News money 2008-08-16 Andanh.com

Science Center begins expansion Sat, 16 Aug 2008 01:21:00 EST
Work has begun on the Louisville Science Center's education wing, a project that Metro Mayor Jerry Abramson said will help make the center an "educational destination" for thousands of schoolchildren and their families every year.

Oil, gold prices decline as dollar strengthens Fri, 15 Aug 2008 23:07:00 EST
Oil fell to its lowest price in three months yesterday, briefly touching near $111 a barrel after the dollar muscled higher and OPEC predicted that the world's thirst for fuel next year will fall to its lowest point since 2002. Even gold, which scorched into the record books earlier this year, has lost its luster.

Cell-phone firm lays off 11 Fri, 15 Aug 2008 23:11:00 EST
Eleven repair technicians and support workers were laid off yesterday at Louisville-based CertiCell, a cell-phone repair and sales business that had employed about 50 people.

Audit finds problem with tobacco settlement grant Sat, 16 Aug 2008 01:22:00 EST
A state audit of a $5 million grant from tobacco settlement funds found lax oversight and unquantifiable results, including about $71,400 in expenses that appeared unreasonable.

Frugal times hurt retailers Fri, 15 Aug 2008 23:05:00 EST
The lower profits and muted outlooks this week from retailers like J.C. Penney Co., Macy's and Nordstrom are heightening concerns among investors that shoppers may focus on necessities and discount-store merchandise well into next year.

If I lose my house through a foreclosure and there's money left over after the sale, is it mine? Sat, 16 Aug 2008 01:04:00 EST
A: The money raised from the foreclosure sale first goes to pay off the mortgage, property taxes and court fees. Usually there is little or no money left, but what there is would go to you.

Business People Fri, 15 Aug 2008 22:43:00 EST
REAL ESTATE Thomas Hardin Sr., Abby Bell, Ruth Flath and Christina Berry have joined Semonin Realtors in its Hurstbourne office. MISCELLANEOUS Brown-Forman Corp. has announced the following promotions and appointments: Chuck Shive was promoted to director, new product development; Anna Bowling was appointed to the finance operations and analysis group as senior financial analyst; Jose Garcia was appointed to global marketing services manager for Casa Herradura Brands; and Kate Boltin was promoted to senior CRM communications specialist. The National Active and Retired Federal Employees Association has appointed Janet Gerding Celella as secretary to its Kentucky Federation Executive Council. She will join the council at its Oct. 2 meeting. — Stephanie Zeller Items can be submitted at courier-journal.com/businesspeople Color photos should be in jpeg format (200 dpi). Photos should be at least 2 inches by 3 inches and bear the person's name.

Business Watch Fri, 15 Aug 2008 23:08:00 EST

Business Digest Fri, 15 Aug 2008 23:07:00 EST

WTVQ-36 cancels 5 p.m. newscast; considering new moniker Sat, 16 Aug 2008 20:05 EDT

Lexington ABC affiliate WTVQ-36 is canceling its 5 p.m. newscast and considering changing its .Action News 36. slogan as it continues making broad changes to its news operation.

Station management told the staff at a Thursday meeting that the 5 p.m. news would be replaced by an episode of the syndicated .Judge Judy. beginning in September. It has no plans to cut other newscasts.

.If you're doing 30 minutes less news programming a day, it means you can put more resources into the time periods when you are doing news,. said General Manager Chris Aldridge.

Aldridge said that in 2002, the station was counter-programming rival newscasts at 5 p.m. with .Judge Judy. and led NBC affiliate WLEX-18 in household ratings while trailing WKYT-27.

$1.4 million grant to fuel UK's coal-to-liquids study Fri, 15 Aug 2008 13:32 EDT

A $1.426 million federal grant will enable the University of Kentucky to step up research on refining coal into liquid fuels and advance the development of a synthetic fuels industry in the state.

UK will use part of the federal money to begin building a $12-million .mini-refinery. at the UK Center for Applied Energy Research in UK's research park off Iron Works Pike in northern Fayette County.

The Kentucky Energy and Environment Cabinet has pledged an additional $350,000 for the project.

