http://www.kentucky.com/101/index.xml News, sports, and entertainment from Kentucky.com en-us Copyright 2008 Kentucky.com Business 60 Tue, 18 Nov 2008 17:16:54 EST http://blogs.law.harvard.edu/tech/rss McClatchy Interactive's Workbench webmaster@kentucky.com http://www.kentucky.com/601/story/395920.html http://www.kentucky.com/601/story/395920.html Mon, 05 May 2008 10:00 EDT http://www.kentucky.com/103/story/596701.html http://www.kentucky.com/103/story/596701.html Tue, 18 Nov 2008 13:52 EST
Lexington's Jaguar Land Rover dealership is closing, a victim of being in too small a market, its president says.

Jim Haynes said the decision was made before the auto industry fell deep into its prolonged crisis.

.The business conditions reinforced our decision,. he said.

The dealership, located at the intersection of Man O' War Boulevard and Palumbo Drive, had been open about five years. .We did build some customers, but we never built up an adequate volume to make the store a sustainable business venture,. he said. ]]> http://www.kentucky.com/103/story/596165.html http://www.kentucky.com/103/story/596165.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . Citigroup Inc. is cutting about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering substantial losses from deteriorating debt.

The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at the company's town hall meeting with employees Monday in New York.

The company had already announced in October that it was eliminating about 22,000 jobs. With the new cuts announced Monday, total head count is being reduced by 20 percent from its peak of 375,000 at the end of 2007. ]]> http://www.kentucky.com/103/story/596225.html http://www.kentucky.com/103/story/596225.html Tue, 18 Nov 2008 07:09 EST
Ford, which owns 33.4 percent of Mazda, will sell about a 20 percent stake, the companies said in separate statements.

The sale would net Ford 52 billion yen ($540 million) based on Mazda's closing price Tuesday, barely a quarter of what a 20 percent stake in the Japanese automaker was worth one year ago. Mazda's shares rose 6.4 percent to 184 yen Tuesday amid media reports of a coming sale.

Hit by a slump in the U.S., Ford is burning through cash reserves and, along with General Motors Corp. and Chrysler LLC, is seeking a $25 billion government lifeline to weather the deepening economic crisis. On Monday, GM said it would sell its remaining 3.02 percent stake in Japan's Suzuki Motor Corp. for 22.37 billion yen ($230 million).

Ford racked up losses of $8.7 billion in the second quarter, its worst result ever, and has used up $11 billion of a cash stockpile in the past year. The share sale was "in line with Ford's plan to strengthen its balance sheet," it said.]]> http://www.kentucky.com/103/story/596327.html http://www.kentucky.com/103/story/596327.html Tue, 18 Nov 2008 17:15 EST
Executives of General Motors Corp., Ford Motor Co. and Chrysler LLC and the head of the United Auto Workers union testified at a Senate Banking Committee hearing about a potential bailout. The automakers, seeking $25 billion in government aid, have the backing of Democratic congressional leaders, but the Bush administration and Republican lawmakers are against the proposed bailout.

The consensus among the three automakers is that if even one of the companies failed it would be a catastrophe to the industry. Ford shares fell 4 cents, or 2.3 percent, to 1.68; GM fell 9 cents, or 2.8 percent, to $3.09.

Chrysler CEO Robert Nardelli said during his testimony that the automaker needs immediate federal help or its cash could fall below of the amount needed to stay in business. The company is owned by an investor group that includes private-equity firm Cerberus Capital Management.

Investors found some encouragement in an unexpected announcement from Hewlett-Packard Co. that fourth-quarter and 2009 earnings will come in above Wall Street projections. The results signal HP, the world's largest-maker of personal computers, is weathering the economic crisis that has siphoned off sales at other technology companies.]]> http://www.kentucky.com/103/story/596403.html http://www.kentucky.com/103/story/596403.html Tue, 18 Nov 2008 16:45 EST
Its shares climbed more than 12 percent in morning trading.

The Palo Alto, Calif.-based computer and printer maker expects earnings of 84 cents per share and adjusted earnings of $1.03 per share for the three months ended in October. This is slightly better than the $1 per share, excluding items, that analysts polled by Thomson Reuters are expecting.

HP forecast revenue of $33.6 million, just ahead of analysts' expectations of $33.09 billion.

The company, which plans to release full quarterly results on Nov. 24, said in a statement that it was benefiting from "global reach, diverse customer base, broad portfolio and numerous cost initiatives."]]> http://www.kentucky.com/473/story/596256.html http://www.kentucky.com/473/story/596256.html Tue, 18 Nov 2008 13:04 EST
Lonmin, which is looking to reassure investors after holding off a hostile takeover bid by Anglo-Swiss miner Xstrata PLC, also said it would simplify its business structure and slim down management.

The company posted net profits for the 12 months to September 30 of $455 million, from $314 million a year earlier, driven by high platinum prices in the first nine months of the financial year.

Revenue over the period rose 16 percent to $2.2 billion from $1.9 billion, but the company warned of tough times ahead.

"We are exercising producer discipline by announcing that we will close those portions of our operations which are uneconomic and cut back on capital expenditure," Chief Executive Ian Farmer said in a statement. "We are also changing our approach to mechanized mining and cutting costs across the business."]]> http://www.kentucky.com/473/story/596424.html http://www.kentucky.com/473/story/596424.html Tue, 18 Nov 2008 16:05 EST
Wholesale prices dropped by a record 2.8 percent last month, reflecting the fact that energy prices decreased by the largest amount in 22 years. After spending most of the year worrying about surging costs for energy, food and other commodities, analysts found it remarkable that prices could reverse so quickly.

"Inflation is yesterday's problem," said Nigel Gault, chief U.S. economist at IHS Global Insight. He called the change "a testament to how suddenly the global economy's expansion has turned into recession."

Economists said they did not believe the country would experience outright deflation, which was last faced in the U.S. in the 1930s when the nation suffered through the Great Depression and a long, debilitating bout of falling prices.

"I think deflation concerns will rise over the next three to six months while the economy is at its worst and businesses are scrambling to hold on to sales by cutting prices," said Mark Zandi, chief economist at Moody's Economy.com. "But I don't think we will get an actual period of deflation because the Federal Reserve will be working very hard to make sure that doesn't happen."]]> http://www.kentucky.com/473/story/596726.html http://www.kentucky.com/473/story/596726.html Tue, 18 Nov 2008 14:10 EST
Uribe met with several lawmakers and told them the government has recordings implicating the DMG company in ties to drug money, Sen. Carlos Ferro told reporters following the meeting.

Senate President Hernan Andrade said the president told them that the evidence against DMG and other alleged pyramid schemes would be presented to a court within hours.

Presidential press secretary Cesar Velasquez said Uribe would soon make a nationally broadcast speech to explain the situation.

DMG owner David Murcia and others involved in the fallen companies have repeatedly denied any ties to drug trafficking in interviews with local radio stations.]]> http://www.kentucky.com/473/story/596265.html http://www.kentucky.com/473/story/596265.html Tue, 18 Nov 2008 12:14 EST
German airline Lufthansa has been one of the foreign airlines being courted by a group of Italian investors who made a binding offer to acquire Alitalia, which is now in bankruptcy administration.

The investors hope that if they pull off their deal for Alitalia later this month, a foreign airline partner will eventually come aboard as a partner. Air France-KLM has also been sounded out about the ailing Italian flag carrier.

"We spoke about Alitalia, and the chancellor and I very much agree in looking with favor on the possibility of collaboration between Alitalia and Lufthansa, and we hope it will happen," Berlusconi told a joint news conference in Trieste, northern Italy, after talks with Merkel.

He didn't elaborate on what kind of deal the leaders envisioned.]]> http://www.kentucky.com/473/story/596437.html http://www.kentucky.com/473/story/596437.html Tue, 18 Nov 2008 13:09 EST
U.S. Navy Commander Jane Campbell of the Bahrain-based 5th Fleet said the bulk cargo carrier was flying a Hong Kong flag but was operated by the Islamic Republic of Iran Shipping Lines. The status of the crew or the cargo was not known, she said.

Elsewhere, pirates anchored a hijacked Saudi supertanker loaded with $100 million in crude oil off the Somali coast on Tuesday, causing residents in impoverished fishing villages to gawk in amazement at the size of the 1,080 foot (329 meter) tanker.

Pirate attacks off the coast of Somalia have surged recently, despite the presence of NATO ships, U.S. warships and a Russian frigate all working to prevent piracy in one of the world's busiest shipping lanes.

International Maritime Bureau on Sunday reported five hijackings since Nov. 7, before the hijackings of the Saudi ship or the Iranian ship were announced.]]> http://www.kentucky.com/834/story/518694.html http://www.kentucky.com/834/story/518694.html Wed, 10 Sep 2008 02:55 EDT
A resolution to move forward with a tax-increment financing project related to CentrePointe, a 35-story hotel, condominium and retail complex, was narrowly passed by Lexington city council members Tuesday. While the vote to officially adopt the resolution comes Thursday, much of the fighting was done at the Urban County Council work session.

