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| CC Chamber to host ribbon cutting The Cave City Chamber of Commerce is hosting a ribbon cutting in celebration of the grand opening of Fox Insurance Agency Inc. on Thursday at 10 a.m. at 312 Broadway in Cave City. |
| U.S. automakers' sales plummeted in April Fri, 02 May 2008 00:04:00 EST Ford Motor Co. sales sank 12 percent last month, weighed down by a steep drop in demand for Explorers and pickup trucks. |
| No deal on Derby Day online bets Fri, 02 May 2008 00:04:00 EST Negotiations between Churchill Downs Inc. and Kentucky horsemen are stalled, and people who want to bet the bulk of the Kentucky Oaks and Derby day racing cards on TwinSpires.com likely will have to find other means. |
| Profits at Exxon Mobil top $10 billion Fri, 02 May 2008 01:51:00 EST Don't expect motorists to sympathize, but Exxon Mobil says gasoline prices didn't do it any favors in the first quarter. |
| Dow climbs back past 13,000 Fri, 02 May 2008 00:06:00 EST Stocks shot higher yesterday as investors, while anticipating another dismal jobs report today, viewed the rising dollar and falling oil prices as promising signs for the economy. The Dow Jones industrial average rose nearly 190 points to close above 13,000 for the first time since Jan. 3. |
| Home Depot closing stores Fri, 02 May 2008 00:07:00 EST It's been 4½ years since former Home Depot Chief Executive Bob Nardelli's bold prediction that the home-improvement retailer could sustain "unlimited growth" without significantly affecting sales at established stores. |
| Q: I owe federal taxes for 2006, but I paid this off as of today. Will I still get a rebate check? Fri, 02 May 2008 00:07:00 EST A: Rebate checks will be diverted toward any past-due federal or state taxes or nontax federal debt such as student loans and child support. |
| Schnatter will be openingCalistoga cafe in Lexington Fri, 02 May 2008 00:08:00 EST John Schnatter, founder of Papa John's International, will bring his latest restaurant concept to Kentucky on Monday when a Calistoga Bakery Cafe opens in Lexington. |
| Home Depot cutting back Fri, 02 May 2008 07:14 EDT Home Depot is closing 15 stores, including the company's only store in Frankfort. The Atlanta company, which claims to be the world's largest home-improvement retailer, said Thursday that the 15 stores were not meeting sales goals. The closings will affect 1,300 employees nationwide, including 88 in Frankfort, a Home Depot spokesman said. The total includes the store manager and two assistant managers. "Store managers and assistant store managers at these locations will be offered other store management positions within the organization," Home Depot said. "The company will work to place the rest of the associates in other comparable store positions where available." As a result of the closings, Home Depot will record a charge of $186 million, including inventory markdowns of $11 million and severance expenses of $8 million. |
| Jobs bright spot: Coal is hiring Fri, 02 May 2008 02:06 EDT Even as a wave of job cuts afflicts workers nationwide, mine operators in coal country are offering free health insurance, gas money, stock and bonuses to lure enough miners as coal fetches record prices. Alpha Natural Resources announced Thursday that it would dole out 25 shares of stock to each of its 3,600 employees in hopes that they'll stay put. It will pay bonuses of up to $9,000 to miners who stay three years, and will pay even more to members of highly trained rescue squads. Massey Energy Co., the nation's No. 4 coal producer, recently offered guaranteed three-year contracts to individual miners. Those companies, both based in Virginia, are trying to fend off the employee poaching that rippled through the industry during a price spike in 2005 and 2006. Driven by the weak dollar, high ocean freight rates and shipping bottlenecks, prices for higher-energy coal from Eastern states have jumped even higher this year. They've more than doubled to about $95 a ton for utility-grade coal, and $200 or more a ton for coking coal used by steel manufacturers. |