The federal grant was announced Friday afternoon at UK by U.S. Reps. Hal Rogers, R-Somerset, and Geoff Davis, R-Hebron.

Dollar gains ground on euro, pound Sat, 16 Aug 2008 02:00 EDT

LONDON . The buck may be turning into a bull.

The U.S. dollar extended its recent rally against major currencies on Friday as commodities fell and European and Japanese economies faltered. After sliding for years, the dollar might finally be on the way back up, some analysts argue.

The currency rose against the pound for the 11th straight day on Friday, to $1.85 . its longest winning streak in 37 years. As recently as July, one pound would buy two dollars. At the same time, the dollar climbed to its strongest level in almost six months against the euro, which fell to $1.47, and to near a seven-month high versus the yen.

So far, the trend has helped push oil prices lower. Long term, a stronger dollar has a range of consequences. It makes imports cheaper for Americans and makes it more expensive for foreign companies to buy U.S. assets.

Sales of electric bikes way up Sat, 16 Aug 2008 02:00 EDT

NEW YORK . When Honora Wolfe and her husband moved to the outskirts of Boulder, Colo., she wanted an environmentally friendly way to commute to her job as a bookshop owner in the city.

Wolfe, 60, found her solution about a month ago: an electric bicycle. It gets her to work quickly, is easy on her arthritis and is better for the environment than a car.

.I'm not out to win any races,. she said. .I want to get a little fresh air and exercise, and cut my carbon footprint and spend less money on gas. And where I live, I can ride my bike seven months out of the year..

The surging cost of gasoline and a desire for a greener commute are turning more people to electric bikes as an unconventional form of transportation. They function like a typical two-wheeler but with a battery-powered assist, and bike dealers, riders and experts say they are flying off the racks.

Kroger signs alert customers to beef recall Fri, 15 Aug 2008 09:38 EDT
The Kroger Co. says it has placed signs in its meat departments in the Cincinnati and Dayton areas with information on the latest Nebraska Beef recall.

A recall of meat produced by Nebraska Beef Ltd. was expanded Thursday to include an additional 160,000 pounds of beef.

About 1.36 million pounds is now covered under the recall that began Aug. 8 after the company's meat was linked to an E. coli outbreak in 10 states, including Ohio.

Cincinnati-based Kroger says the recall involves 108 of its supermarkets in Cincinnati, Dayton, northern Kentucky and southeast Indiana.

Customers are urged to return ground beef with "sell by" dates of August 1 through August 16.

Dollar continues rise against euro Sat, 16 Aug 2008 01:27 EDT
The dollar continued its rise against the euro Friday amid hopeful signals on the U.S. economy, falling oil prices and gloom about the European economic outlook.

The 15-nation euro traded as low as $1.4679 in afternoon European trading - well short of the $1.4885 it bought in New York late Thursday.

The British pound fell as low as $1.8510 before rallying by the afternoon to $1.8586 - still below Thursday's level of $1.8716. The dollar rose to 110.48 Japanese yen from 109.54 yen.

U.S. data released Friday showed industrial output rose in July at a slightly better pace than expected as a rebound in the auto industry offset a big plunge in output at the nation's utilities.

The euro's continued decline came "amid speculation that U.S. consumer confidence is rising and consumer spending will keep the economy out of recession," said Randall Lacayo, an analyst at Wachovia. He also identified a strong decline in crude oil prices as a factor.

Wall Street ends mixed on credit concerns, oil Sat, 16 Aug 2008 17:04 EDT
Wall Street closed mixed Friday after playing out a now familiar scenario: Upbeat sentiment about falling oil prices flagged amid ongoing concerns about weak credit markets and the economy. The major indexes also turned in a mixed performance after another volatile week.

Investors were encouraged early in the session as oil's pullback lifted the outlook for consumer companies and eased concerns that record-high energy prices would force Americans to curb spending. Light, sweet crude dropped $1.24 to settle at $113.77 a barrel on the New York Mercantile Exchange, and earlier traded as low as $111.34, its lowest level in more than three months.

Oil fell on a growing sense that economies around the world are joining the U.S. in a slowdown. The rising dollar, which is gaining strength on economic concerns, contributed to the sell-off in crude and other commodities. Crude is down more than $35 from its July 11 record of $147.27; meanwhile, gold prices that swept past $1,000 an ounce earlier this year are now below $800.

