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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Dec 12, 2009
Page
12
Stronger consumer and business confidence lift markets with the Commerce Department reporting retail sales up 1.3 percent in November. The Dow rose 65.67 to 10,471.50, the S&P 500 advanced 4.06 to 1,106.41, while the Nasdaq edged down 0.55 to 2,190.31.
Whirlpool Corp. will implement a seasonal layoff of up to 200 employees at its Middle Amana plant due to lower production. Jill Saletta says workers are expected to be recalled next year. The plant has about 1,650 hourly workers plus 200 already laid off.
Iowa cable giant Mediacom reports email outages and sporadic service for customers after switching to a new system. Officials cite spam and backlog clogging the system during the migration completed Thursday vows to fix before the weekend and to consider contingency steps if issues persist.
Procter & Gamble Co. will buy Sara Lee Inc’s Ambi Pur air freshener unit for 320 million euros or 470 million dollars. The deal strengthens P G’s European position and complements its Febreze line. Ambi Pur posted 355 million dollars in annual sales in fiscal 2009.
The House passed a wide ranging overhaul to regulate finance, create a consumer banking watchdog, and empower a new Financial Services Oversight Council to monitor risks. The bill sets a 150 billion resolution fund and allows dismantling of firms posing systemic threat.
The Gazette reports a Federal Reserve survey showing good farmland in the Seventh District up 2 percent from Q2 to Oct 1 but 7 percent below 2008 nine months. Bankers foresee further declines in value and income, while buyers with cash or credit push land purchases amid high rental costs. Vermeer notes strong demand for high quality land and steady or higher prices when available.
Bankers in Iowa and surrounding states say Farmers National handles real estate deals and there is money available for agricultural loans. Contact George Ford at gazcomm.com for more information.
Feinberg limits cash pay to 500000 for top earners at CitiGroup GMAC AIG and General Motors and requires most compensation in stock delayed at least three years. About a dozen exemptions given. rules apply to second half of December and affect year end bonuses and stock grants. Most adjusted pay falls between 500000 and 950000. one executive about 1.5 million. Names of individuals or companies not disclosed.
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