| Gas prices cited as sale of small cars surges Fri, 02 May 2008 02:06 EDT Small cars were the big winners in April, as high gas prices accelerated U.S. consumers' rush away from trucks and sport utility vehicles, and as makers of fuel-efficient models scored gains despite the weak economy. General Motors, Ford and Chrysler all saw double-digit U.S. sales declines compared with last April. But Nissan's sales were up 7 percent on the strength of its car sales, while Toyota's sales edged up 3 percent. Honda's sales figures were delayed because of a technical problem, but the automaker said April sales were likely to be up at least 6 percent. Pickup sales have been falling for months because of the slowdown in housing construction, and the trend away from SUVs began several years ago as Baby Boomers aged and roomy but more fuel-efficient crossover vehicles gave consumers more choice. But automakers and industry watchers said gas prices are speeding the trend. "At $3 a gallon, there's a lot of discussion about the price of gasoline but not much change in behavior," said Mike Jackson, chief executive of AutoNation Inc., the country's largest auto retailer. "But in the mid-$3.50 range, with $4 on the horizon, there's a lot of change in behavior." George Pipas, Ford's top sales analyst, said retail, or non-fleet, sales of passenger cars exceeded trucks and sport utility vehicles combined for the first time in at least 20 years. Pipas said a full-size truck is on the list of the top 10 vehicles being traded in for every small car in the industry. |
| Employers cut fewer jobs in April, jobless rate falls Fri, 02 May 2008 10:16 EDT Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, a better-than-expected showing that nonetheless reveals strains in the nation's labor market. For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday. But in April the losses totaled 20,000, an improvement from the 81,000 reductions in payrolls logged in March. Job losses for both February and March turned out to be a bit deeper than previously reported. The latest snapshot of the nationwide employment conditions - while clearly still weak - was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2 percent. The unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5 percent from 5.1 percent in March. That survey showed more people finding employment than those who didn't. Businesses are handing out pink slips as they cope with an economy that is teetering on the edge of a recession, or possibly in one already. A severe housing slump, harder-to-get credit and financial turmoil have forced people and businesses to be more cautious in their spending. And that has hurt the economy. |
| Planning staff opposes Nicholasville Road rezoning Thu, 01 May 2008 17:56 EDT Lexington's city planning staff on Thursday recommended disapproval of a request to allow two pieces of property on Nicholasville Road to be re-zoned from residential to professional office use. Attorney Julie A. Butcher seeks to have a house she owns at the corner of Edgemoor Drive and Nicholasville Road and an adjoining vacant lot rezoned to allow a professional law office with off-street parking. Butcher also proposes conditional-zone restrictions on the property to limit its use to offices only, to require the existing house to remain and to direct outdoor lighting away from adjacent residences. The request came before the zoning committee on Thursday. Committee members voted to forward the staff's report to the full Planning Commission for a hearing at its May 22 meeting. Even though the zoning committee is not the usual place to hear protests, two members of the Southern Heights Neighborhood Association were in the audience to register opposition. |
| Free directory assistance available on your cell phone Thu, 01 May 2008 07:20 EDT Cell phones have become an essential part of most people's lives, but can be a drain on the pocketbook. Do you make a lot of directory-assistance calls from your cell phone? Typically, cell providers charge a fee every time you call 411. Instead, you can call 1-800-GOOG-411 (1-800-466-4411) to get the listing you want for free. Another free service, 1-800-FREE-411 requires you to listen to a short ad before you get your number. Also, drop your long-distance carrier if you make infrequent long-distance calls. Instead, use a prepaid phone card, a dial-around service or your cell phone if you have enough minutes. FREE DIRECTORY ASSISTANCE AVAILABLE ON YOUR CELL PHONE |
| Jobless claims surge Thu, 01 May 2008 08:46 EDT The number of newly laid off workers filing claims for unemployment benefits soared last week. The Labor Department reported Thursday that claims for unemployment benefits rose by 35,000 to 380,000. Private economists had expected claims would rise by a smaller 18,000. The report on jobless claims came a day ahead of a report on unemployment for April. Economists expect that report will show that the unemployment rate edged up to 5.2 percent in April, from 5.1 percent in March. The economy is expected to lose 70,000 jobs, the fourth straight month of job losses. |
