Business and the Economy

11:58am

Mon August 20, 2012
Business and the Economy

Internet Related I-D Theft Prevention

Identity theft can be a close as a click away.  More identities are being stolen via the internet and not necessary in a dumpster.  Brandon Potter is a financial advisor with Wells Fargo.  Before providing personal information via the internet, Potter advises, to make a phone call first.  “Whenever you get any type of email that tells you to verify your information, even if it’s coming from your financial firm, attorney’s office, accountant’s office, or have you not.  Make sure you definitely give a call before you do any type of verifying over the internet,” said Potter.

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1:42pm

Sun August 19, 2012
Business and the Economy

Turfway Park Faces Pitfalls

A year ago, Turfway Park had plenty of reasons to be optimistic about its future despite years of steady decline in purse sizes and wagering at its fall meet. Twelve months later, though, the optimism seems misplaced. Legislators refused to allow slots at racetracks, and last week Turfway announced the Kentucky Cup Day of Champions – its premier fall racing event – would be cut from the fall schedule despite a continued financial sponsorship from WinStar Farms.

10:18am

Fri August 17, 2012
Business and the Economy

State Jobless Rate Up to 8.3 Percent in July

Kentucky's unemployment rate rose to 8.3 percent in July from 8.2 percent a month earlier, the state announced Thursday. The rate matched the national unemployment measure, which also rose from 8.2 percent in June. "The recent numbers reflect payback after stronger-than-usual hiring in the early part of the year due to warmer than normal temperatures," said Manoj Shanker, economist with the state Office of Employment and Training. "A single-month uptick in the unemployment rate is not enough cause to speculate if the hiring environment has weakened."

2:27pm

Thu August 16, 2012
Business and the Economy

Businessman Proposes to Reopen Kentucky Kingdom

Louisville businessman Ed Hart, who once before came to the aid of the Kentucky Kingdom amusement park, is trying again to reopen the closed venue. Gov. Steve Beshear said Hart and a group of investors have made a proposal to the state fair board to reopen the park. Hart's group, according to WAVE-TV in Louisville, proposed to make a $10 million investment with an additional $30 million in a state-backed loan.

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10:40am

Mon August 13, 2012
Business and the Economy

Filmmaker Presents Ideas for Developing Appalachian Economy

A filmmaker in North Carolina is working on a documentary that juxtaposes the coalfields of Appalachia with those of another area: Wales. He’ll present some of his findings for revitalizing a community after coal at a meeting this week.

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3:14pm

Wed August 8, 2012
Business and the Economy

Alpha Natural Resources Reports $2 Billion Loss

Alpha Natural Resources--a coal company with mines in eastern Kentucky, as well as throughout Appalachia--reported its second quarter earnings this morning and the news wasn't good. The company had a net loss of $2.2 billion in the second quarter of 2012. That compares to a $50 million loss for the same period last year.

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4:26pm

Mon August 6, 2012
Business and the Economy

Hiring Begins at State Fair

Applications are now being accepted forhundreds of job openings at the Kentucky State Fair. The ten-day fair begins next week and spokeswoman Amanda Storment says they’re hiring maintenance staff, admission gatekeepers tour guides and other personnel.

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11:34am

Sun August 5, 2012
Business and the Economy

Amazon to Hire Hundreds in Kentucky

Amazon.com is poised to make a huge expansion in Hebron that could almost double its work force. The company is planning to hire hundreds of full-time employees and thousands of seasonal workers at its fulfillment center near Cincinnati/Northern Kentucky International Airport over the next few months. Boone County Judge-Executive Gary Moore said Amazon has indicated it plans to hire as many as 900 full-time, permanent employees and up to 5,000 seasonal workers to meet holiday needs.

4:29pm

Thu August 2, 2012
Business and the Economy

Back-to-School Tax Holiday in Virginia

It might be a good weekend for parents in southeast Kentucky to go shopping.  The Commonwealth’s annual back-to-school tax holiday is this weekend, and shoppers can buy a large array of items without paying the state sales tax, even if they don’t go to school or have a student in their family.  And, many retailers will likely continue their tradition of absorbing the tax on other items.  

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12:43pm

Tue July 31, 2012
Business and the Economy

Kentucky's Automotive Industry Rolls Along

Although concerns linger about the economy, Kentucky’s automotive industry appears to be flying above the fray.  Mandy Lambert with the state’s economic development cabinet says the more than 400 businesses which comprise the automotive sector were hurt in the recession.  But, she says a rebound continues at the assembly plants and parts factories.  “With all of our major auto assembly plants, they’re all in the process of making major investments in their plants, which not only creates jobs at those plants, but also overflows to the supplier network,” said Lambert.

