The Kansas City Star from Kansas City, Missouri • 24

TV FRIDAY AUGUST 15 2008 THE KANSAS CITY STAR WWWKANSASCITYCOM Vv 1 The department also reported that average weekly Unexpected rise In July nudged Inflation to 56 percent the largest 12-month jump since 1991 truly terrible inflation report Energy prices have been falling since hitting a peak last month and food prices are expected to 7 moderate given reports pro-y: jpeting' bumper harvests' fix com and soybeans But other analysts worried that the July price report could be a signal that inflation is not going to moderate quicjdy he-' cause the long surge in energy prices' is starting to spread to 1 other sectors of the economy percent the hugest 12-month change since February The biggest price pressures came in the energy and food sectors just as they have 11 year But the price gains spread to otiier areas too clothing costs jumped by the largest amount in a decade aiiiine fares rose sharply and the cost of hotel rooms and tobacco products also climbed Some economists said they thought this could be tire last expected The rise was only slightly lower than the LI per- cent surge in June that had been die second-highest monthly increase in the last 26 years The big gains left inflation increasing by 56 percent over die past year the largest 12- month Jump since the period ending in January 199L By MARTIN CRUTSINGER Th Associated Press WASHINGTON Inflation is" running at the fastest pace in 17 years the Labor Department reported Thursday wiping out any wage gains for die average "'v Consumer prices shot up by (X8 percent in July double the increase that economists had BK Home foreclosures on the rise again as prices Staff and wlra reports The number of properties in' foreclosure filings in July was day that the average rate on 30-year mortgage remained 652 percent fix a third CEO barred A Russiancourt Thursday barred the American chief executive officer of troubled joint venture TNK-BP from -office for two years for failure to obey the country's -labor watchdog BP said it was disappointed by the decision adding that Robert Dudley will retain his position until completion of an appeal process TNK-BP says it will appeal 'b Dudley left Russia last month when his work permit was not renewed but still has been working as CEO BP has been battling Russian shareholders for control ofthe company for months German economy The German economy shrank fix the first time in nearly four years in the second quarter as consumer spending and capital in- vestment declined accord- i-ing to government figures released Thursday biggest economy contracted by 05 percent in the April-to-June period compared with the previous quarter officials said It was the first decline since the thud quarter of 20(R Credit outlook Moody's Investors Sendees cut its ratings outlook on Argentine debt from positive to stable Thursday saying increased political tension is raising fears the government be able to manage shocks and service its debt I The Associated Press Pay freeze McClatchy Cawhose 30 daily papers include The Kansas City Star is freezing -pay across the company for a year starting Sept McClatchy told employees about the freeze Thursgjay The company did not say how much it was expected to save McClatchy in June said it is cutting its work force 10 percent affecting L400 full- time jobs and saving $70 million a year Last month it reported a 44 percent drop in second-quarter earnings to $197 million as revenue fell 16 percent million Gannett Job cute Gannett Co the biggest US newspaper chain said Thursday that it was elim- inatingLOOO jobs including 600 layoffs across its news-paper operations up 55 percent from a year i and up 8 percent from June I altyTYac reported Thursday The private company said 272171 properties were in filings for default notices auction sale notices and bank repossessions onq in every 464 US households Separately the National Asso-dationof Realtors reported that median prices for existing single-family homes fell in more than three-quarters of US cities during the second quarter and on average were down 76 percent in metro areas The median price in the Kansas City area was down 3L1 percent from a year ago -V' Freddie Mac reported Thurs violate law slots and estimates third-year revenues at $295L6 million ft could also feature a Signa- ture Mkhaei Jordan Steak House Mitchell Etess president and CEO of Mohegan Sun said the project was cke to signing an agreement that would bring the retired NBA star'd name to VIDEO: appearance may USA Today was not affected by the latest round of cutbacks The latest cuts will affect 84 dailies and nearly 900 nondaily publications Gannett also will eliminate 400 jobs through attrition and leaving vacant posts unfilled Vtorren weighs in Billionaire investor Warren holding company n-Jils -Y Deramrv nBinBnQjfi rcVcwcQ a new investment in power wholesaler NRG Energy Inc Thursday in documents filed -with the Securities and Ex-change CommisslQn The doc-: uments offer a snapshot of $58 billronport-" folio of US stocks at the end of the second quartetThe filings reveal several Changes in stock holdings including tire sale of a large block of Its Anheuser-Busch Cos stock and the elimina- Co partners who sridtheirs trackside casino could persuade NASCAR tficials to award a second Sprint Cup Series race to the Kansas motor sports trade Playing his own pro sports trump caid Thursday Blake Sar- tini Golden fixinder and chair- man' told board members hie Tbm Watson-designed 184iole golf course would be top-quality and could 'attract PGA events here Tm not making promises I he said is our intention to pur- sue that fix the Kansas City area" Sartinitookaslapatather: i slap atather ap-3 plans as likely htoomudi retail casino plans as with toomuch and additional gambling capacity in a crowded and competi- -tive Kansas City market Sartini said applicants who propose to grab more tiiari half of the current consumer gambling dollars are their backs on tiie reality