In an 8-to-7 vote, council members agreed to place a resolution on their Thursday docket to direct the city to create a plan stating boundaries for the Phoenix Park/Courthouse Development Area, the projects to be included and their costs.

Some questions about the CentrePointe development were answered Tuesday. J.W. Marriott will be the hotel in the CentrePointe complex, The Webb Companies attorney Darby Turner said. The reduction of office space in CentrePointe from 85,000 square feet to 50,000 was because Marriott wanted an additional 30,000 square feet for meeting space.

Turner said the builder will be Bovis construction company and to expect footers to be coming out of the ground in December for the parking garage. ]]> http://www.kentucky.com/834/story/518760.html http://www.kentucky.com/834/story/518760.html Tue, 09 Sep 2008 21:35 EDT
Lexington took a step toward building a new Urban County Government Center Tuesday.

The Urban County Council tentatively approved hiring FM Solutions to draft a request for proposal that includes a location study and specifications to begin the design phase for a new city hall.

Hiring FM Solutions, a Phoenix-based facilities management firm, still requires two official council readings for final approval. First reading is scheduled for Thursday.

The council also unanimously agreed to appoint a task force to work with FM Solutions as it prepares the draft proposal. ]]> http://www.kentucky.com/834/story/517876.html http://www.kentucky.com/834/story/517876.html Tue, 09 Sep 2008 01:55 EDT
The Urban County Council will decide Tuesday whether to adopt a resolution indicating it is willing to create a TIF district around the downtown CentrePointe hotel and condominium project.

If approved, the resolution will go to council for a first reading Thursday. Because the developers and the city administration want to hurry CentrePointe's tax increment financing application along to Frankfort, the council could suspend its rules Thursday and give the resolution a second reading.

A draft of the resolution, obtained Monday, directs the city's TIF consultant, Jim Parsons, to prepare a development plan for the Phoenix Park/Courthouse Development Area. The plan would outline the district boundaries and the proposed public improvement projects and costs, and give the overall rationale for establishing the district.

Tax increment financing is an incentive program to revitalize blighted urban areas. It works by capturing new taxes from a revitalized area to pay upfront for public improvements. ]]> http://www.kentucky.com/834/story/490399.html http://www.kentucky.com/834/story/490399.html Fri, 15 Aug 2008 03:01 EDT
Friday is Joe Rosenberg's last day at Joe Rosenberg Jewelers on South Upper Street. Monday will be his first day at Joe Rosenberg Jewelers on East Main Street.

The new store will be one block down and two over, on the ground floor of Barrister Hall, 163 East Main Street.

As he stood behind the counter of the emptying Upper Street store Thursday, the 54-year-old Rosenberg was not melancholy about leaving the only family business location he has known.

.This was an interim stop on our way to the next stop,. he said Thursday. .The institution is the business, not the building.. ]]> http://www.kentucky.com/834/story/481135.html http://www.kentucky.com/834/story/481135.html Wed, 06 Aug 2008 07:10 EDT
Developers of the downtown CentrePointe project declined Tuesday to publicly identify the project's financial backers, a stance that led to some tense moments in front of a city task force.

Vice Mayor Jim Gray wanted a letter from the investors saying the money has been pledged to build CentrePointe. Previously, developers have said the project would cost $250 million, but a financial impact analysis released Tuesday put the cost at $205 million.

.We want to guarantee this project goes forward,. Gray said.

In answer to Gray's question about revealing the investors, attorney Darby Turner, representing developer The Webb Companies, said, .No, we won't do that.. ]]> http://www.kentucky.com/834/story/473269.html http://www.kentucky.com/834/story/473269.html Mon, 28 Jul 2008 02:29 EDT
In five years, if you come downtown on a Saturday morning you might be able to park in an underground parking structure in Phoenix Park, then pass public art as you walk to the permanent facility for the Farmers Market.

These and other public improvements might come to pass if Lexington succeeds in getting tax increment financing in a partnership with developers of the $250 million downtown CentrePointe hotel complex.

How much money the city will get isn't known at this point, but it announced a wish list last week of six projects with a total price tag of $32 million. Any money available depends on the sale of the TIF bonds. With the city's prospects hinging on the tax increment financing plan, here are a few main points of just how TIF works:

Question: What's a TIF? ]]> http://www.kentucky.com/834/story/472319.html http://www.kentucky.com/834/story/472319.html Sun, 27 Jul 2008 06:39 EDT
.At this point, it.s a done deal,. said Hayward Wilkirson, leader of Preserve Lexington, on Saturday.

Last week, the group.s legal efforts stalled when a circuit judge declined to issue a temporary injunction halting the destruction of some of the buildings on the block.

A day later, a demolition crew destroyed the building once occupied by Rite Aid and has now begun stripping away portions of the exterior of the buildings that once held The Dame nightclub and Buster.s bar.

Preserve Lexington.s last option would have been a tentative Sept. 18 hearing before the city.s Planning Commission. ]]> http://www.kentucky.com/642/story/595079.html http://www.kentucky.com/642/story/595079.html Mon, 17 Nov 2008 10:29 EST
Education

Centre College: Ali Hamilton and Dawn Brown-Piatt have been named admission counselors. Shanna Heath has been named welcome center coordinator.

Finance

Kentucky Bank: Coy Nunemaker has joined the bank's lending department as a mortgage originator. He will serve the Jessamine County region. ]]> http://www.kentucky.com/642/story/586881.html http://www.kentucky.com/642/story/586881.html Mon, 10 Nov 2008 06:26 EST
Engineering

BTM Engineering: Eddie Mesta has been named branch manager for the civil engineering firm's Lexington office and is responsible for client development and project management. The Winchester native was previously technical marketing engineer for Sherman Dixie Concrete Industries.

Nesbitt Engineering: Michael Matt Steen has joined the company as a senior engineering technician. Steen has a degree in geology from the University of Kentucky and has professional experience working for the Kentucky Division of Oil and Gas.

]]> http://www.kentucky.com/642/story/578487.html http://www.kentucky.com/642/story/578487.html Mon, 17 Nov 2008 10:29 EST
Architecture

Tate Hill Jacobs Architects: Janet Schwartz, a registered architect and LEED accredited professional, has joined the firm as a project manager.



Education ]]> http://www.kentucky.com/642/story/569756.html http://www.kentucky.com/642/story/569756.html Mon, 27 Oct 2008 12:00 EDT
Finance

Town . Country Bank and Trust Co.: Kim K. Noble has been named assistant vice president and retail banking officer for the Brannon Road banking center. Noble specializes in residential lending.



Health care ]]> http://www.kentucky.com/642/story/561622.html http://www.kentucky.com/642/story/561622.html Fri, 24 Oct 2008 14:20 EDT
Education

Eastern Kentucky University: John Wade has been named dean of EKU's College of Arts . Sciences. Wade, a 31-year veteran of higher education, had served as interim dean of the college since July 2007.

Finance

American Founders Bank: Karen "Red" Carter has joined the bank as assistant vice president, credit analysis manager. Emie Bowlby has been named assistant vice president, treasury fund manager. Chris Purvis has joined the bank as assistant vice president, controller. Jake Schirmer has been promoted to vice president, commercial lending officer, in the Lexington commercial and private client group. George Prater has been promoted to assistant vice president, financial center manager, for the bank's east Frankfort location. Jack Witt Jr. has been named vice president, relations loan officer. Andrew Co oper has been promoted to assistant vice president, financial center manager for the Southland office in Lexington. ]]> http://www.kentucky.com/101/story/596893.html http://www.kentucky.com/101/story/596893.html Tue, 18 Nov 2008 16:53 EST
The slowdown in the global automotive industry has hit Georgetown, as Toyota announced a series of moves Tuesday, including cutting more than half of its temporary assembly line employees, to help it cope with falling sales.

The cuts won't affect the plant's roughly 7,000 full-time employees.

Driving some of the layoffs is the plant's decision to indefinitely slow its second assembly line, reducing the number of Camrys, Camry Hybrids and new Venzas that will be produced.

Slowing sales of the Camry, which are down 3.6 percent domestically this year and 12.8 percent in October, forced the move, the company said. ]]> http://www.kentucky.com/101/story/596701.html http://www.kentucky.com/101/story/596701.html Tue, 18 Nov 2008 13:52 EST
Lexington's Jaguar Land Rover dealership is closing, a victim of being in too small a market, its president says.

Jim Haynes said the decision was made before the auto industry fell deep into its prolonged crisis.

.The business conditions reinforced our decision,. he said.

The dealership, located at the intersection of Man O' War Boulevard and Palumbo Drive, had been open about five years. .We did build some customers, but we never built up an adequate volume to make the store a sustainable business venture,. he said. ]]> http://www.kentucky.com/101/story/596292.html http://www.kentucky.com/101/story/596292.html Tue, 18 Nov 2008 09:03 EST
As prospects dimmed in Washington on Monday for a $25 billion bailout of the U.S. auto industry, those watching in Kentucky feared that one of the state's leading industries could be crippled.

With four automotive plants and hundreds of parts suppliers, Kentucky has more than 50,000 people employed in the industry. And they're primed for hurt if bailout talks fail, and so are the domestic automakers.

