Friday, 28 February 2014

Jackson Energy wins approval of rate increase


Jackson Energy Cooperative Corp., which serves more than 50,000 customers in eastern and central Kentucky, has won approval for a rate increase that will occur during the next 18 months.


The Kentucky Public Service Commission on Thursday approved the co-op's proposal to increase annual revenue by $4.11 million, or about 4.6 percent. The PSC said the increase is necessary to turn around a decline in Jackson Energy's financial condition.


The PSC said in a news release the monthly customer charge will increase three times beginning next month.


Residential customers' monthly customer charge, currently $10.44, will reach $16.44 in September 2015.


The utility's customers are in Breathitt, Clay, Estill, Garrard, Jackson, Laurel, Lee, Leslie, Madison, Owsley, Powell, Pulaski, Rockcastle and Wolfe counties.



Push for Web addresses in era of search, apps


In the early days, you typed in a domain name address to reach a website. Then came the ability to reach websites directly through a search engine. The mobile era brought us phone apps for accessing services without either.


Yet the organization in charge of Internet addresses is pushing a major expansion in domain name suffixes. At least 160 suffixes have been added since October to join the ranks of ".com," ".org" and scores of country-specific ones such as ".uk" for the United Kingdom. Hundreds of other proposals are being reviewed.


Why bother in this mobile-heavy era?


"Finding what you need on the Web will take many paths," said Fadi Chehade, head of the Internet Corporation for Assigned Names and Numbers, or ICANN.


Even if you're using search, domain names might make search engines smarter, Chehade said in an interview at the Mobile World Congress wireless show, which ended Thursday in Barcelona, Spain.


For instance, a search engine might be able to classify something as a dating site because it carries the suffix ".dating." Before, it would have to infer from text on the site, and search results might inadvertently include general discussions on dating.


Likewise, a search engine might favor restaurants ending in ".berlin" when you're looking for food options there, rather than bloggers discussing what they ate during visits to Berlin.


He said domain names will also be useful for marketing and branding:


— An Internet address is easier to include on a business card or advertisement.


— Companies can give different services distinctive addresses, such as "sales.samsung" and "repairs.samsung," so that customers don't have to hunt for that on the main website.


— Neighborhoods can form around suffixes such as ".berlin" and ".tokyo." Restaurants, florists and transit systems would use city suffixes rather than a generic ".com." There are so many sites already under ".com" that getting an easy-to-remember name is difficult. With some of the new ones, congestion isn't a problem.


There have been nearly 2,000 proposals for new domain names, though about 150 have been withdrawn for various reasons. More than 1,000 have been approved and are either in the system already or are awaiting signed contracts between their backers and ICANN. More than 600 are being held up because of multiple bids for the same suffix.


The ones in the system include ".dating," ".berlin" and ".tokyo." Samsung's new suffix is in Korean, one of 18 additions to use non-English characters. Others include ".cab," ".ceo," ".dance," ".futbol," ".mango" and ".sexy."


Chehade said websites using these suffixes could start appearing in April.


Jay Sullivan, chief operating officer of the group behind the Firefox Web browser and operating system for phones, said the new suffixes might push even more people to search.


Right now, he said, people can often guess whether a site ends in ".com" (if it's a business) or ".org" (if it's a non-profit organization). With lots more to choose from, he said, it will be harder to guess and easier to use a search engine.


Greg Sullivan, marketing director for Microsoft's Windows Phone business, said people have indeed gravitated toward search and apps when using phones. But he said there will always be a need for domain names because some companies have built businesses around the moniker.


He said phones will adapt as their users adapt.



Bayer reports $4.35 billion full-year net profit


Bayer AG says its net profit jumped by almost a third last year to 3.19 billion euros ($4.35 billion) as sales hit a record high.


This compares with a net profit of 2.91 billion euros in 2012. Fourth-quarter net profits rose 24 percent to 455 million euros.


The German drug and chemical company says revenues reached 40.16 billion euros in 2013, an increase of about 1 percent year-on-year.


Board chairman Marijn Dekkers said Friday that the Leverkusen-based company expects sales of 41-42 billion euros in 2014.


The company announced Thursday that it is buying Dihon Pharmaceutical Group Co., a manufacturer of over-the-counter medicines and Chinese herbal products, for an undisclosed sum.


