http://http://www.kentucky.com/103/index.xml News, sports, and entertainment from Kentucky.com en-us Copyright 2009 Kentucky.com Daily Business Report 60 Fri, 10 Jul 2009 16:46:39 EDT http://blogs.law.harvard.edu/tech/rss McClatchy Interactive's Workbench interactive-ops@herald-leader.com http://www.kentucky.com/103/story/858816.html http://www.kentucky.com/103/story/858816.html Fri, 10 Jul 2009 16:23 EDT
The first involves so-called "secret shopper" programs in which scam artists target job-seekers through print advertisements, online postings and direct mail and tell them "they have been chosen to serve as customer service representatives and perform secret shopper duties."

The perpetrators then mail a packet with an instruction sheet and a check for a large amount of money, telling the victim to deposit the check and wire the funds to a location generally out of the state or country. The victims are asked to rate their experience at the wiring service office and send back the form, keeping a small amount of money from the initial check. That check, though, is fraudulent, and the victims will be charged the full amount by their banks.

The second scam involves perpetrators gaining access to a victim's online banking system using software that's attached to an e-mail. The scammers transfer money from the victims' accounts into accounts of consumers who believe they are secret shoppers.

If you feel you've been a victim of a scam, the state's consumer protection hotline is 1-888-432-9257.]]> http://www.kentucky.com/103/story/858308.html http://www.kentucky.com/103/story/858308.html Fri, 10 Jul 2009 04:04 EDT
Kenny Armstrong, the company's vice president for operations, told the Green River Area Development District's board of directors that Armstrong expects to open one mine in Ohio County later this year and another by the end of 2010.

The St. Louis-based company already has four mines in Ohio and Muhlenberg counties that employ 437 people.

The Messenger-Inquirer of Owensboro reports that Armstrong projected the company could have between 600 and 700 employees when the new mines open.]]> http://www.kentucky.com/103/story/858435.html http://www.kentucky.com/103/story/858435.html Fri, 10 Jul 2009 16:35 EDT
But GM, whose 40 days under court supervision was far shorter than anyone predicted, faces the worst auto sales slump in a quarter-century.

At a news conference, CEO Fritz Henderson said the revamped automaker will be faster and more responsive to customers than the old one. It will generate cash and repay billions in government loans ahead of a 2015 deadline.

The new company will build more cars and trucks that consumers want and launch them faster than in the past, the CEO said. GM also announced a partnership with eBay Inc. to test auctioning vehicles online.

"We recognize that we've been given a rare second chance at GM, and we are very grateful for that. And we appreciate the fact that we now have the tools to get the job done," he said.]]> http://www.kentucky.com/103/story/858457.html http://www.kentucky.com/103/story/858457.html Fri, 10 Jul 2009 16:35 EDT
AIG is working with the Obama administration's compensation czar, Kenneth R. Feinberg, to ensure the government and the insurer are on the same page before it pays out remaining bonuses due to employees tied to 2008 contracts, according to the person, who requested anonymity because of the sensitive nature of the talks.

New York-based AIG faced intense public and Congressional criticism in March when it paid out hundreds of millions of dollars in retention bonuses to employees months after receiving a bailout from the government.

The latest round of bonus payments has brought fresh anger from some on Capitol Hill.

"The reason that company collapsed and needed to be bailed out was because of the recklessness and irresponsibility of their top management" who took bonuses, said Independent Sen. Bernie Sanders of Vermont. "At a time when millions of Americans are losing their jobs and seeing declines in their incomes, I think it is an outrage that anyone on the AIG leadership team is receiving (even) 5 cents in bonuses."]]> http://www.kentucky.com/103/story/858446.html http://www.kentucky.com/103/story/858446.html Fri, 10 Jul 2009 11:59 EDT
The slight rebound in exports, combined with a slower pace of decline in imports, showed that the nosedive in global activity may be starting to ebb. Delayed revivals overseas likely will hinder a rebound in the U.S., but most analysts still expect the American economy to grow a bit later this year.

The Commerce Department said Friday the deficit narrowed to $26 billion, a drop of 9.8 percent from April and the lowest level since November 1999. Economists expected the deficit to widen to $30.2 billion in May.

So far this year, the deficit is running at an annual rate of $350 billion, about half of the $695.9 billion deficit for all of 2008. Economists believe that trend will continue as weakness in the U.S. depresses demand for imported goods.

"I think this was a very positive report and consistent with the idea that the U.S. recession will come to an end in the next few months," said Mark Zandi, chief economist for Moody's Economy.com.]]> http://www.kentucky.com/103/story/858456.html http://www.kentucky.com/103/story/858456.html Fri, 10 Jul 2009 16:46 EDT
With little upbeat news ahead of a crush of corporate earnings reports next week, stocks on Friday hit their longest losing streak since the market's spring rally began in early March.

Unrelenting worries over the economy, driven by poor reports on unemployment, consumer confidence and falling commodity prices, have kept investors largely out of stocks since mid-June.

"Nobody's investing because there's no reason to invest," said Dawn Bennett, CEO of Bennett Financial Group.

