Business and the Economy

6:47am

Thu June 13, 2013
Business and the Economy

Old Cardinal Stadium Still Stands

Credit Wikipedia

A just released report says the 50 year old ‘Cardinal Stadium’ in Louisville is ‘not on the verge of collapse.’  But, the structural stability study does say the grandstand and storage areas under the stadium need to be fixed or taken out of service.  State fair board officials earlier this year announced patrons for the outdoor concerts during this summer’s state fair would be seated only on the field.

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4:14pm

Wed June 12, 2013
Business and the Economy

Canadian Auto Part Maker Makes Move to Madison County

Kentucky Governor Steve Beshear (left) joined in a ribbon cutting ceremony Wednesday at Thunder Manufacturing's new Richmond facility.
Credit Stu Johnson / WEKU News

A large Canadian automotive metal stamping firm will soon begin operations at its first manufacturing facility in the US.  Those parts will be produced at a 30-thousand square foot factory in Richmond Industrial Park South.  Thunder Manufacturing Chief Financial Officer Rahkesh Choudhary  says the location and the skilled workforce made Madison County attractive.

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3:59pm

Tue June 4, 2013
Business and the Economy

High Tech Tags Track Lexington's Job Seekers

The same kind of plastic cards used to track purchases at grocery stores will soon be used to track Lexington’s job seekers.   Lexington Social Services Commissioner Beth Mills says the new cards will be issued to individuals who go to the Kentucky Jobs Center for help. Mills says they’ll then swipe the card whenever they return to the center.

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2:30pm

Mon June 3, 2013
Business and the Economy

Governor, Business Leaders take Trade Trip to Canada

A delegation from Kentucky is working to expand its business relationship with the state’s number one trading partner.  The Governor, along with representatives from over 20 companies, meet this week with Canadian officials.  Kentucky Economic Development Cabinet Spokesman Daniel Lowry says even a strong trade relationship can grow stronger.

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3:35pm

Wed May 29, 2013
Business and the Economy

China buys Food Processor with Kentucky Ties

Credit Courtesy of Smithfield Foods

Smithfield Foods is being sold to China’ largest pork producer. Saying it’s a great day for American farmers, Smithfield Foods President and CEO Larry Pope has announced his company is being sold to Shuanghui International Holdings Limited, China’s largest meat processing enterprise and largest meat trading company.  It’s believed to be the largest takeover of an American company by a Chinese one.  The purchase price is $4.7 billion.

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2:57pm

Thu May 23, 2013
Business and the Economy

Kentucky Tax on Internet Sales worth $200 M

Your online purchases could alleviate some of Kentucky's budget woes. The federal legislation that allows states to collect sales taxes from more online retailers would benefit the Kentucky state budget, argues a policy group focused on economic policy.  If such legislation passed, Kentucky could gain $130 million to $200 million in revenue per year, the state's Blue Ribbon Tax Commission has estimated.

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11:31am

Thu May 23, 2013
Business and the Economy

Unemployment up in Most Kentucky Counties

Unemployment rates decreased in 49 Kentucky counties between April 2012 and April this year, while 63 county rates rose and eight stayed the same, according to the Kentucky Office of Employment and Training. Woodford County recorded the lowest jobless rate in the state at 5.4 percent. It was followed by Oldham County, 5.6 percent; Fayette County, 5.9 percent; Ohio and Shelby counties, 6 percent each; Daviess and Scott counties, 6.1 percent each; Franklin and Hancock counties, 6.2 percent each; and Boone, Henderson, Madison and Spencer counties, 6.3 percent, according to a state news release.

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12:45pm

Wed May 22, 2013
Business and the Economy

Looking Over Hotel-Motel Registries

A scheduled second reading of an ordinance that would open hotel and motel guest registries to inspection by public-safety officials was tabled by the Nicholasville City Commission during a special-called meeting Monday afternoon.  During the meeting, city leaders heard from representatives from three Nicholasville lodging facilities who expressed concern over how the ordinance was written. Prior to the discussion, Mayor Russ Meyer had already told the managers that the issue would be tabled until a future date.

