Kansas City Star: Business

A better economic yardstick

Mon, 02 Nov 2009 22:15 CST

The latest gross domestic product numbers for the United States — showing 3.5 percent growth in the third quarter — are surely the light at the end of the recessionary tunnel. Feel better?

Nurses at Lee's Summit Medical Center vote to remove union as bargaining agent

Mon, 02 Nov 2009 22:15 CST

Nurses at Lee’s Summit Medical Center voted to remove their union as bargaining agent, but the results will be contested. In an election held over two days last week, 68 nurses voted to remove a unit of the California Nurses Association while 59 voted to retain it, said Dan Hubbel, regional director of the National Labor Relations Board.

Law firm urges opposition of new KC zoning ordinance

Mon, 02 Nov 2009 22:15 CST

Kansas City finally has adopted a new zoning ordinance after six years of preparation, but some players in the development industry say this has created another obstacle to investment. At a pair of seminars on the new rules hosted last week by the White Goss Bowers law firm, which coincidentally does substantial real estate work, developers were urged to unite and fight the regulations.

Cityscape | KC area restaurants cited for violations

Thu, 05 Nov 2009 22:15 CST

The Kansas Department of Agriculture has cited area restaurants for six or more critical health-code violations. •Captain D’s Seafood, 7525 State Ave., Kansas City, Kan., had nine critical violations during a follow-up inspection Oct. 7. They included raw fish stored on top of cooked rice in a walk-in cooler, and no hair net or restraint used by a food worker.

Kids & Money | Bring savvy, skill to part-time job

Fri, 06 Nov 2009 22:15 CST

I have long had a thing for a perfectly sacked grocery bag. Four corners neat and square, cans on the bottom, bread on top. Light as a feather.

Advance premiums for FDIC are worth banking on

Fri, 16 Oct 2009 22:15 CDT

Times are tough. Brethren are falling all around. Then the insurance company demands three years’ worth of premiums — in advance. So why aren’t banks up in arms now that just such a call has come from the Federal Deposit Insurance Corp.?

Making a home mean business

Sat, 07 Nov 2009 22:15 CST

Between the 1990 and the 2000 census, the number of people working at home grew by one-third, and it’s expected to be a lot higher in the next population count. While some tout the joys of toiling in one’s pajamas, there are problems with home-based work environments that are a bit too casual.

TWA/American Airlines overhaul base through the years

Wed, 28 Oct 2009 07:15 CDT

Business calendar: Nov.3 and later

Sun, 01 Nov 2009 22:15 CST

TUESDAY GREEN CAREERS WORKSHOP: Sponsored By Ywomen CAN. 9-11:30 a.m. Nov. 3, YWCA of Greater Kansas City, 1017 N. 6th St., Kansas City, Kan.

NY jurors deliberate at hedge fund trial

Mon, 09 Nov 2009 05:51 CST

A jury began deliberations Monday at the trial of two former Bear Stearns hedge fund managers charged with lying to investors.

Police: UPS executive accused of rape kills self

Mon, 09 Nov 2009 16:13 CST

A vice president for shipping giant UPS who was accused of raping a 21-year-old Indiana University student over homecoming weekend has committed suicide in Georgia, police said Monday.

Ex-SEC lawyer pleads guilty in NY Marc Dreier case

Mon, 09 Nov 2009 12:13 CST

A former lawyer with the enforcement division of the Securities and Exchange Commission pleaded guilty Monday to conspiring with a prominent Manhattan lawyer to dupe hedge funds out of tens of millions of dollars.

Business Highlights

Mon, 09 Nov 2009 16:58 CST

Dow jumps 204 to high for year as dollar slumps

Weak dollar pushes gold above $1,100 an ounce

Mon, 09 Nov 2009 15:48 CST

Gold prices climbed to another new high Monday as the U.S. dollar sank to a 15-month low.

Expanding drug treatment: Is US ready to step up?

