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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 23, 1988
Page
18
Several Iowa companies will be honored for export sales at an awards luncheon May 17 during the Governor's Conference on International Trade in Cedar Falls. Max Olson available for details. registration is $45 including lunch and reception at the University of Northern Iowa.
H. Comet Industries Inc of Waterloo proposed four nominees for CNW Corp board. The CNW board rejected the bid saying incumbent directors best serve shareholders and expressing full confidence in management and labor relations. The move ties to CNW’s ongoing crew manning dispute.
financier Carl Icahn offers to buy the 23 percent of Trans World Airlines stock he does not own, proposing $20 cash and $29 in 12 percent notes per share. Iowa State University Extension says Martin Poe will retire April 30 after 35 years with the university. Pacific Telesis Group chairman Donald Guinn retires, handing to Sam Ginn. Michael Milken to testify April 27 before House subcommittee on insider trading probe.
The Dow rose 27.69 to 2015.09 as blue chips led an advance while overall trading stayed subdued. NYSE volume reached 152.52 million shares with 960 up, 532 down, 487 unchanged, and gains seen in Procter and Gamble Rockwell Weyerhaeuser and Trans World Airlines among others.
Iowa personal income rose 6.1 percent in 1987, outpacing Midwest peers and the U.S. rate. State economist Harvey Siegelman credits farm cash receipts subsidies and durable goods manufacturing for the rebound, noting Iowa's 15 percent fourth quarter per capita rise.
Amana Refrigeration Inc. plans to hire about 50 sons and daughters of current Amana employees for temporary summer production at its Amana Iowa plant. Hiring, starting mid May, will last about three months amid strong appliance sales and new refrigerator models. The plant employs roughly 2,350 people. Amana is a Raytheon subsidiary based in Lexington Massachusetts.
Iowa Resources the parent of Iowa Power and Light Co. said first quarter earnings rose 142 percent to 13.3 million or 60 cents a share for three months ending March 31 due to cold weather and a favorable Iowa Supreme Court ruling. CEO Mark Putney warned a state regulator rate decision could cut profits by about 24 million dollars annually.
Mazda announced a price hike for the 1988 model lineup in the United States effective on shipments to dealers in 31 Midwestern and Western states. Average passenger car price up 1.8 percent or about 212 dollars per vehicle. the RX-7 Tenth Anniversary tops at 24650 dollars. yen depreciation cited as cause.
Thirty six women from 34 area firms were honored with YWCA Tribute to Women in Business and Industry awards at the Cedar Rapids Country Club seventh annual program. Keynote Sister Mary Christelle Macaluso urged positive thinking and daily enthusiasm as essential to success.
Central States Resources Corp of Mount Ayr Iowa won with an 18.25 million bid for 54.6 million in loans and assets from 36 failed banks across Nebraska Iowa and Missouri. The FDIC expects to collect loans and salvage value while Vardaman listed as founder and president comments await details.
Durable goods orders for items expected to last three or more years barely rose in March, at 0.1 percent to 114.3 billion, shy of forecasts. February's orders were revised up, showing a 0.1 percent gain instead of a 1.1 percent drop, keeping first quarter totals 7.9 percent above the prior year.
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