.We are in the perfect storm,. said William Parsons Jr., who organizes the annual Global Automotive Conference in Kentucky. .Other than this dip in oil prices, we are being hammered in every possible way..

And even Japanese automaker Toyota , whose flagship North American plant is in Georgetown, would be in trouble if the Detroit Three fail because the four share many of the same parts suppliers. ]]> http://www.kentucky.com/101/story/596167.html http://www.kentucky.com/101/story/596167.html Tue, 18 Nov 2008 02:39 EST
RICHMOND, Va. . A Mexican billionaire who controls a chain of electronics stores in Latin America now holds a 13 percent stake in Circuit City Stores Inc., which is under bankruptcy protection.

Ricardo Salinas Pliego, who is on Forbes magazine's list of the world's richest people, owned more than 22 million shares of the nation's second-largest consumer electronics retailer as of Nov. 12, according to documents filed with the Securities and Exchange Commission late Friday.

He bought 5.3 million shares of Circuit City at an average price of 22 cents apiece, two days after the Virginia-based company filed for Chapter 11 bankruptcy protection last week, according to the documents.

The transaction raised Salinas' stake to 22.1 million shares, making him the company's largest shareholder based on outstanding share figures listed on Circuit City court documents. ]]> http://www.kentucky.com/101/story/596166.html http://www.kentucky.com/101/story/596166.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . The stock market is trying to form a bottom, but the economic landscape keeps changing.

With the Treasury switching its financial bailout plans and Congress fighting over a potential rescue package for automakers, investors are having a tough time figuring out what the future will bring. And that will likely mean more wild swings in the market this week.

"These are tremendous dollops of uncertainty, one after the other," said Quincy Krosby, chief investment strategist for The Hartford. "A market needs confidence that things are going to get better. And right now there is a marked, marked lack of confidence that things are going to get better." ]]> http://www.kentucky.com/101/story/596165.html http://www.kentucky.com/101/story/596165.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . Citigroup Inc. is cutting about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering substantial losses from deteriorating debt.

The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at the company's town hall meeting with employees Monday in New York.

The company had already announced in October that it was eliminating about 22,000 jobs. With the new cuts announced Monday, total head count is being reduced by 20 percent from its peak of 375,000 at the end of 2007. ]]> http://www.kentucky.com/101/story/596116.html http://www.kentucky.com/101/story/596116.html Tue, 18 Nov 2008 05:41 EST
WASHINGTON . Prospects dimmed on Monday for the $25 billion bailout that U.S. automakers say they desperately need to get through a bleak and dangerous December.

Though all sides agree that Detroit's Big Three carmakers are in peril, battered by the economic meltdown that has choked their sales and frozen loans, the White House and congressional Democrats are headed for stalemate over how much government money should go toward helping them.

Behind the logjam is a troubling reality for the car companies: Bailout fatigue has set in at the White House and on Capitol Hill, where many in both parties have spent the past few weeks being berated by constituents for agreeing to the $700 billion Wall Street rescue.

The new debate comes as the financial situation for General Motors Corp., Ford Motor Co. and Chrysler LLC grows more precarious. GM has said it could run out of cash by year's end without government aid. ]]> http://www.kentucky.com/101/story/595429.html http://www.kentucky.com/101/story/595429.html Tue, 18 Nov 2008 03:02 EST
FRANKFORT . Winemaker and Thoroughbred breeder Jess Jackson is offering $4 million for the one-fifth of champion racehorse Curlin that he doesn't already own.

That bid, made by Jackson and his wife, Barbara Banke, through J.B Equine Interests, would put the value of the soon-to-be-retired reigning Horse of the Year at $20 million. But an attorney for his minority owners contends the horse's insurance value is closer to $60 million.

The sale of the 20 percent share of Curlin, the first horse to top $10 million in earnings, was proposed to help satisfy a $42 million judgment against minority owners Shirley Cunningham Jr. and William Gallion. The two lawyers were recently disbarred over their misconduct in representing more than 400 plaintiffs who sued the maker of the diet drug fen-phen.

A receiver last week asked the court to approve the sale. A previous request for sealed bids produced no acceptable offers. ]]> http://www.kentucky.com/101/story/596357.html http://www.kentucky.com/101/story/596357.html Tue, 18 Nov 2008 08:09 EST
Kentucky

Cliffs takeover of Alphacalled off, companies say

Cliffs Natural Resources' proposed $2.7 billion takeover of coal producer Alpha Natural Resources has been called off, the companies said Monday.

Terminating the deal is in the best interest of shareholders because of the faltering U.S. economy, uncertainty in the steel industry and other factors, the companies said in a joint news release. Cliffs agreed to pay Alpha a $70 million breakup fee. In turn, Alpha, which operates a division in Kentucky, agreed to drop a lawsuit filed against Cliffs for unilaterally delaying a shareholder vote on the proposed acquisition. ]]> http://www.kentucky.com/101/story/595078.html http://www.kentucky.com/101/story/595078.html Mon, 17 Nov 2008 07:40 EST
PNC Bank will become Kentucky's largest bank if its purchase of National City wins final approval.

The new PNC would be so large . 12.5 percent of all deposits held by the state's 234 banks . that it probably would trigger action by federal regulators in more normal economic times.

But federal intervention is not likely in this case, says University of Kentucky banking professor Don Mullineaux.

The federal government wants the $5.6 billion merger to occur . in fact, it is indirectly paying for it . because National City is a troubled bank that PNC can fix. ]]> http://www.kentucky.com/101/story/593250.html http://www.kentucky.com/101/story/593250.html Mon, 17 Nov 2008 06:52 EST
Tim Gilbert, the general manager at NBC affiliate WLEX-18 who oversaw the station's rise to No. 1 in local news, is retiring at the end of February.

"I don't want to be someone who stays at the dance too long," said Gilbert, 66. "The station is in terrific shape. The product is solid. The revenue is solid. The bottom line is in good shape."

Gilbert came to the station as director of sales in 2000, shortly after it was purchased by present owner Cordillera Communications. He had previously worked in markets including Fort Wayne, Ind., and Buffalo, N.Y. He became general manager in 2002.

During his time, WLEX wrested the local TV news ratings crown from the once-dominant CBS affiliate WKYT-27. ]]> http://www.kentucky.com/101/story/595081.html http://www.kentucky.com/101/story/595081.html Mon, 17 Nov 2008 06:50 EST
NEW YORK . In this brutal season of cutbacks, the office holiday party is getting downsized, too.

From American Express to MTV, employers are canceling Christmas celebrations because of the gloomy economy. At some other workplaces, last year's catered affair is this season's potluck.

"It's grim," said Daniel Briones, president of the National Association of Catering Executives and catering director at the Four Seasons Hotel Philadelphia. He called the drop-off in business the worst since 2001, when the holidays unfolded in the shadow of the Sept. 11 terrorist attacks.

For some companies, this is about appearances as much as money. No firm wants to be pilloried for plowing cash . in some cases, taxpayer dollars . into ice sculptures while workers fear for their jobs and shareholders for their investments. ]]> http://www.kentucky.com/101/story/595076.html http://www.kentucky.com/101/story/595076.html Mon, 17 Nov 2008 06:58 EST


Number of business-related non-profit organizations in Kentucky, as of 2006, according to the Urban Institute's National Center for Charitable Statistics. The 950 groups, which include business leagues and chambers of commerce, is a 3 percent increase from 1996, when there were 922.

Overall, there were 18,319 nonprofit organizations in Kentucky in 2006, 26.7 percent more than in 1996. ]]> http://www.kentucky.com/101/story/594987.html http://www.kentucky.com/101/story/594987.html Mon, 17 Nov 2008 06:17 EST
NEW YORK . IBM Corp. is throwing its considerable weight behind an idea that seemed to have faded: broadband Internet delivered over ordinary power lines.

The technology has been around for decades, but most efforts to implement the idea on a broad scale have failed to live up to expectations.

IBM is partnering with a small newcomer called International Broadband Electric Communications Inc. to try to make the idea work in rural communities.

Their strategy is to sign up electric cooperatives that provide power to sparsely populated areas across the eastern United States. The company will have access to 340,000 homes in Alabama, Indiana, Maryland, Pennsylvania, Texas, Virginia, and Wisconsin. About 86 percent of them don't have access to cable Internet or DSL, the company said. ]]> http://www.kentucky.com/101/story/594986.html http://www.kentucky.com/101/story/594986.html Mon, 17 Nov 2008 06:17 EST
NEW YORK . It's easy to talk about investing with a long-term focus when markets are rising but much harder to keep looking ahead when Wall Street is treacherous. Investors who only take in the scary view of the moment might face the more frightening prospect years from now of having saved too little.

While losses are bound to make many investors re-evaluate how much turbulence they are willing to endure, the massive pullback on Wall Street this year has led some to abandon a long-term perspective in hopes of preserving what's left in their portfolios.

Dumping stocks and rolling money into cash or bonds might feel good . even wise . but those who are years away from needing their savings should consider the ramifications of their moves.