Stocks zigzagged during the week, failing to hold what few gains they could muster. The Dow Jones industrials and the Standard & Poor's 500 index have now fallen four straight weeks.]]> http://www.kentucky.com/103/story/858267.html http://www.kentucky.com/103/story/858267.html Fri, 10 Jul 2009 07:31 EDT
Continuing claims, meanwhile, unexpectedly jumped to a record high. Although layoffs are slowing, unemployed workers are having a difficult time finding new jobs.

New claims for unemployment insurance plummeted by 52,000 to 565,000, the Labor Department said Thursday. That's significantly below analysts' expectations of 605,000, according to Thomson Reuters.

The drop resulted partly from technical factors, a department analyst said. Auto layoffs that normally take place in early July, as factories are retooled to build the next year's models, occurred in the spring instead as General Motors and Chrysler implemented sweeping restructuring plans.

The department's seasonal adjustment process expected a large increase in claims from auto workers and other manufacturing workers, the analyst said. Because that didn't occur, seasonally adjusted claims fell.]]> http://www.kentucky.com/103/story/858044.html http://www.kentucky.com/103/story/858044.html Thu, 09 Jul 2009 19:39 EDT
U.S. District Judge John Copenhaver also placed 43-year-old David R. Runyon on probation for a year at a hearing Thursday.

Runyon pleaded guilty to the misdemeanor charge last April as part of a deal with federal prosecutors, who dropped four other charges. Runyon also agreed to give up his state-issued underground mine foreman's certificate.

Runyon's actions were uncovered during a separate investigation into a Jan. 19, 2006 fire that killed two men at Massey's Aracoma Alma No. 1 mine in southern West Virginia.

Richmond, Va.-based Massey, the fourth-largest U.S. coal producer by revenue, operates mines in West Virginia, Kentucky and Virginia.]]> http://www.kentucky.com/103/story/857922.html http://www.kentucky.com/103/story/857922.html Thu, 09 Jul 2009 17:34 EDT
Anthem members enrolled in the Blue Traditional, Blue Access (PPO), Blue Preferred (HMO and POS), Federal Employee HMO program and Medicare Select networks will continue to have access to UK physicians, hospitals, and related services through their health insurance coverage, according to the statement.]]> http://www.kentucky.com/103/story/857354.html http://www.kentucky.com/103/story/857354.html Fri, 10 Jul 2009 08:04 EDT
Markets around the world pulled back as traders decided to sell amid the uncertainty about upcoming earnings reports and what they'll say about the economy. News that Chevron Corp.'s refining margins fell in the second quarter added to the uncertainty early Friday; oil companies have been among the country's top performers.

Investors are also uneasy ahead of the first reading on consumers' sentiment during July, coming out Friday morning. The Reuters/University of Michigan index of consumer sentiment comes a day after the nation's retailers reported generally weak sales for June. The market is concerned that consumers, whose spending drives the economy, will keep cutting back as they worry about their job security.

A report on international trade for May is also expected Friday. The trade deficit is expected to rise again in May but remain well below last year's pace.

The deficit likely will widen to $30.2 billion, reflecting a higher foreign oil bill. If the economists surveyed by Thomson Reuters are correct, the May deficit would represent a modest increase from the April imbalance of $29.2 billion.]]> http://www.kentucky.com/103/story/857391.html http://www.kentucky.com/103/story/857391.html Thu, 09 Jul 2009 09:26 EDT
Terms were not disclosed.

The exclusive partnership allows Ticketmaster, a unit of Ticketmaster Entertainment Inc., to provide customers various hotel, airline and rental car offers from Priceline.com.

The collaboration essentially gives the approximately 20 percent to 30 percent of Ticketmaster's online customers that travel to events out of town a one-stop shopping experience as they can buy tickets to an event and plan their travel arrangements on one Web site.

Ticketmaster will have links and offers from Priceline on its Web site, such as Name Your Own Price hotel rooms, rental cars and airline tickets. It will also offer published-price travel services with comparision charts, maps, city attractions and hotel and restaurant reviews.]]> http://www.kentucky.com/103/story/857387.html http://www.kentucky.com/103/story/857387.html Thu, 09 Jul 2009 09:01 EDT
Still, the Minneapolis-based company says it expects to meet or exceed analyst expectations for second-quarter profit.

Analysts surveyed by Thomson Reuters expected a same-store sales decline of 5.6 percent.

Total sales for the month fell 3 percent to $5.69 billion.

Year-to-date, Target Corp.'s same-store sales fell 4.7 percent and total sales edged down less than 1 percent to $24.51 billion.]]> http://www.kentucky.com/103/story/857360.html http://www.kentucky.com/103/story/857360.html Thu, 09 Jul 2009 16:34 EDT
Layoffs are slowing, but jobs are scarce, leaving nearly 7 million Americans collecting unemployment checks and retailers looking for customers.

The number of newly laid-off workers requesting unemployment insurance fell by 52,000 to a seasonally-adjusted 565,000, the Labor Department said Thursday. But the drop was mostly due to a shift in the timing of auto-related layoffs, leading many economists to discount the decline.