While the decline in oil was placating investors this week, it still did not offset their ever-present anxiety over the slumping housing and credit markets. Concerns about more write-downs at investment banks continued, causing major market indexes to fluctuate over the course of the week; the Dow Jones industrials continued a volatile streak, dropping more than 100 points two days in a row amid intensifying fears about the health of the financial sector.

"With some of this sharp price collapse in commodities you would think the market would be up a lot more," said Greg Church, chief investment officer of Church Capital Management. "The underlying factor is that credit continues to appear to be very weak."

Our economy is being .hammered' Fri, 15 Aug 2008 01:51 EDT

WASHINGTON . Inflation is running at the fastest pace in 17 years, the job market is under further strain and foreclosure filings are surging.

A raft of gloomy economic data on Thursday was a setback for those hoping to see signs of better times ahead, and it could keep the Federal Reserve jammed between rising inflation and slowing growth.

The Labor Department reported that consumer prices shot up by 0.8 percent during July, double the increase that economists had expected. The rise was only slightly lower than the 1.1 percent surge in June, the second-highest monthly increase in the last 26 years.

The big gains left inflation increasing by 5.6 percent over the past year, the largest 12-month jump since the period that ended in January 1991.

State's foreclosed properties increase Fri, 15 Aug 2008 01:51 EDT

A surge in new foreclosure filings boosted Kentucky to 35th among the states in July, up from 39th in June, RealtyTrac reported Thursday.

A California firm that tracks foreclosures nationwide, RealtyTrac said there were 1,226 new filings in July in Kentucky, which equals one for every 1,540 households in the state.

Nationally, the July average was much worse: One filing for every 464 households, RealtyTrac said.

Kentucky had 67.7 percent more foreclosures initiated in July than in June, and 90.4 percent more than in July 2007.

Indiana employees may come to Toyota's Georgetown plant Fri, 15 Aug 2008 01:51 EDT

Toyota is asking some employees at a struggling Indiana plant whether they would like to work at its Georgetown factory in the coming months.

Full-time employees at Georgetown wouldn't be affected, but the plant's temporary workforce might be, the company said.

The Princeton, Ind., plant produces the Sienna van, as well as the Tundra truck and Sequoia SUV. But it's losing the Tundra as part of a reorganization that consolidates that manufacturing in Texas.

The Sequoia has also ceased production until at least November, said Toyota spokesman Mike Goss, because of high inventory.

Three cheap ways to deter burglaries Sat, 16 Aug 2008 02:00 EDT

Preventing crime doesn't have to cost you. If you are worried about break-ins in your neighborhood, there are plenty of cheap alternatives to safeguard your home.

From Gerri Willis of Money magazine, here are three tips for stopping crime without the big expense:

Fake out crooks. Timers that turn on your lights cost as little as $10. You can also buy systems that open and close your blinds for about $90. When you go on vacation, stop your mail and paper delivery. Don't leave any messages on your answering machine that broadcast that you are away.

Make your home an unattractive target. Burglars don't want to be out in the open. If you trim shrubs and trees and install motion sensors for your outdoor lights, this will cut down on hiding places. Secure your doors with deadbolt locks.

Business Notes Sat, 16 Aug 2008 02:00 EDT

Kentucky

Nebraska Beef recall expanded; Kroger alerts customers

The Kroger Co. says it has placed signs in the meat departments of stores in the Northern Kentucky, .southeast Indiana, Cincinnati and Dayton areas with the latest information on the Nebraska Beef recall. A recall of meat produced by Nebraska Beef Ltd. was expanded Thursday to include an additional 160,000 pounds of beef. About 1.36 million pounds of beef is now covered under the recall that began Aug. 8 after the company's meat was linked to an E. coli outbreak in 10 states, including Ohio. Cincinnati-based Kroger says the recall involves 108 of its supermarkets. Customers are being urged to return ground beef with .sell by. dates of Aug. 1 through Aug. 16.