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10:24am

Mon May 20, 2013
Business and the Economy

Fan Outfitters chain sold to national retailer

After Kentucky won the 2012 NCAA basketball title, Fan Outfitters employee Nic Johnson brought out an armload of championship T-shirts.
Credit Lexington Herald Leader

Fan Outfitters, a Lexington-based chain of sports clothing stores started by two members of the Dawahare family, has been sold to the Lids Sports Group, based in Indianapolis. The company, which operates Lids hat stores, including one in Fayette Mall, and other sports retail operations, announced the acquisition in a news release last week. The deal includes Fan Outfitters' seven stores and its online retail operation. The price was not disclosed. Read more...

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3:01pm

Thu May 16, 2013
Business and the Economy

Kentucky jobless rate drops to 7.9 percent

Kentucky’s seasonally adjusted preliminary unemployment rate fell to 7.9 percent in April from 8 percent in March 2013, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet. The preliminary April 2013 jobless rate was .3 percentage points below the 8.2 percent rate recorded for the state in April 2012.

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6:23am

Thu May 16, 2013
Business and the Economy

Woodford Reserve creates Fort Knox Lounge

  A new collaboration between a bourbon distillery and the military will give soldiers a place to relax—and introduce them to one of Kentucky's signature products. Liquor producer Brown-Forman has teamed up with the U.S. Army to open a Woodford Reserve bourbon lounge at Fort Knox. Soldiers and Brown-Forman executives opened the Woodford Reserve Room on Wednesday afternoon.  Read more...

9:50am

Tue May 14, 2013
Business and the Economy

Restaurant opens Friday in Woodford's Castle

CastlePost, open since 2008, is profitable but "could be more" so if it had a restaurant, general manger Charles Martin says.
Credit David Perry / Lexington Herald Leader

The CastlePost Restaurant is scheduled to open Friday to the public. Owner Tom Post said Monday that he wants customers to "have the most fabulous dinner that they would ever have." Translation: This won't be a beans-and-cornbread kind of place. Some of the menu items include butter poached lobster canneloni, foie gras-stuffed duck breast and lemon curd tart. And as you might guess, the food is not inexpensive.  Read more..

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9:46am

Tue May 14, 2013
Business and the Economy

Door Manufacturer to open in Todd, creates 110 jobs

ELKTON – Local, state and company officials in gathered in Elkton Monday to announce Glass Door Solutions LLC, a newly formed company, plans to lease a facility, create 110 new, full-time jobs and invest more than $3.5 million.

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9:18am

Tue May 7, 2013
Business and the Economy

Tourism's Economic Impact Amounts to $12.2 Billion in Kentucky for 2012

FRANKFORT – The economic impact of tourism in Kentucky amounted to more than $12.2 billion in 2012, Gov. Steve Beshear and Tourism, Arts and Heritage Secretary Marcheta Sparrow announced Monday. The economic impact figure is a 4.4 percent increase from 2011.

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1:35pm

Mon May 6, 2013
Business and the Economy

Lexington Food Truck Debate Goes On

By early summer, an increased number of food trucks could be noticeable in downtown Lexington.  But, their impact on the food scene remains uncertain.  After much wrangling, a panel created by the city last week made recommendations.  For the first time, they would allow food trucks in some metered parking spots during dayight.  After ten p-m until three in the morning, the vendors could set up shop in any downtown, public metered area.  There are other restrictions.  The food trucks couldn’t operate within 100 feet of a residential area, and could occupy not more than half of the available metered spots.

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1:31pm

Mon May 6, 2013
Business and the Economy

Kentucky Bred Horses Continue to Make a Run

The Kentucky Derby victory by  ‘Orb’ represents yet another feather in the Commonwealth’s horse breeding hat.  The central Kentucky Thoroughbred, which ran down several horses in the stretch at Churchill Downs, is expected to compete in the Preakness on May 18th.  Kentucky Thoroughbred Association Director David Switzer says Bluegrass bred horses are on quite a run.  “The past 22 triple crown races have been won by a Kentucky bred.  It was 21 going into Saturday and Orb being a Kentucky bred made it 22.  We are hoping for 23 and 24 with this horse coming up yet,” said Switzer.

