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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 16, 1985
Page
21
Government data show wholesale prices flat in January as energy costs fall 2.4 percent, with food and beverages easing. Analysts foresee modest inflation in 1985 despite winter crop freezes potentially pushing fruit and vegetable prices higher in February.
Newton Iowa Carl part-owner of KCOB KLVN joins a group purchasing Atlantic station KJAN from Nishna Valley Broadcasting Co The sale price and closing date were not disclosed and FCC approval is required Members of the buying group include Bob Beebensee KJAN sales manager Bob Seldon an Chicago CPA and Brent Slay a Grand Rapids jewelry firm owner
Kemin Industries of Des Moines announced a 10 year agreement with Guangxi Petroleum and Chemical Corp to form Guanxi Kemin Chemical Co. USA in Nanning and Bei Hai China. The venture will produce BHA additive for cooking oils, with 50-50 profits and shared export control.
Cargill Inc. started operations at a $100 million wet corn mill in Eddyville Iowa. The plant employs 100 people and will process over 20 million bushels of Iowa corn annually into corn syrup sweeteners. It will use up to 75 000 tons of lava coal yearly to produce about 1 billion pounds of corn sweeteners for western and Midwestern markets.
U.S. automakers scheduled 173,146 cars for this week, down from 176,302 last week and 177,450 a year ago, with trucks at 70,006 versus 69,654 last week and 63,733 a year ago. Canadian car output reached 19,546, compared with 19,564 last week and 19,680 a year earlier.
The IRS announced relaxations to the mileage record requirements for tax deductions. Farmers and business users may substitute contemporaneous records such as trip sheets, limit business use to a percentage, and avoid detailed logs if policy and reporting conditions are met.
Detroit AP reports a Yugoslav built Yugo will debut in June with a base price of 3990 dollars. New York importer Malcolm Bricklin says 70000 cars are planned for the first year nationwide though certification for pollution and safety laws and dealer networks remain to be established. The small front wheel drive two door hatchback would be the smallest car in America if released.
Robert Price appointed general manager of Westdale Mall succeeding David Richmond who is transferred to Town and Country Shopping Center in Houston. Price comes from Clackamas Town Center in Portland and promotes Pamela Schenck to marketing director assistant manager while Linda Vyskocil becomes assistant marketing director.
The Dow fell 5.86 to 1282.02 ending a week of gains as investors retreated amid higher interest rates and Fed policy uncertainty. Volume dropped on the NYSE to 106.47 million shares while producers prices and industrial output posted mixed signals.
Carl Icahn announced securing 1.5 billion for his 8.06 billion bid to take over Phillips Petroleum. Phillips questioned the borrowing feasibility of 4.2 billion needed for the initial offer and warned against Icahn’s condition laden plan while the stock fell on the news.
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