Breaking up big banks questioned as losses mount Sat, 16 Aug 2008 18:29 EDT
America's biggest banks have suffered unprecedented losses from the ongoing credit crisis, and that's made some investors question whether the big financial conglomerates should be broken up in order to survive.

Break-up advocates, who for months have been clamoring for Citigroup Inc. to be dismantled, got some validation of their viewpoint this past week. Europe's UBS AG - created through the combination of Swiss Bank Corp. and Union Bank of Switzerland in 1997 - on Wednesday laid the groundwork to tear up its business model after another quarter of steep losses.

Though the UBS announcement was expected, it was nonetheless a departure from what executives promised during a wave of big bank deals that began in the late 1990s. The creators of global banks like Citigroup, JPMorgan Chase & Co., and HSBC Holdings PLC had promised customers and shareholders that a diverse set of businesses would shield them from economic volatility.

But, those models haven't sheltered the banks from the subprime mortgage crisis that turned into a dislocation of the credit markets. Major global banks have taken more than $300 billion in asset write-downs, and organizations like the International Monetary Fund believe that amount could reach $1 trillion.

"The whole idea was, 'let's be so unbelievably diversified that we won't be affected,' but when the credit markets seize up, no matter what kind of financial company you are, everything seizes up," said William Smith, president of New York-based Smith Asset Management. "The UBS statement basically shows the model is a failure."

Former DirecTV head named LA Times publisher Sat, 16 Aug 2008 18:20 EDT
Eddy Hartenstein, a former head of DirecTV, will become publisher of the Los Angeles Times, the newspaper reported Saturday.

Hartenstein, a pioneering satellite television executive with no newspaper experience, will take over Monday. His job will be to invigorate a newspaper that has cut back hundreds of jobs as it struggles with plunging circulation and ad revenue in the Internet age.

Hartenstein will be the fourth Times publisher since the newspaper was acquired in 2000 by the Chicago-based Tribune Co. The post has been vacant since David Hiller resigned on July 14, the same day that Tribune began implementing more staff cutbacks.

Hartenstein, 57, said he was approached for the job about a month ago by Tribune chief Sam Zell, who did not demand any more cuts.

"I wanted to know that I would have the ability . . . to call the shots," Hartenstein said Friday.

A small town struggles after immigration raid Sat, 16 Aug 2008 13:09 EDT
A vague unease whispered through this tiny town in northeastern Iowa, where the rolling hills are a study in vivid colors - red barns, white clapboard houses, and vibrant green cornfields plowed with almost architectural precision.

It drifted through Postville's downtown, where restaurants serving tamales share three short blocks with El Vaquero clothing store, a kosher food market and the Spice-N-Ice Liquor and Redemption store.

It nagged at Irma Rucal that Monday morning after Mother's Day weekend, as the Guatemalan immigrant worked her regular shift salting chickens at Agriprocessors, the world's largest kosher meatpacking plant and Postville's biggest employer.

Then, just after 10 a.m., that insistent murmur burst to the surface with a frantic shout: "La Migra! Salvese el que pueda!" Immigration! Save yourself if you can.

The bulk of the plant's 900 workers - mostly Guatemalan and Mexican immigrants - dashed out doors, through hallways and into corners, trying to escape federal agents conducting what would be the largest immigration raid in U.S. history.

Bank of America continues its support for U.S. Olympic team Sat, 16 Aug 2008 03:37 EDT
Bank of America customers have opened tens of thousands of Olympic-themed accounts supporting the U.S. team, a bank spokesman says.

The bank donates a portion of money to the U.S. team's training program when customers open an account or make transactions with one of the bank's Olympic-themed checks, credit cards or debit cards. The program was launched in April.

"The U.S. Olympic team is a part of the American consumers identity," said Joe Goode, a spokesman for the Charlotte-based bank. "Leading up to the games and during the games fans' desires to connect with the team is almost limitless." The bank does not yet know how much money has been donated to the training program, Goode said.

The bank will continue the program even after the Olympics are over.

It is a way for customers to continue supporting the Olympic team, Goode said. Users of the bank's U.S. Olympic team credit card can earn points toward travel, hotels and Olympic memorabilia, like a softball glove signed by U.S. Olympic athlete Jennie Finch.

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