Governor Beshear is in India for a seven day economic development visit. This is the governor’s third trip to India. Last year, he announced 250 new jobs in Elizabethtown for the India based packaging company, Flex Films. The firm is investing 180 million dollars in the Commonwealth. Almost 30 percent of all capital investment and more than 22 percent of all jobs announced in 2011 were the result of foreign owned enterprises.
FRANKFORT – Ford Motor Co. Monday announced that the company, its employees and dealers are donating more than $1.2 million to nonprofits in the Louisville and Lexington areas this year. As part of its new Operation Goodwill partnership with area Ford and Lincoln dealers as well as employees at its Kentucky Truck and Louisville Assembly plants, Ford is focusing its philanthropic efforts on areas of greatest concern to Louisville and Lexington area residents.
Another opportunity to gauge the strength of Kentucky’s Equine industry takes place over the next two weeks at Keeneland. The Keeneland Yearling Sale is regarded by many leaders in the thoroughbred industry as a ‘barometer’ on their business Keeneland spokeswoman Julie Balog says one year olds from Kentucky, Indiana, New York, and Pennyslvania are auctioned off this week and next
There’s still plenty of work to do on the ten –year, five-billion dollar chemical weapon clean-up at the Bluegrass Army Depot. Still, leaders in the public and private sectors are already wondering ‘What’s next?’ A long term economic study could provide an answer. It’ could be a dozen years before the last of the chemical munitions stored at the Bluegrass Army Depot is neutralized. Then, as many as two thousand of people who worked on the clean-up will need new jobs. With some planning, David Dutlinger, who’s with the Bluegrass Area Development District, thinks they can find a new mission, but there needs to be a game plan.
FRANKFORT - International online fashion distributor Nasty Gal will locate a 527,000-square-foot national distribution center in Shepherdsville in Bullitt County. The move will create 300 new, full-time jobs and an $18 million investment, according to a news release from Gov. Steve Beshear's office.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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."
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.
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.
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.
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.
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.
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.
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.
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.
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.