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| Business Digest Fri, 09 May 2008 22:16:00 EST |
| Tent caterpillars worst since 2001 Sat, 10 May 2008 06:05 EDT Eastern tent caterpillars are at the highest levels seen in the Bluegrass since 2001 but there have been no reports of foal deaths linked to the caterpillars, as there were that year. The University of Kentucky College of Agriculture has issued an alert that caterpillars are on the move and warns farms to keep pregnant mares out of fields bordered by cherry trees or other potential hosts for the next several weeks. In 2001, Kentucky was hit by waves of foal losses. Hundreds of foals were born dead or dying, and thousands of mares aborted in the early stages of pregnancies. About 30 percent of the state's Thoroughbred crop from 2001-02 was lost, and all breeds suffered an estimated $336 million in economic damage. The mysterious epidemic of what came to be known as mare reproductive loss syndrome has been strongly tied, through UK research, to massive infestations of eastern tent caterpillars. Scientists found that mares could inadvertently ingest the hairy caterpillars; the hairs can cause tiny punctures in the digestive tract that let in bacteria that compromise the foals. UK's Livestock Disease and Diagnostic Lab has not seen any MRLS cases this year. |
| Churchill Downs to cut purses by 20% Sat, 10 May 2008 02:04 EDT Churchill Downs racetrack says it has been forced to cut purses by 20 percent because of a dispute over distribution of simulcast racing and Internet betting with two horsemen's groups. The Kentucky horsemen want Churchill Downs to delay the purse cut for 30 days so both sides can discuss the need for it. Marty Maline, executive director of the Kentucky Horsemen's Benevolent and Protective Association, said they requested a meeting Friday with racetrack president Steve Sexton but have not received a response. Sexton announced the 20 percent cut in prize money Friday morning. It is scheduled to go into effect May 14. Purses for Churchill's fall meet could be affected as well. Maline said that if they can't arrange some kind of negotiations, the Kentucky HBPA plans a general meeting, probably Tuesday, to discuss options with trainer and owner members. |
| Catastrophic plan to cost companies less Sat, 10 May 2008 02:04 EDT Small and medium-size employers looking to save money on health benefits could buy catastrophic health insurance for their employees under plans that UnitedHealthcare has begun marketing in Kentucky and Colorado. The high-deductible Catalyst Choice plans offer employees the option of upgrading to more robust benefits -- such as network coverage for doctor visits, lab tests and emergency care -- at their own expense. The plans, targeted at companies with as many as 250 employees, are the kind of insurance offering that more employees might begin to see as employers try to ease the pressure of rising health costs. Catastrophic plans, designed to cover major medical events, offer a more affordable alternative to employers that might be facing costs so high that they are considering dropping health insurance benefits altogether, said Debra Spano, spokeswoman for UnitedHealthcare. Between 2000 and 2005, the percentage of businesses offering health insurance dropped from 69 percent to 60 percent, according to the Kaiser Family Foundation. Since then, the decline in companies offering coverage seems to have leveled off, said Gary Claxton, a Kaiser vice president. |
| March trade deficit drops by bigger-than-expected amount Sat, 10 May 2008 14:42 EDT The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. Analysts forecast that trade would continue to be one of the economy's few bright spots this year. The March deficit totaled $58.2 billion, down 5.7 percent from February, the Commerce Department reported Friday. It was a much larger improvement than had been expected. The smaller deficit was driven by a 2.9 percent drop in imports, which reflected widespread weakness in demand as consumers, battered by a severe housing slump, a credit crisis and soaring gasoline prices, cut back on their purchases of both domestic goods and imports. It marked the biggest one-month decline in imports since December 2001, when the country was struggling to emerge from the last recession. Many analysts believe the country has fallen into another recession, although the better-than-expected trade performance prompted some economists to project that growth will be revised up from the barely discernible 0.6 percent rate reported last week to a slightly more respectable 1.1 percent rate for the first three months of this year. That could mean the country will be able to avoid a full-blown downturn, although growth at that level would still be viewed as a so-called growth recession in which the economy does not expand fast enough to prevent unemployment from rising. |
| Stocks decline as AIG reveals need for cash, oil surges Sat, 10 May 2008 07:06 EDT Wall Street ended the week with a big decline as investors grappled with two of the biggest threats to the economy: fallout from turmoil in the credit market and surging energy prices. All three major indexes suffered losses for the week. Insurer American International Group Inc. helped send the Dow Jones industrial average down about 120 points after posting a wider-than-expected first-quarter loss that rekindled anxiety about the strained state of the global financial system. AIG reported it lost $7.81 billion - its second straight quarterly loss - and revealed plans to raise $12.5 billion in the coming months. The world's largest insurer, like many of its peers in the financial services sector, has seen its investments in the credit markets plunge in value. Meanwhile, rising crude oil prices remained a source of worry for investors, as they had much of the week and in recent months. Oil futures rose above $126 a barrel for the first time, further stoking Wall Street's concerns about inflation that could curtail consumer spending. Light, sweet crude rose as high as $126.20 on the New York Mercantile Exchange before settling at a record $125.96. For the week, oil jumped nearly $10. Phil Orlando, chief equity market strategist at Federated Investors said investors retreated primarily because of the AIG news. |
