Business and the Economy

1:32pm

Mon July 11, 2011
Business and the Economy

New Service Center Creates Over 200 Jobs

LEXINGTON - Community leaders and company officials from Allconnect Inc., a consumer services company, celebrated Monday the opening of the company’s new in-bound sales and customer care center in Lexington. The company announced its decision to locate the new facility in the Coldstream Research Campus earlier this year. The project represents a nearly $7 million investment and approximately 220 new jobs for the community.

Read more

1:53pm

Fri July 8, 2011
Business and the Economy

Alltech Sponsoring Another WEG

A central Kentucky company is again sponsoring the largest equestrian event in the world. Alltech President Dr. Pearse Lyons announced Friday that his animal nutrition and brewery business will again be the title sponsor for the World Equestrian Games.

Read more

1:49pm

Fri July 8, 2011
Business and the Economy

Statewide Economic Plan Developing

Under the direction of the Kentucky Economic Development Partnership Board, the Cabinet for Economic Development Friday announced it has engaged Boyette Strategic Advisors, an economic development consulting firm, to develop a statewide economic development strategic plan. Called "Kentucky’s Unbridled Future," the plan will provide direction to enhance job creation and investment in the state over the next several years.

1:47pm

Fri July 8, 2011
Business and the Economy

Factory to Lay Off 100 Employees

Nicholasville's Trim Masters plant, located at 401 Enterprise Drive.
Mike Moore Jessamine Journal

The Nicholasville Trim Masters plant anticipates laying off more than 100 employees, Jessamine County Economic Development director Wayne Foster said. The said the factory will remain open. The company makes door trim, including injection molding and assembly, seat assembly and vacuum forming and assembly for the automotive industry.

6:22am

Fri July 8, 2011
Business and the Economy

New Kentucky Bank First in Decades

For the first time in more than 80 years, Kentucky state government is depositing its receipts in a new bank. Earlier this year, the state awarded to JP Morgan Chase the contract to be its depository. Chase took over as the state’s new banker this week. Frankfort-based Farmer’s Bank had held the contract continuously since 1928.

Read more

4:41pm

Thu July 7, 2011
Business and the Economy

Ford Hires 1,800 at Louisville Plant

Starting today at 5:oo this afternoon, Ford will begin hiring 1,800 workers for the newly re-tooled Louisville Assembly Plant. The plant recently underwent a $600 million renovation project to prepare it to build several new types of vehicles, including variations on the popular Escape. Ford says the plant is the most modern and flexible in the company. Louisville Mayor Greg Fischer praised the move as an important step in his plans for the city.

Read more

1:27pm

Tue July 5, 2011
Business and the Economy

Reform Needed to Continue Medicaid

A report released by Bowling Green-based Bluegrass Institute last month claims Kentucky’s Medicaid program is on an “unsustainable path.”  The report, titled “An Unsustainable Path: The Past and Future of Kentucky Medicaid Spending,” was authored by John Garen, an economics professor at the University of Kentucky, and takes an in-depth look at the issues facing the state’s Medicaid program. “(Medicaid’s) expansive spending growth over the past 25 years has put increased pressure on state and federal budgets,” Garen said in the report. “Medicaid has failed to fulfill the goal of improved health for most of its recipients.”

Read more

1:25pm

Tue July 5, 2011
Business and the Economy

Mercer Co.'s Industries Greatly Expanding

 When the economy has fallen and can’t seem to get back up, the job of industrial recruiter goes from difficult to nearly impossible. Yet Drew Dennis, executive director of the Harrodsburg-Mercer County Industrial Development Authority, has been on something of a roll ever since he started in April 2009. Mercer County’s industrial expansions have all come in the last year, with Corning, Hitachi and Wausau Paper all announcing major additions to their Harrodsburg operations. Those investments will result in more than 300 new jobs. In fact, the amount spent on expansions in Mercer County since the beginning of 2010 surpasses the $366,527,246 spent on new manufacturing facilities across the entire state of Kentucky during that period, according to state figures.

10:39am

Mon July 4, 2011
Business and the Economy

Somerset Firm Sees Natural Gas as Electricity

If David Weddle's idea works, natural gas from unused wells will play a growing role in meeting Kentucky's electricity needs.Weddle is president and c hief executive of Wellhead Energy Systems, which has developed a way to convert natural gas to electricity at the well and feed it into the power grid. The Somerset company's plan involves tapping so-called "stranded" gas wells to generate electricity. Stranded wells have been drilled but aren't producing. Wells can end up stranded for various reasons. For instance, a company might drill a well to preserve a lease, but it isn't connected to a pipeline to transport the gas. The electrical grid is much more extensive than the network of pipelines to gather and transport natural gas, creating an opportunity to convert the gas to electricity and feed it into the grid through lines that pass the site, Weddle said.

4:17pm

Fri July 1, 2011
Business and the Economy

Civilian Employers Experience Military Life

Brenna Angel Kentucky Public Radio

They took a flight aboard a C-130 Hercules, had a Meal Ready to Eat for lunch, and watched a live fire training session. Several civilian employers got a taste of military life at Camp Atterbury, Indiana this week as part of Boss Lift 2011. Dave Robinson, a resource manager for the Army Corps of Engineers in Harlan County, Kentucky, visited the Kentucky National Guard's 149th Maneuver Enhancement Brigade.