| Manufacturing report shows continuing contraction in April Thu, 01 May 2008 11:50 EDT U.S. manufacturing activity contracted in April at the same pace as in the previous month, stalled near its lowest level in five years, a private trade group said Thursday. The Institute for Supply Management, a trade group of purchasing executives, said it manufacturing gauge was steady at 48.6 last month, unchanged from March. But it beat economists' expectations for a reading of 48, according to the consensus estimate of Wall Street economists surveyed by Thomson Financial/IFR. A reading above 50 shows the economy is growing, while a reading below 50 signals contraction. "The economy seems to be muddling through," said David Resler, chief economist for Nomura Securities. The narrow range the manufacturing index has stayed in over the past five months is a good sign, he said. |
| U.S. economic growth slips in at .6% in first quarter Thu, 01 May 2008 02:04 EDT The U.S. economy grew at a sluggish rate of six-tenths of a percent over the first three months of 2008, the Commerce Department reported Wednesday. That suggests that there was just enough economic activity to avoid recession. The 0.6 percent growth rate for the first quarter of 2008 is identical to that of fourth quarter of 2007, meaning the U.S. economy has been in a virtual stall for half a year. The question now is whether an economic stimulus plan passed by Congress in February and the more than 3 percentage points of interest rate cuts by the Federal Reserve will soon revive the economy. In a news conference Tuesday, President Bush repeated that he's confident that tax rebates being sent to Americans as part of the stimulus package will help restore consumer confidence and boost economic activity. The first of the checks began going out on Monday and will keep arriving until July. Many U.S. economists think that the nation is in recession, commonly defined as two consecutive quarters of negative growth. Wednesday's numbers suggest that if the U.S. is in a recession, it began over the last month or so. There have been three consecutive months of employment losses, but those losses were lower than is usually associated with recession. Exports have helped keep the U.S. economy just above negative growth, helping offset the sharp loss in business activity associated with the slumping housing and automotive sectors. |
| GM cuts sales forecast after huge 1st-quarter loss Thu, 01 May 2008 02:04 EDT Bowing to grim reality, General Motors Corp. followed Ford's lead and cut its U.S. sales forecast Wednesday after a tough first quarter that saw a $3.3 billion loss. But unlike Ford, GM faces more unknowns that could complicate its North American turnaround and drag down strong results overseas, including a strike at supplier American Axle, the protracted bankruptcy case of its former parts division, Delphi Corp., and unresolved labor talks in Canada. GM's loss for the January-March period amounted to $5.74 per share, reflecting $2.9 billion in one-time charges. That compares with a profit of $62 million, or 11 cents per share, in the first quarter of 2007. Without the one-time charges, GM lost $350 million, or 62 cents per share, handily beating Wall Street's expectations. On that news, investors sent GM's shares up 9.4 percent, or $2, to close at $23.20. Analysts surveyed by Thomson Financial had expected a loss of $1.60 per share. Ray Young, GM's chief financial officer, said analysts might be underestimating the company's overseas growth. GM said revenues rose 20 percent outside North America, thanks to strong expansion in China, Russia, Brazil and India. A record 64 percent of sales came from outside the United States in the quarter. |
| Fed joins with European banks to battle credit crisis Fri, 02 May 2008 09:26 EDT The Federal Reserve announced Friday that it will expand a series of efforts to deal with the global credit crisis, in coordination with European central banks. The Fed said it was boosting the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, from the $100 billion it supplied in April. The Fed took this action and several other moves to boost credit in coordination with the European Central Bank and the Swiss National Bank. The latest moves are part of a series of actions the Fed has made since the credit crisis struck in August. The efforts are designed to increase reserves so that banks don't become hesitant about lending to consumers and businesses, which would make the current economic slowdown even more severe. The Fed's decision to boost the amount of loans it makes to banks every two weeks, in a process known as a Term Auction Facility, was aimed at sending a strong signal that the central bank is prepared to supply as much in reserves as U.S. banks need. The latest move was made in coordination with the European central banks' efforts to bolster their financial systems as well. |
