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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 23, 2003
Page
18
Wall Street loses ground on Friday as an upbeat Intel outlook fails to sustain the rally. The Dow drops 74.81 to 9348.87 and the Nasdaq falls 12.24 to 1765.31, with decliners leading on the NYSE. Despite the session losses the week ends higher for both indices.
Boeing announces five new orders for 737 jets on its site, bringing year total to 130. Luxair identified as buyer for one jet. four buyers unnamed. The 737 remains Boeing’s best selling model, accounting for most of this year’s 151 orders. Shares rose 74 cents to close at 35.68. Also notes Iowa Farm & Field Fest details and July U.S. meat production records.
The owner of Old Capitol Town Center consents to a sheriff's sale to satisfy Fremont Investment & Loan's 17.3 million claim. The settlement ends Old Capitol Mall Associates involvement while leaving the bankruptcy estate empty of assets beyond the mall. The lender could secure title at sale, with no date set yet for the sheriff's sale.
Rayovac Corp. announced plans to buy Remington Products Co. for 322 million dollars including debt. Remington, based in Bridgeport, is known for electric shavers and grooming products dating to 1816. The deal follows Energizer’s 930 million Schick purchase and aims to combine battery and shaving brands.
A UBS survey ranks Oslo as the priciest place to live, overtaking Tokyo which fell to third. Hong Kong is second and New York fourth. Prices rise with a strong krone, with a $2.64 to $3.97 bus fare gap, $4.89 per gallon gasoline, and a $5.95 hamburger. An Oslo appliance repairer earns about $43,630 annually.
A Swiss banking firm survey finds purchasing power fluctuates across major cities. Prices for goods and services differ significantly while the time required to earn enough income to cover them also varies, highlighting urban cost disparities.
Wendy's International promotes four meals with under 10 grams of fat in tests across New York City Miami Philadelphia Columbus and Seattle. The menu includes grilled chicken sandwiches junior burgers chili with salad fat free dressing and soft drinks as firms weigh healthier options. Wendy's stock rose five cents to close at 29.18 on the NYSE.
Rates on 30-year mortgages rose for the seventh time in eight weeks to 6.28 percent, back from a yearly high of 6.34 percent. Freddie Mac notes housing remains strong with a 17 year high in July while 15-year fixed rates moved to 5.60 percent and one year ARMs to 3.84 percent.
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