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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 02, 1990
Page
25
Secretary of State Elaine Baxter announced that Iowa recorded 5,859 new firms last year, a 44.5 percent rise and the third-largest annual total in the past decade. The increase reflects growing entrepreneurial activity across the state.
A groundbreaking ceremony is planned for 9:30 a.m. on August 8 at the site for a new 190 room Clarion Hotel in downtown Dubuque. The project sits on urban renewal land bounded by Main Iowa Fourth and Fifth streets across from the Five Flags Center.
GM chairman Robert Stempel, the first engineer to head General Motors, scheduled a news conference to unveil changes aimed at better vehicles and sales. He said he will cut upper level management and shift advertising and marketing to the eight car and truck operations.
The Treasury tentatively plans a quarterly public borrowing of 32.25 billion with auctions of 11.5 billion in three year notes on Tuesday, 10.5 billion in 10 year notes on Wednesday, 10.25 billion in 30 year bonds on Thursday, and 10 billion in 36 day cash management bills in minimum 1 million denominations on Thursday.
The U S Department of Energy plans a new round of Texaco petroleum refunds totaling 120 million dollars for individuals who prove overcharges from March 1973 to January 1981. The Iowa Department of Natural Resources notes Iowans may qualify and urges interested claimants to call the Texaco Refund Hotline at (202) 586-2456 for information and applications. deadline is February 28, 1991.
Karsten Mahlmann resigns as chairman of the Chicago Board of Trade amid charges of wrongdoing at his trading company. Vice Chairman William O'Connor elected to serve the remainder of Mahlmann's term. Mahlmann had also announced his resignation as head of Stotler Group Inc.
Agriculture Secretary Clayton Yeutter sold his interests in several firms including RJR Nabisco Philip Morris IBM Caterpillar 3M ConAgra Emhart and Upjohn as pledged during Senate confirmation to avoid conflicts of interest or appearances of conflict.
Meredith Corp announces completion of the sale of its MMT Sales Inc. television advertising sales business in New York to a company owned by MMT's current management. Terms are not disclosed. The unit employs 270 people and serves 29 television stations, including seven Meredith properties.
Wal Mart Inc opens a new Lancaster store in northern Los Angeles County as the first of 13 California outlets planned by the Bentonville based chain over the next two years. The rollout aims to solidify the retailer's discount shopper appeal across the state.
Marriott Corp announces the sale of 50 Fairfield Inns to a limited partnership for 235.5 million dollars. Marriott will remain manager and serve as the general partner of the new ownership group.
The Commerce Department reports the Index of Leading Economic Indicators was unchanged in June, the second flat month this year, with economists split on a possible mild recession as factory orders, money supply, and consumer confidence show weakness while personal consumption rises 1.0 percent. The index sits at 146.0 percent of the 1982 base, up 1.4 percent from a year ago.
Rockwell International chairman Donald Beall says profits may rise 12 percent over five years due to diversification beyond aerospace. He cites growth in automotive parts graphics equipment printing presses and commercial electronics with Cedar Rapids plants. Analysts disagree on the pace.
Dr. Kee Hyong Kim, chair of KAIST in Seoul, visited PMX Industries in Cedar Rapids during a two day Eastern Iowa visit. He was joined by Kwan Kim, Inhan Ryu, Chung Ryu, and Woo Jin Jung outside the plant as he planned to meet at the University of Iowa later in the week.
A broad selloff pushed the Dow Jones industrials down 5.94 to 2899.26 amid fears of slower growth and banking industry pressure. Bank stocks retreated with Citicorp, Chemical National, J.P. Morgan and BankAmerica all lower, while Eastman Kodak led Eastern Iowa movers with a 3 point gain in a volatile session.
Nearly 2000 Iowans will gain new job skills through the Iowa Retraining Program. Twelve awards total 557,960 include a 50,000 grant to Cascade Die Mold Manufacturing Specialties Oral B Labs and Square D Co for 53 workers at Kirkwood Community College Cedar Rapids.
IE Industries of Cedar Rapids reported 97.5 million dollars in revenues for the second quarter, up from 88.8 million a year ago, with net income 5.4 million dollars and per share earnings 37 cents, down from 44 cents. Electric sales rose 3.4 percent led by residential gains and commercial growth. Chairman Lee Liu cited strong Iowa economy and noted PMX Industries plans to build a copper brass and stainless steel processing plant in the former Harnischfeger facility to boost future growth.
Two real estate investment trusts run by AEGON USA Realty Advisors reported differing quarterly outcomes. USP Trust posted second quarter revenues of 1.7 million, down from 2 million, but earnings rose to 737,736 or 19 cents per share from 239,933 or 6 cents. Six month figures show revenue slipping to 3.5 million from 3.7 million, with earnings at 877,575 or 23 cents per share versus 380,930 or 10 cents. Cedar Income Fund had second quarter revenue of 499,965, down from 657,884, with net income at 137,471 or 6 cents per share, down from 273,499 or 11 cents. Half-year revenues fell to 1 million from 1.2 million, and earnings dropped to 280,688 or 12 cents from 357,016 or 15 cents.
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