| Ore. court rejects medical costs claim on tobacco industry Fri, 02 May 2008 01:31 EDT The same Oregon court that slapped Big Tobacco with a huge punitive damages award has handed the industry a victory by rejecting a class-action lawsuit for medical monitoring costs in a case where harm had yet to occur. Oregon's high court ruled unanimously Thursday that smokers must show actual harm to make a negligence claim against cigarette manufacturers - not just the possibility they will be harmed. The lawsuit, brought by Patricia Lowe on behalf of about 400,000 Oregonians, argued the tobacco companies were negligent because they "knew or should have known that their cigarettes contained toxic and hazardous substances likely to cause lung cancer." Lowe argued the industry should pay for tests to detect lung tumors at their earliest and most treatable stage. The court ruled instead that Oregon law has long recognized that "a threat of future physical harm is not sufficient" grounds for a legal claim. |
| Stock poised to rally after payroll report, Fed action Fri, 02 May 2008 09:16 EDT Wall Street was poised for a sharply higher open Friday after the government reported that the nation's payrolls shrank less than expected and the Federal Reserve injected more liquidity into the financial system. The Labor Department said employers cut 20,000 jobs in April, while the unemployment rate dipped to 5 percent. This marked the fourth straight month of job losses, but the data signaled that perhaps the economy might be resisting falling into recession. Meanwhile, the Fed said it will work with European central banks to expand a series of efforts to deal with the global credit crisis. The central bank will boost the amount of emergency reserves it supplies to U.S. banks to $150 billion in May, up from the $100 billion it supplied in April. Investors are expected to rush back into the market amid speculation that the government has a better handle on the economy and the global credit crisis that has pummeled markets. It also increased speculation that the Fed, which cut interest rates by a quarter point on Wednesday, would indeed pause in its interest rate cutting campaign. Dow Jones industrial average futures rose 113, or 0.92 percent, to 13,114. Standard . and Nasdaq composite futures rose 21.50, or 1.08 percent, to 2,004.75. |
| Thailand floats idea of rice cartel Fri, 02 May 2008 09:56 EDT Asian countries sought Friday to tame the spiraling rice market, with Thailand proposing an OPEC-style cartel for exporters and the Philippines shoring up supplies while aiming to end its status as the world's largest importer. The moves came as prices for rice and other food staples have been rising rapidly around the world, sparking violent protests in Haiti and Egypt along with concerns of unrest elsewhere amid profiteering and hoarding. The sudden crisis - the price of rice has more than tripled since January - has experts calling for major changes in food production to improve crop yields and cut waste. "The world has come together in the past," said Robert Zeigler, director general of the International Rice Research Institute in Los Banos, Philippines. "I think they could come together again to make sure that humanity has enough to eat. We just need the political will." Zeigler's comments came as Philippine President Gloria Macapagal Arroyo visited the institute, underscoring the need to show a grumbling public that the government is doing something to deal with the rice prices and stock. Arroyo has ordered a crackdown on speculators and angrily demanded to know why more people haven't been arrested. |
| Change is natural part of growing economy Business column |
| Most Churchill Downs races off-limits online Fri, 02 May 2008 23:14:00 EST Today's Kentucky Derby and Woodford Reserve Turf Classic will be available to online bettors, but Churchill Downs and its horsemen could not reach an agreement to make the full card of races today available to most wagering Web sites. |
| Ford seeks 500 more buyouts in Louisville Fri, 02 May 2008 23:14:00 EST Ford Motor Co. will offer buyouts to 500 employees at Louisville Assembly Plant in another attempt to cut labor costs as part of its turnaround plan. |
| Tesla brings power to electric car market Fri, 02 May 2008 23:18:00 EST It's safe to say that Jeremy Snyder gets a charge out of the two-seat Tesla Roadster whenever he pulls one off the lot -- and not because it's equipped with an all-electric engine. |
| Utilities hold key to plug-in cars Fri, 02 May 2008 23:20:00 EST Automakers are preparing to introduce plug-in electric cars in 2010, but their success will depend on players beyond their control: the electric utilities. |