of tiie situation Sartini said Missouri restrictive loss-limit rule is likely to be repealed this year costing Kan-t sas a huge marketing advantage Meanwhile he said Missouri casino operators going to escalate" their marketing to tkm fell by 11 percent id July compared with a year ago the "biggest year-over-year decline since November 199Q Core inflation which excludes volatile food and energy costs rose 03 percent in Jii slightly higher than the 02 per- cent increase economists peeled For the past 12 months -core inflation has risen by 25 tion of its Trane inc holdings Berkshire also received permission to conceal the status of its investment in ConocoPtiilllps during this quarter which suggests -Berkshire is either adding to or selling off its investment in the oil company At the end of March Berkshire held 175 million shares of Cono-coPhillips stock Cold decision The makers of Airborne tablets have agreed to pay $30 million to settle a lawsuit and federal regulators charges that theymadefalse claims about the cold-fight-ing benefits of the product The Federal Trada Commission sard Thursday there was no evidence that products from Airborne Health Inc any tangible benefit for peo- pie who are exposed to germs in crowded places" I The Associated Press combat the new competition ill is the most said Sartini offering 2500 slots and an estimate of $784 million in annual gambling rev-' enue by the third year' In contrast Pinnacle esti- mates its 2300 slots and other gambling will generate $413 mil- lion in Its third year while the Hard Rock' Casino would offer slots with third-year revenue' esti-: mated at $367 million Those two competitors say their projects adjacent to tiie speedway and the proposed Schlitterbahn Vacation Village water park will be national des- tinations and grow market revenue through increased tourism The state would reap a sliding scale of 22-28 percent of gross revenue with an additional 5 percent set aside fix local government and a state problem-' The Legends Sun casino part- ners propose a Robert Tfcent Jones Jr-designed golf course a 350-room hotel and a 1200-seal event arena at a gaming resort cm the west end of the Village West retail and entertainment district next to the speedway Their proposal calls fix 2000 a at week' Rates on 15-year fixed and one-: and five-year adjustable mortgages dipped slirfitly In the July foreclosures report Nevada continued to have the highest rate at one in every 106 households up 97 per- cent from 2006 and 15 percent from june California was next at one in 182 properties and Florida was third at one in 186 Missouri was 18th worst at a tete of one in 747 properties up nearly 73 percent from a year ago Kansas was 37th at one In 1784 up 57 percent Foreclosure filings increased from a year ago in all but eight states The Kansas City area ranked 85th at one in STOhouseholds 1 up 51 percent from a year ago the project Etess also cited tiie trihal-owned strong relationships with entertainment promoters like LfwNation as evidence the casino would at- tract diverse talent to its concert venue -The Mohegan would own two-thirds 'of tiie project and manage the facility itself The tribe operates the Mohegan Sun casino crmpleX in Connecticut 1 fvl i'S --vi rAYi up your sex life tonight! one of the largest gain- blihg operations going to create something that's very very competitive ip this region" said Etess (font think the riverboats tin Missouri) are going to lay down" The Star's Mark Wleb contributed to this report To reach Rick Aim call 816-234-4795 or send e-mail to ralmkcstarcoftv 1 'WVlf from a rommission was seeking a copy af -the tape from Pinnacle saw at hearing Deines said "The commission has an obligation to report any possible infraction to the attorney general and that will Miller was taken aback by the news of a formal complaint certainly feel like done anything wrong" he said Thursday "Those are my views individually would have done the same for all three (local) he added all good pro-s posals Each one has different Murguia said much the same dung Thursday But she added that she personally favored the Pinnacle project because it is die only proposal within the ooundaries of Kansas City Kan USD 500 the largest school district which would reap an estimated $7 million a year in casino taxes DeSeure could not be reached Thursday In his filmed remarks DeSeure referred to the Pinnacle group as most sincere Miller lauded the pro-iect as a In a formal opinion earlier this year Attorney General Steve Six said state law does permit public officials to testify for ex otherwise support casino projects as private citizens But in tiie film commissioners were identified by name and title Wheivquestioned by Review Board members Wednesday on the use of commissioners in the promotional film Dan Lee Pinnacle chairman and chief executive said the three were speaking as private 'citizens A spokeswoman Thursday said tint Six had no immediate comment were speaking as private citizens but they are who they Pinnacle spokeswo- man Pauline Yoshahashi said Thursday of the use of titles in the film "Wie apologize for any confusion" The Review Board's three-day hearing in Wyandotte County resumed Thursday with presentations by the Golden Gaming grou which proposes a $661 million casino complex in Edwardsvilk and the Legends Sun group whose the Connecticut-based Mohegan Tribe and Kansas City-based RED Development that built the Legends shopping district in western Wyandotte County propose at $757 million destina- tion resort -''-v On Wednesday the board also heard a presentation from the Kansas Speedway and Cordtsh Even if you think you axe completely satisfied with your sex life we guarantee we can make it better -With Paravol's unique trademarked natural ingredients sensations will be heightened and the volume and duration ofthe actual satisfaction will be multiplied both enjoy the increased stamina and control that will end in 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