Business

Business Notes

Kentucky

Danville-based CKF Bancorp lists loss off Freddie Mac stocks

Danville-based CKF Bancorp Inc. announced a loss Friday of $915,143, or 72 cents a share, for the three months that ended Sept. 30, compared with a profit of $251,653, or 19 cents a share, for the same quarter of 2007. The loss resulted from the write-off of CKF's investment in the stock of Freddie Mac, the mortgage broker taken over by the U.S. Treasury in September. The loss on the stock was $1,050,124, or 82 cents a share, CKF said. For the nine months that ended Sept. 30, CKF lost $636,481, or 50 cents a share, compared with a profit of $772,159, or 59 cents a share, for the same months of 2007. CKF is the parent company of Central Kentucky Federal Savings Bank in Danville and Lancaster. The stock trades over the counter as CKFB.

BB&T shows third-quarter earnings dip

BB&T Corp. earned $358 million, or 65 cents a share, for the third quarter of 2008, compared with $444 million, or 80 cents a share, for the same period of 2007. The financial services company attributed the decline to economic conditions in its major markets, and to merger expenses involving its insurance businesses. For the first nine months of 2008, BB&T earned $1.21 billion, or $2.20 a share, compared with $1.32 billion, or $2.40 a share, for the same months of 2007. BB&T, based in Winston-Salem, N.C., has $137 billion in assets and 1,500 banking offices in Kentucky and 10 other states. BB&T's common stock trades on the New York Stock Exchange as BBT.

Thayer renamed to equine drug council

State Sen. Damon Thayer, R-Georgetown, has been reappointed to the Kentucky Equine Drug Research Council by Gov. Steve Beshear. Thayer represents legislators on the panel, which advises the Kentucky Horse Racing Commission on racing drug testing and research. Thayer's new term expires Aug. 1, 2012.

Massey rehires 51 union miners

Coal producer Massey Energy Co. has rehired 51 union miners who lost jobs at a West Virginia mine in 2004. A federal judge ordered Richmond, Va.-based Massey to offer jobs to 85 United Mine Workers members last August, upholding an earlier National Labor Relations Board decision. The miners lost their jobs when Massey took over a mine after the previous owner, Horizon Natural Resources, went into bankruptcy. Massey operates mines in West Virginia, Kentucky and Virginia.

national

UPS announces rate increases for 2009

United Parcel Service Inc. on Friday announced a general rate increase for 2009. UPS, the world's largest package delivery company, will raise ground shipment rates by an average of 5.9 percent and increase rates on air express and international shipments bound from the United States by an average of 4.9 percent. The rate increases take effect Jan. 5.

S.C. BMW plant to lay off more than 500

More than 500 temporary workers at BMW's South Carolina plant will probably lose their jobs at the end of the year. The company that provides the workers for the plant said it has told the state up to 733 layoffs are possible, and the final number should be more than 500, said Randy Hatcher, president of staffing company MAU.

Compiled from Staff, wire reports

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