Kentucky.com: Business
News, sports and entertainment from Kentucky.com

• Retailers eager for last-minute shoppers
  Following a lukewarm shopping weekend, the nation's stores are now focusing their attention on the final week leading to Christmas, as consumers seem to be postponing more of their buying to the last minute compared to a year ago.Just as malls and stores ushered the official start of the holiday season with expanded hours and generous discounts, they plan to do the same in the final stretch. Macy's Inc. plans to pull all-nighters at several of its stores, including its Manhattan flagship, starting Friday. Toys "R" Us plans to keep its doors open until midnight every day until Dec. 24.Based on early reports from analysts and malls on Sunday, sales results were generally unimpressive this past weekend, as shoppers were held back by a snow storm that spread a mix of sleet, freezing rain and snow from the Great Lakes states to New England. Consumers, fretting about economic worries, were also delaying their shopping even more this year, knowing there's a full weekend before Christmas, when the bargains will be even better.Meanwhile, for online retailers, which likely finished their busiest days last week, their fate appears to be already sealed: holiday sales didn't live up to industry's hopes as lower-income shoppers pulled back on spending amid a housing slump. ComScore Inc. reported on Sunday that online sales from Nov. 1 through Dec. 14 rose 18 percent - less than the 26 percent growth rate seen in the same period a year ago and the 20 percent projection for the season."This holiday season at this point has been disappointing, whether they're brick and mortar, catalog or online," said C. Britt Beemer, chairman of America's Research Group, based in Charleston, S.C. "Shopper are more frugal and cost-conscious because they have less money to spend." As for Saturday and Sunday, he said, "This weekend was busy, but it wasn't huge."
• Ingersoll-Rand buys Trane for $10.1B
  Ingersoll-Rand Co. will acquire Trane Inc. in a $10.1 billion deal that would create one of the world's largest makers of air conditioners, the two companies announced Monday.Trane shares jumped more than 23 percent, or $8.61, to $45.81 at the open of trading. Ingersoll-Rand shares fell $3.32, or 6.75 percent, to $45.86.The deal gives Ingersoll-Rand, which makes Thermo King refrigerated trucks, access to Trane's building and transportation cooling systems."This acquisition represents a significant next step in Ingersoll-Rand's decade-long transformation to become a leading global diversified industrial company, with strong market positions across the climate control, industrial and security markets," said Chief Executive Officer Herbert Henkel.Bermuda-based Ingersoll-Rand Co. manufactures everything from golf carts to home security and has a significant climate control business.
• Stocks dip on economic worries
  Wall Street extended last week's losses Monday as investors remained skeptical that the Federal Reserve's first credit auction will loosen up a tight market.The Fed, responding to a flagging economy that some fear is headed for recession, is offering $20 billion in 28-day credit through an auction Monday. The aim of the auction is to encourage commercial banks to borrow from the central bank, and in turn, boost banks' lending to businesses and consumers.Last week, the Fed disappointed investors when it cut interest rates by only a quarter-point, which was less than some analysts expected. Wall Street is pleased that policy makers say they are continuing to try to lift market confidence, which has dwindled since home foreclosures started soaring, but the market is so far unconvinced that the auction will work.A speech Sunday night by former Fed Chairman Alan Greenspan added to the market's ill humor. Greenspan said "stagflation" - simultaneous inflation and economic slowdown - is a growing possibility, given last week's data showing spiking consumer prices. With inflation on the rise, the Fed, which has reduced the target federal funds rate three times since the summer, may feel less inclined to lower rates again.Rising inflation is also a problem for consumers, whom retailers rely on during the holidays to fuel their profits. With only a week left until Christmas, sales data has suggested tepid spending by Americans, who are struggling with higher food and energy costs and tumbling home values.
• Loews to spin off Lorillard tobacco unit
  Loews Corp., a conglomerate with interests in financial services, hotels and watches, said Monday it plans to spin off cigarette maker Lorillard Inc. as a separate publicly traded company.The move should enable Loews to pursue growth in other areas such as energy while the cigarette maker will be able to pursue acquisitions of its own to grow in the U.S. tobacco market.Loews shares rose 3 percent in morning trading.Lorillard makes Newport, True and Kent cigarettes. Loews, which is led by the Tisch family, owns CNA Financial Corp., Loews Hotels, Bulova Corp. and Diamond Offshore Drilling Inc.After the spinoff, Lorillard's headquarters will remain in Greensboro, N.C., and Martin Orlowsky will remain as president, chairman and chief executive of the tobacco business.
• On the move: Trish Sanderson Jaracz
  Trish Sanderson Jaracz has been named director of development at the Markey Cancer Foundation.Jaracz will design and execute an overall philanthropic fund-raising program with her primary focus on major and principal gifts.For the last eight years, Jaracz has served as the director of major gifts for the UK Albert B. Chandler Hospital.For more personnel moves, see page 2 of the Herald-LeaderÂ’s Business Monday section.
• Springs Inn up for sale
  The Springs Inn, a Lexington landmark for almost 60 years, is up for sale.Lodging manager Brad Link, said the motel on South Broadway has been on the market for about two months. And while it's not closing, its banquet and food-and-beverage operations are being phased out.The banquet business will close today, and the food-and-beverage department is expected to end operations by mid-January."As of right now, we are taking motel reservations up through the end of July," he said, noting room rentals are up year-over-year. "We're not going past that because if the property is sold, it will be up the new owners as far as setting rates or whatever their plans are for it."We figure that a sale probably will take about six months or so."
• 67,000 tickets already reserved for World Equestrian Games
  It wasn't exactly a Hannah Montana stampede, but 67,000 tickets to the Alltech FEI World Equestrian Games were reserved in the two weeks they were available in November.It was "a very, very good program" that yielded about $3.2 million in deposits, said Marty Mathews, chief financial officer of the World Games 2010 Foundation.It is also "a very powerful thing to take back to potential sponsors" as evidence of the strong interest in the games, CEO Jack Kelly told foundation board members Thursday.The foundation, which is organizing the games, eventually expects to sell 500,000 to 600,000 tickets to the 16 days of competitions at the Kentucky Horse Park that will determine eight world championships.To test a new Ticketmaster reservations system devised for the 2010 games, members of the Lexington-based U.S. Equestrian Federation were allowed to reserve tickets during two weeks in November.
• Lexington builder Angelucci files for bankruptcy
  A veteran Lexington home builder is now a casualty of the sluggish housing market.Ralph Angelucci has filed for bankruptcy liquidation for his company, Ralph Angelucci Builder Inc.Angelucci, a Lexington native who has built houses locally for 37 years, agreed the housing market was a factor in his decision, but he declined further comment on Monday.He listed $1.17 million in debts and $746,141 in assets.In addition to potential losses for creditors, the bankruptcy might affect 16 recent buyers of Angelucci houses. Their home warranties are held by the company and were listed in the bankruptcy.
• Oil rises on tough US talk on Iran
  Oil prices rose Friday as the U.S. government lobbied international powers not to back down on OPEC's second largest producer, Iran, over its nuclear program.The falling U.S. dollar and estimates of stronger Chinese economic growth also continued to draw buyers back into the market.U.S. Secretary of State Condoleezza Rice on Thursday urged Europe and Russia to ratchet up pressure on Iran to halt uranium enrichment and come clean about its nuclear programs.Rice's talks with European and Russian officials showed Washington remains committed to isolating Iran despite a new U.S. intelligence estimate that contradicted years of assertions that Iran is secretly pursuing atomic weapons.Energy traders worry that any conflict between the West and Iran will cut into oil supplies from the Middle East.
• Hiring up modestly,