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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jan 08, 2005
Page
16
Uncertain investors pushed stocks lower in a meandering session as a key government jobs report failed to answer questions about the economy and interest rates. The Dow fell 18.92 to 10,603.96 while the Nasdaq dropped 1.39 to 2088.61.
Iowa debtors hire consumer credit firms to resolve finances as new year begins. Experts warn marketing driven agencies may worsen outcomes. AmeriDebt faces FTC action and bankruptcy amid wider concerns that debt counseling often does not avert bankruptcy. Cedar Rapids attorney John Titler notes many clients have already tried counseling.
Advice warns against firms with large upfront fees and guarantees. Verify all fees, seek accreditation by the National Foundation for Credit Counseling, and inspect client fund protections. Check BBB and state AG for complaints. some firms operate as DMP mills.
Campbell Soup Company will boost prices on selected soups sauces and beverages by an average 4.8 percent effective February 28. The maker of Campbell branded soups sauces beverages and prepared foods notes four years of product quality upgrades new items and easier packaging including cans with easy-open lids. Marsh & McLennan Cos appoints E Scott Gilbert as chief compliance officer to oversee global policies after investigations and a prior top executive departure.
Longview Fibre Co. said profit for the fiscal fourth quarter more than doubled to 9.3 million dollars or 18 cents a share as sales rose nine percent to 227.4 million dollars. Higher log prices better plant efficiency and increased paper product sales drove the gain. The Cedar Rapids plant and a Longview based operation contributed to the result.
The North American International Auto Show in Detroit showcases advanced exhibit designs with lighting, video walls, and waterfalls. Industry leaders say the event, a major consumer draw, drives an estimated 580 million dollars in economic impact as automakers revamp stands every three years.
The Fed reported consumer credit fell by 8.7 billion dollars in November, a 5 percent annual rate decrease and the largest monthly drop since 1943. Economists cited holiday shopping delays, debt payoff, high energy costs, and a recovering job market as factors.
Renowned ISU agricultural economist Neil Hart steps down officially on January 1 after four decades in the economics department. He is succeeded by former student Roger McBowen, a 39 year old economist and attorney from Kansas State, who will teach agricultural law and tax, conduct research, and advise farmers and the public.
The AP Ipsos index slips to 92.5 in January down 1.5 percent from 93.9 in December as current conditions and job prospects soften. Analysts expect gains later in 2005 with rebounding jobs and lower energy costs.
AP IPSOS poll tracks consumer attitudes based on a composite index of economy prospects personal finances and job security for January 2002. The report summarizes confidence levels and inflation expectations influencing spending.
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