Global stocks slip as recession drags on
Investors expect the recession to run its course despite stimulus and bailouts. The Dow fell 297.81 points to 7,552.60, the S&P 500 dropped 37.67 to 789.17, and the Nasdaq declined 63.70 to 1,470.66. Treasury bills moved lower with three month at 0.325 and six month at 0.47 percent. The Fed reported one year bill yields averaging 0.60 percent last week.
MENTIONED IN THIS ARTICLE
U.S
Standard & Poor
Treasury
Treasury Department
Federal Reserve
Decorah Plant Cuts Hours for 375 Acument Employees
Acument Global Technologies in Decorah reduces the workweek to 32 hours for 375 employees to align with lower production levels. The plant, Decorah’s second-largest employer, serves electronics, light industrial, construction and automotive markets, with the change running for a few months.
MENTIONED IN THIS ARTICLE
Acument Global Technologies
Decorah
Acument
Camcar Textron
Timothy Weir
Acument Public Relations
AEGON Posts Wider Q4 Loss on Investments and Write Downs
AEGON NV the parent of AEGON USA based in Cedar Rapids reported a preliminary fourth quarter loss of 1.6 billion dollars versus a 818.6 million dollar profit a year earlier and well above analyst expectations of a 1.03 billion dollar loss. CEO Alex Wynnendts announced a plan to free up 1.89 billion dollars in capital to shield the company from further market declines.
MENTIONED IN THIS ARTICLE
Aegon NV
Aegon USA
Cedar Rapids
AEGON
Alex Wynnendts
Flood recovery opens two Cedar Rapids businesses
The June flood recovery list shows 4RK9s Dog Training Club at 910 Second Ave SW and Building Blocks Child Care and Learning Center at 350 Third Ave SW Cedar Rapids have reopened. If your business has reopened, write to money gazcomm.com.
MENTIONED IN THIS ARTICLE
Dog Training Club
Second Ave
Cedar Rapids
Third Ave
Money
Gazcomm.com
Habitat Restore helps fund homes in Iowa and Nebraska
The Cedar Valley Habitat for Humanity ReStore in Hiawatha resells donated building materials and used furniture at prices below retail. Manager Julie Palmer Nelson notes increased customer traffic as recession affects Eastern Iowa retailers, with a rise in business starting in July.
MENTIONED IN THIS ARTICLE
Cedar Valley
Habitat For Humanity
Iowa
Omaha
Neb
George C. Ford
Gazette
Iawatha
Habitat For Humanity ReStore
Center Point Rd
Hiawatha
Julie Palmer Nelson
David Bennett
Rhonda Bales
Shueyville
Tz Martin
Marty Roland
Foreclosure move on Crowne Plaza Cedar Rapids hotel
CW Capital Asset Management pursues a $48.5 million foreclosure against Portfolio Cedar Rapids LLC owner of the Crowne Plaza Five Seasons in downtown Cedar Rapids. Amended action adds nine lienholders including a plumber, florist, state and a former employee owed wages. Foreclosure could lead to sheriff sale with Prism Hotels as receiver. final judgment expected March or April.
MENTIONED IN THIS ARTICLE
Dave DeWitte
Gazette
Cedar Rapids
Crowne Plaza
Five Seasons
Portfolio
Cedar Rapids LLC
Crowne Plaza Five Seasons
CW Capital Asset Management LLC
Kronos Hotels
Pittsburgh
York
Lancaster
Pennsylvania
CW Capital Asset Management
Joe Harris
CW Capital Asset Manage
Ment
Harris
Iowa
Iff
Prism Hotels of
Dallas
Portfolio Cedar Rapids
Georgia
Portfolio-Brunswick
Augusta
Brunswick
United Fire Posts Fourth Quarter and 2008 Loss
Cedar Rapids based United Fire & Casualty Co. reports a fourth quarter loss of 14.8 million (56 cents a share) and full year 2008 net loss of 13.1 million (48 cents). Revenue fell to 149.8 million in Q4 and 601.4 million for 2008 amid 76.1 million in catastrophic losses including Ike Gustav Katrina.
MENTIONED IN THIS ARTICLE
George C. Ford
Gazette
Cedar Rapids
United Fire & Casualty Co
United Fire
Randy Ramlo
Ramlo
Banks Move to Raise Credit Card Rates Amid Debt Rise
Banks including Citi, Bank of America, Wells Fargo and American Express notify cardholders of higher interest rates up to 30 percent after missed payments. Rising unemployment and housing losses drive more debt, prompting advice to avoid balances, limit cards, make minimum payments, and seek credit counseling.
MENTIONED IN THIS ARTICLE
Citibank
Bank of America Corp
Wells Fargo & Co
American Express Co
Corona
Calif
Louis Martinez
Martinez
National Foundation For Credit Counseling
Also Mentioned on This Page
Wall Street
C.R. Business
David.dewitte
United
Gulf Coast
George.ford
Consumer Confidential
David Lazarus
Times
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