Business and the Economy

3:38pm

Thu August 30, 2012
Business and the Economy

Kentucky Included in E-Book Settlement

The nation’s three largest book publishers – Hachette Book Group (USA), HarperCollins Publishers LLC and Simon & Schuster Inc. – have agreed to pay more than $69 million to all 50 states, including Kentucky, and four districts and territories for conspiring to fix prices on electronic books, Attorney General Jack Conway announced Thursday.

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12:41pm

Wed August 29, 2012

2:45pm

Tue August 28, 2012
Business and the Economy

Ground Broken for Distillery's New Visitor Center

LAWRENCEBURG – Anderson County community leaders and company officials from Wild Turkey brand-owner Gruppo Campari broke ground Tuesday on an all-new visitor center at the Wild Turkey Distillery in Lawrenceburg.

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1:05pm

Tue August 28, 2012

10:48am

Tue August 28, 2012
Business and the Economy

Annual Business Reports Due Sept. 10

Businesses and organizations authorized to do business in Kentucky were required to file annual reports with the secretary of state’s office and pay a $15 filing fee no later than July 2.  Those that missed the deadline were notified that they were no longer in good standing with the secretary of state’s office and allowed through Sept. 10 to remedy the delinquency before being administratively dissolved or having their certificates of authority revoked. 

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10:46am

Tue August 28, 2012
Business and the Economy

Developers Buy Back Prime Property

9:32am

Tue August 28, 2012
Business and the Economy

Lexmark cuts 1,700 Jobs, 500 in Lexington

Lexington - Lexmark has announced a restructuring of the Lexington-based company that will see it stop manufacturing inkjet printers and eliminate 1,700 jobs worldwide - most of those in manufacturing - according to the company's website. Once completely implemented the restructuring will save the company about $95 million a year, a website news release said. Five hundred jobs are expected to be cut in Lexington - 350 full-time positions and 200 contractors, according to the company.

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1:32pm

Fri August 24, 2012
Business and the Economy

Benefits Fairs set in Eastern Kentucky

An Eastern Kentucky employment program has scheduled two benefits fairs to help more than 2,000 people laid off from coal mines and factories in the region this year. The events will provide people an opportunity to get help with unemployment insurance, learn about mortgage and tax assistance, and get information on training for new careers and other services. The benefits fairs are scheduled for 10 a.m. to 6 p.m. Aug. 28 at the Mountain Arts Center in Prestonsburg and 10 a.m. to 5 p.m. Sept. 10 at the East Kentucky Expo Center in Pikeville.

6:25am

Thu August 23, 2012
Business and the Economy

Kentucky Exports on the Rise

Kentucky’s export business appears to be moving along at a good pace.  The latest figures from the U.S. Department of Commerce show the state’s merchandise exports grew nearly eight percent in the first half of 2012.  The ten point seven billion dollars in exports breaks the previous record of almost ten billion dollars set in the first half of 2011.

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3:47pm

Wed August 22, 2012
Business and the Economy

Blazing an Adventure Tourism Trail

Leisure and recreational businesses in Rockcastle County hope to capitalize on a new state adventure tourism program.  The aim is to promote tourism businesses near trailheads in communities like Livingston.  Already, Rockcastle County Judge Executive Buzz Carloftis says they offer outdoor activities, such as an airboat, canoes, and tubing.   He says horse and bike trails also weave their way along the Rockcastle River..  “As this takes hold, and we hope, trust, and pray that it does.  If it takes hold, there will be more businesses in operation.  Before you know it, you’ve got a thriving community again, based on tourism,” said Carloftis

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9:24am

Wed August 22, 2012
Business and the Economy

Bid to Re-Open Kentucky Kingdom Submitted

Louisville businessman Ed Hart has—again—formally entered a bid to re-open the Kentucky Kingdom theme park. Hart and a group of investors have responded to the Kentucky Fair Board's request for proposals to re-open the park.  The letter was delivered to Fair Board president Harold Workman today, and outlines a $40 million plan. Ten million of that would come from the group, and the rest would be borrowed but guaranteed by the state.

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1:26pm

Tue August 21, 2012
Business and the Economy

UK Dorms Project Could Create 2,900 jobs

LEXINGTON, Ky. (Aug. 20, 2012) ― University of Kentucky President Eli Capilouto ― along with Lexington Mayor Jim Gray and other officials ― announced today that construction of five residence halls on campus over the next few years could support nearly 2,900 jobs and generate nearly $4 million in state and local taxes.

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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