Business

Business Notes

Kentucky

100 workers laid off at plant that makes truck seats for Ford

A union official says that more than 100 workers have been laid off at a Shelbyville plant where truck seats are made. Local United Auto Workers official Tim Arvin said letters were sent to 114 workers at Johnson Controls informing them that they were laid off. The workers make up more than half the Shelbyville plant's work force. Johnson Controls spokeswoman Debra Lacey could not be reached for comment. Arvin says workers understand the business decision. He says one shift, rather than two, will make seats for Ford's F-250, F-350, and F-450 trucks when the plant resumes operations in August.

Beshear mum on equine drug chair

The new Kentucky Horse Racing Commission will be sworn in Wednesday. With the new members on board, Gov. Steve Beshear must appoint a new chair of the Equine Drug Research Council. The current chair, former racing authority vice chair Connie Whitfield, was not reappointed to the new panel and, by statute, the chair of the drug council must be on the Horse Racing Commission. Beshear had no comment Tuesday on his plans. When he named the new council last week, he cited a need to act quickly to deal with ”a growing outcry against the use of various drugs, and congressional inquiries into the state of racing.“ Whitfield, an attorney, is also the wife of Rep. Ed Whitfield, R-Hopkinsville, who led the congressional hearing on horse racing in June. The drug council, which advises the racing commission, has been considering new rules on anabolic steroids and blood-doping agents.

DeSha's at airport opens

DeSha's American Tavern is now open for business at Lexington's Blue Grass Airport. Modeled after deSha's restaurant in downtown Lexington, the airport restaurant is on the second floor of the airport terminal, behind the security checkpoint. Menu items include Kentucky favorites such as hot browns, Woodford Reserve barbecued chicken and Derby pie. The airport restaurant also has a full breakfast menu.

national

Consumer debt rises on credit card use

Consumers boosted their borrowing in May, mostly reflecting heavy credit card use to finance their purchases. The Federal Reserve reported Tuesday that consumer credit increased at an annual rate of 3.6 percent in May, roughly the same pace as logged in the prior month. The pickup pushed total consumer debt up by $7.8 billion to $2.57 trillion. The increase was led by much stronger demand for a category called revolving credit, which is primarily credit cards. Demand for non-revolving credit used to finance cars, vacations, education and other things, meanwhile, slowed.

Oil price falls $5.33 a barrel

Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed in gains from oil's recent rally. Light, sweet crude for August delivery fell $5.33 to settle at $136.04, after earlier slumping as low as $135.14.

International

Siemens to cut 16,750 jobs globally

Industrial conglomerate Siemens AG said Tuesday it will cut 16,750 jobs, or 4.2 percent of its global work force, to streamline operations and slice nearly $2 billion in costs in the face of a slowing economy. The Munich-based maker of products ranging from light bulbs and medical equipment to high-speed trains and power turbines has a worldwide work force of approximately 400,000 people.

Compiled from Staff, wire reports

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