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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 02, 2006
Page
15
U S economic data show June consumer spending flat after inflation at 0.2 percent rise, with a 0.2 percent inflation gauge gain and a 2.4 percent year over year rise, the fastest since 1995. July construction spending climbs, and ISM July manufacturing index reaches 54.7.
Iowa Telecom announces an 8.25 million all cash acquisition of Baker Communications a Des Moines area data networking firm with offices in Hiawatha and Omaha The deal widens Iowa Telecoms footprint in Internet protocol data networking storage and server support Baker employs 45 people with seven in Hiawatha and Baker's leaders will oversee ongoing operations The company expects to report quarterly earnings Thursday and did not disclose impact on earnings
Principal Financial Group reported second quarter net income of $210.5 million down 11.9 percent from a year ago while quarterly sales rose to $2.46 billion. Excluding costs, operating earnings reached $225 million. Assets under management hit a record $206 billion as U S Asset Management and Accumulation earnings grew, led by annuities and Principal Global Investors.
A nine state survey shows the Business Conditions Index rising to 60.2 in July from 57.9 in June signaling expansion in 3 to 6 months amid higher fuel costs and inflation concerns. Creighton economist Ernie Goss notes potential Fed rate moves depending on July jobs data.
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