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May 18, 2012
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Today’s Lane Links

Development brings jobs to Appalachia; reasons not to buy Facebook; Toyota Ky. president optimistic

By Lorie Hailey
Associate Editor

A commercial development is expected to bring several retailers and hundreds of jobs to Appalachia, reports the Associated Press.

Pikeville City Manager Donovan Blackburn told the Appalachian News Express that construction on the project is expected to begin in the fall or next spring. He said that 10 “nationally recognized names” have agreed to locate in the development and that talks are ongoing with other businesses.

Blackburn told WYMT-TV that the development will hold 18 to 20 stores and restaurants and, although it will be built in two phases, the entire project is slated to be completed in about three years.

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The president of Toyota Motor Manufacturing Kentucky expressed optimism for the future of the auto industry in remarks Thursday during a seminar designed to help small businesses obtain government contracts, reports the Richmond Register.

Wil James based his optimism on continuing population growth, the age of vehicles on the road, the high price of used cars, the availability of credit and the affordability and availability of new vehicles, the Register says.

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Boyle County saw sizable increases in tourism dollars spent compared to the previous year, according to a study released by the Kentucky Tourism, Arts and Heritage Cabinet, reports the Danville Advocate Messenger.

Direct tourism expenditures went from $41.85 million in 2010 to $45.62 million in 2011, a jump of about 9 percent. Indirect expenditures went from $65.8 million to $71.7 million over the same period, the paper says.

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There are several reasons not to buy Facebook stock today, the Associated Press reports.

It’s understandable that everyone wants to get in early on what could be the next Google, the AP says. Shares of the Internet search leader had an initial offering price of $85 in 2004, started on the stock market at $100 and climbed above $700 by 2007. Even after moving sideways for more than four years, they’re still above $600.

But odds are against hitting a grand slam like that in the current market.

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Average rates for 30-year and 15-year fixed mortgages fell to record lows for a third straight week, reports USA TODAY.

The steady decline has made home-buying and refinancing more affordable than ever for those who can qualify.

Mortgage buyer Freddie Mac says the average rate on 30-year loans dipped to 3.79 percent.

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