| Area pump prices drop about 6 cents Fri, 02 May 2008 23:13:00 EST Gas prices slipped by about a nickel per gallon in the Louisville area yesterday, according to prices posted by drivers. |
| Higher bid for Yahoo reported Fri, 02 May 2008 23:14:00 EST Microsoft finally dangled a higher takeover bid in front of Yahoo yesterday, hoping to reach a friendly deal after weeks of saber rattling. |
| Economy shows signs of recovery Fri, 02 May 2008 23:13:00 EST The economy showed unexpected signs of resilience yesterday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices may be easing. The unemployment rate dipped, though that may not last. |
| Chevron's profit: $5.17 billion gusher Fri, 02 May 2008 23:13:00 EST Astounding profits in the oil industry are becoming as routine as the anguished looks of motorists filling up their gas tanks. |
| Tax Q & A Fri, 02 May 2008 23:09:00 EST We filed our 2007 taxes electronically and had the refund direct-deposited. After receiving the refund I filed an amended return to reflect my husband's Social Security earnings so he would be eligible for the stimulus rebate. When should we expect the rebate? |
| Fed plans credit industry restrictions Sat, 03 May 2008 02:02 EDT WASHINGTON -- The Federal Reserve and other regulators initiated steps Friday to end "unfair and deceptive" credit card industry practices assailing consumers who are already struggling to cope in a bad economy. The proposed rules would be the biggest clampdown on the industry in decades, aiming at protecting people from credit card companies that arbitrarily raise interest rates or don't give borrowers adequate time to pay their bills. The proposals also would restrict such lender practices as allocating all payments to balances with lower interest rates when a borrower has balances with different rates. The Fed board voted Friday to approve the recommendations. The banking industry opposes the changes, and says they could lead to higher interest rates. The rules could be finalized by the end of the year. The proposed new rules would prohibit: |
| Rising rice prices stoke buying Sat, 03 May 2008 02:03 EDT Shoppers surveyed shelves loaded with rice at the Ranch 99 Asian supermarket, chatting in languages from Mandarin to Portuguese as they hunted for their favorite varieties, checked brand names and compared prices before heaving 50-pound bags into their carts. Skyrocketing prices and media reports of a shortage are driving many immigrants and U.S. Asians, Hispanics, Indians and others to stock up on rice -- a once inexpensive staple that is reaching record-high prices across the country. In Indian corner markets and warehouse-size supermarkets specializing in Asian goods, customers who usually take home a 20-pound bag are taking two, or even reaching for the 50-pound bag. Emphasizing that there is no rice shortage in the United States, economists and commodity traders blame the price hikes confronting U.S. consumers on everything from the weather in producing countries to the increased buying power of countries like China. Chief among those factors was the decision by India, Vietnam, China, Egypt, Cambodia and Brazil to curtail exports to protect prices at home, said Nathan Childs, an economist and rice expert with the Department of Agriculture. Seeking to tame rising rice prices, which have more than tripled since January, Thailand proposed an OPEC-style cartel on Friday with major rice exporters Laos, Burma, Cambodia and Vietnam to give them more control over international rice prices. Take escalating prices, add to that news of food riots abroad, and many American buyers are choosing to be safe and purchasing more, especially since rice keeps well. That sends ripples all the way up the buying chain, said Pat Daddow, owner of the California Rice Exchange, a platform where farmers sell to processors. |
| Dollar, job news brighten economic picture Sat, 03 May 2008 02:03 EDT The economy showed off unexpected signs of resilience Friday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices might be easing. The unemployment rate dipped, though that may not last. The latest barometers flashed encouraging signs that the economic slowdown may not be as pronounced as some had feared. Still, there's much caution -- about housing, credit and other problems. "Economic or financial conditions could take an unexpected stumble at any time," warned Stephen Stanley, chief economist at RBS Greenwich Capital. Employers eliminated 20,000 jobs in April -- not nearly as many as the 81,000 in March, and the fewest monthly losses so far this year, the Labor Department reported. The unemployment rate dropped to 5 percent, from 5.1 percent. Stresses were still evident. It was the fourth straight month that employers cut jobs -- bringing total losses to 260,000. |