Sun, 08 Nov 2009 13:36 CST

Based on the rhetoric, America's war on drugs seems poised to shift into a more enlightened phase where treatment of addicts gains favor over imprisonment of low-level offenders. Questions abound, however, about the nation's readiness to turn the talk into reality.

Villa Ventura Hosts Veteran Benefits Seminar

Mon, 09 Nov 2009 17:24 CST

Senior Star at Villa Ventura sheds light on underutilized $23K VA benefit. It pays! Kansas City, MO – November 9, 2009 – Senior Star at Villa Ventura Retirement Community announced they will hold a seminar to educate area residents about an annual VA benefit of up to $23,000 available to qualified veterans and surviving spouses of veterans. The goal of the seminar is to inform local residents of the Aid and Attendance Benefit program which has been widely underutilized by veterans across the country. read more

Work Hard Play Hard: HOW Magazine Features Team at Midwestern Design Firm C3

Mon, 09 Nov 2009 16:55 CST

OVERLAND PARK, Kan.-— The team at Midwestern design firm C3 has all the fun, creating toys, books and other goodies craved by kids across the U.S. In the 2009 HOW Business Annual issue just released, HOW finds out why C3 has the country’s top restaurant chains eating out of its hand. read more

Candy Cane Lane toy sale cancelled

Mon, 09 Nov 2009 15:30 CST

A used toy sale called Candy Cane Lane which was originally scheduled for Saturday, Nov. 14, has now been cancelled, Johnson County Park & Recreation District said. The event was originally scheduled to take place at the Roeland Park Community Center. read more

State Farm KU/MU Border Showdown Throwdown

Mon, 09 Nov 2009 15:20 CST

STATE FARM® KU/MU Border Showdown Throwdown KU/MU Students to Face Off in Xbox Competition! Lawrence, Kan., Nov. 11-13, 2009 - State Farm® will serve as the official game sponsor for the upcoming Kansas University versus Missouri University football game on Saturday, Nov. 28 at Arrowhead Stadium in Kansas City. read more

Hawker Beechcraft to close Salina plant

Mon, 09 Nov 2009 16:47 CST

SALINA, Kan. | Airplane maker Hawker Beechcraft Corp. announced Monday that it will close its Salina operation.

The Consumer Memo | Expect fewer flights, fuller planes for the holidays

Mon, 09 Nov 2009 16:04 CST

Holiday trips will be impossible for many Americans this year because times are hard, and the traveling may be hard for those still able to afford a pilgrimage home or excursion to exotic locales.

Health Department allows Sharp's in Brookside and Subway on Front Street to reopen

Mon, 09 Nov 2009 15:55 CST

Two Kansas City restaurants have reopened after the Health Department reinspected them after finding health code violations last week.

Sprint to eliminate up to 2,500 positions, cut costs by $350 million

Mon, 09 Nov 2009 14:45 CST

Sprint Nextel said it will eliminate 2,000 to 2,500 jobs as part of an effort to trim labor costs by at least $350 million annually. The company said in a statement that the impact on "geographic locations will vary." Many of the positions will be eliminated by the end of this year. Sprint has about 6,500 Kansas City area employees, mostly at the company's Overland Park headquarters. The announcement about layoffs came the same day as reports leaked out indicating Sprint was preparing to invest an additional $1 billion in its Clearwire partnership that is rolling out high speed phone and Internet services. read more

Third-quarter report card: Grading the top 10 wireless carriers

Mon, 09 Nov 2009 13:40 CST

With earnings season over for the nation's top wireless carriers, Fierce Wireless has compiled an interesting chart on the ten largest companies. The chart,among other things, slices and dices customer head count and revenues.

