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WORLD • BUSINESS
| Saturday, July 16, 2011 BUSINESS AT A GLANCE
Notable ● The Lawrence-Douglas
County Health Department has hired Jeremy Fite as a community health specialist. He will be working to educate the community about what services the health department offers, in addition to explaining health policies. Fite said he plans to do that through social media and faceto-face conversations at events such as health fairs. He also will be an active participant in a number of LiveWell Lawrence initiatives that aim to get people moving more and eating healthier. Fite, 32, previously worked for the Boys & Girls Clubs of the Tennessee Valley, where he oversaw operations of the research and training facility called Haslam Family Club University.
Friday’s markets Dow Industrials +42.61, 12,479.73 Nasdaq +27.13, 2,789.80 S&P 500 +7.27, 1,316.14 30-Year Treasury +.01, 4.25% Corn (Chicago) +6.50 cents, $6.85 Soybeans (Chicago) +3 cents, $13.87 Wheat (Kansas City) —0.75 cent, $7.65 Oil (New York) +$1.55, $97.24
Investors eye potential of farmland ownership By Bernard Condon Associated Press Writer
A new breed of gentleman farmer is shaking up the American heartland. Rich investors with no ties to farming, no dirt under their nails, are confident enough to wager big on a patch of earth — betting that it’s a smart investment because food will only get more expensive around the world. They’re buying wheat fields in Kansas, rows of Iowa corn and acres of soybeans in Indiana. And though farmers still fill most of the seats at auctions, the newcomers are growing in number and variety — a Seattle computer executive, a Kansas City lawyer, a publishing executive from Chicago, a Boston money manager. The value of Iowa farmland has almost doubled in six years. In Nebraska and Kansas, it’s up more than 50 percent. Prices have risen so fast that regulators have begun sounding alarms, and farmers are beginning to voice concerns. “I never thought prices would get this high,” says Robert Huber, 73, who just sold his 500-acre corn and soybean farm in Carmel, Ind., for $3.8 million, or $7,600 an acre, triple what he paid for it a decade ago. Buyers say soaring farm values simply reflect fundamentals. Crop prices have risen because demand for food is growing around
the world while the supply of arable land is shrinking. At the same time, farmers are shifting more of their land to the crops with the fastestrising prices, which could cause those prices to fall — and take the value of farms with them. When the government reported June 30 that farmers had planted the second-largest corn crop in 70 years, corn prices dropped 8 percent in two days. And even if crop prices hold up, land values could fall if another key prop disappears: low interest rates. When the Federal Reserve cut its benchmark rate to a record low in December 2008, yields on CDs and money market funds and other conservative investments plunged, too. Investors were unhappy with earning less, but they were too scared about the economy to do much about it. As they grew more confident, and more frustrated with their puny returns, they shifted money into riskier assets like stocks and corporate bonds. To many Wall Street experts, this hunt for alternatives also explains the rapid rise in gold, art, oil — and farms. Those who favor farms like to point out that, unlike the first three choices, you can collect income while you own it. You can sell what you grow on the farm or hand the fields over to a farmer and collect rent.
by Scott Adams
DILBERT
L AWRENCE J OURNAL -WORLD
2 News Corp. execs resign By Joe Flint, Meg James and Henry Chu McClatchy Newspapers
LONDON — The News Corp. phone-hacking scandal claimed two high-ranking executives running the company’s U.S. and British operations as Chief Executive Rupert Hinton Murdoch tried to stem the fallout from a growing crisis he had been downplaying. The resignations of longtime Brooks Murdoch intimates Les Hinton as chief executive of Dow Jones & Co. and publisher of its Wall Street Journal and Rebekah Brooks as chief of News International in London came hours apart Friday. Hinton was in charge of News International and Brooks was editor of its News of the World when many of the hacking incidents are alleged to have occurred. Murdoch closed the 168-year-old tabloid last week amid the scandal. Murdoch himself apologized Friday to the family of a 13-year-old homicide victim whose phone allegedly had been hacked by News of the World operatives in 2002 while the girl was still missing. A full-page apology he signed was scheduled to appear today in all British national newspapers under a banner headline saying, “We are sorry.” Members of Parliament had been demanding Brooks’ ouster, but it was Hinton’s exit that was most dramatic, given his 52-year association with Murdoch. “That this passage has come to an unexpected end, profes-
sionally, not personally, is a matter of much sadness to me,” Murdoch said in a statement. The flight of top executives underscores the severity of the crisis that has News Corp. on the ropes. The company has tried to contain the damage by mounting a public relations offensive after being battered for nearly two weeks by rival news organizations and government officials on both sides of the Atlantic. On Thursday, it was disclosed that the FBI had launched an inquiry to determine whether Murdoch’s minions hacked into the phones of victims and families of the Sept. 11, 2001, terrorist attacks at the World Trade Center and Pentagon. Industry experts believe that Friday’s developments are designed to protect Murdoch and his son and heir apparent, James, from further scrutiny by isolating the problem to Brooks and Hinton. The company has hired public relations company Edelman to help navigate the crisis.
