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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 12, 2010
Page
10
Stocks advance as Europe pledges support for Greece boosting confidence in recovery. The Dow gains about 106 points to 10144.19, the S&P 500 up 10.34 to 1078.47, and the Nasdaq climbs 29.54 to 2177.41. Mortgage rates slide with 30 year at 4.97 percent.
Toyota said Akio Toyoda the company president and founder's grandson will travel to the United States in early March to meet government officials and lawmakers. The trip aims to address the global recall of 8.5 million vehicles with a hearing by the Senate Commerce Committee on March 2.
Banks reduced their use of the Federal Reserve emergency loan programs with daily borrowing at $14.6 billion for the week ending Wednesday, down from $14.8 billion the prior week. The drawdown signals improving credit conditions since the crisis peak.
Local merchants expect a spending surge during the week of Valentine’s Day with florists jewelers and restaurants extending hours and staff. NRF projects Americans will spend over 14.1 billion this year a bit less than last year while couples cut some costs but engagement ring sales remain strong for proposals. Stejskal Florists notes a shift from roses to varied flowers and anticipates higher profits helped by a Sunday holiday and improving consumer mood.
The Labor Department reports first-time unemployment claims fell to 440,000, a drop larger than expected and the lowest in a month. Economists warn weather disruptions may distort February data and slow job gains despite the improving trend.
The federal government must cover 4.4 million dollars in attorney fees and costs for CRST Van Expedited in a Cedar Rapids EEOC case. Judge Linda Reade found the EEOC mishandled the investigation and that CRST is entitled to legal costs, but narrowed some claims and rejected others. The ruling contrasts local versus national firm billing and limits on deposition costs.
Iowa Workforce Development will hold statewide meetings to explain a new online unemployment tax filing system called Iowa III. The Coralville session runs from 10 a.m. to noon on March 3 at the Coralville Public Library, rooms A and B, 1401 5th St. Attendees can preview the system before its rollout.
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