| Tips for workers facing layoffs Sat, 10 May 2008 06:05 EDT If you're worried about your job, don't panic . get prepared. Here are six ways to prepare for a layoff, from Kate Lorenz, an editor at CareerBuilder.com, an online job-search site. Get organized. Take home personal files and locate copies of your performance appraisals and other personnel records. Update your r.sum. so that it reflects all of your recent accomplishments and newly acquired skills. Get what's coming to you. Schedule your checkups and tend to any dental or medical issues while you're still insured -- especially if you've already met your deductibles. If you've got a flexible spending account, turn in all outstanding claims to avoid forfeiting any balances. In addition, know exactly how much vacation and floating holiday time you have coming. Get connected. Spend at least one to two hours a day networking. Call your potential references, friends, former co-workers and clients. Attend your professional association meetings. Get searching. Visit the Web sites of any relevant trade and professional associations as well as companies where you'd like to work. Check print and online job postings to see what requirements are being asked for and note any gaps in your experience or skill base. |
| UnitedHealthcare markets new health plan in Kentucky Fri, 09 May 2008 13:25 EDT Small and medium-size employers looking to save money on health benefits could buy catastrophic health insurance for their employees under plans that UnitedHealthcare has begun marketing in Kentucky and Colorado. The high-deductible Catalyst Choice plans offer employees the option of upgrading to more robust benefits -- such as network coverage for doctor visits, lab tests and emergency care -- at their own expense. The plans, targeted at companies with as many as 250 employees, are the kind of insurance offering that more employees might begin to see as employers look to ease the pressure of rising health costs. Catastrophic plans, designed to cover major medical events, offer a more affordable alternative to employers that might be facing costs so high that they are considering dropping health insurance benefits altogether, said Debra Spano, spokeswoman for UnitedHealthcare. Between 2000 and 2005, the percentage of businesses offering health insurance dropped from 69 percent to 60 percent, according to the Kaiser Family Foundation. |
| Dairy Queen tries out Sweet Deals in Kentucky Fri, 09 May 2008 02:05 EDT A mix-and-match value menu that includes desserts is being tried out as DQ Grill & Chill and Dairy Queen's answer to rising gasoline and food prices. Offered through a promotion called Sweet Deals, the menu is being tested at 35 Kentucky DQ Grill & Chill and Dairy Queen locations, including several in Lexington. "It's going to run at least through the end of the year. If it does well, we feel like it will become part of our core menu," said Billy Rose, who represents the restaurants participating in the promotion and others on the International Dairy Queen Franchisee Advisory Council. With "gas prices doing what they're doing, the cost of goods going where they're going," parent company International Dairy Queen felt the need to make such a move, said Rose, who owns DQ Grill & Chills in Richmond and Berea. Customers may pick two items for $3, three for $4 or four for $5 from the nine-item menu. The nine items are the Dairy Queen burger, hot dog, chicken wrap, french fries, onion rings, salad, beverage, sundae and soft-serve cone. |
| Toyota expects dip in profits Fri, 09 May 2008 02:05 EDT Toyota Motor said Thursday that the slowdown in the U.S. economy is likely to cause its first annual profit drop in nine years, accelerating a shift by it and other Asian car manufacturers into emerging markets such as China, Latin America and the Middle East. Toyota, now in a dead heat with General Motors to be the world's largest car company, said most of its recent profit growth has come in new markets such as Brazil, China and Russia. It said that growth helped offset sluggish sales in the United States, traditionally Toyota's largest and most profitable market, and other mature economies, such as Europe and Japan. "Our profit structure has become more geographically balanced, with growing contributions from resource-rich countries and emerging countries," Toyota's president, Katsuaki Watanabe, said in a statement. This shift has been partly driven by the faltering prospects of the United States market. Declining American sales, along with the weakening dollar and rising material prices, prompted Toyota to forecast a 27.2 percent decline in net profit to $12.5 billion during the current fiscal year, which ends March 2009. Last month, Honda Motor projected an 18 percent drop in net profit this fiscal year, citing similar reasons. Still, Toyota appeared to be faring better than its American rivals. GM lost $3.3 billion in the first quarter. Ford had a surprise profit of $100 million for the same period but expects to lose money this year as the U.S. auto market deteriorates. |