Read more

2:03pm

Fri July 1, 2011
Business and the Economy

Fireworks Sales Provide Opportunities

The recent legalization of certain fireworks may help one stand manager go back to school. “I’ve wanted to go back,” said Will O’Neil, 22, who manages Tennessee Ted’s in Brighton Park. “I just need the money to do it.” He attended Kentucky State University for two years, then had to take off last year because he couldn’t pay for more classes.

10:34am

Fri July 1, 2011
Business and the Economy

More Guilty in KY Oil and Gas Scheme

The former vice president of a Kentucky oil and gas company and a former geologist were sentenced Thursday for defrauding hundreds of investors nationwide out of millions of dollars. Christopher Cello Smith, 50, of Prestonsburg, was sentenced to five years in prison after being convicted by a federal jury of seven counts of mail fraud last July, according to a news release from the U.S. Attorney's Office. Smith served as vice president of Target Oil and Gas Co. in Albany from 2003 to 2008. He also was sentenced to three years supervised release and a $500 mandatory assessment. U.S. District Senior Judge Joseph M. Hood imposed a a forfeiture judgment in the amount of $3 million.

10:31am

Fri July 1, 2011
Business and the Economy

Hearings Set for Utility Rate Raise

Formal public hearings concerning proposed power rate increases sought by Big Rivers Electric Corp. and Kenergy Corp. are scheduled to take place in Frankfort next month. If the full rate increases are granted to both companies, residential rates for Kenergy customers would increase 9.97 percent. Commercial and industrial rates would increase by lesser amounts.

5:38am

Fri July 1, 2011
Business and the Economy

Kentucky Mayors Announce Job Study

Joined by Lexington Mayor Jim Gray at the Clinton Global Initiative American event held in Chicago Thursday, Louisville Mayor Greg Fischer announced a regional economic development study to improve both cities’ competitiveness in advanced manufacturing.

Read more

4:25pm

Thu June 30, 2011
Business and the Economy

UK Near Top of Start-Up Rankings

For years, the outgoing president at the University of Kentucky has urged faculty to launch "start-up" businesses.  Lee Todd believes those efforts are paying off. Todd says ‘seed money’ along with commercialization centers where new businesses are nurtured helped set the stage for start ups.  Then, he says an angel network of investors has helped fund such firms.   As a result, Todd says recent rankings put U-K first in creating start ups among similar schools.

Read more

1:40pm

Wed June 29, 2011
Business and the Economy

Legalization has Fireworks Sales Exploding

Formerly illegal fireworks are making up more than half of all sales this year, fireworks stand owners say. Will O’Neil, owner of Tennessee Ted’s for the past seven years, is specifically advertising the roman candles, firecrackers and bottle rockets that became legal in Kentucky about three weeks ago. While customers are pleased about the change in the law, some fire officials aren't. “From a personal standpoint, I’m not in favor of making the fireworks laws more lax because of the exorbitant number of fires and injuries across the state that we experience,” Frankfort Fire Chief Wallace Possich said.

Read more

12:03pm

Tue June 28, 2011
Business and the Economy

Iconic Lexington Hotel Sold

The future of a landmark Lexington hotel remains uncertain after it was sold for $9 million at a master commissioner's sale Monday. Crowne Plaza Lexington — The Campbell House, at 1375 South Broadway, was in default on its $21 million mortgage. The property was purchased by the mortgage holder, JPMC 2006-CIBC14 South Broadway REO, LLC. Circuit Judge Pamela Goodwine had awarded a judgment against the hotel's owners, Thoroughbred Campbell House LLC, on April 28 and ordered the property sold. She also appointed Chris Bryan, vice president of Hospitality Receiver LLC, to take over management of the hotel. Bryan hired Prism Hotels & Resorts, a hotel receivership and management company based in Dallas, to run the property on a day-to-day basis.

Read more

9:45am

Tue June 28, 2011
Business and the Economy

Toyota Camry "Most American Car"

A Georgetown-built vehicle has been named the most American-built car by the website Cars.com. For the third year in a row, the Toyota Camry built at Toyota Motor Manufacturing, Kentucky and at the Subaru of Indiana Automotive plant in Lafayette, Ind., was named No. 1 as determined by the Cars.com formula for “most American car.”

Read more

6:22am

Tue June 28, 2011
Business and the Economy

Northern KY City Reports Surplus

Cities throughout Northern Kentucky have struggled in recent years to provide essential services in a struggling economy and council meetings often turn into contentious debates about budget issues. The city of Florence, however, has managed to maintain service levels, complete several capital improvement projects and maintain reserves of more than $20 million. So what sets the Boone County city apart?

Read more

12:46pm

Sun June 26, 2011
Business and the Economy

Home Sales Sag in Scott

Despite record-low interest rates and a surplus of available homes for sale, the housing market in Scott County and the region has yet to see a sign of relief from sluggish sales. According to the Lexington-Bluegrass Association of Realtors, 606 sales were reported in the region in May, compared with 839 in May 2010. There were 53 sales in Scott, down from 62 a year earlier. For the first five months of the year, 191 homes have been sold in the county, down from 241 for the same period in 2010.