“Heads had to roll, and it seems the appropriate heads did roll,” said Laura Martin, media analyst with Needham & Co. “Even the prime minister of Britain, David Cameron, had been saying that Brooks had to go. Maybe Hinton was the sacrificial lamb. They needed someone other than James, so it had to be a pretty senior executive.” “Murdoch is trying to keep his empire in the U.K. intact,” Martin said. Robert Eckerstrom, director of Moody’s Capital Markets Research, warned about investing in the company, writing in a note: “The ramifications of the recent discoveries may grow as more questionable practices are uncovered.” In a statement Friday, Hinton appeared to provide a defense for the Murdochs. “There had never been any evidence delivered to me that suggested the conduct had spread beyond one journalist,” reiterating what he had testified in Parliament four years ago.
CEK Insurance is proud to announce that Mark Buhler has joined our agency. Mark brings a vast amount of experience to our agency and will be concentrating his efforts in the sale of personal and business insurance. Mark grew up in Lawrence and is a graduate of Lawrence High School and the University of Kansas. Mark has served Lawrence and Douglas County in many different leadership positions. Please give Mark Buhler a call at (785) 843-2772 or email him at
mbuhler@cekinsurance.com
THANK YOU FROM PROJECT GRADUATION 2011 The parents and graduates from Bishop Seabury Academy, Free State High School, Lawrence High School and Veritas Christian School wish to sincerely thank the community businesses and individuals for sponsoring this special event held on May 29, 2011 at Abe & Jake’s Landing. This safe, drug and alcohol free celebration would not have been possible without their generous contributions of cash, prizes, food and time.
SPECIAL THANKS TO: Laird Noller for donating a 1999 Limited-Edition Ford Explorer and the Lawrence Journal -World for venue expenses 2011 PROJECT GRADUATION BUSINESS & INDIVIDUAL DONORS - VOLUNTEERS Business Donors 23rd Street Brewery Aimee’s Coffeehouse Allied Auto Body CarStar Alvamar, Inc. American Eagle Outfitters Foundation American Pre-Sort Ameriprise Financial, Inc. Amyx Barber Shop Arizona Trading Company Auto Plaza Car Wash BA Green Construction, Inc. Bank of America BC&R Storage Ben & Jerry’s Berry Plastics Best Buy Biggs BBQ Bird Physical Therapy Bracciano Pest Control Bradley Animal Hospital PA Buck’s Kettle Corn Capital City Bank Capital Federal Checkers Foods Cici’s Pizza City of Lawrence, Kansas Community Mercantile Country Club Plaza Criticare Home Health Services, Inc. Dairy Queen Brazier Dale & Ron’s Auto Center Dance Gallery DBA Robertson Chiropractic Inc. DCCCA Del Monte Pet Products Don’s Auto Center Douglas County Bank Downtown Barber Shop Drop Zone Extreme Sports Edwards & Wilson Periodontics Eileen’s Cookies Einstein Bros. Bagels Emprise Bank First State Bank and Trust Flamingo Club Frito Lay GCSAA Gambinos Pizza Game Nutt Entertainment Glory Days Pizza Dr. Robert Gollier, DDS Graham Enterprises Hallmark Cards Dr. John Hay, DDS Henry T’s Hernly Associates, Inc. Huhtamaki, Inc. ICL Performance Products Intrust Bank Dr. Robert Jacobs, DDS Jason’s Deli Jaybowl at the Kansas Union Jayhawk Guttering Jayhawk Plumbing Johnny’s Tavern Kahn & Associates, Inc. Kansas City Royals
