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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 10, 2005
Page
16
Stocks rose after the Federal Reserve raised short term rates for the 10th time but framed a policy shift suggesting longer term inflation expectations are contained. Oil futures slipped to 63.07 a barrel while the Dow gained 0.75 percent to 10,615.67 and the Nasdaq rose 0.45 percent to 2,174.19.
Microsoft Corp. secured a 7 million settlement from Scott Richter and OptInRealBig.com, aims to fund anti spam efforts. The case mirrors earlier joint suits with New York Attorney General Eliot Spitzer after spam trap operations netted thousands of messages containing fraudulent statements.
McLeodUSA Inc of Cedar Rapids posted a second quarter net loss of 268 million dollars after a 202.5 million dollar impairment charge tied to asset recoverability. The firm, under a forbearance agreement through September 9, plans debt to equity conversion, with current stockholders facing little or no recovery.
A public tour of the Center for Biocatalysis and Bioprocessing at the University of Iowa Oakdale Research Park highlighted centrifuges freezers and bioprocessing equipment. The center helps move discoveries to pilot production with 200 clients and 22 staff, focusing largely on pharmaceutical work including vaccines and enzymes used in biofuel and corn syrup processes.
Washington AP The Federal Reserve lifted the federal funds rate by a quarter point to 3.50 percent pushing lending costs higher for consumers and banks. The move, part of a 14 month tightening campaign, keeps rates at multi year highs while policy makers stress inflation remains the priority. Analysts expect further quarter point hikes at upcoming meetings as the economy shows resilience.
Fannie Mae disclosed it likely will not finish the required accounting restatement before the second half of next year and has engaged with the NYSE as it faces regulatory orders. The company, holder of one in five U.S. home loans, missed the latest quarterly filing deadline and faces a Justice Department criminal inquiry and an SEC restatement potentially totaling up to 11 billion dollars. Chief executive Daniel Mudd called the restatement effort the company’s top priority while stating efforts are ongoing.
Buford Buddy Yates former WorldCom accounting director received one year and one day in prison after pleading guilty to helping overstate earnings in the telecom giant’s $11 billion fraud. He told the judge he followed superior instructions and regretted his actions. The judge called him among the least useful cooperators and ordered prison starting October 10.
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