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9:19am

Thu May 2, 2013
Business and the Economy

Put on Your Derby Hat

Milliner Fielden Willmott in her shop with her hats
Credit Stu Johnson / Weku News

The Kentucky Derby is known for a lot of things.  It’s the “Fastest Two Minutes in Sports,” “Millionaires’ Row,” and mint juleps.  Then there are the Derby fashions.  A major part of the derby tradition lies in the heads of women attending the races.   It’s also a busy time of year for a Lexington artisan.

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4:40pm

Wed May 1, 2013
Business and the Economy

Trucks Rolling Through Kentucky

Nicer weather has a few more truckers travelling Kentucky’s interstates.  Overall, the trucking industry remains flat, but the head of the Kentucky Motor Transportation Association says recent figures are promising.  Jamie Fiepke says trucking tends to decline in November and pick up in March.  “From that point forward, that’s when you really start seeing the industry pick up, especially in a good economy, you’ll see it really take off and you’ll see truck everywhere.  And you’re gonna see more and more trucks,” said Fiepke.

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11:33am

Tue April 30, 2013
Business and the Economy

Bourbon Production in Kentucky Tops One Million Barrels in 2012

Credit Creative Commons

For the first time since 1973, Kentucky's bourbon distillers produced more than 1 million barrels in 2012, the Kentucky Distillers' Association announced Monday. In 2012, 1,007,703 barrels were filled, topping the 1973 total of 1,004,877, the association said. "This is an incredible milestone that's been 40 years in the making," said Eric Gregory, president of the distillers group, which promotes and lobbies on behalf of the bourbon industry.

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2:34pm

Mon April 29, 2013
Business and the Economy

Maysville Distillery Releases its First Whiskey in 70 years

Old Pogue's Five Fathers Pure Malt Rye Whiskey will be released in Maysville on May 1.

Officials with The Old Pogue Distillery announced Friday the release of the first barrel aged whiskey distilled in Maysville in more than 70 years. The limited quantity brown spirit will be available only at The Old Pogue Distillery in Maysville beginning Wednesday.

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12:56pm

Mon April 29, 2013
Business and the Economy

Kentucky Hopes to Keep Bourbon Flowing with Tax Credits

A bourbon distillery and event center is under construction at the Party Source in Bellevue.
Credit Patrick Reddy/The Kentucky Enquirer file photo

The growing popularity of bourbon has sparked big dreams along the Ohio River and among the state’s leaders in Frankfort. An idea that began when Ken Lewis saw a surge in bourbon sales at his Party Source liquor store in Bellevue has taken shape with the stainless steel fermentation tanks now standing in front of his store on Ky. 8. Gov. Steve Beshear and other Kentucky leaders hope to help Lewis and Kentucky’s other 16 distilleries with tax credits and promotion to foster Kentucky’s signature liquor industry.

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5:05pm

Thu April 25, 2013
Business and the Economy

Kentucky Nonprofits Raise $300,000 in Online Giving Campaign

The Kentucky Nonprofit Network staged its first Kentucky Gives Day this week, raising $330,000 for 380 nonprofit organizations in one 24-hour online campaign on April 24. The Network supplied each organization with digital campaign tools and a page on the Kentucky Gives Day Razoo site, the giving platform that received donations on behalf of the organizations.

1:54pm

Tue April 23, 2013
Business and the Economy

Federal Spending Cuts Reduce Services at Mammoth Cave

Credit Creative Commons

Despite cutbacks at Mammoth Cave National Park, there still are plenty of opportunities for the more than 500,000 people who visit the park annually. “Except for our heaviest days, most people will be able to get a cave tour,” park Superintendent Sarah Craighead told a group Monday. As part of complying with federal automatic spending cuts, the park did, at least for now, eliminate the Grand Avenue and Snowball tours, but that still leaves nine other tours.