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1:44pm

Fri July 27, 2012
Business and the Economy

Delta shuts down Northern Kentucky Carrier

Delta airlines says although regional flying will remain a key component of its network, it will shut down Comair. A release says the carrier, which is based at CVG will cease operations after September 29th. Cincinnati Northern Kentucky International Airport spokesman Jay Brock says the airport sees this as a business decision for Delta.  Brock says CVG is continuing to look for other airlines to serve the airport. Brock says Delta has indicated it will likely lay off Comair's approximately 17-hundred employees. Delta says the discontinuation of Comair's operations will not result in any significant changes to its network since Comair accounts for approximately one percent of Delta's network capacity and says it will be a seamless transition for customers.

10:21am

Fri July 27, 2012
Business and the Economy

Versailles Automotive Parts Supplier to Expand

FRANKFORT – Nisshin Automotive Tubing LLC will invest $7.1 million to purchase and install equipment and expand its 38,600-square-foot manufacturing facility in Versailles. The company will add 23,500 square feet to accommodate new equipment and a new production line.

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4:59pm

Thu July 26, 2012
Business and the Economy

Lock Work Could Open Up Rivertown Economies

Work to refurbish two locks on the Kentucky River could increase recreational traffic along the waterway and provide an economic boost to riverfront communities.  Work this summer focuses on locks three and four, and rehabilitation is scheduled for 2013 on locks one and two.  David Hamilton is an engineer with the Kentucky River Authority.  “Once that is complete, that will open up river traffic from the Ohio River you could navigate all the way up to lock and dam number five,” said Hamilton.

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4:59pm

Tue July 24, 2012
Business and the Economy

Madison-Jessamine Connector Study Continues

A highway making the trip from Jessamine County to interstate 75 a shorter, straighter route could bolster economic development in the Nicholasville area.   The transportation proposal under review would link Jessamine County to Madison County at Interstate 75.   Jessamine County Chamber of Commerce Director, Amy Cloud says little residential and commercial development is currently found east of Nicholasville.

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11:18am

Sun July 22, 2012
Business and the Economy

Kentucky Horse Park Hopes New Plan Brings Success

Charlotte Gadbois cleared a fence during the Adequan FEI North American Junior and Young Rider Championships at Kentucky Horse Park on Saturday.
Matt Goins/Lexington Herald-Leader

As a competitive venue, the Kentucky Horse Park has it all — except a way to break even financially. Despite the 2010 World Equestrian Games, which brought $85 million in construction projects to the park, officials had to ask the General Assembly for an extra $3.5 million to balance the budget for the 2012 fiscal year. Legislators were less than pleased and asked for a business plan that showed a road to self-sufficiency.

2:36pm

Thu July 19, 2012
Business and the Economy

Kentucky Unemployment Rate Stays Flat

The latest numbers show Kentucky's unemployment rate staying flat from May to June. The Office of Employment and Training says the jobs rate remained at 8.2 percent, which matches the national jobless figure. This ends a long trend of monthly declines in the unemployment rate. The rate was 8.8 at the beginning of this year, and 9.6 in June of last year.

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2:34pm

Thu July 19, 2012
Business and the Economy

UPS Plans Bid on Large USPS Contract

UPS officials say it could be good news for the company’s Louisville Worldport hub if UPS wins a contract with the United States Postal Service next year. The USPS has had a contract with FedEx to transport certain mail since 2000, but officials announced earlier this year that USPS intends on opening the contract up for bidding.  The contract is worth nearly $1 billion annually.

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2:31pm

Thu July 19, 2012
Business and the Economy

Ford Recalls Escapes for Possible Fires

Ford Motor Company has announced the second major recall this week of the 2013 Escape SUVs. Ford officials are telling owners of the new Escape not to drive the vehicle until dealers can fix a fuel line that may crack and cause engine fires. There has only been one such incident with a customer and no injuries were reported.

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4:36pm

Wed July 18, 2012
Business and the Economy

As Wars Wind Down, Depot Left Without Work

Depot storage and distribution center for chemical and conventional munitions.

The Blue Grass Army Depot is preparing for further troop reductions, which has Kentucky lawmakers and business leaders in the region worried. WEKU Correspondent Matt Laslo reports from Washington.

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8:40am

Wed July 18, 2012
Business and the Economy

Kentucky Chamber Increasingly Conservative

The Kentucky Chamber of Commerce is taking a firmer stand on conservative issues. Republican legislators have criticized the chamber in the past for supporting Democratic-led proposals like expanded gambling and a higher dropout age while staying quiet on so-called right to work and prevailing wage laws.

