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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 03, 2011
Page
9
Markets slide as the S P 500 dips 32.89 to 1 254 05 the Dow falls 265 87 to 11 866 62 and the Nasdaq declines 75 37 to 2 669 24. Investors grow more concerned about the economy erasing this year's gains.
Archer Daniels Midland posted 381 million in net income for the quarter ended June 30, down from 446 million last year. Sales rose to 22.9 billion from 15.7 billion, with fourth quarter coin processing profit at 118 million, as processed corn volumes rose 15 percent but costs increased. ADM operates in Decatur Illinois and Cedar Rapids Iowa, processing corn for ethanol and high fructose corn syrup.
A new IdeaWorks study shows the world's 47 largest airlines earned 21.46 billion dollars from ancillary charges in 2010. Fees for luggage, reservation changes and seat upgrades spiked 775 percent since 2007 when 23 airlines reported 2.45 billion. Allegiant Travel led with 29.2 percent of total revenue from ancillary fees.
Detroit and industry sources warn July auto sales will rise only slightly as buyers pull back. Analysts foresee a small gain in U S new car and truck sales due to scant discounts and ongoing shortages of Japanese imports. Jeff Schuster of J D Power notes mounting weakness in the market.
Charlie and Stephanie Vogl, longtime dancers from Cedar Rapids, launched Dancer's EDGE in June 2008 after years of teaching and seeking innovation. They aimed to bring big city education to a smaller market and soon saw strong growth in their studio.
Charlie and Stephanie Vog, owners of Dancers Edge in Hiawatha, MN plan to grow from 25 to over 70 classes serving about 350 students this fall. They currently teach roughly half the classes, with Stephanie focusing on lyrical and ballet and Charlie on tap and Tiny Dancer. The move to a new, large studio with top flooring will support rapid growth and broaden outreach to children aged 3 to 6.
Almost 2 million Americans quit their jobs in May, a 35 percent rise from January 2010, as confidence grows they can find another stabilizing role despite unemployment near 9 percent. Analysts say voluntary departures reflect improving job prospects and a gradually recovering economy.
Saudi Arabia advances toward the worlds tallest tower with a 1.2 billion contract for Kingdom Tower in Jiddah. The project, part of Kingdom City, includes a Four Seasons hotel, luxury residences, offices and 5.4 million square feet, aiming to outshine Dubai’s Burj Khalifa and reflecting a push to diversify economy and create jobs.
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