Business and the Economy

2:14pm

Thu April 26, 2012
Business and the Economy

UK Athletics, Toyota Among Donors for Rupp

The University of Kentucky Athletics Department and Toyota were the two largest donors to a task force that recently developed a plan to revitalize Rupp Arena and the surrounding portion of downtown. UK Athletics gave $50,000 and Toyota gave $35,000 to the group, which raised $380,950, according to a list obtained by the Herald-Leader under the Open Records Act. Many of the other donors included members of the task force, including Greg Goodman, whose Mount Brilliant Family Foundation gave $10,000. W.T. Young LLC gave $20,000. Young's son Chris served on the task force.

10:10am

Thu April 26, 2012
Business and the Economy

100 Years of Forestry in Kentucky

This year’s ‘Earth Week in Kentucky’ celebration focuses on the state Division of Forestry’s 100th anniversary.  Much of the division’s work centers on Kentucky’s four to five billion dollar wood products industry business.  State Forester Leah MacSwords says the timber harvested here is used in numerous products.  “All kinds of forest products are made from Kentucky’s wood…everything from cabinets and flooring.. to mill work to pallets…so we have a very robust forestry industry in the state of Kentucky,” said MacSwords.

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2:31pm

Wed April 25, 2012
Business and the Economy

Scrap Yards Propose Alternative Crackdown on Metal Theft

The scrap metal industry in Lexington is asking the Urban County Council to scrap its plan to license the sellers of copper or other metals.  The new regulations are suggested as a way to cut down on copper and other metal thefts.  Ken Cowen’s Ohio firm owns Lexington’s Baker Iron and metal.   To combat theft, Cowen says scrap metal firms are willing to employ off duty police officers.  Then, Cowen says, they could check the seller’s I-D.

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1:33pm

Fri April 20, 2012
Business and the Economy

Pike Magistrate Suggests Pay Cut for Officials

As Pike County officials continue to discuss the county’s “dire” financial situation, a bold suggestion from a Pike magistrate to help alleviate some of the strain seems to have fallen on deaf ears. At Tuesday’s meeting of the Pike County Fiscal Court, District 5 Magistrate Hilman Dotson, while arguing that the county’s currently idled swimming pools should be reopened, suggested that he and other county officials take a pay cut to help ease some of the financial burden the county is facing ahead of a projected multi-million-dollar budget shortfall in the coming year. Dotson’s suggested 10 percent pay reduction for county officials found little support among other court officials.

1:06pm

Fri April 20, 2012
Business and the Economy

Annual Jobless Rates Down in 105 Counties

Annual unemployment rates were lower in 105 Kentucky counties in 2011 than in 2010, according to the Kentucky Office of Employment and Training in the Kentucky Education and Workforce Development Cabinet. In addition, 14 Kentucky counties had a higher annual unemployment in 2011 than in 2010 while the unemployment rate in Laurel County remained the same for both years, according to a press release issued by the state.

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7:51am

Fri April 20, 2012
Business and the Economy

Record Day Celebration in Lexington

In the year 2012, the ‘download’ remains the predominant format in music sales.  However, the owner of a Lexington independent music business says vinyl continues to make a move on compact discs.  The fifth annual Record Store Day celebration will be held tomorrow.  Pops Resale owner, Daniel Shorr says record sales are going well.  “To show the fact that records not only aren’t dead..they’re really quite alive and vibrant..they’re on track hopefully this year to surpass c-d sales,” said Shorr.

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8:44pm

Wed April 18, 2012
Business and the Economy

Eight Construction Managers to Bid on Centre Point

Eight construction firms are about to bid for the job of building the Centre Pointe project in downtown Lexington.  It might be considered an indication the revitalization effort is building momentum.  Last week, plans were unveiled that convert the old Fayette National Bank Building into a 21-C Museum Hotel.  Just a block away sits the proposed site of the high-rise Centre Pointe project.  Developer Dudley Webb expects eight construction managers to submit bids for the work within the next three weeks.