Report: Sprint to inject $1 billion into Clearwire

Mon, 09 Nov 2009 09:46 CST

Sprint Nextel Corp. may be close to pouring an additional $1 billion into efforts to build out its fourth-generation wireless network. The Wall Street Journal today cited unidentified sources saying Sprint and others would inject $1.5 billion into Clearwire Corp. The group had invested $3.2 billion in to Clearwire last year. According to the report, Clearwire would receive funding from Sprint, Comcast Corp., Intel Corp., Time Warner Cable Inc. and Bright House Networks LLC, but not Google Inc., which was part of the 2008 investment group. read more

Sprint appoints new controller

Fri, 06 Nov 2009 11:09 CST

Sprint Nextel on Friday announced the appointment of Ryan Siurek as vice president and controller. Siurek, 38, will also serve as the principal accounting officer. He had previously served as vice president, assistant controller at Sprint. Siurek joined Sprint in January after working at LyondellBasell Industries.

AT&T completes $945 million Centennial purchase

Fri, 06 Nov 2009 09:33 CST

From Bloomberg News AT&T completed its $945 million purchase of Centennial Communications Corp., expanding network coverage in Puerto Rico and the Midwest and Southeast. AT&T, which agreed to pay $8.50 a share and take on about $2 billion in debt for Centennial, made the announcement in a statement today. Regulators approved the deal with conditions Thursday, the Federal Communications Commission said on its Web site. read more

Gourmet burgers are a booming trend

Fri, 06 Nov 2009 22:15 CST

Americans have long craved the humble burger — turning it into a sizzling $100 billion dining category annually. But in these bleak economic times, it turns out consumers are shelling out more for higher quality, bulkier burgers that go beyond the traditional toppings.

The Closing Bell | Entertainment Properties Trust to offer shares

Mon, 09 Nov 2009 18:57 CST

Entertainment Properties Trust is seeking to sell 4.5 million additional common shares, with proceeds to be used for general corporate purposes.

Deal for new Honeywell nuclear weapons plant in KC advances

Fri, 06 Nov 2009 22:15 CST

A $650 million development agreement to build a new nuclear weapons plant for Honeywell is bound for the Kansas City Council after being endorsed Friday by a development agency. The board of the Planned Industrial Expansion Authority of Kansas City voted unanimously to approve the plan, which calls for a private developer, CenterPoint Zimmer LLC, to build a 1.4 million-square-foot campus at Missouri 150 and Botts Road.

Putting limits on speculative investing appears to be dimming

Fri, 06 Nov 2009 22:15 CST

A chance to rein in speculative investments that could be pushing up energy prices appears to be fading in Washington. The Commodity Futures Trading Commission held hearings in the summer on limiting the investments in commodity index funds, and the Obama administration’s choice to lead the commission was in favor of following through.

KC area banks acquire branches of failed institutions

Fri, 06 Nov 2009 22:15 CST

Two banks in the Kansas City area acquired the branches of failed institutions outside the area on Friday. Central Bank of Kansas City gained the only office of Gateway Bank of St. Louis, which failed Friday. Central assumed all of the St. Louis bank’s $27.9 million in deposits and bought all of its $27.7 million in assets.

Bank of Blue Valley parent posts a quarterly loss

Fri, 06 Nov 2009 22:15 CST

Loan problems at the Bank of Blue Valley in Overland Park led to a $4.2 million third-quarter loss for its parent company and to a formal agreement with regulators. The $825 million bank became the 17th in the Kansas City area to operate under a formal regulatory agreement. The 12-page document signed Wednesday focused on improvements in credit risk, asset quality and funds management. It also called for specific capital and earnings plans.

Stocks post modest gains as job losses slow

Fri, 06 Nov 2009 22:15 CST

NEW YORK | Investors undaunted by a surprisingly weak jobs report found enough positive news to nudge stocks higher Friday. Investors looking for the bright side figured that the rise in joblessness to 10.2 percent in October meant the Federal Reserve would have to keep interest rates near zero for some time. That tends to weaken demand for the dollar, which in turn gives a boost to stocks.

Berkshire Hathaway says quarterly profit triples

Fri, 06 Nov 2009 22:15 CST

OMAHA, Neb. | Warren Buffett’s company said Friday that its third-quarter profit tripled as the improving economy and stock market boosted the value of Berkshire Hathaway Inc.’s derivative contracts. Berkshire said it generated $3.2 billion, or $2,087 per share, in net income. That’s up significantly from last year’s $1.1 billion, or $682 per share.

