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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 24, 2001
Page
17
Broad market declines push the Dow to 10 229.15 and the Nasdaq to 1 842.97 with the S P 500 at 1 162.09. Volume trails the prior session as 1 19 billion shares change hands and unemployment claims rise to 393 000 for the week ending August 18.
An Iowa official says AT&T Broadband illegally collected state sales tax on its Internet connection fee since 1999 and is reluctant to help refund. The Mediacom sale of Iowa cable Internet adds complexity as internet charges have been tax exempt since 1999. Microsoft to invest 60 million dollars to train 20000 Mexican software developers in support of e Mexico initiative led by Ballmer after talks with President Fox.
Cisco Systems Inc. unveiled a sweeping reorganization to align around customer needs as the networking market consolidates. CEO John Chambers said the plan reflects the biggest structural change since 1997 and follows steady early quarter signs. engineering will form 11 technology groups.
Minutes show several Federal Reserve members worried about inflation at the June 26 27 session. The Fed cut rates by a quarter point on June 27 for the sixth time this year, with a second cut the following Tuesday. The June move passed 9 1 with dissent from William Poole St Louis Fed president who warned rapid money supply could spur inflation.
Iowa Governor Tom Vilsack announced a six day trade mission to South Africa and Nigeria aided by ISU officials and Andrew Young. The effort aims to promote Iowa commodities and farm technology while addressing malnutrition and raising agricultural exports with Healthy Harvest Foundation funding.
About 100 of Purethane Inc. 300 employees walked off Tuesday demanding clarity on finances. The plant will shut in December with about 200 jobs lost, as major customers left and a buyer remains unfound. Some workers may keep benefits and a retroactive hourly raise if they stay through closure.
U S District Judge Rodney Webb denied a request to halt federal loan collection during the lawsuit. More than 100 farmers from 16 states challenge a late 1980s bailout that allowed debt write offs or restructures with a 10 year agreement. The court found likely harm or win not shown and suggested lawmakers, not courts, should resolve the dispute. Foreclosure threats were cited by farmers, while government noted no foreclosures have occurred on the disputed loans.
Firstar Bank names three new senior vice presidents in Cedar Rapids, including Duane Amhof as division manager of commercial banking, Tom Butkowski as senior vice president of commercial lending, and Bill Schlinkert as senior vice president for the private client group. The moves come after departures to form a new Cedar Rapids bank, with Caves noting seasoned bankers who serve their communities.
Kinseth Hospitality Co of North Liberty acquires the Clarion plus adjacent properties in Coralville and plans a major remodel and new franchise affiliation for the 97 room Clarion at 1220 First Ave. The Hampton Inn and Wetherbys restaurant face no immediate changes.
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