Kansas City T-Bones Kansas City Zoo Dr. Charles Kincaid, DDS KU Credit Union KU School of Engineering Laird Noller Automotive Laser Logic Lawrence Aquatic Center Lawrence Arts Center Lawrence Automotive Diagnostics Lawrence Bank Lawrence Feed and Farm Supply Lawrence Free State Booster Club Lawrence High School Lion’s Pride Lawrence Journal-World Lawrence Lawn and Landscape Lawrence Luncheon Optimists Lawrence Memorial Hospital Lawrence Plastic Surgery Lawrence Urology Legends Drive Dental Center Love Garden Sound McColm Orthodontics McDaniel & McDaniel Financial Services McDonalds McGrew Real Estate Midwest Mustang Muncher’s Bakery Nebraska Furniture Mart Nieder Contracting Inc. Northwestern Mutual Financial Network Orchards Drug OrthoKansas Panera Bread Party America Paul Oehlert Heating & Air Conditioning Pediatric and Adolescent Medicine PA People’s Bank Pepsico Phyllis Stone, Avon Rep Pizza Hut Pizza Shuttle Plato’s Closet Power Play Protection One Corporate Office Pur-O-Zone, Inc. Printing Solutions Raco Car Wash, Henry Enterprises Ranjbar Orthodontics Robertson Chiropractic Dr. Jeremy Robbins, DDS Richard’s Music Rumsey Yost Funeral Home Salb Construction Schlitterbahn Vacation Village Waterpark Schlumberger Technology Corp. Scotch Industries Carolyn R. Simpson, Attorney at Law, LLC Shear Perfection Slimmer’s Automotive Services Sonic Drive-In Southwind Capital, LLC Southwind Twelve Theaters Spangles Stephens Insurance
Phyllis Stone, Avon Representative The Buckle The Granada The Oread Hotel The Spectacle Travel Leaders Treanor Architects PA University National Bank Dr. Galen Van Blaricum DDS Dr. S. Kirk Vincent, DDS Wagner Kressig PA Wal-Mart Employee’s Charitable Fund Warren-McElwain Mortuary Waxman Candles Weaver’s Department Store Westridge Wash & Lube White Chocolate Win Construction Yello Sub Individual Donors: Neil Ahle Dave & Andrea Baloga Richard & Paula Barr Gary & Ellen Bartz Jim Beach Neal Becker Bruce & Lorrie Belcher Russ & Denise Berland Melissa Birch Marjie Blaufuss Joseph & San Bradshaw Steve & Karen Brown Willie & Jana Brown Don & Jolisa Buchner Bernadette Burkhart Jim & Yun Butler Lynn Byczynski Gary & Deb Carter Andi Chang Tom & Megan Chichester Julie Clouse Shaun & Patty Coffey Jamie Cole Kathryn Cook Bob & Nancy Corkins Jackie Counts Marion & Geraldine Counts Rebecca Cowser Ann Cudd Michael & Lee Beth Dever Keith & Jeannette Dick Gloria Dikeogu Dean & Debbie Dunlap Bruce Eggers Patrick Finnegan C. Matthew & Becky Foerschler Mark & Tiffany Francis Doug & Lisa Gaston Larry & Debbie Gaston Elena Ghezzo Joe & Judy Gilman Craig Griffith Arthur & Susan Hall Maymunir Harith Hamid Christine Hauschel Scott Hedges Brian & Angela Heili
Francois Henriquez Mark Hirschey Judy Hoffman Nancy Holmes Lynette Hosek Yi-Hsien Hu Evan & Jill Ice Dale & Kathy Johnson Etha L. Johnson Timothy & Judith Keller Wayne & Jennifer Kelly Krzysztof & Joanna Kuczera Rod & Lori Kukuk Teresa Larson Loretta Lauinger Larry Libeer Kurt & Nina Limesand John & Rita Lindsey Paul & Catrina Loney Susan Lunte Gwen Macpherson Danny & Julie Manning Martin & Rebecca Markley Rob & Mary Matthews Patrick & Debra McCandless John & Pam McDermott Ken & Janice Meissbach Christine Mennicke Tim & Penny Moore Ted & Kim Mosher Nora Murphy Dan Nagengast Randy Norman Scott O’Neal Gregory & Rebecca Orth Chris & Deneise