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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Aug 28, 2003
Page
18
The Dow fell 6.66 to 9333.79 while the Nasdaq rose 11.48 to 1782.13 as traders avoided big moves in a light August session. Volume remained thin with growth stocks drawing buyers and a 4-to-3 edge for advancers on the NYSE.
The Iowa Policy Project reports stagnant wages eroding benefits and limited unemployment support. It calls for a $1.50 raise to $6.65 an hour, inflation indexing, expanded earned income credit, unemployment guideline changes, and improved child care access.
Met-Coil Systems Corp of Cedar Rapids will obtain up to 8 million under a debtor in possession revolving credit facility after filing Chapter 11 to support cash flow during proceedings. The Lisle Illinois plant soil contamination and related lawsuits prompted the bankruptcy filing. Deere & Company and the United Auto Workers began contract talks in Moline Illinois with the current master agreement set to expire September 30 affecting about 7,000 workers.
The ABC News Money Magazine comfort index fell to negative 17 for the week ending August 24, remaining at that level for four of the last five weeks. The index tracks confidence in the economy personal finances and willingness to spend. About 31 percent trusted the economy up from 29 percent the prior week.
Frieda Caplan founded Frieda's in 1962 turning kiwis into a national staple. Her LA firm popularized mangos purple potatoes and donut peaches while introducing the toma bella hybrid. Despite new competitors Frieda's remains a leader with about $50 million in annual sales and a focus on taste shelf life and appearance.
Sears Roebuck and Co reports recent gains in appliance sales, with same-store August results surpassing flat expectations. Officials credit a new appliance marketing program featuring better prices, a price-match policy, revamped department, and broader take-home today items, plus tax credit spending. The firm seeks to revive image amid competition and a two-year stretch without positive monthly same-store sales.
A class-action suit in Minneapolis accuses Musicland Stores Corp of charging a subscription fee for Entertainment Weekly after promising eight free issues at Sam Goody Suncoast and Media Play outlets. Plaintiffs say the fee was only waived if customers canceled, and claim the publisher Time Inc paid stores $7 per charged customer.
Emergency notice directs residents in Linn County and the cities of Cedar Rapids Marion and Hiawatha to dial 911 for urgent dispatch. Authorities remind the public that 911 access is available for medical fire police and all emergencies across the region.
Oklahoma prosecutors press the first criminal charges against former WorldCom chief Bernard Ebbers and the bankrupt company now named MCI. The complaint accuses Ebbers and others of violating state securities laws by giving false information to investors in 2000.
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