Read more

12:43pm

Sun June 26, 2011
Business and the Economy

Speedway Race has Big Impact on N. KY

When the Kentucky Speedway was built in 1998, officials predicted it would dramatically change Gallatin County and have a huge economic impact on the state. A wave of development was expected to sweep through the area surrounding the speedway, transforming its rolling green hills. That never happened, chiefly because the speedway never received the NASCAR Sprint Cup Series race for which it was built. That race will finally come on July 9 - and some are again predicting a tidal wave of economic activity, especially in Gallatin County.

Read more

5:10pm

Tue June 21, 2011
Business and the Economy

Deal to Reopen Kentucky Kingdom Near

Kentucky State Fair Board President Harold Workman says he’s still hopeful that Kentucky Kingdom amusement park can be reopened in 2012. Workman told a panel of state lawmakers recently that the board and Louisville Metro Government are close to finalizing an agreement to re-open Kentucky Kingdom next year. He says it will take a total investment of about $50 to bring the park back to life.

Read more

4:56pm

Tue June 21, 2011
Business and the Economy

Gannett Bonuses Criticized Amid Layoffs

Employees at Gannett newspapers are taking to Facebook and Twitter to post their comments about today’s nationwide round of layoffs. The newspaper giant is cutting 700 employees nationwide, including at least 36 in Louisville. Among those laid off are several editors and staff writers in the Neighborhoods and Velocity sections. No official announcement has been made about what will happen to those sections, and Courier-Journal publisher Arnold Garson is unavailable for comment.

Read more

3:08pm

Tue June 21, 2011
Business and the Economy

More Layoffs Possible at Kentucky Papers

Several employees at the Louisville Courier-Journal are being laid off as part of a nationwide two percent staff reduction by parent company Gannett. In the largest round of layoffs since 2009, Gannett will cut 700 employees from newspapers across the country. The Gannett Blog is reporting confirmation that 36 Courier-Journal employees have been laid off. You can track the numbers here.

Read more

2:05pm

Tue June 21, 2011
Business and the Economy

UK Encourages Donating Leave Time

Many University of Kentucky staff members are facing a "use it or lose it" scenario with accrued vacation days that expire at the end of the month. The UK Human Resources Department is encouraging those people who won't be taking the time off to consider donating their hours to shared leave pools. Spokesperson Donna Cornet says at any given time, employees need to be away from the workplace for an extended period of time.

Read more

8:59am

Tue June 21, 2011
Business and the Economy

Bengal's Departure Tough to Measure

The Georgetown Scott County Tourism office typically gets calls in June about the Cincinnati Bengals’ training camp at Georgetown College. This year, callers have one question. “We have already gotten calls from people asking about camp and the status,” said John Simpson, director of the tourism commission. “I can’t answer their questions. Right now, we can just tell them the tentative dates.” As more days pass with the NFL lockout still in place, it is becoming more difficult to stay positive. Simpson says he has already heard some nervousness from local business owners that the NFL team and its fans may not travel to Georgetown this summer.

Read more

2:07pm

Mon June 20, 2011
Business and the Economy

KY Bookseller Partners with Google

Carmichael’s Bookstore, one of the leading independent booksellers in Louisville, has recently begun selling e-books through their website through a partnership with Google and the American Booksellers Association. More than 250 booksellers nationwide are using the system, which allows independent bookstores to make money from e-books, a market previously reserved for giants like Amazon and Barnes & Noble.

Read more

6:27am

Mon June 20, 2011
Business and the Economy

Back to Full Production in the Fall

Toyota Motor Corp. officials announced Thursday that vehicle production at all North American plants will have rebounded to 100 percent by September. The announcement is good news for the company's plants in San Antonio, Texas, which builds the Tundra and Tacoma pickups, and Ontario, Canada, home to the RAV4 and Lexus RX350. For Toyota Motor Manufacturing, Kentucky, one of 11 plants running at 100 percent production, the announcement has no direct impact. TMMK resumed full production of the Camry, Avalon and Venza on June 6.

Read more

2:07pm

Fri June 17, 2011
Business and the Economy

Organizations Lose Non-Profit Status

Several local organizations are included in more than 3,000 entities in Kentucky which have not filed necessary information with the Internal Revenue Service. The IRS posted a 101 page list of Kentucky organizations on its website, including Maysville Younger Women's Club, Mason County Little League, Lions International in Maysville, and the Maysville Mason County Humane Society. MMCHS is not The Humane Society of Buffalo Trace; HSBT is not on the revoked list.

11:26am

Fri June 17, 2011
Business and the Economy

KY Printer Partners With Imagination Library

The American Printing House for the Blind in Louisville has partnered with the Dollywood Foundation to print books that will be distributed to children under five across the country. The foundation’s Imagination Library program sends a free book each month to promote reading before entering school.  The program will now be able to offer their books with a Braille overlay for children or parents who are blind.

Read more

Pages