Regular, steady saving is important because even modest sums can grow to become large amounts if left untouched over time. And, keeping that long-term perspective makes it more likely an investor won't be out of the market when a comeback begins. ]]> http://www.kentucky.com/101/story/539683.html http://www.kentucky.com/101/story/539683.html Mon, 27 Oct 2008 09:10 EDT http://www.kentucky.com/101/story/595253.html http://www.kentucky.com/101/story/595253.html Mon, 17 Nov 2008 10:00 EST
Affiliated Computer Services has received the Partnership of the Year Award from the Kentucky Office for the Blind. The award recognizes the contributions of individuals or organizations that have assisted the agency in accomplishing its mission, which includes finding jobs for the blind and visually impaired.

Clays Mill Veterinary Clinic located at 625 Delzan Place has again received accreditation by the American Animal Hospital Association. The evaluation includes a quality assessment review of the hospital's facility, medical equipment, practice methods and pet health care management. Only 15 percent of all small animal veterinary practices in the U.S. have been accredited by the AAHA.

The Berea College Board of Trustees has announced it will rename two of its centers after individuals whose distinguished careers and accomplishments have earned such recognition. In the spring of 2009 the college's Campus Christian Center will be renamed the Willis D. Weatherford Jr. Campus Christian Center. Weatherford is a former president of Berea College. The college's Appalachian Center will be renamed the Loyal Jones Appalachian Center. Jones was a director of the center for 23 years and retired from the college in 1993.

The Lexington Medical Society has honored Joseph A. Toy, former president and CEO of the Bluegrass Regional Mental Health-Mental Retardation Board, with its Lay Person award for his decades-long commitment to Lexington's mental health community. Dr. James W. Holsinger was awarded the Jack Trevey Community Service Award for his devotion to health care and education at the collegiate, state and federal levels. Holsinger worked in the Veteran's Health Administration for 26 years and was undersecretary for Health and Human Services. He subsequently served as senior vice president and chancellor of the University of Kentucky Chandler Medical Center and was later nominated by President George W. Bush to serve as Surgeon General of the United States. ]]> http://www.kentucky.com/101/story/595250.html http://www.kentucky.com/101/story/595250.html Mon, 17 Nov 2008 10:01 EST
Louisville-based BTM Engineering, a multi-disciplined civil engineering company, has opened an office in Lexington at 2333 Alexandria Drive. The company specializes in highway and roadway engineering, traffic engineering, site design, utility and public works design, structural engineering, landscape architecture, cellular site design, planning and zoning. Winchester native Eddie Mesta has been named branch manager and will be responsible for client development and project management. Phone: (859) 514-6774.

Chiro One Wellness Center has opened at 4250 Saron Drive, Suite 175. Phone: (859) 273-0310. Dr. Joe Fields is the clinic director. For more information about Chiro One, visit www.chiroone.net.

Farmers Bank and Trust Co., Georgetown, Citizens Bank of Jessamine County, Nicholasville, and United Bank & Trust Co., Versailles, have merged to form United Bank. The three banks have been affiliates of the Farmers Capital Bank Corp. family for years. Farmers Capital is one of the oldest and largest banking groups in the state. United Bank now has 14 branch locations and 39 ATMs in Fayette, Scott, Woodford and Jessamine counties.

Compiled by Dorothea Wingo ]]> http://www.kentucky.com/101/story/595252.html http://www.kentucky.com/101/story/595252.html Mon, 17 Nov 2008 10:01 EST
Meetings

Lexington Chapter of the National Association of Women Business Owners will meet 11:30 a.m.-1 p.m. Tuesday at Sal's Italian Chophouse on Tates Creek Road. Cost: $18 for members; $22 for guests. Reservations: www.lexnawbo.org.

The Kentucky Chapter of the Society for Marketing Professional Services will meet from 9-11 a.m. Tuesday at the Pattie A. Clay Regional Medical Center in the conference room of Medical Office Building No. 1 in Richmond. Speaker Harry Moberly. Topics: Budget issues affecting state capital construction projects and the outlook for projects mid-biennium. Registration: www.smpskentucky.org. Cost: $15 for members; $30 for non-members.

The Central Kentucky Inventors Council will hold its Entrepreneurs Roundtable at 6:30 p.m. Tuesday at Bob Evans Restaurant, 2566 Richmond Road. Information: www.ckic.org or (859) 201-1311. ]]> http://www.kentucky.com/101/story/595251.html http://www.kentucky.com/101/story/595251.html Mon, 17 Nov 2008 10:01 EST
Events scheduled for Lexington, including headquarters and expected attendance:

Kentucky County Clerks Association, annual conference: Through Wednesday , Griffin Gate Marriott Resort, 150.

Kentucky Association of Counties, annual conference: Tuesday-Friday , 500.

Kentucky Child Now!, 2008 i-Jam Conference: Nov. 23-25, 300. ]]> http://www.kentucky.com/783/story/596166.html http://www.kentucky.com/783/story/596166.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . The stock market is trying to form a bottom, but the economic landscape keeps changing.

With the Treasury switching its financial bailout plans and Congress fighting over a potential rescue package for automakers, investors are having a tough time figuring out what the future will bring. And that will likely mean more wild swings in the market this week.

"These are tremendous dollops of uncertainty, one after the other," said Quincy Krosby, chief investment strategist for The Hartford. "A market needs confidence that things are going to get better. And right now there is a marked, marked lack of confidence that things are going to get better." ]]> http://www.kentucky.com/783/story/595009.html http://www.kentucky.com/783/story/595009.html Mon, 17 Nov 2008 06:17 EST
WASHINGTON . Led by California with a $28 billion hole in its budget, 41 states are in financial trouble, and many of their leaders are looking to Congress to bail them out.

State officials are hoping to join the ranks of the financial industry and auto manufacturers, who've found a sympathetic ear on Capitol Hill. They've found some key supporters: House Speaker Nancy Pelosi and other top Democrats are promoting aid to states as part of a broad stimulus package that could inject more than $300 billion into the ailing economy.

The idea is getting a strong bipartisan push from governors across the country, with California Republican Gov. Arnold Schwarzenegger and New York Democratic Gov. David Paterson among the chief proponents. Both are blaming Washington for their states' mounting troubles.

Testifying at a recent House of Representatives hearing, Paterson said that New York was "at the epicenter of a national emergency" after federal oversight bodies "utterly failed in their duty" to protect Americans' savings and the U.S. financial system. Speaking Wednesday before a Chamber of Commerce group in Fresno, Calif., Schwarzenegger said that "government is really at fault" and that Washington is obligated to "get us out of this mess." ]]> http://www.kentucky.com/783/story/594067.html http://www.kentucky.com/783/story/594067.html Sun, 16 Nov 2008 02:58 EST
WASHINGTON . World leaders, who gathered here to tackle the ongoing global financial crisis, agreed to a broad range of solutions Saturday but left the details to be worked out until the spring.

The summit of the Group of 20, which represents 19 countries and the European Union, called for a range of new regulations of financial institutions, credit rating agencies and other bodies widely blamed for sparking the gravest global economic crisis in decades.

The summit also demanded that large developing economies such as Brazil's and China's be given more say in the operation of institutions such as the International Monetary Fund that many complain are dominated by the United States and other industrial nations.

Despite the event's hoopla, a joint declaration issued by the meeting's participants Saturday afternoon was heavy on generalities such as the need for more coordinated global action, financial transparency and tighter economic regulations. It gave leaders until the next summit to be held by April to fill in the blanks. ]]> http://www.kentucky.com/783/story/591580.html http://www.kentucky.com/783/story/591580.html Fri, 14 Nov 2008 06:36 EST
FRANKFORT . Animal control workers in some rural Kentucky communities have a larger problem than stray dogs and cats . much larger. Stray horses have been turning up, and animal advocates blame horse owners hurt by the faltering economy.

"People who used to be able to afford their horses now can no longer afford their horses," said Ginny Grulke, executive director of the Kentucky Horse Council. "These are not people who are ruthless or inhumane. In general, it's an economic problem, and they have no options. They don't know what to do with their animals."

Lancaster resident Connie Short said a small black horse showed up on her farm in August. Despite her best efforts, she couldn't find the owner of the hungry stray that she fed for about two months until animal control workers found a foster home.

"Nobody wanted him," Short said. "It was like somebody had dropped off a dog or a cat." ]]> http://www.kentucky.com/783/story/591546.html http://www.kentucky.com/783/story/591546.html Fri, 14 Nov 2008 02:42 EST
LONDON . The world's developed countries, hard hit by the financial crisis, have probably tipped into a recession that will last at least through the first half of 2009, according to new projections issued Thursday.

The Paris-based Organization for Economic Cooperation and Development forecast that economic output would shrink 1.4 percent this quarter for the 30 market democracies that make up its membership . and keep contracting until the middle of next year.

That would mean the developed world has now entered a slump estimated to last at least three quarters; two consecutive quarters is a common definition of recession. For all of 2009, these countries' economies would contract by 0.3 percent.