Weekly claims remain far above the 300,000-350,000 range that analysts say is consistent with a healthy economy. New claims last fell below 300,000 in early 2007. The lowest level this year was 488,000 for the week ended Jan. 3.

Thursday's figure indicates that "very steep job losses" likely will continue and that the unemployment rate will keep rising, said Zach Pandl, an economist at Nomura Securities International.]]> http://www.kentucky.com/103/story/857334.html http://www.kentucky.com/103/story/857334.html Fri, 10 Jul 2009 07:54 EDT
The person, who asked to remain anonymous because the action hasn't been officially announced, said Friday the action came at 6:30 a.m. EDT Friday.

One bankruptcy expert called GM's 40-day case the fastest ever for a company of its size.

The new GM is a smaller company that is less burdened by the staggering debt that nearly sent it to liquidation.]]> http://www.kentucky.com/103/story/857309.html http://www.kentucky.com/103/story/857309.html Thu, 09 Jul 2009 09:46 EDT
As retailers reported their monthly figures Thursday, the weakness cut across all sectors but hit mall-based clothing stores particularly hard.

Even low-priced Costco Wholesale Corp. saw a same-store sales decline compared with June last year, when stimulus rebate checks helped business. Wal-Mart Stores Inc. no longer reports same-store sales each month. Among the few bright spots was TJX Cos., which sells name-brand clothes and home furnishings at discounts.

Same-store sales - sales at stores open at least a year - are considered a key indicator of a retailer's health.

"Consumers are under severe pressure on the job front, so discretionary spending is just not happening, "said Ken Perkins, president of retail consulting firm Retail Metrics LLC.]]> http://www.kentucky.com/103/story/857099.html http://www.kentucky.com/103/story/857099.html Thu, 09 Jul 2009 07:02 EDT
The new operating system will be based on Google's 9-month-old Web browser, Chrome. Google intends to rely on help from the community of open-source programmers to develop the Chrome operating system, which is expected to begin running computers in the second half of 2010.

The early versions of the Chrome operating system will be tailored for "netbooks," a breed of low-cost, less powerful laptops that are becoming increasingly popular among budget-conscious consumers primarily interested in surfing the Web.

That is a direct challenge to Microsoft, whose next operating system, Windows 7, is being geared for netbooks as well as larger computers.

The vast majority of netbooks already run on Windows, and that is unlikely to change unless Google can demonstrate the Chrome operating system is a significant improvement, said Forrester Research analyst Paul Jackson. He pointed out that many customers had returned the original netbooks that used open-source alternatives to Windows.]]> http://www.kentucky.com/103/story/856796.html http://www.kentucky.com/103/story/856796.html Wed, 08 Jul 2009 18:29 EDT
Those methods could generate more than 8,750 new jobs, add more than $1.7 billion to the region's economy over the next three years and be cheaper than the proposed plant, according to the Kentucky Environmental Foundation, Kentuckians for the Commonwealth and Cumberland Chapter Sierra Club. They cited a report by the Ochs Center, a Chattanooga policy research group.

East Kentucky Power spokesman Kevin Osbourn said his company is following a "balanced approach" that relies on fossil fuels, renewable energy and energy efficiency.

Read the Ochs Center report at Kentucky.com.]]> http://www.kentucky.com/103/story/856628.html http://www.kentucky.com/103/story/856628.html Wed, 08 Jul 2009 16:14 EDT
The company sold pool and game tables, and all manner of furnishings for game rooms. Many were custom-order jobs, but business has decreased as the economy worsened.

"We tend to follow home-building," said J.C. Juett, who owns the business with his wife, Darlene. "Since there's very few houses being built and very few houses being sold, our business has just been curtailed."

The store opened in 1990 on Family Circle Drive and then moved next to the Parkette restaurant in 1996. Its final day in operation will be Aug. 9. In-stock items have been discounted between 30 percent and 60 percent.

The Juetts will continue to operate Louisville Billiard, 139 Breckenridge Lane in Louisville, and they intend to continue servicing Central and Eastern Kentucky customers from that location.]]> http://www.kentucky.com/103/story/856598.html http://www.kentucky.com/103/story/856598.html Thu, 09 Jul 2009 07:06 EDT
Tom Blodgett was executive vice president and group president of ACS Business Process Solutions. He will be one of two chief operating officers who are responsible for the day-to-day operations of the company.

ACS is the third-largest private employer in Lexington, with 2,000 workers, and the sixth-largest private employer in the state, with 4,000.]]> http://www.kentucky.com/103/story/856580.html http://www.kentucky.com/103/story/856580.html Thu, 09 Jul 2009 07:06 EDT
The lower rate is effective immediately, Keeneland said in a news release, and it will include the 2009 September Yearling and November Breeding Stock Sales and the 2010 January Horses of All Ages Sale.

The move comes after a sales season that saw many horses go unsold as their reserve prices were not met, and horsemen noted at the time that they had even lowered reserves in some cases.]]>