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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 18, 2012
Page
6
Iowa's unemployment rate climbed to 5.3 percent in July from 5.1 percent in June as 2,900 more residents were unemployed. The total employed fell by 9,900 to 1,563,400, though the figure remained about 4,000 higher than June 2011. Nonfarm jobs rose by 12,500 over the year despite a slow global economy.
CRB said it has been retained by a bankruptcy court order to seek a buyer for 112 year old Harper Brush Works in Fairfield. The firm may pursue a joint venture or equity partner or a buyer for land buildings equipment and business. Harper Brush Works filed for Chapter 11 in May and makes brooms and cleaning products.
The Treasury Department announced changes to the government bailout with Fannie Mae and Freddie Mac. The plan seeks quicker shrinkage of their holdings and requires payment of all quarterly profits to the government, addressing fears of exhausting federal support since 2008.
A federal appeals court ruled that engine maker, food producer, and petroleum trade groups lacked standing to sue over EPA decisions permitting higher ethanol content in gasoline. The groups failed to show their members were harmed by the action.
The Iowa Economic Development Authority Board approved brownfield credits totaling nearly 2 million for four developers at the Iowa River Landing complex in Coralville. Oliver McMillan, Hodge Construction Co, Craft LLC, and Watts Development Inc each secured credits for projects with investments ranging from 1.75 to 12.5 million as они redevelop 18,000 square foot specialty space, two mixed use buildings, a restaurant, and a 147,000 square foot mixed use complex. Grayfield credits were also awarded to ELM Cedar Rapids Opportunity LLC and Philips Diamonds in Marion for redevelopments including a two story 81,000 square foot office building and a 18,000 square foot three story structure.
President Dilma Rousseff announced a 66 billion dollar program to expand trains and highways, with 6 200 miles of tracks and 4 660 miles of roads, aiming to lift growth and prepare the 2014 World Cup and 2016 Olympics. The plan invites private bids and concessions, with officials predicting further investments in ports airports and waterways. Eike Batista praised the move as a “kit for happiness.”
Detroit area dealers report their best year since the financial crisis with Urban Science estimating average sales per dealership at 805 for the year. The sector has slimmed from 20,985 to 17,770 U.S. outlets since 2007 as GM Chrysler and Ford restructurings reshape the market.
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