Starwatch Consumer | DVD price war; Verizon fees

Fri, 06 Nov 2009 22:15 CST

DVD price wars Wal-Mart Stores Inc. is upping the ante heading into the holiday season, trimming the online preorder prices of some upcoming DVDs following last month’s price cut on books. The move led rivals Amazon.com Inc. and Target Corp. to reduce the prices of some online preorder DVDs, which pushed Wal-Mart to take a few more cents off its offerings.

Insider stock activity

Fri, 06 Nov 2009 22:15 CST

Each week, we highlight recent stock activity by insiders at an area company. DST Systems Inc.

How I got the job | Nathan Pirie, 24

Sat, 07 Nov 2009 22:15 CST

The job: Information technology financial analyst. The employer: Blue Cross and Blue Shield of Kansas City has been serving customers’ health insurance needs in the Kansas City area since 1938.

The business week ahead: Nov. 9-13

Fri, 06 Nov 2009 22:15 CST

MONDAY: Earnings expected from Capitol Federal Financial. TUESDAY: Earnings expected from Atmos Energy, Clearwire Corp.

Dow again eclipses 10,000

Thu, 05 Nov 2009 22:15 CST

A bright forecast from Cisco Systems and upbeat economic news sent stocks soaring Thursday and propelled the Dow Jones industrials back above 10,000. The rally, coming before this morning’s October employment report, showed that investors are regaining their optimism about a recovery.

For Verizon users, Droid fills a void

Thu, 05 Nov 2009 22:15 CST

Droid, the so-called iPhone killer that uses the Android 2.0 operating system from Google, goes on sale this morning at Verizon Wireless stores. Among iPhone nation, the reaction to Verizon’s in-your-face marketing campaign for the Droid — those “iDon’t” commercials that mock the supposed shortcomings of America’s favorite smartphone — has ranged from bemusement to irritation to litigation.

Wall Street giants get swine flu vaccine

Thu, 05 Nov 2009 22:15 CST

When it comes to receiving the swine flu vaccine, Wall Street appears to outrank children. That’s right: Some of New York City’s largest employers — including Goldman Sachs, Citigroup, the Federal Reserve Bank and Columbia University — are among the first to get doses of the vaccine.

New owner set to reopen Savvy Coffee in Power & Light District

Thu, 05 Nov 2009 22:15 CST

Champagne and fresh berries, cinnamon pear, blackberry merlot. They sound good enough to … drink. Kevin Wilkey, the new owner of Savvy Coffee & Wine Bar, has 42 specialty coffee blends — not flavored syrups — so customers can get a whiff of the exotic flavors before ordering.

Starwatch consumer | CVS investigated

Thu, 05 Nov 2009 22:15 CST

CVS investigated The Federal Trade Commission is investigating some of CVS Caremark Corp.’s business practices, the company said Thursday. The drugstore chain and pharmacy benefits manager did not disclose the details of the “nonpublic investigation,” but it said it has not violated any antitrust laws. CVS suggested that the FTC inquiry is connected to complaints made by the Change to Win coalition of labor unions. Change to Win has said CVS Caremark’s size and buying power is bad for consumers, and it has accused CVS of stocking expired products and violating patients’ privacy, among other issues.

Heads up | Ford to introduce inflatable seat belt for back-seat passengers

Thu, 05 Nov 2009 22:15 CST

Inflating seat belts Ford is introducing an inflatable seat belt for back-seat passengers, hoping it will reduce injuries in front and side crashes. The device initially will be available as an option on the next-generation Ford Explorer sport utility vehicle, which goes into production in 2010. Safety sensors measure the severity of a crash and quickly inflate the seat belts if needed, much like front-seat air bags. Each belt’s tubular air bag inflates with cold compressed gas, which flows through a specially designed buckle from a cylinder housed below the seat.