| Complex farm bill ready but faces veto Fri, 09 May 2008 02:05 EDT Weary congressional negotiators on Thursday completed a comprehensive farm bill that confronts a presidential veto threat amid complicated election-year politics. After missing many deadlines, lawmakers unveiled a five-year, $286 billion package that includes record spending on fruits and vegetables, combined with crop-subsidy reforms that critics consider inadequate. The bill also would give tax breaks to owners of racehorses, a provision added by Senate Minority Leader Mitch McConnell, R-Ky. Animal rights groups criticized the provision, saying Congress shouldn't help the industry in the wake of Kentucky Derby runner-up Eight Belles having to be euthanized last weekend. The bill's long-term future remains unclear in the face of President Bush's anticipated veto. |
| TAXES ARE DIFFERENT IF YOU'RE SELF-EMPLOYED Fri, 09 May 2008 02:05 EDT Though the tax season is over, some people must continue to pay taxes year-round: the self-employed. If you are in this situation, you can save yourself time and money with these four tips: Educate yourself on the self-employment tax. The surest way to save on your bill at year's end is to fully understand the tax laws. The best resource is the Internal Revenue's Web site, IRS.gov. Consider computerizing your record-keeping. Record-keeping is essential for accurately estimating your quarterly payments and for filing your end-of-the-year tax return. Two popular programs are Microsoft Money Plus and Intuit Quicken Home and Business 2008. Make your estimated payments on time. The self-employed have no income withheld from their paychecks. They must estimate their income, minus deductions, and pay tax on these estimates four times a year. Pay on time to avoid late penalties. Establish a retirement plan. Contributions to certain kinds of plans can be deducted from your tax bill. Consider a Keogh plan if your business has employees. You can refer to IRS Pub 560 for more information on retirement plans for the self-employed. |
| NGAS reports higher earnings Fri, 09 May 2008 06:22 EDT Lexington-based NGAS Resources Inc. reported higher earnings and lower revenues Thursday for the first three months of 2008. NGAS also said it is shifting most of its Eastern Kentucky drilling to so-called horizontal wells that can bypass underground coal mines and other obstacles to reach previously untapped gas deposits. NGAS reported earnings of $163,189, or 1 cent a share, for the 2008 first quarter, compared with a loss of $254,264, or 1 cent a share, for the same period a year ago. Revenue totaled $17.65 million for the 2008 quarter versus $17.9 million a year earlier, the company said. The decline was due to an expected decrease in contract drilling revenue that was not completely offset by a 26 percent increase in oil and gas revenue, and a 31 percent gain in transmission revenue. |
| News Corp. withdraws bid to buy NY newspaper Newsday Sat, 10 May 2008 20:22 EDT News Corp., the media conglomerate controlled by Rupert Murdoch, has withdrawn its bid to purchase the Long Island paper Newsday, a News Corp. spokeswoman said Saturday. The decision to revoke the offer came just days after Murdoch confidently predicted he would clinch a deal to buy the newspaper within a week. News Corp. had offered about $580 million for the daily newspaper, one of the country's biggest, but it was competing against rival bids from Cablevision Systems Corp. and New York Daily News owner Mortimer Zuckerman. Cablevision had reportedly made an offer of $650 million for the paper, now owned by the Tribune Co. News Corp. spokeswoman Teri Everett didn't immediately elaborate on why the company revoked its earlier offer, but she hinted at the potentially higher price tag, saying, "It became uneconomical for us to continue." Murdoch had indicated earlier that he wouldn't raise his bid. A deal would have made News Corp. an even bigger giant in New York media. The company already owns The Wall Street Journal and the New York Post, plus two area television stations. |
| Brokerages demystify options trading as way to ride markets Sat, 10 May 2008 16:47 EDT For Kim Snider, it only takes one word to send participants in her monthly investment workshops into a near panic. The Dallas-based financial adviser gets the same reaction, without fail, every time she suggests using options as a way to protect stock portfolios and make money. "Peoples' eyes roll to the back of their heads; they are absolutely horrified," she said. "There is still a pervasive myth that options are complicated and risky." That might be quickly changing. The options market once baffled investors who felt using puts and calls to bet on stock moves was tantamount to a Wall Street craps game. These days, online brokerages and financial advisers are pitching more investor-friendly ways to use options - and that's led to a significant growth in their popularity. Some 281.7 million total options contracts exchanged hands in April, up 43 percent from last year, according to the Options Industry Council. The high growth is part of a trend experienced over the last several years, and an increasing amount of individual investors are taking part. One reason for the options boom is that more individual investors are managing their investments online; options are more readily available on the Internet than when they were sold through brokers in the past. Options also feed on Wall Street volatility, which has gone up significantly in the past year. |