Additionally, the U.S. economy would fall by 2.8 percent in the last quarter, after a 0.3 percent drop in the third quarter and then shrink by a full 0.9 percent in 2009. Japan's economy would shrink by 0.1 percent next year and the euro area by 0.5 percent. ]]> http://www.kentucky.com/103/story/596701.html http://www.kentucky.com/103/story/596701.html Tue, 18 Nov 2008 13:52 EST
Lexington's Jaguar Land Rover dealership is closing, a victim of being in too small a market, its president says.

Jim Haynes said the decision was made before the auto industry fell deep into its prolonged crisis.

.The business conditions reinforced our decision,. he said.

The dealership, located at the intersection of Man O' War Boulevard and Palumbo Drive, had been open about five years. .We did build some customers, but we never built up an adequate volume to make the store a sustainable business venture,. he said. ]]> http://www.kentucky.com/103/story/596165.html http://www.kentucky.com/103/story/596165.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . Citigroup Inc. is cutting about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering substantial losses from deteriorating debt.

The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at the company's town hall meeting with employees Monday in New York.

The company had already announced in October that it was eliminating about 22,000 jobs. With the new cuts announced Monday, total head count is being reduced by 20 percent from its peak of 375,000 at the end of 2007. ]]> http://www.kentucky.com/103/story/596225.html http://www.kentucky.com/103/story/596225.html Tue, 18 Nov 2008 07:09 EST
Ford, which owns 33.4 percent of Mazda, will sell about a 20 percent stake, the companies said in separate statements.

The sale would net Ford 52 billion yen ($540 million) based on Mazda's closing price Tuesday, barely a quarter of what a 20 percent stake in the Japanese automaker was worth one year ago. Mazda's shares rose 6.4 percent to 184 yen Tuesday amid media reports of a coming sale.

Hit by a slump in the U.S., Ford is burning through cash reserves and, along with General Motors Corp. and Chrysler LLC, is seeking a $25 billion government lifeline to weather the deepening economic crisis. On Monday, GM said it would sell its remaining 3.02 percent stake in Japan's Suzuki Motor Corp. for 22.37 billion yen ($230 million).

Ford racked up losses of $8.7 billion in the second quarter, its worst result ever, and has used up $11 billion of a cash stockpile in the past year. The share sale was "in line with Ford's plan to strengthen its balance sheet," it said.]]> http://www.kentucky.com/103/story/596327.html http://www.kentucky.com/103/story/596327.html Tue, 18 Nov 2008 17:15 EST
Executives of General Motors Corp., Ford Motor Co. and Chrysler LLC and the head of the United Auto Workers union testified at a Senate Banking Committee hearing about a potential bailout. The automakers, seeking $25 billion in government aid, have the backing of Democratic congressional leaders, but the Bush administration and Republican lawmakers are against the proposed bailout.

The consensus among the three automakers is that if even one of the companies failed it would be a catastrophe to the industry. Ford shares fell 4 cents, or 2.3 percent, to 1.68; GM fell 9 cents, or 2.8 percent, to $3.09.

Chrysler CEO Robert Nardelli said during his testimony that the automaker needs immediate federal help or its cash could fall below of the amount needed to stay in business. The company is owned by an investor group that includes private-equity firm Cerberus Capital Management.

Investors found some encouragement in an unexpected announcement from Hewlett-Packard Co. that fourth-quarter and 2009 earnings will come in above Wall Street projections. The results signal HP, the world's largest-maker of personal computers, is weathering the economic crisis that has siphoned off sales at other technology companies.]]> http://www.kentucky.com/103/story/596403.html http://www.kentucky.com/103/story/596403.html Tue, 18 Nov 2008 16:45 EST
Its shares climbed more than 12 percent in morning trading.

The Palo Alto, Calif.-based computer and printer maker expects earnings of 84 cents per share and adjusted earnings of $1.03 per share for the three months ended in October. This is slightly better than the $1 per share, excluding items, that analysts polled by Thomson Reuters are expecting.

HP forecast revenue of $33.6 million, just ahead of analysts' expectations of $33.09 billion.

The company, which plans to release full quarterly results on Nov. 24, said in a statement that it was benefiting from "global reach, diverse customer base, broad portfolio and numerous cost initiatives."]]> http://www.kentucky.com/103/story/596166.html http://www.kentucky.com/103/story/596166.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . The stock market is trying to form a bottom, but the economic landscape keeps changing.

With the Treasury switching its financial bailout plans and Congress fighting over a potential rescue package for automakers, investors are having a tough time figuring out what the future will bring. And that will likely mean more wild swings in the market this week.

"These are tremendous dollops of uncertainty, one after the other," said Quincy Krosby, chief investment strategist for The Hartford. "A market needs confidence that things are going to get better. And right now there is a marked, marked lack of confidence that things are going to get better." ]]> http://www.kentucky.com/103/story/596167.html http://www.kentucky.com/103/story/596167.html Tue, 18 Nov 2008 02:39 EST
RICHMOND, Va. . A Mexican billionaire who controls a chain of electronics stores in Latin America now holds a 13 percent stake in Circuit City Stores Inc., which is under bankruptcy protection.

Ricardo Salinas Pliego, who is on Forbes magazine's list of the world's richest people, owned more than 22 million shares of the nation's second-largest consumer electronics retailer as of Nov. 12, according to documents filed with the Securities and Exchange Commission late Friday.

He bought 5.3 million shares of Circuit City at an average price of 22 cents apiece, two days after the Virginia-based company filed for Chapter 11 bankruptcy protection last week, according to the documents.

The transaction raised Salinas' stake to 22.1 million shares, making him the company's largest shareholder based on outstanding share figures listed on Circuit City court documents. ]]> http://www.kentucky.com/103/story/596292.html http://www.kentucky.com/103/story/596292.html Tue, 18 Nov 2008 09:03 EST
As prospects dimmed in Washington on Monday for a $25 billion bailout of the U.S. auto industry, those watching in Kentucky feared that one of the state's leading industries could be crippled.

With four automotive plants and hundreds of parts suppliers, Kentucky has more than 50,000 people employed in the industry. And they're primed for hurt if bailout talks fail, and so are the domestic automakers.

.We are in the perfect storm,. said William Parsons Jr., who organizes the annual Global Automotive Conference in Kentucky. .Other than this dip in oil prices, we are being hammered in every possible way..

And even Japanese automaker Toyota , whose flagship North American plant is in Georgetown, would be in trouble if the Detroit Three fail because the four share many of the same parts suppliers. ]]> http://www.kentucky.com/103/story/595833.html http://www.kentucky.com/103/story/595833.html Tue, 18 Nov 2008 09:30 EST
There were still 14 days of selling on tap and he had just sold a mare for $2.5 million. But as he stood outside the Keeneland sales pavilion Nov. 3, Three Chimneys president Case Clay didn't like what he was seeing transpire inside the ring.

.We're worried,. Clay said moments after selling Away, the dam of Kentucky Derby runner-up Eight Belles, during the first session of the Keeneland November breeding stock sale. .It's day one and we're worried about the next couple of weeks..

It turned out worse than many had expected.

The 15-day Keeneland November sale concluded Monday with brutal across-the-board declines that surpassed even the most pessimistic of outlooks going in. ]]> http://www.kentucky.com/103/story/595081.html http://www.kentucky.com/103/story/595081.html Mon, 17 Nov 2008 06:50 EST
NEW YORK . In this brutal season of cutbacks, the office holiday party is getting downsized, too.

From American Express to MTV, employers are canceling Christmas celebrations because of the gloomy economy. At some other workplaces, last year's catered affair is this season's potluck.

"It's grim," said Daniel Briones, president of the National Association of Catering Executives and catering director at the Four Seasons Hotel Philadelphia. He called the drop-off in business the worst since 2001, when the holidays unfolded in the shadow of the Sept. 11 terrorist attacks.

For some companies, this is about appearances as much as money. No firm wants to be pilloried for plowing cash . in some cases, taxpayer dollars . into ice sculptures while workers fear for their jobs and shareholders for their investments. ]]> http://www.kentucky.com/642/story/595079.html http://www.kentucky.com/642/story/595079.html Mon, 17 Nov 2008 10:29 EST
Education

Centre College: Ali Hamilton and Dawn Brown-Piatt have been named admission counselors. Shanna Heath has been named welcome center coordinator.

Finance

Kentucky Bank: Coy Nunemaker has joined the bank's lending department as a mortgage originator. He will serve the Jessamine County region. ]]> http://www.kentucky.com/642/story/586881.html http://www.kentucky.com/642/story/586881.html Mon, 10 Nov 2008 06:26 EST
Engineering

BTM Engineering: Eddie Mesta has been named branch manager for the civil engineering firm's Lexington office and is responsible for client development and project management. The Winchester native was previously technical marketing engineer for Sherman Dixie Concrete Industries.

Nesbitt Engineering: Michael Matt Steen has joined the company as a senior engineering technician. Steen has a degree in geology from the University of Kentucky and has professional experience working for the Kentucky Division of Oil and Gas.

]]> http://www.kentucky.com/642/story/578487.html http://www.kentucky.com/642/story/578487.html Mon, 17 Nov 2008 10:29 EST
Architecture

Tate Hill Jacobs Architects: Janet Schwartz, a registered architect and LEED accredited professional, has joined the firm as a project manager.