Senate votes to extend jobless benefits, homebuyers' credit

Wed, 04 Nov 2009 22:15 CST

WASHINGTON | Recognizing that a weak economy still needs a government boost, the Senate voted overwhelmingly Wednesday to provide the jobless with up to 20 weeks in additional unemployment benefits. Senators also voted to expand a first-time homebuyer tax credit to include a far larger pool of people entering the dormant housing market. The $24 billion bill, passed 98-0, also provides tax relief for struggling businesses.

Chrysler rolls out five-year plan

Wed, 04 Nov 2009 22:15 CST

AUBURN HILLS, Mich. | Chrysler plans to pump life into its car lineup with technology from its new Italian partner, Fiat SpA, and says it has the cash to do it as the two automakers start to combine. CEO Sergio Marchionne, who also runs Fiat, began unveiling Chrysler’s new five-year business plan on Wednesday. The plan includes multiple new vehicles for the Chrysler, Jeep, Dodge and Ram brands, most based on Fiat’s more efficient transmissions and small engines.

S&P may downgrade Berkshire, upgrade Burlington

Wed, 04 Nov 2009 22:15 CST

NEW YORK | Standard & Poor’s warned Wednesday that Warren Buffett’s bid for Burlington Northern Santa Fe Corp. could sap the liquidity and capital position of the legendary investor’s insurance operations at Berkshire Hathaway Inc., jeopardizing the company’s AAA rating. The ratings agency placed its ratings on Berkshire Hathaway on CreditWatch with negative implications following Berkshire’s announcement Tuesday that it will buy Burlington Northern for $26.3 billion.

GM's surprise Opel move stirs anger, new uncertainty

Wed, 04 Nov 2009 22:15 CST

BERLIN | General Motors Co.’s decision to scrap the sale of its European subsidiary Opel raised new uncertainty Wednesday over the unit’s future. The move also astonished politicians in Germany and Russia and prompted workers to plan walkouts in protest. The GM board’s unexpected decision to call off the sale to Canadian auto parts maker Magna International Inc. and Russian lender Sberbank was a startling end to months of haggling in which Chancellor Angela Merkel and other German leaders had strongly backed the deal.

Starwatch Consumer: Kellogg pulls health claim; Palin book tour; Toyota claim; FDA drug alert

Wed, 04 Nov 2009 22:15 CST

Kellogg pulls health claim Kellogg says it will pull health claims from its Rice Krispies cereal box due to the public’s growing concern about swine flu. The food company began adding antioxidants to the cereal last year and noted on the cereal box that these antioxidants help support the immune system.

Hyatt Hotels raises $950 million in IPO despite dramatics of its largest holders of stock

Wed, 04 Nov 2009 22:15 CST

CHICAGO | There’s talk of infighting among its founder’s heirs, and a sluggish appetite for hotel reservations around the globe. But Hyatt Hotels Corp. shares are set to begin trading today now that the company raised $950 million in its initial public offering. Questions had lingered about whether investors would feel confident enough to snatch up the 38 million shares of the iconic hotel chain that were offered. Among the issues facing the company are disputes between members of the wealthy Pritzker family, the largest holders of Hyatt stock with an 85 percent stake in the Chicago company.

Obesity becomes a workers' comp complication

Wed, 04 Nov 2009 22:15 CST

A cook at an Indiana restaurant suffered a job-related back injury, and a workers’ compensation board said the employer must pay for a medical procedure. What makes this news?

JPMorgan settlement with SEC worth over $700M

Wed, 04 Nov 2009 22:15 CST

WASHINGTON | JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators’ charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala. The Securities and Exchange Commission on Wednesday announced the settlement with JPMorgan, which canceled interest-rate swap contracts with the county worth $700 million in March. The move lowers the county’s bond debt to about $3.2 billion from $3.9 billion, but officials had no immediate comment on whether that was enough to help the county avoid filing what would be the largest municipal bankruptcy ever.