| Young widower pushes for change in Mass. life insurance law Sat, 10 May 2008 20:33 EDT When Jenny and John Crowley learned they were having a baby, they did the responsible thing: they bought life insurance. Barely in their 30s, they passed the insurance company's physicals, applied for a $500,000 policy for Jenny and a $1 million policy for John, and thought they wouldn't have to worry about it for decades. The Savings Bank Life Insurance Co. of Massachusetts was so taken with the Crowleys, the company used a photograph of their newborn daughter swaddled in a yellow blanket on the cover of one of its brochures. Just one year later, Jenny was dead of an aggressive form of breast cancer, and when John tried to start his life anew as a single father, SBLI rejected his claim for it to pay his wife's policy. The company claimed that even though doctors said Jenny was healthy, she must have been sick before they agreed to insure her. "I took solace in the fact that I had this life insurance policy that was designed to protect me financially. Without that, it put a lot of stress on me," John Crowley said. "Financially, I was thinking about how am I going to care for my daughter, how am I going to be a mom and a dad? It's a very rough and kind of scary situation." |
| Children's Place allows former CEO's acquisition talks Sat, 10 May 2008 06:56 EDT The board of Children's Place Retail Stores Inc. said Friday it has approved a request from its former chief executive Ezra Dabah to work on a proposal to acquire the company with a private equity firm. Dabah had asked the board's permission to bypass shareholder acquisition laws that could otherwise preclude Golden Gate Private Equity Inc.'s participation in an offer. Dabah said in February he wanted to buy the children's clothing retailer for about $578 million. According to a filing with the Securities and Exchange Commission, Dabah sent a letter revealing his intentions to offer, along with the equity firm, $24 per share in cash. The stock closed Friday up 66 cents, or 2 percent, to $29.40. Children's Place said in a statement Friday it granted the request so it could evaluate all its strategic options. |
| Asset sales boost Clear Channel profit; Deal still in limbo Sat, 10 May 2008 07:16 EDT Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising. The San Antonio, Texas-based company is battling its lenders in court as it tries to go private, and says it's not sure when the $19.5 billion deal will close, if at all. Clear Channel earned $799.7 million, or $1.61 per share, in the first three months of the year, versus $102.2 million, or 21 cents per share, in the same period a year ago. Revenues rose 4 percent to $1.56 billion from $1.51 billion, but excluding the effects of foreign exchange swings revenues would have risen 1 percent. Clear Channel just completed the sale of its TV station group in March for $1 billion and is in the process of shedding 275 radio stations as part of the pending transaction to take the company private. |
| iPhone sold out online; still stocked in stores Mon, 12 May 2008 23:08:00 EST The popular iPhone isn't in stock at Apple Inc.'s online stores in the U.S. and Great Britain, but it's still available through brick-and-mortar stores -- including those in the Louisville area. |
| State bond outlook lowered Tue, 13 May 2008 03:29:00 EST Two credit-rating services have lowered their outlook on Kentucky bonds, steps that could delay some state-funded construction projects and lead to higher borrowing costs. |
| Assured Guaranty will insure construction bonds for downtown arena Tue, 13 May 2008 03:29:00 EST Bermuda-based Assured Guaranty will insure construction bonds for the planned downtown arena under a preliminary deal reached yesterday with the Louisville Arena Authority. |
| Stocks rally as oil prices retreat Mon, 12 May 2008 22:28:00 EST Stocks rallied yesterday as oil prices fell back and alleviated some of investors' concerns about accelerating inflation. |
| Economic slump hits baby boomers, survey finds Mon, 12 May 2008 22:32:00 EST The economic downturn is hitting roughly one in 10 middle-age and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey prepared for release today by the AARP. |
| Q: I'm ready to buy. How much lower than the asking price should I offer? Mon, 12 May 2008 22:33:00 EST A: There's a lot of conventional wisdom out there about offering 10 percent less than the asking price or paying $100 per square foot of finished space. |
| PNC branches will replace Fifth Third in 2 Kroger stores Mon, 12 May 2008 22:34:00 EST Two PNC bank branches are to open in Kroger stores in eastern Jefferson County by early July, replacing Fifth Third Bank branches that have closed in recent weeks. |
| Microsoft executive to run Gates Foundation Mon, 12 May 2008 22:34:00 EST The Bill & Melinda Gates Foundation said yesterday that Microsoft executive Jeff Raikes will take over in September as chief executive of the world's largest charitable foundation. |
| Federal cutoff leaves few at nursing home Tue, 13 May 2008 02:03 EDT A month after the federal government cut off its relationship with the Kenton Healthcare nursing home on Waller Avenue, just a handful of residents remains there. The federal Centers for Medicare and Medicaid Services revoked the Waller Avenue nursing home's provider agreement, which allowed it to receive Medicare and Medicaid payments, as of April 9 because of problems identified by government inspectors. The facility's last day to receive funding was Friday. That meant scores of patients had to be moved to other facilities over the past month, since the government would no longer pay for their care at Kenton. The facility had 133 residents as of March 17, said Sadiqa Reynolds, inspector general for the Kentucky Cabinet for Health and Family Services. As of Monday, it had six patients whose care is paid for privately and one resident covered by Medicaid. That person was expected to move out Monday or Tuesday. |
