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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 05, 2000
Page
16
The Fed said check clearing and payments ran smoothly with one Y2K related glitch in Chicago. About $700,000 of tax payments from 60 institutions in the region were affected out of roughly $15 billion processed nationwide that day. The issue was fixed by Tuesday.
Watson Powell Jr retired leader of American Republic Insurance Co died Sunday at 82 after a cancer diagnosis. He joined the firm in 1944, became chairman in 1960 and was chairman emeritus. The company serves 20 000 agents with 450 million in assets and 570 employees. Powell helped build a six story Des Moines office building.
DaimlerChrysler sold a record 2,638,561 Chrysler Plymouth Jeep and Dodge vehicles in the United States in 1999, topping 1998's 2,510,011 with a 5 percent gain. December set a monthly record at 204,754. Light trucks reached a 1,893,286 total, with SUVs at 744,306, up 21 percent from 1998.
LJR Redbook Research weekly survey shows seasonally adjusted December fifth week sales up 1.8 percent from November, following a 1.7 percent gain in the fourth week. Year over year, December sales are up 4.5 percent as retailers rely on promotional pricing while discounting broadens. Strong upside among department stores noted.
Soybean futures recover from earlier losses on the Chicago Board of Trade as traders weigh a forecast for several dry days in Brazil. Wheat March delivery slips while corn oats and soybean contracts show small gains with live cattle and feeder cattle futures mixed or lower on the CME.
Construction spending rose 2.6 percent in November led by higher highway and school spending. The gain, the largest in 17 months, surprised economists who expected a small rise and suggests the Fed may raise rates again to cool the red‑hot economy.
Stocks fell Tuesday with the Dow down 359.58 points to 10,997.93 and the Nasdaq dropping 229.66 to 3,901.49 as investors worry the Fed will raise rates after Y2K fears fade. Major components like General Electric and Wal Mart led declines amid broad selling.
The Labor Department via OSHA states firms allowing home based work must ensure safe conditions and report worker illnesses or injuries. The Nov 15 advisory clarifies existing law, not new rules, and may affect telecommuting efforts by Life Investors Aegon Cedar Rapids and others while drawing concern from business groups about increased employer burden.
Des Moines Register owner Gannett buys Marengo Publishing Corp and Poweshiek Publications which publish seven weeklies and three shoppers in Eastern Iowa. The sale includes 10 newspapers printing in Marengo with total circulation about 44800. Names include Pioneer Republican Marengo Journal Tribune Williamsburg North English Record South Benton Star Press Blairstown Brooklyn Chronicle Belle Plaine Union Montezuma Republican and shoppers Iowa County Advertiser Four County Market Belle Plaine and Poweshiek County Pennysaver Grinnell.
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