Education ]]> http://www.kentucky.com/642/story/569756.html http://www.kentucky.com/642/story/569756.html Mon, 27 Oct 2008 12:00 EDT
Finance

Town . Country Bank and Trust Co.: Kim K. Noble has been named assistant vice president and retail banking officer for the Brannon Road banking center. Noble specializes in residential lending.



Health care ]]> http://www.kentucky.com/642/story/561622.html http://www.kentucky.com/642/story/561622.html Fri, 24 Oct 2008 14:20 EDT
Education

Eastern Kentucky University: John Wade has been named dean of EKU's College of Arts . Sciences. Wade, a 31-year veteran of higher education, had served as interim dean of the college since July 2007.

Finance

American Founders Bank: Karen "Red" Carter has joined the bank as assistant vice president, credit analysis manager. Emie Bowlby has been named assistant vice president, treasury fund manager. Chris Purvis has joined the bank as assistant vice president, controller. Jake Schirmer has been promoted to vice president, commercial lending officer, in the Lexington commercial and private client group. George Prater has been promoted to assistant vice president, financial center manager, for the bank's east Frankfort location. Jack Witt Jr. has been named vice president, relations loan officer. Andrew Co oper has been promoted to assistant vice president, financial center manager for the Southland office in Lexington. ]]> http://www.kentucky.com/101/story/596701.html http://www.kentucky.com/101/story/596701.html Tue, 18 Nov 2008 13:52 EST
Lexington's Jaguar Land Rover dealership is closing, a victim of being in too small a market, its president says.

Jim Haynes said the decision was made before the auto industry fell deep into its prolonged crisis.

.The business conditions reinforced our decision,. he said.

The dealership, located at the intersection of Man O' War Boulevard and Palumbo Drive, had been open about five years. .We did build some customers, but we never built up an adequate volume to make the store a sustainable business venture,. he said. ]]> http://www.kentucky.com/101/story/596292.html http://www.kentucky.com/101/story/596292.html Tue, 18 Nov 2008 09:03 EST
As prospects dimmed in Washington on Monday for a $25 billion bailout of the U.S. auto industry, those watching in Kentucky feared that one of the state's leading industries could be crippled.

With four automotive plants and hundreds of parts suppliers, Kentucky has more than 50,000 people employed in the industry. And they're primed for hurt if bailout talks fail, and so are the domestic automakers.

.We are in the perfect storm,. said William Parsons Jr., who organizes the annual Global Automotive Conference in Kentucky. .Other than this dip in oil prices, we are being hammered in every possible way..

And even Japanese automaker Toyota , whose flagship North American plant is in Georgetown, would be in trouble if the Detroit Three fail because the four share many of the same parts suppliers. ]]> http://www.kentucky.com/101/story/596167.html http://www.kentucky.com/101/story/596167.html Tue, 18 Nov 2008 02:39 EST
RICHMOND, Va. . A Mexican billionaire who controls a chain of electronics stores in Latin America now holds a 13 percent stake in Circuit City Stores Inc., which is under bankruptcy protection.

Ricardo Salinas Pliego, who is on Forbes magazine's list of the world's richest people, owned more than 22 million shares of the nation's second-largest consumer electronics retailer as of Nov. 12, according to documents filed with the Securities and Exchange Commission late Friday.

He bought 5.3 million shares of Circuit City at an average price of 22 cents apiece, two days after the Virginia-based company filed for Chapter 11 bankruptcy protection last week, according to the documents.

The transaction raised Salinas' stake to 22.1 million shares, making him the company's largest shareholder based on outstanding share figures listed on Circuit City court documents. ]]> http://www.kentucky.com/101/story/596166.html http://www.kentucky.com/101/story/596166.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . The stock market is trying to form a bottom, but the economic landscape keeps changing.

With the Treasury switching its financial bailout plans and Congress fighting over a potential rescue package for automakers, investors are having a tough time figuring out what the future will bring. And that will likely mean more wild swings in the market this week.

"These are tremendous dollops of uncertainty, one after the other," said Quincy Krosby, chief investment strategist for The Hartford. "A market needs confidence that things are going to get better. And right now there is a marked, marked lack of confidence that things are going to get better." ]]> http://www.kentucky.com/101/story/596165.html http://www.kentucky.com/101/story/596165.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . Citigroup Inc. is cutting about 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering substantial losses from deteriorating debt.

The plans, posted on the company's Web site, were discussed by CEO Vikram Pandit at the company's town hall meeting with employees Monday in New York.

The company had already announced in October that it was eliminating about 22,000 jobs. With the new cuts announced Monday, total head count is being reduced by 20 percent from its peak of 375,000 at the end of 2007. ]]> http://www.kentucky.com/101/story/596116.html http://www.kentucky.com/101/story/596116.html Tue, 18 Nov 2008 05:41 EST
WASHINGTON . Prospects dimmed on Monday for the $25 billion bailout that U.S. automakers say they desperately need to get through a bleak and dangerous December.

Though all sides agree that Detroit's Big Three carmakers are in peril, battered by the economic meltdown that has choked their sales and frozen loans, the White House and congressional Democrats are headed for stalemate over how much government money should go toward helping them.

Behind the logjam is a troubling reality for the car companies: Bailout fatigue has set in at the White House and on Capitol Hill, where many in both parties have spent the past few weeks being berated by constituents for agreeing to the $700 billion Wall Street rescue.

The new debate comes as the financial situation for General Motors Corp., Ford Motor Co. and Chrysler LLC grows more precarious. GM has said it could run out of cash by year's end without government aid. ]]> http://www.kentucky.com/101/story/595429.html http://www.kentucky.com/101/story/595429.html Tue, 18 Nov 2008 03:02 EST
FRANKFORT . Winemaker and Thoroughbred breeder Jess Jackson is offering $4 million for the one-fifth of champion racehorse Curlin that he doesn't already own.

That bid, made by Jackson and his wife, Barbara Banke, through J.B Equine Interests, would put the value of the soon-to-be-retired reigning Horse of the Year at $20 million. But an attorney for his minority owners contends the horse's insurance value is closer to $60 million.

The sale of the 20 percent share of Curlin, the first horse to top $10 million in earnings, was proposed to help satisfy a $42 million judgment against minority owners Shirley Cunningham Jr. and William Gallion. The two lawyers were recently disbarred over their misconduct in representing more than 400 plaintiffs who sued the maker of the diet drug fen-phen.

A receiver last week asked the court to approve the sale. A previous request for sealed bids produced no acceptable offers. ]]> http://www.kentucky.com/101/story/596357.html http://www.kentucky.com/101/story/596357.html Tue, 18 Nov 2008 08:09 EST
Kentucky

Cliffs takeover of Alphacalled off, companies say

Cliffs Natural Resources' proposed $2.7 billion takeover of coal producer Alpha Natural Resources has been called off, the companies said Monday.

Terminating the deal is in the best interest of shareholders because of the faltering U.S. economy, uncertainty in the steel industry and other factors, the companies said in a joint news release. Cliffs agreed to pay Alpha a $70 million breakup fee. In turn, Alpha, which operates a division in Kentucky, agreed to drop a lawsuit filed against Cliffs for unilaterally delaying a shareholder vote on the proposed acquisition. ]]> http://www.kentucky.com/101/story/595078.html http://www.kentucky.com/101/story/595078.html Mon, 17 Nov 2008 07:40 EST
PNC Bank will become Kentucky's largest bank if its purchase of National City wins final approval.

The new PNC would be so large . 12.5 percent of all deposits held by the state's 234 banks . that it probably would trigger action by federal regulators in more normal economic times.

But federal intervention is not likely in this case, says University of Kentucky banking professor Don Mullineaux.

The federal government wants the $5.6 billion merger to occur . in fact, it is indirectly paying for it . because National City is a troubled bank that PNC can fix. ]]> http://www.kentucky.com/101/story/593250.html http://www.kentucky.com/101/story/593250.html Mon, 17 Nov 2008 06:52 EST
Tim Gilbert, the general manager at NBC affiliate WLEX-18 who oversaw the station's rise to No. 1 in local news, is retiring at the end of February.

"I don't want to be someone who stays at the dance too long," said Gilbert, 66. "The station is in terrific shape. The product is solid. The revenue is solid. The bottom line is in good shape."

Gilbert came to the station as director of sales in 2000, shortly after it was purchased by present owner Cordillera Communications. He had previously worked in markets including Fort Wayne, Ind., and Buffalo, N.Y. He became general manager in 2002.

During his time, WLEX wrested the local TV news ratings crown from the once-dominant CBS affiliate WKYT-27. ]]> http://www.kentucky.com/101/story/595081.html http://www.kentucky.com/101/story/595081.html Mon, 17 Nov 2008 06:50 EST
NEW YORK . In this brutal season of cutbacks, the office holiday party is getting downsized, too.

From American Express to MTV, employers are canceling Christmas celebrations because of the gloomy economy. At some other workplaces, last year's catered affair is this season's potluck.

"It's grim," said Daniel Briones, president of the National Association of Catering Executives and catering director at the Four Seasons Hotel Philadelphia. He called the drop-off in business the worst since 2001, when the holidays unfolded in the shadow of the Sept. 11 terrorist attacks.

