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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Apr 23, 2009
Page
18
U S market slips as Morgan Stanley and Capital One disappoint. Dow falls about 1 percent to 7886.57, S&P 500 down 6.53, Nasdaq up 2.27 as Wells Fargo posts solid quarter earnings of 2.38 billion dollars on 21 billion revenue.
Terex Corp, parent of Terex Cedarapids, reports a first quarter net loss of 74.9 million or 79 cents per share on revenue of 1.30 billion, down from 2008's 163.3 million net income and 2.36 billion sales. Oil prices rise as U.S. supplies swell and demand weakens. Benchmark crude settles at 48.85 dollars per barrel despite growing oil stockpiles.
Johnson County officials and city leaders join the Iowa City Area Chamber of Commerce to celebrate Buy Here Day. The proclamation urges locals to shift 5 percent of out of area spending to Johnson County to boost economic vigor. Nancy Quellhorst notes Buy Here in its second year.
The IMF projects the global economy will shrink 1.3 percent in the year, with up to 4 trillion dollars in lost output. It cites unemployment rising by tens of millions, hunger and homelessness, and calls for continued fiscal stimulus and infrastructure spending to blunt the downturn. IMF chief economist Olivier Blanchard warns recovery may not arrive until 2010 or 2011.
The Associated Press reports to save on rising costs some parents switch from disposable to reusable cloth diapers. Danielle Tassin of Covington Louisiana spent about 300 dollars on cloth diapers for two children and expects net savings of hundreds compared with weekly disposable diaper costs. High profile users including Julia Roberts Maggie Gyllenhaal and Dave Matthews are noted supporters. The cloth diaper niche is estimated at about 200 million dollars annually.
Sage Companies of Cedar Rapids insulated Iowa State University Interlock House with Biobased Spray Foam for the Solar Decathlon. The 800 square foot house uses solar radiant floor heating and will be on display in Ames Saturday from 3 to 5 p.m. before competing in Washington, D.C. in October alongside twenty other teams.
Caliup a 55 year old single mother of two in Culver City California faces eviction after debt spiraled to over 25000 from rising rent and collapsing commissions. She may move to Hawthorne and sell her Highlander while her daughter could switch schools next year. Her story highlights looming housing insecurity amid economic downturn.
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