| Sadler's Wells is retired Tue, 13 May 2008 02:03 EDT Top European sire Sadler's Wells is being retired from stallion duty because of declining fertility, Coolmore Stud announced on Monday. The 27-year-old son of Northern Dancer will stay at Coolmore in Ireland, where he has sired 18 champions since 1985. His progeny, including 158 graded stakes winners and 295 stakes winners, have earned more than $146 million on the racetrack, according to Equiline.com. "I think Sadler's Wells is generally acknowledged as the best sire Europe has ever seen and we felt very privileged to have been associated with him," said Coolmore manager Christy Grassick in a statement. "Despite his advancing years, he is still in remarkably good condition and I hope he enjoys a long and happy retirement." Bred by Robert Sangster's Swettenham Stud and Partners in Kentucky, Sadler's Wells was a champion miler in France as a 3-year-old. But he made his reputation in the breeding shed. |
| Group says Central Kentucky home sales down 16 percent Mon, 12 May 2008 15:01 EDT Members of the Lexington-Bluegrass Association of Realtors sold 835 properties in the first quarter of 2008, the association said, but that total was down 16 percent from the same period of 2007. The median sales price -- half of all sales were for more and half for less -- declined 1 percent for the 2008 quarter and dropped 5 percent in March 2008, versus the same periods of 2007, the association said. Nationwide, the median price was down 7.7 percent in March, according to the National Association of Realtors. In Fayette County, the average number of days needed to sell a house in the first quarter was up 9 percent from a year earlier. The Lexington-Bluegrass Association of Realtors has more than 2,300 members in Anderson, Bourbon, Boyle, Clark, Fayette, Franklin, Garrard, Harrison, Jessamine, Madison, Mercer, Montgomery, Scott and Woodford Counties. |
| Delta magazine features Bluegrass Mon, 12 May 2008 02:03 EDT "Lexington's Bluegrass Region" is the featured destination in the June issue of Delta Air Lines ' Sky magazine. Caleb Miles , president and CEO of the Convention and Visitors Bureau in Pinehurst, N.C., says it's a terrific honor that probably will spur local tourism, but any gains might be hard to measure. Miles knows, because Pinehurst . known as the Home of American Golf because of its 45 golf courses . was Sky's featured destination in April 2007. Since Lexington is more of a convention city than Pinehurst, it might land a large meeting as a result of the Sky article, Miles said last week. Otherwise, it's going to be tough to track individual tourists and find out why they came to Lexington and if it was because of Sky. |
| Stocks up as oil price drop eases inflation fears Mon, 12 May 2008 18:48 EDT Wall Street rallied Monday as oil prices fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points. Oil's retreat helped soothe some of Wall Street's worries about inflation's impact on consumer spending. Crude briefly reached a new trading high of $126.40, but investors seemed shy, for the time being at least, to add to oil's huge gain of nearly $10 last week. Light, sweet crude oil fell $1.73 to settle at $124.23 per barrel on the New York Mercantile Exchange. "This market does seem to be reacting positively to any sort of easing we see in the energy patch," said Craig Peckham, market strategist at Jefferies & Co. Investors also got some encouraging news about the credit crisis from London-based HSBC Holdings PLC, which said its first-quarter profits were up from a year ago although the global banking company took a $3.2 billion write-down on subprime mortgage assets in the United States. The company did echo other assessments that the U.S. was likely to fall into recession this year. JPMorgan Chase & Co. CEO Jamie Dimon said at a conference Monday he estimates the credit market crisis is 75 percent over, but that the recession is just beginning. |
| Toyota says new US auto plant delayed Mon, 12 May 2008 13:55 EDT A senior Toyota executive said Monday that plans for a new auto assembly plant in Mississippi are being delayed by worries about slumping American auto sales and a broader U.S. economic slowdown. The vehicle assembly plant being built in Blue Springs, near Tupelo, Miss., was initially to be up and running by late 2009 or early 2010, said Toyota Motor Corp. Executive Vice President Mitsuo Kinoshita. That has now been pushed back to mid-2010 after Toyota reviewed the plans and considered the signs of a slowdown in the U.S. market following the subprime mortgage crisis, Kinoshita told a small group of reporters at a Tokyo hotel. "We made adjustments within a certain range of time," he said. "The change wasn't that critical." Toyota, the world's second-biggest automaker in annual vehicle sales after General Motors Corp., had been on a roll with its offerings of small cars and gas-electric hybrids amid soaring oil prices. |