For some companies, this is about appearances as much as money. No firm wants to be pilloried for plowing cash . in some cases, taxpayer dollars . into ice sculptures while workers fear for their jobs and shareholders for their investments. ]]> http://www.kentucky.com/101/story/595076.html http://www.kentucky.com/101/story/595076.html Mon, 17 Nov 2008 06:58 EST


Number of business-related non-profit organizations in Kentucky, as of 2006, according to the Urban Institute's National Center for Charitable Statistics. The 950 groups, which include business leagues and chambers of commerce, is a 3 percent increase from 1996, when there were 922.

Overall, there were 18,319 nonprofit organizations in Kentucky in 2006, 26.7 percent more than in 1996. ]]> http://www.kentucky.com/101/story/594987.html http://www.kentucky.com/101/story/594987.html Mon, 17 Nov 2008 06:17 EST
NEW YORK . IBM Corp. is throwing its considerable weight behind an idea that seemed to have faded: broadband Internet delivered over ordinary power lines.

The technology has been around for decades, but most efforts to implement the idea on a broad scale have failed to live up to expectations.

IBM is partnering with a small newcomer called International Broadband Electric Communications Inc. to try to make the idea work in rural communities.

Their strategy is to sign up electric cooperatives that provide power to sparsely populated areas across the eastern United States. The company will have access to 340,000 homes in Alabama, Indiana, Maryland, Pennsylvania, Texas, Virginia, and Wisconsin. About 86 percent of them don't have access to cable Internet or DSL, the company said. ]]> http://www.kentucky.com/101/story/594986.html http://www.kentucky.com/101/story/594986.html Mon, 17 Nov 2008 06:17 EST
NEW YORK . It's easy to talk about investing with a long-term focus when markets are rising but much harder to keep looking ahead when Wall Street is treacherous. Investors who only take in the scary view of the moment might face the more frightening prospect years from now of having saved too little.

While losses are bound to make many investors re-evaluate how much turbulence they are willing to endure, the massive pullback on Wall Street this year has led some to abandon a long-term perspective in hopes of preserving what's left in their portfolios.

Dumping stocks and rolling money into cash or bonds might feel good . even wise . but those who are years away from needing their savings should consider the ramifications of their moves.

Regular, steady saving is important because even modest sums can grow to become large amounts if left untouched over time. And, keeping that long-term perspective makes it more likely an investor won't be out of the market when a comeback begins. ]]> http://www.kentucky.com/101/story/539683.html http://www.kentucky.com/101/story/539683.html Mon, 27 Oct 2008 09:10 EDT http://www.kentucky.com/101/story/595253.html http://www.kentucky.com/101/story/595253.html Mon, 17 Nov 2008 10:00 EST
Affiliated Computer Services has received the Partnership of the Year Award from the Kentucky Office for the Blind. The award recognizes the contributions of individuals or organizations that have assisted the agency in accomplishing its mission, which includes finding jobs for the blind and visually impaired.

Clays Mill Veterinary Clinic located at 625 Delzan Place has again received accreditation by the American Animal Hospital Association. The evaluation includes a quality assessment review of the hospital's facility, medical equipment, practice methods and pet health care management. Only 15 percent of all small animal veterinary practices in the U.S. have been accredited by the AAHA.

The Berea College Board of Trustees has announced it will rename two of its centers after individuals whose distinguished careers and accomplishments have earned such recognition. In the spring of 2009 the college's Campus Christian Center will be renamed the Willis D. Weatherford Jr. Campus Christian Center. Weatherford is a former president of Berea College. The college's Appalachian Center will be renamed the Loyal Jones Appalachian Center. Jones was a director of the center for 23 years and retired from the college in 1993.

The Lexington Medical Society has honored Joseph A. Toy, former president and CEO of the Bluegrass Regional Mental Health-Mental Retardation Board, with its Lay Person award for his decades-long commitment to Lexington's mental health community. Dr. James W. Holsinger was awarded the Jack Trevey Community Service Award for his devotion to health care and education at the collegiate, state and federal levels. Holsinger worked in the Veteran's Health Administration for 26 years and was undersecretary for Health and Human Services. He subsequently served as senior vice president and chancellor of the University of Kentucky Chandler Medical Center and was later nominated by President George W. Bush to serve as Surgeon General of the United States. ]]> http://www.kentucky.com/101/story/595250.html http://www.kentucky.com/101/story/595250.html Mon, 17 Nov 2008 10:01 EST
Louisville-based BTM Engineering, a multi-disciplined civil engineering company, has opened an office in Lexington at 2333 Alexandria Drive. The company specializes in highway and roadway engineering, traffic engineering, site design, utility and public works design, structural engineering, landscape architecture, cellular site design, planning and zoning. Winchester native Eddie Mesta has been named branch manager and will be responsible for client development and project management. Phone: (859) 514-6774.

Chiro One Wellness Center has opened at 4250 Saron Drive, Suite 175. Phone: (859) 273-0310. Dr. Joe Fields is the clinic director. For more information about Chiro One, visit www.chiroone.net.

Farmers Bank and Trust Co., Georgetown, Citizens Bank of Jessamine County, Nicholasville, and United Bank & Trust Co., Versailles, have merged to form United Bank. The three banks have been affiliates of the Farmers Capital Bank Corp. family for years. Farmers Capital is one of the oldest and largest banking groups in the state. United Bank now has 14 branch locations and 39 ATMs in Fayette, Scott, Woodford and Jessamine counties.

Compiled by Dorothea Wingo ]]> http://www.kentucky.com/101/story/595252.html http://www.kentucky.com/101/story/595252.html Mon, 17 Nov 2008 10:01 EST
Meetings

Lexington Chapter of the National Association of Women Business Owners will meet 11:30 a.m.-1 p.m. Tuesday at Sal's Italian Chophouse on Tates Creek Road. Cost: $18 for members; $22 for guests. Reservations: www.lexnawbo.org.

The Kentucky Chapter of the Society for Marketing Professional Services will meet from 9-11 a.m. Tuesday at the Pattie A. Clay Regional Medical Center in the conference room of Medical Office Building No. 1 in Richmond. Speaker Harry Moberly. Topics: Budget issues affecting state capital construction projects and the outlook for projects mid-biennium. Registration: www.smpskentucky.org. Cost: $15 for members; $30 for non-members.

The Central Kentucky Inventors Council will hold its Entrepreneurs Roundtable at 6:30 p.m. Tuesday at Bob Evans Restaurant, 2566 Richmond Road. Information: www.ckic.org or (859) 201-1311. ]]> http://www.kentucky.com/101/story/595251.html http://www.kentucky.com/101/story/595251.html Mon, 17 Nov 2008 10:01 EST
Events scheduled for Lexington, including headquarters and expected attendance:

Kentucky County Clerks Association, annual conference: Through Wednesday , Griffin Gate Marriott Resort, 150.

Kentucky Association of Counties, annual conference: Tuesday-Friday , 500.

Kentucky Child Now!, 2008 i-Jam Conference: Nov. 23-25, 300. ]]> http://www.kentucky.com/101/story/593249.html http://www.kentucky.com/101/story/593249.html Sun, 16 Nov 2008 08:20 EST
Trust is a priceless commodity in the equine business. Horse trading doesn't work without confidence in your partners.

Confidence also is essential to a swindle . it's the "con" in con game.

Small-time Lexington horse breeder Bobby Lail learned the expensive way that sometimes confidence in family friends can be misplaced.

Lail, a bridge contractor by trade, dabbled for years in Thoroughbred racing and breeding. He and his wife, Happy, bred and sold mares, raised foals, raced horses and thoroughly enjoyed their pricey hobby. ]]> http://www.kentucky.com/834/story/518760.html http://www.kentucky.com/834/story/518760.html Tue, 09 Sep 2008 21:35 EDT
Lexington took a step toward building a new Urban County Government Center Tuesday.

The Urban County Council tentatively approved hiring FM Solutions to draft a request for proposal that includes a location study and specifications to begin the design phase for a new city hall.

Hiring FM Solutions, a Phoenix-based facilities management firm, still requires two official council readings for final approval. First reading is scheduled for Thursday.

The council also unanimously agreed to appoint a task force to work with FM Solutions as it prepares the draft proposal. ]]> http://www.kentucky.com/834/story/517876.html http://www.kentucky.com/834/story/517876.html Tue, 09 Sep 2008 01:55 EDT
The Urban County Council will decide Tuesday whether to adopt a resolution indicating it is willing to create a TIF district around the downtown CentrePointe hotel and condominium project.

If approved, the resolution will go to council for a first reading Thursday. Because the developers and the city administration want to hurry CentrePointe's tax increment financing application along to Frankfort, the council could suspend its rules Thursday and give the resolution a second reading.

A draft of the resolution, obtained Monday, directs the city's TIF consultant, Jim Parsons, to prepare a development plan for the Phoenix Park/Courthouse Development Area. The plan would outline the district boundaries and the proposed public improvement projects and costs, and give the overall rationale for establishing the district.