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4:35pm

Wed April 18, 2012
Business and the Economy

Kentucky’s Jobless Rate Drops to 8.6 Percent

Kentucky’s seasonally adjusted preliminary unemployment rate fell to 8.6 percent in March 2012 from a revised 8.7 percent in February 2012, making this the third consecutive month with an unemployment rate below 9 percent, according to the Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.

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9:36am

Wed April 18, 2012
Business

Study Ranks Lexington High for Online Fraud

A study by a company that helps secure data on Web sites suggests Lexington sees more fraudulent online transactions than other cities its size. The study by ThreatMetrix, which used data from the 5,000 Web sites that use its software, found Lexington had the 10th highest percentage of originating online fraud among 150 major cities. Lexington ranked behind New York City, Atlanta, Chicago, Los Angeles, Omaha, Dallas, San Francisco, Houston and Washington D.C.

2:59pm

Fri April 13, 2012
Business and the Economy

Business Recruitment Improving in Lexington

A Lexington organization that tracks the community’s economic pulse is expressing optimism about 2012.  Commerce Lexington’s Jenna Greathouse says they’re working with 39 businesses interested in central Kentucky.  Greathouse says that compares with 27 firms at the same point last year.   “So when we’re seeing more people coming and looking at Lexington..coming from other cities and states to see what we have to offer…for an expansion of a new business..a relocation of a company..that kind of thing, …yeah I think it’s a good indicator,” said Greathouse.

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1:09pm

Fri April 13, 2012
Business and the Economy

Postal Workers Push for Help from Congress

With a May 15 deadline looming, the American Postal Workers Union is pressuring Congress to pass legislation that would allow the U.S. Postal Service to fix some of its problems. Full-page newspaper advertisements urge residents to tell U.S. senators and representatives “to fix the USPS without destroying service or eliminating 100,000 jobs.” The Postal Service plans to close thousands of post offices, including many in Kentucky, and hundreds of processing centers, including the one in Bowling Green. Its plans require a $22.5 billion reduction in annual costs by 2016.

2:30pm

Tue April 10, 2012
Business and the Economy

Solar Panel Company to Open Location in Kentucky

A solar panel company has announced plans to build a manufacturing plant in south-central Kentucky. Alabama-based Taggart Solar’s plant in Edmonson County is expected to create about 30 jobs. The company plans to invest $440,000 into an industrial park in Park City and hire at least 30 workers to assemble components into photovoltaic solar panels.

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2:18pm

Tue April 10, 2012
Business and the Economy

Carroll County Plant to Add Jobs

Gov. Steve Beshear Tuesday announced DRC Industries, a packaging materials supplier, plans to acquire an additional 126,000-square-foot facility and add 25 jobs in Carroll County. The project entails a $2 million investment by the company. “The growth we’re seeing at DRC Industries is exciting and highlights the successful efforts of a dedicated workforce here in the Commonwealth,” Beshear said in a press release from his office. “Not only does this mean DRC Industries will spend millions of dollars here in Kentucky, but it also adds up to 25 new jobs for Kentucky citizens, and that is great news.”

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2:10pm

Tue April 10, 2012
Business and the Economy

State Announces Funding for Small Airports

Gov. Steve Beshear Tuesday announced an initiative to help Kentucky’s small airports by increasing the state’s contribution toward a required local match on federal grant funds. Approximately $425,000 in additional funds from the state will be used to offset an increased cost-sharing requirement for Federal Aviation Administration entitlement grant funding at Kentucky’s 46 general aviation airports, according to a press release from Beshear's office.

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5:21am

Mon April 9, 2012
Business and the Economy

Toyota Cheers New Auto Incentives Law

Kentucky Governor Steve Beshear has signed a bill into law that gives tax incentives to automakers in Kentucky. The new law allows manufacturers and suppliers to tap the incentives if they have 1,000 employees, have been in business in Kentucky for at least five years and are willing to invest $100 million in the state. The law is an extension of a 2007 program that allowed Ford to invest more than one billion dollars into its two Louisville plants to expand the workforce and re-tool assembly lines.