| IBM program offers aid globally Mon, 12 May 2008 02:03 EDT Debbie MacConnel has been a world traveler, volunteer worker and farm girl, and she thinks those experiences will come in handy this year when she goes on a Peace Corps-like mission to the Philippines. MacConnel, an IBM manager who works out of her home in Winchester, is one of 100 IBM employees worldwide and one of just 26 in the United States selected to serve in IBM's new Corporate Services Corps. The 100 IBM employees will be divided into teams that will travel to Romania, Turkey, Ghana, Tanzania, Vietnam and the Philippines for monthlong missions assisting with economic development and information technology projects. "It's interesting because this comes at a time of my life when I'm really thinking what I want to give back to the community," said MacConnel, who will head to Davao City, Philippines, in September for her Corporate Services Corps stint. She also sees the trip as a learning opportunity, she said. More than 5,000 IBM workers applied to participate in the program initially. IBM intends to enable 600 of its employees to participate in the program over the next three years. |
| Fees for '.org' Web sites to increase 10% Mon, 12 May 2008 02:02 EDT Wholesale fees for Internet addresses ending in ".org" will increase 10 percent Nov. 9. Public Interest Registry, which operates the ".org" domain names, disclosed the planned fee increase in a May 1 letter to the Internet's key oversight agency, the Internet Corporation for Assigned Names and Numbers. The per-name fee is what PIR collect annually from registrars, the companies that sell domain names on their behalf. Such charges are generally incorporated in the prices companies, groups and individuals pay to register names, and they apply to new registrations, transfers and renewals. The increase brings the annual fee to $6.75. Last year, PIR imposed a 2.5 percent fee increase to $6.15. PIR did not cite a reason in its letter. With nearly 7 million names registered, ".org" is the world's sixth most popular domain name suffix. Although the suffix was originally intended for organizations such as non-profits, the designator is now open to anyone who wants to use it. |
| WEB HELP TO MERGE STUDENT LOANS Tue, 13 May 2008 02:03 EDT Looking to consolidate your student loans? Several college and university financial aid offices offer information about student loan consolidation. But you might find quicker answers on the Web. Here are a few Web sites that provide useful general and specific information on the subject: American Education Services: www.aessuccess.org/manage/consolidate/faq.shtml Uses question and answer format to provide information about student loan consolidation. Credit.com: www.credit.com/products/loans/Student-Loan-Consolidation-Tips.jsp |
| Toyota delays new plant Tue, 13 May 2008 02:03 EDT A senior Toyota executive said Monday that plans for a new auto assembly plant in Mississippi are being delayed by worries about slumping American auto sales and a broader U.S. economic slowdown. The vehicle assembly plant being built in Blue Springs, near Tupelo, Miss., was initially to be up and running by late 2009 or early 2010, said Toyota Motor Corp. Executive Vice President Mitsuo Kinoshita. That has now been pushed back to mid-2010 after Toyota reviewed the plans and considered the signs of a slowdown in the U.S. market following the subprime mortgage crisis, Kinoshita told a small group of reporters at a Tokyo hotel. "We made adjustments within a certain range of time," he said. "The change wasn't that critical." Toyota, the world's second-biggest automaker in annual vehicle sales after General Motors Corp., had been on a roll with its offerings of small cars and gas-electric hybrids amid soaring oil prices. |
| Big payoff -- before the race Mon, 12 May 2008 02:03 EDT More than $500,000 worth of Alltech FEI World Equestrian Games T-shirts, caps, pins and coffee cups have been sold through retailers and the Internet in the past year or so. As Jack Kelly tells audiences around the state, that's "twice as much" as the tally for the entire 2006 games in Aachen, Germany. Kelly, CEO of the foundation organizing the Lexington games, says the Aachen total hasn't been officially disclosed, but insiders say it was $150,000 to $200,000. There are "two reasons" for the low European sales, Kelly says. "One is that we have done quite well for early on and the other one is that it was not a priority, or didn't seem to be a priority," for the 2006 games. Unlike European soccer and cycling fans, European equestrian fans do not generally buy souvenirs and memorabilia at their big events. |
| Kentucky by the numbers: 185 Mon, 12 May 2008 07:36 EDT Kentucky had 185 commercial banks in 2007, down from 336 in 1984, according to the Reports of Condition and Income for All Insured U.S. Commercial Banks, released by the Federal Financial Institutions Examination Council. |
| Chinese bourses suspend quake zone firms Tue, 13 May 2008 00:37 EDT Chinese shares fell Tuesday and the country's two stock exchanges suspended trading in 66 companies based in the region hit by a major earthquake in an effort to minimize potential disruptions to financial markets. The benchmark Shanghai Composite Index was down 2.6 percent at 3,533.55 by midday, after dropping as much as 3.3 percent in early trade. The Shenzhen Composite Index, of China's second, smaller bourse, fell 1.3 percent by midday to 1,097.26. The Shanghai Stock Exchange suspended trading in 45 companies, most of them based in central China's Sichuan province, where authorities said Monday's 7.9 magnitude quake had killed nearly 10,000 people. The full extent of damage from the disaster, especially in remote mountainous areas, was still unclear. But at least two chemical plants were reported among the many structures that had collapsed. A statement posted on the Shanghai Stock Exchange's Web site listed 45 companies based in Sichuan and adjacent Chongqing municipality, one of China's biggest industrial centers, whose shares would be suspended from trading Tuesday because the bourse was unable to contact them. |