| Microsoft abandons Yahoo bid, rebuffing higher sale price Sun, 04 May 2008 00:15 EDT Microsoft Corp. has withdrawn its $42.3 billion bid to buy Yahoo Inc., scrapping an attempt to snap up the tarnished Internet icon in hopes of toppling online search and advertising leader Google Inc. The decision to walk away from the deal came Saturday after last-ditch efforts to negotiate a mutually acceptable sale price proved unsuccessful. Microsoft was willing to pay $47.5 billion, or $33 per share, up from the bid's current value of $29.40 per share, according to a letter from Microsoft Chief Executive Steve Ballmer to Yahoo Chief Executive Jerry Yang. But Yahoo demanded at least $53 billion, or $37 per share, according to Ballmer. That would have been nearly double Yahoo's stock price of $19.18 at the time Microsoft first made its bid a little over three months ago. "Clearly a deal is not to be," Ballmer wrote. |
| Buffett and Munger reassure shareholders about succession Sun, 04 May 2008 00:05 EDT Warren Buffett tried to reassure his shareholders Saturday that Berkshire Hathaway will be fine once he is gone, but the 77-year-old billionaire offered few new details of the company's succession plan. Berkshire vice chairman Charlie Munger may have done more to reassure the roughly 31,000 shareholders at the company's annual meeting. "Well, we still have a rising young man here named Warren Buffett," Munger said, to which Buffett joked that everyone seems young to the 84-year-old Munger. Munger continued: "I think we want to encourage this rising young man to reach his full potential." Several shareholders still asked about the succession plan and Berkshire's future. |
| Economy shows resilience; jobless rate falls as dollar rises Sat, 03 May 2008 13:45 EDT The economy showed off unexpected signs of resilience Friday as job losses slowed, the dollar gained a bit of muscle for a change and there were even indications that food prices may be easing. The unemployment rate dipped, though that may not last. The latest barometers flashed encouraging signs that the economic slowdown may not be as pronounced as some had feared. Still, there's much caution - about housing, credit and other problems. "Economic or financial conditions could take an unexpected stumble at any time," warned Stephen Stanley, chief economist at RBS Greenwich Capital. Employers eliminated 20,000 jobs in April - not nearly as many as the 81,000 in March, and the fewest monthly losses so far this year, the Labor Department reported. The unemployment rate dropped to 5 percent, from 5.1 percent. Stresses were still evident. It was the fourth straight month that employers cut jobs - bringing total losses to 260,000. |
| Researchers key in battle for beauty business Sat, 03 May 2008 01:52 EDT Jim Schwartz remembers feeling a little bewildered when he started his job developing beauty care products at Procter . make sure it feels, smells, looks right and has added personal benefits without ill effects; and determine whether it can be made affordably on a huge scale. "That deceptively simple product sitting on store shelves has years and years and thousands of person-hours that went into making it work well," Schwartz said. |
| Buffett again rebuffs advocates who want Klamath dams out Sat, 03 May 2008 15:54 EDT American Indian tribes and salmon fisherman were rebuffed a second time Saturday in their bid to win support from billionaire Warren Buffett for a proposal to remove four hydroelectric dams from the Klamath River. Buffett again told the group that his company, Berkshire Hathaway Inc., won't decide the fate of the dams owned by its PacifiCorp utility. He said Berkshire will defer to regulators in California and Oregon, where the Klamath runs, and to federal officials. Buffett also said he promised regulators when Berkshire bought PacifiCorp in 2006 that he wouldn't interfere with the utility's operating decisions. The dam opponents, making their second trip to Berkshire's annual meeting, have promised to keep pressure on Buffett and his Omaha-based company. "We feel like we've been listened to everywhere except PacifiCorp," said Leaf Hillman, a member of the Karuk Tribe. |
| Eight Belles jockey defended Mon, 05 May 2008 23:38:00 EST The executive director of the Kentucky Horse Racing Authority yesterday defended Gabriel Saez's riding of Eight Belles, the filly who suffered two broken legs and was euthanized after finishing second in Saturday's Kentucky Derby. |
| Oil futures top $120; economic worries rise Tue, 06 May 2008 03:21:00 EST Oil futures surged to an intraday record above $120 a barrel yesterday, raising concerns about higher prices for gasoline and goods and services. |
