Business

Business Notes

Kentucky

Taylor county picked fordistribution, sales center

A South Korean-owned company has picked Taylor County for a distribution and sales center expected to employ about 75 people within two years. The company, INFAC Corp., expects to begin manufacturing emergency brake cables at the Campbellsville Industrial Park sometime during the fourth quarter of 2008. The company is a producer and worldwide supplier of mechanical cables and electronics components for the auto industry.

national

Starbucks to close 600 stores

Starbucks Corp. said Tuesday it will close 600 company-operated stores in the next year, up dramatically from its previous plan for 100 closures. Specific closings were not announced, but Lexington area Starbucks had not been informed of any plans to close. Starbucks said in a statement that 70 percent of the stores to be closed were opened after the start of 2006. The locations set to close include ones that ”were not profitable and not projected to provide acceptable returns in the foreseeable future,“ it said. About 12,000 workers will be affected by the closings, which are expected to take place over the next year, a company spokeswoman said.

GM keeps sales lead

General Motors Corp. soundly beat Toyota Motor Corp. in June to retain its traditional U.S. sales lead, but GM sales still dropped 18.2 percent during a dismal month for large automakers. Toyota's U.S. sales fell 21.4 percent, while Ford Motor Co. said it sales tumbled nearly 28 percent. Chrysler LLC took a huge hit for the month with sales down 35.9 percent. GM's shares bounced more than 2 percent higher in late trading Tuesday after sinking to their lowest level in more than a half century on Monday. GM on Tuesday reported selling 262,329 vehicles for the month, compared with Toyota's 193,234. Some industry analysts had expected Toyota to beat GM in the U.S. for the first time.

Oil closes at nearly $141 a barrel

Oil closed at a record near $141 a barrel Tuesday on worries about tight supply and mounting tensions in the Middle East. In the U.S., prices at the gas pump edged to their highest point yet.

Crude prices resumed their advance as the head of the International Energy Agency said the world is experiencing its ”third oil price shock,“ comparing the effects of today's prices with the oil crises that began with the 1973 Arab oil embargo and the 1979 revolution in Iran.

Hackers steal Citibank PINs

Hackers broke into Citibank's network of ATMs inside 7-Eleven stores and stole customers' PIN codes, according to recent court filings. The scam netted the alleged identity thieves millions of dollars, but more importantly for consumers, it indicates criminals were able to access numeric passwords by attacking the back-end computers responsible for approving the cash withdrawals.

Staff, wire reports

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