| Australia's St. George Bank agrees to Westpac bid Tue, 13 May 2008 00:32 EDT St. George Bank on Tuesday agreed to an 18.6 billion Australian dollar ($17.5 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and be one of the country's largest corporate deals. The two lenders said in a joint statement Tuesday that Westpac was offering 1.31 of its own shares for each St. George Bank share. The deal requires approval from competition regulators and the federal government. Australia's antitrust regulator, the Australian Competition and Consumer Commission, said Tuesday it had begun a review of the takeover bid but gave no timeline for its decision. The deal would create Australia's largest financial services firm in terms of market capitalization, valued at more than 66 billion Australian dollars ($62 billion) based on Friday's closing prices. It would also be biggest takeover in Australian banking history. |
| Old gas pumps can't handle ever-rising prices Tue, 13 May 2008 01:38 EDT Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can't register more than $3.99 on their spinning mechanical dials. The pumps, throwbacks to a bygone era on the American road, are difficult and expensive to upgrade, and replacing them is often out of the question for station owners who are still just scraping by. Many of the same pumps can only count up to $99.99 for the total sale, preventing owners of some SUVs, vans, trucks and tractor-trailers to fill their tanks all the way. As many as 8,500 of the nation's 170,000 service stations have old-style meters that need to be fixed - about 17,000 individual pumps, said Bob Renkes, executive vice president of the Petroleum Equipment Institute of Tulsa, Okla. At Chip Colville's Chevron station in this eastern Washington town, where men in the family have pumped gas since 1919, three stubby, gray pumps were installed when gas was less than $1 a gallon. They top out at $3.999, only 30 cents above the price of regular gas at Colville's station. |
| High gasoline prices spawning songs, signs, symbolic acts Tue, 13 May 2008 00:08 EDT Americans facing rising gasoline and diesel prices are cycling about, saddling up, singing out and, sometimes, resorting to violent symbolism. Dozens of Alabama students are bicycling up to 10 miles each way to their rural high school. An Indiana man was arrested for belting out a protest song, "Price Gouge'n," from the roof of a convenience store. A sign-maker in Kentucky is riding his horse on business errands. And a Tennessee sheriff is investigating a more disturbing protest: a slain deer hanging from a gasoline station sign. Those actions are being done in the name of protest, but three western Pennsylvania school officials who plan to walk 216 miles to raise awareness of the factors driving up gas prices don't want to call it a protest march. "We're not standing up protesting gas prices," said Aaron Steinly, assistant principal of United Junior Senior High School near Johnstown. "We just want to raise awareness, show people what they can do and get people involved." The school's principal, Lewis Kindja, said he and the other two administrators plan to raise money and perhaps meet with lawmakers on the nine-day walk to Washington, D.C., that begins June 5. The money raised will pay for classroom projects across the state about alternative fuels and environmental issues. |
| Oil prices drop below $124 a barrel Tue, 13 May 2008 04:32 EDT Oil prices dropped below $124 a barrel on profit-taking Tuesday in Asia after hitting another trading record in the previous session. Monday's mark of $126.40 a barrel was the sixth trading record in six trading sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward. Some attributed the drop-off in prices partly to expectations that Monday's earthquake in China would result in a temporary drop in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked power plants and other factories off-line. China's two stock exchanges suspended trading Tuesday in 66 companies based in the region to minimize disruptions to financial markets from the disaster. Victor Shum, an energy analyst with Purvin & Gertz in Singapore, though, discounted the quake as a factor in the fall in crude futures. |
| Feds waive waiting period for Patriot-Magnum coal deal Tue, 13 May 2008 19:57 EDT Patriot Coal's $709 million buyout of rival mine operator Magnum Coal has gotten an early green light from federal regulators. Patriot announced Tuesday the Federal Trade Commission has granted the company early termination of a waiting period for the proposed deal. The acquisition, which still needs approval from Patriot shareholders, could close this summer. Separately, Patriot says Magnum CEO Paul Vining has signed a three-year contract to become president and chief operating officer of the merged company. Besides $600,000 in annual pay, Vining gets a long-term incentive package worth $3.9 million when the deal closes, among other things. With the addition of Charleston-based Magnum, Patriot stands to gain 12 West Virginia mines and more than 600 million tons of low-sulfur reserves in the southern part of the state. St. Louis-based Patriot operates mines in West Virginia and Kentucky. |
