a lot of freelance opportunities out there, and many are not openly advertised. Also, stay in touch with your former employers. There's a chance they may need a contractor and they'll give preference to someone who already knows how they work.

. Use the Web to find jobs. Web sites such as www.elance.com post recent projects that you can bid on. The projects run the gamut from Web design to writing to financial projects. Another site to check out is www.sologig.com.

. Cold call. While this can be a frustrating strategy, it can be successful. To increase your chances, you must be persistent. Rather than call up everyone in the field, it is best to target specific companies where your services would best fit.

Humana reports slight profit decline, raises outlook Tue, 05 Aug 2008 02:02 EDT

LOUISVILLE . Humana Inc. reported a slight drop in second-quarter profit Monday, caused by a double-digit percentage drop in premiums from its stand-alone Medicare prescription drug plans. The effect was less painful than expected.

The health insurer posted solid growth elsewhere in its Medicare Advantage and commercial segments.

Humana outperformed Wall Street expectations, and the company raised its earnings-per-share projection for the full year.

The Louisville-based corporation earned $209.9 million, or $1.24 a share, for the second quarter, down 3 percent from $216.8 million, or $1.28 a share, a year ago.

11 charged in connection with credit card fraud Tue, 05 Aug 2008 21:21 EDT
Eleven people, including a U.S. Secret Service informant, have been charged in connection with the hacking of nine major retailers and the theft and sale of more than 41 million credit and debit card numbers, the Justice Department announced Tuesday.

The data breach is believed to be the largest hacking and identity theft case ever prosecuted by the Department of Justice, which said the suspects were charged with conspiracy, computer intrusion, fraud and identity theft.

Three of those charged are U.S. citizens while the others are from places such as Estonia, Ukraine, Belarus and China.

The indictment returned Tuesday by a federal grand jury in Boston alleges that the suspects hacked into the wireless computer networks of retailers including TJX Cos., BJ's Wholesale Club, OfficeMax, Boston Market, Barnes & Noble, Sports Authority, Forever 21 and DSW and set up programs that captured card numbers, passwords and account information.

"They used sophisticated computer hacking techniques that would allow them to breach security systems and install programs that gathered enormous quantities of personal financial data, which they then allegedly either sold to others or used themselves," Attorney General Michael Mukasey said at a news conference. "And in total, they caused widespread losses by banks, retailers, and consumers."

Treasury hires Morgan Stanley on Fannie, Freddie Tue, 05 Aug 2008 18:06 EDT
The Treasury Department said Tuesday it had hired investment firm Morgan Stanley to help the government assess the risks facing mortgage giants Fannie Mae and Freddie Mac.

For $95,000 to cover the company's expenses, Morgan Stanley will assess the state of the mortgage market and give the government a financial profile of the two firms. The two mortgage firms received a promise of support from the federal government as part of a sweeping housing rescue bill passed by Congress and signed into law by President Bush last week.

Treasury spokeswoman Brookly McLaughlin said the contract would help ensure the Treasury Department had good advice to decide how to support the two mortgage firms, which together own or guarantee half of all U.S. mortgages.

While Congress gave Treasury the authority to extend an unlimited amount of loans to the two companies, Treasury Secretary Henry Paulson has stressed that the new authority is a back-up measure that will not be used unless market conditions worsen.

In a statement, Morgan Stanley Chairman John Mack said his company would help the government evaluate "various alternatives for Fannie Mae and Freddie Mac."

Texas beach towns get back to normal after storm Tue, 05 Aug 2008 22:06 EDT
Surfers and joggers hit the beach Tuesday after Tropical Storm Edouard brushed past and caused little damage, while inland farmers hoped the storm's remnants would help ease drought conditions.

"Galveston is open for business, and we certainly welcome the tourists back to the island," said City Manager Steve LeBlanc, whose island city of about 60,000 typically doubles in population during the peak tourist months.

Forecasters had feared Edouard could become a hurricane, and both Texas and Louisiana prepared for an emergency.

But when it made landfall east of Galveston and west of the Louisiana border, between the small coastal town of High Island and Sabine Pass, winds gusted as high as 65 mph, 9 mph below hurricane strength. The storm then weakened to a tropical depression as it moved past Houston Tuesday afternoon.

"Texas is grateful that this storm did not escalate to hurricane strength before making landfall on our shores," said Gov. Rick Perry.

Wall Street extends rally after Fed decision Tue, 05 Aug 2008 18:11 EDT
An already soaring Wall Street extended its advance Tuesday after the Federal Reserve left interest rates unchanged and assuaged some of the market's fears about the economy. The Dow Jones industrial average shot up more than 330 points, and all the major indexes had gains approaching 3 percent.

The market was enjoying a big rally before the Fed meeting as investors responded to a report that services sector activity fell less than expected last month and to another drop in oil prices that took crude as low as $118 a barrel.

The Fed gave stocks another huge push higher in the last hours of trading. In a statement accompanying its widely expected rate decision, the central bank reported that "economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports." That assessment was welcome news to a market that has feared the economy was falling into recession because of weak consumer spending.

The Fed did have some darker news, stating that "inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities." But it also said it expected inflation to moderate later in the year.

"The wording is a little strong over inflation, but there's really no real change in policy," said Brian Gendreau, investment strategist for ING Investment Management. "I think they are trying to buy time to allow the economy to recover, and so that the financials can slowly repair."

Service sector contracts as new orders fall Tue, 05 Aug 2008 18:06 EDT
The U.S. service sector contracted in July - though less than expected - as new orders decreased and prices rose, stifling growth for truckers, retailers and insurers.

The Institute for Supply Management, a trade group of purchasing executives, said Tuesday its reading of the service sector was 49.5 in July, up from 48.2 in June. It beat economists' prediction of a reading of 49.0, according to the consensus estimate of Wall Street economists surveyed by Thomson/IFR.

A reading below 50 signals contraction, while a reading above 50 indicates growth.

In morning trading, the Dow Jones industrial average rose 185.71 to 11,469.86. The Nasdaq composite rose 32.18 to 2,317.74 and the Standard & Poor's 500 rose 18.94 to 1,267.95.

Economists, however, were more sanguine about the report. John Ryding of RDQ Economics described it as "partly a sentiment index. If things are not getting as bad at a slower rate, it can feel like improvement."

WTVQ anchor to leave; news director fired Tue, 05 Aug 2008 08:05 EDT

Struggling ABC affiliate WTVQ-36 is searching for a new evening anchor after its top executive said Monday it couldn't reach a new contract with Megan Newquist. Also, the station fired its news director on Monday, naming a former official with Gov. Ernie Fletcher's administration as his replacement.

Newquist, who came to WTVQ in 2004, co-anchors the evening and late news with Don Hudson. Her last day with the station, which is a distant third in ratings behind WKYT and WLEX, will be Aug. 15. She could not be reached for comment on Monday night.

A search will begin soon for her replacement, said General Manager Chris Aldridge. The company will fill the shifts with existing personnel if a replacement isn't hired by that time, he said.

Senior producer Echo Gamel will fill in for fired news director Tai Takahashi until his replacement, Doug Hogan, begins work on Aug. 18.

A dollar just doesn’t do it anymore
The $1 double cheeseburger has disappeared.

Chinese Dir