Holiday forecast spurs decline in Garmin stock

Wed, 04 Nov 2009 22:15 CST

Despite a better third quarter than expected, Garmin Ltd. saw its stock price plunge Wednesday after forecasting a less profitable holiday period. Shares of Garmin, the country’s biggest producer of portable navigation devices, fell $4.57 to $26.84, down nearly 15 percent in heavy trading. Share prices have been pressured since Google Inc. recently announced its maps and routing software would be available for no extra charge on some mobile phones.

Heads Up | Harley looks to Kentucky

Wed, 04 Nov 2009 22:15 CST

Take a seat Cramer Inc., the longtime maker of specialty office chairs, ladders and step stools, has been acquired by a management group known as Cramer LLC. The limited liability corporation is led by Cramer Inc. President Nick Christianson. The company traces back to the Cramer Safe Co., founded in 1886 in Kansas City. The offshoot Cramer Posture Chair Co. was started in 1935, and Cramer sold its safe business in 1940. Its products include the Kik-Step rolling step stool, which appeared in 1957 and became a staple in libraries.

Fed leaves interest rates unchanged

Wed, 04 Nov 2009 22:15 CST

Federal Reserve policymakers left interest rates near zero Wednesday and said that the economy is continuing to improve, but indicated that they still view the recovery as sufficiently fragile that they will keep rates low for some time. Following a two-day meeting, the Federal Open Market Committee said that information received since its last meeting “suggests that economic activity has continued to pick up,” and that “household spending appears to be expanding” even as it remains constrained by the weak job market and other factors.

JONAH GOLDBERG For release 11/4/09

Wed, 04 Nov 2009 22:15 CST

If there’s one thing liberal pundits are experts on these days it’s the sorry state of conservatism. The airwaves and op-ed pages brim with lamentations on the GOP’s demographic demise and its thralldom to the demonic deities of the right — Limbaugh, Beck, Palin. Such sages as The New York Times’ Sam Tanenhaus and Frank Rich insist that the right is out of ideas. After all, the religious dogmatism and “market fundamentalism” of the Bush administration were entirely discredited, leaving the GOP with its intellectual cupboard bare.

Firm hired as consultant for proposed downtown hotel

Tue, 03 Nov 2009 22:15 CST

Familiarity breeds comfort when it comes to advising City Hall and, once again, Convention Center Hotel Advisors has been hired as consultant for a proposed 1,000-room downtown hotel. The Minneapolis-based firm, or related entities, has prepared at least two feasibility studies in recent years on whether to build a major convention hotel, and also has advised the city on past expansions to Bartle Hall as well as the planning that led to construction of the Sprint Center.

KCP&L launches program to give customers extra time to pay bills

Tue, 03 Nov 2009 22:15 CST

The economy may be out of recession, but Kansas City Power & Light is seeing a growing number of its residential customers unable to pay their electric bills — thousands of them for the first time. On Tuesday, the utility said it was taking steps to help them. KCP&L is launching a program called Connections that, among other things, will give customers who can’t pay a monthly bill an extra 30 days.

Country club caught up in foreclosure battle says it's found a buyer in Topeka

Tue, 03 Nov 2009 22:15 CST

The Brookridge Country Club, caught up in a foreclosure battle with a former development partner, has found a friendly prospective buyer in Topeka. Members of the club at Interstate 435 and Antioch Road in Overland Park are scheduled to vote soon on a plan to sell the property and its 27-hole golf course to GreatLife Golf & Fitness. GreatLife operates seven golf clubs and fitness centers, including two in the Kansas City area, Maple Creek and River Oaks.

Sprint plans ‘dozens of job cuts'

Tue, 03 Nov 2009 22:15 CST

Sprint Nextel Corp. said Tuesday it planned to trim jobs “in the dozens” from its wholesale division amid slowing business. The Overland Park-based wireless provider has begun notifying employees in the division of layoffs, said Kathleen Dunleavy, a company spokeswoman.