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5:16am

Mon April 9, 2012
Business and the Economy

Alcohol Debate for Berea College

Some Berea residents recently voted to allow the dining room at Boone Tavern to sell alcohol by the drink, but the hotel and restaurant are owned by Berea College.
Lexington Herald-Leader file photo

Boone Tavern has long been known as a place for iconic Southern fare such as spoonbread or "chicken flakes in a bird's nest," a dish of creamed chicken served over a crispy shell of shredded potatoes. Although "tavern" is part of its name, the 103-year-old hotel and restaurant has never sold alcohol. Nevertheless, out-of-town diners often ask for drinks with their meals. That could change in the wake of last week's East Berea Precinct vote of 146 to 57 favoring the limited sale of alcohol by the drink at Boone Tavern. Whether that actually happens is up to the 30-member board of trustees of Berea College, which owns Boone Tavern.

5:10am

Fri April 6, 2012
Business and the Economy

Firm to Bring 125 Jobs to Campbellsville

Serco, a travel and hospitality company, is expanding its reach in the industry by creating 125 jobs at its Campbellsville center. The international service company acquired Intelenet Global Services last year in order to partner global travel with hospitality services for worldwide clientele. “Kentucky welcomes Serco’s growth and success in Campbellsville,” Gov. Steve Beshear said in a statement.

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5:08am

Fri April 6, 2012
Business and the Economy

Businesses Cash in on UK's Win

Employee Nic Johnson carried an armload of championship shirts at Fan Outfitters in the Tates Creek Centre on Tates Creek Rd. at Man O War Blvd. in Lexington, Ky., Wednesday, April 04, 2012.
Charles Bertram/Lexington Herald-Leader

If there's one universal truth, surely it's that dogs can't be cats. Right? Wrong. It turns out that in the wake of the University of Kentucky's eighth men's basketball championship, even dogs can dress as the Cats, courtesy of Fan Outfitters and its line of UK T-shirts for dogs. The canine clothing is one of numerous ways a variety of Lexington businesses, including restaurants, banks, local media and the post office, are cashing in on the Cats' victory. "I've never seen anything like it," said Joe Kawaja, president of Lexington-based collegiate retailer Fan Outfitters. "Fourteen years of pent-up demand is a great thing."

4:53pm

Thu April 5, 2012
Business and the Economy

Keeneland's 75th Running

Friday marks the beginning of the 75th spring meet at Keeneland.  While history is a big part of racing at the Lexington track, officials there are working to incorporate new programs.  Keeneland’s Julie Balog says, over the next three weeks, fractional wagering will be available.  Balog says this approach allows bettors to put more horses in a wager but bet in smaller increments.  Overall, she says, betting figures are starting to rebound.

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4:47pm

Thu April 5, 2012
Business and the Economy

More Corn in the Ground

National grain specialists are predicting a record amount of corn crops could go in the ground this spring.   A rise in corn yields has been a trend in the commonwealth.  University of Kentucky Extension Professor of Grain Crops, Chad Lee says Kentucky’s corn acreage could go up about ten percent this year.  Lee says the profit potential is partly the result of warmer than usual weather.  He says, in the bluegrass, corn has gone from being the number three crop to number one in the last few years.

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7:57am

Wed April 4, 2012
Business and the Economy

Another Big Bridge Project in Louisville

Five companies are vying to build the downtown portion of the Ohio River Bridges Project.  Kentucky is in charge of appointing a firm to build a new bridge between downtown Louisville and southern Indiana. The company will also rework Spaghetti Junction. The deadline for applications was this week, and transportation cabinet officials will spend the next few weeks reviewing the submissions.

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9:37am

Tue April 3, 2012
Business and the Economy

More Newspaper Cutbacks in Louisville

Twenty-six Courier-Journal employees will take buyouts from the paper’s parent company Gannett. Gannett offered the buyouts earlier this year to employees over 56-years-old and with at least 20 years of service to the company. Eighteen of the employees who accepted the buyouts came from the Courier’s news department. The buyouts reduce the paper’s editorial page staff to one: Pam Platt will remain. Only one news employee will be replaced, marking another reduction in the paper’s reporting staff.