Bayer shares rose 0.8 percent to 100.65 euros in early trading on the Frankfurt exchange.



ADM picks building to house new headquarters


Archer Daniels Midland Co. has announced it will occupy space in the building that once housed United Airlines when the agribusiness giant moves its headquarters to Chicago.


ADM will move about 100 employees this summer into the 46th and 47th floor of a 51-story building facing the Chicago River. An ADM spokeswoman says the building was chosen because "it offered the right amount of space in a good location with favorable terms."


ADM decided in December to set up its new international headquarters in Chicago despite failing to obtain millions of dollars in state tax breaks.


ADM plans to keep its North American headquarters and about 4,400 jobs in the central Illinois city of Decatur.


ADM processes corn, soybeans and other crops to make everything from animal feed to ethanol.



Thursday, 27 February 2014

Top Indian businessman surrenders in fraud case


A top Indian businessman has surrendered to police after failing to show up in court on charges that his company failed to return billions of dollars to investors.


The Indian Supreme Court issued an arrest warrant for Sahara India chief Subrata Roy after he was a no-show in court Tuesday.


Sahara is well-known throughout India because it sponsors the Indian cricket team.


Roy turned himself in on Friday in Lucknow and said he missed the court date because his mother was ill, according to his son and a company director.


The Indian securities regulator has accused Roy's group of raising nearly 200 billion rupees ($3.2 billion) through bonds that were later found to be illegal.


Sahara India says it already has paid many investors directly.



Winter-weary Americans plead: Get me out of here


Shannon Frauenholtz has had it with winter. Barely able to stomach the television news with its images of snowbound cars, she heads to the tanning salon, closes her eyes and imagines she's back in Mexico, where she's already vacationed once this winter.


She's toyed with the idea of joining her mother in Hawaii or just driving to an indoor water park, figuring that while the palm trees might be plastic and the "beach" smells of chlorine, at least it's warm.


"I don't need a vacation. I don't need the relaxation," she said. "I just need the heat."


All over the Midwest and the East Coast, travel agents are being inundated with a simple request: Get me out of here. And travelers fortunate enough to have escaped are begging hotels to let them stay a little longer.


Because they know how miserable people are, warm-weather destinations in California, Arizona and Florida have stepped up their enticements. Trains and billboards in Chicago have been plastered with ads showing beaches and pool scenes. In Philadelphia, one promoter put fiberglass mannequins dressed in flip flops, tank tops and shorts atop taxis with their arms outstretched — a whimsical inducement to "fly" south.


Reminding Americans that there are places where nose hairs don't freeze is an annual tradition. But those in the business of luring visitors to warmer climates say it's rarely been easier than this season, when "polar vortex" has entered the everyday vocabulary and "Chi-beria" has become popular enough to emblazon on T-shirts.


"This year we wanted to have a little more fun with it," said Susannah Costello, of Visit Florida, the state's official marketing organization, which came up with the mannequin idea.


The ads showing children and bikini-clad women making snow angels in warm beach sand are more plentiful than in years past, acknowledged Erin Duggan, of Visit Sarasota County.


"We did that because we knew winter was shaping up to be brutal," she said.


Not that people needed much reminding of the harsh conditions.


"The winter is so bad, there is a certain amount of desperation," said Alex Kutin, an Indianapolis travel agent. "They come and say, 'I've got to get somewhere warm. Where do you recommend?'"


Kevin Tuttle, of Verona, Wis., was so intent on finding warmth that he decided against Florida out of fear that the polar vortex might reach down and find them there. Instead, he and his wife will take their 4-year-old son and 5-year-old daughter to Manzanillo, Mexico, a resort on the Pacific ocean.


"That's near the equator, right? It's got to be pretty warm," Tuttle said, adding that "a lot of sand castles are in my future."


Just how many more people are trying to get out of the ice box is unclear. Airlines do not release any route-specific data. And although the government tracks some of it, figures will not be released for six months.


But other travel statistics suggest there has been a jump, including figures from Visit Florida that show hotel bookings in Florida rose 3 percent in the four weeks ending Feb. 15 compared with the same period last year.


The jetsetter.com travel site found that the number of hotel bookings in warm-weather spots made by customers from Illinois, New York, Massachusetts and the Washington, D.C., area rose 7 percent in January compared with last year.


Travelers are also staying longer once they arrive.