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1:18pm

Sun April 21, 2013
Business and the Economy

Toyota Expansion Could Boost Automotive Industry in Kentucky

Following recent expansions at Ford in Louisville and the General Motors Bowling Green Assembly Plant, an announcement of Toyota’s expansion further augments the automotive industry’s place in providing Kentuckians with jobs. Toyota’s $360 million expansion to build the Lexus ES 350 will mean 750 jobs for the Georgetown plant but will have ripple effects in the automotive supply industry that could touch southcentral Kentucky. Toyota will spend an additional $171 million to refurbish other parts of the plant.

2:53pm

Fri April 19, 2013
Business and the Economy

Lexus Production Coming to Georgetown

Credit Creative Commons

For the first time, a Lexus vehicle will be produced in the United States and it will be made at the Georgetown Toyota plant.  The formal announcement came this morning from officials in New York and Scott County.  Governor Beshear says it means 750 new Kentucky jobs at Toyota.  “We realize the care and the pride that you take in that vehicle and that it requires the utmost in a skilled workforce, not to mention top quality components.  Your confidence in the quality of Kentucky’s workers, especially our team here in Georgetown is appreciated and well placed,” said Beshear.

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10:14am

Fri April 19, 2013
Business and the Economy

Toyota to Build Lexus ES in Georgetown

The 2013 Lexus ES 350
Credit Dewhurst Photography

Toyota executives and state officials announced Friday morning that the automaker’s flagship North American plant in Georgetown will begin building the Lexus ES 350 luxury sedan in 2015. It will be the first Lexus model to be manufactured in the United States. The project is expected to add 750 jobs, which will include temporary and contract workers. State documents suggest 570 of the 750 new jobs will be full-time employees.

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4:03pm

Thu April 18, 2013
Business and the Economy

Nonprofit Kentucky Space Launches Program to Assist Businesses

Kentucky Space, a nonprofit focused on space research and education, has announced plans for a program to assist businesses with similar goals. Called Space Tango, the program will see investments in as many as six companies from across the country. Among the resources offered are technical and ground operations centers at the Morehead State University Space Science Center and the University of Kentucky Space Systems Laboratory. Kentucky Space also offers the ability to work with various NASA sites.

12:47pm

Thu April 18, 2013
Business and the Economy

Toyota Plans Georgetown Expansion

Credit Creative Commons

Toyota is planning an ambitious new project for its flagship Georgetown plant that might see it producing a new vehicle and adding 750 jobs. The news came Wednesday when the Kentucky Economic Development Finance Authority gave preliminary approval to $146.5 million in tax incentives for the project, which is shrouded in mystery. Katie Smith of the state's Cabinet for Economic Development told the KEDFA board that the project is a vehicle model that is new to the plant, which would produce 50,000 of them annually beginning in fall 2015. She declined to name the vehicle model.

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1:43pm

Wed April 17, 2013
Business and the Economy

Kentucky Support for Immigration Reform

Credit Wikipedia Commons

Kentuckians concerned with agriculture, business and education spoke out in favor of the latest federal immigration proposal during a phone conference organized by the Partnership for a New American Economy. The immigration proposal is being considered in the U.S. Senate, thanks to a compromise by a group of eight senators from both political parties.  The plan would create a 13-year path to citizens, expand work visas and attempts to tighten border security.

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12:14pm

Mon April 15, 2013
Business and the Economy

74 Layed off at Depot, 108 more Likely

Weapons storage igloos at Bluegrass Army Depot, near Richmond.

Layoffs were announced today at the Bluegrass Army Depot near Richmond.  Within a few months, at least 74 workers will lose their jobs, but another hundred are likely.  In a sense, Colonel Brian Rogers is returning his command to a peace time footing.  As America’s military commitment to Iraq and Afghanistan has shrunk, so has its need for munitions.   The combat veteran says laying off workers is the hardest thing he’s ever done.

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