| Chase taps Costel as regional head Mon, 05 May 2008 23:44:00 EST Veteran Louisville banker Paul Costel has been promoted to president of Chase in Kentucky and Southern Indiana, succeeding Thelma Ferguson, who is moving to the bank's New York offices. Costel has been in Louisville for 27 years and at Chase for about 15 years, most recently as division manager for middle-market commercial lending. |
| Tropicana in bankruptcy Mon, 05 May 2008 23:42:00 EST The fallout from losing its New Jersey casino license will force the Northern Kentucky owner of Tropicana casinos in Atlantic City and Las Vegas to seek Chapter 11 bankruptcy protection. |
| Q: Are Louisville home prices going up or down? Mon, 05 May 2008 23:39:00 EST A: The median price recorded by local Realtors was essentially flat last year and down about 2 percent through the first three months of this year. |
| Kindred Healthcare profit up sharply in first quarter Mon, 05 May 2008 23:40:00 EST Kindred Healthcare said late yesterday that its first-quarter profit rose to $14.7 million, or 38 cents a share, from $7.8 million, or 20 cents a share, a year earlier. |
| 2008 profit forecast jumps for Marvel Mon, 05 May 2008 23:41:00 EST As "Iron Man" smashed its way to an estimated $201 million in worldwide box office sales, Marvel Entertainment raised its profit forecast yesterday for the year and promised "Iron Man 2" for 2010. |
| Wal-Mart selects 20 capitols for energy audits Tue, 06 May 2008 14:53 EDT Wal-Mart Stores Inc. has announced partnerships with 19 states and Puerto Rico to help them save on energy and electricity costs at their capitols. Wal-Mart will identify engineering experts to perform energy audits at the capitols. Wal-Mart over the past three years has worked to cut down on energy usage at its stores and suppliers. Through its Greening State Capitols partnership with the National Governors Association, Wal-Mart will offer its services in an outreach effort and to market its audit services. The states included in Tuesday's announcement are Arkansas, Connecticut, Florida, Iowa, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, Ohio, Pennsylvania, South Carolina, South Dakota, Tennessee, Virginia and West Virginia. |
| Stocks lift even as oil prices soar near $123 a barrel Tue, 06 May 2008 20:57 EDT Wall Street reversed early losses to close higher Tuesday, as investors monitored the movements of record high oil prices but still laid bets that the economy and companies are in recovery mode. Crude oil climbed to a record near $123 a barrel on the New York Mercantile Exchange as traders, who have nearly doubled the price of oil over the past year, reacted to the weakening U.S. dollar, supply threats, and a note from Goldman Sachs & Co. predicting that oil could reach $200 a barrel. High oil prices threaten to crimp consumers' discretionary spending. But oil price sticker-shock waned and as investors looked past wider-than-expected quarterly losses at Swiss bank UBS, government-sponsored mortgage company Fannie Mae, and homebuilder D.R. Horton Inc. "I think overall, the strength in stocks right now is on fairly firm footing," said JPMorgan equities analyst Thomas J. Lee. "In some ways, first-quarter earnings are yesterday's news." In recent weeks, stronger-than-expected results from companies outside the battered financial and housing sectors helped the stock market rebound to levels not seen since early January. Economic data has been better than expected - particularly Friday's employment report and Monday's data on the service sector - and meanwhile, the credit markets keep showing increased appetite for the risk that investors had avoided for months. |
| Oil holds above $120 a barrel on supply worries Tue, 06 May 2008 08:57 EDT Oil futures held steady above $120 a barrel Tuesday in Asia after surpassing that mark for the first time in the previous session on threats to supply and a weakening of the U.S. dollar. The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said. Light, sweet crude for June delivery rose 20 cents to $120.17 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract surged to a trading record of $120.36 a barrel overnight before settling at $119.97 a barrel, up $3.65 from Friday's close. "The bulls are in control of the market," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The economic report out of the U.S. yesterday on the service sector seems to suggest the economic slowdown may not be as deep as initially thought." "The sentiment is that the oil pricing is likely going to stay quite strong, with a lot of volatility," Shum said. |
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