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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 05, 2010
Page
15
Stocks climbed as evidence of payroll strength and service sector expansion reassured investors. The Dow gained 44.05 points to 10,680.43, the S P 500 rose 6.78 to 1,127.24, and the Nasdaq advanced 20.05 to 2,303.57, erasing the prior day loss.
Ford Motor Co. credits competitive contracts with the United Auto Workers for reclaiming nearly 2,000 jobs previously sent to parts suppliers in other countries. The Dearborn company notes the 2007 master contract allows hiring at 14 dollars per hour, about half the rate of existing workers, with factory-level agreements boosting efficiency. About 1,340 jobs have already moved to 24 plants, and 635 more will be added by 2012 for a total of 1,975.
Toyota Motor Corp reports a quarterly profit of 2.2 billion dollars, reversing a year of red ink as revenue rises 27 percent to 4.87 trillion yen driven by stronger car sales in North America, Japan, and Asia including Thailand and Indonesia, despite recalls.
Indonesia said it is considering following Saudi Arabia and the United Arab Emirates in banning BlackBerry services. Saudi regulators ordered mobile operators to halt BlackBerry services as of Friday. UAE plans to ban BlackBerry in October, increasing pressure on Research in Motion Ltd. to grant governments access to data.
Irene Lande and John McNutt vow the historic arch will return as they rebuild the former post office into Brick Arch Winery after the June collapse at 116 East Main Street. They plan a December opening and salvage bricks into the new structure, with Hooverfest nearby boosting sales of themed T shirts.
RuffaloCODY buys MoonFire Corp a Mead Colorado software provider serving smaller non profits. MoonFire CEO Tracy Jones becomes part time consultant as Buffalo CODY grows to serve 350 plus clients and adds about a dozen employees. Company aims for about 100 million in 2013 with strong higher education focus.
The Gazette reports a new study by the Tax Foundation and Citizens for Tax Justice opposing sales tax holidays. The study argues holidays do not boost growth or broad relief, citing temporary 4 to 7 percent cuts and benefits skewed to higher income families.
The report discusses who benefits from sales tax holidays and notes low income shoppers may not gain as much. It cites studies showing some retailers raise prices during the holiday, reducing consumer savings, and points out Iowa’s two day clothing exemption excludes common school items. Seventeen other states also offer similar exemptions on limited days.
A brief notice directs readers to the Iowa tax education page for a PDF titled STHList. The document appears as a government listing of taxable and exempt items with guidance on behavioral use and access. No additional specifics beyond the web link are provided in the fragment.
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