Ousdahl Todd & Colleen Pederson Kent & Janet Pennybaker Martha Perala Lew & Gwen Perkins Cary Phillips Nancy Phipps Randy & Deb Pontious Bill & Judith Pickering Billie Reaney Marianne Reed Jim Regan Steve & Carla Ramirez Steven & Jacki Rego Patricia Roberts Reggie & Jane Robinson David & Nora Sakumura Eric & J. Beth Sakumura Ty & Amy Scheibler Tim & Kim Schmidt Ron & Brenda Schweer Russ Smith Laura Stephenson Shaun & Dian Stogsdill Seth & Sandra Studley Scott & Nancy Thellman Daniel & Sara Thimmesch Delbert & Sheri Thomas David and Maria Thompson Linda Troutfetter Kirk & Rhonda Vincent Bill & Maggie Wagner Kevin & Brenda Waite
Brad & Valerie Walthall Neil & Deb Wangler Stephanie Welch Terri Wilke Rob & Marlene Woodard Nadia Zhiri 2011 Project Graduation Co-Chairs: Monica Cabrera-Johnson Kevin Doyle Paula Reed Sara Thimmesch Advisor: Karen Hill Treasurer: Karen Henley Secretary: Carolyn Johnson Volunteers: Denise Berland Photos/Slide Show: Chris Hauschel Norma Olson Tickets: Kris Devlin Julie Manning Mementos: Tiffany Francis Student Survey/Parent Letter: Teresa King Tandy Reussner Publicity: Lee Beth Dever Polly Sloan Website/Facebook: Angie Evers Donations: Nora Murphy Prizes: Kim Schmidt Sissy Weber Thank Yous: Kim Mosher Sheri Thomas Decorations: Tecile Newsome Entertainment: Cindy Edmondson Chris McGrew Facilities: Barb Heeb
Food: Jackie Counts Carolyn Johnson Peggy Leslie Drug and Alcohol Prevention Specialists: Diane Ash Peggy Nelson Additional Volunteers: Cindy Aldridge Lynn Alexander Lorrie Belcher Russ Berland Melissa Birch Marjie Blaufuss Sherri Bowman Irma Brasseur Mike Broadwell Terri Broadwell Don Buchner Jolisa Buchner Yun Butler Eric Caldwell Stacy Caldwell Kelly Calvert Ted Carpenter Gary Carter Kelly Chase Mike Chase Shawn Coffey Patty Coffey Nancy Corkins Gloria Dikeogu Charlie Dominguez Bruce Eggers Jane Fevurly Jim Fisher Mark Francis Tammy Frank Barry Frank Donna Frantz Elena Ghezzs Joe Gilman Judy Gilman Becky Gonzales Andrea Gonzalez Mary Green Bennett Griffin Jill Hardesty Scott Hedges Jon Heeb Jay Heeb Jeff Heline Terry Helmick RD Helt Francois Henriquez Melanie Hepburn Deb Hermesch Jerel Hilding Judy Hoffman Cheryl Hughes Margaret Hurst Grace Hutchins Evan Ice Jill Ice Etha Johnson Paul Johnson
Thomas Johnson Judy Keller Tim Keller Jennifer Kelly Paul Kelly Ron King Lisa King Kelly Kriegh Mary Ellen Kriegh Allison Langwell Teresa Larson Larry Libeer Nina Limesand Rita Lindsey Catrina Loney Paul Loney Sue Lunte Gwen Macpherson Rebecca Markley Mary Matthews John McDermott Pam McDermott John McGrew Mike McGrew Ken Meissbach Janney Meyer Leslie Milton Penny Moore Tim Moore Brett Mosiman Brianna Mosiman Maureen Murray Sharon Murry Janet Olson Greg Orth Becky Orth Niki Pederson Terry Pederson Colleen Pederson Todd Pederson Janet Pennybaker Nancy Phipps Becky Ragan Ron Ragan Terri Reinties Lee Reussner Reggie Robinson Jane Robinson Kathy Severa Brad Shuck Carrie Shuck Ed Sloan Russ Smith Laura Stephenson Susan Stuever Angie Sutter Dan Thimmesch Mistie Thomas Marci Toalson Steve Toalson Brad Walthall Valerie Walthall Terri Wilke Gretchen Windholz Marlene Woodard Rob Woodard
Our apologies to anyone who was inadvertently left off this list. If you donated, haven’t received a tax deductible receipt and would like one, please e-mail chair@projectgraduationlawrence.org .