Micah Hilgendorf said the thought of heading back to ice-covered Chicago, where he owns a couple of bars, prompted him to tack on three days in Florida before and after a cruise out of Miami. He also flew to Palm Springs, Calif., for four days.


"All of that is last-minute because of the weather," Hilgendorf said.


Dave Knieriemen, a retired engineer from Fremont, Ohio, is doing the same thing.


"We've reserved a room for another night in case our flight gets canceled because of the weather," he said this week from Arizona as he watched the Cleveland Indians play a spring training game. "And it's so horrible (in Ohio) we might stay a bit longer, anyway."


Travel agents say the numbers of travelers would be even higher if all those who wanted to get away could find a seat on jets that are already full.


"It's far easier to find people a resort to stay in or a cruise ship than to find them a flight," said Gail Weinholzer, of AAA in Minnesota.


The inability to find a flight, afford a trip or get time off from work has sent a surge of customers to businesses closer to home that can offer even a short escape from the cold, such as tanning salons.


"We're getting a lot of people coming in here to warm up," said Kirstin Leffew, the manager of Bronze Bay Tanning in Pendleton, Ind. "They want the beds that have been used the most, the ones that are nice and hot."


Indoor water parks say they are busier than usual, too. Joe Eck, general manager of the Wilderness Resort in the Wisconsin Dells, said business is up 10 to 15 percent because of the bitter cold.


Among those who decided to go to the Wilderness — which has real palm trees, the resort will remind you — were Jennifer Drost and her family.


"Our kids are young enough where they still enjoy playing outside, but they haven't been able to because it was so darn cold," said Drost, who lives with her husband and three children in Fond du Lac, Wis. "All of us were getting on each other's nerves, (and) we just needed to get out of the house."



Associated Press writer Michelle Johnson in Milwaukee contributed to this report.


Asian markets down on Japan data, Ukraine worries


Asian stock markets were lower Friday, shrugging off Wall Street's record high and focusing instead on Japanese economic numbers indicating further stimulus might be needed and the turmoil in Ukraine.


Japan's Nikkei 225, the regional heavyweight, dropped 1.1 percent to 14,769.25 and Hong Kong's Hang Seng edged down 0.1 percent at 22,803.22. China's Shanghai Composite Index fell by 1 percent to 2,123.01 and Australia's S&P/ASX shed 0.1 percent to 5,403.90.


The lackluster trading came after S&P 500 reached an all-time high Thursday, powered by strong earnings from a number of U.S. companies. The index rose 9.13 points, or 0.5 percent, to 1,854.29. Its previous record high close was 1,848.38, set on Jan. 15.


The enthusiasm did not, however, carry over into Asia on Friday.


"Asia has been fairly subdued today, despite the warm lead from Wall Street, and while a number of traders are starting to look more closely at the ever-changing dynamic in the Ukraine, Japan has been the central focus for macro traders today," IG chief strategist Chris Weston said in a market commentary.


A raft of Japanese data released Friday suggested the economy needs still more help in weathering a 3 percent sales tax increase in April as many economists forecast a contraction will follow as consumers and businesses adjust to higher costs.


South Korea's Kospi was down 0.2 percent at 1,974.36. India's Sensex added 0.3 percent to 21,059.02.


In Europe, jitters over the Ukraine crisis saw Germany's DAX closing down 0.8 percent at 9,588.33 on Thursday while the CAC-40 in France ended flat at 4,396.39. Britain's FTSE 100 managed to eke out a gain, closing 0.2 percent higher at 6,810.27.


Investors are concerned that the crisis in Ukraine was taking a more dangerous turn following reports Thursday that pro-Russia gunmen seized control of local government buildings in Crimea. Russia, meanwhile, scrambled fighter jets to patrol its border and reportedly gave shelter to Ukraine's fugitive president.


Over the past couple of weeks, investors had monitored developments in Ukraine with a degree of nonchalance. Now they are worrying that Russia may be drawn in. Geopolitical concerns tend to prompt investors to search out the sanctuary of safe haven assets such as gold and the dollar in place of stocks.


The price of crude oil dropped, with benchmark U.S. crude for April delivery down 43 cents to $101.97 in electronic trading on the New York Mercantile Exchange.


In currency dealings, the euro fell to $1.3697 from $1.3707 on Thursday. The dollar fell to 101.61 from 102.05 yen.