Tax increment financing is an incentive program to revitalize blighted urban areas. It works by capturing new taxes from a revitalized area to pay upfront for public improvements. ]]> http://www.kentucky.com/834/story/490399.html http://www.kentucky.com/834/story/490399.html Fri, 15 Aug 2008 03:01 EDT
Friday is Joe Rosenberg's last day at Joe Rosenberg Jewelers on South Upper Street. Monday will be his first day at Joe Rosenberg Jewelers on East Main Street.

The new store will be one block down and two over, on the ground floor of Barrister Hall, 163 East Main Street.

As he stood behind the counter of the emptying Upper Street store Thursday, the 54-year-old Rosenberg was not melancholy about leaving the only family business location he has known.

.This was an interim stop on our way to the next stop,. he said Thursday. .The institution is the business, not the building.. ]]> http://www.kentucky.com/834/story/481135.html http://www.kentucky.com/834/story/481135.html Wed, 06 Aug 2008 07:10 EDT
Developers of the downtown CentrePointe project declined Tuesday to publicly identify the project's financial backers, a stance that led to some tense moments in front of a city task force.

Vice Mayor Jim Gray wanted a letter from the investors saying the money has been pledged to build CentrePointe. Previously, developers have said the project would cost $250 million, but a financial impact analysis released Tuesday put the cost at $205 million.

.We want to guarantee this project goes forward,. Gray said.

In answer to Gray's question about revealing the investors, attorney Darby Turner, representing developer The Webb Companies, said, .No, we won't do that.. ]]> http://www.kentucky.com/834/story/473269.html http://www.kentucky.com/834/story/473269.html Mon, 28 Jul 2008 02:29 EDT
In five years, if you come downtown on a Saturday morning you might be able to park in an underground parking structure in Phoenix Park, then pass public art as you walk to the permanent facility for the Farmers Market.

These and other public improvements might come to pass if Lexington succeeds in getting tax increment financing in a partnership with developers of the $250 million downtown CentrePointe hotel complex.

How much money the city will get isn't known at this point, but it announced a wish list last week of six projects with a total price tag of $32 million. Any money available depends on the sale of the TIF bonds. With the city's prospects hinging on the tax increment financing plan, here are a few main points of just how TIF works:

Question: What's a TIF? ]]> http://www.kentucky.com/834/story/472319.html http://www.kentucky.com/834/story/472319.html Sun, 27 Jul 2008 06:39 EDT
.At this point, it.s a done deal,. said Hayward Wilkirson, leader of Preserve Lexington, on Saturday.

Last week, the group.s legal efforts stalled when a circuit judge declined to issue a temporary injunction halting the destruction of some of the buildings on the block.

A day later, a demolition crew destroyed the building once occupied by Rite Aid and has now begun stripping away portions of the exterior of the buildings that once held The Dame nightclub and Buster.s bar.

Preserve Lexington.s last option would have been a tentative Sept. 18 hearing before the city.s Planning Commission. ]]> http://www.kentucky.com/473/story/596297.html http://www.kentucky.com/473/story/596297.html Tue, 18 Nov 2008 12:24 EST
The euro traded at $1.2687, up from $1.2677 late Monday in New York.

Other dollar rates:

- 97.28 Japanese yen, up from 96.90

-1.1971 Swiss francs, down from 1.1982]]> http://www.kentucky.com/473/story/596472.html http://www.kentucky.com/473/story/596472.html Tue, 18 Nov 2008 13:29 EST
The Brussels-based court rejected an appeal by shareholder activist group Deminor and holders represented by lawyer Mischael Modrikamen to suspend the sale of Fortis' Belgian units to BNP Paribas SA.

But it ordered experts to examine if the price paid by BNP Paribas was adequate. BNP Paribas paid 14.5 billion euros ($18 billion) for a 75 percent stake of Fortis' Belgian banking operations and all of Fortis Insurance Belgium.

BNP Paribas' shares fell 5.1 percent to close at 40.82 euros ($60.99)in Paris.

Shareholders complained that they should have been consulted when Fortis agreed to the buyout on Oct. 5, one week after a multibillion euro (dollar) bailout by the governments of Belgium, Netherlands and Luxembourg had failed to save the troubled lender.]]> http://www.kentucky.com/473/story/596866.html http://www.kentucky.com/473/story/596866.html Tue, 18 Nov 2008 16:20 EST
WHY NOW: The oil majors are sitting on enormous piles of cash after posting record profits in recent quarters. At the same time, crumbling stock and crude prices have erased huge chunks of market value for some smaller producers and made them potential targets.

GROWTH THROUGH DEALS: Acquisitions are another way for Big Oil to secure new sources of fossil fuels, at a time when exploration and production is becoming increasingly difficult.]]> http://www.kentucky.com/473/story/596304.html http://www.kentucky.com/473/story/596304.html Tue, 18 Nov 2008 06:29 EST
Top salesmen for financial bailout face grilling

WASHINGTON (AP) - The two top salesmen for a $700 billion financial bailout are in for a grilling by Capitol Hill lawmakers just one week after the administration officially ditched the original strategy behind the rescue. Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are expected to provide greater insights into the shift when they testify Tuesday before the House Financial Services Committee.

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Yahoo's Yang decides he's no longer the right CEO]]> http://www.kentucky.com/473/story/596546.html http://www.kentucky.com/473/story/596546.html Tue, 18 Nov 2008 11:09 EST
EU Commissioner Vladimir Spidla said a new study backs EU arguments that there is no longer a need to keep in place temporary restrictions, which were imposed on 10 eastern European states when they joined the bloc in 2004 and 2007.

"Lifting restrictions now would not only make economic sense but would also help reduce problems such as undeclared work and bogus self-employment," Spidla said.

The EU study found that workers from Bulgaria and Romania, which joined the EU in 2007, and from eight others, including Poland, Hungary and Slovakia, which joined in 2004, made a "significant contribution" to bolster economic growth in the older EU member states.

The report said the workers helped fill key shortages, "without making heavy demands on welfare states." It added there was "little evidence" the new workers displaced local workers or drove down wages.]]> http://www.kentucky.com/101/story/596893.html http://www.kentucky.com/101/story/596893.html Tue, 18 Nov 2008 16:53 EST
The slowdown in the global automotive industry has hit Georgetown, as Toyota announced a series of moves Tuesday, including cutting more than half of its temporary assembly line employees, to help it cope with falling sales.

The cuts won't affect the plant's roughly 7,000 full-time employees.

Driving some of the layoffs is the plant's decision to indefinitely slow its second assembly line, reducing the number of Camrys, Camry Hybrids and new Venzas that will be produced.

Slowing sales of the Camry, which are down 3.6 percent domestically this year and 12.8 percent in October, forced the move, the company said. ]]> http://www.kentucky.com/834/story/518694.html http://www.kentucky.com/834/story/518694.html Wed, 10 Sep 2008 02:55 EDT
A resolution to move forward with a tax-increment financing project related to CentrePointe, a 35-story hotel, condominium and retail complex, was narrowly passed by Lexington city council members Tuesday. While the vote to officially adopt the resolution comes Thursday, much of the fighting was done at the Urban County Council work session.

In an 8-to-7 vote, council members agreed to place a resolution on their Thursday docket to direct the city to create a plan stating boundaries for the Phoenix Park/Courthouse Development Area, the projects to be included and their costs.

Some questions about the CentrePointe development were answered Tuesday. J.W. Marriott will be the hotel in the CentrePointe complex, The Webb Companies attorney Darby Turner said. The reduction of office space in CentrePointe from 85,000 square feet to 50,000 was because Marriott wanted an additional 30,000 square feet for meeting space.

Turner said the builder will be Bovis construction company and to expect footers to be coming out of the ground in December for the parking garage. ]]> http://www.kentucky.com/783/story/596166.html http://www.kentucky.com/783/story/596166.html Tue, 18 Nov 2008 02:39 EST
Associated Press

NEW YORK . The stock market is trying to form a bottom, but the economic landscape keeps changing.

With the Treasury switching its financial bailout plans and Congress fighting over a potential rescue package for automakers, investors are having a tough time figuring out what the future will bring. And that will likely mean more wild swings in the market this week.

"These are tremendous dollops of uncertainty, one after the other," said Quincy Krosby, chief investment strategist for The Hartford. "A market needs confidence that things are going to get better. And right now there is a marked, marked lack of confidence that things are going to get better." ]]> http://www.kentucky.com/106/story/595077.html http://www.kentucky.com/106/story/595077.html Mon, 17 Nov 2008 06:50 EST
Stuart Hoffman is "110 percent certain" that the nation is in a recession.

Other economists are still avoiding the R-word on technical grounds, but Hoffman confidently declares that the United States has been in a recession "for at least the last four or five months, if not longer."

Unemployment is up, spending is down and personal incomes are falling . that's a recession, says the chief economist for The PNC Financial Services Group , the holding company for PNC Bank .

"If it walks like a duck and quacks like a duck ...," he said. ]]> http://www.kentucky.com/104/story/561791.html http://www.kentucky.com/104/story/561791.html Mon, 20 Oct 2008 07:34 EDT