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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 04, 2007
Page
11
Wall Street plunged on Friday as fears of a widening credit crunch and weak jobs growth pushed indices lower. The Dow Jones fell 281.42 points to 13,181.91, the S&P 500 declined 39.14 to 1,433.06, and the Nasdaq dropped 64.73 to 2,611.25.
Freddie Mac says 30-year fixed rates averaged 6.68 percent, down from 6.69. Five-year ARM at 6.29 percent, down from 6.30. One-year ARM at 5.59, down from 5.69. Kum & Go to auction 21 stores and 12 surplus sites including Cedar Rapids location on Mount Vernon Road SE. Auction handled by The Energy Exchange in Chicago.
Weyerhaeuser Co reporting Cedar Rapids based unit Cedar River Paper and other segments posted a sharp Q2 profit drop due to hefty charges and housing market weakness. Net income slid to 82 million or 15 cents per share from 298 million or 1.19. Revenue declined to 4.33 billion from 4.87 billion. Excluding charges and gains, latest quarter earnings were 104 million or 48 cents per share versus 273 million or 1.09 last year.
A random survey shows gas prices across the Corridor as of yesterday afternoon. Prices are rounded to the nearest cent for comparison.
Connie Hung CEO of Alpha International filed for personal bankruptcy after shutting down the company and selling its real estate. Assets listed at 15.3 million with liabilities of 10.54 million. The move follows divorce terms requiring large payments to her ex-spouse and co-founder. An automatic stay could affect a pending contempt hearing over a 728000 payment. Major secured creditors include GE Commercial Finance and Bank of the West. An initial meeting is set for Sept. 17 at the Higley Building Complex.
Ur bana based Details owner Deb Lohrer relies on Lunch-n-Leads in Cedar Rapids, a Business Network International Iowa chapter, to access an unpaid sales force of about 20. The group emphasizes peer referrals, structured meetings, and one minute overviews, with chapters across Iowa and 4600 global locations.
Former slackers can rise in business by finding a place to shine at a smaller firm and becoming a resident expert in a topic. Demonstrate integrity to avoid a character ceiling, own actions, and take responsibility while pursuing a sequence of roles that build marketable skills toward the chosen field.
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