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3:35pm

Thu March 29, 2012
Business and the Economy

State Approves Business Tax Incentives

The Kentucky Economic Development Finance Authority approved a proposal Thursday that would give $10.25 million in Kentucky business incentives to a subsidiary of Amazon.com, should it choose to open a $20-million customer support center in Winchester. To receive the full tax credit from the state, the company, AMZN.wacs Inc, would have to create 550 full-time jobs and 600 part-time and seasonal jobs, said Todd Denham, executive director of the Winchester-Clark County Industrial Authority. The jobs would have an average hourly pay of $20.33 with benefits. The 70,000-square-foot center, Denham said, would be built on a seven-acre site to be determined.

12:48pm

Wed March 28, 2012
Business and the Economy

Final Four Tourism Push

Kentucky tourism hopes to cash-in on the Final Four matchup between the University of Kentucky and University of Louisville.   State officials hope it attracts more visitors to the Bluegrass State. Tourism officials hope Kentucky’s prominent place in college basketball’s Final Four will attract more out-of-state visitors. Kentucky Department of Travel and Tourism Deputy Commissioner, Hank Phillips sees Saturday’s contest between the University of Kentucky and the University of Louisville as a marketing opportunity

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2:53pm

Fri March 23, 2012
Business and the Economy

Tax Advice for Storm Damaged Farms

Floods in 20-11 and this year’s tornadoes could complicate the tax returns filed by Kentucky farmers.  For example, when farmers receive an insurance check for damaged crops, I-R-S spokesman Luis Garcia says they must claim that money as income.  And, if bad weather forces the early sale of livestock, Garcia says that income can sometimes be claimed on next year’s tax return.

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12:41pm

Fri March 23, 2012
Business and the Economy

Kentucky Jobless Rate Falls

Kentucky's unemployment rate remained below 9 percent in February, dropping to 8.7 percent. That's down a tad from 8.8 percent in January, which marked the first time in three years that the jobless rate had been below 9 percent. February was the eighth consecutive month that the rate has declined, according to the state Office of Employment and Training. However, the state's measure continued to lag the national rate, which remained at 8.3 percent.

5:00am

Thu March 22, 2012
Business and the Economy

Grown by Kentuckians, Sold to Kentuckians

These laying hens at Clark Family Farm live in a mobile chicken house that can be moved easily to give them access to fresh grass, soil and insects.
Jacalyn Carfagno WEKU News

In Kentucky alone, the number of registered farmers markets grew from 96 in 2004 to about 150 last year. That doesn't count roadside stands or local produce sold in supermarkets.  Other farmers sell a portion of their crop to local consumers even before a seed is planted.  Such business models represent a big shift away from the mass production emphasized on most American farms since World War Two.

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2:09pm

Tue March 20, 2012
Business and the Economy

Toyota President in Savoy's Top 100

TMMK President Will James makes a presentation during Toyota's celebration of the 25th Anniversary of the Georgetown plant.

Toyota Motor Manufacturing, Kentucky, Inc. President Will James has been named to Savoy Magazine’s 2012 Top 100 Most Influential Blacks in Corporate America. The Savoy Top 100 can be found in its 11th Anniversary Spring issue and is considered the definitive listing of African-American influencers and achievers impacting corporate America.

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5:12pm

Mon March 19, 2012
Business and the Economy

High-Tech Businesses Awarded Funds

Gov. Steve Beshear Monday announced 17 high-tech Kentucky companies will share $6.2 million in state funds as part of a program to support and attract technology-based small businesses. Through the state’s competitive Small Business Innovation Research and Small Business Technology Transfer Matching Funds program, Kentucky matches all or part of federal awards received by Kentucky-based companies or those willing to relocate operations to Kentucky, according to a press release from the governor's office.

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3:53pm

Fri March 16, 2012
Business and the Economy

Jobless Rate Falls in 114 Kentucky Counties

Unemployment rates fell in 114 of Kentucky's 120 counties in January compared with January 2011, according to data released Thursday by the state's Office of Employment and Training. Woodford County had the lowest unemployment rate at 6.9 percent. It was followed by Webster, 7.2 percent; Fayette, 7.3 percent; Oldham, 7.5 percent; Boone, 7.7 percent; Union, 7.8 percent; Henderson, 7.9 percent; Madison and Shelby, 8 percent each; and Hopkins, 8.1 percent.

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