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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 08, 1990
Page
26
Saturn Corp. officials in Detroit weigh compensation for dealers who received far fewer new cars than originally promised, an GM subsidiary official says in a reported move to address shortfalls in supply commitments.
A handful of banks cut their prime rate to 9 percent from 10 percent, the first cut in nearly a year, seen as part of easing credit conditions. The move follows a government report showing unemployment rising last month, signaling a recession eroding economic strength.
Inland River Calliope Co. of Tipton earns the title of a full time calliope maker alongside Miner Manufacturing. Kim Graham, owner, notes three years of full time production and plans to deliver a steam calliope to the Quad City Queen in April. Miner specializes in air calliopes.
CRST International Inc of Cedar Rapids has acquired Lilley Trucking Inc based in Princeton Illinois. The purchase adds Lilley’s Midwest operations and over 70 trucks to CRST. Lilley will coordinate with Three Truck Line Inc and follows CRST’s prior purchase of J Transportation, expanding CAST to more than 550 flatbed trucks serving steel aluminum and other metal customers.
GM Ford and Chrysler announce shutdowns across a dozen assembly plants for the week of December 10, keeping about 32,380 workers home due to weak dealer demand. GM alone plans 18 factory closures in 14 states, with up to 50,470 layoffs and UAW agreements to provide up to 95 percent pay during the layoff.
Hanson PLC reports after tax profit up 19.4 percent to 1.64 billion dollars for the year ended September 30, with gains from most units. The group lists U S holdings such as Universal Gym Equipment in Cedar Rapids Ertl Co in Dyersville SCM Chemicals Jacuzzi baths Kaiser cement Ames tools and Peabody Coal acquired earlier.
Coffee-trading nations failed to advance on a new international agreement to lift and stabilize world coffee prices. Brazil, the largest producer and exporter, said it was not ready to enter talks on a pact. Delegates said no timetable for negotiations could be set.
Dennis Barron, chairman of Child World Inc., resigns as the toy retailer faces money problems and delays payments to some suppliers. The company is in talks with potential buyers and plans to slash prices this weekend in its 182 stores to boost sales.
Iowa dairy farmers face possible closures as wholesale milk prices fall to the lowest since the 1970s while production costs rise. At state meetings, growers warned that many will go out of business amid higher LP gas and hay costs and a shifting farm support background.
Iowa State University proposes a 30 million national dairy center to focus on new milk use and cattle breeding. The plan prioritizes 24 million from the State Board of Regents with 5.73 million possibly from USDA funds, aiming for 1992 93 congressional funding.
Persistent takeover chatter lifts Square D Co stock 9 percent to 57 as investors eye a possible buyout. Analysts note interest from Siemens AG and B T R PLC while Square D says it is not for sale.
Five Iowa dealers led by Marty and Annette Kress file a federal antitrust suit in Des Moines claiming Casey's General Stores sells gas below cost in small towns to drive competitors out. They seek damages and a stop to alleged predatory pricing as Casey's defends its nationwide pricing.
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