Business

Business Notes

Kentucky

Fasig-Tipton gross down

Fasig-Tipton's Saratoga select yearling sale opened Monday with 60 horses selling for a total of $18.16 million. The sale continued Tuesday night. The gross was down 8.6 percent from the opening session last year. Monday's average price of $302,667 was up 16 percent, while the median price of $235,000 was up 13 percent. The buy-back rate, of horses going through the auction ring but not selling, also rose, from 22 percent last year to 29 percent on Monday night. A filly by the recently pensioned Storm Cat brought Monday's top price. Barry Irwin's Team Valor paid $1.5 million for the Kentucky-bred filly consigned by Hill 'n' Dale Sales Agency. The top colt of the night was a $1.2 million son of A.P. Indy, purchased by Lane's End Farm. He had been a $500,000 buy-back at the 2007 Keeneland November sale for consignor Hunter Valley Farm.

Rupp sees best attendance

Rupp Arena officials said Tuesday that the arena saw its best overall attendance in a decade during the 2008 fiscal year, which ran from July 1, 2007, to June 30. During that time, 830,963 people attended events. The arena was active 160 days with 103 events and 115 performances, said Carl Hall, director of arena management.

The Courtyards sold

GMH Capital Partners has sold The Courtyards at 845 Red Mile Road to Pittsburgh-based McKinney Properties for $17.4 million. Designed for students at the University of Kentucky, The Courtyards has 182 furnished apartments in eight three-story buildings. The community also includes a clubhouse, fitness center, swimming pool, computer lab, and outdoor basketball, tennis, and volleyball courts. GMH is based in Newtown Square, Pa.

Insight revenue up

Insight Communications, Lexington's cable provider, has announced its operating results for the second quarter. The company generated revenue of $214.8 million, up 16 percent from the same time a year ago. The company no longer has to release its net income, because it has paid out a series of bonds it once held as part of a partnership with Comcast that has since ended. The company said its total average monthly revenue per basic cable customer has increased from $94.17 a year ago to $103.62.

Chain to carry Ky. products

Save-A-Lot Food Stores plan to begin selling Kentucky Proud products in stores across Kentucky. The store will stock Kentucky-grown produce, salsa, popcorn, beverages and more in its 100-plus stores in the state.

U.S.-grown peppers cleared

Federal officials have told the state Department for Public Health they no longer suspect U.S.-grown jalapeño and serrano peppers are connected with the Salmonella Saintpaul outbreak. The outbreak has affected more than 1,300 people, including two Kentuckians. The government has said commercially canned, pickled and cooked jalapeño peppers are not thought to be the source. The U.S. Food and Drug Administration, though, continues to warn consumers about raw jalapeño peppers and foods containing them if the peppers were harvested or packed in Mexico.

national

Fed leaves interest rates unchanged

The Federal Reserve, confronted with the perils of a slumping economy and rising inflation, has decided for a second straight meeting to leave interest rates unchanged. The Fed said Tuesday it was keeping its target for the federal funds rate, the interest that banks charge each other for overnight transactions, at 2 percent. The decision has been widely expected by financial markets. The Fed decision means that commercial banks' prime lending rate, the benchmark for millions of consumer and business loans, will remain unchanged at 5 percent, its lowest level since late 2004. The central bank said it believes that ”over time“ the significant rate cuts it has already put in place plus the sizable operations to supply additional money to financial institutions should help to promote a return to ”moderate economic growth.“

Morgan Stanley to assess risks

The Treasury Department said Tuesday it had hired investment firm Morgan Stanley to help the government assess the risks facing mortgage giants Fannie Mae and Freddie Mac. For $95,000 to cover the company's expenses, Morgan Stanley will assess the state of the mortgage market and give the government a financial profile of the two firms.

staff, wire reports

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