| Kroger expands drug discount program Tue, 13 May 2008 12:10 EDT Following in the steps of the world's largest retailer, Kroger announced Tuesday that it is expanding its generic drug discount program by offering 90-day prescriptions for for $10. The company also is adding several women's medicines to its generic discount program. The medicines, which include hormone replacements and drugs used to treat osteoporosis and breast cancer, will cost $9 for a 30-day supply or $24 for a 90-day supply. Wal-Mart Stores Inc. made a similar announcement last week. Kroger began offering more than 300 generic prescription medicines for $4 for a 30-day supply in Lexington area stores in February. |
| Wal-Mart profit rises 6.9 pct but outlook cautious Tue, 13 May 2008 17:43 EDT Wal-Mart Stores Inc. on Tuesday said first-quarter profits rose 6.9 percent, but issued a cautious outlook for the current quarter and warned that the economy will be a "critical factor" in 2008. The world's largest retailer beat Wall Street's expectations and cited improved inventory management and better customer service. How well those changes, part of a strategy begun two years ago, will continue to offset a sustained downturn in the economy is far from clear. "There are still uncertainties during the rest of the year," President and CEO Lee Scott said in a recorded call for investors. "The economy is playing a critical factor in 2008." Wal-Mart shares fell more than 2 percent, or $1.22, to $56.80 in afternoon trading. Wal-Mart earned $3.02 billion, or 76 cents per share, in the three months ended April 30, up from $2.83 billion, or 68 cents per share, a year earlier. |
| Bernanke: Financial turmoil in markets easing Tue, 13 May 2008 18:20 EDT Turmoil in financial markets has eased somewhat, but the situation is still "far from normal," Federal Reserve Chairman Ben Bernanke said Tuesday. The central bank has taken a number of unconventional steps - especially since March, when the credit crisis intensified - to help squeezed banks and big investment firms overcome problems and try to get credit flowing more freely again. Those efforts appear to be paying off and "have contributed to some improvement in financing markets," the Fed chief said in prepared remarks delivered via satellite to a financial markets conference sponsored by the Federal Reserve Bank of Atlanta in Sea Island, Ga. Bernanke noted some improvements in the markets for certain mortgage-backed securities, such as those backed by Fannie Mae and Freddie Mac, as well as some fixed-rate mortgages and corporate debt. Moreover, the Fed's extraordinary decision in March to let investment firms go to the Fed for emergency loans "seems to have bolstered confidence," Bernanke said. |
| Stocks mixed after retail sales report, spiking oil Tue, 13 May 2008 17:44 EDT Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse. The Commerce Department's latest report showed that retail sales fell by 0.2 percent in April, as expected. The data did show better-than-expected sales if automobiles are excluded, but indicated Americans are reluctant to make big-ticket purchases - especially as soaring fuel prices cut into demand. "The numbers are coming out weak, but the economy's not falling apart," said Alexander Paris, economist and market analyst for Chicago-based Barrington Research. "On balance, they were negative, but you'd expect them to be." Oil prices, meanwhile, spiked to a trading record of $126.98 a barrel on the New York Mercantile Exchange after Iranian news services reported Iran is considering a cut to output. They later settled up $1.57 at $125.80. Tuesday's wavering trading in the stock market reflected its ongoing uncertainty about the economy. Brian Gendreau, investment strategist for ING Investment Management, believes investors won't get a clear picture until more data is released in June and July. |
| Web helpt to merge student loans Tue, 13 May 2008 07:33 EDT Looking to consolidate your student loans? Several college and university financial aid offices offer information about student loan consolidation. But you might find quicker answers on the Web. Here are a few Web sites that provide useful general and specific information on the subject: American Education Services: www.aessuccess.org/manage/consolidate/faq.shtml Uses question and answer format to provide information about student loan consolidation. Credit.com: www.credit.com/products/loans/Student-Loan-Consolidation-Tips.jsp |
| 3 Ky. lawyers face trial, accused of defrauding clients Tue, 13 May 2008 22:08 EDT Two part owners of last year's Preakness winner went on trial Tuesday on charges they defrauded clients out of millions in a case being watched closely by the thoroughbred industry because the men could lose their share of the horse. Shirley Cunningham Jr., 52, and William Gallion, 56, are accused of keeping money that prosecutors say should have gone to plaintiffs in a $200 million settlement from the maker of the diet drug fen-phen. While the horse's ownership isn't a direct issue in the criminal case, it's the reason it has gotten attention. The two attorneys have a 20-percent ownership share of Curlin, a prized colt who was named 2007's Horse of the Year after showing, winning and placing in last year's Triple Crown events. A judge has ordered that Cunningham and Gallion's $3.5 million ownership share and winnings go into a trust for eventual payment to the more than 400 plaintiffs who won a $43 million settlement in a civil lawsuit against the attorneys. "That money will go a long way to righting a terrible wrong," said plaintiff W.L. Carter of Lawrenceburg. "He's a great horse, a beautiful horse, and I wish him all the luck in the world." |
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