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5:54pm

Mon July 16, 2012
Business and the Economy

Jobs & Economy on this week's Kentucky Tonight

On this week's edition of Kentucky Tonight, host Bill Goodman and guests will discuss jobs and the economy.  The program that airs "live" Monday evening at 8:00 on KET, repeats Tuesday morning at 11:00 on 88.9 WEKU and our network of stations in Central and Southeastern Kentucky.

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12:00am

Mon July 16, 2012
Business and the Economy

Corn Status in the State's Number One Producer

When it comes to rainfall, it may be a case of ‘too little-too late’ for Kentucky’s corn growers. This summer’s drought hit western Kentucky corn fields first and hard.  In Union County, which is the leading corn producer in the Commonwealth, Extension Agent Rankin Powell says soils are very deep and hold water well.  It gives Powell reason for hope, but he still worries, any improvement in this year’s corn crop is unlikely.

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5:56am

Thu July 12, 2012
Business and the Economy

Streamlining Drought Assistance Process

Federal changes in disaster designation procedures could benefit drought stricken farmers across Kentucky.  Governor Beshear says he applauds U.S. Agriculture Secretary Tom Vilsack’s work to speed up the process.  The Ag secretary says the process for disaster declarations will be simplified and cut the processing time nearly in half for most counties.

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6:27am

Mon July 9, 2012
Business and the Economy

More Business Reports Still Due in Frankfort

 Kentucky’s Secretary of State has issued a good news-bad news report on business filings.  Some 192 thousand entities across Kentucky are required to file annual reports.  More than 155 thousand met the recent deadline.  That’s a higher percentage than usual.  But, almost 37 thousand businesses failed to file in a timely manner.

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6:46am

Wed July 4, 2012
Business and the Economy

Kentucky Brewers Team Up

SilkTork Wikimedia Commons

A group of Kentucky beer brewers have joined together to give themselves a louder voice in state matters. The Kentucky Guild of Brewers is made up of nine local breweries from Louisville, Lexington and Danville. In a statement, the guild says its purpose is in part "to act as a singular voice and advocate for the Kentucky brewing industry in all pertinent matters of legislation and governmental administration." 

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3:56pm

Mon July 2, 2012
Business and the Economy

Beshear Signs Auto Industry Bill

FRANKFORT – Gov. Steve Beshear Monday signed into law a bill designed to spur job creation and significant investments in Kentucky’s automotive and parts manufacturing facilities. “This legislation will open doors for significant investments in the automotive industry, which plays a vital role in Kentucky’s economy, employing more than 68,000 people in the Commonwealth,” Beshear said in a statement issued by his office. “The success of the industry and the investments that result from this legislation will have far-reaching economic effects throughout all of Kentucky.”

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12:41pm

Fri June 29, 2012
Business and the Economy

700 Jobs Coming to Northern Kentucky

Word today of a new e-commerce center in Boone County which is bringing 696 full time jobs to the northern Kentucky region.  Elovation Services’ move amounts to a 13 point seven million dollar investment in the commonwealth.  The firm will lease a 150 thousand square foot facility in Boone County to serve as its parcel grading and processing center for e-commerce.

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12:39pm

Fri June 29, 2012
Business and the Economy

Racing Fans Bracing for the Heat

Traffic congestion created some serious problems for last year’s inaugural NASCAR Sprint Cup Series at Kentucky Speedway.  This year’s event may be remembered for the high heat along with the competition.  The racing is scheduled in the evening, but qualifying does take place during the day.  Spokesman Tim Bray says visitors to the track can find shade on site.  “We are practicing and qualifying during the day…so we encourage fans to hydrate, hydrate, hydrate…and in addition to that…there are places underneath the grandstands and Kentucky tower and the Ohio tower so they can get out of the heat,” said Bray.

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9:53am

Fri June 29, 2012
Business and the Economy

Lexington's Trader Joe's Opens Friday

After years of hopes followed by months of anticipation, Trader Joe's opened a Lexington store at 8 a.m. Friday. The gourmet grocery, on Nicholasville Road, is expected to be wildly popular, and those unfamiliar are in for a unique shopping trip, industry observers say. "Walking into a Trader Joe's is an experience, ... because you don't know what you're going to come across," said Mark Mallinger, a Pepperdine University professor who has followed the privately held company for years. "New products come and go.

12:18pm

Mon June 25, 2012
Business and the Economy

Credit Card 'Cloning' on the Rise

Lexington financial crimes detective Gene Haynes swiped a credit card through an innocuous black card reader known as a "skimmer." Less than a second later, two lines of illuminating text showed up in a Microsoft Word document on his computer screen. The mishmash of numbers and symbols was the visual representation of all the information stored on the card's magnetic strip. "That's all it takes" for a credit card to be compromised, he said.

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